Rating and Reports

Standard & Poor's

Standard & Poor's Rating Report

Standard & Poor's Volatility Rating change and Credit Quality Rating confirmation 2008 (dated February 1st 2008)
Standard & Poor's has reassessed the fund volatility ratings of Diversification Notes plc from "S1" to "S2" and has affirmed an "A-f" fund credit quality rating.

Standard & Poor's Fund Volatility Rating Change (dated October 31st 2008)
Standard & Poor's said today that it had adjusted its fund volatility ratings on five European fixed income funds, including Diversification Notes plc.