This policy has been documented to explain how Thesis ensures that it takes all reasonable steps to obtain, when executing orders for clients, the best possible result for them while taking account of the execution factors listed below 
1. Thesis Asset Management plc (“The firm”) does not itself execute client orders, but for discretionary and non-discretionary clients will transmit all orders to one of a number of UK brokers
2. As at November 2011, the brokers used were A J Bell Securities Limited, Winterflood Securities, Barclays Stockbrokers, Oriel Securities Limited, Cenkos Securities, Arbuthnot Securities Limited, Collins Stewart Europe Limited, HSBC, Numis Securities Limited, Peel Hunt LLP, Westhouse Securities Limited, Merrill Lynch, Knight Securities, ICAP Securities, JPM Cazenove and Dexion Capital.
Broker selection and review
a) Effective from October 2011, the firm carries out periodic reviews of the performance and financial soundness of the brokers that it employs. This review work will typically be carried out annually by the dealing function, with the assistance of the risk and compliance function where required
b) Broker reviews may be carried out at brokers’ premises but more usually will be desk-based exercises. In all cases, however, those carrying out the reviews will record the checks carried out and the results of their work, together with a conclusion as to whether the broker reviewed is appropriate for retention on the firm’s broker list. A tailored review programme is used for this purpose
c)The areas covered by the broker review process are subject to change, but will typically include the following:
The broker’s order execution policy
The broker’s performance as judged by the firm
The broker’s strengths and weaknesses as judged by the firm
The existence of known problems or FSA disciplinary action
The broker’s financial soundness (assessed by a review of financial statements)                                               
3. The execution factors taken into account when deciding to use a particular broker are price, costs, speed, size of trade, likelihood of execution and settlement and stock liquidity
4. The firm executes orders, through its brokers, on the London Stock Exchange and any other recognised exchange required for the trade
5. All transactions on collective investment schemes are executed directly with the manager/Authorised Corporate Director of the scheme in question. Orders   are often placed through the electronic messaging system known as EMX
6. Orders for fixed interest securities are executed by A J Bell Securities Limited, Winterflood Securities, Barclays Stockbrokers, ICAP Securities and Peel Hunt LLP
7. Derivatives may be dealt by Directors or the Head of Dealing only. Currently they are traded through Calyon Financial
8. The quality of service that the firm receives from its brokers is monitored by the Thesis head dealer who reports to the Thesis Operations Director
9. Any specific instructions from a client may prevent the firm from taking the steps that it has designed and implemented in its execution policy to obtain the best possible result for the execution of those orders in respect of the elements covered by those instructions. 
                                                  
This policy is updated annually. Updated November 2011