Binjai Hill Asian Equities

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1

Past performance is not indicative of future results. The performance shown is gross performance, and all statistics were calculated using gross performance. Fees and other expenses will reduce the returns of any investment. This material is prepared for, and authorized for use by institutional investors designated by Hamersley Partners, LLC. This material is not

Binjai Hill Asian Equities

October 2011

Registered as an Investment Advisor with the US Securities and Exchange Commission

Contact person: Sharon Wong I Tel: +65 6438 4158 I

[email protected]

Long / Short: Binjai Hill Asian Acorns Fund

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2

Past performance is not indicative of future results. The performance shown is gross performance, and all statistics were calculated using gross performance. Fees and other expenses

1. Introduction to Binjai Hill

Highly experienced specialists in Asia Small-Mid Caps

2. Why Asia Small-Mid Caps

Superior returns with below average risk

3. Performance Statistics

Strong gross performance of 15.4% annualized on the Asian Acorns Fund since 2004 with below-average risk

4. Investment Process, Portfolio Construction and Risk Management

Auditable paper trail for all investment decisions

Rigorous Portfolio Construction

Robust Risk Management

5. Portfolio Review

6. Why Binjai Hill?

Overview

2 Binjai Hill Asian Equities

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3 PRINCIPALS

Binjai Hill Asset Management (BHAM) was formed in 2004 and is 100% owned by the Justin Kendrick and David

Gibbons.

INVESTMENT FOCUS

12 markets in Asia ex-Japan

Stocks with market capitalization up to US$2.5 billion.

INVESTMENT STRATEGY

The key to our strategy is to buy good stocks and to avoid bad markets (politics, economics, FX and over-valuation)

Focus on stocks geared to domestic demand growth - property, banks, consumer plays, healthcare, education.

Sectors we generally avoid are high-tech, global cyclicals, and ‘hard commodity’ plays

We seek growth at a reasonable price - growth stocks with reasonable valuations, high ROIC and moderate risks that

can give us a 30% annual return.

PRODUCTS

Long / Short: Binjai Hill Asian Acorns Fund – Incepted in Aug 2004. AUM $22m, peak $115m (Oct 2007)

Long Only: Binjai Hill Seedlings and Saplings Sub-Fund - started Nov 2010.

3 Firm and Product Overview

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4 Solid Infrastructure

Justin Kendrick

Fund Manager

David Gibbons

Research Head

Sharon Wong

Client Liaison

/ Research

John Casey

Portfolio Risk Analysis

/ Research

Aik Chee Heng

COO /

Risk Manager

Clients Liaison

Research

Back Office

UBS

Prime Broker

HSBC

Administrator

Walkers

Legal Counsel

PricewaterhouseCoopers

Auditor

Service Providers

Long-Short Fund:

Long-Only Fund:

Mei Chan Loy

Administration

DBS

Custodian

Apex

Administrator

Appleby

Legal Counsel

Arthur Morris

Auditor

4 1. Introduction to Binjai Hill

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5 Why Asia Small-Mid Caps?

Since ’01 SMEs have mostly out-performed MSCI AxJ except from 2008 - March 2009, during the Global Crisis

Geared to Domestic Demand Growth

The structural growth story for Asia ex-Japan will be increasingly driven by domestic demand. Small-Mid caps are

more highly geared to such growth.

Outperforming and under-researched

Beneficial Diversification

Over a market cycle, an allocation to Small-Mid caps will lower overall volatility and enhance returns.

5 2. Why Asia Small-Mid Caps

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6 Asian Acorns Fund (Long / Short): Gross Performance

Comments

2009: impacted by being under-invested, in part due to

retaining liquidity to meet substantial redemptions

2008: All about beta. In hindsight we did not raise cash

quickly enough. October hurt by problems in unwinding

hedging when changing prime broker from MS to UBS to

minimize prime broker bankruptcy risk; this cost the fund

approximately 7%.

2007: H2’07 was all about beta and SMEs under-performed,

with illiquidity a major constraint for us

2006: Our strategy performs best in stable and rising

markets, as seen in 2006’s substantial out-performance of

50% vs. MSCI AxJ’s 30%

Overall: superior returns with lower risk and much smaller

drawdowns.

59%

(53.2%)

16.8%

0.31 24.8%

11.6%

(19.9%)

MSCI AC Daily TR Net Asia Ex Japan USD

YTD

(until

Sep’11)

Annualized

Returns

Annualized

Standard

Deviation

Sharpe

Ratio

Largest

Monthly

Return

Max

Consecuti

ve Loss

% of

Positive

Months

Asian Acorns Fund

(3.9%)

15.4%

15.5%

0.73 11.6%

(28.3%)

65%

FTSE Global Smallcap Asia Pacific Ex Japan,

Australia, New Zealand TR USD

(25.0%)

12.0%

30.0%

0.27 26.7%

(62.6%)

59%

6 3. Performance Statistics

Note: Calculation of gross performance – Presented as performance before management fees, performance fees and non-trading expenses but after all trading expenses.

Note: Comparative index – The relevant total return indices which will measure both price performance and income from dividend payments. Where applicable, we will use the

total return net index which approximates the amount of dividend reinvested after deduction of withholding tax

-50% 0% 50% 100% 150% 200% 250% 300% Aug-04 Feb-05 Aug-05 Feb-06 Aug-06 Feb-07 Aug-07 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11

Binjai Hill Asian Acorns Fund

MSCI AC Daily TR Net Asia Ex Japan USD

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7 Seedlings and Saplings Sub Fund: Gross Performance*

7 36%

(21.8%)

6.3%

-ve

20.7%

(18.1%)

(19.9%)

MSCI AC Daily TR Net Asia Ex Japan USD

36%

(26.1%)

4.5%

-ve

23.7%

(24.6%)

(25.0%)

FTSE Global Smallcap Asia Pacific Ex Japan,

Australia, New Zealand TR USD

YTD

(until

Sep’11)

Annualized

Returns

Annualized

Standard

Deviation

Sharpe

Ratio

Largest

Monthly

Return

Max

Consecuti

ve Loss

% of

Positive

Months

Seedlings and Saplings pro forma

(6.8%)

(6.9%)

7.2%

-ve

1.8%

(8.5%)

55%

Comments

Shows performance of Long Only part of Acorns fund if

fully invested

This LO fund will run with low cash levels and will

largely shadow the Acorns longs portfolio, but with a

little more flexibility on market cap.

3. Performance Statistics

*Inception date: November 2010

Note: Calculation of gross performance – Presented as performance before management fees, performance fees and non-trading expenses but after all trading expenses.

Note: Comparative index – The relevant total return indices which will measure both price performance and income from dividend payments. Where applicable, we will use the

total return net index which approximates the amount of dividend reinvested after deduction of withholding tax

-30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20%

Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11

Binjai Hill Seedlings and Saplings

MSCI AC Daily TR Net Asia Ex Japan USD

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8 30-40

Stocks

8 ~13,500

Stocks in

Asia ex Japan

Universe

The Investment Process – Long positions

Investment cycle / Sector /

Country risk / Interest rates /Thematics/

Corporate Governance

Company

visit

Ideas

Generation

Proprietary

Research

Focus

List

Portfolio

Biz model

Investment

case

Management

Corporate

governance

Equity story

Valuation

measures

Risk

Assessment

Forecasts &

Price targets

“High

conviction”

Timing

Market risks

Exposure

limits

Sector &

country

weightings

~3,700

Stocks in SMID *

Cap Universe

100 Stocks

Unanimous decision by

Principals

Unanimous decision by

Principals

Fund Manager’s

decision

Catalyst

Entry & Exit

prices

Potential

upside

30-40

Stocks

30-50

Stocks

400 Stocks

Internal

Screens

Mkt Cap

Liquidity

Biz model

External

Ideas

Local

Brokers

Publications

Sector

perspective

Ideas List

* SMID Universe: Small-to-mid Cap Universe is defined as stocks with a market cap of > US$ 100m and < US$ 2.5bn

4. Investment Process, Portfolio Construction and Risk Management

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9 Breakdown of BHAM Investment Universe by percentage of total stocks

Universe by Sector

_{Universe by Country}

Universe by Market Cap

4. Investment Process, Portfolio Construction and Risk Management

* BHAM Universe: stocks with a market cap of > US$ 100m and < US$ 2.5bn

Sri Lanka, 1%

Vietnam, 1%

Pakistan, 1%

Philippines, 2%

Indonesia, 4%

Thailand, 4%

Singapore, 7%

Malaysia, 7%

Korea, 15%

India, 16%

Hong Kong,

20%

Taiwan, 20%

>2.0bn, 3% >1bn,<2b n, 11% >500m,<1 b, 18% <500m, 68%

Information

Technology, 18%

Consumer

Discretionary, 18%

Industrials, 18%

Financials, 16%

Materials, 13%

Consumer Staples,

8%

Health Care, 5%

Energy, 2%

Utilities, 2%

Telecommunication

Services, 1%

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10 How we arrive at an Investment Decision

Idea Generation: Some sources for investment ideas include stock screens from Bloomberg based on sector or macro

themes, broker research, conferences and journals. Within our investable universe, we look for attractive sectors,

acceptable share liquidity, moderate debt levels, 20%+ ROIC and a 30%+ total shareholder return (TSR).

Discussion: We discuss these ideas either during the daily morning meeting or more formally during the weekly

research meeting and decide which companies we wish to meet.

Meet the company: Prior to investment we always talk to senior company executives and Mei Chan, dedicated to

arranging corporate access, will arrange a meeting or call with management. We would then write up the company visit

into a visit note for discussion. Wherever possible, the two principals will have met the company before we invest.

Discussion: We discuss the visit note, identify issues and decide if the idea merits progressing further. If the principals

agree it’s a strong and time sensitive idea, we can take an immediate position of up to 1% of NAV. If necessary, we will

follow up outstanding issues with the company and seek verification of the investment case from independent sources.

Monitor: In most cases, we will monitor the stock over the next quarterly results to verify if our impression is correct.

Investment Note: The designated Stock Champion prepares an Investment Note (IN) which documents the investment

rationale, industry and company outlook, together with a Company Risk Assessment, a Due Diligence Questionnaire

(DDQ) and a Corporate Governance survey. David would also prepare Forecast Template spreadsheet containing

summary forecasts, peer group comparisons and an Entry Price and Share Price SPT rationale.

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11 Head of Research controls the research process and sets price targets based on absolute valuation criteria, to ensure integrity

Unanimous agreement by the Principals needed for stocks to go onto the focus list

Fund manager decides on timing of entry/exit, country weightings and position / exposure limits

In ‘normalized’ market conditions, full / half positions are 2.0 to 2.5% / 1.0 to 1.25% of AUM respectively

Country: Maximum exposure 50% for liquid markets, 25% for less liquid markets (Malaysia, Indonesia and Thailand) and 5% in

illiquid markets (Philippines and Sri Lanka). Minimum three markets held at any time.

Single issue: Maximum exposure to any stock is 10% (5% on acquisition)

Liquidity: Position size is generally less than one-third of the five day trading volume

Portfolio Construction

11 Will hedge currencies en bloc vs. USD appreciation

risk and hedge specific currencies where applicable

(e.g. short-term political / economic negatives)

Typically naked long on Asian currencies on the basis

that they benefit from long-term, secular appreciation

against the US$.

Nil

Managed via cash and index futures

Hedging

Maximum Gross exposure: 100%.

Net: 70% – 90% normally, but can go as low as 0%,

(averaged 32% in 2008)

Typically 90-100% gross exposure

Gross: 70 – 90% in normalized conditions. Maximum

Gross exposure: 200%.

Portfolio Limits

30-40 longs; largely as per the Acorns Fund but

with slightly more market cap flexibility

20-50 long

Number of positions

Seedlings & Saplings Sub-Fund (Long-Only)

Asian Acorns Fund (Long/Short)

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12 Risk parameters are monitored daily by the Portfolio Risk Manager (John Casey), explicitly discussed and

reviewed as part of the Daily Portfolio Meeting and written up in the Daily Portfolio Note

Cash Management: Importance of using active cash management as the first measure

Bloomberg Alerts: Every position, whether a stock, or currency position has a stop-loss limit explicitly

established and alerted by John via Bloomberg alerts, which are sent to both Justin and John

Stop Loss Limits: Upon receiving a stop loss alert on the longs, we will review and discuss this at the first

adverse break and exit at the second. Strict stop-loss limit for short positions for the long/short fund.

Trim within 10% of share price targets: We have found this to be a useful discipline.

Momentum Entry Price (MEP): We have established MEP for portfolio and watchlist stocks based on

technicals. Flags entry into new positions and potential re-entry into stocks previously stopped out.

Counterparty review: Review brokers on a regular basis and majority of cash balance are kept with the

administrator, away from the Prime Broker

APPLICABLE ONLY TO THE LONG / SHORT FUND:

Hedging Model: mechanistic hedging process, using primarily index futures. Triggered by individual market

index falls below moving averages, with tighter stops in bear market conditions.

Portfolio Risk – Maximum gross exposure is 200% and minimum gross exposure is 0%

Tracking error risk – Beta-adjusted positions used for hedging

Leverage risk - No leverage employed except for redemption liquidity; maximum 25%

Currency risk – Not hedged unless there are specific country risk factors

Risk Management Process

12 4. Investment Process, Portfolio Construction and Risk Management

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13

13 Acorns Fund - Largest Holdings*

13 Acorns Fund - Portfolio metrics

14%

15%

1.5 3.2%

10.7 7,122

100%

MSCI AxJ Index

18%

31%

1.6 4.5%

9.3

564 13%

Asian Acorns Fund

2012

EPS

growth

2011

EPS

growth

P/B

Div

Yield

CY 11

PER

CY11

Ave Mkt cap

(USD mil)

% of AUM

(30/9/2011)

Source: Binjai Hill Asset Management, Bloomberg,

5. Portfolio Review

*As of 30 Sep 2011

0.45%

-Consumer Staples

Vietnam

CITIGRP-CW10 VIETNAM DAIRY WRNT 0.00 20 Jan 15

0.57%

226 Consumer Discretionary

Korea

SHINSEGAE FOOD CO LTD

0.70%

126 Materials

Sri Lanka

TOKYO CEMENT LANKA-NON VOTIN

0.72%

142 Industrials

Singapore

LIAN BENG GROUP LTD

0.81%

386 Real Estate

Singapore

Frasers Commercial Trust REIT

0.88%

633 Financials

Sri Lanka

HATTON NATI0NAL BK-NON VOTIN

1.13%

1,614

Consumer Discretionary

Singapore

OVERSEAS UNION ENTERPRISE

1.39%

465 Real Estate

Hong Kong

HKR INTERNATIONAL LTD

1.49%

370 Consumer Staples

Singapore

DEL MONTE PACIFIC LTD

2.75%

522 Real Estate

Indonesia

JAYA REAL PROPERTY PT

% of

NAV

Mkt Cap

(US$ m)

Sector

Currcy

Stock

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14

14 Stock Picking Skills

14 Multi-Baggers

Lessons Learned

Source: Binjai Hill Asset Management, Bloomberg

20%

10%

15%

36%

2010

2.6%

-1.9%

4.5%

-22.3%

-19.6%

2011 (YTD)

-3%

1%

-4%

104%

100%

2009

-12%

-11%

-1%

-56%

-68%

2008

Rel

Stock

Country

FTSE AP SC TR

Acorns Longs

291%

Sep11

Jun-06

QL RESOURCES BHD

291%

Apr-10

May-09

CHINA SHINEWAY PHARMA

311%

Feb-11

Jan-05

LPN DEVELOPMENT PCL

1006%

Feb-11

Aug-06

MAYORA INDAH PT

1317%

Apr-08

Jan-06

EDUCOMP SOLUTIONS

Price

Gain

Exit

Date or

as of

Aug-11

Initial

purchase

date

-54%

Mar-05

Feb-05

ACCS (now MDR LTD)

-56%

Jan-08

Jun-07

SILVERLAKE AXIS LTD

-58%

Jan-06

Jun-05

TALAM CORP BHD

Price

Loss

Exit

Date

Initial

purchase

date

Performance of Acorns Longs vs. FTSE Asia Pacific Small Cap ex Japan, Australia, New Zealand TR in local

currency

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15 21.1%

17.2%

10.9%

6.3%

3.9%

3.1%

0.0%

7.1%

3.4%

0.0%

10.9%

19.1%

0.0%

0.7%

4.1%

11.9%

15.0%

25.4%

37.5%

0.0%

Singapore

Indonesia

Sri Lanka

Hong Kong

Korea

Vietnam

Philippines

Malaysia

India

Taiwan

Thailand

China

MSCI Asia x‐Japan

BHAM Asian Acorn

Acorns Fund relative weightings vs. MSCI Asia Ex Japan

15 Acorns Weight net of cash: As of 30 Sep 2011; MSCI Asia ex-Japan Weight: As of 1 October 2010

N.B. The Acorns Fund does not invest directly in China shares

5. Portfolio Review

48.8%

18.6%

13.2%

12.4%

5.4%

1.6%

0.0%

31.6%

5.3%

8.5%

10.7%

8.0%

7.8%

0.8%

17.3%

6.4%

3.6%

Financials

Consumer Staples

Consumer Discretionary

Industrials

Materials

Energy

Healthcare

Information Technology

Telecom

Utilities

MSCI Asia x Japan

BHAM Asian Acorns

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16 Seedlings and Saplings Sub Fund relative weightings vs.

MSCI Asia Ex Japan

16 Seedlings and Saplings Sub Fund Weight net of cash: As of 30 Sep 2011; MSCI Asia ex-Japan Weight: As of 1 October 2010

N.B. The Seedlings and Saplings Sub Fund does not invest directly in China shares

5. Portfolio Review

61.6%

14.6%

9.6%

7.1%

0.0%

31.6%

10.7%

8.5%

5.3%

0.8%

7.8%

17.3%

8.0%

6.4%

3.6%

Financials

Industrials

Consumer Discretionary

Consumer Staples

Healthcare

Energy

Information Technology

Materials

Telecom

Utilities

MSCI Asia x Japan

BHAM Seedlings & Saplings

40.9%

20.7%

13.1%

9.6%

5.6%

5.1%

4.5%

0.5%

0.0%

7.1%

0.7%

11.9%

2.4%

10.9%

3.4%

4.1%

15.0%

19.1%

25.4%

Singapore

Philippines

India

Thailand

Hong Kong

Indonesia

Malaysia

Taiwan

Korea

China

MSCI Asia x‐Japan

BHAM Seedlings & Saplings

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17 End of month NAV estimates within 2-5 working days of each month

Monthly newsletter within 10 working days after month end

Month-end Portfolio Holdings

Weekly flash estimates within 2 working days of week end, bar month end

Audited Financial statements (December year end)

Past copies of newsletters

Auditable trail of investment process

Upon request the following are available:

Monthly newsletters and back copies

Attribution analysis

AIMA DDQ documentation

Investment reports

Biographies and references

Transparency:

17 6. Why Binjai Hill?

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18 Strong Track Record

Strong gross performance of 15.4% annualized on the Asian Acorns Fund since 2004 with below-average risk

Knowledge

Highly experienced investment team with an average of more than 30 years of Asian experience

Local presence and knowledge of Asian markets

Extensive company database from over 2,100 company meets

Solid Infrastructure

Clear separation between the front office and back office, with a dedicated COO

Robust back office processes and operational support

Rigorous portfolio risk management with dedicated Risk Manager, refined through the global crisis in 2008/09

Investment Process

Top-down: macro view to avoid ‘bad’ markets

Bottom up: thorough and well-documented investment process with auditable paper trail for all decisions

Transparency

Thorough reporting, regular communication and open access to investors

Why Us?

18 6. Why Binjai Hill?

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19 Appendices

19 Binjai Hill Asian Equities

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20 Experienced Team: Combined 90+ years of Asian investing

Justin Kendrick (Principal and Fund Manager), FCCA

24

th

_{year of experience in Asian markets initially broking Asia out of London, before moving to Hong Kong and Singapore}

Managed Crosby Securities' Corporate Finance business while concurrently as Global Head of Sales (1992 – 1997).

Senior positions in equity sales and account management for HSBC and ABN-AMRO in Singapore

David Gibbons (Principal and Research Head), ACA

Qualified Accountant with almost 30 years in equity research; since 1994 in Asia

Previously with HSBC Securities, latterly as Head of Research for India and Head of Asia Regional Telecoms Research, based

in Hong Kong

Prior to BHAM, was Group CFO for Virgin Mobile Asia, a US$550m regional mobile telecoms joint venture between the Virgin

Group and Singapore Telecoms

John Casey (Risk Manager and Research)

23

rd

_{year of experience in Asian equities initially with WI Carr in Tokyo as Head of Research, and moved with WI Carr to Hong}

Kong as Head of Quantitative research and later Head of China & Hong Kong Research

Head of Indonesian Research for Wheelock Natwest before moving to Singapore to undertake research with Socgen-Crosby

Asia Securities

Strong quantitative skills in derivatives, options, financial modelling and risk management systems design

Aik Chee Heng (Chief Operating Officer), CPA and FCCA

29

th

_{year of experience in operations, settlements and back-office gained from a variety of senior investment banking positions}

Was most recently Vice President of Securities and Fiduciary Services in DBS Bank

Previously worked with Justin as Director of Finance and Operations at Crosby Securities

Sharon Wong (Investor Relations)

4 years plus at Binjai Hill in client servicing and research

3 years of experience in client servicing in DBS Bank and Citibank

20 Binjai Hill Asian Equities

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21

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0 Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Gross

Net

(%)

Daily Net/Gross Exposures

Source: Binjai Hill Asset Management

21 Binjai Hill Asian Equities

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22

22 Liquidity Profile – How long it takes to liquidate positions as %

of portfolio

Source: Binjai Hill Asset Management, data from 2005 - 2009

22

0% 20% 40% 60% 80% 100% 120% 1 2 5 10 30 60 100 200 Days % o f P o rtfo li o

Worst Case Median Case

The issue of liquidity can be framed in terms of how many days it takes to free up how much cash as a percentage of our total

commitments. Using the median daily trading volume over the past six months and assuming we must be no more than 25%

of that volume, we can free up 40% of the portfolio on the first day, half by the end of the second day, 70% after five days,

85% after 10 days. The Worst Case measure what would happen if we took the volume from the worst days and assumed

that persisted for some time - how many days would it take to liquidate in that case.

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23 Composition of Investors in the Asian Acorns Fund*

Type of Investor

Percentage of Holdings

Number of Investors

Proprietary Bank Capital^

50.3%

1 Family Office

14.4%

5 High Net Worth Individual

11.5%

11 Principal

9.8%

2 Fund of Fund

6.9%

2 Private Bank

5.9%

2 Consultant

1.1%

1 Total

100.0%

24 Location of Investor

Percentage of Holdings

Number of Investors

Europe

60.9%

5 UK

18.0%

9 Asia

12.5%

6 Other

5.8%

3 US

2.7%

1 Total

100.0%

24 *As of 1 October 2011

^Committed to remain invested until February 2012

23 Binjai Hill Asian Equities

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24 Summary of Terms

24 Hamersley Partners, LLC

Hamersley Partners, LLC

Third Party Marketer

Arthur Morris

PricewaterhouseCoopers

Auditor

Appleby

Walkers (Singapore) Limited Liability Partnership

Legal Counsel

Apex Fund Services Ltd

HSBC Institutional Trust (Singapore) Services

Administrator

DBS Bank

UBS

Prime Broker

Nil

2% within 6 months of investment, 1% within 6 to

12 months of investment

Redemption fees:

Monthly, 30 calendar notice before the first biz day of

the month

Monthly, 22 biz days notice before the last biz day

of the month

Redemption frequency:

Monthly, 2 biz days before last biz day of the month

Monthly, 3 biz days before last biz day of the month

Subscription frequency:

Yes

High Water Mark:

10% of fund's increase in NAV above the previous

high watermark, paid annually

20% of fund's increase in NAV above the previous

high watermark, paid annually

Performance Fee:

1.0% of fund's NAV per annum, paid monthly

1.5% of fund's NAV per annum, paid monthly

Management Fee:

US$100,000

Minimum Investment:

Bermuda

Cayman Islands

Domicile of Fund:

Segregated Account under the Emerging Manager

Platform Ltd

Master-Feeder

Structure:

Binjai Hill Asset Management Pte Ltd

Investment Advisor:

Emerging Asset Management Ltd

Binjai Hill Capital Ltd

Investment Manager:

Binjai Hill Seedlings and Saplings Sub-Fund

Binjai Hill Asian Acorns Fund

Fund:

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25 (5.64)

2011

Year

2004

2005

2006

2007

2008

2009

2010

Annualized

7.85

12.95

40.23

15.42 (36.43)

40.11

20.36

10.1 Asian Acorns Fund (Long / Short): Gross Performance

25 (19.94)

-(13.18)

(9.89)

1.14 (2.32)

(1.34)

3.78

6.28 (3.87)

(0.98)

MSCI TR AxJ

(3.95)

-(2.86)

(2.28

)

0.66 (0.41)

(1.32)

2.27

1.05 (0.06)

(1.08)

BHAAF

2011

YTD

Dec

Nov

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

Fund / Index

Year

19.62

5.53 (1.47)

2.63

11.32 (1.14)

5.79

1.70 (8.39)

2.06

7.24

0.50 (6.04)

MSCI TR AxJ

24.58

0.59 (0.25)

3.29

7.72

2.78

4.67

1.11 (6.27)

4.87

7.52

0.05 (2.15)

BHAAF

2010

72.07

4.35

2.69 (0.53)

8.84 (3.26)

13.02 (0.47)

16.08

16.75

13.80 (6.53)

(5.45)

MSCI TR AxJ

45.89

4.45

1.74

1.94

7.41

3.05

5.47

2.56

11.65

5.90

0.71 (2.87)

(2.75)

BHAAF

2009

2008

BHAAF

(8.18)

(2.55)

(3.31)

(0.32)

0.73 (4.44)

(0.83)

(3.46)

(4.39)

(14.90)

(3.65)

4.06 (35.18)

MSCI TR AxJ

(13.85)

5.81 (6.12)

8.14 (3.33)

(11.90)

(0.92)

(6.90)

(16.56)

(24.07)

(5.92)

9.90 (52.38)

2007

BHAAF

4.29 (0.20)

1.82

7.29

4.83

7.53

1.80 (9.73)

2.95

2.76 (4.52)

1.83

21.15 MSCI TR AxJ

(1.14)

(0.17)

2.27

4.46

5.77

5.02

7.20 (1.33)

12.20

10.67 (8.84)

(0.39)

40.13 2006

BHAAF

11.43

5.33

10.38

7.49 (2.57)

(4.65)

0.15

0.83

0.50

6.07

7.31

2.54

53.21 MSCI TR AxJ

7.23

0.04

1.85

6.75 (7.46)

(0.39)

0.12

3.47

3.48

3.03

7.68

4.26

33.32 2005

BHAAF

3.10 (0.69)

(3.55)

1.29

0.85

1.76

6.03 (1.93)

2.54 (1.29)

5.30

4.59

19.00 MSCI TR AxJ

0.63

5.61 (4.60)

(1.32)

2.83

2.79

6.41 (2.92)

5.44 (6.57)

7.37

6.16

22.69 2004

BHAAF

-

0.44

3.89 (0.21)

3.85

2.52

10.87 MSCI TR AxJ

-

4.82

3.84

0.65

8.87

3.07

22.94 Asian Acorns Fund (Long / Short): Net Performance