8/8/2019 Dreamer 429 EHAC Value 201011

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Investment Objective Performance from 11/24/2009 to 11/30/2010

Portfolio Manager's ReportPortfolio Review:

Cumulative Performance %1 month 1 year 3 years 5 years

Portfolio -3.32% 11.25% - -Hang Seng Index -0.38% 5.44% - -HSCEI -2.67% -1.25% - -HK MidCap Index -1.19% 11.42% - -

Calendar Year Performance %2006 2007 2008 2009

Portfolio - - - 2.54%Hang Seng Index - - - -3.64%

Outlook: HSCEI - - - -4.30%HK MidCap Index - - - 1.65%

Portfolio Analysis

Portfolio Information

Portfolio managerInception date

Base currency Top Five Holdings as at 11/30/2010NAV per unit Holding %AUM as of 11/30/2010 LERADO GROUP Manufacturing 18.12%

PING AN INSURANCE Financial Services 12.55%

Statistical Analysis CHINA LIFE INSURANCE Financial Services 11.05%

LINK REIT REIT 10.69%CHINA DONGXIANG Retail - Sporting Goods 10.14%

Correlation 0.61 - 0.58Beta 0.72 - 0.66Annualized volatility % 22.11 - 22.07Sharpe ratio 0.26 - 0.54Average annual return % 11.25 - 13.29

Since inception

13.51%1.37%

EHAC Value Portfolio - Hong Kong

To provide long term capital growth by investingin securities of companies with promising growthprospects, unique businesses and strong financialpositions. An aggressive while conservative valueinvesting approach is adopted.

November 30, 2010

Our portfolio lost 3.32% in November, but was up 10.7%YTD, outperforming the HSI, HSCEI and HK MidcapIndex. Couple of our positions retreated after thetremendous runs recorded in the past two months,dragging down the overall performance. A few of ourpositions recorded significantly higher volatility,

jeopardizing the short-term return of our portfolio. All inall, we feel comfortable sitting with our current holdingswhich are meant for the medium to long term, and weshall continue to monitor our existing positionsreligiously to make sure we track and react to changesin fundamentals on a timely basis. During the month, wetook profit on one of our existing positions whileinitiated and added on a few deep value play. We alsoinitiated positions to increase the beta of our portfoliowhich is meant to reflect our medium term bullishstance.

10.25%

2010YTD10.70%5.19%0.18%8.47%

-4.13%

EHAC Value Portfolio - Hong Kong

HKD

11/24/09

Sector513,277.74

We remain confident of our consumption growth storyas we believe that the long-term policies in China aregradually moving in our favor. However, policyuncertainties in the short term continue to weigh onmarket sentiments, intensifying the headwinds faced bylong-only portfolios. We remain cautiously optimistic,and are positioned to capitalize on the potential bullishrun in the medium term.

Dreamer429

113.51

1 year 3 yearSince

launch

75

80

85

90

95

100

105

110

115

120

125

130NAV per share

Hang Seng HKMidCap Index

(Indexed at100)HSI (Indexed at100)

HSCEI (Indexedat 100)

Food / Beverage,7.49%REIT, 10.69%

FinancialServices, 23.60%

Manufacturing,18.12%

Vitamins &Nutrition

Products, 9.12%

Retail - SportingGoods, 10.14% Chemicals -

Diversified, 6.82%

Cash, 7.02%

China Equities,5.05%Building

Materials, 1.96%