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Investment Objective Performance from 11/24/2009 to 08/31/2011

Cumulative Performance %

1 month 1 year 3 years 5 years

Portfolio -13.68% -17.14% - -

Hang Seng Index -8.49% -0.01% - -

HSCEI -11.56% -4.03% - -

HK MidCap Index -11.93% -4.74% - -

Portfolio Information Calendar Year Performance %2007 2008 2009 2010

Portfolio manager Portfolio - - 2.54% 8.65%

Inception date Hang Seng Index - - -3.64% 5.32%

Base currency HSCEI - - -4.30% -0.79%

NAV per unit HK MidCap Index - - 1.65% 8.42%

AUM as of 08/31/2011

Sector ExposurePortfolio Characteristics

HSI

Price / Earnings 9.5

Price / Book 1.5

Dividend Yield 3.2

Breakdown by Market Capitalization

Statistical Analysis

Top Five Holdings as at 08/31/2011

Holding %

Correlation 0.78 - 0.68 LINK REIT Property 17.2%

Beta 0.85 - 0.74 PING AN INSURANCE Financials 15.3%

Annualized volatility % 20.97 - 21.16 CHINA LIFE INSURANCE Financials 12.4%

Sharpe ratio -0.82 - -0.18 LERADO GROUP Consumer Discretionary 11.6%

Average annual return % -17.15 - -9.37 GCL-POLY ENERGY HOLDINGS LIMITED Industrials 9.9%

-10.86%

-13.78%

Since inception

-15.94%

2011 YTD

-24.55%

-9.53%

-18.15%

-7.34%

EHAC Value Portfolio - Hong KongAugust 31, 2011

523,106.10

1 year 3 yearSince

launch

4.4

* ex-financials

To provide long term capital growth by investing

in securities of companies with promising growth

prospects, unique businesses and strong financial

positions. An aggressive while conservative value

investing approach is adopted.

The portfolio will primarily invest in public

securities of companies (including but not limited

to Chinese companies and global / regional

companies) which are located in the PRC or derive

a predominant part of their income and / or assets

from the PRC and / or benefit from the economic

growth of the PRC. The portfolio may invest in

ETFs, options or futures whose price movements

are perceived to be highly correlated with the

economic and / or market performance over the

short, medium or long term either for the purpose

of investment or hedging.

11/24/09

HKD

Dreamer429

Portfolio*

11.2

2.5

-15.92%

EHAC Value Portfolio - Hong Kong

84.06

Sector

70

80

90

100

110

120

130

11/24/09 3/24/10 7/24/10 11/24/10 3/24/11 7/24/11

NAV per share

Hang Seng HK

MidCap Index(Indexed at

100)

HSI (Indexed at

100)

8.3%

8.4%

8.4%

11.6%

15.2%

20.3%

27.7%

Cash

Consumer Staples

ETFs

Consumer Discretionary

Industrials

Property

Financials

Large

Cap

75.4%

Mid Cap

3.8%

Small

Cap

20.7%

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Monthly Highlights and Outlook

Market Summary

1-month 3-month 6-month 1-year 1Q11-YTD 2Q11-YTD 3Q11-YTD Annual

MSCI China-9.4% -14.0% -8.7% -2.5%

2.9% -0.7% - -Consumer Discretionary -10.2% -7.2% -2.4% -7.7% -3.5% 2.9% - -

Consumer Staple -8.3% -7.1% 7.2% -5.4% -6.4% 3.0% - -

Energy -8.4% -13.0% -4.9% 20.3% 8.4% 4.4% - -

Financials -12.4% -19.7% -14.3% -10.9% 3.7% -4.3% - -

Health Care -13.1% -26.4% -27.3% -27.7% -2.3% -10.5% - -

Industrials -13.4% -23.8% -27.1% -25.8% -4.6% -15.4% - -

Information Technology -10.1% -17.1% -13.3% 16.8% 10.7% 14.9% - -

Materials -13.7% -17.4% -9.3% 4.1% 8.2% 2.5% - -

Telecommunication Ser. 2.3% 7.8% 10.4% 8.6% -2.2% 1.5% - -

Utilities -3.2% -10.9% 0.9% -11.2% 7.7% 4.4% - -

Macro Indicators* Latest 3mma 6mma 12mma 1Q11-YTD 2Q11-YTD 3Q11-YTD Annual

Real GDP** 9.5% 9.7% 9.8% 9.6% 9.7% 9.6% - -

Mfg PMI (%) 50.9 52.0 52.2 55.2 - - - -

Industrial Production 14.0% 14.1% 14.3% 14.0% 14.4% 14.3% - -

CPI 6.5% 6.1% 5.7% 5.0% 5.1% 5.4% - -

PPI 7.5% 7.1% 7.1% 6.3% 7.1% 7.0% - -

M1 11.6% 12.4% 13.3% 16.8% - - - -

M2 14.7% 15.2% 15.5% 17.3% - - - -

New RMB Loan (RMB bn) 492.6 559.4 605.5 620.5 2,255.0 4,180.1 - -

Trade Balance (USD bn) 31.5 22.3 11.8 14.8 (0.7) 46.0 - -

Exports 20.3% 19.2% 20.9% 24.8% 26.4% 24.0% - -

Imports 23.0% 23.5% 23.3% 28.3% 32.8% 27.6% - -

FAI 24.5% 25.4% 25.4% 24.9% 25.0% 25.6% - -

Retail Sales 17.2% 17.3% 16.3% 17.6% 16.3% 16.8% - -

Transportation Volume 10.9% 11.4% 10.9% 12.0% 10.7% 10.9% - -

Real Estate Investments 36.5% 33.6% 34.0% 32.9% 34.1% 32.9% - -

Automobile Sales 2.5% 0.1% 1.7% 10.6% 8.2% 3.8% - -

Industrial Profit Margin 5.6% 6.0% 6.1% 6.3% 6.1% 6.2% - -

USD / CNY Spot 6.444 6.467 6.505 6.593 1.0% 2.3% - -

CNY REER (%) 1.3% -0.3% -2.4% -0.7% -1.9% -3.0% - -

CNY NEER (%) -0.2% 0.0% -1.2% -2.0% -1.2% -1.5% - -

1Yr Nom. Int. Rate (% pa) 6.56 6.31 6.06 5.56 - - - -

7-Day SHIBOR (% pa) 4.96% 3.20% 4.30% 2.19% - - - -ICE Brent Crude (US$/bbl) 112.9 118.5 92.2 79.0 23.2% 18.5% - -

Source: NBS, BIS, MSCI, Factset, Bloomberg. *YoY unless otherwise specificed. **YoY Real GDP in previous quarters.

August 31, 2011

EHAC Value Portfolio - Hong Kong

EHAC Value Portfolio - Hong Kong

Market conditions became even more challenging in August, with broad-based decline recorded in all MSCI industry groups except for

telecom services which had outperformed over the past six months. Our portfolio registered one of the worst monthly declines since

inception, primarily due to our inadequate responses in the face of the universal sell-off, especially with regarding to the positions in the

small- and mid-cap names.

The main concerns of the market were nothing new – policy mistakes in the US debt ceiling debate (which led to an unprecedented sovereign

downgrade by the S&P), fiscal woes in Europe, as well as the runaway inflation & growth slowdown in EM countries (especially China) – whichhad all been well-flagged and to a certain extent not at all a total surprise to the market. The important question is thus how much of these

downside risks had already been priced in. The offshore Chinese market (our major investment universe) is now arguably trading down to

depressed valuations close to crisis level. We believe the broad-based sell-off is overdone, unless one is factoring a recession scenario, which

we still consider it to be a low-probability event in the next six to twelve months.

Consistent with our view on the macro front, we continue to position for the potential rebound in the market as macro concerns wane and as

EM inflation stabilizes. Rather than attempting to time the short-term bounces and retreats in market prices, we are instead inclined to sit

tight and adjust our portfolio only when exceptional opportunities arise.