Ganes Focused Value Fund
Returns as at 30 November 2008
6 Months	-30.5%
1 Year	-43.9%
2 Years (per annum)	-19.1%
3 Years (per annum)	-0.3%
4 Years (per annum)	1.7%
5 Years (per annum)	7.2%
6 Years (per annum)	10.9%

Note: 2, 3, 4 and 5 year returns are compound annual returns. Returns are calculated assuming the reinvestment of all distributions. Investments can rise and fall in value. Past performance is not necessarily indicative of future performance.

THE FOLLOWING UNIT PRICES ARE AFTER DEDUCTING ALL FEES. THE PERFORMANCE SINCE INCEPTION (OCT '02) ASSUMES REINVESTMENT OF ALL HALF-YEAR DISTRIBUTIONS PAID SINCE JUNE 2003.