APRIL 2012 PERFORMANCE UPDATE by Carlos Gil, Chief Investment Officer

MARKETS AND ECONOMY: The unprecedented accommodative monetary stance of the US Federal Reserve provides the most skeptic equity investor little respite for remaining in fixed income and cash. The Federal Open Market Committee reiterated during the month its known previous stance of maintaining historically low borrowing costs until at least 2014. Nothing new there. However, perhaps surprisingly, Fed Chairman Bernanke reminded markets that despite expectations that growth will pick up at a moderate pace, the Fed saw the need to provide further reassurance by stating that should growth stagnate they would be prepared to take more balance sheet actions as needed. The signaling by the Fed provides investors with a pretty compelling hedge. Essentially the Fed is saying economic growth is improving at a modest pace, and if this growth continues were going to give you low rates to at least 2014. If for whatever reason the growth doesnt continue we are going to provide further measures (essentially printing money via quantitative easing) to stimulate and deliver growth. I cannot recall seeing a more equity friendly stance in my 20 years of investing. Given the US 10 year Government bond rate is yielding around 1.93%, US investors dont have a difficult capital allocation decision to make, with equity assets being an obvious choice. Microequities High Income Value Microcap Fund returned a positive +2.21% versus the All Ordinaries Accumulation Index positive +1.10% in April. We are pleased to report, that the second month of our High Income Value Microcap Fund has provided another positive result, with the Fund posting a 2.21% return for the month. Obviously its very early days, but we believe that some outstanding value opportunities have been captured by our Fund. Strong investment inflows were received during the month of April and in the weeks ahead we will be deploying these funds across the fourteen businesses owned by Fund. Current Forecast Grossed Up Dividend Yield of the Fund*: +12.37%
*Forecast Grossed up Yield is based on internal forecasts and actual results may vary. Investors should note that Gross Dividend Yield is not a forecast distribution as distributions will depend on actual dividend income received and actual number of units on issue at the time a distribution is made.

1.3% 6.1%

Cash Software & Services

Latest Unit Price $1.0435

Latest Fund Performance as at April 30, 2012
FUND 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month Inception AOAI* OP*

18.8% 1.4% 7.4% 38.6%

Diversfied Financials Capital Goods Media Commercial Services & Supplies Banks

+2.21% +4.35%

+1.10% +1.11% +2.26% +2.09%

4.9% 7.2% 14.3%

+4.35%

+2.26% +2.09%

Consumer Durables and Apparel Retailing

(Returns are calculated after all fees and expenses and reinvestment of distributions. Inception of Fund March 1, 2012) *AOAI: All Ordinaries Accumulation Index. *OP: Out-performance. Past performance is not indicative of future performance.

*High Income Value Microcap Portfolio as of 30 of April 2012

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