Asia Value Fund 1H2015 Review

Dear Shareholders,

Asia Value Fund 1H2015 Review

Initial Net Asset Value (per unit): $10,000

Net Asset Value as of April 2015 (per unit): $15,518

We are pleased to announce that for the period of 1H2015, the Asia Value Fund is up by 15.2%. Relative to the benchmarks, the Asia Value Fund has outperformed the Vanguard Pacific ETF and STI ETF by 12.7% and 14.0% respectively. Since inception, the NAV of the fund has increased by $5,518, translating to an increase of 55.2%, outperforming both benchmarks during this period.

During this past 3 months, we have delivered a respectable performance under our deep value strategy. On that note, we would like to caution shareholders that past performance is no indication of future performance and that markets in general are enjoying a time of low interest rates. Economic growth remains anemic in key economies like China, U.S. and Europe. The overhang of the Greece crisis, Chinese stock market bubble and most recently, the bankruptcy of Puerto Rico are some of the developments that may derail global financial stability. As bottom-up investors, we have no special insights to offer regarding macroeconomic developments and instead leave it to the realm of soothsayers. Our investment strategy remains guided by micro valuations. Consequently, we have sold down all positions that we deem to be near fair value and have entered into various new positions that we deem to still be severely undervalued.

As always, please feel free to let us know if you have any clarifications regarding the investments in the ValueEdge Asia Value Fund.

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