GaveKal and Marshall Wace GaveKal

Cordially invites you to the 2010 GaveKal Fund Investment Seminar

GaveKal Speakers Louis-Vincent Gave - Group CEO, GaveKal Steven Vannelli - Portfolio Manager & Head of US Research

Guest Speaker John Mauldin – President, Millennium Wave Investments

The seminar will commence on the 8th December at 9:00am – 12:00pm

The Ritz-Carlton, Dallas 2121 McKinney Avenue Dallas, TX 75201 Hotel: (214) 922-0200

Seats are on a strictly limited basis and by invitation only.

Please reggyister your attendance at http://gavekal.com/SeminarReg.cfm?sid=65

If you would like a FREE trial of GaveKal Dragonomics Research please visit:

http://gavekal.com/page7.cfm or contact [email protected]

Institutional Use Only WHO WE ARE

GaveKal was initiallyyp founded as an independent financial research firm in 1999. Since then, the firm has evolved and now offers institutional investors, high net worth individuals, financial advisors and family offices three different kinds of services: fund management, independent research on -economic trends and events, and independent advisory work on China and its impact on the global economy. With offices in Hong Kong, Denver, Paris and Beijing, GaveKal has, over the past decade, grown to become a reference point for independent and detailed analysis of the important trends that affect China, and the world.

GaveKal’s insights are delivered to over 650 financial institutions and corporate clients in more than forty countries through research reports, presentations, and face-to-face briefings. One of GaveKal’s flagship publications, The China Economic Quarterly, is widely regarded as one of the most authoritative journal of China's economy and business environment.

Today, with Asia in general and China in particular clearly standing out as one of the most dynamic drivers of the global economy, the region exercises a decisive impact on world markets and plays an increasingly important geopolitical role. To understand any part of the world economy it is now essential to understand Asia's influence. GaveKal enables its clients to make sense of the internal dynamics of the region’s economy, politics and business environment. We then aim to help clients translate that knowledge into profitable investment decisions through the various Asian, & Global funds that we manage, which have very different risk-return profiles.

Our funds fall into two main categories:

Platform Company Fund. A Global equity fund benchmarked against the world MSCI

GaveKal/Marshall Wace joint venture Asian funds.

•GaveKal Asian Balanced Fund – long only, relative return fund, benchmarked against Asian equities and bonds.

•Greater China Fund

•Japan Long- Fund.

Institutional Use Only SPEAKER BIOS

Louis-Vincent Gave, CEO After receiving his bachelor's degree from Duke University and studying Mandarin at Nanjing University, Louis-Vincent joined the French Army where he served as a second lieutenant in a mountain infantry battalion. After a couple of years, Louis-Vincent left the army and joined Paribas Capital Markets where he worked as a financial analyst first in Paris, then in Hong Kong. Louis-Vincent left Paribas in 1999 to launch GaveKal Research with Charles Gave and Anatole Kaletsky in . In 2002, he returned to Hong Kong; the idea at the time was thAihat Asia was set to become an ever more important factor in g lbllobal growt h an dhd that, consequently, GaveKal needed to offer its clients more information, and more ideas, relating to Asia. Louis-Vincent contributes frequently to the research and was the main author of our books Our Brave New World and The End is Not Nigh. Louis-Vincent is CEO of Gavekal and MW GaveKal.

Steven Vannelli, CFA, Portfolio Manager & Head of US Research Steve graduated from the University of Denver in 1995 with a degree in Finance; he received his Chartered Financial Analyst designation in 1999. Between 1995 and 2005, Steve worked for Alexander Capital, a money management firm based in Denver, taking on the role of Head of Equities in his last four years there. Steve has over ten years of experience managing an S&P 500 benchmarked US eqqyuity fund. His work bring s to GaveKal clients a stock, industry, and sector level perspective on equities. He contributes to our research, especially our Quarterlies, and manages the Platform Company Fund from our offices in Denver.

GUEST SPEAKER BIO

John Mauldin, President - Millennium Wave Investments John is a best-selling author and editor of Thoughts From The Frontline. He is a frequent contributor to numerous publications, a regular guest on TV and radio shows, and is quoted widely in the press. John is the president of Millennium Wave Advisors, LLC (MWA), an investment advisory firm registered in multiple states. He is president of Millennium Wave Securi ti es, LLC , a FINRA regi stered b rok er-deal er. MWS is a lso a Commo dity Poo l Operator (CPO) and a Commodity Trading Advisor (CTA) registered with the CFTC, as well as an Introducing Broker (IB).

Institutional Use Only IMPORTANT DISCLOSURES

The value of the securities held by the Fund will change due to general market and economic conditions and industry perceptions. Investments in non‐U.S. issuers may involve unique risks. Currency fluctuation, adverse political, economic or social developments could undermine the value of the Fund's investments. The securities of mid‐cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes.

Please consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus, that contains this and other information about the Fund is available by calling 1.888.998.9890 and shldbhould be rea d care fllitifully prior to inves ting.

The GaveKal Platform Company Fund is distributed by Grand Distribution Services, LLC.

Institutional Use Only