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					Taurus L.H.Fund Investor Seminar
               Oct 2011




                                   1
Taurus L.H Fund Performance since Launched


   145                                                       25000



   125
                                                             20000

   105


                                                             15000
    85



    65
                                                             10000


    45

                                                             5000
    25



     5                                                       0




                            金牛L.H.基金
                            TLH Fund    恒生国企指数
                                         HSCEI


               Performance Comparison – TLH Fund vs. HSCEI
                           (Sep 2007 – Oct 2011)
                                                                     2
TLH Fund Outperformed Benchmark Index and Peers



                                  NAV                     NAV                     NAV                  Net NAV
                      NAV                   Growth in               Growth in               Growth in            Growth in
     Product
                    (Oct 17)   (3 months   last 3 mon   (6 mon     last 6 mons (
                                                                                24 months
                                                                                          last 24 mons (
                                                                                                         36 mons
                                                                                                                 last 36 mons
                                earlier)                earlier)                earlier)                earlier)

   TLH Fund          86.951     100.621    -13.59%      107.535     -19.14%     92.155      -5.65%       58.19      49.42%


     HSCEI          9853.34    12266.32    -19.67%      13533.58    -27.19%    12859.71     -23.38%     7894.06     24.82%


       HSI          18873.99   21875.38    -13.72%      24008.07    -21.38%    21999.08     -14.21%     15998.3     17.97%

    Shanghai
   Investment        0.542       0.667     -18.74%       0.701      -22.68%      0.602      -9.97%        0.42      29.05%
 Preferred (Asia)
      Jiashi
    Overseas         0.532       0.653     -18.53%       0.693      -23.23%      0.674      -21.07%      0.448      18.75%
      China
    Southern
     Global          0.617       0.741     -16.73%        0.78      -20.90%      0.729      -15.36%      0.534      15.54%
    Selection
  Huaxia Global
                     0.744       0.903     -17.61%       0.944      -21.19%      0.813      -8.49%       0.528      40.91%
    Selection




                                                                                                                       3
Hong Kong Market Hit Hard by Bullish News in Last 6
Months


    26000                                                                                                  15,000.00
                   Japan
                 日本地震                                              China
                                                                中国动车事故
                 Earthquake                                     Train Crash                                14,000.00
    24000
                                                                               U.S. Sovereign Rating
                                                                                美国主权评级遭下调                  13,000.00
                                                                                    Downgraded
    22000
                                                                                           Europe Debt     12,000.00
                                                                                             欧债恶化
    20000                                                                                  Crisis Worsen
                                                                                                           11,000.00

    18000                                                                                                  10,000.00
                                                   Malice Sell-off in China
                                                    恶意做空中国民营企业
                                                   Grass-root Companies                                    9,000.00
    16000
                                                                                China Grass-root
                                                                               中国民间借贷问题
                                                                                                           8,000.00
                                                                                  Lending Issue
    14000
                                                                                                           7,000.00

    12000
                                                                                                           6,000.00

    10000                                                                                                  5,000.00
       02/2011      03/2011   04/2011   05/2011       06/2011        07/2011     08/2011     09/2011

                                                  恒生指数
                                                   HSI          恒生国企指数
                                                                 HSCEI


     Hong Kong market tumbled in last 6 months, hit hard by bullish news。Hang
     Seng Index dropped from 23,810 in March to 17,408 in October, down by 27%.
     HSCEI also retreated 28% from 13,089 to 8,103.
                                                                                                                      4
Some Reflection on Decline of Fund Net Worth




       •   Under a proactive value investment philosophy, TLH fund once far
           outperformed market and its peers. However, our focus more on
           fundamentals than on market situation led to short term volatile fluctuation
           in net asset value, especially under deteriorating market environment.

       •   Hong Kong Market was in a big cycle of bullish market since 2007, when
           T.L.H was first launched.

       •   Affected by global financial market, Hong Kong market had tumbled more
           than expected.

       •   Our reaction was not timely enough in the face of a fast change market
           situation.




                                                                                          5
TLH’s Performance after Market Returned to
Sensible Value
           1.2

             1

           0.8

           0.6

           0.4

           0.2

             0

           -0.2

           -0.4

           -0.6
             06/2008   09/2008   12/2008   04/2009   07/2009   10/2009   02/2010   05/2010    08/2010   11/2010

                             金牛L.H.基金
                               TLH             恒生指数
                                                HSI            国企指数
                                                                HSCEI       上证指数
                                                                             SHCI            沪深300指数
                                                                                              SZCI



       •     Since July 2008, as good quality stocks had steadily returned to its sensible
             value, T.L.H Fund, holding to value investment strategy, had showed excellent
             performance – net worth was up by 70.8% by Dec 2010, compared to 6.6% for
             HSCEI and 2.63% for SH Composite Index during the same period.
       •     Today, as panic sentiment prevailed the market, most stocks suffered massive
             sell-off. Some stocks are undervalued with bubbles clinched out.

                                                                                                                  6
We continue to improve Investment Strategy System


      •   We will continue to hold on to value investment philosophy, searching value
          in capital market with the eyes of industrial capital, in order to gain consistent
          return in the long term.

      •   Our research team will focus more on trend analysis and investment
          strategies in Hong Kong market, in order to have quick reaction to fast
          market changes.

      •   We had introduced professionals from some Hong Kong hedge fund, who will
          pay more attention to market trend research, buy/sell data analysis, in order
          to avoid risks in individual stocks and diversify investment targets.

      •   Through in-depth research, we have shortlisted some good quality stocks
          with investment value and safe margin. We expect those excellent and good
          potential market leaders will give us high return in the 3 to 5 years to come.




                                                                                               7
        !
Thank you




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