Below is a summary description of the largest five (5) positions in our portfolio, as of our most recent quarterly report published to reflect the portfolio on 30 September 2009. For more information, please see the investor presentations or view the links provided below.

Investee Companies

Shengkai Innovations, Inc. (NASDAQGM:VALV)
www.shengkai.com

Headquartered in Tianjin, China, VALV is a leading manufacturer of ceramic valves globally. Using proprietary technology, VALV produces ceramic valves that last at least 10 times longer than typical metal valves, providing industrial customers with significant cost savings. VALV’s broad product portfolio of over 730 products and its ability to manufacture large ceramic valves with calibres of up to 1,000mm differentiates it from its competitors.

VALV has over 400 customers in the power generation, chemical, petrochemical and metallurgy industries. It is a preferred supplier to SINOPEC and PetroChina.

QKL Stores Inc. (NASDAQ:QKLS)
www.qklstoresinc.com

QKLS is a retail company that owns and operates 39 retail stores in north-east China’s Heilongjiang Province and Inner Mongolia, including 30 supermarkets, six hypermarkets and three department stores. Its stores sell a broad selection of merchandise including groceries, fresh food and non-food items. QKLS is the first supermarket chain in north-eastern China and Inner Mongolia that is a licensee of the Independent Grocers Alliance (IGA), a US-based global grocery network. This enables it to engage in group bargaining with suppliers and have access to more than 2,000 private IGA brands. QKLS plans to open more
than 200 stores over the next four to five years, including hypermarkets, supermarkets and department stores.

China Integrated Energy (NASDAQ:CBEH)
www.cbeh.net.cn

CBEH is an integrated fuel producer and distributor that utilises an extensive distribution network to combine bio-diesel production, petroleum wholesale, and retail gas (petrol) stations. It services 14 provinces and municipalities through an extensive petroleum distribution network. CBEH is one of only four non-state-owned distributors in Shaanxi Province that are licensed to sell both finished oil and heavy oil products.

CBEH operates one of the largest biodiesel manufacturing facilities in China with 200,000 tons of annual production capacity. It also operates 13 gas (petrol) stations which are all located along major highways in Shaanxi Province.

China Security & Surveillance Technology (NYSE: CSR)
www.csst.com

Headquartered in Shenzhen, CSR is a leading one-stop solutions provider and consolidator in China’s fast growing security and surveillance industry. CSR has over 3,500 full-time employees and it engages in the manufacturing, distributing, installing and servicing of surveillance and safety products. Its customers primarily include government entities, non-profit organisations and commercial entities
in China. CSR holds 98 patents.

China Gerui Advanced Materials (NASDAQ: CHOP)

CHOP is a leading niche and high value-added steel processing company that utilises advanced technology to produce specialty steel products in China. It operates six cold-rolled steel production lines with an annual steel processing capacity of approximately 250,000 metric tons and a chromium coating production line with an annual capacity of approximately 50,000 metric tons. CHOP has over 200 domestic customers in a diverse range of industries, including the food packaging, telecommunication, electrical appliance, and construction materials industries.