Investments we have made

ChinaCast Education Corporation

Chinese Filings Reveal Serious Red Flags

Advanced Battery Technologies, Inc.

Overstated SEC Filings Suggest Fraud

Urbana Corp.

Reasonably Valued Portfolio Holdings Trade at a 30% Discount

Aéropostale, Inc.

Teen Retailer with Cheap Valuation and Strong Growth Even During Recession

China Education Alliance, Inc.

Broken Websites, Empty Training Center and Fabricated SEC Filings Suggest Fraud

Sterling Shoes, Inc.

Shares Poised to Double or Even Triple

Interval Leisure Group

Duopoly with High Free Cash Flow and Unique Barriers to Entry

PriceSmart Inc.

Strong Growth in Same-Store Sales Outperform the Competition

CPEX Pharmaceuticals

Examining Shareholder Activism

Coventree Inc.

Returns in the Range of 15% with Limited Risk of Loss

Cash Store Australia Holdings, Inc.

Leading Payday Lender with Potential for Rapid Growth

IntercontinentalExchange, Inc.

Strong Cash Flow and Barriers to Entry with 22% Upside