turnstone Asset Management

Turnstone Asian Fund

July 2008 - US Dollar Class -1.88%, NAV $96.5888, YTD -16.33% Euro Class -1.72%, NAV €90.0687, YTD -17.22% Sterling Class -1.85%, NAV Ł86.3168, YTD -17.16%

Track Record

Turnstone Asian Fund US Dollar Class was launched in July 2006

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2008	-7.86%	2.02%	-7.46%	1.70%	-0.78%	-2.87%	-1.88%	--	--	--	--	--	-16.33%
2007	0.93%	1.12%	0.91%	0.42%	2.78%	2.34%	3.78%	-7.51%	4.05%	3.18%	-2.62%	-0.57%	8.54%
2006	--	--	--	--	--	--	-1.34%	0.23%	-0.54%	2.02%	3.03%	2.86%	6.34%

Turnstone Asian Fund Euro Class was launched in July 2006.

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2008	-8.36%	1.86%	-7.33%	1.38%	-0.95%	-3.03%	-1.72%	--	--	--	--	--	-17.22%
2007	0.74%	0.95%	0.92%	-0.02%	2.42%	2.02%	3.43%	-7.87%	3.63%	2.79%	-2.77%	-1.01%	4.76%
2006	--	--	--	--	--	--	-1.84%	-0.14%	-0.80%	1.60%	2.72%	2.32%	3.84%

Turnstone Asian Fund Sterling Class was launched in February 2007.

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2008	-8.41%	1.87%	-7.37%	1.47%	-1.03%	-2.76%	-1.85%	--	--	--	--	--	-17.16%
2007	--	--	0.62%	0.08%	2.57%	1.95%	4.00%	-7.96%	4.00%	2.97%	-2.71%	-0.77%	4.19%

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Turnstone Asset Management Limited is Authorised and Regulated by the Financial Services Authority.