In the light of uncertainty of the overall health of the world’s economy, we have done some adjustments in the portfolio. We reduced positions whose future prospects had started to change unfavourably due to unexpected political decisions and bought some beaten down ones that have remarkable upside potential. We believe it is beneficial to hold a sufficient cash position in current market condition, due to which we increased it to 22 per-cent by the end of September.We reduced positions in Central Asia commodity reserves theme as we the companies are losing triggers needed to materialize their upside potential on the back of declining commodity prices. In case we start to see stronger funda-mentals again, we can quickly reinvest.Two of such are mining companies in Mongolia. One of the main concerns with them was Mongolian govern-ment’s wish to revise the investment terms of one of its biggest underdeveloped copper and gold field, the Oyu Tolgoi, ahead of the parliamentary elections to be held next year. Rio Tinto and its partner Ivanhoe Mines spent more than six years negotiating an investment accord on the project, Mongolia in September seeked to increase its stake in it faster than agreed upon before. Instead of the agreed 34 percent, the country wanted half of the equity. According to the previous agreement, such an increase is permitted only after 30 years. Oyu Tolgoi may have av-erage annual output of 450 000 tons of copper and 330 000 ounces of gold, according to Rio Tinto’s estimates. We decided to reduce our holdings in Mongolian mining sector, more specifically in Ivanhoe Mines and SouthGobi Resources, due to unclear outlook of the companies.Dangote Cement signed an agreement to build a 115 mil-lion USD plant in Camoeroon’s northeastern port city of Douala to increase its future output. The plant will have

an annual capacity of 1.5 million tons and will take 14 to 18 months to build. The company also has plans to build plants in Gabon, Democratic Republic of Congo, Algeria and Tanzania.Tullow Oil made many very positive announcements in September. The company, in cooperation with Royal Dutch Shell and Total, found a new hydrocarbon basin in French Guiana in South America. The Zaedys field is a mirror of the Jubilee field in Ghana, the biggest offshore discovery in a decade. Zaedys is the first well to test the “Atlantic mirror” theory – geologists believe that when the Atlantic Ocean started opening between South Amer-ica and Africa, organic sediment resulted in hydrocarbon deposits known as the Late Cretaceous turbidite sands. Tullow Oil has 27.5 percent stake in the licence, Shell has 45 percent, Total 25 percent and Northpet 2.5 percent stake. Tullow’s share price increased almost 30 percent following the news. The company also announced finding high-quality sandstone reservoirs at a well off the coast of Ghana.

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Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11

NSP Globetrotter Fund - Class A

INVESTMENT TEAMOur Emerging Markets Equity team comprises 9 experienced investment professionals.

Ari-Pekka HildenHead of Frontier Mar-kets Equities

INVESTMENT OBJECTIVEThe Fund seeks growth of capital through investment in equity issuers and funds in global frontier markets believed to provide great opportunities for capital appreciation that have been overlooked by international investors due to lim-ited access or limited information. The Fund invests in listed stocks or related instruments and selected funds based or operating in global frontier markets. The Fund Manager focuses on future investment stories and themes applying fun-damental and geopolitical analysis as well as grass root level research to construct an actively managed high conviction portfolio of favourably priced companies. The Fund implements Environmental, Social and Governance issues in accor-dance with the UN Principles for Responsible Investment to a reasonable degree considering the investment universe.

Fund Size (EUR) 22.4M

Total Expense Ratio 2.9%

NAV 81.88

Number of Holdings 47

Total Expense Ratio1 2.9%

Portfolio Turnover Rate 44.1%

1before performance fee

ISIN LU0587755090

Benchmark None

Currency EUR

Bloomberg LIMNSPA LX

Quotation Semi-Monthly

Launch Date 08.02.2011

Domicile Luxembourg

Performance None

Management 2.5%

MONTHLY FACTS

BASIC INFORMATION

FEES AND CHARGES

Subscription (max) 5.0%

Redemption (max) 1.0%

MANAGER COMMENTARY

The best performing themes in September were Middle East Recovery and Saudi Arabia Opening Gates themes. The currency effect has a notable contribution as most of the Middle East assets are denominated in dollars in our fund and the currency has strengthened by 7 percent against the euro. Still, some Saudi companies performed very well also in local currencies, Sahara Petrochemical, Saudi Steel Pipe and Jarir Marketing being some of the examples. We added some positions that we had been looking at for a while and waiting for good entry points in the region.The least performing equities belonged to Central Asian Commodity Reserves theme as declining commodity

prices and political hassles weighed heavily on stocks. We reduced some positions in the theme during the month in line with our view on longer term weakness of com-modity prices.

Winners and Losers

Portfolio and Strategy

Middle East RecoverySaudi Arabia Opening GatesFood

5.5%7.9%

-4.5%

0.8%0.6%

-0.2%

Central Asian Commodity Res.FSU Banking SectorChina Luxury Goods

-25.3%-21.9%-33.9%

-1.8%-1.2%-1.0%

2monthly, 3including currency effect

Best

Wor

st

return2 contribution2,3

Fund (gross of fees)

September 2011

Type UCITS

CONTACT

Fax +372 628 2370

e-mail info@limestonefunds.eu

Phone +372 712 0801

Web www.limestonefunds.eu

Cumulative Performance

SHARE CLASS PERFORMANCE

CONTACT

ALLOCATION

Fax +372 628 2370

e-mail info@limestonefunds.eu

Phone +372 712 0801

Web www.limestonefunds.eu

September 2011Limestone Investment Management is a signatory to the UN Principles for Re-sponsible Investment

Saudi ArabiaChinaAfricaQatarUnited Arab EmiratesVietnamKazakhstanRussian FederationGeorgiaRomaniaOtherCash

13.2%12.6%12.0%

8.4%8.2%3.7%3.0%2.8%2.6%2.3%9.5%

21.6%

Middle East RecoverySaudi Arabia Opening GatesOil Exploration in the Last Front.Asian New TigersAfrican ConsumerLocal China MarketCementFoodFSU Banking SectorEastern European LaggardsCentral Asian Commodity Res.China Luxury Goods

16.6%9.9%8.4%7.7%7.3%7.0%5.4%5.4%4.5%3.4%2.8%0.0%

ETHICAL INVESTMENT

Silk - African Lions FundFLEXIFUND-EQUITY CHINAORIGO PARTNERSPXP Vietnam FundBank of Georgia GDRTullow Oil Arabtec HoldingAfrica Oil Corp.Dana GasBank of St.Petersburg

7.3%7.0%4.0%3.7%2.6%2.5%2.4%2.2%2.2%1.9%

The aim of the Monthly Report is to give general information regarding financial markets and economic trends in an educational context only. This document is published for infor-mational purposes only and is issued by the Limestone Investment Management AS. The opinions expressed in this report are those held by the authors at date of this document and may be subject to change. This report shall not be considered a solicitation to buy or an offer to sell, or a recommendation for, a security, or any other product or service. In particular, the information herein is not for distribution, and does not constitute an offer to sell or buy, or the solicitation of any offer to sell or buy, any securities in the United States of America or for the account of an US Persons. The views expressed herein are not to be taken as investment research, investment advice or recommendation for investors. Unless otherwise specified, you alone are solely responsible for determining whether any investment, security or strategy or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should always seek your own independent professional advice, if necessary.All reasonable efforts have been made to ensure that information in this report is in accordance with the facts, accurate and up to date and contain no omission likely to affect its import. Certain financial information presented in this report has been obtained directly from annual or semi-annual reports of a particular fund. The presentation of such financial information is based on IFRS as adopted by the EU. Certain information in this report has been sourced from a third party, with reference to such source being provided, and although we have made reasonable efforts to ensure that such information is in accordance with the facts, accurate and up to date and contain no omission likely to affect its import or ren-der the reproduced information inaccurate or misleading, we accept no liability relating to such information. Certain financial and other information set forth in this report may be rounded off for your convenience. Reference to a website should not be deemed to incorporate information by reference. We accept no liability for the content of websites to which reference is provided in this report or from which reference is provided to this report. Shares or units in funds are offered only on the basis of the information contained in the particular fund’s documents including, without limitation, the risk factors of the fund. Investment in funds should be made based on the most recent offer documents relating to the particular fund (e.g. prospectus, simplified prospectus or key investor information document, or other applicable terms and conditions, latest available audited annual report and, if published thereafter, the latest unaudited semi-annual report, available at www.limestonefunds.eu).When making your investments you should always bear in mind, that (i) the value of investments may go down as well as up and investors may not get back the amount invested; (ii) past performance is not necessarily a guide to future performance; (iii) rates of exchange may cause the value of investments to go down or up; and (iv) different funds (and investments) have different levels of risk and reference should be made to the relevant prospectus for further details of the financial commitments and risks involved with investing in particular fund.The entire content of this report is subject to copyright with all rights reserved. You may not copy, reproduce, distribute, transmit (by electronic means or otherwise) or modify the contents in whole or in part without written permission. The information provided on this website is for personal, non-commercial use.Issued by: Limestone Investment Management AS, registration code 11415614, registered address at Väike-Karja 12, 10140 Tallinn, Estonia. Limestone Investment Management AS is authorized and regulated by the Estonian Financial Supervision Authority (www.fi.ee) as a fund management company.

STATISTICS

Best Monthly ReturnWorst Monthly ReturnStandard DeviationSharpe

0.6%-7.2%

Price/Earnings (projected)Price/BookDividend Yield

8.20.8

1.7%

DISCLAIMER

Abs

olut

eLa

rges

t Pos

ition

sCo

untr

y

Them

eFu

ndam

enta

ls

NSP Globetrotter Fund - Class A

Cash 21.6%

1 Month 3 Months 1 Year 3 Years Inception

-5.0% -11.4% -18.1%Fund (Class A)

YTD4 2010 2009 2008

-18.1%

4since 08.02.2011