Dear Team Tosca

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Not that we're not thrilled with your genius decision, but, without digging too deep, can we just ask, why the change of heart? Does it really appear as though we've figured out how to make this thing work, or did '09 just feel like your year to make some risky decisions, and unprotected sex with a junkie wasn't feasible at this time?

We have been asked by some investors that originally selected the redemption fund (L class) option if they can swap the position into the continuing fund (C class). Perhaps this was the credibility improving, due to the developments at Aberdeen, possibly an improved local situation, the belief that 2008 represented a large negative overreaction and a low point, or that 2009 will be a much improved return. If this is, or might be, an option that could be of interest would you please make contact. This move will take plenty of planning and, as such, we only want to do it once.

Monthly Shareholder Report L Shares - December 2008 [PDF]

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