EFTA Document EFTA01982911

To: jeevacationtagmail.com[[email protected]]; Jeffrey [email protected]] From: David Stern Sent: Wed 8/17/2011 1:30:33 PM Subject: Re: VOC very important: they paid out USS 20 million today as dividend, therefore the drop in share price & NAV !! On 17 Aug 2011, at 14:17, David Stern wrote: I have been following this company (no special insights) because I thought we can kick out management and take them over: Vision China Opportunity Fund, UK listed and managed out of NYC by Americans. What I can tell totally mismanaged, but could be good platform if Chinese people were involved.... Today share price collapsed another 44%. Market Cap: USS 21.55 million NAV: USS 45.28 million (16 August 2011) Cash on their books What am I missing? <2010-Annual-Repn.pdf> <Vision-Opportunity-China-Fund-Limited-Unaudited-Interim-Report-Consolidated- Financial-Statements-31-March-20II-printed-version-Doc-208533-v2.pdf> <VOC-NAV-Updatc-08-12-11.pdf5 <Announcement_12_August_20II.pdt> Significant Shareholders Significant Shareholder # Shares Held % Holding City of London Investment Management Limited 18,566,332 28.44 Baillie Gifford & Co 11,185,600 17.13 Tiberius Investments & Capital (Jersey) Limited 7,187,845 11.01 QVT Financial LP 6,425,000 9.84 FIL Limited 3,607,900 5.53 Glenmede Trust Company/PCT Partners LLC 2,250,000 3.45 The information in the above table was correct as at 12 August 2011. EFTA_R1_00472270 EFTA01982911