THIRD QUARTER 2007 UPDATE

EPACK INVESTMENT FUND

Objective
The objective of the Fund is to achieve capital appreciation over the long-term by applying a value oriented investment strategy. The Fund aims to achieve this by investing in high quality equities that are undervalued and have a track record of earnings stability, high returns on equity, strong cash flows, strong balance sheets and robust long-term outlook. The Fund aims to have a minimum of 80% exposure to equities listed on regulated markets in Africa under normal market conditions. The fund invests in a blend of small, mid-cap and high cap securities. The fund applies on-the-ground bottom-up fundamental research process for idea generation. Annualised Returns to Dec06 (net of fees)
US Dollar (%)
Epack (Cedi) Epack (US$) ABRI Africa Index MSCI-EM

YTD
51.4 46.1 53.2 58.2

2-Yrs
12.5 11.4 37.3 29.7

3-Yrs
26.7 24.8 37.8 27.3

5-Yrs
52.3 45.2 30.4 23.5

6 Yrs
52.0 44.8 18.7 18.3

10-Yr
50.2 27.1 n/a 6.7

Country Allocation Zambia 0.9% Botsw ana 3.5% Kenya 0.6% Uganda 0.0%

Malaw i 6.9%

Fund Features
Portfolio Manager Fund Manager Domicile Inception Date Fund Size Fees Kwesi Amonoo-Neizer Databank Asset Management Ltd Ghana 10-Oct-1996 US$79.75m Management Fee = 2% Performance Fee = none Front Load = none Back Load = 3% in Year 1 2% in Year 2 1% in Year 3 0% after Year 3 US$50 or GHC50 Daily Ghana Cedi Diversified Africa 0% Capital Gains Tax Value Investing, long-term oriented, Open-Ended Barclays Bank Ghana Standard Bank Nigeria National Bank of Malawi

Morocco 7.8%

Ghana 37.1%

Mauritius 13.1%

South Africa 14.6%

Nigeria 15.6%

Minimum Investment Dealing Currency Denomination Universe Taxes Style Fund Type Custodians

Sector Allocation Transportation 3.7% Other 4.1% Fixed Income 6.0% Real Estate 3.2% Brew ery 2.7%

Banking 35.7%

Agro-Processing 6.0%

Insurance 6.3% Telecom 7.0%

Performance Data (net of fees)

US Dollar (%)
Epack Fund (Cedi) Epack Fund (US$) ABRI Africa Index MSCI-EM

Cash 18.1%

2001
50.8 43.2 -26.0 -4.9

2002
70.1 47.7 -1.3 -8.0

2003
136.7 124.5 46.2 51.6

2004
60.7 56.7 38.8 22.4

2005
-4.3 -4.9 49.2 30.3

2006
32.2 30.4 26.5 29.2

YTD
41.3 37.2 42.7 46.6

Food & Household 7.3%

Market Review & Outlook Top 10 Holdings

Equity
Ghana Commercial Bank First Bank SG-SSB Standard Chartered Bank Unilever Ghana Mauritius Commercial Bank Guaranty Trust Bank The Sugar Corporation of Malawi Adoha State Bank of Mauritius Total

Country
Ghana Nigeria Ghana Ghana Ghana Mauritius Nigeria Malawi Morocco Mauritius

Sector
Banking Banking Banking Banking Food & Household Banking Banking Agro business Real Estate Banking

% Holding
7.68 6.15 6.02 5.80 5.43 5.35 4.66 4.33 4.17 3.95 53.53

African markets continued to rise with the ABRI Africa index gaining 13% during the third quarter. While gains in countries such as Ghana, Malawi and Botswana were engineered by improved economic conditions, that of Nigeria was mainly due to increased liquidity and speculation. Zambia is looking expensive after a strong bull run but continued market correction in Kenya is bringing back some value to the fore. Improving economic conditions, robust earnings outlook and strong foreign investor interest are expected to continue to push the markets up. However, we are expecting Nigeria, Morocco and possibly Zambia to see some correction as investors take profits. We are expecting the portfolio to benefit strongly from our heavy strategic positioning in Ghana which is expected to see accelerated growth following the demise of the energy crisis that engulfed the country for a year.

Disclaimer Modern Portfolio Theory Statistics (Based on 5 years monthly data)

Equity
Volatility Beta Sharpe Ratio Treynor Ratio Jensen Alpha *relative to Africa Index Past performance is not necessarily an indication of future performance. Investment in the Shares of the Fund is offered only to persons who qualify as investors and will involve significant risks. In making an investment decision, prospective Investors must rely on their own examination of the Material Documents of the Fund and the terms of the offering, including the merits and risks involved. Investment in the Fund may be suitable to only persons who intend to invest over the longterm. The Information has been compiled from sources we believe to be reliable but do not hold ourselves responsible for its completeness or accuracy. It is not an offer to sell or a solicitation or an offer to buy securities. This firm and its affiliates and their officers and employees may or may not have a position in or with respect to the securities mentioned herein. This firm and its affiliates may from time-to -time have a consulting relationship with a company mentioned in the report. This may involve the firm or the affiliates providing significant corporate finance services and acting as the company's official or sponsoring broker. All opinions and estimates included in this report constitute our judgment as of that date and are subject to change without notice. Available only to persons having professional experience in matters relating to investment

Stat
3.81% 0.13* 70% 15%* 38%*

Fund Performance
The Fund performed strongly in the third quarter spurred by strong performances in several countries. The fund gained 14% (USD terms) and 17% (Cedi terms) during the quarter. Year-to-date, the fund has gained 37% in USD terms and 41% in Ghana cedi terms. A robust half year earnings season across the continent and strong appetite for African assets from abroad helped to push the markets up.

Contact Details
Databank Asset Management Services Ltd 61 Barnes Road, PMB, MPO, Adabraka. Accra. Ghana. Tel: +233 21 7010070/681389 Fax: +233 21 681442 Email: epack@databankgroup.com

Portfolio Review
During the third quarter we added two new equities to the portfolio from South Africa. This includes MTN and Standard Bank, a pan-African banking group. These additions helped to double the portfolios exposure to South Africa to 14.6%. Our exposure to Ghana fell to 37.1% from 41.2% in June and that of Nigeria rose to 15.6% from 12.8% in June. Our exposure to the banking sector also fell to 35.7% from 52% in June as exposure to the Telecoms and Insurance sectors more than doubled to 7% and 11% respectively.

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