HAPPY HOLIDAYS FROM ELEVATION CAPITAL

As 2013 draws to a close, we have a chance to reflect on the year that was and, equally as important, the year to come.

This year has been great by anyone's standards, we have been rewarded for investing in companies with strong franchises and have continued to find select opportunities around the world. Having recently returned from a research trip in the US where we were meeting with a number of companies (mostly media) and other investment managers the broader economic outlook is clearly improving and confidence in the future continues to build.

December also marks the five year anniversary of the Elevation Capital Value Fund. Since inception, we have navigated difficult markets while maintaining a conservative positioning within the Fund. We are satisfied with the results after five years, however, the wonderful part about the funds management business is you can always do better and we continue to set the bar higher. Rest assured we are not resting on any laurels and will continue to endeavour to deliver attractive risk adjusted returns in the years ahead through independent thinking and disciplined investing.

With the utmost sincerity, we would like to thank all our supporters, without whom none of this would be possible. From the whole team here at Elevation Capital Management Limited we wish you a Merry Christmas and safe travels during the holiday season.