The Results

Mercurion Asia Fund                                                                                                                     

 The Net Asset Value (NAV) of Mercurion Asia Fund is calculated weekly and at the month-end by the custodian bank, RBC Dexia Investor Services Bank SA.

The Net NAV as at 28 February 2007 is US$9,322.00

In USD Mercurion Asia Fund MSCI Asia Pacific  MSCI Far East FT Pacific FT World FT Europe Dow Jones Nasdaq
February 2007 2.87% 2.55% 2.93% 2.99% 0.25% 1.37% -2.80% -1.94%
January 2007 -1.02% 0.09% -0.03% 0.05% 0.95% 0.53% 1.27% 2.01%
Q4 2006 11.00% 9.38% 7.18% 7.87% 8.41% 11.04% 6.79% 7.94%
Q3 2006 1.09% 5.19% 1.65% 0.81% 4.20% 5.33% 4.66% 3.02%
Q2 2006 -0.45% -6.76% -3.75% -2.51% -1.68% 0.30% 0.37% -7.17%
Q1 2006 8.18% 6.74% 6.68% 5.81% 6.99% 11.65% 3.66% 6.10%
Year 2007 to date 1.82% 2.65% 2.90% 3.04% 1.20% 1.91% -1.56% 0.04%
Year 2006  20.84% 14.51% 11.87% 12.17% 18.82% 30.97% 16.29% 9.52%
Year 2005 to date 36.21% 42.26% 40.51% 39.89% 30.87% 42.45% 13.78% 11.06%
Year 2005 10.70% 21.04% 22.07% 21.03% 8.84% 6.73% -0.61% 1.37%
Year 2004 21.87% 16.31% 14.54% 16.77% 14.10% 19.09% 3.15% 8.59%
Year 2003 62.97% 38.07% 36.21% 35.78% 31.72% 37.65% 25.32% 50.01%
31 Mar 99 to date 124.23% 61.40% 49.30% 64.45% 34.67% 51.57% 25.37% -1.84%
Incep(16 Sep 96) to date 32.25% NA 11.44% 23.37% 99.73% 146.26% 108.32% 102.36%
In CHF Mercurion Asia Fund MSCI Asia Pacific  MSCI Far East FT Pacific FT World FT Europe Dow Jones Nasdaq
February 2007 to date 0.27% -0.05% 0.32% 0.38% -2.29% -1.19% -5.26% -4.42%
January 2007 1.70% 2.84% 2.71% 2.80% 3.72% 3.29% 4.05% 4.82%
Q4 2006  8.64% 7.05% 4.90% 5.58% 6.10% 8.68% 4.52% 5.65%
Q3 2006  2.25% 6.40% 2.82% 1.97% 5.39% 6.54% 5.87% 4.20%
Q2 2006 -5.98% -11.93% -9.09% -7.92% -7.14% -5.27% -5.20% -12.32%
Q1 2006  7.65% 6.21% 6.16% 5.29% 6.46% 11.09% 3.14% 5.57%
Year 2007 to date 1.97% 2.80% 3.05% 3.20% 1.35% 2.06% -1.42% 0.18%
Year 2006 12.43% 6.54% 4.09% 4.36% 10.55% 21.86% 8.20% 1.90%
Year 2005 to date 47.33% 53.88% 51.99% 51.31% 41.56% 54.09% 23.07% 20.14%
Year 2005 28.50% 40.51% 41.71% 40.50% 26.35% 23.90% 15.38% 17.68%
Year 2004 11.16% 6.09% 4.48% 6.51% 4.08% 8.62% -5.91% -0.95%
Year 2003 45.99% 23.68% 22.02% 21.63% 18.00% 23.31% 12.27% 34.38%
31 Mar 99 to date 85.05% 33.20% 23.22% 35.72% 11.14% 25.09% 3.46% -18.99%
Incep(16 Sep 96) to date 30.16% NA 9.68% 21.42% 96.58% 142.37% 105.04% 99.17%

The NAV can also be viewed on

. Bloomberg at
SINAASI LX <Equity>
. Standard & Poors Rating

http://www.fiv.sp.co.gg/?Param=355510/en/OSUSD/F