BEF Fund ranked first for 2011 by BarclayHedge

Dear investor,

We are proud to inform you that Balkan Emerging Frontiers Fund was again ranked firstby BarclayHedge database, in category Emerging Markets – Eastern Europe & CIS for period of past 12 months (01.1.2011-31.12.2011). The Fund was ranked first by Compounded Annual Return and fourth by Sharpe Ratio.