Below are excerpts from the quarterly report of a private family office we manage. Results are only audited on an annual basis. (Excerpt) December 31, 2015 To the Shareholders of TwinPeak: TwinPeak NAV (the “TWIN”) increased 3.40% versus a 3.05% loss for the iShares Core MSCI Pacific ETF (the “MSCI Pacific”) for the 6-month period that ended December 31, 2015. The following table compares the TWIN’s unaudited performance (after fees) with that of the MSCI Pacific for various periods ending December 31, 2015. At December 31, 2015, the value of a SG$10,000.00 hypothetical investment in the company at its inception is worth SG$10,340 compared to SG$9,695 for the MSCI Pacific. Market Commentary As mentioned in the last quarterly update regarding the slowdown and instability in Emerging Markets, our stance remains the same. That is equities within the region are cheap. Our core market – Singapore, have tumbled 15% this year, putting them in the same league ......