PENDO INTERNATIONAL STRATEGY
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Date of Inception: May 31, 2007
Investment Style: International Long-Term Value Approach, Long-Only. Separately Managed Accounts
Investment Goal: Long-term appreciation of capital, with diversification away from US currency and economy, utilizing 100% International investments
Investment Manager: Pendo LLC

For detailed information about International Investing

Top Ten Holdings (8/31/2010)

SICHUAN EXPRESSWAY (China)
TSINGTAO BREWERY (China)
CANADIAN NATURAL RESOURCES (Canada)
HONG KONG EXCHANGES AND CLEARING (Hong Kong)
PHILIP MORRIS INT'L (Non-US Operations)
JSE LTD (South Africa)
CEMIG (Brazil)
CNOOC (China)
ANGLO AMERICAN (UK)
SILVER WHEATON (Canada)



PENDO GLOBAL VALUE STRATEGY

Date of Inception: December 31, 2008
Investment Style: Global Long-Term Value Approach. Long-Only, utilizing covered calls. Separately Managed Accounts
Investment Goal: Long-term appreciation of capital, using covered calls to protect against downside fluctuations and to increase current income; a global approach utilizing domestic and international investments
Investment Manager: Pendo LLC

Top Ten Holdings (8/31/2010)

BM&F BOVESPA (Brazil)
DELUXE CORP (United States)
MCDONALD'S (United States)
SANOFI-AVENTIS (France)
VODAFONE (UK)
WALT DISNEY (United States)
CANADIAN NATURAL RESOURCES (Canada)
NEWMONT MINING (United States)
PHILIP MORRIS INT'L (Non-US Operations)
LEUCADIA NATIONAL (United States)



PENDO VALUE FUND LP

Date of Inception: January 1, 2009
Investment Style: Long-Short Value Strategy Limited Partnership, utilizing leverage

For information about the Pendo Value Fund LP and Pendo Capital LLC, please contact Pendo directly.