TAILIEUCHUNG - Pabrai Investment Funds

To date, most mutual fund performance evaluations have been fairly simplistic: how has a fund performed relative to “the market”? The Standard & Poor’s 500 Stock Index is usually used as a proxy for the market, despite the fact that it accounts for only about 70% of the capitalization of the . stock market and is dominated by corporations with gigantic market capitalizations. (Its largest 25 stocks account, on average, for 1% of the entire market; the 6500 “non-500” stocks in the market have an average weight of 4/1000 of 1%.) But today, many funds resemble. | Pabrai investment funds 114 Pacifica Suite 240 Irvine CA92618-3321 USA Tel. mp@ To All Limited Partners and Investors of the Pabrai Investment Funds From Mohnish Pabrai Managing Partner Date January 11 2008 Re 2007 Results et. al. Dear Partners For the quarter ended December 31 2007 Million was added to the various funds by new and existing partners. The additions on a per fund basis are PIF2 US Accredited Million PIF3 Offshore IRA Million PIF4 US Qualified Million In addition Dec. 31 was also the annual redemption date. A total of Million was redeemed from the various funds. The redemptions are a per fund basis PIF2 Million PIF3 Million PIF4 Million Included in the above redemptions is 4 Million from PIF2 by Dalal Street Inc. This is Pabrai family redemptions to cover our residual 2007 taxes and our contributions to the Dakshana Foundation for 2008. I chose to redeem all of it from PIF2 as it is the fund with the largest Pabrai family stake - thus making the absolute amounts invested in PIF2 and PIF4 by the family more balanced. The updated performance numbers on all the funds are Page 1 PABRAI INVESTMENT FUND 2 US Accredited Investors Performance Summary DJIA NASDAQ S P 500 10 1 00 - 6 30 01 7 1 01 - 6 30 02 7 1 02 - 6 30 03 7 1 03 - 6 30 04 7 1 04 - 6 30 05 7 1 05 - 6 30 06 7 1 06 - 6 30 07 7 1 07 - 12 31 07 1 1 07 - 12 31 07 Annualized Cumulative PIF2 net to investors PIF2 Investors A 100 000 investment in PIFI at inception on July 1 1999 and rolled over into PIF2 on 12 31 02 197 900 was worth 651 800 as of December 31 2007 net to investors . This equates to an annualized return of since inception - after all management fees and expenses. The best index over .

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