TAILIEUCHUNG - Pabrai investment funds

It is also important to note that our definition of support is narrow and excludes certain instances of sponsor intervention to protect MMMFs from losses. Specifically, direct support excludes support in the form of Capital Support Agreements (CSAs) and/or Letters of Credit (both of which provided guarantees on individual or a portfolio of securities) that were not drawn upon - even where such facilities were important in maintaining the market value NAVs of the funds. 8 Although such guarantees are an important form of support, placing a value on these agreements can be difficult and excluding them ensures that no. | Pabrai investment funds 1220Roosevelt Suite 200 Irvine CA92620-3667 USA Tel. mp@ To All Limited Partners and Investors of the Pabrai Investment Funds From Mohnish Pabrai Managing Partner Date January 13 2011 Re 2010 Results et. al. Dear Partners Happy New Year For the quarter ended December 31 2010 a total of 25 000 was added to PIF2. Note that the funds are closed to additions at this time from existing and new investors . This specific subscription missed the Oct. 1 2010 opening due to an unsigned check. In addition Dec. 31 was also the annual redemption date. A total of Million was redeemed from the various funds. The redemptions on a per fund basis are PIF2 Million PIF3 Million PIF4 Million Included in the above redemptions is 2 Million from PIF2 by Dalal Street Inc. This is Pabrai family redemptions to cover any residual 2010 taxes non-reimbursed Pabrai Funds operating expenses and our contributions to The Dakshana Foundation for 2011. 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 - 6 30 08 7 1 08 - 6 30 09 7 1 09 - 6 30 10 7 1 10 - 12 31 10 1 1 10 - 12 31 10 Annualized Cumulative PIF2 net to investors Comparison of changes in value of 100 000 PIF2 Investors A 100 000 investment in PIFI at inception on July 1

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