In the three months to 31st October your Company's NAV per share rose in dollar terms by 10.2% to US$8.73 and in sterling by 7.7% to 420p. Over the same period the MSCI 10-40 Emerging Markets Europe index increased by 14.8% in US$ terms. Whilst your Company remained underweight some of the momentum of central European markets, which your Company considers expensive, value continued to be found in Russia and Turkey and stock selection continued to be the main contribution to performance. Cash gearing varied within a range of 8% cash to 12% leverage. Your Company continues to be a high conviction portfolio derived from "bottom-up", sector based analysis with over 50% in non-index stocks, strong stock selection and a good record of penetrating non-core "frontier" markets at an early stage. The manager has successfully used derivatives to protect capital during a testing 3 months.

Against a background of considerable volatility and market turmoil discounts widened and your Company's share price has traded at discounts to its underlying NAV between 7.7% and, briefly, 11.3%. The Board's policy remains to keep the discount within single figures in normal market conditions and to work with the brokers and manager to avoid getting to the discount limit set in the Company's formal discount policy. We have been buying back shares when necessary, but that has not been in any significant quantity.

The Board continues to have a positive view of the funds performance and management in the marketplace. All significant investment activity is reported monthly in the Company's newsletter, which includes the Manager's commentary and is published on the website (www.teetplc.com). The remainder of this Interim Management Statement is drawn from the attached Company's November 30, 2007 newsletter.

Hugh Aldous
Chairman
28 November 2007

November 2007 Newsletter