.: Hesperian Capital Management - Norrep Funds

www.hesperiancapital.com

e: info@hesperiancapital.com :: tel: 403.531.2650 :: toll free: 877.531.9355 :: fax: 403.508.6120

Unit Value $2.34
Rollover on June10, 2010

monthly stats:

norrep performance 2007 FTLP 10-Jun-10	CLOSE	% CHG	$ CHG
norrep performance 2007 FTLP 10-Jun-10	$2.34	-2.90%	-$0.07

norrep performance 2007 FTLP:

as at 10-Jun-10
3 month:	-7.66%
Year to date:	3.15%
1 year:	15.55%

norrep performance 2007 FTLP after-tax return since inception: -24.81%*

*annualized
*assumes 45% marginal tax rate.
*assumes full cycle investing with all tax deductions taken, sale of investment, and all capital gains taxes paid.

cash distribution history:
year	amount
2008	$0.16
2010	$0.22

Investment Objective

The Partnership's investment objective is to achieve capital appreciation and provide tax deductions through investments in flow through shares of resource companies.

For more information on the June 11, 2010 rollover, please click on the following link:

2007 FTLP Rollover to Norrep Resource Class on June 11

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