Global Economic Overview: February 2011

Global Overview Global growth optimism rises as the developed world rebounds The outlook for the global economy has improved further as some of the developed countries appear to be regaining their growth momentum earlier than expected. While the larger emerging economies are likely to continue to drive global growth this year, the better prospects for the developed world have made forecasters more optimistic. Compared to its earlier forecast of 4.2%, the IMF now expects the global economy to expand 4.4% this year, and by 4.5% in 2012. Read more

Please visit our web site at www.thomaswhite.com to learn more about 45 countries worldwide, as well as the Thomas White Funds. Short introductions to our most recent content are given below.
Global Players
	Wayne Swan, Deputy Prime Minister and Treasurer, Australia Australia's Deputy Prime Minister and Federal Treasurer, Wayne Swan, is working on rebuilding the infrastructure and property that has been damaged in the Queensland floods. Read more
Monthly Economic Reviews
	Europe Tensions surrounding Europe lessened in January as strong economic data from Germany lifted sentiments and successful government bond auctions reduced concerns about the immediate funding requirements of countries such as Spain and Portugal. Read more

Thank you for subscribing to our email communication services. You may subscribe to additional services here . Remove me from this list You should consider the investment objectives, risks, charges and expenses of the Thomas White Funds carefully before making an investment decision. Prospectus(es) with this and other information about the Funds may be obtained by calling 1-800-811-0535 or by visiting www.thomaswhite.com. Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international markets. These include risks related to social and political instability, market illiquidity and currency volatility. The information contained in this message does not, in any way, constitute investment advice and should not be considered a recommendation to buy or sell any security discussed herein. It should not be assumed that any investment will be profitable or will equal the performance of any security mentioned herein. Thomas White International, Ltd. may, from time to time, have a position or interest in, or may buy, sell or otherwise transact in, or with respect to, a particular security, issuer or market on our own behalf or on behalf of a client account. © Thomas White International, Ltd. 2011

Emerging Leaders: Juan Manuel Santos, President, Colombia

February 08, 2011 Emerging Leaders Juan Manuel Santos, President, Colombia The leader of every country wishes for peace. Yet, very few are able to take successful¬ steps towards achieving it. Except perhaps for Juan Manuel Santos, the President of Colombia. Since winning the elections in June 2010, Santos is enjoying consistently high popularity due to his firm measures to maintain peace and economic stability in a land long haunted by the deadly Revolutionary Armed Forces of Colombia, better known as FARC.    Read more

Please visit our web site at www.thomaswhite.com to learn more about 45 countries worldwide, as well as the Thomas White Funds. Short introductions to our most recent content are given below. Postcards Colombia The Colombian stock exchange has announced that it is planning a corporate merger with Bolsa de Valores de Lima in Peru. Read more Monthly Economic Reviews Americas The Americas region continues to enjoy rising optimism about the economic outlook for the current year, helped by sustained domestic demand growth and strong commodity prices. Read more

Thank you for subscribing to our email communication services. You may subscribe to additional services here . Remove me from this list You should consider the investment objectives, risks, charges and expenses of the Thomas White Funds carefully before making an investment decision. Prospectus(es) with this and other information about the Funds may be obtained by calling 1-800-811-0535 or by visiting www.thomaswhite.com. Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international markets. These include risks related to social and political instability, market illiquidity and currency volatility. The information contained in this message does not, in any way, constitute investment advice and should not be considered a recommendation to buy or sell any security discussed herein. It should not be assumed that any investment will be profitable or will equal the performance of any security mentioned herein. Thomas White International, Ltd. may, from time to time, have a position or interest in, or may buy, sell or otherwise transact in, or with respect to, a particular security, issuer or market on our own behalf or on behalf of a client account. © Thomas White International, Ltd. 2011

Regional Economic Reviews: January 2011

Economic Reviews - January 2011 Europe The tensions surrounding Europe appeared to lessen in intensity during the first month of the new year, as a spate of strong economic data from Germany lifted sentiments and successful government bond auctions reduced concerns about the immediate funding requirements of countries such as Spain and Portugal. Read more     Asia Pacific In its Global Economic Prospects for 2011, the World Bank has forecasted that it expects global growth to slow to 3.3% this year. The bank confirmed recent trends indicating that developing economies, powered by growing domestic demand, are leading the global economic recovery. Read more   Americas The Americas region continues to enjoy rising optimism about the economic outlook for the current year, helped by sustained domestic demand growth and strong commodity prices.   Read more   Middle East & Africa Global businesses have regained faith in the Middle East, according to a study by accountancy firm PriceWaterhouse Coopers. In its annual "Global CEO Survey," the firm said that the Middle East was preferred by 70% of all CEOs, and was ranked fourth for growth worldwide. Read more

Please visit our web site at www.thomaswhite.com to learn more about over 49 countries worldwide, as well as the Thomas White Funds. Short introductions to our most recent content are given below.
Global Overview
	Global growth optimism rises as the developed world rebounds The outlook for the global economy has improved further as some of the developed countries appear to be regaining their growth momentum earlier than expected. Read more
Postcards
	Colombia The Colombian stock exchange has announced that it is planning a corporate merger with Bolsa de Valores de Lima in Peru. Read more

Thank you for subscribing to our email communication services. You may subscribe to additional services here . Remove me from this list You should consider the investment objectives, risks, charges and expenses of the Thomas White Funds carefully before making an investment decision. Prospectus(es) with this and other information about the Funds may be obtained by calling 1-800-811-0535 or by visiting www.thomaswhite.com. Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international markets. These include risks related to social and political instability, market illiquidity and currency volatility. The information contained in this message does not, in any way, constitute investment advice and should not be considered a recommendation to buy or sell any security discussed herein. It should not be assumed that any investment will be profitable or will equal the performance of any security mentioned herein. Thomas White International, Ltd. may, from time to time, have a position or interest in, or may buy, sell or otherwise transact in, or with respect to, a particular security, issuer or market on our own behalf or on behalf of a client account. © Thomas White International, Ltd. 2011

Colombia Postcard: Peru and Colombian Stock Exchanges Plan Merger

February 4, 2011 A Postcard from the Americas Colombia: Peru and Colombian Stock Exchanges Plan Merger Colombia and Peru have planned Latin America's first corporate stock exchange merger. Consulting firm Economatica estimates that Bolsa de Valores de Colombia, the premier stock exchange in Colombia, has enjoyed a staggering growth of 927.9% in the last decade, more than any other country in Latin America. So when the Colombian bourse announced that it was planning a corporate merger with Bolsa de Valores de Lima in Peru, eyebrows were raised. The union not only offers the opportunity for the creation of a regional superpower exchange, but has been quickly billed as the 'first-ever cross-border' stock market fusion in Latin America. The proposed merger should not be confused with the pending project called Integrated Latin American Market (MILA) that will integrate the Colombian, Peruvian and Chilean exchanges, and will take off in November this year. Rather, this corporate stock exchange merger creates a new company boasting a total market capitalization of $378 million, with the Bolsa de Valores de Colombia owning a 64% share and Lima holding the 36% balance. Explaining the rationale behind the move, the stock exchanges from both countries said that the merger would create a new, competitive exchange that can "face the challenges of globalized capital markets." There are other benefits touted. Francis Stenning, the general director of Lima's exchange, told the Wall Street Journal that the fusion would generate a 'strategic alignment and help complement market integration.' Crucially, the move could prove of immense value to both Peru and Colombia – emerging markets that are expected to drive growth in the Latin American region. A larger and more diverse capital market is the most obvious result of the merger, and should mark a huge step in taking Peru and Colombia up to the next rung on the ladder of economic and financial superstardom, especially in a region dominated by heavyweights like Brazil and Chile. Of course, the new stock exchange would still be dwarfed by MILA, which is set to combine the stocks of more than 560 companies, if and when it becomes operational. That project has run into delays and difficulties, and Stenning admitted to Reuters that the test run for this 'big, complex project,' has been extended by six weeks to allow for such eventualities. However, full integration for MILA is expected by the end of 2011. Now, questions will be raised if the Peru-Colombia venture could also run into the same difficulties. The move first needs to be approved by the boards of both exchanges as well as financial regulators. The technology that would allow such cross-listing of stocks needs to be in place. But despite these hurdles, implementation of the corporate merger is expected as early as March, and in effect will test the waters for the MILA launch. The bottom-line though is that such mergers create exciting times for a region that is already attracting heavy foreign investment. Latin's America's amazing growth story appears set for new beginnings. And fusion stock exchanges could well drive the trend this year.

Please visit our web site at www.thomaswhite.com to learn more about 45 countries worldwide, as well as the Thomas White Funds. Short introductions to our most recent content are given below. BRIC Spotlight Consumer goods sector in Russia: Winds of change The growth of the retail sector in Russia is intertwined with the rise of an educated middle class with purchasing power and the will to enjoy a better life. Relatively free of government intervention, the industry has opened up windows of opportunity for global retailers seeking growth in emerging markets. Read more Global Players Wayne Swan, Deputy Prime Minister and Treasurer, Australia Australia's Deputy Prime Minister and Federal Treasurer, Wayne Swan, is working on rebuilding the infrastructure and property that has been damaged in the Queensland floods. Read more

Thank you for subscribing to our email communication services. You may subscribe to additional services here . Remove me from this list You should consider the investment objectives, risks, charges and expenses of the Thomas White Funds carefully before making an investment decision. Prospectus(es) with this and other information about the Funds may be obtained by calling 1-800-811-0535 or by visiting www.thomaswhite.com. Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international markets. These include risks related to social and political instability, market illiquidity and currency volatility. The information contained in this message does not, in any way, constitute investment advice and should not be considered a recommendation to buy or sell any security discussed herein. It should not be assumed that any investment will be profitable or will equal the performance of any security mentioned herein. Thomas White International, Ltd. may, from time to time, have a position or interest in, or may buy, sell or otherwise transact in, or with respect to, a particular security, issuer or market on our own behalf or on behalf of a client account. © Thomas White International, Ltd. 2011

Green Report: Cutting Carbon Emissions with Coal-to-Ethanol Technology

FEBRUARY 02, 2011 Cutting Carbon Emissions with Coal-to-Ethanol Technology   The Green Report Coal has never been a friend to environmentalists, branded as the most polluting and unhealthiest fossil fuel. But now, the lowly coal nugget has a chance to redeem itself. Celanese, a Dallas-based chemical producer, has patented a technology that converts coal into industrial ethanol. Read more

Please visit our web site at www.thomaswhite.com to learn more about 45 countries worldwide, as well as the Thomas White Funds. Short introductions to our most recent content are given below.
Postcards
	Israel The newly discovered offshore oil and natural gas field, Leviathan, has the potential to empower Israel in the Middle East region. Read more
Global Players
	Wayne Swan, Deputy Prime Minister and Treasurer, Australia Australia's Deputy Prime Minister and Federal Treasurer, Wayne Swan, is working on rebuilding the infrastructure and property that has been damaged in the Queensland floods. Read more

Thank you for subscribing to our email communication services. You may subscribe to additional services here . Remove me from this list You should consider the investment objectives, risks, charges and expenses of the Thomas White Funds carefully before making an investment decision. Prospectus(es) with this and other information about the Funds may be obtained by calling 1-800-811-0535 or by visiting www.thomaswhite.com. Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international markets. These include risks related to social and political instability, market illiquidity and currency volatility. The information contained in this message does not, in any way, constitute investment advice and should not be considered a recommendation to buy or sell any security discussed herein. It should not be assumed that any investment will be profitable or will equal the performance of any security mentioned herein. Thomas White International, Ltd. may, from time to time, have a position or interest in, or may buy, sell or otherwise transact in, or with respect to, a particular security, issuer or market on our own behalf or on behalf of a client account. © Thomas White International, Ltd. 2011

BRIC Spotlight: Consumer Goods Sector in Russia

BRIC Spotlight Report Consumer goods sector in Russia: Winds of change Russia has long been known as major resource exporter. Justifiably so, as the oil and natural gas sector contributes a lion's share of the country's exports and makes up a majority of its gross domestic product. Yet Russia has never been thought of as a nation of spenders, especially given its past crusades against capitalism. But some interesting statistics and a flurry of recent M&A deals in consumer-oriented sectors in the country would tell a different story. Russia, with a population of 142 million, is the largest consumer market in Central and Eastern Europe. What's more, Moscow pips London as the largest city in Europe. Read more

Please visit our web site at www.thomaswhite.com to learn more about over 49 countries worldwide, as well as the Thomas White Funds. Short introductions to our most recent content are given below.
Country Profiles
	Russia  Updated Though Russia's GDP growth rate trails the other BRIC economies, the second half of 2010 brought some cheer. The Russian government, realizing the need to improve investor perceptions about doing business in the country, announced a $32-billion privatization of state-run assets beginning in 2011. Read more
Global Players
	Wayne Swan, Deputy Prime Minister and Treasurer, Australia New Australia's Deputy Prime Minister and Federal Treasurer, Wayne Swan, is working on rebuilding the infrastructure and property that has been damaged in the Queensland floods. Read more

Thank you for subscribing to our email communication services. You may subscribe to additional services here . Remove me from this list You should consider the investment objectives, risks, charges and expenses of the Thomas White Funds carefully before making an investment decision. Prospectus(es) with this and other information about the Funds may be obtained by calling 1-800-811-0535 or by visiting www.thomaswhite.com. Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international markets. These include risks related to social and political instability, market illiquidity and currency volatility. The information contained in this message does not, in any way, constitute investment advice and should not be considered a recommendation to buy or sell any security discussed herein. It should not be assumed that any investment will be profitable or will equal the performance of any security mentioned herein. Thomas White International, Ltd. may, from time to time, have a position or interest in, or may buy, sell or otherwise transact in, or with respect to, a particular security, issuer or market on our own behalf or on behalf of a client account. © Thomas White International, Ltd. 2011

Global Players: Wayne Swan

February 1, 2011 Global Players Wayne Swan, Deputy Prime Minister and Treasurer, Australia Australia started reeling under a series of floods in December 2010, with the floodwaters yet to recede from Brisbane, the capital of the worst hit state of Queensland. Since then, Australia's Deputy Prime Minister and Federal Treasurer Wayne Swan has found himself in the midst of a crisis situation and is now undertaking the Herculean task of rebuilding the infrastructure and property that has been damaged. After all, Queensland is in his blood.    Read more

Please visit our web site at www.thomaswhite.com to learn more about 45 countries worldwide, as well as the Thomas White Funds. Short introductions to our most recent content are given below. Weekly Postcards Israel The newly discovered offshore oil and natural gas field, Leviathan, has the potential to empower Israel in the Middle East region. Read more Monthly Economic Reviews Asia Pacific In its Global Economic Prospects for 2011, the World Bank has forecasted that it expects global growth to slow to 3.3% this year. Read more

Thank you for subscribing to our email communication services. You may subscribe to additional services here . Remove me from this list You should consider the investment objectives, risks, charges and expenses of the Thomas White Funds carefully before making an investment decision. Prospectus(es) with this and other information about the Funds may be obtained by calling 1-800-811-0535 or by visiting www.thomaswhite.com. Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international markets. These include risks related to social and political instability, market illiquidity and currency volatility. The information contained in this message does not, in any way, constitute investment advice and should not be considered a recommendation to buy or sell any security discussed herein. It should not be assumed that any investment will be profitable or will equal the performance of any security mentioned herein. Thomas White International, Ltd. may, from time to time, have a position or interest in, or may buy, sell or otherwise transact in, or with respect to, a particular security, issuer or market on our own behalf or on behalf of a client account. © Thomas White International, Ltd. 2011

Israel Postcard: Leviathan Natural Gas Field

January 27, 2011 A Postcard from the Middle East Israel: Newly Discovered Offshore Gas Field Changes Energy Equation The Leviathan well reached the first oil-bearing target strata at a depth of 5,800 meters during first week of January, 2011. Israel seems to be living up to its reputation of being the land of milk and honey. Long known for its lush agricultural produce from arid soils, Israel has recently discovered extensive reserves of natural gas and oil around 80 miles off its northern coast. The Leviathan offshore gas field, named after the mythical sea serpent of Hebrew mythology, is the world's biggest deepwater natural gas discovery in a decade with an estimated 16 trillion cubic feet of gas reserves. And with tests revealing that there could be an additional 4 billion barrel cache of oil beneath the underwater gas field, the stakes are high. Could Israel be transformed from a country dependent on oil producing nations for energy to an energy exporter? If yes, the scenario could lead to a repositioning of the geo-political chess pieces in the Middle East. Until now, Israel has been importing nearly all of its oil from Egypt, Norway, the United Kingdom, West Africa and Mexico. So Leviathan has the potential to empower Israel in the region. In fact, Israel's hostile neighbors, like Iran and Lebanon are already lining up to counter Israel's newfound advantage, and stake a claim of the bounty. Nabih Berri, the speaker of Lebanon's parliament and Hashem Safieddine, executive council chief of the Islamic movement Hezbollah, told international media that, in fact, part of Leviathan belongs to Lebanon and not Israel. Tehran's ambassador to Lebanon, Qazanfar Roknabadi has gone so far as to claim that three-quarters of the Leviathan field belongs to Lebanon. Uzi Landau, the Israeli infrastructure minister, responded that Israel has the rights to the maritime area where the field is located, and warned Lebanon that Israel will not hesitate to use force to protect its mineral rights. There have also been issues between the Israeli government, and the companies owning the drilling rights for Leviathan, namely Delek Group Ltd., Noble Energy, Inc., and Ratio Oil Exploration. With the energy leases and the tax regime unchanged since the 1950s, the Israel government is up against a road block when it comes to profiting from the gas find. Finance Minister Yuval Steinitz said he was considering changing terms retroactively, which means the Israeli government could enjoy better terms on previously assigned leases. Noble Energy and Israeli oil executives have been lobbying against such changes. Israeli Prime Minister Benjamin Netanyahu has since declared that Israel is sovereign, and is free to change its tax regime. When it comes to heated drama, the Middle East does not fail to disappoint. The drilling of Leviathan commenced in October 2010. But last year's Gulf of Mexico oil spill has ignited concerns over deep sea drilling, not only within the environmentalist community, but also among the ranks of energy companies and governments. This includes the Israeli Minister of Environmental Protection, Gilad Erdan, who is advocating legislation to manage environmental aspects of offshore oil exploration. That said, Leviathan has certainly stirred up enthusiasm not only over the strategic implications of this energy discovery, but also over the prospects of trading in Israel's energy sector. It just remains to be seen if Israel's role in the energy saga of the Middle East shapes up to be that of a side character or a lead player.

Please visit our web site at www.thomaswhite.com to learn more about 45 countries worldwide, as well as the Thomas White Funds. Short introductions to our most recent content are given below. Green Reports Storing the Sun's Energy with CSP New In the world of clean technology, particularly solar energy, emerging expertise is ensuring that the sun's munificence continues through the night with the help of CSP. Read more Emerging Leaders Yuri Milner, CEO, DST Yuri Milner is the CEO of Digital Sky Technologies (DST), an investment firm based in Russia. But these days, he is more often known as the "Russian who invested in Facebook." Read more

Thank you for subscribing to our email communication services. You may subscribe to additional services here . Remove me from this list You should consider the investment objectives, risks, charges and expenses of the Thomas White Funds carefully before making an investment decision. Prospectus(es) with this and other information about the Funds may be obtained by calling 1-800-811-0535 or by visiting www.thomaswhite.com. Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international markets. These include risks related to social and political instability, market illiquidity and currency volatility. The information contained in this message does not, in any way, constitute investment advice and should not be considered a recommendation to buy or sell any security discussed herein. It should not be assumed that any investment will be profitable or will equal the performance of any security mentioned herein. Thomas White International, Ltd. may, from time to time, have a position or interest in, or may buy, sell or otherwise transact in, or with respect to, a particular security, issuer or market on our own behalf or on behalf of a client account. © Thomas White International, Ltd. 2011

Emerging Leaders: Yuri Milner, CEO, DST

January 25, 2011 Emerging Leaders Yuri Milner, CEO, DST Yuri Milner is the CEO of Digital Sky Technologies (DST), an investment firm based in Russia. But these days, he is more often known as the "Russian who invested in Facebook." Indeed, Milner created waves in the tech world in 2009 when he first purchased a 2% stake worth $200 million in the social networking company. With a sole focus on investing in the Internet, he now owns interests in various companies that are fast transforming into the new stars of cyberspace.    Read more

Please visit our web site at www.thomaswhite.com to learn more about 45 countries worldwide, as well as the Thomas White Funds. Short introductions to our most recent content are given below. Postcards Philippines A new call center capital of world has emerged. Move over Bangalore, and welcome Manila as the Philippines outsourcing industry soars to new heights. Read more Green Reports Storing the Sun's Energy with CSP In the world of clean technology, particularly solar energy, emerging expertise is ensuring that the sun's munificence continues through the night with the help of CSP. Read more

Thank you for subscribing to our email communication services. You may subscribe to additional services here . Remove me from this list You should consider the investment objectives, risks, charges and expenses of the Thomas White Funds carefully before making an investment decision. Prospectus(es) with this and other information about the Funds may be obtained by calling 1-800-811-0535 or by visiting www.thomaswhite.com. Please read the prospectus carefully before you invest or send money as it explains the risks associated with investing in international markets. These include risks related to social and political instability, market illiquidity and currency volatility. The information contained in this message does not, in any way, constitute investment advice and should not be considered a recommendation to buy or sell any security discussed herein. It should not be assumed that any investment will be profitable or will equal the performance of any security mentioned herein. Thomas White International, Ltd. may, from time to time, have a position or interest in, or may buy, sell or otherwise transact in, or with respect to, a particular security, issuer or market on our own behalf or on behalf of a client account. © Thomas White International, Ltd. 2011