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

Fund Fact Sheets: Q4 2010

Quarterly Fund Fact Sheets Fund Fact Sheets for the quarter ending December 31, 2010, are now available on our website. Please follow the links given below to download the PDF files. Thomas White International Fund (TWWDX) Thomas White Emerging Markets Fund (TWEMX) Thomas White American Opportunities Fund (TWAOX)

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. 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 Weekly 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

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

Philippines Postcard: New Call Center Capital of the World

January 21, 2011 A Postcard from the Asia Pacific Philippines: New Call Center Capital of the World The "Sunshine Industry" is set to soar to new heights. Major call centers in the Philippines are situated in Metro Manila and Cebu City. For so long now, call centers have mushroomed all over India's premier IT city, and Bangalore has been considered the undisputed call center capital of the world. So much so that being 'Bangalored,' a term used to describe a layoff, has become a part of standard usage. However, despite India's pre-eminent status as a back office processing (BPO) giant, there's a new kid on the block. A new call center capital of world has emerged. Move over Bangalore, and welcome Manila. In a recent report by the Everest Group, it is now forecasted that Philippine call center revenues in 2010 will touch $5.5 billion, exceeding India's own expected revenues of $5.3 billion. The call center industry has grown to be one of the largest in the Philippines, employing around 530,000 people and contributing 6% to the country's gross domestic industry. With 788 call centers spread over 20 locations in the Philippines, the outsourcing industry has been fondly named the 'sunshine industry,' by the government, which is thrilled by the rapid progress the sector has made over the past decade. And this is a government which has done its best to encourage the outsourcing industry, recognizing early on that it is a key driver of growth and employment. While tax breaks given to outsourcing companies are set to expire this year in India, the Philippine government is getting its ducks in line. It has assured investors of faster clearances for building permits, has instituted selective tax breaks such as an exemption from import duties on computers, and has created a number of special economic zones with superior infrastructure. In contrast, Indian call center companies have typically had to struggle with high attrition rates and have been plagued by chronic power shortages, as well as suspect infrastructure. Also favoring the Philippines, Filipinos have had a natural cultural affiliation with America, ruled as they were by the U.S. from 1905 to 1945. Unsurprisingly, the call center industry in the Philippines is still dominated by clients in North America. Still, the Philippines is not resting on its laurels. It has larger plans. India's outsourcing sector evolved from being a call centered industry to one that handles more sophisticated back office processes. As a result, India continues to be number one in overall outsourcing revenues, and it is that bigger chunk that the Philippines is targeting, aiming to double its outsourcing revenue by 2015. There are challenges – the country does not have as many trained engineers and managers such as India, which has been able to use that advantage to transform its BPO industry. For now though, call centers are a short-term answer to unemployment problems in the Philippines, with the industry to add 70,000 jobs this year alone. And an immense source of Filipino pride.

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 Robin Li, Founder and CEO, Baidu Robin Li the Founder and CEO of Baidu, China's most popular search engine is the only one who has managed to oust Google out of the country. 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: Storing the Sun’s Energy with CSP

JANUARY 19, 2011 Storing the Sun's Energy with CSP   The Green Report Making days last forever and stopping the sun from setting have long been romantic ideals reserved for poetic ballads. Not anymore. In the world of clean technology, particularly solar energy, emerging expertise is ensuring that the sun's munificence continues through the night. 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.
Emerging Leaders
	Recep Tayyip Erdogan, Prime Minister, Turkey New Recep Tayyip Erdogan, Turkey's Prime Minister is an extremely popular figure in the country thanks to his progressive economic outlook and efforts that pulled Turkey out of a recessionary slide. Read more
Country Profiles
	Singapore Updated After battling a severe recession, Singapore is now one of the world's fastest growing economies. 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: Robin Li, Founder and CEO, Baidu

January 18, 2011 Emerging Leaders Robin Li, Founder and CEO, Baidu Google and competition have never coexisted. Founders Brin and Page have ensured that Google occupies the search throne everywhere across the world. Everywhere except China that is. Here, it is Robin Li who rules. The Founder and CEO of Baidu, China's popular search engine, had the pleasure of seeing Baidu's stock whoosh past NASDAQ ticker symbol GOOG for the first time last year. That was only the beginning of Google's losses and Baidu's gains.    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 Russia When Facebook generated a buzz last week with what appears to be a $50 billion valuation from Goldman Sachs, it was revealed that the company also had a rather unexpected investor - Russia's Digital Sky Technologies. Read more Global Player Ursula Burns, CEO & Chairwoman, Xerox Ursula Burns became the first black woman to head a Fortune 500 company, when she assumed the role of CEO for Xerox. She has spearheaded the turnaround of Xerox through cost efficient processes. 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

Updated Singapore Country Profile : Beating the Recession

Country Profile : Singapore Updated Singapore: The Jewel in Asia's Crown The hottest economy in the world The Singapore economy power-surged its way to an astonishing 18.8% growth year-on-year in the second quarter of 2010. Much of the scorching pace of growth has been driven by a rise in the output of biomedical manufacturing, and continued expansion in the nation's electronics sector. This tiny state, in September 2010, held the distinction of being the fastest growing economy in the world, an incredible achievement for a nation that is often eclipsed by much bigger Asian powerhouses like Thailand, China or India. Read more

Full Report in PDF

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
	Russia When Facebook generated a buzz last week with what appears to be a $50 billion valuation from Goldman Sachs, it was revealed that the company also had a rather unexpected investor - Russia's Digital Sky Technologies. Read more
Global Players
	Ursula Burns, CEO & Chairwoman, Xerox Ursula Burns became the first black woman to head a Fortune 500 company, when she assumed the role of CEO for Xerox. She has spearheaded the turnaround of Xerox through cost efficient processes. 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

Russia Postcard : DST Invests in Facebook

January 13, 2011 A Postcard from Europe Russia: Booking the Future Face of the Internet   It's no secret that Russian President Dmitry Medvedev is passionate about technological revolution. Just last year in June, we wrote how Medvedev is keen to develop a Silicon Valley in Russia. The knowledge economy, he had stressed, was the key to furthering Russia's economic growth. Digital Sky Technologies also has a stake in Zynga, an Internet games producer, and Groupon, the Internet coupon company. When Facebook generated a buzz last week with what appears to be a $50 billion valuation from Goldman Sachs, it was revealed that the Palo Alto-headquartered company also had a rather unexpected investor- Russia's Digital Sky Technologies. This company plans to pump $50 million into the social media giant. And the Russian influence grows deeper with the Mail.Ru Group owning 2.4% of Facebook. Is Medvedev's vision coming true? Recently, Mark Zuckerberg, the founder of Facebook paid a visit to China, where the social network is censored, triggering expectations of a deal with Chinese social media companies. But while China's Internet populace is the biggest, Facebook is a non-entity there. China has a virtual Facebook clone in Renren, which means everybody, and is currently the largest social network in China. Another leading social network, Qzone, is well entrenched in the Middle Kingdom. China is a distant goal, but Russia appears a more achievable target for Zuckerberg. What may attract Zuckerberg's open interest in Russia is this small yet vitally important statistic – Russian netizens spend more time on social networks than any other country. But there are hurdles to overcome. Breaking through in China has been difficult, but Russia is no piece of cake either. Even Internet behemoth Google has struggled in Russia, with the Russian search engine, Yandex, being number one there and rapidly gaining Internet market share worldwide. The Russian language is a major barrier. Facebook has tried to work around that obstacle by offering Russian translations for many of its unique features, including the 'like' and 'poke' buttons, so its users are able to capture the nuances of the site better. Competition is stiff. Russian social networks have thrived – sites like Odnoklassniki.ru, VKontakte and Moi Mir all command a loyal following. Still, Facebook's hold has been expanding – it now has 4.5 Russian million users ever since the social media sensation launched operations in Russia in April last year. That is but a small share of the mammoth 500 million plus members that Facebook has. Clearly, this number can grow. And how. Zuckerberg himself has been quoted as saying that if Facebook can succeed in the Russian market, then it might serve as a blueprint for conquering the Chinese Internet playground. For now, in Facebook's all-conquering path, Russia remains a stubborn challenge – just like Brazil and China are, both countries where the social media giant has yet to make significant inroads. That might just begin to change though. What is interesting is that Mail.Ru has a 100% stake in Odnoklassniki and a considerable stake in VKontakte, the Russian social media giants mentioned earlier. And the Mail.Ru Group now has a stake in Facebook. Facebook itself is desperately keen to capture the large Russian Internet market. Is it a win-win situation or a case of Russian roulette? Only time and Russia's netizens will tell in this riveting age of social media and Internet dynamics.

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. Country Profiles Singapore Updated After battling a severe recession, Singapore is now one of the world's fastest growing economies. Read more Global Players Ursula Burns, CEO & Chairwoman, Xerox Ursula Burns became the first black woman to head a Fortune 500 company, when she assumed the role of CEO for Xerox. She has spearheaded the turnaround of Xerox through cost efficient processes. 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 Economic Review: January 2011

Global Overview New Year brings cheer as global economic prospects improve Better than expected economic data from the developed world has helped lift the outlook for the global economy this year. While global growth was mostly driven by the large emerging economies last year, the developed economies are now expected to pull their weight, as consumer and business spending growth have stayed above expectations. Although bond yields have gained recently, reflecting the improved long term economic growth prospects, monetary policy remains highly accommodative across the developed economies. Surveys of manufacturing activity in the developed countries showed marked gains in December. Even labor market conditions are showing signs of improvement recently, though unemployment levels are expected to remain elevated this year as well. In Europe, concerns about the debt crisis have eased, as countries in the region have been assured financial support by the EU and the IMF to prevent credit defaults. 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
	Ursula Burns, CEO & Chairwoman, Xerox Ursula Burns became the first black woman to head a Fortune 500 company, when she assumed the role of CEO for Xerox. She has spearheaded the turnaround of Xerox through cost efficient processes. Read more
Weekly Postcards
	Middle East Women investors control around 22% of the assets under management in the Middle East. And this is wealth that is expected to grow 8% through the years to 2014. 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