Performance Overview

January 2012
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Jan 12	0.32 %	0.32 %
Freedom	Jan 12	0.53 %	0.53 %
Global Markets	Jan 12	0.55 %	0.55 %
Global Markets XL	Jan 12	1.08 %	1.08 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Jan 12	0.29 %	0.29 %
Alpha Trend Class B (EUR)	Jan 12	0.31 %	0.31 %
Alpha Trend Class C (USD)	Jan 12	0.28 %	0.28 %

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Jan 12	1.41 %	0.24 %

December 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Dec 11	-0.30 %	-12.30 %
Freedom	Dec 11	0.08 %	-10.63 %
Global Markets	Dec 11	0.63 %	-3.33 %
Global Markets XL	Dec 11	1.25 %	-7.38 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Dec 11	-0.19%	-12.23%
Alpha Trend Class B (EUR)	Dec 11	-0.17%	-12.02%
Alpha Trend Class C (USD)	Dec 11	-0.27%	-5.70%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Dec 11	-0.16%	-8.29%

November 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Nov 11	-5.39 %	-12.04 %
Freedom	Nov 11	-4.03 %	-10.69 %
Global Markets	Nov 11	-0.67 %	-3.94 %
Global Markets XL	Nov 11	-1.36 %	-8.52 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Nov 11	-5.61 %	-12.06 %
Alpha Trend Class B (EUR)	Nov 11	-5.59 %	-11.87 %
Alpha Trend Class C (USD)	Nov 11	-5.44 %	-5.44 %

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Nov 11	-1.46 %	-9.48 %

October 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Oct 11	-6.77 %	-7.03 %
Freedom	Oct 11	-6.69 %	-6.95 %
Global Markets	Oct 11	-3.32 %	-3.29 %
Global Markets XL	Oct 11	-6.57 %	-7.26 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Oct 11	-6.45 %	-6.84 %
Alpha Trend Class B (EUR)	Oct 11	-6.43 %	-6.65 %

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Oct 11	-6.70 %	-8.14 %

September 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Sep 11	2.14 %	-0.28 %
Freedom	Sep 11	0.81 %	-0.28 %
Global Markets	Sep 11	-0.94 %	0.03 %
Global Markets XL	Sep 11	-2.02 %	-0.74 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Sep 11	2.30 %	-0.42 %
Alpha Trend Class B (EUR)	Sep 11	2.32 %	-0.24 %

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Sep 11	-1.58 %	-1.54 %

August 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Aug 11	3.56 %	-2.37 %
Freedom	Aug 11	2.59 %	-1.08 %
Global Markets	Aug 11	-0.07 %	0.98 %
Global Markets XL	Aug 11	-0.19 %	1.30 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Aug 11	3.72 %	-2.66 %
Alpha Trend Class B (EUR)	Aug 11	3.74 %	-2.51 %

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Aug 11	-0.42 %	0.46 %

July 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Jul 11	-1.51 %	-5.72 %
Freedom	Jul 11	1.69 %	-3.58 %
Global Markets	Jul 11	3.66 %	1.05 %
Global Markets XL	Jul 11	7.52 %	1.49 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Jul 11	-1.59%	-6.15%
Alpha Trend Class B (EUR)	Jul 11	-1.57%	-6.02%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Jul 11	7.50%	0.89%

June 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Jun 11	-0.79 %	-4.28 %
Freedom	Jun 11	-2.42 %	-5.17 %
Global Markets	Jun 11	-2.91 %	-2.52 %
Global Markets XL	Jun 11	-5.78 %	-5.60 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Jun 11	-0.64%	-4.63%
Alpha Trend Class B (EUR)	Jun 11	-0.61%	-4.52%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Jun 11	-5.23%	-6.15%

May 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	May 11	-8.13 %	-3.52 %
Freedom	May 11	-8.08 %	-2.82 %
Global Markets	May 11	-4.10 %	0.40 %
Global Markets XL	May 11	-8.27 %	0.18 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	May 11	-8.28%	-4.02%
Alpha Trend Class B (EUR)	May 11	-8.26%	-3.93%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	May 11	-9.06%	-0.97%

April 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Apr 11	3.27 %	5.02 %
Freedom	Apr 11	4.98 %	5.72 %
Global Markets	Apr 11	4.32 %	4.69 %
Global Markets XL	Apr 11	8.69 %	9.22 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Apr 11	3.13%	4.65%
Alpha Trend Class B (EUR)	Apr 11	3.14%	4.72%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Apr 11	8.29%	8.90%

March 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Mar 11	0.14 %	1.69 %
Freedom	Mar 11	-1.07 %	0.71 %
Global Markets	Mar 11	-1.35 %	0.36 %
Global Markets XL	Mar 11	-2.79 %	0.49 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Mar 11	0.06%	1.47%
Alpha Trend Class B (EUR)	Mar 11	0.08%	1.52%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Mar 11	-2.57%	0.57%

February 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Feb 11	1.94 %	1.55 %
Freedom	Feb 11	2.94 %	1.80 %
Global Markets	Feb 11	2.86 %	1.72 %
Global Markets XL	Feb 11	5.78 %	3.38 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Feb 11	1.80%	1.41%
Alpha Trend Class B (EUR)	Feb 11	1.82%	1.44%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Feb 11	5.27%	3.22%

January 2011
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Jan 11	-0.38 %	-0.38 %
Freedom	Jan 11	-1.10 %	-1.10 %
Global Markets	Jan 11	-1.11 %	-1.11 %
Global Markets XL	Jan 11	-2.27 %	-2.27 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Jan 11	-0.39 %	-0.39 %
Alpha Trend Class B (EUR)	Jan 11	-0.37 %	-0.37 %

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Jan 11	-1.95 %	-1.95 %
Class E - Global Markets (USD)	Jan 11	-1.26 %	-1.26 %

December 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Dec 10	5.03 %	13.72 %
Freedom	Dec 10	5.43 %	11.33 %
Global Markets	Dec 10	3.95 %	4.92 %
Global markes XL	Dec 10	8.06 %	9.41 %

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Dec 10	4.97%	10.83%
Alpha Trend Class B (EUR)	Dec 10	5.00%	11.82%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Dec 10	7.56%	7.14%
Class E - Global Markets (USD)	Dec 10	4.15%	4.85%

November 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Nov 10	-1.20%	8.27%
Freedom	Nov 10	-1.64%	5.59%
Global Markets	Nov 10	-1.60%	0.93%
Global Markets XL	Nov 10	-3.24%	1.26%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Nov 10	-1.21%	5.58%
Alpha Trend Class B (EUR)	Nov 10	-1.20%	6.50%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Nov 10	-3.09%	-0.39%
Class E - Global Markets (USD)	Nov 10	-1.68%	0.68%

October 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Oct 10	5.30%	9.59%
Global Markets	Oct 10	2.16%	2.58%
Global Markets XL	Oct 10	4.30%	4.65%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Oct 10	5.47%	6.88%
Alpha Trend Class B (EUR)	Oct 10	5.18%	7.79%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Oct 10	4.73%	2.79%
Class E - Global Markets (USD)	Oct 10	2.01%	2.40%

September 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Sep 10	0.08%	4.08%
Global Markets	Sep 10	4.06%	0.41%
Global Markets XL	Sep 10	8.34%	0.33%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Sep 10	-0.53%	1.33%
Alpha Trend Class B (EUR)	Sep 10	-0.40%	2.48%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Sep 10	7.55%	-1.86%
Class E - Global Markets (USD)	Sep 10	4.34%	0.38%

August 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Aug 10	2.68%	3.99%
Global Markets	Aug 10	1.63%	-3.51%
Global Markets XL	Aug 10	3.27%	-7.39%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Aug 10	2.35%	1.87%
Alpha Trend Class B (EUR)	Aug 10	2.47%	2.90%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Aug 10	3.32%	-8.75%
Class E - Global Markets (USD)	Aug 10	1.57%	-3.80%

July 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	July 10	-0.89%	1.27%
Global Markets	July 10	-0.09%	-5.06%
Global Markets XL	July 10	-0.20%	-10.32%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	July 10	-1.28%	-0.46%
Alpha Trend Class B (EUR)	July 10	-1.15%	0.42%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	July 10	-0.50%	-11.68%
Class E - Global Markets (USD)	July 10	-0.17%	-5.28%

June 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	June 10	2.62%	2.18%
Global Markets	June 10	-0.57%	-4.97%
Global Markets XL	June 10	-1.18%	-10.14%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	June 10	2.01%	0.83%
Alpha Trend Class B (EUR)	June 10	2.13%	1.59%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	June 10	-1.26%	-11.24%
Class E - Global Markets (USD)	June 10	-0.63%	-5.12%

May 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	May 10	6.39%	-0.43%
Global Markets	May 10	-5.25%	-4.43%
Global Markets XL	May 10	-10.37%	-9.07%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	May 10	6.32%	-1.16%
Alpha Trend Class B (EUR)	May 10	6.46%	-0.54%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	May 10	-10.76%	-10.11%
Class E - Global Markets (USD)	May 10	-5.22%	-4.51%

April 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Apr 10	-0.82%	-6.41%
Global Markets	Apr 10	2.31%	0.86%
Global Markets XL	Apr 10	4.59%	1.45%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Apr10	-1.11%	-7.03%
Alpha Trend Class B (EUR)	Apr10	-0.99%	-6.57%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Apr10	4.52%	0.73%
Class E - Global Markets (USD)	Apr10	2.23%	0.75%

March 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Mar 10	2.84%	-5.64%
Global Markets	Mar 10	3.33%	-1.42%
Global Markets XL	Mar 10	6.69%	-3.00%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Mar 10	2.99%	-5.99%
Alpha Trend Class B (EUR)	Mar 10	3.12%	-5.63%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Mar 10	6.37%	-3.63%
Class E - Global Markets (USD)	Mar 10	3.27%	-1.45%

February 2010
	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Feb 10	-2.08%	-8.24%
Global Markets	Feb 10	0.28%	-4.59%
Global Markets XL	Feb 10	0.52%	-9.08%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Feb 10	-2.24%	-8.72%
Alpha Trend Class B (EUR)	Feb 10	-2.11%	-8.49%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Feb 10	0.42%	-9.40%
Class E - Global Markets (USD)	Feb 10	0.16%	-4.57%

January 2010

	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Jan 10	-6.29%	-6.29%
Global Markets	Jan 10	-4.86%	-4.86%
Global Markets XL	Jan 10	-9.55%	-9.55%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Jan 10	-6.63%	-6.63%
Alpha Trend Class B (EUR)	Jan 10	-6.52%	-6.52%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Jan 10	-9.78%	-9.78%
Class E - Global Markets (USD)	Jan 10	-4.72%	-4.72%

December 2009

	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Dec 09	-4.14%	1.05%
Global Markets	Dec 09	-0.38%	5.43%
Global Markets XL	Dec 09	-0.83%	10.58%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Dec 09	-4.46%	0.33%
Alpha Trend Class B (EUR)	Dec 09	-4.34%	-1.02%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Dec 09	-0.92%	8.89%
Class E - Global Markets (USD)	Dec 09	0.10%	2.82%

November 2009

	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Nov 09	3.26%	5.42%
Global Markets	Nov 09	1.46%	5.84%
Global Markets XL	Nov 09	2.83%	11.50%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Nov 09	2.81%	5.02%
Alpha Trend Class B (EUR)	Nov 09	2.94%	3.47%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Nov 09	2.64%	9.89%
Class E - Global Markets (USD)	Nov 09	1.26%	2.72%

October 2009

	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Oct 09	-2.90%	2.09%
Global Markets	Oct 09	0.96%	4.32%
Global Markets XL	Oct 09	1.88%	8.44%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Oct 09	-3.51%	2.14%
Alpha Trend Class B (EUR)	Oct 09	-3.39%	0.51%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Oct 09	1.75%	7.07%
Class E - Global Markets (USD)	Oct 09	0.83%	1.44%

September 2009

	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Sep 09	0.87%	5.14%
Global Markets	Sep 09	0.70%	3.33%
Global Markets XL	Sep 09	1.35%	6.44%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Sep 09	0.44%	5.86%
Alpha Trend Class B (EUR)	Sep 09	0.54%	4.04%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Sep 09	1.29%	5.23%
Class E - Global Markets (USD)	Sep 09	0.50%	0.61%

August 2009

	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	Aug 10	3.99%	4.23%
Global Markets	Aug 10	-0.94%	2.62%
Global Markets XL	Aug 10	-1.92%	5.02%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	Aug 10	3.65%	5.40%
Alpha Trend Class B (EUR)	Aug 10	3.81%	3.48%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	Aug 10	-1.97%	3.89%
Class E - Global Markets (USD)	Aug 10	-0.99%	0.11%

July 2009

	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	July 09	1.29%	0.23%
Global Markets	July 09	2.69%	3.60%
Global Markets XL	July 09	5.44%	7.08%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	July 09	0.58%	1.69%
Alpha Trend Class B (EUR)	July 09	0.86%	-0.32%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	July 09	4.78%	5.97%
Class E - Global Markets (USD)	July 09	2.44%	1.11%

June 2009

	Date	Monthly Return	Year to Date Return
Estlander & Partners Composite Indices
Alpha Trend	June 09	-2.87%	-1.05%
Global Markets	June 09	-0.28%	0.88%
Global Markets XL	June 09	-0.61%	1.56%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	June 09	-3.03%	1.10%
Alpha Trend Class B (EUR)	June 09	-2.82%	-1.17%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	June 09	-0.74%	1.14%
Class E - Global Markets (USD)	June 09	-0.80%	-1.30%

May 2009

	Date	Monthly Return	Year to Date Return
Estlander & Partner Composite Indices
Alpha Trend	May 09	10.31%	1.87%
Global Markets	May 09	3.25%	1.16%
Global Markets XL	May 09	6.61%	2.18%

Estlander & Partners Cayman SPC
Alpha Trend Class A (EUR)	May 09	9.93%	4.26%
Alpha Trend Class B (EUR)	May 09	10.27%	1.70%

Estlander & Partners Umbrella Fund Ltd
Class A - Global XL (EUR)	May 09	6.68%	1.90%
Class E - Global Markets (USD)	May 09	1.55%	-0.51%

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