.: 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 $2.25
Sept 25, 2009 rollover

monthly stats:

norrep performance 2006 FTLP Sept 25, 2009 rollover	CLOSE	% CHG	$ CHG
norrep performance 2006 FTLP Sept 25, 2009 rollover	$2.25

norrep performance 2006 FTLP:

as at 25-Sep-09
3 month:	25.20%
Year to date:	30.80%
1 year:	-26.50%

norrep performance 2006 FTLP after-tax return since inception: -21.04%*

*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
2009	$0.18

Please note that the performance presented is unaudited. The information currently presented is subject to change (if applicable).

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.

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