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The CFAL Growth Fund, Ltd.

Quarterly Report
December 31st, 2010
(All returns longer than 1 year are annualized)

Performance Analysis Fund Benchmark +/- Benchmark Fund Benchmark +/- Benchmark

QTR 4 +0.45% -1.17% +1.62% 2010 +0.05% -4.31% +4.37%

YTD +0.05% -4.31% +4.37% 2009 -8.42% -8.58% +0.16%

1 Year +0.05% -4.31% +4.37% 2008 -6.08% -17.15% +11.07%

3 Year -3.43% -7.41% +3.98% 2007 22.00% 23.30% -1.30%

5 Year +3.52% +4.03% -0.51% 2006 10.29% 24.10% -13.81%

7 Year n/a n/a n/a 2005 10.42% 29.95% -19.53%

10 year n/a n/a n/a 2004** 6.59% 6.80% -0.21%

Inception 4.87% n/a n/a

**Returns for CFAL Growth Fund and BISX benchmark for the period of June 2004 to December 2004

Investment Objective: The primary investment objective of The CFAL Growth Fund, Ltd. (‘the Fund’) is to provide long-term capital appreciation. The Fund is ideal for individual and institutional investors who can accept the volatility of the equity markets for the opportunity of higher potential returns. Investment Strategy: The Fund seeks to meet its objective by investing in a diversified selection of equity securities, including common shares with high prospects for above average market returns. The Fund also invests in preferred shares, Bahamas Government bonds, investment grade corporate bonds, and short-term securities. December 2010 Review: The CFAL Growth Fund, Ltd. ended the last quarter of 2010 with a positive return of 0.45 percent, net of fees, to a Net Asset Value per share of $10.97. The Fund outperformed its benchmark, the BISX All Share Index, by 162 basis points or 1.62 percentage points. The BISX All Share index posted a negative return of 1.17 percent during the quarter. There were no major asset allocation changes to The Fund’s portfolio this quarter as the Fixed Income exposure increased marginally by 0.6 percentage points and Short-Term securities held decreased to 5.9 percent of the portfolio compared to 7 percent last period. The Fund’s asset class performance numbers were positive this quarter as Fixed Income securities posted gains of 1.85 percent and the Equity segment rose by 0.42 percent. The Fund’s equity portfolio experienced drags in performance from AML Foods (-3.96%), Bahamas Waste Limited (-14.29%), FINCO (-14.94%), FirstCaribbean Bank (-3.59%), Cable Bahamas Limited (2.14%) and Colina Holdings Limited (-0.80%). Positive performers included J.S. Johnson (+0.61%), FOCOL (+1.29%), Commonwealth Bank (+7.28%), FamGuard Corp. (+0.99%) and ICD Utilities (32.38%). Even as we experience uncertainty in the economic environment, the strategic asset allocation strategy of the CFAL Growth Fund, Ltd remains intact. We are committed to a long-term perspective of the economy as we select those investments that have the potential to maximize return while diversifying portfolio risk.
CFAL®, 4th Floor 308 East Bay Street, P.O. Box CB 12407, Nassau, Bahamas. Telephone 242-502-7010; Fax 242-356-3677 info@cfal.com; http://www.cfal.com CFAL is a privately-owned institution offering a full range of financial services exclusively from the Bahamas, and is licensed and regulated by the Securities Commission of the Bahamas. CFAL offers private, corporate and institutional investment advisory and fund administrative services. The CFAL Growth Fund, Ltd. (Growth Fund) Quarterly Update is for information purposes only. Past performances does not guarantee future results as portfolio holdings are subject to change. Refer to the Growth Fund Offering Memorandum for complete information. Copyright © 2010 AF Holdings Ltd.®. All rights reserved.

Net Asset Value Price Performance
$15.00 $12.00 $9.00 $6.00 $3.00 $0.00 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec-10

Fund Composition
Other 2% Short-Term 6%

Fixed Income 22%

Equity 70%

Composition by Sector
Ele ctric Utilitie s 10% Consum e r Sta ple s 7% Consum e r Discre t. 12% Industria l 3% Fina ncia ls 57% Re a l Esta te 1% Ene rgy 10%

Top Five Equity Positions
Stock Holdings Dividend Yield QTR 4 Return YTD Return

JSJ CBL CAB FCL FIN

6.5% 3.7% 3.0% 3.5% 0.0%

+0.61% +7.28 % -2.14% +1.29% -14.94%

+5.32% +2.94% +8.11% +18.78% -22.50%

Investment Manager: Analysis Period: Benchmark:

CFAL Start: 30-Jun-04 End: 31-Dec-10 Bahamas International Securities Exchange (BISX)

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