Company News

Higher return compartment of managed account had positive results in August and finished YTD at + 3%

Our higher return program gained 4.1% in August. Since January 1, 2008 , it has achieved cumulative positive results of + 14% with a moderate volatility, at a time when European stocks lost 35% (despite the rise in 2009) and hedge funds lost 14%.

After positive results in 2007 & 2008, low volatility compartment of managed account incurred loss in July and finished at - 1.9% (Euro) & - 2.3% (USD)

Our low volatility program had a loss in July (- 5.5% in Euro) and ended negative YTD at – 1.9% due to short positions in German DAX and S & P 500 indices . However, since end 2007, cumulative results remain positive (+ 3.1% in Euro) and program offered a sound diversification to equities and hedge funds.

High return compartment of managed account continues to perform strongly in the second quarter and gained 1.7% in May 2009. It finished up 10.55% YTD.

Our higher return program continues to create positive results this quarter, adding to the strong performance that was achieved both in the first quarter (+5.8%) and in 2008 (+11%). Although consistently positive in 2008-2009, this program shows a lower level of risk (volatility annualized of 7% only) than European stock markets and hedge funds.

High return compartment of managed account performed strongly in the second quarter and gained 1.29% in June 2009. It finished up 11.47%

Our higher return program performed well this quarter, adding to the results that were achieved in the first quarter (+5.8%). Most of the performance came from equity indices. This program has stayed positive in the extremely volatile period of 2008-2009.

High return compartment of managed account performed strongly and gained 3.99% in March 2009. It finished up 5.77% YTD.

Our higher return program performed extremely well throughout the month, independently of the moves in equities that initially fell and then rebounded strongly. Although firmly positive in 2008 (+ 11%) and 2009 (+ 5.8% YTD March), it shows a lower volatility (less than 7% in 2008-2009) compared to hedge funds and stock market indices.

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