Christian Jost - Professional Wealth Management

01 July, 2008

“During the month of May, international investors turned their focus to the development of the commodity markets. The oil price reached a new all-time-high of above $130 per barrel. The main reason for the sharp price increase is the OPEC’s repeated refusal to increase oil production. It remains to see how much of an impact the recent hike in the oil price and the increased volatility in the commodity markets will have on the global economy. We therefore have increased the bond exposure in our portfolio in order to partly avoid the increased volatility in the equity markets.”

AMOUNT (E) FUND

10,000 C-QUADRAT Springer European Plus

10,000 Julius Baer Absolute Return Bond Fund (total return global fixed income)

10,000 Threadneedle American Crescendo Fund Ltd

10,000 Vitruvius Japanese Equity (JPY)

7,500 Capital Invest Trend Bond

7,500 Threadneedle Asia Fund

6,000 AMEX WF Local Currency Emerging Market Income

5,000 AXA World - Global Emerging Markets Bonds

5,000 AXA World Funds Aedificandi

5,000 C-QUADRAT ARTS Best Momentum

5,000 Credit Suisse Bond Fund (Lux) Inflation Linked (Euro)