Performance to date on USE ( 29 months)

BATU - 320, BOBU - 440, DFCU - 800, NIC - 60 ,NVL - 720, SBU - 200, UCL - 51


BOBU 20.7% annualised
NVL 6.2 %
DFCU 3.8%

Consolidated position is 4.3 % annualised.

Current Strategy
Buying: NVL
Watching: NIC, BATU
Selling: none

Best consolidated position has been 7% worst has been (18)%

Performance to date on USE ( 28 months)

BATU - 320, BOBU - 310, DFCU - 706, NIC - 60 ,NVL - 540, SBU - 210, UCL - 76


BOBU 7.7% annualised
NVL (13)%
DFCU (-1.5)%

Consolidated position is (4.2) % annualised.

Current Strategy
Buying: NVL
Watching: NIC, BATU
Selling: none

Best consolidated position has been 7% worst has been (18)%

Performance to date on USE ( 27 months)

BATU - 250, BOBU - 282, DFCU - 648, NIC - 45 ,NVL - 465, SBU - 169, UCL - 50


BOBU 4.8% annualised
NVL (27)%
DFCU (-5.5)%

Consolidated position is (9.7) % annualised.

Current Strategy
Buying: NVL, UCL
Watching: BOBU, DFCU
Selling: all others

Best consolidated position has been 7% worst has been (18)%

Perfomance to date on USE ( 25 months )

BATU - 250, BOBU - 300, DFCU - 620, NIC - 45 ,NVL - 450, SBU - 163, UCL - 50


BOBU 8% annualised
NVL (47)%
DFCU (8)%

Consolidated position is (13) % annualised.

Current Strategy
Buying: NVL, NIC
Watching: UCL BOBU, DFCU
Selling: all others

Best consolidated position has been 7% worst has been (18)%