Perfomance to date on USE ( 24 months )

BATU - 280, BOBU - 318, DFCU - 595, NVL - 450, SBU - 155, UCL - 60


BOBU 10% annualised
NVL (54)%
DFCU (10)%

Consolidated position is (15) % annualised.

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

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

Performance to date on USE ( 23 months )

BATU - 330, BOBU - 330, DFCU - 546, NVL - 445, SBU - 159, UCL - 48


BOBU 13% annualised
NVL (63)%
DFCU (15)%

Consolidated position is (18) % annualised.

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

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

Performance to date on USE ( 22 months )

BATU - 370, BOBU - 344, DFCU - 530, NVL - 530, SBU - 160, UCL - 70


BOBU 15% annualised
NVL -57%
DFCU -17%

Consolidated position is -16 % annualised.

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


Best consolidated position has been 7% worst has been -16%