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)%

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)%