In spite of the difficult market conditions and the decreases in the value of our indirect investments, the NAV per claim amounts, after the elimination of foreign currency effects, to CHF 133.08, thanks to the solid yield from the direct investments. The nominal NAV, which had suffered in the intervening period because of the strong Swiss Franc, recovered thanks to the favourable development of the relevant foreign currencies in the immediate past and amounts to CHF 124.69 (as at June 30, 2008).
After the elimination of foreign currency effects, the average annual yield on the investments since the formation in August 2004 amounts to 7.92% p.a.