Pre-estimate: Between minus 0.2 % and 0%.


Our return estimate for the month of July has not been finalized yet. However,
I would like to give you a brief update due to the latest developments in the
US subprime market. I believe Scandium's result for July will be between minus
0.2% and 0 %. You will receive the monthly newsletter as soon as our official
estimate has been calculated. 

Yours sincerely,

Casper Hallas
Scandium Asset Management
Toldbodgade 51C, 1st floor
DK -1253 Copenhagen K, Denmark
Tel. +45-35555500
www.scandiumam.com