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