Dear Shareholders, The preliminary performance estimate for August was a decline of 4.34%, which will bring the year-to-date return to 2.49%. We expect to publish the ordinary monthly newsletter on Friday the 14th of August, during which we will elaborate further on the result. Best regards Casper Hallas Scandium Asset Management Toldbodgade 51C, 1. floor DK-1253 Copenhagen K, Denmark Tel. +45-35555500 www.scandiumam.com