Portfolio Analysis

Key figures as of 31-01-2012

Select currency:

Performance⁽¹⁾	Return	Std.dev.
Long/Short	109.2	12.1
MSCI AC World⁽⁴⁾	46.2	16.8
3 Months Euribor	23.6	-
YTD	% NAV	Beta
Long positions	135.0	111.2
Short positions	37.1	39.1
Gross exposure	172.2	150.3
Net exposure	97.9	72.1

Investment Returns

Key figures in %⁽²⁾	Nov	Dec	Jan	Q4	YTD	12 mth.	2011	Lifetime	P.a.
Long/Short return after all fees	-0.2	5.0	3.7	10.5	3.7	9.6	-1.0	109.2	9.0
3 Months Euribor return	0.1	0.1	0.1	0.4	0.1	1.4	1.4	23.6	2.5
MSCI AC World return⁽⁴⁾	0.5	3.5	4.9	10.8	4.9	1.1	-4.2	46.2	4.5
Std. dev. Long/Short	14.4	9.2	8.0	11.4	8.0	13.8	14.2	12.1	12.1
Std. dev. MSCI AC World⁽⁴⁾	18.8	10.2	7.8	15.5	7.8	15.8	16.0	16.8	16.8
Correlation to MSCI AC World⁽³⁾⁽⁴⁾	0.8	0.1	0.5	0.5	0.5	0.6	0.6	0.5	-
R² to MSCI AC World⁽⁴⁾	63.4	2.1	21.8	22.9	21.8	36.0	36.6	26.2	-
Sharpe ratio Long/Short	-	-	-	-	-	0.6	0.2	0.5	-

Sector	Share
Consumer Staples	38.8
Information Technology	24.2
Financials	17.7
Industrials	11.0
Energy	10.9
Materials	10.1
Consumer Discretionary	10.1
Telecommunication Services	4.5
Health Care	3.5
Utilities	-1.5
Other	-31.7

Region	Share
Emerging markets	25.4
United Kingdom	24.4
Continental Europe	21.8
US & Canada	20.9
Pacific	5.1

(1) The performance is calculated from 24 June 2003.

(2) The key figures are based on daily values.

(3) The correlation coefficient is not in percent.

(4) Changed from MSCI World to MSCI All Country World Index on January 1, 2010.

It should be noted that the value of Carnegie WorldWide Long/Short Fund is calculated in euro, and that gains may be increased or reduced as a result of fluctuations in the exchange rate.

Carnegie Asset Management Phone: +45 35 46 35 00 http://www.cww-hedge.com