Portfolio Analysis

Key figures as of 31-08-2010

Select currency:

Performance⁽¹⁾	Return	Std.dev.
Long/Short	85.3	11.9
MSCI AC World⁽⁴⁾	28.9	17.2
YTD	% NAV	Beta
Long positions	129.0	127.8
Short positions	38.6	49.8
Gross exposure	167.6	177.6
Net exposure	90.4	78.0

Pr. 31-08-2010

Key figures in %⁽²⁾	Jun	Jul	Aug	Q2	YTD	12 mth.	2009	Lifetime	P.a.
Long/Short return after all fees	3.4	-2.1	0.6	6.0	13.4	21.1	23.1	85.3	9.0
3 Months Euribor return	0.1	0.1	0.1	0.2	0.5	0.7	1.2	21.3	2.7
MSCI AC World return⁽⁴⁾	-2.9	1.7	-1.1	-2.9	6.8	15.4	25.8	28.9	3.6
Std. dev. Long/Short	11.1	12.4	8.5	13.9	11.8	11.4	14.3	11.9	11.9
Std. dev. MSCI AC World⁽⁴⁾	16.2	16.6	11.8	18.6	14.9	13.8	19.2	17.2	17.2
Correlation to MSCI AC World⁽³⁾⁽⁴⁾	0.6	0.8	0.4	0.6	0.6	0.6	0.5	0.5	-
r² to MSCI AC World⁽⁴⁾	36.0	57.2	16.1	38.2	36.4	35.4	20.7	24.7	-
Sharpe ratio Long/Short	-	-	-	-	-	1.6	1.0	0.5	-

Sector	Share
Consumer Staples	38.4
Financials	23.6
Industrials	21.3
Information Technology	14.7
Materials	9.5
Energy	5.7
Health Care	3.4
Consumer Discretionary	1.7
Telecommunication Services	0.4
Other	-28.5

Region	Share
Far East	27.8
Great Britain	27.2
US & Canada	18.2
Continental Europe	12.2
Japan	2.9
Emerging markets	1.9

(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