Portfolio Analysis

Key figures as of 30-06-2010

Select currency:

Performance⁽¹⁾	Return	Std.dev.
Long/Short	88.2	12.0
MSCI AC World⁽⁴⁾	28.2	17.2
YTD	% NAV	Beta
Long positions	127.6	126.5
Short positions	38.0	42.0
Gross exposure	165.7	168.5
Net exposure	89.6	84.5

Pr. 30-06-2010

Key figures in %⁽²⁾	Apr	May	Jun	Q2	YTD	12 mth.	2009	Lifetime	P.a.
Long/Short return after all fees	1.0	1.6	3.4	6.0	15.2	28.0	23.1	88.2	9.5
3 Months Euribor return	0.1	0.1	0.1	0.2	0.3	0.7	1.2	21.1	2.8
MSCI AC World return⁽⁴⁾	1.9	-1.9	-2.9	-2.9	6.2	26.7	25.8	28.2	3.6
Std. dev. Long/Short	13.1	17.2	11.1	13.9	12.1	11.6	14.3	12.0	12.0
Std. dev. MSCI AC World⁽⁴⁾	15.2	23.4	16.2	18.6	15.1	13.6	19.2	17.2	17.2
Correlation to MSCI AC World⁽³⁾⁽⁴⁾	0.8	0.6	0.6	0.6	0.6	0.6	0.5	0.5	-
r² to MSCI AC World⁽⁴⁾	62.0	31.4	36.0	38.2	35.5	32.7	20.7	24.5	-
Sharpe ratio Long/Short	-	-	-	-	-	2.1	1.0	0.5	-

Sector	Share
Consumer Staples	37.9
Financials	26.3
Industrials	16.2
Information Technology	12.7
Materials	10.0
Health Care	7.4
Energy	5.2
Consumer Discretionary	2.3
Telecommunication Services	0.3
Other	-28.4

Region	Share
Far East	29.1
Great Britain	22.7
US & Canada	21.0
Continental Europe	8.1
Japan	7.0
Emerging markets	2.0

(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