Portfolio Analysis

Key figures as of 28-02-2010

Select currency:

Performance⁽¹⁾	Return	Std.dev.
Long/Short	64.8	11.9
MSCI AC World⁽⁴⁾	23.0	17.3
YTD	% NAV	Beta
Long positions	122.5	119.8
Short positions	29.2	29.2
Gross exposure	151.7	148.9
Net exposure	93.3	90.7

Pr. 28-02-2010

Key figures in %⁽²⁾	Dec	Jan	Feb	Q4	YTD	12 mth.	2009	Lifetime	P.a.
Long/Short return after all fees	6.8	-2.7	3.6	5.0	0.9	22.7	23.1	64.8	7.8
3 Months Euribor return	0.1	0.1	0.1	0.2	0.1	1.0	1.2	20.8	2.9
MSCI AC World return⁽⁴⁾	6.4	-1.2	3.1	5.9	1.9	43.0	25.8	23.0	3.2
Std. dev. Long/Short	8.2	9.4	11.0	10.3	10.5	13.2	14.3	11.9	11.9
Std. dev. MSCI AC World⁽⁴⁾	8.6	11.1	11.3	11.7	11.3	16.9	19.2	17.3	17.3
Correlation to MSCI AC World⁽³⁾⁽⁴⁾	0.6	0.6	0.5	0.6	0.5	0.5	0.5	0.5	-
r² to MSCI AC World⁽⁴⁾	35.6	33.0	22.7	37.2	28.5	22.5	20.7	23.9	-
Sharpe ratio Long/Short	-	-	-	-	-	1.6	1.0	0.4	-

Sector	Share
Consumer Staples	38.1
Financials	24.0
Information Technology	15.2
Industrials	12.2
Materials	9.1
Health Care	7.5
Utilities	3.0
Energy	2.9
Consumer Discretionary	0.4
Telecommunication Services	0.2
Other	-19.5

Region	Share
Great Britain	24.9
Far East	24.8
Continental Europe	19.6
US & Canada	15.9
Japan	7.9

(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