Inflation

+8%

Considered Allocat 26 Securities

Asset Classes ion %

Listed Equity 7,5 Monthly

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Performance
Private Equity 10 2006 1,32 0,53 0,23 0,08 -0,67 0,06 0,04 1,12 1,03 1,34 -0,49 1,54 6,28
Fixed Income 37,5 2007 1,50 0,08 -0,35 1,14 1,82 1,01 1,12 0,35 0,13 2,96 0,17 0,21 10,58
2008 0,04 1,26 -2,45 3,53 1,15 -1,51 -0,09 2,94 0,21 3,56 0,38 -2,80 6,16
Real Estate 0 2009 3,85 -0,28 -1,12 2,45 -1,32 0,64 1,54 0,56 0,71 -0,82 0,41 1,86 8,68
2010 1,73 2,05 2,86 2,04 2,31 0,38 -2,04 2,72** -0,08* 11,96
Forestry 5 * 62,5% of all NAVs reported
** 95% of all NAVs reported
Infrastructure 0 2006 2007 2008 2009 2010 YTD Avg
Inflation Eurozone 2,2 2,1 3,3 0,3 1,35 1,85
Commodities 25 Expected Excess Return 8 8 8 8 6 8 150
Target Return 10,2 10,1 11,3 8,30 7,35 9,45
Cash, Vola,
15 Delivered Return 6,28 10,58 6,16 8,68 11,96 8,73 130
Arbitrage

110
Master Parameters
 No product trading Management Style PPS Currencies PPS MSCI World
 No product exchange 90
Active Management 65 % 52,5 % EUR
 No transaction costs Passive Management 35 % 47,5 % USD
 Monthly re-balancing 5% GBP 70
 No Currency Hedge
Strategy Style PPS
Security Weightings
Long & Short 52,5 % 50
12x 2,50%

Oct 06

Oct 07

Oct 08

Okt 09
Jun 06

Jun 07

Jun 08

Jun 09

Jun 10
Dec 05
Feb 06

Dec 06
Feb 07

Dec 07
Feb 08

Dec 08
Feb 09

Feb 10
Apr 06

Apr 07

Apr 08

Apr 09

Apr 10
Aug 06

Aug 07

Aug 08

Aug 09

Dez 09

Aug 10
Long Only 47,5 %
14x 5,00%
0x 7,50%

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