Performance

	UFG Russia Select
	UFG Russia Debt
	UFG Russia Alternative

«Aiming for new heights with lower risk and higher returns»

UFG Russia Select — Russian long-short hedge fund portfolio.

Date	30.05.2008
Unit Price (USD)	7031.01
*Performance, %**
1 month	15.52
3 months	20.85
6 months	15.5
YTD	15.5
Since Inception	603.1
Annualised Standard Deviation	23.66
Sharp Ratio	1.59

Data range
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* No performance fee accrual is allowed for in these performance figures

UFG Russia Debt — Russian fixed income hedge fund portfolio.

Date	30.05.2008
Unit Price (USD)	1429.22
*Performance, %**
1 month	0.93
3 months	1.53
6 months	5.11
YTD	5.11
Since Inception	42.92

Data range
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* No performance fee accrual is allowed for in these performance figures

UFG Russia Alternative — Small cap/pre IPO hedge fund portfolio.

Date	30.05.2008
Unit Price (USD)	1650.45
*Net Performance, %**
1 month	4.8
YTD	2.19

* Net of all fees

The information contained herein is not for distribution to and does not constitute an offer to sell or the solicitation of any offer to buy or sell any securities to any person in any jurisdiction in which such offer, sale or solicitation is prohibited. Prospective investors are advised to consult their financial advisor and to take separate advice as to the legal requirements within their own countries for investment in any of the funds as well as any securities, taxation or exchange control legislation affecting them personally. In addition, the funds and services have not been registered with the U.S. Securities and Exchange Commission, and as a result, such investment products are only available to certain accredited investors who have been pre-qualified by UFG Asset Management.

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