PANORAMA 360 PANORAMA 360 PANORAMA 360 REPORT DESCRIPTION

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PANORAMA 360°



                                                         PANORAMA 360°

                                                      REPORT DESCRIPTION




Welcome to the PANORAMA 360° service provided by Merrill Lynch Bank (Suisse) S.A.

To help you understand the content of the reports that you can see on-line and can print from your own computer, we describe the
information shown on each report in this document.

The reports are described in the sequence shown below. If there is a specific report that you wish to review please go directly to the
page number of the report shown in the table on the next page. The description of each report precedes the example.

Please also remember that for each report you have the option of viewing it either on a consolidated basis - when all of your
individual portfolios are combined - or on an individual portfolio basis. Simply make the appropriate selection on the selection
screen. In the description, we have assumed that a consolidated view has been chosen. Each report works as described for both
the review of an individual or consolidated portfolio.

As part of the report contents we have grouped currencies by geographic region and industries within major industrial groupings.
The contents of each of these groups are shown after the report descriptions.


If you have questions about any of the detail on your reports or would like to know more about the service, please do not hesitate to
contact your Financial Advisor.




PANORAMA 360°
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   PANORAMA 360°

   TABLE OF CONTENTS

Ref                     Report Name                                                          Sub-name                                      Page
1.0    Statement of Assets as of (date)                   Overview in (currency) Performance (Time Weighted Return - TWR)                   1 (6)
2.0    Statement of Assets and Liabilities as of (date)   Distribution by Asset Categories and Liabilities                                  2 (8)
3.0    Distribution by assets and liabilities             Pie Charts of Asset and Liability types                                          4 (11)
4.0    Statement of Assets as of (date)                   Matrix by portfolio and asset classes (currency and performance period)          5 (13)
5.0    Matrix by asset classes and risk currencies        Matrix of asset class analyzed into risk currency by region                      6 (15)
6.0    Statement of Assets as of (date)                   Distribution by Risk Currencies (figures in (currency))                          8 (18)
7.0    Statement of Assets as of (date)                   Distribution by Trade Currencies (figures in (currency))                        10 (21)
8.0    Statement of Assets as of (date)                   Maturity structure of the fixed-income securities                               11 (23)
9.0    Statement of Assets as of (date)                   Fixed Income by duration                                                        12 (25)
10.0   Statement of Assets as of (date)                   Earning structure in (currency)                                                 13 (27)
11.0   Cash Flow Projection                               Interest payments and redemptions (period)                                      14 (29)
12.0   Statement of Assets as of (date)                   Equity exposure by Countries                                                    18 (34)
13.0   Statement of Assets as of (date)                   Equity exposure by Industry Sectors                                             20 (37)
14.0   Alternative Investments                            Distribution by Alternative Investments – Hedge Funds                           22 (40)
15.0   Alternative Investments                            Distribution by Alternative Investments – Private Equity                        23 (42)
16.0   Alternative Investments                            Distribution by Alternative Investments – Commodities and Futures               24 (44)
17.0   Statement of Assets as of (date)                   Evaluation in (currency)                                                        25 (49)
18.0   Statement of Assets as of (date)                   Performance (TWR) Overview in (currency)                                        45 (70)
19.0   Statement of Assets as of (date)                   Performance (TWR) Overview in (currency) – contributions to performance         46 (72)
20.0   Statement of Assets as of (date)                   Performance (TWR) with Benchmark comparison, in (currency)                      47 (74)
21.0   Statement of Assets as of (date)                   Performance (Time weighted rate of return) in (currency))                       48 (77)
22.0   Statement of Assets as of (date)                   Performance (TWR) with statistic figures and Value at Risk in (currency)        49 (80)
23.0   Profit and Loss Analysis (date) - Summary          Performance (TWR), Figures in (currency)                                        50 (83)
24.0   Profit and Loss Analysis (date) - Detail           Performance (TWR), Figures in (currency)                                        51 (87)
25.0   Statement of Assets as of (date)                   Forex Rates and Market Figures against Swiss Franc                             67 (104)
26.0   Statement of Assets as of (date)                   Composition of the customised benchmark in (currency)                          --- (106)




   PANORAMA 360°
                                                                                 Report description - Page 3/113


                       Statement of assets as of 30.04.2008                                         Consolidation
                       Cover sheet                                                               MLBS Test Client
                                                                                                           66000




                                                               Consolidation

                                                              MLBS Test Client




21.07.2008 #10042/13
                                                                                                                    Report description - Page 4/113

PANORAMA 360°

                        Statement of Assets as of (date)
NAME OF REPORT
Sub-name                Overview in (currency) Performance (Time Weighted Return - TWR)
Purpose of report       Overview of the (consolidated) portfolio with performance (TWR) in aggregate and by custodian
                        bank


REF    Data Name                         Description
1.0    Heading line                      Includes the period being reported on
       First Section:                    This section analyses the gross movements in the consolidated portfolio; the overall
       Details of overall portfolio      performance; the performance since inception of the portfolio into the consolidation
       performance                       service; the total and individual portfolio holdings by custodian and their relative
                                         percentage of the total consolidated portfolio
       Total value at start of period    Value of consolidated portfolio at the start of the period being reported
       Total value at end of period      Value of consolidated portfolio at the end of the period being reported
       Increase/decrease in value        The net difference between the start and end values
       Additions/withdrawals             The net amount of additions and withdrawals in the period
       Net change                        The net difference between Increase/decrease and additions/withdrawals
       Performance since inception       The time weighted rate of return (TWR) calculated from the net difference
       date
       Name of each custodian bank       Name of each bank holding a portfolio
       Performance (of each bank)        TWR calculated for that bank’s holdings
       Total value (of consolidated)     Total value of consolidated portfolio
       Value (of each bank portfolio)    End of period value of holdings at each bank
       Part                              Percentage of the total portfolio held by the individual bank
       Second section:                   This section shows the distribution of the portfolio by currency analysed into regions.
       Distribution by regional
       (trade) currencies
       Region name                       This lists each region with a currency exposure
       Total of portfolio (by region)    The total of portfolio held in the regional currencies
       Percentage of total (in region)   The percentage of total currency for each region



PANORAMA 360°
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PANORAMA 360°


      Third section:                  This section shows the distribution of the portfolio analysed into the different asset
      Distribution by Asset           classes.
      Allocation
      Asset class name                This lists each asset class with a holding(s) in the portfolio
      Total of portfolio (by asset    The total of portfolio held in each asset class
      class)
      Percentage of total (by asset   The percentage of total held in each asset class
      class)




PANORAMA 360°
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                                 Statement of assets as of 30.04.2008                                                                                        Consolidation
                                 Overview in CHF Performance (TWR)                                                                                        MLBS Test Client
                                                                                                                                                                    66000
Detail period 31.12.2007 - 30.04.2008                                                    Custodian Banks                    Performance         Value      Part


Total value at start of period                            151'532'136                    Total                                            148'675'840   100.0%
Total value at end of period                              148'675'840                    ABC, Geneva                            -5.20%     20'205'237    13.6%
Increase / decrease in value                               -2'856'297                    USW, Zürich                            -3.93%    111'449'577    75.0%
Additions / Withdrawals                                     3'574'100                    CB, Basel                              -5.09%     17'021'025    11.4%
Net change                                                 -6'430'397    -4.24%




Distribution by trade currencies                                                         Distribution by Asset Allocation


Total                                                            148'675'840   100.00%   Total                                            148'675'840   100.00%
United States                                                     31'618'364    21.27%   Cash and Short term instruments                    8'047'465     5.41%
Europe                                                           112'519'794    75.68%   Forex                                                201'493     0.14%
Pacific Rim, incl. Japan                                           1'965'191     1.32%   Bonds                                             73'344'390    49.33%
Emerging Markets-Asia Pacific                                      1'367'419     0.92%   Equities                                          43'518'722    29.27%
Emerging Markets-EE                                                  571'471     0.38%   Alternative Investments (HF)                      10'619'430     7.14%
Emerging Markets-Latam                                               495'610     0.33%   Alternative Investments (PE)                       2'280'262     1.53%
Emerging Markets-MEA                                                 137'990     0.09%   Alternative Investments (CF)                       2'721'696     1.83%
                                                                                         Other Assets                                       7'942'382     5.34%




21.07.2008 #10042/97                                                                                                                                                   p. 1
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PANORAMA 360°



NAME OF REPORT          Statement of Assets and Liabilities as of (date)
Sub-name                Distribution by Asset Categories and Liabilities
Purpose of report       Overview of the portfolio in a balance sheet representation : assets followed by liabilities (if any)


REF    Data Name                       Description
2.0    Heading Line
       First section:                  This section lists the different types of asset class held in the portfolio and the
       Analysis of Assets and          liabilities also held.
       Liabilities summarized by
       asset type and liability
       Assets                          Heading
       Total Assets                    The total value of all assets
       Asset classes                   Each asset class held in the portfolio is listed
       Sub-asset classes               Each constituent asset class of each asset class is also listed
       Asset value, %                  The value of each asset type and percentage of total assets
       Liabilities                     Heading
       Total liabilities               The total liability value is shown
       Liability types                 Each type of liability present is listed
       Liability value, %              The value of each liability and percentage of total liabilities
       Guarantees                      Each guarantee is shown
       Guarantee value                 The value of each guarantee
       Value                           The values of each asset type, sub-asset type, liabilities and liability type are shown
                                       against each category
       Percentage (of portfolio)       The percentage that each category represents of the total portfolio is shown




PANORAMA 360°
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                              Statement of assets as of 30.04.2008                                                                                      Consolidation
                              Distribution by assets and liabilities                                                                                 MLBS Test Client
                                                                                                                                                               66000
Assets                                                                                             Liabilities

                                                                        Total Value     Current                                               Total Value     Current
                                                                            in CHF    allocation                                                  in CHF    allocation

Total Assets                                                           156'231'381     105.1%      Total Liabilities                          -7'555'541       -5.1%
Cash and Short term instruments                                         13'614'811        9.2%     Cash and Short term instruments            -5'567'346       -3.7%
Current Accounts                                                           552'615        0.4%     Current Accounts                           -3'978'765       -2.7%
Call Money                                                               1'382'350        0.9%     Loan                                       -1'588'581       -1.1%
Fiduciary Deposits                                                       9'684'357        6.5%     Equities                                       -9'350        0.0%
Money Market Funds                                                       1'995'489        1.3%     Stock Options                                  -9'350        0.0%
Forex                                                                     201'493         0.1%     Alternative Investments (CF)               -1'978'846       -1.3%
Forex Forward Contracts                                                   201'493         0.1%     Index Futures                              -1'978'846       -1.3%
Bonds                                                                   73'344'390       49.3%
United States                                                            2'650'567        1.8%
Europe                                                                  61'495'585       41.4%
Pacific Rim, incl. Japan                                                 7'453'261        5.0%
Emerging Markets-EE                                                        228'300        0.2%
Rest of the world                                                        1'516'676        1.0%
Equities                                                                43'528'071       29.3%
Chemicals                                                                1'569'584        1.1%
Basic Resources                                                            988'165        0.7%
Construction & Materials                                                   564'276        0.4%
Industrial Goods & Services                                              3'820'639        2.6%
Automobiles & Parts                                                        342'940        0.2%
Food & Beverage                                                          4'702'159        3.2%
Personal & Household Goods                                               1'448'633        1.0%
Health Care                                                              6'202'193        4.2%
Oil and gas                                                              2'739'441        1.8%
Retail                                                                     529'832        0.4%
Media                                                                      359'293        0.2%
Telecommunications                                                       2'352'111        1.6%
Utilities                                                                  860'519        0.6%
21.07.2008 #10042/123                                                                                                                                              p. 2
                                                                                                          Report description - Page 9/113


                               Statement of assets as of 30.04.2008                                                         Consolidation
                               Distribution by assets and liabilities                                                    MLBS Test Client
                                                                                                                                   66000
Assets                                                                                      Liabilities

Banks                                                                    3'358'447   2.3%
Insurance                                                                2'807'985   1.9%
Financial Services                                                       2'058'117   1.4%
Technology                                                               1'764'503   1.2%
Mixed sectors (investment trusts)                                        7'007'155   4.7%
Sector neutral                                                              52'078   0.0%
Alternative Investments (HF)                                            10'619'430   7.1%
Single Manager Long/Short                                                1'924'282   1.3%
Single Manager Event Driven                                              1'069'880   0.7%
FoF Single Stratgey Others                                                 582'840   0.4%
FoF Multi Strategy                                                         409'729   0.3%
Not classified instruments                                               6'632'699   4.5%
Alternative Investments (PE)                                             2'280'262   1.5%
Private Equity Investments                                               2'280'262   1.5%
Alternative Investments (CF)                                             4'700'542   3.2%
Gold incl. Coins                                                           907'190   0.6%
Silver incl. Coins                                                         560'325   0.4%
Palladium                                                                  439'013   0.3%
Index Futures                                                            2'145'378   1.4%
Commodity Options                                                          405'397   0.3%
Structured investments classified as co                                    243'238   0.2%
Other Assets                                                             7'942'382   5.3%
Real Estate Trusts                                                       6'683'886   4.5%
Real Estate Participations                                                 966'750   0.7%
Tax deductions / refunds                                                   291'746   0.2%




21.07.2008 #10042/123                                                                                                                 p. 3
                                                                                                               Report description - Page 10/113

PANORAMA 360°



NAME OF REPORT         Statement of Assets as of (date)
Sub-name               Distribution by assets and liabilities
Purpose of report      Pie Charts of Asset and Liability types

REF    Data Name                             Description
3.0    Asset Pie Chart                       This shows the composition by asset type in percentage terms
       Asset and Liability Bar Chart         This shows in percentage terms the total amount of assets and liabilities




PANORAMA 360°
                                                                                                                        Report description - Page 11/113


                                    Statement of assets as of 30.04.2008                                                                    Consolidation
                                    Distribution by assets and liabilities                                                               MLBS Test Client
                                                                                                                                                   66000
Assets                                                                                               Chart




                                                                                                        110%

                                                                                                        100%
                                      Forex 0.1%

                                                                                                        90%

                                                                                                        80%

                                                                                       Bonds 46.9%      70%
       Equities 27.9%
                                                                                                        60%

                                                                                                        50%

                                                                                                        40%

                                                                                                        30%
          Alt Inv PE 1.5%
                                                                                                        20%

                        Liq. 8.7%
                                                                                                        10%

                                     Alt Inv CF 3.0%   Alt Inv HF 6.8%                                   0%
                                                                         Others 5.1%

                                                                                                        -10%
                                                                                                               Assets      Liabilities




21.07.2008 #10042/21                                                                                                                                  p. 4
                                                                                                                     Report description - Page 12/113

PANORAMA 360°




NAME OF REPORT          Statement of Assets as of (date)
Sub-name                Matrix by portfolio and asset classes (currency and performance period)
Purpose of report       Matrix of asset classes by portfolio showing distribution and performance by manager


REF    Data Name                                Description
4.0    Heading line                             Lists different asset classes in each portfolio
       Main section                             This section lists each account manager/custodian and analyses the asset
                                                allocation of each portfolio managed
       Portfolio number                         This is the portfolio number assigned by the consolidation service
       Portfolio name                           Name of portfolio
       Name of manager/custodian                Name of manager of the portfolio
       Asset analysis by type                   The total of each asset class held by each manager
       Percentage of asset class                Percentage of each asset class in manager portfolio
       Total in portfolio reference currency    Total value of each portfolio
       Percentage of total portfolio by         Percentage of total portfolio managed by each individual manager
       manager
       Performance by manager                   TWR performance of the manager
       Total of each asset class                Total of each asset class held by the total consolidated portfolio
       Percentage of total portfolio by asset   Percentage of total portfolio held by each asset class
       class




PANORAMA 360°
                                                                                                                                                                          Report description - Page 13/113


                             Statement of assets as of 30.04.2008                                                                                                                                Consolidation
                             Matrix by portfolios and asset classes (figures in CHF, performance period from 31.12.2007 to 30.04.2008)                                                       MLBS Test Client
                                                                                                                                                                                                        66000
                                                                            Liq.       Forex        Bonds       Equities    Alt Inv HF   Alt Inv PE   Alt Inv CF     Others        Value in CHF        Perf.
                                                                                                                                                                                      % of Total
 66000.01 Balanced Portfolio             268090                       3'213'203              -            -    2'766'072    6'455'092      467'234             -   7'303'636         20'205'237      -5.20%
             ABC Bank, Geneva                                            15.90%              -            -      13.69%       31.95%         2.31%             -     36.15%              13.59%

 66000.02 Fixed Income Portfolio         268089                       1'852'849       189'211    70'816'189             -            -            -            -    163'625          73'021'875      -0.22%
             USW Bank, Zürich                                             2.54%        0.26%        96.98%              -            -            -            -      0.22%              49.11%

 66000.03 Equity Portfolio               268091                       1'050'633              -            -   37'248'948             -            -            -    128'121          38'427'703      -9.94%
             USW Bank, Zürich                                             2.73%              -            -      96.93%              -            -            -      0.33%              25.85%

 66000.04 Exotic Asset Management        Exotic portfolio             1'930'779        12'282     2'528'200    3'503'701    4'164'338    1'813'028    2'721'696     347'000          17'021'025      -5.09%
             Custodian Bank, Basel                                       11.34%        0.07%        14.85%       20.58%       24.47%       10.65%       15.99%        2.04%              11.45%


Total                                                                 8'047'465       201'493 73'344'390 43'518'722 10'619'430           2'280'262    2'721'696    7'942'382        148'675'840
                                                                         5.41%         0.14%     49.33%     29.27%      7.14%               1.53%        1.83%        5.34%            100.00%




21.07.2008 #10042/133                                                                                                                                                                                      p. 5
                                                                                                                Report description - Page 14/113

PANORAMA 360°




NAME OF REPORT         Statement of Assets as of (date)
Sub-name               Matrix by asset classes and risk currencies
Purpose of report      Matrix of asset class analysed into risk currency by region


REF    Data Name                     Description
5.0    Heading Line
       Main section                  This section lists each risk currency by region and analyses the asset allocation by
                                     currency
       Total                         Total portfolio value analysed by asset class
       Regional currency             Total of asset class in regional currency
       Sub-regional currencies       Total of asset class in the individual currencies that are included in the regional
                                     currency total
       Asset class                   This lists all possible asset classes
       Value in reference currency   Total value of the portfolio in each regional currency and sub-regional currency
       % of portfolio                Percentage of portfolio in each regional currency and sub-regional currency




PANORAMA 360°
                                                                                                                                                 Report description - Page 15/113


                           Statement of assets as of 30.04.2008                                                                                                       Consolidation
                           Matrix by asset classes and risk currencies                                                                                             MLBS Test Client
                                                                                                                                                                             66000
                                                         Liq.            Forex    Bonds    Equities   Alt Inv HF   Alt Inv PE   Alt Inv CF   Others       Value in CHF        % of
                                                                                                                                                                              total
Total                                                  5.41%             0.14%    49.33%    29.27%       7.14%        1.53%        1.83%     5.34%         148'675'840    100.00%


United States                                          1.87%             -0.80%   1.78%      6.49%       3.56%        0.63%        -0.07%                   20'008'090     13.46%
US Dollar                                              1.80%             -0.80%   1.78%      6.36%       3.56%        0.63%        -0.07%                   19'704'498     13.25%
Canadian Dollar                                        0.07%                                 0.13%                                                             303'591      0.20%

Europe                                                 2.68%             5.91%    41.36%    18.09%       0.06%                     0.09%     4.21%         107'654'089     72.41%
Spanish Peseta                                                                               0.07%                                                             104'155      0.07%
Swiss Franc                                            2.44%             5.80%    41.25%    11.44%                                           3.45%          95'713'288     64.38%
Euro                                                   0.15%             0.11%     0.11%     3.65%        0.06%                     0.48%    0.26%           7'162'931      4.82%
Pound Sterling                                         0.10%                                 2.06%                                                           3'211'151      2.16%
Swedish Krona                                                                                0.31%                                                             466'760      0.31%
Norwegian Kroner                                                                             0.27%                                                             394'989      0.27%
EMU currencies mixed                                                                         0.29%                                 -0.38%    0.50%             600'816      0.40%

Pacific Rim, incl. Japan                               0.01%             -4.98%   5.01%      1.19%                                 0.09%                     1'965'191      1.32%
Japanese Yen                                           0.01%             -4.98%   5.01%      1.19%                                 0.09%                     1'965'191      1.32%
Emerging Markets-Asia Pacific                          0.28%                                 1.08%                                           1.13%           3'687'182      2.48%
Hong Kong Dollar                                                                             0.64%                                                             956'843      0.64%
New Taiwan Dollar                                                                            0.25%                                                             364'732      0.25%
Philippine Peso                                                                              0.19%                                                             276'886      0.19%
Thailand Baht                                          0.28%                                                                                                   410'577      0.28%
Asian Currencies Mixed                                                                                                                       1.13%           1'678'145      1.13%
Emerging Markets-EE                                    0.16%                      0.15%      0.23%                                                             804'258      0.54%
Czech Koruna                                                                                 0.07%                                                             108'419      0.07%
Polish Zloty                                           0.16%                                                                                                   234'753      0.16%
Russian Rubel                                                                      0.15%     0.16%                                                             461'086      0.31%
Emerging Markets-Latam                                 0.33%                                 0.37%                                                           1'043'383      0.70%
Mexican Peso                                           0.33%                                 0.16%                                                             727'627      0.49%
Brazilian Real                                                                               0.21%                                                             315'756      0.21%


21.07.2008 #10042/27                                                                                                                                                            p. 6
                                                                                                                                             Report description - Page 16/113


                         Statement of assets as of 30.04.2008                                                                                                     Consolidation
                         Matrix by asset classes and risk currencies                                                                                           MLBS Test Client
                                                                                                                                                                         66000
                                                       Liq.            Forex   Bonds   Equities   Alt Inv HF   Alt Inv PE   Alt Inv CF   Others       Value in CHF        % of
                                                                                                                                                                          total
Emerging Markets-MEA                                 0.09%                                                                                                 137'990      0.09%
Commercial Rand                                      0.09%                                                                                                 137'990      0.09%

Rest of the world                                                              1.02%     1.83%       3.52%        0.91%        1.72%                    13'375'656      9.00%
Precious Metals                                                                                                                1.45%                     2'149'766      1.45%
Mixed Currencies                                                               1.02%     1.79%        3.52%        0.91%       0.27%                    11'173'812      7.52%
Emerging Markets mixed                                                                   0.04%                                                              52'078      0.04%




21.07.2008 #10042/27                                                                                                                                                        p. 7
                                                                                                                Report description - Page 17/113

PANORAMA 360°



NAME OF REPORT         Statement of Assets as of (date)
Sub-name               Distribution by Risk Currencies (figures in (currency))
Purpose of report      Analysis of portfolio by risk currency and grouped by region: statement plus graphic presentation


REF    Data Name                    Description
6.0    Heading Line
       First section :              This section lists each risk currency by region and analyses the total portfolio by
       Distribution of portfolio    currency distribution
       by currency
       Total                        The total value of the portfolio
       Regional currency            The total value of portfolio in each regional currency and percentage that currency
                                    represents of the total
       Sub-regional currency        The total value of portfolio in each sub-regional currency within the applicable regional
                                    currency and percentage that currency represents of the total
       Second section:              This chart shows in the form of a Pie Chart the currency distribution by regional
       Currency analysis chart      currency




PANORAMA 360°
                                                                                                                                                      Report description - Page 18/113


                           Statement of assets as of 30.04.2008                                                                                                                Consolidation
                           Distribution by Risk Currencies (figures in Swiss Franc)                                                                                         MLBS Test Client
                                                                                                                                                                                      66000
Figures                                                                                       Chart




Total                                                           148'675'840      100.00%
United States                                                     20'008'090      13.46%
US Dollar                                                         19'704'498      13.25%
Canadian Dollar                                                      303'591       0.20%
                                                                                                                                               Europe 72.4%
Europe                                                          107'654'089       72.41%
Swiss Franc                                                      95'713'288       64.38%
Euro                                                              7'267'086        4.89%
EMU currencies mixed                                                600'816        0.40%
Pound Sterling                                                    3'211'151        2.16%
Swedish Krona                                                       466'760        0.31%
Norwegian Kroner                                                    394'989        0.27%
Pacific Rim, incl. Japan                                           1'965'191          1.32%
Japanese Yen                                                       1'965'191          1.32%
Emerging Markets-Asia Pacific                                      3'687'182          2.48%           Emg MEA 0.1%
Hong Kong Dollar                                                     956'843          0.64%
New Taiwan Dollar                                                    364'732          0.25%
Asian Currencies Mixed                                             1'678'145          1.13%                      US 13.5%
Philippine Peso                                                      276'886          0.19%
Thailand Baht                                                        410'577          0.28%                                                         PacRim 1.3%
                                                                                                                            Emg EE 0.5%     Emg Latam 0.7%
                                                                                                                                 RoW 9.0%                Emg AsiaPac 2.5%
Emerging Markets-EE                                                  804'258          0.54%
Czech Koruna                                                         108'419          0.07%
Polish Zloty                                                         234'753          0.16%
Russian Rubel                                                        461'086          0.31%
Emerging Markets-Latam                                             1'043'383          0.70%
Mexican Peso                                                         727'627          0.49%
Brazilian Real                                                       315'756          0.21%


21.07.2008 #10042/21                                                                                                                                                                     p. 8
                                                                                                    Report description - Page 19/113


                         Statement of assets as of 30.04.2008                                                           Consolidation
                         Distribution by Risk Currencies (figures in Swiss Franc)                                    MLBS Test Client
                                                                                                                               66000
Figures                                                                                     Chart


Emerging Markets-MEA                                               137'990          0.09%
Commercial Rand                                                    137'990          0.09%
Rest of the world                                               13'375'656          9.00%
Mixed Currencies                                                11'173'812          7.52%
Precious Metals                                                  2'149'766          1.45%
Emerging Markets mixed                                              52'078          0.04%




21.07.2008 #10042/21                                                                                                              p. 9
                                                                                                                 Report description - Page 20/113

PANORAMA 360°



NAME OF REPORT          Statement of Assets as of (date)
Sub-name                Distribution by Trade Currencies (figures in (currency))
Purpose of report       Analysis of portfolio by trade currency and grouped by region: statement plus graphic presentation


REF    Data Name                     Description
7.0    Heading Line
       First section :               This section lists each trade currency by region and analyses the total portfolio by
       Distribution of portfolio     currency distribution
       by currency
       Total Value                   The total value of the portfolio
       Regional currency             The total value of portfolio in each regional currency and percentage that currency
                                     represents of the total
       Sub-regional currency         The total value of portfolio in each sub-regional currency within the applicable regional
                                     currency and percentage that currency represents of the total
       Exchange rate                 The current exchange rate against the portfolio reference currency
       Total value in (reference)    The total value of portfolio in each sub-regional currency within the applicable regional
       currency                      currency and percentage that currency represents of the total in reference currency
                                     equivalent
       Second section:               This chart shows in the form of a Pie Chart the currency distribution by regional
       Currency analysis chart       currency




PANORAMA 360°
                                                                                                                                             Report description - Page 21/113


                           Statement of assets as of 30.04.2008                                                                                                        Consolidation
                           Distribution by Trade Currencies (figures in Swiss Franc)                                                                                MLBS Test Client
                                                                                                                                                                              66000
Figures                                                                                          Chart

                                  Total Value     Exchange          Total Value
                                                      Rate              in CHF
Total                                                             148'675'840          100.00%
United States                                                       31'618'364         21.27%
CAD                                  293'550         1.0342            303'591          0.20%
USD                               30'065'549         1.0416         31'314'772         21.06%
                                                                                                                                   Europe 75.7%
Europe                                                            112'519'794          75.68%
CHF                               96'589'727      100.0000         96'589'727          64.97%
EUR                                6'764'423        1.6216         10'969'113           7.38%
GBP                                1'987'163        2.0628          4'099'204           2.76%
NOK                                1'937'875       20.3826            394'989           0.27%
SEK                                2'686'081       17.3770            466'760           0.31%
Pacific Rim, incl. Japan                                             1'965'191          1.32%
JPY                              197'188'957         0.9966          1'965'191          1.32%
Emerging Markets-Asia Pacific                                        1'367'419          0.92%
HKD                                7'160'680        13.3625            956'843          0.64%
THB                               12'500'000         3.2846            410'577          0.28%
                                                                                                         Emg MEA 0.1%
Emerging Markets-EE                                                    571'471          0.38%
CZK                                1'688'000         6.4229            108'419          0.07%
PLN                                  500'000         0.4695            234'753          0.16%                                                    Emg AsiaPac 0.9%
RUB                                5'190'676         4.3983            228'300          0.15%                           US 21.3%     Emg Latam 0.3%
                                                                                                                                                PacRim 1.3%
Emerging Markets-Latam                                                 495'610          0.33%                                                       Emg EE 0.4%

MXN                                5'000'000         0.0991            495'610          0.33%
Emerging Markets-MEA                                                   137'990          0.09%
ZAR                                1'000'000         0.1380            137'990          0.09%




21.07.2008 #10042/21                                                                                                                                                            p. 10
                                                                                                               Report description - Page 22/113

PANORAMA 360°




NAME OF REPORT         Statement of Assets as of (date)
Sub-name               Maturity structure of the fixed-income securities
Purpose of report      Maturity structure of fixed income securities by year: statement plus graphic presentation


REF    Data Name                         Description
8.0    Heading Line
       First section :                   For the fixed income allocation of the portfolio only, this section lists each
       Distribution of portfolio by      maturity band – liquid and then each following year when a maturity is due - and
       fixed income maturity             analyses the total portfolio by each maturity band
       Total                             The total value of fixed income securities held in the portfolio
       Maturity year                     The total value of fixed income securities held in the portfolio by maturity year
                                         and percentage that year represents of the total fixed income securities held
       Second section:                   This chart shows in the form of a Bar Chart the maturity distribution of fixed
       Fixed income analysis chart       income securities held




PANORAMA 360°
                                                                                                                                           Report description - Page 23/113


                       Statement of assets as of 30.04.2008                                                                                                     Consolidation
                       Maturity structure of the fixed-income securities                                                                                     MLBS Test Client
                                                                                                                                                                       66000
Figures                                                                              Chart




Total                                                         73'344'390   100.00%
without maturity                                               1'646'196     2.24%
June 2008                                                      2'035'017     2.77%     12 Mio
 2008                                                          2'004'867     2.73%
                                                                                       11 Mio
 2009                                                          8'184'936    11.16%
 2010                                                          2'271'963     3.10%     10 Mio
 2011                                                          3'013'791     4.11%
                                                                                        9 Mio
 2012                                                          4'912'792     6.70%
 2013                                                          9'383'236    12.79%      8 Mio
 2014                                                          8'771'736    11.96%
                                                                                        7 Mio
 2015                                                          4'816'794     6.57%
 2016                                                         11'588'064    15.80%      6 Mio
 2017                                                          4'323'917     5.90%
                                                                                        5 Mio
later                                                         10'391'081    14.17%
                                                                                        4 Mio

                                                                                        3 Mio

                                                                                        2 Mio

                                                                                        1 Mio

                                                                                        0 Mio
                                                                                                without Jun 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 later
                                                                                                        2008




21.07.2008 #10042/21                                                                                                                                                     p. 11
                                                                                                                 Report description - Page 24/113

PANORAMA 360°




NAME OF REPORT         Statement of Assets as of (date)
Sub-name               Fixed Income by duration
Purpose of report      Maturity structure of fixed income securities by duration: statement plus graphic presentation


REF    Data Name                    Description
9.0    Heading Line
       First section :              For the fixed income allocation of the portfolio only, this report shows the duration of
       Distribution of portfolio    the securities held
       by issuer rating
       Total Value                  The total value of the portfolio
       Total Value – fixed income   The total value of fixed income securities held in the portfolio
       Duration in years            The average duration of the fixed income securities
       Current allocation           The value of each portfolio as a percentage of the total portfolio
       Second section:              This chart shows in the form of a Bar Chart showing the duration distribution of fixed
       Fixed income analysis        income securities held
       chart




PANORAMA 360°
                                                                                                                              Report description - Page 25/113


                        Statement of assets as of 30.04.2008                                                                                      Consolidation
                        Fixed Income by duration                                                                                               MLBS Test Client
                                                                                                                                                         66000
Figures                                                                                  Chart

                                                   Total Value   Duration      Current
                                                       in CHF    in years   allocation
Total                                         148'675'840             2.3    100.0%
66000.01                                           20'205'237           -      13.6%
                                                                                             5.0
66000.02                                           73'021'875         4.6      49.1%
                                                                                             4.5
66000.03                                           38'427'703           -      25.8%
66000.04                                           17'021'025         0.2      11.4%         4.0


                                                                                             3.5


                                                                                             3.0


                                                                                             2.5


                                                                                             2.0


                                                                                             1.5


                                                                                             1.0


                                                                                             0.5


                                                                                             0.0
                                                                                                   66000.01   66000.02   66000.03        66000.04




21.07.2008 #10042/132                                                                                                                                      p. 12
                                                                                                              Report description - Page 26/113

PANORAMA 360°




NAME OF REPORT        Statement of Assets as of (date)
Sub-name              Earning structure in (currency)
Purpose of report     Income flow of fixed income securities by month: statement plus graphic presentation


REF    Data Name                        Description
10.0   Heading Line
       First section :                  For the fixed income allocation of the portfolio only, this section lists the
       Earning structure by month       expected coupon income to be received by month for the next 12 months,
                                        assuming no change in the holdings
       Total                            The total earnings of fixed income securities held in the portfolio and percentage
                                        of the total portfolio value
       Months (12 months forward)       The total value of coupon income to be received in each month and the
                                        percentage each month’s income represents of the total expected income
       Second section:                  This chart shows in the form of a Bar Chart the income to be received in each of
       Income cash flow analysis        the 12 future months
       chart




PANORAMA 360°
                                                                                                                                        Report description - Page 27/113


                             Statement of assets as of 30.04.2008                                                                                             Consolidation
                             Interest structure in Swiss Franc                                                                                             MLBS Test Client
                                                                                                                                                                     66000
Earning structure by month                                                        Earning chart




Month                                  Total Earnings       Part of Total Value

Total                                    1'904'399.32                   1.28%       400 000


January                                     77'506.53                   0.05%
                                                                                    350 000
February                                   380'640.23                   0.26%
March                                      319'987.32                   0.22%
April                                      150'006.53                   0.10%       300 000

May                                         61'831.37                   0.04%
June                                       136'892.37                   0.09%       250 000
July                                       190'165.18                   0.13%
August                                      64'510.88                   0.04%
                                                                                    200 000
September                                  102'508.88                   0.07%
October                                     85'006.53                   0.06%
November                                   164'419.70                   0.11%       150 000

December                                   170'923.79                   0.11%
                                                                                    100 000



                                                                                     50 000



                                                                                         0
                                                                                              Jan   Feb   Mar   Apr   May   Jun   Jul   Aug   Sep    Oct     Nov     Dec




21.07.2008 #10042/14                                                                                                                                                   p. 13
                                                                                                          Report description - Page 28/113

PANORAMA 360°




NAME OF REPORT        Cashflow Projection
Sub-name              Interest payments and redemptions (period)
Purpose of report     Detailed income flow incl. redemptions of fixed income securities by month


REF    Data Name                   Description
11.0   Heading line
       Main section                This report shows all fixed income redemptions and coupons expected in the period
                                   specified, assuming that no holdings change in the period
       Date                        Month and date of the expected cash flow
       Event                       Type of cash flow e.g. interest payment, redemption
       Principal (held)            Amount of the principal held in the security
       Currency (of income/cash    Currency the cash flow is being paid in
       flow)
       Coupon rate                 Current coupon rate of the security
       Issuer                      The name of the security issuer
       Maturity date               The expected maturity date of the security
       Custodian bank              The manager/custodian of the portfolio holding the security
       Portfolio                   The portfolio number assigned by the consolidation service
       Amount                      The expected amount of the cash flow
       Payment frequency           The frequency at which the coupon payments are expected e.g. annual, semi-annual
                                   etc.
       Forex rate                  The current exchange rate between the currency of the cash flow and the portfolio
                                   reference currency
       Amount in reference         The calculated equivalent amount of the reference currency to be received in each
       currency (month)            month
       Amount in reference         The calculated equivalent amount of the reference currency to be received in each
       currency (security)         month from each security


PANORAMA 360°
                                                                                                                                               Report description - Page 29/113


                             Cashflow Projection                                                                                                                     Consolidation
                             Interest payments and redemptions 01.05.2008 - 31.12.2008                                                                            MLBS Test Client
                                                                                                                                                                            66000
Date     Event                                     Security                                     Custodian Bank   Portfolio               Amount Pay.          Forex     Amount
                                                                                                                                                Freq.          Rate      in CHF


May 2008                                                                                                                                                               13'120'539.97
2.      Redemption               100'000.00 CAD 48-h Call CAD                                   CB, Basel        Exotic portfolio     100'000.00 annual.        1.03      103'420.70
2.        Redemption           5'000'000.00 MXN 48-h Call MXN                                   CB, Basel        Exotic portfolio    5'000'000.00 annual.       0.10     495'610.40
2.        Redemption             500'000.00 PLN 48-h Call PLN                                   CB, Basel        Exotic portfolio     500'000.00 annual.        0.47     234'752.59
2.        Redemption          12'500'000.00 THB 48-h Call THB                                   CB, Basel        Exotic portfolio   12'500'000.00 annual.       3.28     410'576.50
2.        Redemption           1'000'000.00 ZAR 48-h Call ZAR                                   CB, Basel        Exotic portfolio    1'000'000.00 annual.       0.14     137'990.00
5.        Interest Payment        36'000.00 EUR 4.23% Fiduciary Deposit EUR 21.04.-05.05.2008   ABC, Geneva      268090                      0.00 at expir.     1.62           0.00
5.        Redemption              36'000.00 EUR 4.23% Fiduciary Deposit EUR 21.04.-05.05.2008   ABC, Geneva      268090                36'000.00 at expir.      1.62       58'377.20
5.        Interest Payment     5'614'000.00 CHF 1.86% Fiduciary Deposit CHF 28.04.-05.05.2008   USW, Zürich      268089                   709.55 at expir.                  1'091.61
5.        Redemption           5'614'000.00 CHF 1.86% Fiduciary Deposit CHF 28.04.-05.05.2008   USW, Zürich      268089              5'614'000.00 at expir.             5'614'000.00
6.        Interest Payment       398'000.00 CHF 2.05% Fiduciary Deposit CHF 29.04.-06.05.2008   ABC, Geneva      268090                     50.30 at expir.                   77.39
6.        Redemption             398'000.00 CHF 2.05% Fiduciary Deposit CHF 29.04.-06.05.2008   ABC, Geneva      268090               398'000.00 at expir.               398'000.00
8.        Interest Payment     1'500'000.00 USD 2.60% Fiduciary Deposit USD 01.05.-08.05.2008   ABC, Geneva      268090                  1'478.75 at expir.     1.04        1'540.19
8.        Redemption           1'500'000.00 USD 2.60% Fiduciary Deposit USD 01.05.-08.05.2008   ABC, Geneva      268090              1'500'000.00 at expir.     1.04 1'562'325.00
8.        Interest Payment       337'000.00 USD 2.60% Fiduciary Deposit USD 01.05.-08.05.2008   USW, Zürich      268091                   332.23 at expir.      1.04         346.03
8.        Redemption             337'000.00 USD 2.60% Fiduciary Deposit USD 01.05.-08.05.2008   USW, Zürich      268091               337'000.00 at expir.      1.04     351'002.35
9.        Interest Payment       920'000.00 CHF 2.20% Fiduciary Deposit CHF 24.04.-09.05.2008   ABC, Geneva      268090                   249.17 at expir.                   383.33
9.        Redemption             920'000.00 CHF 2.20% Fiduciary Deposit CHF 24.04.-09.05.2008   ABC, Geneva      268090               920'000.00 at expir.               920'000.00
9.        Interest Payment        44'000.00 EUR 4.08% Fiduciary Deposit EUR 24.04.-09.05.2008   USW, Zürich      268089                      0.00 at expir.     1.62           0.00
9.        Redemption              44'000.00 EUR 4.08% Fiduciary Deposit EUR 24.04.-09.05.2008   USW, Zürich      268089                44'000.00 at expir.      1.62       71'349.92
9.        Interest Payment       576'000.00 CHF 2.20% Fiduciary Deposit CHF 24.04.-09.05.2008   USW, Zürich      268091                   156.00 at expir.                   240.00
9.        Redemption             576'000.00 CHF 2.20% Fiduciary Deposit CHF 24.04.-09.05.2008   USW, Zürich      268091               576'000.00 at expir.               576'000.00
12.       Interest Payment        64'000.00 GBP 5.15% Fiduciary Deposit GBP 29.04.-12.05.2008   USW, Zürich      268089                   208.00 at expir.      2.06         429.07




21.07.2008 #10042/10                                                                                                                                                            p. 14
                                                                                                                                                 Report description - Page 30/113


                             Cashflow Projection                                                                                                                      Consolidation
                             Interest payments and redemptions 01.05.2008 - 31.12.2008                                                                             MLBS Test Client
                                                                                                                                                                             66000
Date     Event                                     Security                                     Custodian Bank   Portfolio                Amount Pay.          Forex     Amount
                                                                                                                                                 Freq.          Rate      in CHF
12.       Redemption              64'000.00 GBP 5.15% Fiduciary Deposit GBP 29.04.-12.05.2008   USW, Zürich      268089                  64'000.00 at expir.     2.06     132'021.89
15.       Interest Payment     1'000'000.00 USD 3 3/8% BNG 08-15.05.2013                        USW, Zürich      268089                   5'250.00 annual.       1.04       5'468.14
16.       Redemption                -100.00 USD PUT Bear Stearns 16.05.2008 / USD 10            CB, Basel        Exotic portfolio                   annual.      1.04
17.       Interest Payment     5'000'000.00 RUB 7.35% Russian Railways Comp 05-10.11.2010       CB, Basel        Exotic portfolio       182'745.90 semi-an       4.40       8'037.66
20.       Interest Payment     2'000'000.00 CHF 1 7/8% Pfandbriefbank 03-20.05.2008 S372        USW, Zürich      268089                  24'375.00 annual.                 37'500.00
20.       Redemption           2'000'000.00 CHF 1 7/8% Pfandbriefbank 03-20.05.2008 S372        USW, Zürich      268089               2'000'000.00 annual.              2'000'000.00


June 2008                                                                                                                                                               -1'193'205.87
13.     Interest Payment       1'000'000.00 CHF 2 7/8% Rabobank 06-13.06.2014                   USW, Zürich      268089                  28'750.00 annual.                  28'750.00
15.       Interest Payment     1'000'000.00 CHF 2 1/4% Eurofima 05-15.06.2016                   USW, Zürich      268089                  14'625.00 annual.                 22'500.00
20.       Interest Payment   150'000'000.00 JPY 1.40% EIB 05-20.06.2017                         USW, Zürich      268089               1'050'000.00 semi-an       1.00      10'464.33
20.       Redemption                 450.00 SEK PUT Ericsson B 20.06.2008 / SEK 22              CB, Basel        Exotic portfolio                   annual.     17.38
21.       Interest Payment     2'000'000.00 CHF 2 5/8% Province of Quebec 06-21.06.2017         USW, Zürich      268089                  52'500.00 annual.                 52'500.00
26.       Interest Payment     1'000'000.00 CHF 2 3/8% Eksportfinans 03-26.06.2013              USW, Zürich      268089                  23'750.00 annual.                 23'750.00
30.       Interest Payment     1'000'000.00 CHF 2 %       Landw Rentenbank 05-30.06.2015        USW, Zürich      268089                  20'000.00 annual.                 20'000.00
30.       Redemption           1'045'600.00 CHF Forward Account CHF 30.06.2008 / USD            USW, Zürich      268089               1'045'600.00 annual.              1'045'600.00
30.       Redemption           7'581'967.00 CHF Forward Account CHF 30.06.2008 / JPY            USW, Zürich      268089               7'581'967.00 annual.              7'581'967.00
30.       Redemption         -740'000'000.00 JPY Forward Account JPY 30.06.2008 / CHF           USW, Zürich      268089             -740'000'000.00 annual.      1.00 -7'374'862.20
30.       Redemption           -1'000'000.00 USD Forward Account USD 30.06.2008 / CHF           USW, Zürich      268089               -1'000'000.00 annual.      1.04 -1'041'550.00
30.       Interest Payment     -1'500'000.00 USD 5 %      Fixed Loan USD 31.12.-30.06.2008      CB, Basel        Exotic portfolio             0.00 annual.       1.04           0.00
30.       Redemption           -1'500'000.00 USD 5 %      Fixed Loan USD 31.12.-30.06.2008      CB, Basel        Exotic portfolio     -1'500'000.00 annual.      1.04 -1'562'325.00




21.07.2008 #10042/10                                                                                                                                                             p. 15
                                                                                                                                                  Report description - Page 31/113


                             Cashflow Projection                                                                                                                       Consolidation
                             Interest payments and redemptions 01.05.2008 - 31.12.2008                                                                              MLBS Test Client
                                                                                                                                                                              66000
Date     Event                                     Security                                          Custodian Bank   Portfolio             Amount Pay.         Forex     Amount
                                                                                                                                                   Freq.         Rate      in CHF


July 2008                                                                                                                                                                172'500.00
8.      Interest Payment       3'000'000.00 CHF 2 1/2% Province of Ontario 03-08.07.2013             USW, Zürich      268089               75'000.00 annual.              75'000.00
10.       Interest Payment     1'000'000.00 CHF 2 3/8% EIB 05-10.07.2020                             USW, Zürich      268089               23'750.00 annual.              23'750.00
14.       Interest Payment     1'000'000.00 CHF 3 1/4% HSBC Finance 06-14.07.2016                    USW, Zürich      268089               32'500.00 annual.              32'500.00
18.       Redemption                  50.00 CHF CALL Julius Baer 18.07.2008 / CHF 84                 CB, Basel        Exotic portfolio               annual.
21.       Interest Payment     1'000'000.00 CHF 2 1/2% BNG 05-21.07.2025                             USW, Zürich      268089               25'000.00 annual.              25'000.00
27.       Interest Payment     1'000'000.00 CHF 1 5/8% Toyota Motor Credit 05-27.07.2011             USW, Zürich      268089               16'250.00 annual.              16'250.00


August 2008                                                                                                                                                               48'217.17
15.     Interest Payment       1'000'000.00 USD 4 %       US Treasury Notes 04-15.02.2014 S B-2014   USW, Zürich      268089               19'890.71 semi-an      1.04    20'717.17
19.       Interest Payment     1'000'000.00 CHF 2 3/4% Oberoest Landesbank 07-19.08.2016             USW, Zürich      268089               27'500.00 annual.              27'500.00


September 2008                                                                                                                                                            84'026.12
16.    Interest Payment        2'000'000.00 CHF 2 %       Shell Int Finance BV 06-16.09.2011         USW, Zürich      268089               40'000.00 annual.              40'000.00
20.       Interest Payment   150'000'000.00 JPY 1.70% DBJ 02-20.09.2022                              USW, Zürich      268089             1'089'672.13 semi-an     1.00    12'776.12
24.       Redemption                 700.00 EUR ML Disc-Zert DJ EURO Stoxx 50 08-24.09.2008          CB, Basel        Exotic portfolio               annual.      1.62
27.       Interest Payment     1'000'000.00 CHF 3 1/8% Citigroup 06-27.09.2021                       USW, Zürich      268089               31'250.00 annual.              31'250.00


October 2008                                                                                                                                                             223'732.50
4.      Interest Payment       1'000'000.00 CHF 1 3/4% ANZ Banking Group 05-04.10.2010               USW, Zürich      268089               17'500.00 annual.              17'500.00
8.        Redemption             150'000.00 USD 10 %      ML / Amgen 08-08.10.2008 REV CONV          CB, Basel        Exotic portfolio    150'000.00 annual.      1.04   156'232.50
18.       Interest Payment     2'000'000.00 CHF 2 1/2% Oest Kontrollbank 04-18.10.2012               USW, Zürich      268089               50'000.00 annual.              50'000.00




21.07.2008 #10042/10                                                                                                                                                            p. 16
                                                                                                                                                Report description - Page 32/113


                             Cashflow Projection                                                                                                                    Consolidation
                             Interest payments and redemptions 01.05.2008 - 31.12.2008                                                                           MLBS Test Client
                                                                                                                                                                           66000
Date     Event                                     Security                                       Custodian Bank   Portfolio             Amount Pay.         Forex     Amount
                                                                                                                                                Freq.         Rate      in CHF


November 2008                                                                                                                                                           118'125.99
17.   Interest Payment         5'000'000.00 RUB 7.35% Russian Railways Comp 05-10.11.2010         CB, Basel        Exotic portfolio    184'754.10 semi-an      4.40       8'125.99
21.       Interest Payment     2'000'000.00 CHF 3 1/8% Morgan Stanley 06-21.11.2018               USW, Zürich      268089               62'500.00 annual.                 62'500.00
30.       Interest Payment     2'000'000.00 CHF 2 3/8% Total Capital 04-30.11.2012                USW, Zürich      268089               47'500.00 annual.                 47'500.00


December 2008                                                                                                                                                       2'222'420.44
1.     Interest Payment      150'000'000.00 JPY 1.65% Deutsche Bahn Fin 04-01.12.2014             USW, Zürich      268089             2'475'000.00 annual.     1.00    24'665.92
5.        Interest Payment     1'000'000.00 CHF 3 %       Energie Beheer 07-05.12.2014            USW, Zürich      268089               30'583.33 annual.                 30'583.33
15.       Interest Payment     2'000'000.00 CHF 2 %       ICO 05-15.12.2016                       USW, Zürich      268089               40'000.00 annual.                 40'000.00
18.       Interest Payment     2'000'000.00 CHF 2 %       Toyota Motor Credit 03-18.12.2008       USW, Zürich      268089               40'000.00 annual.                 40'000.00
18.       Redemption           2'000'000.00 CHF 2 %       Toyota Motor Credit 03-18.12.2008       USW, Zürich      268089             2'000'000.00 annual.             2'000'000.00
20.       Interest Payment   150'000'000.00 JPY 1.40% EIB 05-20.06.2017                           USW, Zürich      268089             1'050'000.00 semi-an     1.00       10'464.33
20.       Interest Payment   300'000'000.00 JPY 1.65% DEPFA 04-20.12.2016                         USW, Zürich      268089             4'950'000.00 annual.     1.00       49'331.85
20.       Interest Payment       100'000.00 CHF 2 3/8% Baloise 04-20.12.2010                      CB, Basel        Exotic portfolio      1'543.75 annual.                  2'375.00
30.       Interest Payment     1'000'000.00 CHF 2 1/2% PFB Oest Landeshypobk 05-30.12.2015        USW, Zürich      268089               25'000.00 annual.                 25'000.00


                                                                                              Total                                                                   14'796'356.31




21.07.2008 #10042/10                                                                                                                                                           p. 17
                                                                                                                    Report description - Page 33/113

PANORAMA 360°




NAME OF REPORT          Statement of Assets as of (date)
Sub-name                Distribution by Geographic Region
Purpose of report       Equity exposure by geographic region: statement plus graphic presentation


REF    Data Name                     Description
12.0   Heading Line
       First section :               For the equity allocation of the portfolio only, this section lists each risk currency by
       Distribution of portfolio     region and analyses the total portfolio by currency distribution
       by currency
       Total                         The total value of the equities held in the portfolio
       Regional currency             The total value of equities held in the portfolio in each regional currency and
                                     percentage that currency represents of the total equities held
       Sub-regional currency         The total value of equities held in the portfolio in each sub-regional currency within the
                                     applicable regional currency and percentage that currency represents of the total
                                     equities held
       Current allocation            This analysis shows the relative value of holdings of each region and country within
                                     the equities held
       % of total                    The total percentage the region and sub-regional allocations within the total portfolio
       Second section:               This chart shows in the form of a Bar Chart the currency distribution of equities held
       Equity currency analysis      by each regional currency
       chart




PANORAMA 360°
                                                                                                                                                 Report description - Page 34/113


                           Statement of assets as of 30.04.2008                                                                                                           Consolidation
                           Equity exposure by Countries (figures in Swiss Franc)                                                                                       MLBS Test Client
                                                                                                                                                                                 66000
Figures                                                                                    Chart

                                                                  Current          % of
                                                                allocation         total
Total                                            43'518'722     100.00%      29.27%
United States                                     9'653'526      22.18%       6.49%
Canada                                              200'171       0.46%       0.13%
USA                                               9'453'355      21.72%       6.36%
Europe                                           26'893'827      61.80%      18.09%
Europe mixed                                        756'359       1.74%       0.51%                                                                     Europe 61.8%

Switzerland                                      17'003'796      39.07%      11.44%
Germany                                           1'083'562       2.49%       0.73%
Spain                                             1'093'329       2.51%       0.74%
France                                            1'613'839       3.71%       1.09%                Emg EE 0.2%

Great Britain                                     3'069'006       7.05%       2.06%
Greece                                              279'043       0.64%       0.19%
Netherlands                                       1'133'145       2.60%       0.76%
Norway                                              394'989       0.91%       0.27%
Sweden                                              466'760       1.07%       0.31%
                                                                                                       US 22.2%
Pacific Rim, incl. Japan                          1'769'101        4.07%      1.19%
Japan                                             1'769'101        4.07%      1.19%
Emerging Markets-Asia Pacific                     1'931'757        4.44%      1.30%
Asia / Pacific                                      333'296        0.77%      0.22%                               Emg Latam 1.3%                 Emg AsiaPac 4.4%
                                                                                                                      RoW 6.0%     PacRim 4.1%
Hong Kong                                           956'843        2.20%      0.64%
Phillipine                                          276'886        0.64%      0.19%
Taiwan                                              364'732        0.84%      0.25%
Emerging Markets-EE                                 108'419        0.25%      0.07%
Tschech Republic                                    108'419        0.25%      0.07%
Emerging Markets-Latam                              547'773        1.26%      0.37%
Brazil                                              315'756        0.73%      0.21%
Mexico                                              232'017        0.53%      0.16%

21.07.2008 #10042/21                                                                                                                                                               p. 18
                                                                                          Report description - Page 35/113


                       Statement of assets as of 30.04.2008                                                   Consolidation
                       Equity exposure by Countries (figures in Swiss Franc)                               MLBS Test Client
                                                                                                                     66000
Figures                                                                           Chart


Rest of the world                             2'614'319        6.01%      1.76%
Worldwide                                     2'329'455        5.35%      1.57%
Emerging Markets                                 52'078        0.12%      0.04%
Russia                                          232'786        0.53%      0.16%




21.07.2008 #10042/21                                                                                                   p. 19
                                                                                                                   Report description - Page 36/113

PANORAMA 360°




NAME OF REPORT          Statement of Assets as of (date)
Sub-name                Distribution by Industry Sectors
Purpose of report       Equity exposure by industry sectors: statement plus graphic presentation



REF    Data Name                     Description
13.0   Heading Line
       First section :               For the equity allocation of the portfolio only, this section lists each industrial grouping
       Distribution of portfolio     and analyses the total portfolio by industry sector exposure
       by industry sector
       Total                         The total value of equities held in the portfolio
       Industry sector               The total value of equities held in the portfolio in each major industrial sector and
                                     percentage that sector represents of the total equities held
       Sub-industry sector           The total value of equities held in the portfolio in each sub-industry sector within the
                                     applicable major industry sector and the percentage that sub-sector represents of the
                                     total equities held
       Current allocation            This analysis shows the relative value of holdings of each industry group and industry
                                     within the equities held
       % of total                    The total percentage the industry main and sub-classifications within the total portfolio
       Second section:               This chart shows in the form of a Bar Chart the industrial sector distribution of equities
       Equity industry sector
       analysis chart




PANORAMA 360°
                                                                                                                                                          Report description - Page 37/113


                              Statement of assets as of 30.04.2008                                                                                                             Consolidation
                              Equity exposure by Industry Sectors (figures in Swiss Franc)                                                                                  MLBS Test Client
                                                                                                                                                                                      66000
Figures                                                                                      Chart

                                                                     Current        % of
                                                                   allocation       total
Total                                               43'518'722      100.00%     29.27%
                                                                                                                        Sector neutral
Oil and gas                                           2'739'441       6.29%       1.84%
                                                                                                     Mixed sectors (investment trusts)
Oil and gas                                           2'739'441       6.29%       1.84%
                                                                                                                          Technology
Basic materials                                       2'557'750       5.88%       1.72%
                                                                                                                   Financial Services
Chemicals                                             1'569'584       3.61%       1.06%
                                                                                                                            Insurance
Basic Resources                                         988'165       2.27%       0.66%
                                                                                                                               Banks
Industrials                                           4'384'811      10.08%       2.95%
                                                                                                                              Utilities
Construction & Materials                                564'172       1.30%       0.38%
                                                                                                                 Telecommunications
Industrial Goods & Services                           3'820'639       8.78%       2.57%
                                                                                                                               Media
Consumer goods                                        6'486'049      14.90%       4.36%
                                                                                                                                Retail
Automobiles & Parts                                     335'257       0.77%       0.23%
                                                                                                                          Health Care
Food & Beverage                                       4'702'159      10.80%       3.16%
Personal & Household Goods                            1'448'633       3.33%       0.97%                 Personal & Household Goods

                                                                                                                    Food & Beverage
Health care                                           6'202'193      14.25%       4.17%
                                                                                                                 Automobiles & Parts
Health Care                                           6'202'193      14.25%       4.17%
                                                                                                          Industrial Goods & Services
Consumer service                                       889'125        2.04%       0.60%
                                                                                                             Construction & Materials
Retail                                                 529'832        1.22%       0.36%
                                                                                                                     Basic Resources
Media                                                  359'293        0.83%       0.24%
                                                                                                                           Chemicals
Telecommunications                                    2'352'111       5.40%       1.58%
                                                                                                                          Oil and gas
Telecommunications                                    2'352'111       5.40%       1.58%
                                                                                                                                      0%   2%   4%   6%   8%   10%   12%   14%   16%   18%
Utilities                                              860'519        1.98%       0.58%
Utilities                                              860'519        1.98%       0.58%
Financials                                            8'222'987      18.90%       5.53%
Banks                                                 3'358'447       7.72%       2.26%
Insurance                                             2'807'985       6.45%       1.89%
Financial Services                                    2'056'555       4.73%       1.38%
21.07.2008 #10042/21                                                                                                                                                                     p. 20
                                                                                                      Report description - Page 38/113


                               Statement of assets as of 30.04.2008                                                       Consolidation
                               Equity exposure by Industry Sectors (figures in Swiss Franc)                            MLBS Test Client
                                                                                                                                 66000
Figures                                                                                       Chart


Technology                                             1'764'503       4.05%       1.19%
Technology                                             1'764'503       4.05%       1.19%
Others                                                 7'059'233      16.22%       4.75%
Mixed sectors (investment trusts)                      7'007'155      16.10%       4.71%
Sector neutral                                            52'078       0.12%       0.04%




21.07.2008 #10042/21                                                                                                               p. 21
                                                                                                                 Report description - Page 39/113

PANORAMA 360°




NAME OF REPORT          Alternative Investments
Sub-name                Distribution by Alternative Investments
Purpose of report       Analysis of hedge funds by manager type and strategy: statement plus graphic presentation


REF    Data Name                       Description
14.0   Heading line
       Main section                    This report shows all holdings in hedge funds analysed by type of fund
       Type of fund                    This shows the type of hedge fund
       Value in reference currency     This shows the value of each type of fund
       Percentage of Hedge Funds       This shows the value expressed as a percentage of the total hedge fund holdings in
       in the type of fund             the portfolio
       Current allocation              This analysis shows the relative value of holdings of each hedge fund type within the
                                       hedge funds held
       Percentage of total portfolio   This shows the value expressed as a percentage of the total portfolio
       in the type of fund
       Second section:                 This chart shows in the form of a Pie Chart the distribution by hedge fund type
       Hedge Fund analysis
       chart




PANORAMA 360°
                                                                                                                                                                     Report description - Page 40/113


                               Statement of assets as of 30.04.2008                                                                                                                             Consolidation
                               Distribution by Alternative Investments (figures in Swiss Franc)                                                                                              MLBS Test Client
                                                                                                                                                                                                       66000
Figures                                                                                           Chart

                                                                       Current        % of
                                                                     allocation       total
Total                                                 10'619'430      100.00%       7.14%
Alternative Investments (HF)                          10'619'430      100.00%       7.14%
Single Manager Long/Short                              1'924'282       18.12%       1.29%
Single Manager Event Driven                            1'069'880       10.07%       0.72%
FoF Single Stratgey Others                               582'840        5.49%       0.39%
FoF Multi Strategy                                       409'729        3.86%       0.28%                                                                                    Not classified instruments 62.5%
Not classified instruments                             6'632'699       62.46%       4.46%




                                                                                                     FoF Multi Strategy
                                                                                                     3.9%




                                                                                                  Single Manager Long/Short
                                                                                                  18.1%




                                                                                                                              FoF Single Stratgey Others 5.5%   Single Manager Event Driven 10.1%




21.07.2008 #10042/21                                                                                                                                                                                            p. 22
                                                                                                                  Report description - Page 41/113




NAME OF REPORT          Alternative Investments
Sub-name                Alternative Investments – Private Equity
Purpose of report       Analysis of private equity holdings by type

REF    Data Name                       Description
15.0   Heading line
       Main section                    This report shows all holdings in private equity funds
       Private equity holding          Name of private equity holding
       Value in reference currency     This shows the value of each private equity holding in the portfolio
       Percentage of Private           This shows the value expressed as a percentage of the total private equity investment
       Equity investments in the       holdings in the portfolio
       type of fund
       Current allocation              This analysis shows the relative value of holdings of each private equity type within
                                       the private equities held
       Percentage of total portfolio   This shows the value expressed as a percentage of the total portfolio
       in the type of fund
                                                                                                                                         Report description - Page 42/113


                               Statement of assets as of 30.04.2008                                                                                          Consolidation
                               Distribution by Alternative Investments (figures in Swiss Franc)                                                           MLBS Test Client
                                                                                                                                                                    66000
Figures                                                                                           Chart

                                                                       Current        % of
                                                                     allocation       total
Total                                                  2'280'262      100.00%       1.53%
Alternative Investments (PE)                           2'280'262      100.00%       1.53%
Private Equity Investments                             2'280'262      100.00%       1.53%


                                                                                                     Private Equity Investments 100.0%




21.07.2008 #10042/21                                                                                                                                                  p. 23
                                                                                                             Report description - Page 43/113




NAME OF REPORT           Alternative Investments
Sub-name                 Alternative Investments – Commodities and Futures
Purpose of report        Analysis of commodity and futures holdings by type

REF    Data Name                          Description
16.0   Heading line
       Main section                       This report shows all holdings in commodity and futures instruments analysed by
                                          type of instrument see Appendix C for the complete analysis possible
       Type of asset                      This shows the type of commodity and futures asset type as defined by the bank
       Sub-asset                          This shows the sub-asset class constituents of each commodities and futures
                                          class as defined by the bank
       Value in reference currency        This shows the value of each type of fund and sub-fund held in the portfolio
       Percentage of Commodities and      This shows the value expressed as a percentage of the total commodities and
       Futures in the type of fund        futures holdings in the portfolio
       Current allocation                 This analysis shows the relative value of holdings of each commodity and future
                                          type within the commodities and futures held
       Percentage of total portfolio in   This shows the value expressed as a percentage of the total portfolio
       the type of fund
                                                                                                                                                                     Report description - Page 44/113


                              Statement of assets as of 30.04.2008                                                                                                                       Consolidation
                              Distribution by Alternative Investments (figures in Swiss Franc)                                                                                        MLBS Test Client
                                                                                                                                                                                                66000
Figures                                                                                          Chart

                                                                      Current        % of
                                                                    allocation       total
Total                                                 2'721'696      100.00%       1.83%
Alternative Investments (CF)                          2'721'696      100.00%       1.83%
Gold incl. Coins                                        907'190       33.33%       0.61%
Silver incl. Coins                                      560'325       20.59%       0.38%
                                                                                                                                                           Index Futures 6.1%
Palladium                                               439'013       16.13%       0.30%                                    Silver incl. Coins 20.6%
Index Futures                                           166'532        6.12%       0.11%
Commodity Options                                       405'397       14.90%       0.27%
Structured investments classified as commodities        243'238        8.94%       0.16%


                                                                                                  Structured
                                                                                                  investments
                                                                                                  classified as                                                                      Gold incl. Coins
                                                                                                  commodities 8.9%                                                                   33.3%




                                                                                                          Palladium 16.1%




                                                                                                                                                Commodity Options 14.9%




21.07.2008 #10042/21                                                                                                                                                                                    p. 24
                                                                                                                   Report description - Page 45/113

PANORAMA 360°




NAME OF REPORT        Statement of Assets as of (date)
Sub-name              Evaluation in (currency)
Purpose of report     Listing of all individual assets and liabilities held in the portfolio as at date selected


REF    Data Name                    Description
17.0   Heading Line
       Main section                 This report shows by asset class and sub-asset type the individual positions held in
                                    the portfolio
       Cash and Short term
       instruments
       Quantity                     Balance of cash held or principal amount of deposit or nominal of bond
       Currency                     Currency of instrument
       Interest rate                Rate of deposit or bond
       Period                       Term of deposit or tenor of bond
       Cost price                   Not applicable
       Price                        Exchange rate against reference currency
       Accrued interest             Interest accrued but not paid as at the date of the report
       Market Value                 Market value plus any accrued interest
       % of categ(ory)              % of position in the asset class
       In %                         % of position in total portfolio
       Sub-class total              Total of sub-class
       Sub-class %                  % of sub-class of total portfolio
       Asset class total            Total of asset class
       Asset class %                % of asset class of total portfolio
       Forex                        Open foreign exchange forward deals
       Quantity                     Balance of currency



PANORAMA 360°
                                                                                                     Report description - Page 46/113

PANORAMA 360°


      Currency            Currency of deal
      Position            Description of deal
      Period              Maturity date of deal and counter currency
      Cost Price          Original exchange rate
      Price               Current exchange rate against reference currency
      Market Value        Market value of the position
      % of categ(ory)     % of position in the asset class
      In %                % of position in total portfolio
      Asset class total   Total of asset class representing the overall gain/loss on the open contracts
      Asset class %       % of asset class of total portfolio
      Bonds               Analysis of fixed income holdings by currency
      Quantity            Nominal of bond held
      Currency            Currency of instrument
      Interest rate       Rate of bond
      Position            Issuer/description of the security
      Period              Tenor of bond
      Cost Price          Cost of bond
      Y/E Price           Price at previous year end
      Current Price       Current price
      Duration            Duration of the security
      Yield to Maturity   Yield if held to maturity
      Accrued interest    Interest accrued but not paid as at the date of the report
      Market Value        Market value including accrued interest
      % of categ(ory)     % of position in the asset class
      In %                % of position in total portfolio
      Sub-class total     Total of sub-class
      Sub-class %         % of sub-class of total portfolio
      Asset class total   Total of asset class
      Asset class %       % of asset class of total portfolio
      Equities            Analysis of equity holdings by industrial classification
      Quantity            Nominal of stock held


PANORAMA 360°
                                                                                                         Report description - Page 47/113

PANORAMA 360°


      Currency                  Currency of issue
      Position                  Issuer of the security
      Cost Price                Cost of stock
      Price                     Current price
      Y/E Price                 Price at previous year end
      P/L unrealised in %       Unrealised profit/loss in % terms
      Market Value              Market value
      % of categ(ory)           % of position in the asset class
      In %                      % of position in total portfolio
      Sub-class total           Total of sub-class
      Sub-class %               % of sub-class of total portfolio
      Asset class total         Total of asset class
      Asset class %             % of asset class of total portfolio
      Alternative Investments   Analysis of alternative assets including hedge funds, private equity, commodity and
                                futures investments
      Quantity                  Nominal of security held
      Currency                  Currency of issue
      Position                  Issuer of the security
      Cost Price                Cost of stock
      Price                     Current price
      Y/E Price                 Price at previous year end
      P/L unrealised in %       Unrealised profit/loss in % terms
      Market Value              Market value
      % of categ(ory)           % of position in the asset class
      In %                      % of position in total portfolio
      Sub-class total           Total of sub-class
      Sub-class %               % of sub-class of total portfolio
      Asset class total         Total of asset class
      Asset class %             % of asset class of total portfolio
      Other Assets              Analysis of assets that do not fit within the classifications used above
      Quantity                  Nominal of asset held


PANORAMA 360°
                                                                                                           Report description - Page 48/113

PANORAMA 360°


      Currency                Currency of issue
      Position                Issuer of the security
      Cost Price              Cost of stock
      Price                   Current price
      Y/E Price               Price at previous year end
      P/L not realised in %   Unrealised profit/loss in % terms
      Market Value            Market value
      % of categ(ory)         % of position in the asset class
      In %                    % of position in total portfolio
      Sub-class total         Total of sub-class
      Sub-class %             % of sub-class of total portfolio
      Asset class total       Total of asset class
      Asset class %           % of asset class of total portfolio
      Liabilities             Analysis of liability positions including any position with a negative balance
      Quantity                Balance of cash held or principal amount of deposit or nominal of bond
      Currency                Currency of instrument
      Interest rate           Rate of deposit or bond (if applicable)
      Period                  Term of deposit or tenor of bond (if applicable)
      Cost price              Cost of security (if applicable)
      Price                   Exchange rate against reference currency or current market price
      Market Value            Market value plus any accrued interest
      In %                    % of position in total portfolio
      Sub-class total         Total of sub-class
      Sub-class %             % of sub-class of total portfolio
      Liability total         Total of liabilities
      Liability %             % of liabilities relative to total portfolio
      Total                   Total value of portfolio (assets minus liabilities)




PANORAMA 360°
                                                                                                                                              Report description - Page 49/113


                              Statement of assets as of 30.04.2008                                                                                              Consolidation
                              Evaluation in Swiss Franc                                                                                                      MLBS Test Client
                                                                                                                                                                       66000
Quantity           Curr           Position                                                    Cost Price      Price    Accrued      Market Value incl.     % of         % of
                                                                                                                        Interest   accrued int. in CHF    Categ.        total

Assets                                                                                                                730'625.27          156'231'381               100.00%

Cash and Short term instruments                                                                                         1'280.45           13'614'811    100.00%      8.71%
335'749.08         USD            Current Account USD     (cons.)                                            1.0416                           349'699      2.57%      0.22%
94'980.01          CHF            Current Account CHF     (cons.)                                          100.00                              94'980      0.70%      0.06%
53'038.68          EUR            Current Account EUR     (cons.)                                            1.6216                            86'007      0.63%      0.06%
4'466.78           GBP            Current Account GBP     (cons.)                                            2.0628                             9'214      0.07%      0.01%
1'275'775          JPY            Current Account JPY                                                        0.9966                            12'714      0.09%      0.01%
                                                                         Current Accounts                                                     552'615     4.06%       0.35%

100'000            CAD            48-h Call CAD                                                              1.0342                           103'421      0.76%      0.07%
12'500'000         THB            48-h Call THB                                                              3.2846                           410'577      3.02%      0.26%
500'000            PLN            48-h Call PLN                                                              0.4695                           234'753      1.72%      0.15%
5'000'000          MXN            48-h Call MXN                                                              0.0991                           495'610      3.64%      0.32%
1'000'000          ZAR            48-h Call ZAR                                                              0.138                            137'990      1.01%      0.09%
                                                                         Call Money                                                         1'382'350    10.15%       0.88%

5'614'000          CHF    1.86%   Fiduciary Deposit CHF   28.04.-05.05.2008                                100.00        580.11             5'614'580     41.24%      3.59%
36'000             EUR    4.23%   Fiduciary Deposit EUR   21.04.-05.05.2008                                  1.6216       61.73                58'439      0.43%      0.04%
398'000            CHF    2.05%   Fiduciary Deposit CHF   29.04.-06.05.2008                                100.00         22.66               398'023      2.92%      0.25%
1'837'000          USD    2.60%   Fiduciary Deposit USD   01.05.-08.05.2008                                  1.0416                         1'913'327     14.05%      1.22%
576'000            CHF    2.20%   Fiduciary Deposit CHF   24.04.-09.05.2008                                100.00        211.20               576'211      4.23%      0.37%
920'000            CHF    2.20%   Fiduciary Deposit CHF   24.04.-09.05.2008                                100.00        337.33               920'337      6.76%      0.59%
44'000             EUR    4.08%   Fiduciary Deposit EUR   24.04.-09.05.2008                                  1.6216       48.52                71'398      0.52%      0.05%
64'000             GBP    5.15%   Fiduciary Deposit GBP   29.04.-12.05.2008                                  2.0628       18.89               132'041      0.97%      0.08%
                                                                         Fiduciary Deposits                             1'280.45            9'684'357    71.13%       6.20%




21.07.2008 #10042/122                                                                                                                                                    p. 25
                                                                                                                                       Report description - Page 50/113


                          Statement of assets as of 30.04.2008                                                                                           Consolidation
                          Evaluation in Swiss Franc                                                                                                   MLBS Test Client
                                                                                                                                                                66000
Quantity           Curr       Position                                                Cost Price        Price   Accrued      Market Value incl.      % of       % of
                                                                                                                 Interest   accrued int. in CHF     Categ.      total
1'876              USD        Pictet Money Market USD P                               1'036.88     1'021.26                          1'995'489     14.66%      1.28%
                                                                 Money Market Funds                                                  1'995'489    14.66%       1.28%




21.07.2008 #10042/122                                                                                                                                             p. 26
                                                                                                                       Report description - Page 51/113


                          Statement of assets as of 30.04.2008                                                                            Consolidation
                          Evaluation in Swiss Franc                                                                                    MLBS Test Client
                                                                                                                                                 66000
Quantity           Curr       Position                                                         Cost Price      Price    Market Value incl.       % of
                                                                                                                       accrued int. in CHF       total

Forex                                                                                                                             201'493       0.13%
1'467'500          USD        Forward Account USD     11.03.2008 / EUR                            1.1322      1.0423            1'529'510       0.98%
-1'611'733.2       USD        Forward Account USD     11.03.2008 / EUR                            1.1322      1.0423           -1'679'838      -1.08%
1'100'000          EUR        Forward Account EUR     11.03.2008 / USD                            1.6588      1.6261            1'788'709       1.14%
-1'000'000         EUR        Forward Account EUR     11.03.2008 / USD                            1.6614      1.6261           -1'626'099      -1.04%
-1'000'000         USD        Forward Account USD     30.06.2008 / CHF                            1.0456      1.0413           -1'041'259      -0.67%
1'045'600          CHF        Forward Account CHF     30.06.2008 / USD                          100.00      100.00              1'045'600       0.67%
7'581'967          CHF        Forward Account CHF     30.06.2008 / JPY                          100.00      100.00              7'581'967       4.85%
-740'000'000       JPY        Forward Account JPY     30.06.2008 / CHF                            1.0246      0.9996           -7'397'097      -4.73%
                                                                     Forex Forward Contracts                                      201'493       0.13%




21.07.2008 #10042/122                                                                                                                              p. 27
                                                                                                                                                          Report description - Page 52/113


                               Statement of assets as of 30.04.2008                                                                                                           Consolidation
                               Evaluation in Swiss Franc                                                                                                                   MLBS Test Client
                                                                                                                                                                                     66000
Quantity           Curr             Position                                            Cost Price      Price    Price Dur.    Yield to Accrued       Market Value incl.    % of      % of
                                                                                                                  Y/E          maturity Interest     accrued int. in CHF   Categ.     total

Bonds                                                                                                                    5.2     3.04% 729'344.82            73'344'390 100.00%     46.95%
625                USD              MirOblig Mir USD AC                                   661.01     701.65     685.95                                          456'752    0.62%     0.29%
5'000              USD              UBS PACE Global Fixed Inc F                            11.50      11.50      11.50                                           59'889    0.08%     0.04%
1'000'000          USD 3 3/8%       BNG                         08-15.05.2013              99.50      99.50      99.50                    4'003.46            1'040'346    1.42%     0.67%
1'000'000          USD 4 %          US Treasury Notes           04-15.02.2014 S B-20       95.86     104.18     102.11   5.0     3.20%    8'537.30            1'093'580    1.49%     0.70%
                                                                                United States                            5.0     3.20% 12'540.75              2'650'567    3.61%    1.70%

2'000'000          CHF    1 7/8%    Pfandbriefbank              03-20.05.2008 S372        100.29      99.98      99.62   0.1     2.26%   35'416.67            2'035'017    2.77%     1.30%
2'000'000          CHF    2%        Toyota Motor Credit         03-18.12.2008              99.20      99.51      99.55   0.6     2.77%   14'666.67            2'004'867    2.73%     1.28%
2'000'000          CHF    3%        Stadt Zürich                99-05.01.2009              99.91     100.33     100.26   0.7     2.48%   19'166.67            2'025'767    2.76%     1.30%
2'000'000          CHF    3 1/8%    Pfandbriefzentrale          99-15.02.2009              99.63     100.33     100.30   0.8     2.67%   13'020.83            2'019'621    2.75%     1.29%
2'000'000          CHF    2%        Eksportfinans               03-17.03.2009              99.80      99.35      98.90   0.9     2.76%    4'777.78            1'991'778    2.72%     1.27%
2'000'000          CHF    2%        Italia                      03-30.04.2009              98.84      99.20      98.98   1.0     2.82%   40'000.00            2'024'000    2.76%     1.30%
1'000'000          CHF    1 3/4%    General Electric            05-12.02.2010             100.21      97.55      97.35   1.7     3.17%    3'791.67              979'292    1.34%     0.63%
1'000'000          CHF    1 3/4%    ANZ Banking Group           05-04.10.2010             100.48      95.55      96.65   2.3     3.70%   10'013.89              965'514    1.32%     0.62%
100'000            CHF    2 3/8%    Baloise                     04-20.12.2010              98.10      98.00      98.10   2.5     3.17%      857.64               98'858    0.13%     0.06%
1'000'000          CHF    1 5/8%    Toyota Motor Credit         05-27.07.2011              99.55      95.65      95.85   3.0     3.06%   12'322.92              968'823    1.32%     0.62%
2'000'000          CHF    2%        Shell Int Finance BV        06-16.09.2011              99.55      96.95      97.10   3.2     2.96%   24'888.89            1'963'889    2.68%     1.26%
1'000'000          CHF    2%        Toyota Motor Credit         06-21.02.2012              99.03      96.55      96.45   3.6     2.97%    3'833.33              969'333    1.32%     0.62%
2'000'000          CHF    2 1/2%    Oest Kontrollbank           04-18.10.2012              99.58      98.40      99.75   4.1     2.88%   26'666.67            1'994'667    2.72%     1.28%
2'000'000          CHF    2 3/8%    Total Capital               04-30.11.2012             100.25      96.45      97.05   4.2     3.22%   19'791.67            1'948'792    2.66%     1.25%
3'000'000          CHF    4%        Eidgenossenschaft           00-11.02.2013              99.48     105.82     105.45   4.3     2.68%   26'333.33            3'200'933    4.36%     2.05%
1'000'000          CHF    2 3/4 %   BP Capital Markets          08-11.03.2013             100.05      98.84              4.5     3.01%    3'743.06              992'143    1.35%     0.64%
1'000'000          CHF    2 3/8%    Eksportfinans               03-26.06.2013              98.00      96.30      96.75   4.7     3.16%   20'055.56              983'056    1.34%     0.63%
3'000'000          CHF    2 1/2%    Province of Ontario         03-08.07.2013              99.07      97.94      98.00   4.7     2.93%   60'833.33            2'999'033    4.09%     1.92%




21.07.2008 #10042/122                                                                                                                                                                  p. 28
                                                                                                                                                   Report description - Page 53/113


                              Statement of assets as of 30.04.2008                                                                                                     Consolidation
                              Evaluation in Swiss Franc                                                                                                             MLBS Test Client
                                                                                                                                                                              66000
Quantity           Curr            Position                                         Cost Price     Price   Price Dur.   Yield to Accrued       Market Value incl.    % of      % of
                                                                                                             Y/E        maturity Interest     accrued int. in CHF   Categ.     total
2'000'000          CHF    2 5/8%   Kanton Zürich           04-22.04.2014              99.60      98.74     97.75 5.4      2.86% 1'166.67               1'975'967    2.69%     1.26%
2'000'000          CHF    2 7/8%   KFW                     08-02.05.2014              99.55      99.55     99.55                                       1'991'000    2.71%     1.27%
1'000'000          CHF    2 7/8%   Rabobank                06-13.06.2014             100.21      97.69     98.10 5.4      3.30%   25'315.97            1'002'216    1.37%     0.64%
1'000'000          CHF    3%       Energie Beheer          07-05.12.2014              99.73      99.55     99.50 5.8      3.07%   12'666.67            1'008'167    1.37%     0.65%
2'000'000          CHF    2 1/2%   Italia                  05-02.03.2015              99.42      95.64     95.35 6.1      3.22%    8'055.56            1'920'856    2.62%     1.23%
1'000'000          CHF    3 5/8%   BMW US Capital LLC      08-04.03.2015              99.76      98.00            5.9     3.96%    5'638.89              985'639    1.34%     0.63%
1'000'000          CHF    2%       Landw Rentenbank        05-30.06.2015              99.27      93.03     93.40 6.4      3.10%   16'666.67              946'967    1.29%     0.61%
1'000'000          CHF    2 1/2%   PFB Oest Landeshypobk   05-30.12.2015             100.20      95.50     95.00 6.8      3.17%    8'333.33              963'333    1.31%     0.62%
4'000'000          CHF    2 1/2%   Eidgenossenschaft       03-12.03.2016              99.11      96.75     96.59 7.0      2.97%   13'333.33            3'883'333    5.29%     2.49%
1'000'000          CHF    2 1/4%   Eurofima                05-15.06.2016             100.58      93.10     93.65 7.1      3.23%   19'687.50              950'688    1.30%     0.61%
1'000'000          CHF    3 1/4%   HSBC Finance            06-14.07.2016             100.02      92.50     93.00 6.8      4.35%   25'819.44              950'819    1.30%     0.61%
1'000'000          CHF    2 3/4%   Oberoest Landesbank     07-19.08.2016              99.95      96.85     95.75 7.1      3.19%   19'173.61              987'674    1.35%     0.63%
2'000'000          CHF    2%       ICO                     05-15.12.2016              98.82      91.50     90.83 7.7      3.14%   15'000.00            1'845'000    2.52%     1.18%
1'000'000          CHF    2 7/8%   General Electric        07-27.02.2017              99.65      91.64     93.75 7.5      4.02%    5'031.25              921'431    1.26%     0.59%
2'000'000          CHF    2 5/8%   Province of Quebec      06-21.06.2017              99.64      94.52     94.70 7.7      3.33%   45'062.50            1'935'463    2.64%     1.24%
1'000'000          CHF    2.625%   Nestle                  07-14.02.2018              99.31      94.05     94.95 8.4      3.35%    5'541.67              946'042    1.29%     0.61%
2'000'000          CHF    3 1/4%   Kommunekredit           08-08.05.2018              99.40      99.40     99.40                                       1'988'000    2.71%     1.27%
2'000'000          CHF    3 1/8%   Morgan Stanley          06-21.11.2018              96.64      76.39     86.18 8.2      6.24%   27'604.17            1'555'404    2.12%     1.00%
1'000'000          CHF    2 1/2%   EIB                     07-08.02.2019              95.35      93.00            9.1     3.28%    5'694.44              935'694    1.28%     0.60%
1'000'000          CHF    2 3/8%   EIB                     05-10.07.2020              90.50      89.50     90.55 10.0     3.44%   19'131.94              914'132    1.25%     0.59%
1'000'000          CHF    3 1/8%   Citigroup               06-27.09.2021              99.70      75.88     87.30 9.9      5.75%   18'489.58              777'290    1.06%     0.50%
1'000'000          CHF    2 1/2%   BNG                     05-21.07.2025              91.30      86.24     96.73 13.1     3.58%   19'375.00              881'775    1.20%     0.56%
1'000'000          CHF    2 7/8%   Oest Kontrollbank       05-25.02.2030              95.42      89.04     89.95 15.4     3.61%    5'190.97              895'591    1.22%     0.57%
100'000            EUR    4 1/2%   Hungary                 03-06.02.2013              97.90      97.90     97.90 4.1      4.99%    8'971.91              167'725    0.23%     0.11%
                                                                           Europe                                 5.0     3.18% 671'131.63            61'495'585    83.84%   39.36%




21.07.2008 #10042/122                                                                                                                                                           p. 29
                                                                                                                                                              Report description - Page 54/113


                              Statement of assets as of 30.04.2008                                                                                                                Consolidation
                              Evaluation in Swiss Franc                                                                                                                        MLBS Test Client
                                                                                                                                                                                         66000
Quantity           Curr           Position                                              Cost Price           Price    Price Dur.    Yield to Accrued      Market Value incl.    % of      % of
                                                                                                                        Y/E         maturity Interest    accrued int. in CHF   Categ.     total
150'000'000        JPY    1.65%   Deutsche Bahn Fin           04-01.12.2014                97.17          100.90     101.06 6.2       1.50% 10'176.38             1'518'535    2.07%     0.97%
300'000'000        JPY    1.65%   DEPFA                       04-20.12.2016                96.65           98.76      98.48 7.9       1.81% 17'814.28             2'970'550    4.05%     1.90%
150'000'000        JPY    1.40%   EIB                         05-20.06.2017                97.69           97.63      99.39 8.4       1.68% 7'548.04              1'467'023    2.00%     0.94%
150'000'000        JPY    1.70%   DBJ                         02-20.09.2022                95.03           99.96      97.81                  2'846.85             1'497'153    2.04%     0.96%
                                                                               Pacific Rim, incl. Japan                       7.6     1.70% 38'385.55             7'453'261    10.16%   4.77%

5'000'000          RUB 7.35%      Russian Railways Comp       05-10.11.2010               101.83          100.50     101.83   2.2     7.12%   7'286.89              228'300     0.31%    0.15%
                                                                               Emerging Markets-EE                            2.2     7.12%   7'286.89             228'300     0.31%    0.15%

50'000             EUR 0 %        ML/ML eXtra Agri/Gold        08-28.03.2011 95% P        100.00          100.00     100.00   2.9                                    81'079     0.11%    0.05%
60'000             GBP 0 %        ML/ML SPX/SX5E/NIK           08-09.04.2009 100%         100.00          100.00     100.00   0.9                                   123'771     0.17%    0.08%
58'463.282         USD            Franklin Templeton Global Bo                             17.10           18.55      17.67                                       1'129'555     1.54%    0.72%
175'000            USD 0 %        ML/ML Africa/EMEA/RIC        08-28.03.2014 100%         100.00          100.00     100.00   5.9                                   182'271     0.25%    0.12%
                                                                               Rest of the world                              3.7                                 1'516'676    2.07%    0.97%




21.07.2008 #10042/122                                                                                                                                                                      p. 30
                                                                                                                                 Report description - Page 55/113


                          Statement of assets as of 30.04.2008                                                                                     Consolidation
                          Evaluation in Swiss Franc                                                                                             MLBS Test Client
                                                                                                                                                          66000
Quantity           Curr        Position                                         Cost Price      Price    Price    Unreal.   Market Value      % of         % of
                                                                                                          Y/E    P/L in %        in CHF      Categ.        total

Equities                                                                                                                     43'528'071    100.00%      27.86%
6'700              USD         Praxair                                              40.21     91.31      88.71    108.91%       637'196       1.46%       0.41%
1'100              CHF         Syngenta N                                           10.00    309.50     288.50   2995.00%       340'450       0.78%       0.22%
8'300              USD         Celanese A                                           40.61     39.05      42.32    -11.54%       337'582       0.78%       0.22%
1'100              CHF         Lonza Group N                                        86.44    141.60     137.40     63.81%       155'760       0.36%       0.10%
5'000              CHF         Clariant N                                           17.65     11.42      10.53    -35.30%        57'100       0.13%       0.04%
1'200              CHF         Ciba Holding N                                       75.65     34.58      52.50    -54.29%        41'496       0.10%       0.03%
                                                                 Chemicals                                                    1'569'584       3.61%      1.00%

5'000              CAD         Barrick Gold CAD Zert                                41.78     38.71      41.78   -16.47%        200'171       0.46%       0.13%
3'950              EUR         Arcelor Mittal                                       48.52     56.80      53.02    14.68%        363'820       0.84%       0.23%
10'400             USD         Cia Vale do Rio Doce Pfd AD                          11.62     29.15      27.98   130.79%        315'756       0.73%       0.20%
5'000              CZK         Unipetrol                                           337.60    337.60     337.60     3.17%        108'419       0.25%       0.07%
                                                                 Basic Resources                                                988'165       2.27%      0.63%

3'000              CHF         Holcim N                                             81.44    101.90     121.30     25.12%       305'700       0.70%       0.20%
2'500              EUR         Grupo Ferrovial                                      48.12     52.15      48.12      6.17%       211'415       0.49%       0.14%
2'000              USD         Toll Brothers                                        46.25     22.64      20.06    -54.97%        47'161       0.11%       0.03%
                                                                 Construction & Materials                                       564'276       1.30%      0.36%

30'000             CHF         ABB N                                                 8.41     31.84      32.62   278.78%        955'200       2.19%       0.61%
6'700              USD         United Technologies                                  58.30     72.47      76.54    14.36%        505'724       1.16%       0.32%
6'000              EUR         Thales                                               40.75     42.00      40.75     0.97%        408'640       0.94%       0.26%
3'310              EUR         Siemens N                                            86.99     75.57     108.42   -14.90%        405'619       0.93%       0.26%
42'000             GBP         BAE Systems                                           4.41      4.67       4.98    -3.12%        404'389       0.93%       0.26%




21.07.2008 #10042/122                                                                                                                                       p. 31
                                                                                                                                         Report description - Page 56/113


                          Statement of assets as of 30.04.2008                                                                                             Consolidation
                          Evaluation in Swiss Franc                                                                                                     MLBS Test Client
                                                                                                                                                                  66000
Quantity           Curr        Position                                         Cost Price           Price      Price     Unreal.   Market Value      % of         % of
                                                                                                                  Y/E    P/L in %        in CHF      Categ.        total
8'000              EUR         Gamesa                                               30.40         31.17         31.98      0.45%        404'359      0.93%        0.26%
31'155             USD         Taiwan Semiconductor ADR                             11.08         11.24          9.96     -6.67%        364'732      0.84%        0.23%
2'000              CHF         Schindler N                                          71.89         82.50         73.00     14.76%        165'000      0.38%        0.11%
2'500              CHF         Adecco N                                             83.39         62.15         61.25    -25.47%        155'375      0.36%        0.10%
600                CHF         Bobst N                                              55.45         86.00         80.65     55.09%         51'600      0.12%        0.03%
                                                                 Industrial Goods & Services                                          3'820'639       8.78%      2.45%

2'800              EUR         Continental                                          91.24         75.53         88.99    -18.90%        342'940       0.79%       0.22%
                                                                 Automobiles & Parts                                                    342'940       0.79%      0.22%

8'000              CHF         Nestle N                                            243.67        497.00        520.00    103.96%       3'976'000      9.13%       2.54%
12'546             EUR         Unilever                                             17.89         21.60         25.34     18.26%         439'440      1.01%       0.28%
11'900             GBP         SABMiller                                            13.39         11.68         14.16    -20.16%         286'719      0.66%       0.18%
                                                                 Food & Beverage                                                      4'702'159     10.80%       3.01%

16'000             GBP         British American Tobacco                            12.77           18.97         19.65    35.97%        626'114       1.44%       0.40%
8'000              GBP         Imperial Tobacco                                    21.63           24.19         27.12     2.37%        399'201       0.92%       0.26%
4'000              CHF         Cie Fin Richemont A                                 53.98           63.15         77.70    16.99%        252'600       0.58%       0.16%
300                JPY         Nintendo                                        57'400.00       57'100.00     56'100.00    -1.16%        170'718       0.39%       0.11%
                                                                 Personal & Household Goods                                           1'448'633       3.33%      0.93%

47'000             CHF         Novartis N                                           44.89         52.70         62.10     17.40%       2'476'900      5.69%       1.59%
13'000             CHF         Roche GS                                            135.17        172.80        195.60     27.84%       2'246'400      5.16%       1.44%
8'250              USD         Eli Lilly                                            54.81         48.14         53.39    -19.20%         413'657      0.95%       0.26%
10'000             EUR         Fidelity Funds Health Care A                         13.43         13.43         16.32      2.78%         217'779      0.50%       0.14%
700                USD         Intuitive Surgical                                  124.34        289.26        324.50    114.02%         210'895      0.48%       0.13%




21.07.2008 #10042/122                                                                                                                                               p. 32
                                                                                                                                           Report description - Page 57/113


                              Statement of assets as of 30.04.2008                                                                                           Consolidation
                              Evaluation in Swiss Franc                                                                                                   MLBS Test Client
                                                                                                                                                                    66000
Quantity           Curr            Position                                               Cost Price      Price    Price    Unreal.   Market Value      % of         % of
                                                                                                                     Y/E   P/L in %        in CHF      Categ.        total
3'000              CHF             Actelion N                                               49.54       52.50      52.05     5.97%        157'500      0.36%        0.10%
150'000            USD 10 %        ML / Amgen                08-08.10.2008 REV CONV        100.00      100.00     100.00     4.87%        156'233      0.36%        0.10%
1'000              CHF             Synthes                                                 142.00      142.80     141.80     0.56%        142'800      0.33%        0.09%
400                CHF             Straumann N                                             305.56      277.50     312.25    -9.18%        111'000      0.26%        0.07%
400                CHF             Basilea Pharmaceutica N                                 222.89      151.00     220.50   -32.25%         60'400      0.14%        0.04%
230                CHF             Nobel Biocare Holding                                   339.75       37.52     303.00   -88.96%           8'630     0.02%        0.01%
                                                                            Health Care                                                 6'202'193     14.25%       3.97%

4'750              USD             Exxon Mobil                                              68.97       93.07      93.69    24.14%        460'451       1.06%       0.29%
238'000            HKD             CNOOC                                                     9.48       13.76      13.28    33.58%        437'604       1.01%       0.28%
4'800              EUR             Total                                                    37.49       53.94      56.83    40.95%        419'849       0.96%       0.27%
4'600              USD             Weatherford                                              34.30       85.55      68.60   129.46%        409'881       0.94%       0.26%
2'700              USD             Hess                                                     53.24       88.18     100.86    52.37%        247'978       0.57%       0.16%
8'200              NOK             Subsea 7                                                105.59      136.25     103.00    31.06%        227'724       0.52%       0.15%
6'500              NOK             Acergy                                                  152.02      126.25     121.25   -18.82%        167'265       0.38%       0.11%
25'000             USD             Tatneft                                                   6.30        6.30       6.30    -8.00%        164'044       0.38%       0.11%
1'000              USD             EOG Resources                                            89.25      130.48      89.25    34.50%        135'901       0.31%       0.09%
5'000              USD             Gazprom                                                  14.09       13.20      14.09   -13.81%         68'742       0.16%       0.04%
                                                                            Oil and gas                                                 2'739'441       6.29%      1.75%

45'000             GBP             Tesco                                                     4.09        4.29       4.20     9.17%        398'232       0.91%       0.25%
400                CHF             Galenica N B                                            253.08      329.00     495.00    30.00%        131'600       0.30%       0.08%
                                                                            Retail                                                        529'832       1.22%      0.34%

14'000             USD             DirectTV Group                                           25.86       24.64      23.12   -12.34%        359'293       0.83%       0.23%
                                                                            Media                                                         359'293       0.83%      0.23%




21.07.2008 #10042/122                                                                                                                                                 p. 33
                                                                                                                                                     Report description - Page 58/113


                          Statement of assets as of 30.04.2008                                                                                                         Consolidation
                          Evaluation in Swiss Franc                                                                                                                 MLBS Test Client
                                                                                                                                                                              66000
Quantity           Curr        Position                                                     Cost Price          Price       Price     Unreal.   Market Value      % of         % of
                                                                                                                              Y/E    P/L in %        in CHF      Categ.        total
6'000              USD         General Cable                                                   53.41         67.00          52.38     19.05%        418'703      0.96%        0.27%
12'400             EUR         Telefonica                                                      18.67         18.57          22.22     -2.56%        373'400      0.86%        0.24%
14'000             SEK         Tele2 B                                                        123.46        123.46         123.46      0.68%        300'358      0.69%        0.19%
16'000             HKD         China Mobile (Hong Kong)                                        90.90        134.10         137.90     35.77%        286'705      0.66%        0.18%
9'000              EUR         Hellenic Telecommunications                                     21.78         19.12          25.20    -14.00%        279'043      0.64%        0.18%
4'000              USD         Philippine Long Distance Tel ADR                                72.57         66.46          75.72    -15.75%        276'886      0.64%        0.18%
3'850              USD         America Movil ADR                                               55.14         57.86          61.39     -3.46%        232'017      0.53%        0.15%
500                CHF         Swisscom N                                                     448.58        370.00         442.00    -17.52%        185'000      0.43%        0.12%
                                                                             Telecommunications                                                   2'352'111       5.40%      1.51%

7'500              USD         FPL Group                                                       63.41         66.29          67.78      0.76%        517'833       1.19%       0.33%
2'850              EUR         RWE                                                             79.50         74.15          96.45     -8.63%        342'686       0.79%       0.22%
                                                                             Utilities                                                              860'519       1.98%      0.55%

18'000             CHF         Credit Suisse Group N                                            42.08         57.70          68.10    37.12%       1'038'600      2.39%       0.66%
24'000             CHF         UBS N                                                            16.15         35.00          52.40   116.79%         840'000      1.93%       0.54%
50                 CHF         CALL Julius Baer              18.07.2008 / CHF 84                 2.50          2.50           2.50     0.00%           6'250      0.01%       0.00%
42                 JPY         Sumitomo Mitsui Financial                                 1'145'714.29    895'000.00     837'000.00   -23.18%         374'623      0.86%       0.24%
3'300              EUR         BNP Paribas                                                      75.10         69.25          74.22    -9.67%         370'574      0.85%       0.24%
9'500              GBP         Standard Chartered                                               15.88         17.94          18.44     3.41%         351'570      0.81%       0.23%
25'000             GBP         Barclays                                                          4.51          4.57           5.04    -7.35%         235'422      0.54%       0.15%
13'700             USD         MF Global                                                        24.79          9.91          31.47   -63.22%         141'408      0.32%       0.09%
                                                                             Banks                                                                3'358'447       7.72%      2.15%

2'500              CHF         Zurich Financial Services N                                    357.63        317.25         332.50    -11.29%        793'125       1.82%       0.51%
8'000              CHF         Swiss Re                                                        89.02         86.40          80.45     -2.94%        691'200       1.59%       0.44%




21.07.2008 #10042/122                                                                                                                                                           p. 34
                                                                                                                                                   Report description - Page 59/113


                          Statement of assets as of 30.04.2008                                                                                                       Consolidation
                          Evaluation in Swiss Franc                                                                                                               MLBS Test Client
                                                                                                                                                                            66000
Quantity           Curr        Position                                                       Cost Price        Price     Price     Unreal.   Market Value      % of         % of
                                                                                                                            Y/E    P/L in %        in CHF      Categ.        total
4'000              CHF         Baloise N                                                        92.75       113.70        93.60     22.59%        454'800      1.04%        0.29%
10'700             EUR         AXA                                                              16.76        23.91        27.39     39.73%        414'776      0.95%        0.27%
8'300              EUR         ING Groep                                                        34.45        24.51        26.75    -30.30%        329'885      0.76%        0.21%
400                CHF         Swiss Life N                                                    170.20       310.50       283.00     82.43%        124'200      0.29%        0.08%
                                                                              Insurance                                                         2'807'985       6.45%      1.80%

390                CHF         Warteck Invest N                                               1'604.19     1'585.00     1'560.00    -1.20%        618'150       1.42%       0.40%
9'000              USD         Morgan Stanley                                                    48.92        48.60        53.11    -3.73%        455'574       1.05%       0.29%
5'000              CHF         Julius Baer Holding N                                             73.44        76.90        73.35     4.72%        384'500       0.88%       0.25%
30'625             GBP         Man Group                                                          6.88         5.82         5.69   -22.64%        367'360       0.84%       0.24%
14'000             HKD         Sun Hung Kai Properties                                          102.60       124.30       165.60    11.50%        232'533       0.53%       0.15%
                                                                              Financial Services                                                2'058'117       4.73%      1.32%

22'600             USD         Cisco Systems                                                       27.28     25.64        27.07    -13.53%        603'541       1.39%       0.39%
15'000             USD         Activision                                                          16.31     27.05        29.70     52.58%        422'609       0.97%       0.27%
6'500              USD         Hewlett Packard                                                     47.94     46.35        48.13     -7.59%        313'793       0.72%       0.20%
8'500              USD         Texas Instruments                                                   31.96     29.16        33.40    -16.06%        258'159       0.59%       0.17%
45'000             SEK         Ericsson B                                                          15.18     15.28        15.18     -0.15%        119'484       0.27%       0.08%
450                SEK         PUT Ericsson B                20.06.2008 / SEK 22                    8.50      6.00         8.50    -29.98%         46'918       0.11%       0.03%
                                                                              Technology                                                        1'764'503       4.05%      1.13%

135'000            USD         Ishares S&P 500 Index Fund                                        13.20        13.99        14.78    -2.12%       1'967'123      4.52%       1.26%
3'000              USD         Ishares S&P 500 Index Fund                                       146.53       139.00       146.38   -12.73%         434'326      1.00%       0.28%
1'350              EUR         SGAM LPX 50 Index -S-                                          1'064.98       828.92       940.34   -23.75%       1'814'626      4.17%       1.16%
35'000             JPY         Ishares MSCI Japan Index Fu                                    1'542.40     1'377.00     1'499.00   -12.25%         480'313      1.10%       0.31%
30'000             JPY         Topix ETF                                                      1'723.40     1'392.38     1'493.53   -30.21%         416'295      0.96%       0.27%




21.07.2008 #10042/122                                                                                                                                                         p. 35
                                                                                                                                                          Report description - Page 60/113


                              Statement of assets as of 30.04.2008                                                                                                          Consolidation
                              Evaluation in Swiss Franc                                                                                                                  MLBS Test Client
                                                                                                                                                                                   66000
Quantity           Curr            Position                                                      Cost Price           Price      Price     Unreal.   Market Value      % of         % of
                                                                                                                                  Y/E     P/L in %        in CHF      Categ.        total
320'000            USD             Martin Currie Asia Acc. Ltd I -Subscription-                      1.00            1.00                  -6.69%        333'296      0.77%        0.21%
33'000             JPY             ML Japan Equity II -S2-                                       1'353.05          994.75      1'244.80   -27.70%        327'152      0.75%        0.21%
460                EUR             Parvest Europe Mid Cap                                          356.99          438.02        499.50    29.29%        326'733      0.75%        0.21%
500                CHF             IST Europe Index                                                487.67          632.23        720.54    29.64%        316'115      0.73%        0.20%
12'000             GBP             Eurasian Natural Resources                                        6.12           12.00          6.40    79.48%        297'049      0.68%        0.19%
700                EUR             ML Disc-Zert DJ EURO Stoxx 08-24.09.2008                        100.00          100.00        100.00     2.69%        113'511      0.26%        0.07%
100'000            USD 12 %        ML / TEF/BBVA/SAN             08-01.04.2009 autocall WTS        100.00          100.00        100.00     3.62%        104'155      0.24%        0.07%
1'000              CHF             XMTCH on SMI                                                     88.35           76.46         84.17   -13.46%         76'460      0.18%        0.05%
5                  USD             WTS ML linked LP MEDA Fu 08-31.03.2011                       10'000.00       10'000.00     10'000.00     3.15%         52'078      0.12%        0.03%
                                                                                 Mixed sectors (investment trusts)                                     7'059'233     16.22%       4.52%




21.07.2008 #10042/122                                                                                                                                                                p. 36
                                                                                                                                                       Report description - Page 61/113


                               Statement of assets as of 30.04.2008                                                                                                      Consolidation
                               Evaluation in Swiss Franc                                                                                                              MLBS Test Client
                                                                                                                                                                                66000
Quantity           Curr            Position                                                      Cost Price         Price     Price     Unreal.   Market Value      % of         % of
                                                                                                                               Y/E     P/L in %        in CHF      Categ.        total

Alternative Investments (HF)                                                                                                                       10'619'430    100.00%       6.80%
709.153            USD             Global Health Care Opp B                                      1'702.76      1'577.16     1'696.26   -14.79%       1'164'921     10.97%       0.75%
340                EUR             Permal Long Short Gl Equity B                                 1'006.04      1'377.30     1'418.24    44.26%         759'361      7.15%       0.49%
                                                                                 Single Manager Long/Short                                          1'924'282     18.12%       1.23%

1'000'000          USD             Anthracite Invest Basket Fd B 06-22.06.2011                        100.00    102.72       124.20     -5.50%       1'069'880     10.07%       0.68%
                                                                                 Single Manager Event Driven                                        1'069'880     10.07%       0.68%

158                USD             Permal Macro Holdings B                                       2'351.65      3'541.70     3'481.20    38.55%        582'840       5.49%       0.37%
                                                                                 FoF Single Stratgey Others                                           582'840       5.49%      0.37%

133'125            USD             ML Global Investments Fund                                           1.00      2.96         2.88    171.85%        409'729       3.86%       0.26%
                                                                                 FoF Multi Strategy                                                   409'729       3.86%      0.26%

399'955            USD             1861 Capital Access Class I                                       0.91          0.49        0.82    -49.10%         204'121      1.92%       0.13%
304'628            USD             Galleon Access Ltd. Class I -Subscription-                        1.02          1.02                 -6.69%         324'964      3.06%       0.21%
1'345              USD             Glbl Macro Hedgeac. Cl -I- SP                                     1.01          1.00        1.00     -9.22%           1'401      0.01%       0.00%
920'345            USD             Glbl Macro Hedgeac. Cl -I-(R)                                     1.00          1.00        0.98     -7.41%         958'585      9.03%       0.61%
147'001            USD             Halcyon Access A                                                  1.02          1.16        1.23      4.58%         177'606      1.67%       0.11%
357'508            USD             Lispenard Access Ltd.Class -I-                                    0.97          0.81        0.92    -22.45%         301'614      2.84%       0.19%
248'660            USD             ML APM Global Comm Fut Ac                                         1.14          1.27        1.15      2.49%         328'920      3.10%       0.21%
470                USD             ML Thomas Eq. Fund Cl.-A- O                                   1'000.00      1'124.00      933.00      6.29%         550'230      5.18%       0.35%
4'324              USD             ML US Hedge Eq.Strat. Cl.-B-                                    107.55        102.42      109.13    -12.39%         461'265      4.34%       0.30%
1'202'979          USD             ML Zen Asset Fin. Fund -D-                                        1.03          1.03        1.06     -7.54%       1'290'552     12.15%       0.83%
5'679              EUR             MW Tops LTD EUR Class                                            10.16         10.08       10.37     -2.81%          92'827      0.87%       0.06%




21.07.2008 #10042/122                                                                                                                                                             p. 37
                                                                                                                                  Report description - Page 62/113


                          Statement of assets as of 30.04.2008                                                                                      Consolidation
                          Evaluation in Swiss Franc                                                                                              MLBS Test Client
                                                                                                                                                           66000
Quantity           Curr       Position                                           Cost Price      Price    Price    Unreal.   Market Value      % of         % of
                                                                                                            Y/E   P/L in %        in CHF      Categ.        total
21'623             USD        MW Tops LTD USD Class                                 10.49      10.22      10.50   -10.37%        230'169      2.17%        0.15%
229'513            USD        Paulson Adv.Access Ltd. -I-                            1.12       2.29       2.11    88.10%        547'423      5.15%        0.35%
286'287            USD        Renaissance Access Class -I-                           1.05       0.95       1.05   -16.76%        283'273      2.67%        0.18%
4'000              USD        SAS Agriculture Fund A                               111.88     137.65     130.91    13.19%        573'477      5.40%        0.37%
7'939              USD        Sphinx Access Ltd.Class I- IR                          1.01       0.66       0.66   -39.88%           5'457     0.05%        0.00%
229'218            USD        York Total Access Ltd. Cl. -I-                         1.18       1.26       1.30    -0.62%        300'815      2.83%        0.19%
                                                                 Not classified instruments                                    6'632'699     62.46%       4.25%




21.07.2008 #10042/122                                                                                                                                        p. 38
                                                                                                                                       Report description - Page 63/113


                               Statement of assets as of 30.04.2008                                                                                      Consolidation
                               Evaluation in Swiss Franc                                                                                              MLBS Test Client
                                                                                                                                                                66000
Quantity           Curr            Position                                           Cost Price      Price    Price    Unreal.   Market Value      % of         % of
                                                                                                                Y/E    P/L in %        in CHF      Categ.        total

Alternative Investments (PE)                                                                                                        2'280'262    100.00%       1.46%
450'974.92         USD             Apollo Inv Fund VI LP Offshor                          0.99       1.00       0.95    -7.34%        469'713      20.60%       0.30%
408'882            USD             Carlyle Asia Partners II Priv                          0.98       0.97       0.97    -9.06%        413'095      18.12%       0.26%
40'000             USD             KKR Private Equity Investor L                         21.80      14.90      18.16   -37.12%        620'764      27.22%       0.40%
30'000             GBP             SVG Capital                                            7.51       7.55       7.67    -0.93%        467'234      20.49%       0.30%
388                USD             TST Opportunity (Intl) Ltd A                         662.40     765.75     689.55     6.35%        309'457      13.57%       0.20%
                                                                      Private Equity Investments                                    2'280'262    100.00%       1.46%




21.07.2008 #10042/122                                                                                                                                             p. 39
                                                                                                                                                        Report description - Page 64/113


                               Statement of assets as of 30.04.2008                                                                                                       Consolidation
                               Evaluation in Swiss Franc                                                                                                               MLBS Test Client
                                                                                                                                                                                 66000
Quantity           Curr            Position                                                        Cost Price        Price     Price     Unreal.   Market Value      % of         % of
                                                                                                                                Y/E     P/L in %        in CHF      Categ.        total

Alternative Investments (CF)                                                                                                                         4'700'542    100.00%       3.01%
1'000              USD             Gold 1 ounce                                                     833.75       871.00       833.75     -3.89%        907'190      19.30%       0.58%
                                                                              Gold incl. Coins                                                         907'190     19.30%       0.58%

1'000              CHF             Silver Kilobars            999.0 fine                            538.64       560.32       538.64      4.03%        560'325      11.92%       0.36%
                                                                              Silver incl. Coins                                                       560'325     11.92%       0.36%

1'000              USD             Palladium 1 ounce                                                368.50       421.50       368.50      5.23%        439'013       9.34%       0.28%
                                                                              Palladium                                                                439'013       9.34%      0.28%

437'714.29         EUR             CompAcc DJ Euro Stoxx 50   21.03.2008                               1.00         1.00         1.00    -2.03%        709'793      15.10%       0.45%
76'200'000         JPY             CompAcc Nikkei JPY         13.03.2008                               1.00         1.00         1.00    -1.66%        759'411      16.16%       0.49%
2                  USD             Futures S&P 500            19.03.2008                           1'493.53     1'298.40     1'477.20   -20.02%        676'174      14.39%       0.43%
                                                                              Index Futures                                                          2'145'378     45.64%       1.37%

2'500              EUR             PUT WTS ML Commodity eXt 08-20.03.2009                            25.00       100.00       100.00    316.38%        405'397       8.62%       0.26%
                                                                              Commodity Options                                                        405'397       8.62%      0.26%

150'000            EUR 0 %         ML/London Gold Fixing      08-05.04.2011                         100.00       100.00       100.00      2.54%        243'238       5.17%       0.16%
                                                                              Structured investments classified as                                     243'238       5.17%      0.16%
                                                                              commodities




21.07.2008 #10042/122                                                                                                                                                              p. 40
                                                                                                                                   Report description - Page 65/113


                          Statement of assets as of 30.04.2008                                                                                       Consolidation
                          Evaluation in Swiss Franc                                                                                               MLBS Test Client
                                                                                                                                                            66000
Quantity           Curr       Position                                            Cost Price      Price    Price    Unreal.   Market Value      % of         % of
                                                                                                            Y/E    P/L in %        in CHF      Categ.        total

Other Assets                                                                                                                    7'942'382    100.00%       5.08%
700                CHF        BVC La Fonciere                                         628.29   666.00     635.00     6.00%         466'200      5.87%       0.30%
8'700              EUR        Henderson EU Property Eq                                 39.80    27.05      28.56   -33.42%         381'617      4.80%       0.24%
1'000              CHF        Immofonds                                               347.84   347.00     327.00    -0.24%         347'000      4.37%       0.22%
80'000             USD        MSt Asian Property Fund I                                14.12    20.14      20.76    31.22%       1'678'145     21.13%       1.07%
17'000             EUR        MSt European Property I                                  41.27    26.84      27.70   -36.29%         739'899      9.32%       0.47%
7'000              CHF        UBS Leman Resident Foncipa                               73.73    68.50      65.00    -7.09%         479'500      6.04%       0.31%
21'500             CHF        UBS Swiss Mixed Sima                                     88.63    81.60      81.50    -7.93%       1'754'400     22.09%       1.12%
7'700              CHF        UBS Swiss Residential "Anfos                             57.18    51.25      48.70   -10.37%         394'625      4.97%       0.25%
7'500              CHF        UBS Swiss Swissreal Property                             68.16    59.00      61.70   -13.44%         442'500      5.57%       0.28%
                                                                 Real Estate Trusts                                             6'683'886     84.15%       4.28%

15'000             CHF        PSP Swiss Property N                                     63.50    64.45      57.20     1.50%        966'750      12.17%       0.62%
                                                                 Real Estate Participations                                       966'750     12.17%       0.62%

3'974.7            EUR        Capital return tax DE                                              1.6216     1.00     0.49%          6'445       0.08%       0.00%
218.61             EUR        Solidarity tax DE                                                  1.6216     1.00     0.49%            354       0.00%       0.00%
431.11             GBP        Withholding Tax Great Britain                                      2.0628     1.00     0.89%            889       0.01%       0.00%
14'476             JPY        Withholding Tax Japan                                              0.9966     1.00     0.47%            144       0.00%       0.00%
130.66             EUR        Withholding Tax Luxembourg                                         1.6216     1.00    -0.41%            212       0.00%       0.00%
5.06               EUR        Withholding Tax Netherland                                         1.6216     1.00    -0.18%              8       0.00%       0.00%
277'724.11         CHF        Withholding Tax Switzerland                                      100.00       1.00     0.00%        277'724       3.50%       0.18%
5'730.63           USD        Withholding Tax USA                                                1.0416     1.00     3.55%          5'969       0.08%       0.00%
                                                                 Tax deductions / refunds                                         291'746       3.67%      0.19%




21.07.2008 #10042/122                                                                                                                                         p. 41
                                                                                                                              Report description - Page 66/113


                             Statement of assets as of 30.04.2008                                                                               Consolidation
                             Evaluation in Swiss Franc                                                                                       MLBS Test Client
                                                                                                                                                       66000
Quantity                          Position                                                 Cost Price      Price    Market Value incl.                  % of
                                                                                                                   accrued int. in CHF                  total

Liabilities                                                                                                                -7'555'541               100.00%

Cash and Short term instruments                                                                                            -5'567'346                73.69%
-3'978'765.1       CHF            Current Account CHF                                                   100.00             -3'978'765                52.66%
                                                                        Current Accounts                                   -3'978'765                52.66%

-1'500'000         USD 5 %        Fixed Loan USD         31.12.-30.06.2008                                1.0416           -1'588'581                21.03%
                                                                        Loan                                               -1'588'581                21.03%




21.07.2008 #10042/122                                                                                                                                    p. 42
                                                                                                                            Report description - Page 67/113


                        Statement of assets as of 30.04.2008                                                                                  Consolidation
                        Evaluation in Swiss Franc                                                                                          MLBS Test Client
                                                                                                                                                     66000
Quantity                    Position                                                     Cost Price      Price    Market Value incl.                  % of
                                                                                                                 accrued int. in CHF                  total

Equities                                                                                                                     -9'350                 0.12%
-20                         CALL Toll Brothers      21.03.2008 / USD 27.50         USD      1.05        0.05                   -104                 0.00%
-100                        PUT Bear Stearns        16.05.2008 / USD 10            USD      0.80        0.15                 -1'562                 0.02%
-4                          PUT Dr Ing Porsche Vz   15.02.2008 / EUR 1260          EUR     42.19      118.45                 -7'683                 0.10%
                                                                   Stock Options                                             -9'350                 0.12%




21.07.2008 #10042/122                                                                                                                                  p. 43
                                                                                                                                           Report description - Page 68/113


                               Statement of assets as of 30.04.2008                                                                                          Consolidation
                               Evaluation in Swiss Franc                                                                                                  MLBS Test Client
                                                                                                                                                                    66000
Quantity                           Position                                                          Cost Price         Price    Market Value incl.                  % of
                                                                                                                                accrued int. in CHF                  total

Alternative Investments (CF)                                                                                                            -1'978'846                26.19%
-746'764.3         USD             CompAcc S&P 500               19.03.2008                              1.00          1.00               -777'792                10.29%
-10                                Futures DowJones Euro Stoxx 21.03.2008                     EUR    4'377.14      3'507.11               -568'709                 7.53%
-10                                Futures Nikkei 225 Index SIME 13.03.2008                   JPY   15'240.00     12'690.00               -632'345                 8.37%
                                                                              Index Futures                                             -1'978'846                26.19%


Total                                                                                                                                  148'675'840               100.00%




21.07.2008 #10042/122                                                                                                                                                 p. 44
                                                                                                                 Report description - Page 69/113

PANORAMA 360°




NAME OF REPORT          Statement of Assets as of (date)
Sub-name                Performance (TWR) Overview in (currency)
Purpose of report       Overview of performance by investment manager : statement plus graphic presentation


REF    Data Name                      Description
18.0   Heading Line
       First section :                This section lists each portfolio and shows the individual TWR performance and the
       Performance by portfolio       overall consolidated portfolio performance
       and consolidated
       Portfolio                      Portfolio numbers assigned by the consolidation service
       Portfolio name                 Name of the portfolios
       Consolidation                  Title
       Value at (period start date)   The value of each portfolio and the consolidated portfolio at the start date of the
                                      period under analysis
       Value at (period end date)     The value of each portfolio and the consolidated portfolio at the end date of the period
                                      under analysis
       Performance in %               The calculated TWR for each portfolio
       Second section:                This chart shows in the form of a Bar Chart the relative TWR performance of each
       Relative performance           portfolio and the consolidated portfolio
       chart




PANORAMA 360°
                                                                                                                                                                Report description - Page 70/113


                             Statement of assets as of 30.04.2008                                                                                                                          Consolidation
                             Performance (TWR) Overview in Swiss Franc                                                                                                                  MLBS Test Client
                                                                                                                                                                                                  66000
Performance                                                                                              Comparison


Portfolio                                                       Value as        Value as   Performance
                                                           of 31.12.2007   of 30.04.2008          in %

  66000.01     Balanced Portfolio                             21'313'130     20'205'237        -5.20%
  66000.02     Fixed Income Portfolio                         69'614'738     73'021'875        -0.22%
                                                                                                                                                                                            -5.2 %
  66000.03     Equity Portfolio                               42'669'719     38'427'703        -9.94%
  66000.04     Exotic Asset Management                        17'934'549     17'021'025        -5.09%
               CONSOLIDATION                                 151'532'136    148'675'840        -4.24%
                                                                                                                                                                                            -0.2 %




                                                                                                                                                                                            -9.9 %




                                                                                                                                                                                            -5.1 %




                                                                                                                 CONSOLIDATION                                                              -4.2 %


                                                                                                                             -10% -9%   -8%   -7%   -6%   -5%   -4%   -3%   -2%   -1%    -0%




21.07.2008 #10042/78                                                                                                                                                                                 p. 45
                                                                                                                 Report description - Page 71/113

PANORAMA 360°




NAME OF REPORT          Statement of Assets as of (date)
Sub-name                Performance (TWR) Overview in (currency)
Purpose of report       Overview of performance by investment manager showing contributions to performance


REF    Data Name                      Description
19.0   Heading Line
       Main section :                 This section lists each portfolio and shows the individual TWR performances, listing
       Performance analysis by        them in descending order of performance, the contributions to performance, income
       portfolio and consolidated     and the overall consolidated portfolio performance
       Portfolio                      Portfolio numbers assigned by the consolidation service
       Portfolio name                 Name of the portfolios
       Custodian bank                 The manager/custodian of the portfolio
       Consolidation                  Title
       Value at (period start date)   The value of each portfolio and the consolidated portfolio at the start date of the
                                      period under analysis
       Value at (period end date)     The value of each portfolio and the consolidated portfolio at the end date of the period
                                      under analysis
       Increase/decrease in value     The difference in the two preceding values
       Deposits/withdrawals           The total additions to or withdrawals from the portfolio during the period
       Performance in %               The calculated TWR for each portfolio
       Investment income              The income received in the period from either coupons, dividends or realized gains




PANORAMA 360°
                                                                                                                                          Report description - Page 72/113


                                Statement of assets as of 30.04.2008                                                                                           Consolidation
                                Performance (TWR) Overview in Swiss Franc                                                                                   MLBS Test Client
                                                                                                                                                                      66000
Portfolio                                                     Custodian Bank   Value as of        Value as         Increase /     Deposits / Performance           Income
                                                                               31.12.2007    of 30.04.2008   decrease in value   withdrawals        in %
 66000.01         Balanced Portfolio                          ABC, Geneva       21'313'130     20'205'237           -1'107'893            0        -5.20%            94'063
 66000.02         Fixed Income Portfolio                      USW, Zürich       69'614'738     73'021'875           3'407'137      3'574'100       -0.22%           819'702
 66000.03         Equity Portfolio                            USW, Zürich       42'669'719     38'427'703           -4'242'017            0        -9.94%           440'712
 66000.04         Exotic Asset Management                     CB, Basel         17'934'549     17'021'025            -913'524             0        -5.09%
                  CONSOLIDATION                                                151'532'136    148'675'840          -2'856'297     3'574'100       -4.24%          1'354'478




21.07.2008 #10042/77                                                                                                                                                    p. 46
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NAME OF REPORT            Statement of Assets as of (date)
Sub-name                  Performance (TWR) with Benchmark comparison, in (currency)
Purpose of report         Analysis of performance in comparison with Benchmark indices incl. graphic

REF    Data Name                           Description
20.0   Heading Line
       First section :                     This section shows the portfolio performance and risk taken in the period chosen
       Performance History                 by comparison with the portfolio benchmark index
       Portfolio Performance since         TWR for the period reviewed
       (period)
       Benchmark Performance since         Comparable benchmark index performance for the same period
       (period)
       Performance Difference              The difference in performance between the portfolio and the benchmark
       Portfolio Risk                      The measure of risk taken in the portfolio in the period calculated from the
                                           standard deviation of the daily returns
       Benchmark Risk                      The same measure of risk but taken by the benchmark index
       Risk Difference                     The difference in the two risk figures
       Annual Performance since            TWR for the year(s) reviewed
       (period)
       Annual Benchmark Performance        Comparable benchmark index performance for the same periods
       Annual Performance Difference       The difference in performance between the portfolio and the benchmark
       Second section:                     This chart shows in the form of a Bar Chart the monthly portfolio performance
       Performance analysis chart          over time and the performance of the benchmark indices in comparison
                                           presented as a graph overlaying the bar chart
       Third section:                      This section contains a listing of the indices that contribute to the benchmark
       Risk/Return Comparison              blended index and their performance plus chart showing a distribution of the
       (non-annualised)                    risks taken against portfolio performance (returns) by index
       Portfolio                           This is a restatement of the portfolio return and risk figures from first section of
                                           the report
       Individual index                    Each index name is listed
       Return                              Each index return is listed against each index


PANORAMA 360°
                                                                                                                                                                                  Report description - Page 74/113


                               Statement of assets as of 30.04.2008                                                                                                                                          Consolidation
                               Performance (TWR) with Benchmark comparison, in Swiss Franc                                                                                                                MLBS Test Client
                                                                                                                                                                                                                    66000
Performance History                                                                                             Performance Chart



                                                     Portfolio    Benchmark        Difference                       108                                                                                             4%

                                                                                                                    106                                                                                             3%
Performance since 31.12.2007                            -4.2%          -2.1%           -2.1%
                                                                                                                    104                                                                                             2%

                                                                                                                    102                                                                                             1%
Risk                                                       7.2%         5.4%            1.8%
                                                                                                                    100                                                                                             0%

                                                                                                                     98                                                                                             -1%
Annual Performance
                                                                                                                     96                                                                                             -2%
since 31.12.2007                                        -4.2%          -2.1%           -2.1%                         94                                                                                             -3%

                                                                                                                     92                                                                                             -4%
                                                                                                                                 1.08                          2.08             3.08               4.08

                                                                                                                                     Portfolio-Index                              Pictet LPP-25 Index Plus

Risk/Return Comparison (non-annualized data)


                                                                                                                               5%
                                         Return     Risk                                           Return    Risk                                                                        13
                                                                                                                     Return
1: Portfolio                              -4.2%    7.2%       10: Nikkei 225                       -11.0%   33.5%             -0%         3
2: Pictet LPP-25 Index Plus               -2.1%    5.4%       11: MSCI World (USD)                 -12.6%   24.9%                                      4
3: CHF Total Return Index ISMA             0.6%    1.9%       12: CSFB Tremont Inves Hedge Index    -9.3%    0.0%                                  2
4: EUR Total Return Index ISMA            -0.6%    6.2%       13: CRB Index                          3.7%   23.9%             -5%                          1
5: USD Total Return Index ISMA            -6.0%   12.6%                                                                                                               5
6: SMI Swiss Market Index                -11.3%   29.3%                                                                       -10% 12
7: DAX Xetra                             -15.6%   33.8%
                                                                                                                                                                                                     6         10
8: Euro Stoxx 50                         -14.8%   34.9%                                                                                                                                       11           9
9: S&P 500                               -13.2%   31.4%                                                                       -15%
                                                                                                                                                                                                                    8
                                                                                                                                                                                                               7

- The performance is calculated as a time weighted return, using the daily valuation method.                                  -20%
                                                                                                                                  0%          5%               10%        15%   20%      25%       30%         35%
- The risk figure is expressed by the annualized standard deviation of the daily returns.
                                                                                                                                                                                                     Risk


21.07.2008 #10042/45                                                                                                                                                                                                      p. 47
                                                                                                                   Report description - Page 75/113

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       Risk                                Each index risk is listed against each index


NAME OF REPORT          Statement of Assets as of (date)
Sub-name                Performance (Time weighted rate of return) in (currency))
Purpose of report       Analysis of historical performance in comparison with Benchmark index incl. graphic


REF    Data Name                      Description
21.0   Heading Line
       Main section :                 This section shows the contributions to performance and the overall consolidated
       Performance analysis for       portfolio performance for the period under review
       the period
       Total period                   Heading
       Total value at (period start   The value of the portfolio at the start date of the period under analysis
       date)
       Total value at (period end     The value of the portfolio at the end date of the period under analysis
       date)
       Increase/decrease in value     The difference in the two preceding values
       Additions/withdrawals          The total additions to or withdrawals from the portfolio during the period
       Net change                     The net difference between the total increase/decrease and the total
                                      additions/withdrawals
       Performance in %               The calculated TWR for the portfolio
       Performance History            Heading
       Period                         Name of period
       Period end value               The value of the portfolio at the end of the period
       Net change                     The net difference between the total increase/decrease and the total
                                      additions/withdrawals in the period
       Portfolio performance          The calculated TWR for the period
       Portfolio Index                Index values of the portfolio benchmark for the same period
       Benchmark Performance          Performance of a separate benchmark (if supplied)



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                                                                                                       Report description - Page 76/113

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      Benchmark Index        Index values the separate benchmark (if supplied) for the same period
      Second section:        This chart shows in the form of a chart, the monthly portfolio performance over time
      Performance analysis   and the cumulative performance presented as a graph overlaying the chart
      chart




PANORAMA 360°
                                                                                                                                                          Report description - Page 77/113


                                   Statement of assets as of 30.04.2008                                                                                                          Consolidation
                                   Performance (TWR) in Swiss Franc                                                                                                           MLBS Test Client
                                                                                                                                                                                        66000
Performance                                                                                                     Performance Chart


Detail period from 31.12.2007 to 30.04.2008

Total value at start of period                               151'532'136
Total value at end of period                                 148'675'840




                                                                                                                     100
Increase / decrease in value                                  -2'856'297
Additions / Withdrawals                                        3'574'100




                                                                                                                     99
Net change                                                    -6'430'397       -4.24%




                                                                                                                     98
                                                                                                                     97
Performance History
                                 Portfolio Value   Net Change        Portfolio Portfolio Benchmark Benchmark
                                                                 Performance     Index Performance      Index




                                                                                                                     96
31.12.2007 - 30.04.2008           148'675'840       -6'430'397        -4.24%    95.76      -2.13%       97.87
31.12.2007: Start                 151'532'136                0                 100.00                  100.00




                                                                                                                     95
                                                                                                                     94
                                                                                                                     93
                                                                                                                     92
                                                                                                                              1.08               2.08   3.08              4.08


                                                                                                                               Portfolio-Index            Benchmark-Index
                                                                                                                                                          (Pictet LPP-25 Index Plus )




21.07.2008 #10042/43                                                                                                                                                                      p. 48
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NAME OF REPORT          Statement of Assets as of (date)
Sub-name                Performance (TWR) with statistic figures and VaR, in (currency)
Purpose of report       Analysis of historical performance in comparison with Benchmark index with VaR incl. graphic


REF    Data Name                       Description
22.0   Heading Line
       First section :                 This section shows the portfolio performance and risk taken in the period chosen by
       Performance History             comparison with the portfolio benchmark index
       Portfolio Performance since     TWR for the period reviewed
       (period)
       Benchmark Performance           Comparable benchmark index performance for the same period
       since (period)
       Performance Difference          The difference in performance between the portfolio and the benchmark
       Standard Deviation (Risk)       The measure of risk taken in the portfolio in the period calculated from the standard
                                       deviation of the daily returns
       Benchmark Risk                  The same measure of risk but taken by the benchmark index
       Risk Difference                 The difference in the two risk figures
       Second section:                 This section shows difference aspects of risks taken in terms of the different
       Statistic Figures               measures applicable to the portfolio
       Sharpe-Ratio (risk free rate)   This ratio measures the performance difference between the portfolio, benchmark and
                                       the risk-free rate
       Beta                            A measure of the volatility of the portfolio in relation to the market
       Treynor Ratio                   This ratio measures returns earned in excess of that which could have been earned
                                       on a riskless investment. It involves the beta as the measurement of volatility. The
                                       ratio is expressed as (average return of portfolio – average return of the risk-free rate)
                                       / beta of the portfolio
       Correlation                     A measurement of how the portfolio has performed in relation to its benchmark
       Tracking Error                  This is a measure of how closely the portfolio composition tracks the composition of
                                       the benchmark index
       Information Ratio               This is a measure of the portfolio performance against risk and return relative to the
                                       portfolio benchmark


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      Alpha                         This is a measure of how the portfolio out/under-performed in absolute terms against
                                    the benchmark
      Net Selectivity               This is a measure of how the portfolio’s specific holdings contributed to performance
      Diversification               This is another measure of how specific holdings contributed to performance
      Third section:                This section shows the Value at Risk (VaR) calculated using historic performance
      Value at Risk (period)        values of the portfolio
      Total values as of (end of    Total value of the portfolio at the end of the period analysed
      period)
      VaR holding period 20 days,   The calculated VaR % and value of portfolio at risk using the 20 day holding period
      confidence level 95%          and 95% confidence factor
      Fourth section:               The chart presents the change in the portfolio TWR against the the change in the
      Performance Chart             benchmark index TWR in the form of a graph




PANORAMA 360°
                                                                                                                                                 Report description - Page 80/113


                               Statement of assets as of 30.04.2008                                                                                                     Consolidation
                               Performance (TWR) with statistic figures and VaR , in Swiss Franc                                                                     MLBS Test Client
                                                                                                                                                                               66000
Performance History                                                                                Performance Chart


                                                        Portfolio    Benchmark        Difference
                                                                                                       108                                                                4%

Performance since 31.12.2007                               -4.2%           -2.1%          -2.1%

                                                                                                       106                                                                3%
Standard Deviation                                          7.2%             5.4%          1.8%
Statistic Figures
                                                                                                       104                                                                2%

Beta                                                                                       1.193
Treynor Ratio                                                                             -0.025
                                                                                                       102                                                                1%
Correlation                                                                                0.893
Tracking Error                                                                           3.430%
Information-Ratio                                                                         -1.897
                                                                                                       100                                                                0%
Alpha                                                                                   -1.120%
Net Selectivity                                                                         -1.394%
Diversification                                                                          0.274%        98                                                                 -1%

Value at Risk (Analysis period: 31.12.2007 - 30.04.2008)
Total value as of 30.04.2008                                                        148'675'840
                                                                                                       96                                                                 -2%
VaR, holding period 10 days, confidence level 95%                   2.958%            4'397'204
VaR, holding period 10 days, confidence level 99%                   3.451%            5'130'175
VaR, holding period 20 days, confidence level 95%                   3.275%            4'869'062        94                                                                 -3%
VaR, holding period 20 days, confidence level 99%                   4.635%            6'890'889
- The performance is calculated as a time weighted return, using the daily valuation method.
                                                                                                       92                                                                 -4%
- The risk figure is expressed by the standard deviation of the daily returns.                                  1.08               2.08   3.08                4.08
- The Value at Risk (VaR) is calculated using historic performance values of the portfolio.
                                                                                                                 Portfolio-Index                   Benchmark
                                                                                                                                                   Index
                                                                                                                                                   Pictet LPP-25 Index Plus




21.07.2008 #10042/100                                                                                                                                                            p. 49
                                                                                                                 Report description - Page 81/113

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NAME OF REPORT             Profit and Loss Analysis (date)
Sub-name                   Performance (TWR), Figures in (currency)
Purpose of report          Performance attribution by asset class and consolidated


REF     Data Name                       Description
23.0    Heading line
        Main section :                  This section analyses the different components that contributed to performance for
        Performance attribution         each individual asset class and to the overall portfolio
        by asset class
        Asset class                     Lists the asset classes held by the portfolio
        Realized market results         This shows the total gains/losses made by trading the asset class due to price
                                        movements
        Realized FX results             This shows the total gains/losses made by trading the asset class due to exchange
                                        rate movements relative to the portfolio reference currency
        Unrealized market results       This shows the total gains/losses made on current holdings in the asset class due to
                                        price movements
        Unrealized FX results           This shows the total gains/losses made on current holdings in the asset class due to
                                        exchange rate movements relative to the portfolio reference currency
        Income/costs                    The net of income earned against expenses paid in the period in the asset class
                                        excluding the effect of trading gains/losses and commissions
        Accrued interest                Interest accrued but not yet collected on fixed income holdings (in this asset class
                                        only)
        Commission expenses             Total commission expense incurred by the asset class
        Total (by asset class)          Net total of realized market and forex results, unrealized market and forex results,
                                        income/costs, accrued interest and commission for each asset class
        % (by asset class)              TWR calculated from net total gain/loss for each asset class
        Total (income)                  Total of the asset class incomes
        Total (commissions)             Total of the asset class commissions
        General expenses                Total other expenses such as management and custody fees
        Total (portfolio)               Total of each of the individual performance components (above) for the whole
                                        portfolio


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                                                                                         Report description - Page 82/113

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      Relative   % contribution of each component to the total performance result (also shown)




PANORAMA 360°
                                                                                                                                                                 Report description - Page 83/113


                               Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                                         Consolidation
                               Performance (TWR), Figures in Swiss Franc                                                                                                             MLBS Test Client
                                                                                                                                                                                               66000
                                                                               Real.          Real.    Unrealised    Unrealised       Income /      Accrued      Commiss.            Total         %
                                                                              market     FX results       market     FX results          Costs       Interest    Expenses

Cash and Short term instruments                                                  0.00    -257'967.51    28'779.58    -114'140.84     79'534.13     -25'561.88         0.00     -289'356.53    -0.19%

Forex                                                                            0.00    111'435.00          0.00    220'043.03           0.00     30'744.11          0.00      362'222.14    0.24%

Bonds                                                                       71'388.70    -220'703.30   -455'350.80   -306'678.39    777'033.35    -210'347.67     -7'476.83    -352'134.93    -0.23%

Equities                                                                   -196'401.89   -307'505.50 -3'602'359.27 -1'250'171.45    429'870.08          0.00     -10'709.69   -4'937'277.73   -3.25%

Alternative Investments (HF)                                                20'668.51     -66'364.18   -515'082.67   -762'805.14          0.00          0.00       -460.16    -1'324'043.63   -0.87%

Alternative Investments (PE)                                                     0.00          0.00     -64'847.12   -185'884.36          0.00          0.00       -371.39     -251'102.88    -0.17%

Alternative Investments (CF)                                                     0.00          0.00    605'083.41     -98'903.57          0.00          0.00          0.00      506'179.84    0.33%

Other Assets                                                                     0.00          0.00     42'747.14    -137'378.46     68'040.00          0.00          0.00      -26'591.33    -0.02%

Total                                                                                                                              1'354'477.56                  -19'018.07
General expenses and earnings                                                                                                             0.00                  -118'291.55    -118'291.55    -0.08%

Total                                                                      -104'344.68   -741'105.50 -3'961'029.74 -2'635'919.19 1'354'477.56     -205'165.44   -137'309.62 -6'430'396.61

Relative                                                                       -0.07%        -0.49%        -2.61%        -1.74%          0.89%        -0.14%        -0.09%                    -4.24%




21.07.2008 #10042/52                                                                                                                                                                            p. 50
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PANORAMA 360°


NAME OF REPORT           Profit and Loss Analysis (date)
Sub-name                 Performance (TWR), Figures in (currency)
Purpose of report        Performance attribution by individual position

REF             Data Name                     Description
24.0            Heading line
                Main section :                This section analyses the different components that contributed to performance
                Performance attribution       for each individual asset class, the individual position within each asset class
                by asset class and            and to the overall portfolio
                individual position within
                each class
Asset class     Asset class                   Lists the asset classes held by the portfolio
level
                Realized market results –     This shows the total gains/losses made by trading the asset class due to price
                total by asset class          movements

                Realized FX results – total   This shows the total gains/losses made by trading the asset class due to
                by asset class                exchange rate movements relative to the portfolio reference currency
                Unrealized market results –   This shows the total gains/losses made on current holdings in the asset class
                total by asset class          due to price movements
                Unrealized FX results –       This shows the total gains/losses made on current holdings in the asset class
                total by asset class          due to exchange rate movements relative to the portfolio reference currency
                Income/costs – total by       The net of income earned against expenses paid in the period in the asset
                asset class                   excluding the effect of trading gains/losses and commissions
                Accrued interest – total by   Interest accrued but not yet collected on fixed income holdings
                asset class
                Commission expenses –         Total commission expense incurred by the portfolio
                total by asset class
                Total (by asset class)        Net total of realized market and forex results, unrealized market and forex
                                              results, income/costs, accrued interest and commission
                % (by asset class)            TWR calculated from net total gain/loss
Position within Quantity                      This is the balance or quantity held in the position as at the date of the report.


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asset class                                      A zero balance indicates that the position has been liquidated during the period
level
                  Currency                       This is the currency of denomination of the position
                  Security/holding description   This is the name of the security or instrument held in the period
                  Realized market results –      This shows the total gains/losses made by trading the position due to price
                  individual position within     movements
                  asset class

                  Realized FX results –          This shows the total gains/losses made by trading the position due to
                  individual position within     exchange rate movements relative to the portfolio reference currency
                  asset class
                  Unrealized market results –    This shows the total gains/losses made on current holding due to price
                  individual position within     movements
                  asset class
                  Unrealized FX results –        This shows the total gains/losses made on current holding due to exchange
                  individual position within     rate movements relative to the portfolio reference currency
                  asset class
                  Income/costs – individual      The net of income earned against expenses paid in the period in the holding
                  position within asset class    excluding the effect of trading gains/losses and commissions
                  Accrued interest –             Interest accrued but not yet collected on fixed income holdings
                  individual position within
                  fixed income asset class
                  Commission expenses –          Total commission expense incurred on the holding
                  individual position within
                  asset class
                  Total (by position)            Net total of realized market and forex results, unrealized market and forex
                                                 results, income/costs, accrued interest and commission for the position held
                  % (by position)                TWR calculated from net total gain/loss
Total portfolio   Total (commissions)            Total of the asset class commissions
level
                  General expenses               Total other expenses such as management and custody fees
                  Total (portfolio)              Total of each of the individual performance components for the whole portfolio


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                                                                                        Report description - Page 86/113

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            Relative   % contribution of each component to the total performance result (also shown)




PANORAMA 360°
                                                                                                                                                     Report description - Page 87/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                           Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                               MLBS Test Client
                                                                                                                                                                                66000
Quantity               Position                                            Real.        Real.    Unrealised   Unrealised    Income /     Accrued     Commiss.         Total         %
                                                                          market   FX results       market    FX results       Costs      Interest   Expenses

Cash and Short term instruments                                             0.00   -257'967.51    28'779.58   -114'140.84   79'534.13   -25'561.88        0.00   -289'356.53   -0.19%
-3'883'785       CHF Current Account CHF                                    0.00         0.00          0.00         0.00      295.15         0.00         0.00       295.15    0.00%
53'039           EUR Current Account EUR                                    0.00      1'923.42         0.00     -1'306.90      13.91         0.00         0.00       630.43    0.00%
4'467            GBP Current Account GBP                                    0.00      4'032.38         0.00        43.31         0.00        0.00         0.00      4'075.69   0.00%
1'275'775        JPY Current Account JPY                                    0.00     -3'113.31         0.00        -81.70        0.00        0.00         0.00     -3'195.00   0.00%
335'749          USD Current Account USD                                    0.00   -150'641.41         0.00     -6'472.62    5'344.80        0.00         0.00   -151'769.22   -0.10%
-1'500'000       USD 5 %     Fixed Loan USD 31.12.-30.06.2008               0.00         0.00          0.00   135'900.00         0.00   -26'255.74        0.00    109'644.26   0.07%
100'000          CAD 48-h Call CAD                                          0.00         0.00          0.00    -11'291.30        0.00        0.00         0.00    -11'291.30   -0.01%
5'000'000        MX    48-h Call MXN                                        0.00         0.00          0.00    -23'044.05        0.00        0.00         0.00    -23'044.05   -0.02%
500'000          PLN 48-h Call PLN                                          0.00         0.00          0.00      4'579.86        0.00        0.00         0.00      4'579.85   0.00%
12'500'000       THB 48-h Call THB                                          0.00         0.00          0.00     -9'547.63        0.00        0.00         0.00     -9'547.63   -0.01%
1'000'000        ZAR 48-h Call ZAR                                          0.00         0.00          0.00    -27'666.00        0.00        0.00         0.00    -27'666.00   -0.02%
0                CHF 2.20% Fiduciary Deposit CHF 13.03.-20.03.2008          0.00         0.00          0.00         0.00     3'051.35        0.00         0.00      3'051.35   0.00%
0                CHF 2.20% Fiduciary Deposit CHF 06.03.-13.03.2008          0.00         0.00          0.00         0.00     2'985.90        0.00         0.00      2'985.90   0.00%
0                CHF 2.47% Fiduciary Deposit CHF 21.02.-28.02.2008          0.00         0.00          0.00         0.00     2'069.05        0.00         0.00      2'069.05   0.00%
0                CHF 1.90% Fiduciary Deposit CHF 21.04.-28.04.2008          0.00         0.00          0.00         0.00     2'060.75        0.00         0.00      2'060.75   0.00%
0                CHF 2 1/2% Fiduciary Deposit CHF 14.02.-21.02.2008         0.00         0.00          0.00         0.00     2'060.60        0.00         0.00      2'060.60   0.00%
0                CHF 2.38% Fiduciary Deposit CHF 07.02.-14.02.2008          0.00         0.00          0.00         0.00     1'936.70        0.00         0.00      1'936.70   0.00%
0                CHF 2.07% Fiduciary Deposit CHF 18.01.-29.01.2008          0.00         0.00          0.00         0.00     1'925.15        0.00         0.00      1'925.15   0.00%
0                CHF 2.30% Fiduciary Deposit CHF 10.03.-25.03.2008          0.00         0.00          0.00         0.00     1'919.55        0.00         0.00      1'919.55   0.00%
0                CHF 2.37% Fiduciary Deposit CHF 28.02.-06.03.2008          0.00         0.00          0.00         0.00     1'896.80        0.00         0.00      1'896.80   0.00%
0                CHF 2.47% Fiduciary Deposit CHF 25.02.-10.03.2008          0.00         0.00          0.00         0.00     1'874.00        0.00         0.00      1'874.00   0.00%
0                CHF 2.46% Fiduciary Deposit CHF 12.02.-19.02.2008          0.00         0.00          0.00         0.00     1'804.75        0.00         0.00      1'804.75   0.00%
0                CHF 2.38% Fiduciary Deposit CHF 11.02.-25.02.2008          0.00         0.00          0.00         0.00     1'802.10        0.00         0.00      1'802.10   0.00%
0                CHF 2.30% Fiduciary Deposit CHF 20.03.-25.03.2008          0.00         0.00          0.00         0.00     1'660.20        0.00         0.00      1'660.20   0.00%
0                CHF 2 %     Fiduciary Deposit CHF 15.04.-21.04.2008        0.00         0.00          0.00         0.00     1'633.35        0.00         0.00      1'633.35   0.00%
0                CHF 2.28% Fiduciary Deposit CHF 29.01.-11.02.2008          0.00         0.00          0.00         0.00     1'602.25        0.00         0.00      1'602.25   0.00%


21.07.2008 #10042/52                                                                                                                                                             p. 51
                                                                                                                                                 Report description - Page 88/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                       Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                           MLBS Test Client
                                                                                                                                                                            66000
Quantity               Position                                            Real.        Real.   Unrealised   Unrealised   Income /   Accrued     Commiss.         Total         %
                                                                          market   FX results      market    FX results      Costs    Interest   Expenses

0                CHF 2.47% Fiduciary Deposit CHF 27.12.-07.01.2008          0.00        0.00          0.00         0.00   2'058.55    -475.06         0.00      1'583.49   0.00%
0                CHF 2.53% Fiduciary Deposit CHF 19.02.-26.02.2008          0.00        0.00          0.00         0.00   1'494.55       0.00         0.00      1'494.55   0.00%
0                CHF 1.95% Fiduciary Deposit CHF 08.04.-15.04.2008          0.00        0.00          0.00         0.00   1'214.55       0.00         0.00      1'214.55   0.00%
0                CHF 2.42% Fiduciary Deposit CHF 25.03.-09.04.2008          0.00        0.00          0.00         0.00   1'150.50       0.00         0.00      1'150.50   0.00%
0                CHF 2.10% Fiduciary Deposit CHF 07.01.-18.01.2008          0.00        0.00          0.00         0.00   1'112.65       0.00         0.00      1'112.65   0.00%
0                CHF 2.10% Fiduciary Deposit CHF 09.04.-24.04.2008          0.00        0.00          0.00         0.00     999.25       0.00         0.00       999.25    0.00%
0                CHF 2.40% Fiduciary Deposit CHF 05.02.-12.02.2008          0.00        0.00          0.00         0.00     981.40       0.00         0.00       981.40    0.00%
0                CHF 2.38% Fiduciary Deposit CHF 20.03.-27.03.2008          0.00        0.00          0.00         0.00     971.85       0.00         0.00       971.85    0.00%
0                CHF 2.22% Fiduciary Deposit CHF 03.04.-07.04.2008          0.00        0.00          0.00         0.00     962.50       0.00         0.00       962.50    0.00%
0                CHF 2.47% Fiduciary Deposit CHF 01.04.-08.04.2008          0.00        0.00          0.00         0.00     961.05       0.00         0.00       961.05    0.00%
0                CHF 2.20% Fiduciary Deposit CHF 29.01.-05.02.2008          0.00        0.00          0.00         0.00     898.75       0.00         0.00       898.75    0.00%
0                CHF 2.18% Fiduciary Deposit CHF 31.01.-07.02.2008          0.00        0.00          0.00         0.00     894.85       0.00         0.00       894.85    0.00%
0                CHF 2.30% Fiduciary Deposit CHF 25.03.-01.04.2008          0.00        0.00          0.00         0.00     894.45       0.00         0.00       894.45    0.00%
0                CHF 2.42% Fiduciary Deposit CHF 25.03.-09.04.2008          0.00        0.00          0.00         0.00     871.20       0.00         0.00       871.20    0.00%
0                CHF 2.62% Fiduciary Deposit CHF 28.03.-31.03.2008          0.00        0.00          0.00         0.00     851.50       0.00         0.00       851.50    0.00%
0                CHF 2.03% Fiduciary Deposit CHF 14.01.-21.01.2008          0.00        0.00          0.00         0.00     836.40       0.00         0.00       836.40    0.00%
0                CHF 2.46% Fiduciary Deposit CHF 26.02.-04.03.2008          0.00        0.00          0.00         0.00     813.15       0.00         0.00       813.15    0.00%
0                CHF 1.80% Fiduciary Deposit CHF 07.04.-11.04.2008          0.00        0.00          0.00         0.00     780.80       0.00         0.00       780.80    0.00%
0                CHF 2.38% Fiduciary Deposit CHF 31.03.-03.04.2008          0.00        0.00          0.00         0.00     773.70       0.00         0.00       773.70    0.00%
0                CHF 2.10% Fiduciary Deposit CHF 09.04.-24.04.2008          0.00        0.00          0.00         0.00     756.90       0.00         0.00       756.90    0.00%
0                CHF 2.09% Fiduciary Deposit CHF 03.01.-10.01.2008          0.00        0.00          0.00         0.00     653.90       0.00         0.00       653.90    0.00%
0                CHF 2.11% Fiduciary Deposit CHF 10.01.-17.01.2008          0.00        0.00          0.00         0.00     653.60       0.00         0.00       653.60    0.00%
0                CHF 2.42% Fiduciary Deposit CHF 25.03.-28.03.2008          0.00        0.00          0.00         0.00     631.00       0.00         0.00       631.00    0.00%
0                CHF 2.13% Fiduciary Deposit CHF 07.01.-14.01.2008          0.00        0.00          0.00         0.00     627.90       0.00         0.00       627.90    0.00%
5'614'000        CHF 1.86% Fiduciary Deposit CHF 28.04.-05.05.2008          0.00        0.00          0.00         0.00       0.00     580.11         0.00       580.11    0.00%
0                CHF 2 1/4% Fiduciary Deposit CHF 24.01.-31.01.2008         0.00        0.00          0.00         0.00     525.45       0.00         0.00       525.45    0.00%
920'000          CHF 2.20% Fiduciary Deposit CHF 24.04.-09.05.2008          0.00        0.00          0.00         0.00       0.00     337.33         0.00       337.33    0.00%


21.07.2008 #10042/52                                                                                                                                                         p. 52
                                                                                                                                                 Report description - Page 89/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                       Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                           MLBS Test Client
                                                                                                                                                                            66000
Quantity               Position                                            Real.        Real.   Unrealised   Unrealised   Income /   Accrued     Commiss.         Total         %
                                                                          market   FX results      market    FX results      Costs    Interest   Expenses

0                CHF 2.07% Fiduciary Deposit CHF 17.01.-24.01.2008          0.00        0.00          0.00         0.00     302.70       0.00         0.00       302.70    0.00%
0                CHF 2.10% Fiduciary Deposit CHF 18.03.-25.03.2008          0.00        0.00          0.00         0.00     214.55       0.00         0.00       214.55    0.00%
576'000          CHF 2.20% Fiduciary Deposit CHF 24.04.-09.05.2008          0.00        0.00          0.00         0.00       0.00     211.20         0.00       211.20    0.00%
0                CHF 2.39% Fiduciary Deposit CHF 26.02.-28.02.2008          0.00        0.00          0.00         0.00     172.60       0.00         0.00       172.60    0.00%
0                CHF 2 1/2% Fiduciary Deposit CHF 01.04.-08.04.2008         0.00        0.00          0.00         0.00     160.90       0.00         0.00       160.90    0.00%
0                CHF 2 1/2% Fiduciary Deposit CHF 19.02.-26.02.2008         0.00        0.00          0.00         0.00     160.40       0.00         0.00       160.40    0.00%
0                CHF 2.42% Fiduciary Deposit CHF 25.03.-01.04.2008          0.00        0.00          0.00         0.00     155.75       0.00         0.00       155.75    0.00%
0                CHF 2.42% Fiduciary Deposit CHF 26.02.-04.03.2008          0.00        0.00          0.00         0.00     155.30       0.00         0.00       155.30    0.00%
0                CHF 1.92% Fiduciary Deposit CHF 22.04.-29.04.2008          0.00        0.00          0.00         0.00     148.60       0.00         0.00       148.60    0.00%
0                CHF 2 1/4% Fiduciary Deposit CHF 11.03.-18.03.2008         0.00        0.00          0.00         0.00     144.80       0.00         0.00       144.80    0.00%
0                CHF 2 1/4% Fiduciary Deposit CHF 04.03.-11.03.2008         0.00        0.00          0.00         0.00     144.35       0.00         0.00       144.35    0.00%
0                CHF 1.90% Fiduciary Deposit CHF 15.04.-22.04.2008          0.00        0.00          0.00         0.00     122.65       0.00         0.00       122.65    0.00%
0                CHF 2.32% Fiduciary Deposit CHF 04.02.-11.02.2008          0.00        0.00          0.00         0.00     112.80       0.00         0.00       112.80    0.00%
0                CHF 2 %     Fiduciary Deposit CHF 17.01.-24.01.2008        0.00        0.00          0.00         0.00     109.65       0.00         0.00       109.65    0.00%
0                CHF 2.20% Fiduciary Deposit CHF 28.01.-04.02.2008          0.00        0.00          0.00         0.00     106.95       0.00         0.00       106.95    0.00%
0                CHF 2.22% Fiduciary Deposit CHF 03.04.-07.04.2008          0.00        0.00          0.00         0.00      86.85       0.00         0.00        86.85    0.00%
0                CHF 2.18% Fiduciary Deposit CHF 03.01.-10.01.2008          0.00        0.00          0.00         0.00      81.40       0.00         0.00        81.40    0.00%
0                CHF 2 %     Fiduciary Deposit CHF 15.04.-21.04.2008        0.00        0.00          0.00         0.00      79.35       0.00         0.00        79.35    0.00%
0                CHF 2.62% Fiduciary Deposit CHF 28.03.-31.03.2008          0.00        0.00          0.00         0.00      76.20       0.00         0.00        76.20    0.00%
0                CHF 2.04% Fiduciary Deposit CHF 10.01.-17.01.2008          0.00        0.00          0.00         0.00      69.40       0.00         0.00        69.40    0.00%
0                CHF 2.38% Fiduciary Deposit CHF 31.03.-03.04.2008          0.00        0.00          0.00         0.00      69.20       0.00         0.00        69.20    0.00%
0                CHF 2.42% Fiduciary Deposit CHF 25.03.-28.03.2008          0.00        0.00          0.00         0.00      51.20       0.00         0.00        51.20    0.00%
0                CHF 2 %     Fiduciary Deposit CHF 11.04.-15.04.2008        0.00        0.00          0.00         0.00      47.55       0.00         0.00        47.55    0.00%
0                CHF 2.13% Fiduciary Deposit CHF 17.03.-20.03.2008          0.00        0.00          0.00         0.00      44.35       0.00         0.00        44.35    0.00%
0                CHF 1.80% Fiduciary Deposit CHF 07.04.-11.04.2008          0.00        0.00          0.00         0.00      42.40       0.00         0.00        42.40    0.00%
0                CHF 2 1/4% Fiduciary Deposit CHF 07.03.-14.03.2008         0.00        0.00          0.00         0.00      26.25       0.00         0.00        26.25    0.00%
398'000          CHF 2.05% Fiduciary Deposit CHF 29.04.-06.05.2008          0.00        0.00          0.00         0.00       0.00      22.66         0.00        22.66    0.00%


21.07.2008 #10042/52                                                                                                                                                         p. 53
                                                                                                                                                 Report description - Page 90/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                       Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                           MLBS Test Client
                                                                                                                                                                            66000
Quantity               Position                                            Real.        Real.   Unrealised   Unrealised   Income /   Accrued     Commiss.         Total         %
                                                                          market   FX results      market    FX results      Costs    Interest   Expenses

0                EUR 4.22% Fiduciary Deposit EUR 25.03.-09.04.2008          0.00     1'536.82         0.00         0.00     120.49       0.00         0.00      1'657.31   0.00%
0                EUR 4.05% Fiduciary Deposit EUR 07.04.-21.04.2008          0.00     1'003.32         0.00         0.00      91.30       0.00         0.00      1'094.62   0.00%
0                EUR 4.17% Fiduciary Deposit EUR 09.04.-24.04.2008          0.00      904.20          0.00         0.00     123.40       0.00         0.00      1'027.60   0.00%
0                EUR 4.20% Fiduciary Deposit EUR 25.03.-07.04.2008          0.00      859.95          0.00         0.00      83.99       0.00         0.00       943.94    0.00%
0                EUR 4 %     Fiduciary Deposit EUR 11.02.-25.02.2008        0.00      414.92          0.00         0.00     110.12       0.00         0.00       525.04    0.00%
36'000           EUR 4.23% Fiduciary Deposit EUR 21.04.-05.05.2008          0.00        0.00          0.00       408.92       0.00      61.73         0.00       470.66    0.00%
0                EUR 3.95% Fiduciary Deposit EUR 08.02.-15.02.2008          0.00      337.05          0.00         0.00      43.21       0.00         0.00       380.26    0.00%
44'000           EUR 4.08% Fiduciary Deposit EUR 24.04.-09.05.2008          0.00        0.00          0.00       330.40       0.00      48.52         0.00       378.91    0.00%
0                EUR 4.02% Fiduciary Deposit EUR 07.03.-14.03.2008          0.00      237.30          0.00         0.00      43.21       0.00         0.00       280.51    0.00%
0                EUR 3.99% Fiduciary Deposit EUR 15.02.-22.02.2008          0.00      235.55          0.00         0.00      43.83       0.00         0.00       279.38    0.00%
0                EUR 4 %     Fiduciary Deposit EUR 18.01.-29.01.2008        0.00       -78.76         0.00         0.00      86.60       0.00         0.00         7.84    0.00%
0                EUR 4 %     Fiduciary Deposit EUR 25.01.-01.02.2008        0.00     -151.17          0.00         0.00      43.71       0.00         0.00       -107.46   0.00%
0                EUR 4.05% Fiduciary Deposit EUR 01.02.-08.02.2008          0.00     -272.34          0.00         0.00      44.04       0.00         0.00       -228.30   0.00%
0                EUR 4 %     Fiduciary Deposit EUR 04.01.-14.01.2008        0.00     -359.10          0.00         0.00      63.32       0.00         0.00       -295.78   0.00%
0                EUR 4.03% Fiduciary Deposit EUR 29.01.-11.02.2008          0.00     -475.20          0.00         0.00     102.42       0.00         0.00       -372.78   0.00%
0                EUR 4.03% Fiduciary Deposit EUR 22.02.-29.02.2008          0.00     -561.40          0.00         0.00      43.84       0.00         0.00       -517.56   0.00%
0                EUR 4.42% Fiduciary Deposit EUR 27.12.-04.01.2008          0.00     -585.90          0.00         0.00      56.33     -28.45         0.00       -558.02   0.00%
0                EUR 3.97% Fiduciary Deposit EUR 07.01.-18.01.2008          0.00     -900.68          0.00         0.00      86.04       0.00         0.00       -814.64   0.00%
0                EUR 4.03% Fiduciary Deposit EUR 29.02.-07.03.2008          0.00     -904.75          0.00         0.00      43.13       0.00         0.00       -861.62   0.00%
0                EUR 3.93% Fiduciary Deposit EUR 27.12.-07.01.2008          0.00     -997.44          0.00        -0.04      86.27     -31.80         0.00       -943.01   0.00%
0                EUR 4 %     Fiduciary Deposit EUR 14.01.-24.01.2008        0.00    -1'149.05         0.00         0.00      62.05       0.00         0.00     -1'087.00   0.00%
0                EUR 4.04% Fiduciary Deposit EUR 14.03.-25.03.2008          0.00    -1'449.56         0.00         0.00     180.91       0.00         0.00     -1'268.65   0.00%
0                EUR 4.05% Fiduciary Deposit EUR 25.02.-10.03.2008          0.00    -1'499.41         0.00         0.00     106.61       0.00         0.00     -1'392.80   0.00%
0                GBP 5.07% Fiduciary Deposit GBP 18.04.-29.04.2008          0.00     3'456.00         0.00         0.00     201.36       0.00         0.00      3'657.36   0.00%
0                GBP 5.05% Fiduciary Deposit GBP 08.02.-15.02.2008          0.00      884.34          0.00         0.00     106.77       0.00         0.00       991.11    0.00%
0                GBP 5.80% Fiduciary Deposit GBP 03.01.-10.01.2008          0.00      358.38          0.00         0.00     240.64       0.00         0.00       599.02    0.00%
0                GBP 5.35% Fiduciary Deposit GBP 25.01.-01.02.2008          0.00      409.80          0.00         0.00     110.60       0.00         0.00       520.40    0.00%


21.07.2008 #10042/52                                                                                                                                                         p. 54
                                                                                                                                                 Report description - Page 91/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                       Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                           MLBS Test Client
                                                                                                                                                                            66000
Quantity               Position                                            Real.        Real.   Unrealised   Unrealised   Income /   Accrued     Commiss.         Total         %
                                                                          market   FX results      market    FX results      Costs    Interest   Expenses

64'000           GBP 5.15% Fiduciary Deposit GBP 29.04.-12.05.2008          0.00        0.00          0.00       241.41       0.00      18.89         0.00       260.29    0.00%
0                GBP 5.28% Fiduciary Deposit GBP 25.03.-07.04.2008          0.00       15.75          0.00         0.00     237.52       0.00         0.00       253.27    0.00%
0                GBP 5.15% Fiduciary Deposit GBP 07.04.-18.04.2008          0.00       13.44          0.00         0.00     199.16       0.00         0.00       212.60    0.00%
0                GBP 5.40% Fiduciary Deposit GBP 11.01.-18.01.2008          0.00        3.00          0.00         0.00     112.21       0.00         0.00       115.21    0.00%
0                GBP 5 1/4% Fiduciary Deposit GBP 07.03.-14.03.2008         0.00     -103.32          0.00         0.00     130.24       0.00         0.00        26.92    0.00%
0                GBP 5.32% Fiduciary Deposit GBP 01.02.-08.02.2008          0.00     -576.30          0.00         0.00     109.39       0.00         0.00       -466.91   0.00%
0                GBP 5.45% Fiduciary Deposit GBP 18.01.-25.01.2008          0.00     -961.49          0.00         0.00     112.24       0.00         0.00       -849.25   0.00%
0                GBP 5.17% Fiduciary Deposit GBP 15.02.-22.02.2008          0.00    -1'208.70         0.00         0.00     108.12       0.00         0.00     -1'100.58   0.00%
0                GBP 5.51% Fiduciary Deposit GBP 04.01.-11.01.2008          0.00    -1'261.50         0.00         0.00     114.50       0.00         0.00     -1'147.00   0.00%
0                GBP 5.22% Fiduciary Deposit GBP 29.02.-07.03.2008          0.00    -1'905.36         0.00         0.00     104.92       0.00         0.00     -1'800.44   0.00%
0                GBP 5.24% Fiduciary Deposit GBP 22.02.-29.02.2008          0.00    -2'336.82         0.00         0.00     107.23       0.00         0.00     -2'229.59   0.00%
0                GBP 5.48% Fiduciary Deposit GBP 17.01.-24.01.2008          0.00    -2'569.38         0.00         0.00     228.67       0.00         0.00     -2'340.71   0.00%
0                GBP 5.47% Fiduciary Deposit GBP 10.01.-17.01.2008          0.00    -2'664.09         0.00         0.00     224.17       0.00         0.00     -2'439.92   0.00%
0                GBP 5.28% Fiduciary Deposit GBP 14.03.-25.03.2008          0.00    -3'066.21         0.00         0.00     200.96       0.00         0.00     -2'865.25   0.00%
0                GBP 5.46% Fiduciary Deposit GBP 28.12.-04.01.2008          0.00    -3'073.39         0.00         0.00     114.78     -51.27         0.00     -3'009.88   0.00%
0                GBP 5.80% Fiduciary Deposit GBP 03.01.-10.01.2008          0.00    -6'085.33         0.00         0.00       0.00       0.00         0.00     -6'085.33   0.00%
0                USD 2.65% Fiduciary Deposit USD 24.04.-01.05.2008          0.00   47'166.53          0.00         0.00   1'111.21       0.00         0.00     48'277.74   0.03%
0                USD 2.57% Fiduciary Deposit USD 17.04.-24.04.2008          0.00   30'377.25          0.00         0.00     893.87       0.00         0.00     31'271.12   0.02%
0                USD 2.81% Fiduciary Deposit USD 27.03.-03.04.2008          0.00   20'234.25          0.00         0.00     570.26       0.00         0.00     20'804.51   0.01%
0                USD 4.21% Fiduciary Deposit USD 16.01.-23.01.2008          0.00     3'042.90         0.00         0.00     557.44       0.00         0.00      3'600.34   0.00%
0                USD 2.95% Fiduciary Deposit USD 28.03.-04.04.2008          0.00     2'614.05         0.00         0.00      91.02       0.00         0.00      2'705.07   0.00%
0                USD 3.23% Fiduciary Deposit USD 30.01.-06.02.2008          0.00     2'325.00         0.00         0.00     207.38       0.00         0.00      2'532.38   0.00%
0                USD 3.06% Fiduciary Deposit USD 01.02.-08.02.2008          0.00     2'418.00         0.00         0.00      81.45       0.00         0.00      2'499.45   0.00%
0                USD 3.08% Fiduciary Deposit USD 04.02.-19.02.2008          0.00     1'532.20         0.00         0.00     457.59       0.00         0.00      1'989.79   0.00%
0                USD 2.58% Fiduciary Deposit USD 14.03.-21.03.2008          0.00     1'410.00         0.00         0.00      75.98       0.00         0.00      1'485.98   0.00%
0                USD 3 1/4% Fiduciary Deposit USD 06.02.-13.02.2008         0.00      377.50          0.00         0.00     210.30       0.00         0.00       587.80    0.00%
0                USD 2.61% Fiduciary Deposit USD 11.04.-18.04.2008          0.00        -8.30         0.00         0.00      84.88       0.00         0.00        76.58    0.00%


21.07.2008 #10042/52                                                                                                                                                         p. 55
                                                                                                                                                  Report description - Page 92/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                        Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                            MLBS Test Client
                                                                                                                                                                             66000
Quantity               Position                                            Real.        Real.   Unrealised   Unrealised    Income /   Accrued     Commiss.         Total         %
                                                                          market   FX results      market    FX results       Costs    Interest   Expenses

1'837'000        USD 2.60% Fiduciary Deposit USD 01.05.-08.05.2008          0.00         0.00         0.00         0.00        0.00       0.00         0.00          0.00   0.00%
0                USD 4.19% Fiduciary Deposit USD 11.01.-18.01.2008          0.00      -237.90         0.00         0.00      109.33       0.00         0.00       -128.57   0.00%
0                USD 3.35% Fiduciary Deposit USD 25.01.-01.02.2008          0.00      -217.00         0.00         0.00       87.60       0.00         0.00       -129.40   0.00%
0                USD 2.99% Fiduciary Deposit USD 13.02.-20.02.2008          0.00      -207.20         0.00         0.00       17.82       0.00         0.00       -189.38   0.00%
0                USD 2.81% Fiduciary Deposit USD 04.04.-11.04.2008          0.00      -498.00         0.00         0.00       91.40       0.00         0.00       -406.60   0.00%
0                USD 3.10% Fiduciary Deposit USD 20.02.-27.02.2008          0.00      -518.00         0.00         0.00       18.16       0.00         0.00       -499.84   0.00%
0                USD 3.20% Fiduciary Deposit USD 08.02.-15.02.2008          0.00      -713.00         0.00         0.00       84.74       0.00         0.00       -628.26   0.00%
0                USD 3.07% Fiduciary Deposit USD 15.02.-22.02.2008          0.00    -1'091.20         0.00         0.00       80.64       0.00         0.00     -1'010.56   0.00%
0                USD 4 1/4% Fiduciary Deposit USD 11.01.-22.01.2008         0.00    -1'548.50         0.00         0.00      465.33       0.00         0.00     -1'083.17   0.00%
0                USD 4 %     Fiduciary Deposit USD 23.01.-30.01.2008        0.00    -1'733.75         0.00         0.00      403.76       0.00         0.00     -1'329.99   0.00%
0                USD 4.13% Fiduciary Deposit USD 18.01.-25.01.2008          0.00    -1'665.30         0.00         0.00      106.42       0.00         0.00     -1'558.88   0.00%
0                USD 2.35% Fiduciary Deposit USD 21.03.-28.03.2008          0.00    -2'464.90         0.00         0.00       71.31       0.00         0.00     -2'393.59   0.00%
0                USD 3.99% Fiduciary Deposit USD 22.01.-04.02.2008          0.00    -3'292.60         0.00         0.00      511.54       0.00         0.00     -2'781.06   0.00%
0                USD 3.03% Fiduciary Deposit USD 29.02.-07.03.2008          0.00    -4'053.60         0.00         0.00       86.74       0.00         0.00     -3'966.86   0.00%
0                USD 2.69% Fiduciary Deposit USD 10.04.-17.04.2008          0.00    -5'984.00         0.00         0.00      919.20       0.00         0.00     -5'064.80   0.00%
0                USD 3.05% Fiduciary Deposit USD 22.02.-29.02.2008          0.00    -5'601.60         0.00         0.00       89.72       0.00         0.00     -5'511.88   0.00%
0                USD 2.87% Fiduciary Deposit USD 03.04.-10.04.2008          0.00    -6'376.50         0.00         0.00      548.49       0.00         0.00     -5'828.01   0.00%
0                USD 4.28% Fiduciary Deposit USD 03.01.-11.01.2008          0.00    -9'237.75         0.00         0.00      343.32       0.00         0.00     -8'894.43   -0.01%
0                USD 4.26% Fiduciary Deposit USD 09.01.-16.01.2008          0.00   -13'099.50         0.00         0.00      556.11       0.00         0.00    -12'543.39   -0.01%
0                USD 4.35% Fiduciary Deposit USD 02.01.-09.01.2008          0.00   -14'131.21         0.00         0.00      692.86       0.00         0.00    -13'438.35   -0.01%
0                USD 2.57% Fiduciary Deposit USD 20.03.-27.03.2008          0.00   -21'025.40         0.00         0.00      497.11       0.00         0.00    -20'528.29   -0.01%
0                USD 3.08% Fiduciary Deposit USD 05.03.-20.03.2008          0.00   -43'222.53         0.00         0.00    1'387.26       0.00         0.00    -41'835.27   -0.03%
0                USD 3 %     Fiduciary Deposit USD 19.02.-05.03.2008        0.00   -60'211.70         0.00         0.00    1'402.67       0.00         0.00    -58'809.03   -0.04%
1'876            USD Pictet Money Market USD P                              0.00         0.00    28'779.58   -176'234.51       0.00       0.00         0.00   -147'454.93   -0.10%

Forex                                                                       0.00   111'435.00         0.00   220'043.03        0.00   30'744.11        0.00    362'222.14   0.24%
1'045'600        CHF Forward Account CHF 30.06.2008 / USD                   0.00         0.00         0.00         0.00        0.00       0.00         0.00          0.00   0.00%



21.07.2008 #10042/52                                                                                                                                                          p. 56
                                                                                                                                                           Report description - Page 93/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                                  Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                                      MLBS Test Client
                                                                                                                                                                                       66000
Quantity               Position                                             Real.          Real.    Unrealised    Unrealised     Income /      Accrued     Commiss.          Total         %
                                                                           market     FX results       market     FX results        Costs       Interest   Expenses

7'581'967        CHF Forward Account CHF 30.06.2008 / JPY                      0.00         0.00          0.00          0.00          0.00         0.00         0.00          0.00    0.00%
-1'000'000       EUR Forward Account EUR 11.03.2008 / USD                      0.00         0.00          0.00     33'671.00          0.00    -10'277.01        0.00     23'393.99    0.02%
1'100'000        EUR Forward Account EUR 11.03.2008 / USD                      0.00         0.00          0.00     -37'038.10         0.00    11'304.71         0.00     -25'733.39   -0.02%
-740'000'000     JPY Forward Account JPY 30.06.2008 / CHF                      0.00         0.00          0.00    124'497.60          0.00    46'404.60         0.00    170'902.20    0.11%
0                USD Forward Account USD 15.02.2008 / CHF                      0.00   111'435.00          0.00     81'795.00          0.00    -16'275.25        0.00    176'954.75    0.12%
-1'611'733       USD Forward Account USD 11.03.2008 / EUR                      0.00         0.00          0.00    146'023.03          0.00     -7'868.63        0.00    138'154.40    0.09%
-1'000'000       USD Forward Account USD 30.06.2008 / CHF                      0.00         0.00          0.00       4'050.00         0.00       291.22         0.00       4'341.22   0.00%
1'467'500        USD Forward Account USD 11.03.2008 / EUR                      0.00         0.00          0.00    -132'955.50         0.00      7'164.47        0.00    -125'791.03   -0.08%

Bonds                                                                     71'388.70   -220'703.30   -455'350.80   -306'678.39   777'033.35   -210'347.67    -7'476.83   -352'134.93   -0.23%
3'000'000        CHF 4 %     Eidgenossenschaft 00-11.02.2013                   0.00         0.00     11'100.00          0.00    120'000.00    -80'000.00        0.00     51'100.00    0.03%
4'000'000        CHF 2 1/2% Eidgenossenschaft 03-12.03.2016                    0.00         0.00       6'400.00         0.00    100'000.00    -66'666.67        0.00     39'733.33    0.03%
2'000'000        CHF 2 5/8% Kanton Zürich 04-22.04.2014                        0.00         0.00     19'800.00          0.00     52'500.00    -35'000.00        0.00     37'300.00    0.02%
2'000'000        CHF 2 %     ICO 05-15.12.2016                                 0.00         0.00     13'400.00          0.00          0.00    13'333.33         0.00     26'733.33    0.02%
3'000'000        CHF 2 1/2% Province of Ontario 03-08.07.2013                  0.00         0.00      -1'800.00         0.00          0.00    25'000.00         0.00     23'200.00    0.02%
2'000'000        CHF 2 1/2% Italia 05-02.03.2015                               0.00         0.00       5'800.00         0.00     50'000.00    -33'333.33        0.00     22'466.67    0.01%
2'000'000        CHF 2 %     Eksportfinans 03-17.03.2009                       0.00         0.00       9'000.00         0.00     40'000.00    -26'666.67        0.00     22'333.33    0.01%
2'000'000        CHF 3 1/8% Pfandbriefzentrale 99-15.02.2009                   0.00         0.00        600.00          0.00     62'500.00    -41'666.67        0.00     21'433.33    0.01%
2'000'000        CHF 3 %     Stadt Zürich 99-05.01.2009                        0.00         0.00       1'400.00         0.00     60'000.00    -40'000.00        0.00     21'400.00    0.01%
1'000'000        CHF 2 3/4% Oberoest Landesbank 07-19.08.2016                  0.00         0.00     11'000.00          0.00          0.00      9'166.67        0.00     20'166.67    0.01%
2'000'000        CHF 1 7/8% Pfandbriefbank 03-20.05.2008 S372                  0.00         0.00       7'200.00         0.00          0.00    12'500.00         0.00     19'700.00    0.01%
2'000'000        CHF 2 %     Italia 03-30.04.2009                              0.00         0.00       4'400.00         0.00          0.00    13'333.33         0.00     17'733.33    0.01%
2'000'000        CHF 2 5/8% Province of Quebec 06-21.06.2017                   0.00         0.00      -3'600.00         0.00          0.00    17'500.00         0.00     13'900.00    0.01%
1'000'000        CHF 2 1/2% PFB Oest Landeshypobk 05-30.12.2015                0.00         0.00       5'000.00         0.00     25'000.00    -16'666.67        0.00     13'333.33    0.01%
2'000'000        CHF 2 %     Toyota Motor Credit 03-18.12.2008                 0.00         0.00       -800.00          0.00          0.00    13'333.33         0.00     12'533.33    0.01%
1'000'000        CHF 3 %     Energie Beheer 07-05.12.2014                      0.00         0.00        500.00          0.00          0.00    10'000.00         0.00     10'500.00    0.01%
2'000'000        CHF 2 %     Shell Int Finance BV 06-16.09.2011                0.00         0.00      -3'000.00         0.00          0.00    13'333.33         0.00     10'333.33    0.01%



21.07.2008 #10042/52                                                                                                                                                                    p. 57
                                                                                                                                                         Report description - Page 94/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                                Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                                    MLBS Test Client
                                                                                                                                                                                     66000
Quantity               Position                                              Real.          Real.   Unrealised    Unrealised    Income /     Accrued     Commiss.          Total         %
                                                                            market     FX results      market     FX results       Costs      Interest   Expenses

1'000'000        CHF 1 3/4% General Electric 05-12.02.2010                     0.00         0.00       2'000.00         0.00   17'500.00    -11'666.67        0.00       7'833.33   0.01%
1'000'000        CHF 2 %     Toyota Motor Credit 06-21.02.2012                 0.00         0.00       1'000.00         0.00   20'000.00    -13'333.33        0.00       7'666.67   0.01%
1'000'000        CHF 3 1/4% HSBC Finance 06-14.07.2016                         0.00         0.00      -5'000.00         0.00        0.00    10'833.33         0.00       5'833.33   0.00%
1'000'000        CHF 2 7/8% Rabobank 06-13.06.2014                             0.00         0.00      -4'100.00         0.00        0.00     9'583.33         0.00       5'483.33   0.00%
0                CHF 3 5/8% Kanton Genf 98-02.02.2008                     -16'200.00        0.00     14'800.00          0.00   72'500.00    -66'055.56        0.00       5'044.44   0.00%
2'000'000        CHF 2 3/8% Total Capital 04-30.11.2012                        0.00         0.00     -12'000.00         0.00        0.00    15'833.33         0.00       3'833.33   0.00%
1'000'000        CHF 1 5/8% Toyota Motor Credit 05-27.07.2011                  0.00         0.00      -2'000.00         0.00        0.00     5'416.67         0.00       3'416.67   0.00%
1'000'000        CHF 2 %     Landw Rentenbank 05-30.06.2015                    0.00         0.00      -3'700.00         0.00        0.00     6'666.67         0.00       2'966.67   0.00%
1'000'000        CHF 2 1/4% Eurofima 05-15.06.2016                             0.00         0.00      -5'500.00         0.00        0.00     7'500.00         0.00       2'000.00   0.00%
100'000          CHF 2 3/8% Baloise 04-20.12.2010                              0.00         0.00       -100.00          0.00        0.00       791.67         0.00        691.67    0.00%
1'000'000        CHF 2 7/8% Oest Kontrollbank 05-25.02.2030                    0.00         0.00      -9'100.00         0.00   28'750.00    -19'166.67        0.00        483.33    0.00%
2'000'000        CHF 3 1/4% Kommunekredit 08-08.05.2018                        0.00         0.00          0.00          0.00        0.00         0.00         0.00          0.00    0.00%
2'000'000        CHF 2 7/8% KFW 08-02.05.2014                                  0.00         0.00          0.00          0.00        0.00         0.00         0.00          0.00    0.00%
1'000'000        CHF 2.625% Nestle 07-14.02.2018                               0.00         0.00      -9'000.00         0.00   26'250.00    -17'500.00        0.00       -250.00    0.00%
1'000'000        CHF 2 3/8% EIB 05-10.07.2020                                  0.00         0.00     -10'500.00         0.00        0.00     7'916.67         0.00      -2'583.33   0.00%
1'000'000        CHF 1 3/4% ANZ Banking Group 05-04.10.2010                    0.00         0.00     -11'000.00         0.00        0.00     5'833.33         0.00      -5'166.67   0.00%
1'000'000        CHF 2 3/4 % BP Capital Markets 08-11.03.2013                  0.00         0.00     -12'100.00         0.00        0.00     3'743.06         0.00      -8'356.94   -0.01%
1'000'000        CHF 2 3/8% Eksportfinans 03-26.06.2013                        0.00         0.00     -17'000.00         0.00   -12'798.60   20'055.56         0.00      -9'743.04   -0.01%
1'000'000        CHF 2 7/8% General Electric 07-27.02.2017                     0.00         0.00     -21'100.00         0.00   28'750.00    -19'166.67        0.00     -11'516.67   -0.01%
1'000'000        CHF 3 5/8% BMW US Capital LLC 08-04.03.2015                   0.00         0.00     -17'630.00         0.00        0.00     5'638.89       -99.75     -12'090.86   -0.01%
1'000'000        CHF 2 1/2% EIB 07-08.02.2019                                  0.00         0.00     -23'460.00         0.00    -1'180.55    5'694.44         0.00     -18'946.11   -0.01%
2'000'000        CHF 2 1/2% Oest Kontrollbank 04-18.10.2012                    0.00         0.00     -23'600.00         0.00   -22'083.35   26'666.67      -201.35     -19'218.03   -0.01%
1'000'000        CHF 2 1/2% BNG 05-21.07.2025                                  0.00         0.00    -104'900.00         0.00        0.00     8'333.33         0.00     -96'566.67   -0.06%
1'000'000        CHF 3 1/8% Citigroup 06-27.09.2021                            0.00         0.00    -114'200.00         0.00        0.00    10'416.67         0.00    -103'783.33   -0.07%
2'000'000        CHF 3 1/8% Morgan Stanley 06-21.11.2018                       0.00         0.00    -195'800.00         0.00        0.00    20'833.33         0.00    -174'966.67   -0.12%
0                EUR 3 1/2% KFW 05-04.07.2015                             -15'035.58   -27'622.58    43'533.34          0.01   17'055.10    -14'285.12    -1'192.24      2'452.92   0.00%
100'000          EUR 4 1/2% Hungary 03-06.02.2013                              0.00         0.00          0.00     -3'296.39        0.00     2'278.31         0.00      -1'018.08   0.00%


21.07.2008 #10042/52                                                                                                                                                                  p. 58
                                                                                                                                                              Report description - Page 95/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                                     Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                                         MLBS Test Client
                                                                                                                                                                                          66000
Quantity               Position                                                 Real.          Real.    Unrealised    Unrealised     Income /     Accrued     Commiss.          Total         %
                                                                               market     FX results       market     FX results        Costs      Interest   Expenses

0                EUR 5 1/4% BNG 01-04.07.2011                                62'093.75     -27'352.29    -40'553.87          0.00    25'582.64   -21'242.50    -1'309.09     -2'781.35   0.00%
0                GBP 4 3/4% Rabobank 04-30.09.2009                           19'144.36     -78'712.11    -17'803.90          0.00    21'180.05   -13'491.08    -1'591.24    -71'273.92   -0.05%
0                GBP 5 %     ICO 04-07.12.2009                               21'386.17     -87'016.31    -24'001.46          0.00    12'480.66    -3'704.64    -1'579.09    -82'434.68   -0.05%
150'000'000      JPY 1.70% DBJ 02-20.09.2022                                      0.00          0.00     31'438.89     -23'981.77    12'788.25    -4'374.85        0.00      15'870.51   0.01%
150'000'000      JPY 1.65% Deutsche Bahn Fin 04-01.12.2014                        0.00          0.00      -3'373.53    -24'521.82         0.00    8'114.82         0.00     -19'780.53   -0.01%
300'000'000      JPY 1.65% DEPFA 04-20.12.2016                                    0.00          0.00       7'447.83    -48'781.19         0.00   16'420.82         0.00     -24'912.54   -0.02%
150'000'000      JPY 1.40% EIB 05-20.06.2017                                      0.00          0.00     -26'739.33    -24'653.05         0.00    6'906.67         0.00     -44'485.71   -0.03%
5'000'000        RUB 7.35% Russian Railways Comp 05-10.11.2010                    0.00          0.00      -2'924.85    -10'970.25         0.00    5'242.94         0.00      -8'652.16   -0.01%
1'000'000        USD 3 3/8% BNG 08-15.05.2013                                     0.00          0.00          0.00      35'422.00    -1'791.85    4'003.46     -1'504.07     36'129.55   0.02%
1'000'000        USD 4 %     US Treasury Notes 04-15.02.2014 S B-2014             0.00          0.00     15'816.50     -86'849.16    22'051.00    -8'584.54        0.00     -57'566.20   -0.04%
5'000            USD UBS PACE Global Fixed Inc Fd C                               0.00          0.00          0.00      -5'209.50         0.00        0.00         0.00      -5'209.50   0.00%
625              USD MirOblig Mir USD AC                                          0.00          0.00       8'807.98    -37'429.69         0.00        0.00         0.00     -28'621.71   -0.02%
58'463           USD Franklin Templeton Global Bond                               0.00          0.00     50'591.60     -90'600.25         0.00        0.00         0.00     -40'008.65   -0.03%
50'000           EUR 0 %     ML/ML eXtra Agri/Gold 08-28.03.2011 95% Prot         0.00          0.00          0.00       2'675.45         0.00        0.00         0.00       2'675.45   0.00%
60'000           GBP 0 %     ML/ML SPX/SX5E/NIK 08-09.04.2009 100% Pro            0.00          0.00          0.00       4'674.72         0.00        0.00         0.00       4'674.72   0.00%
175'000          USD 0 %     ML/ML Africa/EMEA/RIC 08-28.03.2014 100%             0.00          0.00          0.00       6'842.50         0.00        0.00         0.00       6'842.50   0.00%

Equities                                                                    -196'401.89   -307'505.50 -3'602'359.27 -1'250'171.45   429'870.08        0.00    -10'709.69 -4'937'277.73   -3.25%
4'000            CHF Baloise N                                                    0.00          0.00     83'813.20           0.00         0.00        0.00      -278.25      83'534.95   0.06%
8'000            CHF Swiss Re                                                     0.00          0.00     47'600.00           0.00    32'000.00        0.00         0.00      79'600.00   0.05%
1'100            CHF Syngenta N                                                   0.00          0.00     23'100.00           0.00     5'280.00        0.00         0.00      28'380.00   0.02%
2'000            CHF Schindler N                                                  0.00          0.00     19'000.00           0.00     3'200.00        0.00         0.00      22'200.00   0.01%
5'000            CHF Julius Baer Holding N                                        0.00          0.00     17'323.85           0.00     2'500.00        0.00      -275.40      19'548.45   0.01%
400              CHF Swiss Life N                                                 0.00          0.00     11'000.00           0.00         0.00        0.00         0.00      11'000.00   0.01%
390              CHF Warteck Invest N                                             0.00          0.00       9'750.00          0.00         0.00        0.00         0.00       9'750.00   0.01%
1'100            CHF Lonza Group N                                                0.00          0.00       4'620.00          0.00     1'925.00        0.00         0.00       6'545.00   0.00%
5'000            CHF Clariant N                                                   0.00          0.00       4'450.00          0.00         0.00        0.00         0.00       4'450.00   0.00%



21.07.2008 #10042/52                                                                                                                                                                       p. 59
                                                                                                                                                      Report description - Page 96/113


                               Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                           Consolidation
                               Performance (TWR), Figures in Swiss Franc                                                                                               MLBS Test Client
                                                                                                                                                                                 66000
Quantity               Position                                             Real.          Real.   Unrealised    Unrealised   Income /    Accrued     Commiss.         Total         %
                                                                           market     FX results      market     FX results      Costs     Interest   Expenses

600              CHF Bobst N                                                  0.00         0.00       3'210.00         0.00       0.00        0.00         0.00      3'210.00   0.00%
2'500            CHF Adecco N                                                 0.00         0.00       2'250.00         0.00       0.00        0.00         0.00      2'250.00   0.00%
3'000            CHF Actelion N                                               0.00         0.00       1'350.00         0.00       0.00        0.00         0.00      1'350.00   0.00%
1'000            CHF Synthes                                                  0.00         0.00        800.00          0.00       0.00        0.00      -213.00       587.00    0.00%
2'500            CHF Zurich Financial Services N                              0.00         0.00     -38'125.00         0.00   37'500.00       0.00         0.00       -625.00   0.00%
30'000           CHF ABB N                                                    0.00         0.00      -4'920.00         0.00       0.00        0.00       -59.55     -4'979.55   0.00%
400              CHF Straumann N                                              0.00         0.00     -13'900.00         0.00    1'500.00       0.00         0.00    -12'400.00   -0.01%
1'200            CHF Ciba Holding N                                           0.00         0.00     -21'504.00         0.00    3'000.00       0.00         0.00    -18'504.00   -0.01%
500              CHF Swisscom N                                               0.00         0.00     -36'000.00         0.00   10'000.00       0.00         0.00    -26'000.00   -0.02%
400              CHF Basilea Pharmaceutica N                                  0.00         0.00     -27'800.00         0.00       0.00        0.00         0.00    -27'800.00   -0.02%
400              CHF Galenica N B                                             0.00         0.00     -47'542.50         0.00       0.00        0.00       -26.05    -47'568.55   -0.03%
4'000            CHF Cie Fin Richemont A                                      0.00         0.00     -58'200.00         0.00       0.00        0.00         0.00    -58'200.00   -0.04%
3'000            CHF Holcim N                                                 0.00         0.00     -58'200.00         0.00       0.00        0.00         0.00    -58'200.00   -0.04%
230              CHF Nobel Biocare Holding                                    0.00         0.00     -61'060.40         0.00    1'092.46       0.00         0.00    -59'967.94   -0.04%
8'000            CHF Nestle N                                                 0.00         0.00    -184'000.00         0.00   97'600.00       0.00         0.00    -86'400.00   -0.06%
18'000           CHF Credit Suisse Group N                                    0.00         0.00    -187'200.00         0.00       0.00        0.00         0.00   -187'200.00   -0.12%
13'000           CHF Roche GS                                                 0.00         0.00    -272'700.00         0.00   55'200.00       0.00      -128.95   -217'628.95   -0.14%
24'000           CHF UBS N                                                 6'148.30        0.00    -331'770.00         0.00       0.00        0.00      -658.50   -326'280.20   -0.21%
47'000           CHF Novartis N                                               0.00         0.00    -441'800.00         0.00   75'200.00       0.00         0.00   -366'600.00   -0.24%
5'000            CZK Unipetrol                                                0.00         0.00          0.00      3'334.48       0.00        0.00         0.00      3'334.48   0.00%
3'950            EUR Arcelor Mittal                                           0.00         0.00     23'613.44     -6'453.18    1'418.30       0.00         0.00     18'578.56   0.01%
2'500            EUR Grupo Ferrovial                                          0.00         0.00     16'337.51     -4'050.62       0.00        0.00         0.00     12'286.89   0.01%
6'000            EUR Thales                                                   0.00         0.00     12'161.92     -8'232.56       0.00        0.00         0.00      3'929.36   0.00%
8'000            EUR Gamesa                                                   0.00         0.00     -10'933.50    -8'188.79       0.00        0.00         0.00    -19'122.29   -0.01%
4'800            EUR Total                                                    0.00         0.00     -25'620.43    -6'059.16       0.00        0.00         0.00    -31'679.59   -0.02%
3'300            EUR BNP Paribas                                              0.00         0.00     -26'497.90    -8'344.68       0.00        0.00         0.00    -34'842.58   -0.02%
8'300            EUR ING Groep                                                0.00         0.00     -27'996.67    -9'627.72       0.00        0.00         0.00    -37'624.39   -0.02%


21.07.2008 #10042/52                                                                                                                                                              p. 60
                                                                                                                                                          Report description - Page 97/113


                                Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                              Consolidation
                                Performance (TWR), Figures in Swiss Franc                                                                                                  MLBS Test Client
                                                                                                                                                                                     66000
Quantity               Position                                                 Real.          Real.   Unrealised    Unrealised   Income /    Accrued     Commiss.         Total         %
                                                                               market     FX results      market     FX results      Costs     Interest   Expenses

2'800            EUR Continental                                                  0.00         0.00     -60'902.32    -8'602.00    9'043.55       0.00         0.00    -60'460.77   -0.04%
10'700           EUR AXA                                                          0.00         0.00     -64'298.02    -6'038.29       0.00        0.00         0.00    -70'336.30   -0.05%
12'546           EUR Unilever                                                     0.00         0.00     -74'662.14    -7'558.73      32.88        0.00         0.00    -82'187.99   -0.05%
12'400           EUR Telefonica                                                   0.00         0.00     -74'875.32    -7'795.11       0.00        0.00         0.00    -82'670.42   -0.05%
9'000            EUR Hellenic Telecommunications                                  0.00         0.00     -89'769.74    -6'600.19       0.00        0.00         0.00    -96'369.93   -0.06%
2'850            EUR RWE                                                          0.00         0.00    -104'686.65    -7'629.01   14'490.40       0.00         0.00    -97'825.26   -0.06%
3'310            EUR Siemens N                                                    0.00         0.00    -178'709.44    -9'695.12    8'536.67       0.00         0.00   -179'867.90   -0.12%
12'000           GBP Eurasian Natural Resources                              35'156.62     -4'785.58   136'088.77    -14'013.53       0.00        0.00         0.00    152'446.28   0.10%
45'000           GBP Tesco                                                        0.00         0.00     18'565.58     14'893.97       0.00        0.00         0.00     33'459.55   0.02%
30'625           GBP Man Group                                                    0.00         0.00     14'850.87    -40'204.93    6'143.57       0.00         0.00    -19'210.49   -0.01%
9'500            GBP Standard Chartered                                           0.00         0.00     -14'439.14   -28'786.50    1'142.96       0.00         0.00    -42'082.69   -0.03%
25'000           GBP Barclays                                                     0.00         0.00     -27'024.56   -21'514.50       0.00        0.00         0.00    -48'539.06   -0.03%
42'000           GBP BAE Systems                                                  0.00         0.00     -31'642.94   -35'342.94       0.00        0.00         0.00    -66'985.88   -0.04%
8'000            GBP Imperial Tobacco                                             0.00         0.00     -56'733.66   -33'018.80    8'814.62       0.00         0.00    -80'937.84   -0.05%
16'000           GBP British American Tobacco                                     0.00         0.00     -43'448.75   -38'987.53       0.00        0.00         0.00    -82'436.27   -0.05%
0                GBP Rio Tinto                                              165'962.13    -12'721.82   -238'014.46         0.00       0.00        0.00      -636.74    -85'410.88   -0.06%
11'900           GBP SABMiller                                                    0.00         0.00     -62'627.04   -30'404.81       0.00        0.00         0.00    -93'031.85   -0.06%
238'000          HKD CNOOC                                                        0.00         0.00       4'800.20   -26'107.58       0.00        0.00         0.00    -21'307.38   -0.01%
16'000           HKD China Mobile (Hong Kong)                                     0.00         0.00     -16'825.98   -16'829.27       0.00        0.00         0.00    -33'655.25   -0.02%
14'000           HKD Sun Hung Kai Properties                                      0.00         0.00     -87'467.59   -16'620.99    1'424.65       0.00         0.00   -102'663.93   -0.07%
42               JPY Sumitomo Mitsui Financial                                    0.00         0.00     26'458.65     -8'095.71       0.00        0.00         0.00     18'362.94   0.01%
300              JPY Nintendo                                                     0.00         0.00       -896.94     -1'101.56       0.00        0.00      -259.07     -2'257.58   0.00%
0                JPY Honda Motor                                            -125'482.06   -12'672.74    45'725.83          0.01    2'051.45       0.00         0.00    -90'377.52   -0.06%
8'200            NOK Subsea 7                                                     0.00         0.00     51'241.83      2'732.51       0.00        0.00      -260.63     53'713.71   0.04%
6'500            NOK Acergy                                                       0.00         0.00       7'560.16    -4'623.46       0.00        0.00         0.00      2'936.70   0.00%
14'000           SEK Tele2 B                                                      0.00         0.00          0.00      2'017.76       0.00        0.00         0.00      2'017.76   0.00%
45'000           SEK Ericsson B                                                   0.00         0.00        781.96       -955.55       0.00        0.00         0.00       -173.59   0.00%


21.07.2008 #10042/52                                                                                                                                                                  p. 61
                                                                                                                                                           Report description - Page 98/113


                                 Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                               Consolidation
                                 Performance (TWR), Figures in Swiss Franc                                                                                                   MLBS Test Client
                                                                                                                                                                                       66000
Quantity               Position                                                  Real.          Real.   Unrealised    Unrealised   Income /    Accrued     Commiss.          Total         %
                                                                                market     FX results      market     FX results      Costs     Interest   Expenses

6'000            USD General Cable                                                 0.00         0.00     84'898.40    -17'910.68       0.00        0.00      -527.57     66'460.15    0.04%
4'600            USD Weatherford                                                   0.00         0.00     66'914.79    -14'294.87       0.00        0.00         0.00     52'619.92    0.03%
1'000            USD EOG Resources                                                 0.00         0.00     42'943.11     -8'086.05       0.00        0.00         0.00     34'857.06    0.02%
31'155           USD Taiwan Semiconductor ADR                                      0.00         0.00     44'696.71    -31'274.88       0.00        0.00         0.00     13'421.82    0.01%
2'000            USD Toll Brothers                                                 0.00         0.00     10'120.03     -8'380.50       0.00        0.00         0.00       1'739.53   0.00%
0                USD Wyeth                                                    -30'571.72    -9'556.97    35'323.08          0.00       0.00        0.00      -443.06      -5'248.67   0.00%
14'000           USD DirectTV Group                                                0.00         0.00     25'639.60    -32'800.82       0.00        0.00         0.00      -7'161.22   0.00%
9'000            USD Morgan Stanley                                                0.00         0.00       2'076.13   -14'649.86    1'367.30       0.00      -282.83     -11'489.26   -0.01%
10'400           USD Cia Vale do Rio Doce Pfd ADR                                  0.00         0.00      -2'741.47   -10'948.83       0.00        0.00         0.00     -13'690.29   -0.01%
25'000           USD Tatneft                                                       0.00         0.00          0.00    -14'269.50       0.00        0.00         0.00     -14'269.50   -0.01%
7'500            USD FPL Group                                                     0.00         0.00       -477.20    -18'572.20    3'129.30       0.00      -402.45     -16'322.55   -0.01%
6'500            USD Hewlett Packard                                               0.00         0.00     -10'744.65   -15'018.68     750.80        0.00      -509.34     -25'521.87   -0.02%
6'700            USD Praxair                                                       0.00         0.00     -11'296.67   -24'408.27    3'533.65       0.00         0.00     -32'171.29   -0.02%
0                USD AT&T                                                     -25'211.70    -8'286.77         0.00          0.00       0.00        0.00     -1'130.10    -34'628.58   -0.02%
3'850            USD America Movil ADR                                             0.00         0.00     -16'335.25   -19'233.38       0.00        0.00         0.00     -35'568.63   -0.02%
4'750            USD Exxon Mobil                                                   0.00         0.00     -13'705.62   -29'681.24    2'420.84       0.00         0.00     -40'966.02   -0.03%
0                USD Hon Hai Precision GDR                                   -133'782.32   -61'239.12   153'364.19          5.58       0.00        0.00      -513.63     -42'165.31   -0.03%
4'000            USD Philippine Long Distance Tel ADR                              0.00         0.00     -39'720.57   -26'299.37   10'343.11       0.00         0.00     -55'676.83   -0.04%
8'300            USD Celanese A                                                    0.00         0.00     -29'554.59   -30'537.91     361.35        0.00         0.00     -59'731.15   -0.04%
700              USD Intuitive Surgical                                       54'260.65     -2'094.51   -106'370.45    -7'885.64       0.00        0.00      -141.60     -62'231.55   -0.04%
8'500            USD Texas Instruments                                             0.00         0.00     -38'646.41   -24'612.40     936.49        0.00         0.00     -62'322.31   -0.04%
6'700            USD United Technologies                                           0.00         0.00     -39'474.07   -35'389.27    3'121.97       0.00         0.00     -71'741.37   -0.05%
8'250            USD Eli Lilly                                                     0.00         0.00     -44'050.76   -40'967.73    5'646.19       0.00         0.00     -79'372.30   -0.05%
15'000           USD Activision                                               18'030.08     -1'037.32    -82'337.86   -22'165.29       0.00        0.00       -67.04     -87'577.43   -0.06%
0                USD Sprint Nextel                                           -196'002.44   -14'012.35   121'445.73          0.00       0.00        0.00      -246.21     -88'815.26   -0.06%
22'600           USD Cisco Systems                                                 0.00         0.00     -33'230.83   -55'857.44       0.00        0.00         0.00     -89'088.26   -0.06%
2'700            USD Hess                                                    163'071.92    -14'695.41   -252'176.65   -13'023.57    1'332.20       0.00      -566.16    -116'057.66   -0.08%


21.07.2008 #10042/52                                                                                                                                                                    p. 62
                                                                                                                                                            Report description - Page 99/113


                               Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                                  Consolidation
                               Performance (TWR), Figures in Swiss Franc                                                                                                      MLBS Test Client
                                                                                                                                                                                        66000
Quantity               Position                                                 Real.          Real.    Unrealised    Unrealised    Income /    Accrued     Commiss.          Total         %
                                                                               market     FX results       market     FX results       Costs     Interest   Expenses

13'700           USD MF Global                                                    0.00          0.00    -315'936.06    -30'769.84       0.00        0.00         0.00    -346'705.90   -0.23%
5'000            CAD Barrick Gold CAD Zert                                        0.00          0.00     -15'875.08    -23'587.53       0.00        0.00         0.00     -39'462.60   -0.03%
1'000            CHF XMTCH on SMI                                                 0.00          0.00      -7'710.00         0.00        0.00        0.00         0.00      -7'710.00   -0.01%
35'000           JPY Ishares MSCI Japan Index Fund                             2'094.48       253.50     -44'982.01     -9'339.95    1'724.05       0.00      -380.03     -50'629.95   -0.03%
0                USD Ishares MSCI World                                       -5'084.63    -44'566.40         0.00          0.00     1'698.37       0.00     -1'927.09    -49'879.75   -0.03%
3'000            USD Ishares S&P 500 Index Fund                                   0.00          0.00     -23'018.44    -39'827.56       0.00        0.00         0.00     -62'846.00   -0.04%
135'000          USD Ishares S&P 500 Index Fund                                   0.00          0.00     -96'553.63   -153'232.86   14'407.95       0.00      -453.95    -235'832.50   -0.16%
50               CHF CALL Julius Baer 18.07.2008 / CHF 84                         0.00          0.00          0.00          0.00        0.00        0.00         0.00          0.00    0.00%
-4               EUR PUT Dr Ing Porsche Vz 15.02.2008 / EUR 1260                  0.00          0.00      -5'663.55        56.82        0.00        0.00         0.00      -5'606.73   0.00%
450              SEK PUT Ericsson B 20.06.2008 / SEK 22                           0.00          0.00     -19'549.10      -535.06        0.00        0.00         0.00     -20'084.16   -0.01%
-100             USD PUT Bear Stearns 16.05.2008 / USD 10                         0.00          0.00       6'770.08       724.80        0.00        0.00         0.00       7'494.88   0.00%
-20              USD CALL Toll Brothers 21.03.2008 / USD 27.50                    0.00          0.00        249.02        190.26        0.00        0.00         0.00        439.28    0.00%
5                USD WTS ML linked LP MEDA Fund 08-31.03.2011                     0.00          0.00          0.00       1'590.00       0.00        0.00         0.00       1'590.00   0.00%
500              CHF IST Europe Index                                             0.00          0.00     -44'155.00         0.00        0.00        0.00         0.00     -44'155.00   -0.03%
10'000           EUR Fidelity Funds Health Care A                                 0.00          0.00          0.00       5'890.27       0.00        0.00      -317.83       5'572.43   0.00%
460              EUR Parvest Europe Mid Cap                                       0.00          0.00     -48'067.10     -5'529.32       0.00        0.00         0.00     -53'596.42   -0.04%
1'350            EUR SGAM LPX 50 Index -S-                                        0.00          0.00    -238'248.94    -48'409.57       0.00        0.00         0.00    -286'658.51   -0.19%
30'000           JPY Topix ETF                                                    0.00          0.00     -29'081.02     -8'698.34       0.00        0.00         0.00     -37'779.36   -0.02%
33'000           JPY ML Japan Equity II -S2-                                      0.00          0.00     -81'635.20     -7'512.03       0.00        0.00         0.00     -89'147.22   -0.06%
0                USD Martin Currie Asia Access Fd -Subscription-                  0.00      -8'208.00         0.00          0.00        0.00        0.00       531.12      -7'676.88   -0.01%
5'000            USD Gazprom                                                      0.00          0.00      -4'634.90     -6'382.77       0.00        0.00         0.00     -11'017.67   -0.01%
320'000          USD Martin Currie Asia Acc. Ltd I -Subscription-                 0.00          0.00          0.00     -23'888.00       0.00        0.00      -535.78     -24'423.78   -0.02%
0                USD GAM Multi Europe II USD -A-                            -124'991.20   -113'882.03    15'514.25          0.00        0.00        0.00         0.00    -223'358.98   -0.15%
150'000          USD 10 %      ML / Amgen 08-08.10.2008 REV CONV                  0.00          0.00          0.00       7'252.50       0.00        0.00         0.00       7'252.50   0.00%
100'000          USD 12 %      ML / TEF/BBVA/SAN 08-01.04.2009 autocall W         0.00          0.00          0.00       3'635.00       0.00        0.00         0.00       3'635.00   0.00%
700              EUR ML Disc-Zert DJ EURO Stoxx 50 08-24.09.2008                  0.00          0.00          0.00       2'968.63       0.00        0.00         0.00       2'968.63   0.00%




21.07.2008 #10042/52                                                                                                                                                                     p. 63
                                                                                                                                                       Report description - Page 100/113


                               Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                             Consolidation
                               Performance (TWR), Figures in Swiss Franc                                                                                                 MLBS Test Client
                                                                                                                                                                                   66000
Quantity               Position                                              Real.          Real.   Unrealised    Unrealised    Income /   Accrued      Commiss.         Total         %
                                                                            market     FX results      market     FX results       Costs    Interest    Expenses

Alternative Investments (HF)                                               20'668.51   -66'364.18   -515'082.67   -762'805.14       0.00       0.00       -460.16 -1'324'043.63   -0.87%
5'679            EUR MW Tops LTD EUR Class                                      0.00        0.00      -2'710.77     -1'942.77       0.00       0.00          0.00     -4'653.54   0.00%
340              EUR Permal Long Short Gl Equity B                              0.00        0.00     -27'290.81    -11'517.27       0.00       0.00          0.00    -38'808.08   -0.03%
470              USD ML Thomas Eq. Fund Cl.-A- Off                              0.00        0.00     88'008.99     -28'132.50       0.00       0.00       -165.13     59'711.36   0.04%
248'660          USD ML APM Global Comm Fut Acc -1-                             0.00        0.00     30'853.73     -25'682.60       0.00       0.00          0.00      5'171.13   0.00%
1'345            USD Glbl Macro Hedgeac. Cl -I- SPI                            -6.20       -44.76        -18.75      -123.49        0.00       0.00          0.00       -193.20   0.00%
0                USD Lispenard Access Ltd Class -I- -Subscription-              0.00    -3'719.25         0.00          0.00        0.00       0.00          0.00     -3'719.25   0.00%
0                USD Glbl Macro Hedgeac. Cl -I-(R) -Subscription-               0.00    -5'130.00         0.00          0.00        0.00       0.00          0.00     -5'130.00   0.00%
0                USD ML Zen Asset Fin. Fund -D- -Subscription-                  0.00    -7'695.00         0.00          0.00        0.00       0.00          0.00     -7'695.00   -0.01%
0                USD 1861 Capital Access Ltd -Subscription-                     0.00    -7'852.00         0.00          0.00        0.00       0.00       -214.84     -8'066.84   -0.01%
0                USD Mariner Access Ltd. Class -I-                         -8'008.62   -21'403.02      5'859.73         0.00        0.00       0.00          0.00    -23'551.91   -0.02%
133'125          USD ML Global Investments Fund B                               0.00        0.00     -11'974.25    -12'061.13       0.00       0.00          0.00    -24'035.38   -0.02%
21'623           USD MW Tops LTD USD Class                                      0.00        0.00      -6'325.59    -20'550.37       0.00       0.00          0.00    -26'875.96   -0.02%
158              USD Permal Macro Holdings B                                    0.00        0.00      -6'213.16    -33'663.35       0.00       0.00          0.00    -39'876.51   -0.03%
286'287          USD Renaissance Access Class -I-                               0.00        0.00     -29'818.22    -27'234.48       0.00       0.00          0.00    -57'052.70   -0.04%
920'345          USD Glbl Macro Hedgeac. Cl -I-(R)                              7.54       -15.58    19'515.27     -79'919.24       0.00       0.00         -3.05    -60'415.07   -0.04%
357'508          USD Lispenard Access Ltd.Class -I-                             0.00        0.00     -40'159.83    -28'996.95       0.00       0.00         -2.11    -69'158.90   -0.05%
4'324            USD ML US Hedge Eq.Strat. Cl.-B-                               0.00        0.00     -30'838.55    -42'133.19       0.00       0.00          0.00    -72'971.73   -0.05%
399'955          USD 1861 Capital Access Class I                                0.00        0.00    -123'585.00    -21'232.73       0.00       0.00          0.00   -144'817.74   -0.10%
1'202'979        USD ML Zen Asset Fin. Fund -D-                                 0.00        0.00     -39'496.78   -107'291.38       0.00       0.00         -4.36   -146'792.52   -0.10%
709              USD Global Health Care Opp B                                   0.00        0.00     -87'547.93   -109'401.14       0.00       0.00          0.00   -196'949.07   -0.13%
1'000'000        USD Anthracite Invest Basket Fd B 06-22.06.2011                0.00        0.00    -245'650.14    -90'600.00       0.00       0.00          0.00   -336'250.14   -0.22%
7'939            USD Sphinx Access Ltd.Class I- IR                              0.00        0.00        251.75       -726.47        0.00       0.00          0.00       -474.72   0.00%
229'513          USD Paulson Adv.Access Ltd. -I-                                0.00        0.00     22'442.93     -23'289.14       0.00       0.00          0.00       -846.21   0.00%
0                USD York Total Access Ltd. -Subscription-                      0.00    -2'422.00         0.00          0.00        0.00       0.00        -66.11     -2'488.11   0.00%
0                USD Galleon Access Ltd. -Subscription-                         0.00    -8'002.80         0.00          0.00        0.00       0.00          0.00     -8'002.80   -0.01%
0                USD Halcyon Access Ltd. Class -I-                         28'675.79   -10'079.77    -28'068.15         0.00        0.00       0.00          0.00     -9'472.13   -0.01%


21.07.2008 #10042/52                                                                                                                                                                p. 64
                                                                                                                                                     Report description - Page 101/113


                               Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                           Consolidation
                               Performance (TWR), Figures in Swiss Franc                                                                                               MLBS Test Client
                                                                                                                                                                                 66000
Quantity               Position                                             Real.        Real.   Unrealised    Unrealised    Income /    Accrued      Commiss.         Total         %
                                                                           market   FX results      market     FX results       Costs     Interest    Expenses

4'000            USD SAS Agriculture Fund A                                  0.00        0.00     21'183.72     -40'545.31        0.00       0.00          0.00    -19'361.60   -0.01%
304'628          USD Galleon Access Ltd. Class I -Subscription-              0.00        0.00          0.00     -23'290.80        0.00       0.00         -4.54    -23'295.34   -0.02%
147'001          USD Halcyon Access A                                        0.00        0.00     -13'509.14    -13'589.98        0.00       0.00          0.00    -27'099.12   -0.02%
229'218          USD York Total Access Ltd. Cl. -I-                          0.00        0.00      -9'991.70    -20'880.86        0.00       0.00          0.00    -30'872.55   -0.02%

Alternative Investments (PE)                                                 0.00        0.00     -64'847.12   -185'884.36        0.00       0.00       -371.39   -251'102.88   -0.17%
30'000           GBP SVG Capital                                             0.00        0.00       2'284.43     -6'679.83        0.00       0.00       -371.39     -4'766.79   0.00%
388              USD TST Opportunity (Intl) Ltd A                            0.00        0.00     29'842.22     -23'285.21        0.00       0.00          0.00      6'557.00   0.00%
450'975          USD Apollo Inv Fund VI LP Offshore                          0.00        0.00     25'234.38     -40'564.15        0.00       0.00          0.00    -15'329.76   -0.01%
408'882          USD Carlyle Asia Partners II Priv                           0.00        0.00        418.61     -36'351.97        0.00       0.00          0.00    -35'933.37   -0.02%
40'000           USD KKR Private Equity Investor LP                          0.00        0.00    -122'626.76    -79'003.20        0.00       0.00          0.00   -201'629.96   -0.13%

Alternative Investments (CF)                                                 0.00        0.00    605'083.41     -98'903.57        0.00       0.00          0.00    506'179.84   0.33%
1'000            USD Gold 1 ounce                                            0.00        0.00     38'797.74     -75'537.75        0.00       0.00          0.00    -36'740.01   -0.02%
1'000            CHF Silver Kilobars 999.0 fine                              0.00        0.00     21'683.15          0.00         0.00       0.00          0.00     21'683.15   0.01%
1'000            USD Palladium 1 ounce                                       0.00        0.00     55'202.15     -33'386.10        0.00       0.00          0.00     21'816.05   0.01%
-10              EUR Futures DowJones Euro Stoxx 50 21.03.2008               0.00        0.00    150'660.43     14'738.28         0.00       0.00          0.00    165'398.71   0.11%
437'714          EUR CompAcc DJ Euro Stoxx 50 21.03.2008                     0.00        0.00          0.00     -14'738.28        0.00       0.00          0.00    -14'738.28   -0.01%
-10              JPY Futures Nikkei 225 Index SIMEX 13.03.2008               0.00        0.00    127'066.88     12'819.89         0.00       0.00          0.00    139'886.77   0.09%
76'200'000       JPY CompAcc Nikkei JPY 13.03.2008                           0.00        0.00          0.00     -12'819.89        0.00       0.00          0.00    -12'819.89   -0.01%
-746'764         USD CompAcc S&P 500 19.03.2008                              0.00        0.00          0.00     67'656.85         0.00       0.00          0.00     67'656.85   0.04%
2                USD Futures S&P 500 19.03.2008                              0.00        0.00     -92'374.88    -67'656.85        0.00       0.00          0.00   -160'031.73   -0.11%
2'500            EUR PUT WTS ML Commodity eXtra ER 08-20.03.2009             0.00        0.00    304'047.94       3'987.43        0.00       0.00          0.00    308'035.37   0.20%
150'000          EUR 0 %      ML/London Gold Fixing 08-05.04.2011            0.00        0.00          0.00       6'032.85        0.00       0.00          0.00      6'032.85   0.00%

Other Assets                                                                 0.00        0.00     42'747.14    -137'378.46   68'040.00       0.00          0.00    -26'591.33   -0.02%
21'500           CHF UBS Swiss Mixed Sima                                    0.00        0.00       2'150.00         0.00    43'322.50       0.00          0.00     45'472.50   0.03%
7'000            CHF UBS Leman Resident Foncipars                            0.00        0.00     24'500.00          0.00    10'920.00       0.00          0.00     35'420.00   0.02%



21.07.2008 #10042/52                                                                                                                                                              p. 65
                                                                                                                                                              Report description - Page 102/113


                              Profit and Loss Analysis 31.12.2007 - 30.04.2008                                                                                                      Consolidation
                              Performance (TWR), Figures in Swiss Franc                                                                                                          MLBS Test Client
                                                                                                                                                                                           66000
Quantity               Position                                               Real.          Real.    Unrealised   Unrealised       Income /      Accrued      Commiss.          Total         %
                                                                             market     FX results       market    FX results          Costs       Interest    Expenses

700              CHF BVC La Fonciere                                            0.00          0.00     21'700.00          0.00       1'610.00         0.00          0.00      23'310.00   0.02%
1'000            CHF Immofonds                                                  0.00          0.00     20'000.00          0.00          0.00          0.00          0.00      20'000.00   0.01%
7'700            CHF UBS Swiss Residential "Anfos"                              0.00          0.00     19'635.00          0.00          0.00          0.00          0.00      19'635.00   0.01%
7'500            CHF UBS Swiss Swissreal Property                               0.00          0.00    -20'250.00          0.00     12'187.50          0.00          0.00      -8'062.50   -0.01%
8'700            EUR Henderson EU Property Eq                                   0.00          0.00    -18'010.19    -11'658.92          0.00          0.00          0.00     -29'669.12   -0.02%
17'000           EUR MSt European Property I                                    0.00          0.00    -15'940.07    -23'623.24          0.00          0.00          0.00     -39'563.31   -0.03%
80'000           USD MSt Asian Property Fund I                                  0.00          0.00    -99'787.60   -102'341.76          0.00          0.00          0.00    -202'129.36   -0.13%
15'000           CHF PSP Swiss Property N                                       0.00          0.00    108'750.00          0.00          0.00          0.00          0.00     108'750.00   0.07%
277'724          CHF Withholding Tax Switzerland                                0.00          0.00          0.00          0.00          0.00          0.00          0.00           0.00   0.00%
3'975            EUR Capital return tax DE                                      0.00          0.00          0.00         31.21          0.00          0.00          0.00         31.21    0.00%
219              EUR Solidarity tax DE                                          0.00          0.00          0.00          1.72          0.00          0.00          0.00           1.72   0.00%
5                EUR Withholding Tax Netherland                                 0.00          0.00          0.00         -0.01          0.00          0.00          0.00          -0.01   0.00%
131              EUR Withholding Tax Luxembourg                                 0.00          0.00          0.00         -0.87          0.00          0.00          0.00          -0.87   0.00%
431              GBP Withholding Tax Great Britain                              0.00          0.00          0.00          7.85          0.00          0.00          0.00           7.85   0.00%
14'476           JPY Withholding Tax Japan                                      0.00          0.00          0.00          0.67          0.00          0.00          0.00           0.67   0.00%
5'731            USD Withholding Tax USA                                        0.00          0.00          0.00        204.90          0.00          0.00          0.00        204.90    0.00%

Total                                                                                                                            1'354'477.56                  -19'018.07
General expenses and earnings                                                                                                           0.00                  -118'291.55   -118'291.55   -0.08%

Total                                                                     -104'344.68   -741'105.50 -3'961'029.74 -2'635'919.19 1'354'477.56    -205'165.44   -137'309.62 -6'430'396.61

Relative                                                                      -0.07%        -0.49%        -2.61%       -1.74%          0.89%        -0.14%        -0.09%                  -4.24%




21.07.2008 #10042/52                                                                                                                                                                        p. 66
                                                                                                           Report description - Page 103/113

PANORAMA 360°


NAME OF REPORT          Statement of assets at (date)
Sub-name                Forex rates and Market figures against (currency)
Purpose of report       Shows changes in exchange rates and market indices in the period under review

REF           Data Name                    Description
25.0          Heading line
              Currencies                   This section shows the different currencies with exposure in the portfolio and
                                           the changes in the period of the report set
              Currencies                   A list of currencies held in the portfolio
              Unit                         The unit of the portfolio the rate is expressed against
              Price at (date)              Exchange rate of the currency against the portfolio reference currency at the
                                           start of period date
              Price at (date)              Exchange rate of the currency against the portfolio reference currency at the
                                           end of period date
              Currency Return              % of change in currency rate against the reference currency
              Total Return                 Total % of change
              Markets                      This section shows how the relevant markets have changed in the period of the
                                           report set
              Asset Types                  A list of the main asset types held in the portfolio
              Index                        Name of relevant index for the asset types and currencies held
              Price at (date)              Value of the currency/index at the start of period date
              Price at (date)              Value of the currency/index at the end of period date
              Return                       % of change in the index shown in period
              Currency Return              % of change in currency rate against the reference currency
              Total Return                 Total % of change




PANORAMA 360°
                                                                                                                          Report description - Page 104/113


                               Statement of assets as of 30.04.2008                                                                            Consolidation
                               Forex rates and Market figures against Swiss Franc                                                           MLBS Test Client
                                                                                                                                                      66000
                                                                        Unit           Price as      Price as   Return          Currency               Total
                                                                                    of 31.12.07   of 30.04.08                     Return            Return


Currencies
CZK Czech Koruna                                                        100 CZK         6.2254        6.4229                        3.17%             3.17%
EUR Euro                                                                1 EUR           1.6553        1.6216                       -2.03%            -2.03%
GBP Pound Sterling                                                      1 GBP           2.2537        2.0628                       -8.47%            -8.47%
HKD Hong Kong Dollar                                                    100 HKD        14.5196       13.3625                       -7.97%            -7.97%
USD US Dollar                                                           1 USD           1.1322        1.0416                       -8.00%            -8.00%
CAD Canadian Dollar                                                     1 CAD           1.1471        1.0342                       -9.84%            -9.84%
MXN Mexican Peso                                                        1 MXN           0.1037        0.0991                       -4.44%            -4.44%
PLN Polish Zloty                                                        1 PLN           0.4603        0.4695                        1.99%             1.99%
SEK Swedish Krona                                                       100 SEK        17.5169       17.3770                       -0.80%            -0.80%
NOK Norwegian Kroner                                                    100 NOK        20.8505       20.3826                       -2.24%            -2.24%
ZAR Commercial Rand                                                     1 ZAR           0.1657        0.1380                      -16.70%           -16.70%
RUB Russian Rubel                                                       100 RUB         4.6137        4.3983                       -4.67%            -4.67%
THB Thailand Baht                                                       100 THB         3.3610        3.2846                       -2.27%            -2.27%
JPY Japanese Yen                                                        100 JPY         1.0134        0.9966                       -1.66%            -1.66%

Markets
Bonds                                CHF Total Return Index ISMA                        237.40        238.75      0.57%             0.00%             0.57%
                                     EUR Total Return Index ISMA                        173.55        176.12      1.48%            -2.03%            -0.58%
                                     USD Total Return Index ISMA                        327.94        334.99      2.15%            -8.00%            -6.02%
Equities                             SMI Swiss Market Index                           8'484.46      7'529.00    -11.26%             0.00%           -11.26%
                                     DAX Xetra                                        8'067.32      6'948.82    -13.86%            -2.03%           -15.62%
                                     Euro Stoxx 50                                    4'399.72      3'825.02    -13.06%            -2.03%           -14.83%
                                     S&P 500                                          1'468.36      1'385.59     -5.64%            -8.00%           -13.19%
                                     Nikkei 225                                      15'307.78     13'849.99     -9.52%            -1.66%           -11.03%
                                     MSCI World (USD)                                 1'588.80      1'508.99     -5.02%            -8.00%           -12.62%
                                     CSFB Tremont Inves Hedge                           133.46        131.54     -1.44%            -8.00%            -9.33%
                                     Index
Alternative Investments (CF)         CRB Index                                          475.60        536.23    12.75%             -8.00%             3.73%



21.07.2008 #10042/20                                                                                                                                    p. 67
                                                                                                               Report description - Page 105/113

PANORAMA 360°



NAME OF REPORT         Statement of Assets as of (date)
Sub-name               Composition of the customised benchmark in (currency)
Purpose of report      Composition of the customized (blended) benchmark index used for analysis of the portfolio


REF    Data Name                            Description
26.0   Heading Line                         Includes start date and end date of the period under analysis
       First section :                      This report analyses the benchmark index performance in total and in terms of
       Index Components Performance         its underlying component indices
       Analysis
       Name of portfolio index              The names of the indices
       Currency of portfolio index          The reference currency of the individual indices
       Index value at start of period       Values of the indices at the period start
       Index value at end of period         Values of the indices at the period end
       Date of value (price)                Last date of value
       Change in index (for components      % change in index values over the period
       only)
       Forex rate at start of period (for   Foreign exchange rate of the index currency against the reference currency of
       components only)                     the portfolio index at the period start
       Forex rate at end of period (for     Foreign exchange rate of the index currency against the reference currency of
       components only)                     the portfolio index at the period end
       Change in index in period            % change in index values over the period weighted to include the foreign
       (for components only)                exchange rate change
       % part of index                      Contribution % of the index component to the portfolio index
       Performance weighted (for            Change in the index weighted to reflect its overall weighting within the blended
       components only)                     portfolio index
       Performance (rebalanced – for        Performance of the portfolio index over the period analysed
       portfolio index only)




PANORAMA 360°
                Report description - Page 106/113

PANORAMA 360°




PANORAMA 360°
                                                                                                                                                                                       Report description - Page 107/113



                                        Statement of assets as of 30.04.2008                                                                                                                                     Consolidation
                                        Disclaimer                                                                                                                                                            MLBS Test Client
                                                                                                                                                                                                                        66000




This Consolidated Wealth Report (the "Report") is for informational purposes only and is not intended to be the official books and records for tax, accounting, legal, investment or other purposes. This Report is not an
account statement.

This Report consolidates information obtained from various third party custodians (the "Third Party Custodians") and/or other external data providers (the "Data Provider(s)").

The Data Providers used for the preparation of the Consolidated Wealth Report may not be the same as those used by Merrill Lynch Bank (Suisse) S.A. (the “Bank”) in the preparation of its official books
and records (including account statement and transaction pricing). Therefore the information provided in this Consolidated Wealth Report, such as for instance the valuation of securities, may be
different from the information otherwise provided to the Client by the Bank or a Third Party Custodian. Information and classifications included in this Report may be changed or revised from time to time
without notice.

This Report is intended solely for your convenience and should be reviewed by you for accuracy and applicability with respect to your tax, accounting, legal, investment or other purposes. For various reasons, including
but not limited to incomplete and/or inaccurate information from Third Party Custodians and/or Data Providers, the Bank does not warrant that this Report is error-free or complete. As a result, the Bank disclaims al
warranties, express, implied or statutory, including any warranty or fitness for a particular purpose. For tax, accounting, legal, investment and all other purposes, you should rely on your records. Additionally, you should
consult your own tax advisor for specific reporting advice and your own investment advisor for specific investment advice. This Report in no way constitutes a financial, legal tax or other opinion.

The Bank shall not be liable for any indirect, incidental, special, punitive, exemplary or consequential damages of any nature, including but not limited to loss of profits, business disruption, loss of business information, or
trading or execution losses.

The service rendered in this Report is subject to the contractual provisions of the Consolidated Wealth Report Agreement concluded between the Client and the Bank."



21.07.2008 #10042/81                                                                                                                                                                                                     Page 68
                                                                                     Report description - Page 108/113

PANORAMA 360°



CURRENCY and REGIONAL ANALYSIS

     Currency groups                                                              
                                                                                  
 1   North America                                                                
                                     AME     North-American Currencies mixed      
                                     USD     US Dollar                            
                                     CAD     Canadian Dollar                      
 2   Europe                                                                       
                                     ATS     Austrian Schilling                   
                                     BEF     Belgian Franc                        
                                     DEM     German Mark                          
                                     ESP     Spanish Peseta                       
                                     EUR     Euro                                 
                                     FRF     French Franc                         
                                     GRD     Greek Drachma                        
                                     IEP     Irish Pound                          
                                     ITL     Italian Lira                         
                                     LUF     Luxemb. Franc                        
                                     NLG     Dutch Guilder                        
                                     XEU     ECU                                  
                                     PTE     Portugues Escudo                     
                                     DKK     Danish Krone                         
                                     NOK     Norwegian Kroner                     
                                     SEK     Swedish Krona                        
                                     SHP     Jersey £                             
                                     CHF     Swiss Franc                          
                                     GBP     Pound Sterling                       
                                     FIM     Finnish Mark                         


PANORAMA 360°
                                                                                      Report description - Page 109/113

PANORAMA 360°


                                           ISK       Iceland Krona                 
                                           EWU       EMU currencies mixed          
                                                                                   
 3   Pacific Rim + Japan                                                           
                                           JPY       Japanese Yen                  
                                           AUD       Australian Dollar             
                                           NZD       New Zealand Dollar            
 4   Emerging Markets - Asia Pacific                                               
                                           ASI       Asian Currencies Mixed    
                                           HKD       Hong Kong Dollar          
                                           KRW       South Korean Won          
                                           MYR       Malaysian Ringgit         
                                           PHP       Philippine Peso           
                                           SGD       Singapore Dollar          
                                           THB       Thailand Baht             
                                           TWD       New Taiwan Dollar         
                                           CNY       China Renminbi Yuan       
                                           INR       India Rupee               
                                           IDR       Indonesian Rupiah         
                                           LKR       Sri Lanka Rupie           
                                           MUR       Mauritius Rupee           
                                           PGK       Papua New Guinea Kina         
                                           PKR       Pakistan Rupee                
                                           VND       Vietnam Dong                  
 5   Emerging Markets - Europe                                                     
                                           BGN       Bulgarian Lew                 
                                           CZK       Czech Koruna                  
                                           PLN       Polish Zloty                  
                                           ROL       Romanian Lei                  
                                           SKK       Slovak Koruna                 


PANORAMA 360°
                                                                                    Report description - Page 110/113

PANORAMA 360°


                                    RUB   Russian Rubel                          
                                    TRY   Turkish Lira                           
                                    KZT   Kazakhstan Tenge                       
                                    HUF   Hungarian Forint                       
                                          Eastern European Currencies
                                    OST   Mixed                                  
                                    CYP   Cyprus Pound                           
                                    EEK   Estonian Krona                         
                                    GEL   Georgian Lari                          
                                    HRK   Croatian Cuna                          
                                    RON   Romanian Leu                           
                                    SIT   Slovenia Tolar                         
                                    UAH   Ukraine Hryvnia                        
                                    LTL   Lithuanian Litas                       
                                    EXU   Other european currencies mixed        
     Emerging Markets - Latin
 6   America                                                                     
                                    ARS       Argentinian Peso                   
                                    BRL       Brazilian Real                     
                                    COP       Columbian Peso                     
                                    MXN       Mexican Peso                       
                                    ANG       Antilles Guilder                   
                                    AWG       Aruba Florin                       
                                    BSD       Bahaman Dollar                     
                                    BZD       Belize Dollar                      
                                    CLP       Chilean Peso                       
                                    PAB       Panama Balboa                      
                                    PEN       Peruvian Nuevo Sol                 
                                    UYU       Uruguayan peso                     
                                    XCD       East Caribbean dollar              



PANORAMA 360°
                                                                                              Report description - Page 111/113

PANORAMA 360°


 7   Emerging Markets - Middle East & Africa                                               
                                                   ILS    Israel Schekel                   
                                                   AED    UAE Dirham                       
                                                   BHD    Bahrain Dinar                    
                                                   EGP    Egypt Pound                      
                                                   JOD    Jordan Dinar                     
                                                   KWD    Kuwaiti Dinar                    
                                                   LBP    Lebanese Pound                   
                                                   LRD    Liberian Dollar                  
                                                   SAR    Saudi Arabian Rial               
                                                   SYP    Syrian Pound                     
                                                   ZAL    Financial Rand                   
                                                   ZAR    Commercial Rand                  
                                                         Qatari Rial                       
                                                         Lybian Pound                      
                                                                                           
 8   Other                                                                                 
                                                   MET       Precious Metals               
                                                   MIX       Mixed Currencies              
                                                   UEB       Others                        
                                                   EMM       Emerging Markets mixed        




PANORAMA 360°
                                                                                                                                    Report description - Page 112/113

PANORAMA 360°

INDUSTRIAL SECTOR ANALYSIS


Sector breakdown

Consumer Discretionary
           Automotive
           Housohold Durable Goods
           Textiles& Apparel
           Leisure Equipment
           Hotels, Restaurants & other leisure facilities
           Media Production & Services
           Consumer Retailing & Services
Consumer Staples
           Food, Beverages & Tobacco
           Non-Durable Household Goods & personal products
           Food & Drug retailing companies (supermarkets, hypermarkets, consumer super centers)
Energy
           Construction & provision of Oil rigs, drilling equip. Etc
           Companies enganged in exploration, production, marketing, refining and /or transportation of Oil & Gas, coal and other
           fuels
Financials
           Banking
           Mortgage financing
           Consumer
           financing
           Specialized finance
           Investment banking &
           brokerage
           Asset management & custody
           Corporate lending
           Insurance
           Financial Investments
           Real Estate (incl. REITS)
Health Care



PANORAMA 360°
                                                                                                                                        Report description - Page 113/113

PANORAMA 360°

              Manufacture & suppliers of health care equip. and services
              Pharmaceuticals & Biotechnology
              products
Industrials
           Aerospace & defense
           Construction
           Engeneering & building
           Electrical equip. and industrial machinery
           Commercial services and supplies
           Transportation services
Information Technology
           Software & services
           IT consulting & services
           Technology Hardware & equipment
           Semiconductors & Semiconductor equipment manufacturers
Materials
           Commodity-related manufacturing industries
Telecommunication Services
           All companies that provide communication services through fixed-line, wireless, cellular, high bandwidth, optical networks
Utilities
           Electric, Gas & Water utilities
           Independent producers and/or distributers of power




PANORAMA 360°

				
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