Political instability is the main risk fort he Eur-Asian markets. The coup in Turkey proved this again. This month all positions in the
portfolio performed well untill the coup happened, not only the coup but also the reaction of the government afterwards is frightening
investors. We made a double digit loss on the Turkish position. Untill it all happened we were fully invested in all our four main
markets; Turkey, Russia, India and China. Moreover we added also Pakistan and Eastern Europe to the portfolio. The second risk for
the portfolio was oil where the a comeback last month helped the June results. In July the oil price lost its upside momentum. This was
weakening the trend in the Russian equity market.