STRONG 2008 PERFORMANCE FOR ALL SUPERFUND FUNDS

Despite declining global stock markets and the continuing mortgage crisis in the first quarter of 2008, Superfund funds once again demonstrated their strength as effective safe-haven investments over the long-term with another set of impressive returns.

In May, all Superfund funds posted a positive net performance between +6.2% (Superfund A EUR SICAV) and +11.6% (Superfund B EUR SICAV). As a result, the success of the Superfund fully automated trading systems continued unhampered for 2008 .

Since the beginning of the year, the Superfund funds generated a return of +16.7% (Superfund A EUR SICAV) and +30.8% (Superfund C EUR SICAV) for their investors. The new Superfund A Gold SICAV fund - the combination of price trends in one of the safest investments (gold) with one of the most successful providers of managed futures funds (Superfund) - achieved an annual return of +21,0% since January 2008.

A REVIEW OF MAY 2008

World stock indices were mixed in May as the growing threat of inflation took a toll on consumer and investor confidence while surprising growth and earnings data provided support. The Nasdaq surged on excellent earnings results, while Japan’s Nikkei rose on strong GDP. Germany’s DAX shook off disappointing retail sales and industrial production to finish higher.

Bond and money markets moved lower as policy makers throughout the world shifted toward more aggressive anti-inflation rhetoric in the face of surging energy markets and rising food costs. The Dollar and the Euro finished nearly unchanged for a second straight month as central bankers continued to weigh growth prospects against inflation.

World energy markets accelerated despite signs of slowing demand in the US and lower Fed economic growth forecasts as inventories fell more than expected. Gold and silver rose slightly as demand for the metals as an inflation hedge persisted. Base metals, led by nickel and lead, finished sharply lower as inventories rose amid subdued demand as industrial production slowed.

Wheat futures fell for the third straight month amid improving crop estimates while soybeans rallied on poor planting weather. Sugar futures moved sharply lower on expectations for a record Brazilian crop.