1 1 1 1 1 100 100 100 100 100 85 83 3 3 63 1 100 53 - Lingohr

Contact
Asset Management
Heinrich-Hertz-Straße 2
40699 Erkrath/Germany
Phone: +49 (0) 211/9 57 07-0
Fax: +49 (0) 211/9 57 07-114
Frankfurt Office
Lindenstr. 5
60325 Frankfurt/Germany
Phone: +49 (0) 69/76 80 56 8-0
Fax: +49 (0) 69/76 80 56 8-05
E-Mail: vertraulich@lingohr.de
Internet: www.lingohr.com
Lingohr & Partner
North America, Inc.
1065 E 22nd Ave, Eugene, OR 97405
United States of America
Phone: +1 541 342 3342
Fax: +1 541 342 1022
E-Mail: vengelbert@lingohr.com
Internet: www.lingohr.com
Disclaimer
Lingohr & Partner Asset Management GmbH is a financial services institution as defined
by the German Banking Act and is subject to supervision through the Federal Financial
Supervisory Authority. Its registered office is in Erkrath, Germany.
This presentation is intended exclusively for individuals who, professionally or commercially,
buy or sell securities or other investments for their own account or on behalf of others
(institutional investors). Lingohr & Partner Asset Management GmbH is exclusively
addressing institutional investors in this presentation. The sales prospectuses required
for marketing the products covered here are available and can be requested from
Lingohr & Partner Asset Management GmbH.
Lingohr & Partner Asset Management GmbH is the author of this presentation.
Reproduction of this presentation, duplication of the information or data contained
therein, particularly the use of text, graphics or image material, whether entirely or
partially, is permitted only if specific aproval thereto has been given by
Lingohr & Partner Asset Management GmbH.
Lingohr & Partner Asset Management GmbH reserves the right to change or add to the
information contained in this presentation. The past results of the product as illustrated
do not establish any claim to comparable results in the future. We do not provide any
guarantees regarding the accuracy or completeness of the information.

Searching for hidden values.

2
Contents
1. Philosophy 6
2. Process 8
2.1. Concept 8
2.2. Universe 8
2.3. Risk allocation 9
2.4. Valuation models 10
2.5. Chicco method 17
2.6. Investment principles 18
2.7. Qualitative control 19
3. Product 20
3.1. Process implementation 20
3.2. Investment modules 22
3.3. Products 23
4. Portfolio management 24
5. Lingohr-Systematic-LBB-Invest 26
6. Performance overview 27
7. Performance matrix 28

4
Profile
Independent asset management company since 1993
Catering to institutional and wealthy private clients
The Lingohr & Partner team is managing and advising
financial assets of several billion Euros
Exclusive focus on international equity markets
Investment approach: value-driven individual stock selection based on
quantitative valuation models (Chicco method)

6
Philosophy
Value-oriented fundamental
investments form the basis
of long-term asset growth
and outperformance versus
benchmarks – through a riskadverse
investment policy and
systematic diversification.
“An investment operation is one
which, upon thorough analysis,
promises safety of principal and a
satisfactory return. Operations not
meeting these requirements are
speculative.”
(Benjamin Graham,
Security Analysis, 1934)

8
Process
2.1. Concept
Without restriction we focus
on global equity markets.
Based on our investment
philosophy we follow a valueoriented,
systematic investment
process that we have developed.
This process gives us the
ability, within any predetermined
regional module, to identify the
most undervalued companies.
2.2. Universe
Global markets with the following country modules:
Europe:
Austria, Benelux, France, Germany, Greece, Ireland, Italy, Scandinavia, Spain/Portugal,
Switzerland, UK
America:
Brazil, Canada, Chile, Mexico, USA
Asia:
Australia/New Zealand, Hong Kong, India, Japan, Korea, Malaysia,
Singapore, Taiwan, Thailand
Emerging Markets:
Israel, South Africa
Global database:
CSFB – HOLT: investment universe covering more than 18,000 companies
throughout the world.

2.3. Risk allocation
Market risk:
An index fund (passive) enables many investors to cover the basic structure
of a market with great cost-efficiency.
Active risk:
Active risk vs. alpha potential
Our aim is to generate a positive alpha by taking active risk through the application
of a systematic process.
We strive for active risk - a large, positive deviation from the market indices
(tracking error).
But:
We don't want uncontrolled risks!
9

10
2.4. Valuation models
Classic value models:
Price/earnings, price/book, price/cash flow, dividend yield, leverage ratio, etc.
Complex models:
Earnings/cost of capital, free cash flow yield, core profitability, etc.
Growth-oriented models:
Change in sales, cash flow, core profitability, etc.
Momentum:
Rate of change in sales, cash flow, core profitability, etc.
Contraindicators:
Behavioural psychology models, e.g. Hagins Torpedo model
Indicators of bankruptcy:
Z-Score, Ohlsen Score
Constant development and monitoring of valuation models are the critical factors driving
our investment approach

P/B P/E P/Ee DY P/CF MV P/S P/EG PGc PGe CFM ROE1 ROE5 ROA CFR LEV
FR 2 4 7 1 6 3 9 15 12 16 14 13 11 8 5 10
GE 2 1 7 4 6 3 9 15 12 16 14 13 11 8 5 10
CH 1 3 7 2 5 13 11 6 14 16 9 15 12 8 4 10
UK 4 3 9 5 7 2 12 8 14 16 1 15 13 11 6 10
EUR 3 1 7 10 9 16 12 2 11 15 8 15 14 4 6 5
USA 9 4 15 14 7 10 12 2 16 13 8 5 6 1 3 11
JP 1 3 3 2 4 7 10 12 15 16 6 5 14 8 11 9
AUS 9 1 7 6 10 4 3 2 5 8
HK 9 3 1 4 6 7 2 5 8 10
KOR 4 2 1 3 7 5 6
MAL 4 3 1 2 7 9 6 5 8
SING 1 4 2 5 8 3 9 6 7 10
TWN 7 2 5 2 6 4 1
P/B = price/book ratio
P/E = price/earnings ratio
P/Ee = price/earnings ratio, expected
DY = dividend yield
P/CF = price/cash flow ratio
MV = market value
P/S = price/sales ratio
P/EG = price/earnings growth
PGc = profit growth, current
PGe = profit growth, expected
CFM = cash flow momentum
ROE1 = return on equity 1 year
ROE5 = return on equity 5 years
ROA = return on assets
CFR = cash flow return on capital
LEV = leverage
Period: 1989–2003
11

12
P/E
ranking list
German investment universe
Allianz AG Bayer AG Metro AG Siemens AG VW AG
dividend yield
ranking list
free cash flow
ranking list
Chicco
example
CFROI
ranking list
CFROI momentum
ranking list
intrinsic value
ranking list

P/E
ranking list
dividend yield
ranking list
free cash flow
ranking list
Chicco ranking
CFROI
ranking list
1 1 1 1 1
85 83 3 3 63
100 100 100 100 100
Weighted Chicco ranking: 53
CFROI
momentum
ranking list
intrinsic value
ranking list
1
100
53
13

14
P/E
ranking list
Chicco
ranking
Company
analysis
German investment universe
Allianz AG Bayer AG Metro AG Siemens AG VW AG
dividend yield
ranking list
Rank 1–20
Buy
free cash flow
ranking list
Rank 21–50
Hold
VW AG Siemens AG
CFROI
ranking list
Rank 51–100
Sell
Bayer AG Metro AG Allianz AG
Portfolio
Germany
CFROI momentum
ranking list
intrinsic value
ranking list

Portfolio
Spain
Portfolio
Germany
Portfolio
Japan
Portfolio
France
Portfolio construction
Portfolio
Hong Kong
Portfolio
UK
Portfolio
Asia/Pacific
Equal weighted portfolio
Portfolio
Benelux
Portfolio
USA
Portfolio
Italy
Portfolio
Canada

16
Rank
1–50
Portfolio monitoring
Equal weighted portfolio
Control
Chicco
Ranking
Rank
51–100
Hold Sell/Exchange
Share
selection
process

2.5. Chicco method
A ranking list from 1 to 100 is created for each valuation model.
Summing up the weighted rankings (models) results in a conclusive overview
that forms the basis for the final ranking of 1 to 100.
This system is applied to each defined universe!

18
2.6. Investment principles
Only shares in the top quintile (Rank 1–20) qualify for investment!
Shares with a Chicco ranking greater 50 should be sold. They have to be sold
if the intrinsic value (CFROI method) is lower than the share price.
The portfolio's average Chicco ranking must not exceed 30. If it is higher, the
portfolio must be restructured to return it to an average ranking below 30.
Shares may only be purchased if their intrinsic value is higher than the
share price.

2.7. Qualitative control
Before making any investment decision each “qualifying” stock is scrutinised for its
qualitative features, such as:
Management: - stake in company through shares rather than options
- track record of successfully integrated acquisitions
Capital strength: - high core profitability
- sound financials with little debt to capital
Cost structure: - emphasis on above-average margins
Market position: - growing market share in a growing market
- effectiveness of barriers to market entry
Balance sheet accuracy: - absence of creative accounting practices
19

20
Product
3.1. Process implementation
Systematic implementation
- Equal country weightings within a module (global, EAFE, region)
- Identical share weightings within each country
Regular re-balancing of the portfolio
Result: high portfolio stability, higher risk-adjusted performance

22
3.2. Investment modules
Global
America EAFE
North America South America
Canada
US
Brazil Chile Mexico
UK
Austria
Benelux
Finland
France
Germany
Greece
Ireland
Italy
Spain/Portugal
Europe
Europe ex UK
Euro Non-Euro
Denmark
Norway
Sweden
Switzerland
Africa
Southafrica
Asia
Hong Kong Japan
Australia/-
New Zealand
India
Korea
Malaysia
Singapore
Taiwan
Thailand

3.3. Products
Mutual funds: Lingohr-Systematic-LBB-Invest
Lingohr-Europa-Systematic-LBB-Invest
Lingohr-Asien-Systematic-LBB-Invest
Lingohr-Amerika-Systematic-LBB-Invest
Lingohr-Alpha-Systematic-LBB-Invest
Keppler Lingohr Global Equity INKA
HSBC Trinkaus Japan INKA
MPC Competence-Europa Methodik AMI
UBAM - Lingohr Europe Equity Value
RWS-Wachstumsfonds-MI
RWS-AKTIENFONDS-VERITAS
DeAM Manager-Select Global Equities E-Li
Pension funds: 11 portfolios, Global universe
1 portfolios, EAFE universe
4 portfolios, European universe
1 portfolio, Asia universe
Co-operation with Ampega, LBB-Invest, DeAM, FS KAG, Helaba-Inv.,
INKA, Kepler AM, Metzler Invest, UBP, Pictet, Raiffeisen KAG,
State Street, Veritas Trust, West AM

24
Management
Frank Lingohr
Founder and
Managing Partner
Portfolio management
Frank Lingohr
Chief Investment Officer
Michael Broszeit
Managing Partner
Institutional Business
Frank Fiedler
Partner
Volker Engelbert
President
North America, Inc.
Dagmar Rittstieg
Partner
Axel Jelunke
Partner
Fabian Graf v. Einsiedel
Partner

26
Lingohr-Systematic-LBB-Invest (Euro)
1.1.1998 - 31.12.2007
Germany
France
UK
Netherlands
Italy
Spain
USA
Canada
Japan
Hong Kong
World (Dev)
Systematic p.a.
9.61
16.28
9.17
9.46
15.50
15.79
4.30
10.05
9.67
17.13
12.15
MSCI p.a.
6.88
8.28
4.22
4.15
7.10
11.28
2.26
11.30
1.45
8.55
3.88
Active return
2.55
7.39
4.75
5.09
7.85
4.05
1.99
-1.13
8.10
7.91
7.96
Systematic cumulative
150.33
351.97
140.49
146.84
322.64
333.30
52.36
160.58
151.65
386.03
214.67
MSCI cumulative
94.61
121.62
51.20
50.23
98.49
191.27
25.06
191.82
15.45
127.10
46.35
Source: DPG/Lingohr (geometric returns - net of fees)

Performance overview: Consolidated portfolios (Euro)
Risk and return ratios (% p.a.)
3 years (2005-2007) 5 years (2003-2007) 10 years (1998-2007)
Return Ret. Risk TE Inf. Ret. Risk TE Inf. Ret. Risk TE Inf. Ret. Risk TE Inf.
Ratio Ratio Ratio Ratio
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Global
L&P 11.89 39.75 15.00 -5.22 -23.97 25.20 15.58 31.72 22.00 1.77 10.69 4.48 0.78 17.82 11.48 5.28 1.34 18.80 11.67 5.36 1.59 11.86 16.28 8.58 0.89
BM* 15.18 46.36 -7.30 -12.29 -32.02 10.74 6.46 26.17 7.40 -1.66 8.98 10.04 8.94 9.45 9.54 3.88 15.76
Active
EAFE
-2.85 -4.52 24.07 8.07 11.85 13.05 8.57 4.40 13.60 3.48 7.07 8.54 7.68
L&P 16.99 47.01 13.00 -6.79 -23.71 28.44 14.04 28.49 25.08 -0.28 9.53 3.10 -0.18 17.02 11.21 4.37 0.60 18.61 11.99 4.89 0.87 12.49 17.08 8.38 0.79
BM* 11.15 48.73 -8.36 -17.16 -28.68 15.30 11.59 30.83 13.01 0.27 7.90 14.02 8.94 13.79 9.89 5.49 15.07
Active
Europe
5.25 -1.16 23.31 12.52 6.96 11.40 2.20 -1.79 10.68 -0.55 2.63 4.24 6.63
L&P 12.12 31.54 11.50 -8.45 -25.53 23.85 15.11 27.56 28.31 -4.05 10.80 3.28 -2.00 16.23 11.25 3.65 0.13 17.49 12.94 4.92 0.46 9.64 16.63 7.23 0.43
BM* 19.06 35.77 -2.19 -15.54 -30.74 15.26 12.18 26.09 19.61 2.69 9.20 15.70 8.74 14.90 10.37 6.36 15.87
Active -5.83 -3.11 14.00 8.39 7.53 7.45 2.61 1.17 7.27 -6.57 0.46 2.25 3.09
Asia/Pacific
L&P 10.51 63.43 12.99 -3.40 -16.70 39.46 11.05 30.60 24.01 13.17 11.10 6.63 2.89 22.38 13.13 8.58 1.26 23.20 14.96 9.22 1.15 16.64 23.07 15.72 0.79
BM* -5.11 84.66 -20.76 -21.34 -23.03 15.21 10.41 41.32 0.36 -5.03 8.07 10.44 11.44 11.37 13.55 3.72 18.36
Active 16.46 -11.50 42.59 22.80 8.24 21.04 0.58 -7.59 23.56 19.16 10.81 10.62 12.46
Asia ex Japan Carve-out of the Lingohr-Systematic-LBBI fund
L&P -1.79 -29.48 2.79 -1.03 -13.78 53.44 13.03 29.83 36.27 27.53 15.66 10.59 0.77 31.16 16.35 9.17 0.80 31.37 18.38 11.83 0.69 19.52 29.28 16.52 0.54
BM* -12.44 61.75 -9.85 -4.98 -20.60 21.27 19.21 31.15 18.09 17.90 14.73 22.23 13.09 21.43 11.97 9.78 20.07
Active
Japan
12.17 9.10 14.02 4.15 8.58 26.53 -5.18 -1.01 15.39 8.17 7.31 8.19 8.87
L&P 11.21 64.17 25.27 -7.37 -20.47 19.63 9.09 34.20 -1.74 -12.30 9.18 4.58 0.34 4.97 11.87 4.54 (0.19) 8.58 14.44 4.88 0.18 9.78 25.19 14.72 0.56
BM* -4.47 92.63 -23.30 -25.56 -23.87 13.07 7.52 44.64 -4.96 -13.63 8.20 5.89 12.76 7.62 15.97 1.45 20.03
Active 16.41 -14.78 63.33 24.44 4.47 5.81 1.46 -7.22 3.39 1.54 -0.87 0.90 8.22
North America
L&P -5.70 10.90 21.93 0.43 -24.77 18.66 12.62 47.86 1.80 3.21 17.46 11.38 0.60 15.82 16.10 10.64 0.80 15.73 14.76 10.07 0.90 7.18 17.60 12.38 0.35
BM* 19.00 44.09 -6.12 -8.00 -34.43 7.67 2.74 22.56 2.73 -3.43 10.72 6.73 9.96 6.11 10.09 2.71 17.30
Active -20.75 -23.04 29.88 9.16 14.75 10.20 9.62 20.64 -0.90 6.87 8.51 9.07 4.36
* MSCI Benchmark
Source: DPG/Lingohr (geometric returns - net of fees)
27

28
Performance matrix
Global Composite
EUR Global MSCI Active Global Active
Composite World Net Return Composite Return
1 January 1998 to 31 December 2007
1 January 1998 to 31 December 2007
Annual return p.a. Annual return p.a.
Q4 2007 -6.77% -5.08% -1.77%
2007 1.77% -1.66% 3.48%
2006 22.00% 7.40% 13.60%
3 years 63.54% 33.25% 22.73% 17.82% 7.07%
5 years 136.65% 57.10% 50.64% 18.80% 8.54%
10 years 206.67% 46.35% 109.55% 11.86% 7.68%
Lingohr-Systematic-LBB-Invest
EUR Lingohr-Sys. MSCI Active Lingohr-Sys Active
LBB-Invest World Net Return LBB-Invest Return
Annual return p.a. Annual return p.a.
Q4 2007 -6.50% -5.08% -1.49%
2007 0.17% -1.66% 1.86%
2006 20.70% 7.40% 12.39%
3 years 59.00% 33.25% 19.32% 16.72% 6.06%
5 years 126.09% 57.10% 43.92% 17.72% 7.55%
10 years 192.99% 46.35% 100.20% 11.35% 7.19%
USD Global MSCI Active Global Active
Composite World Net Return Composite Return
Annual return p.a. Annual return p.a.
Q4 2007 -4.12% -2.42% -1.74%
2007 13.00% 9.04% 3.63%
2006 36.74% 20.07% 13.89%
3 years 75.96% 43.33% 22.76% 20.73% 7.08%
5 years 233.70% 118.87% 52.47% 27.25% 8.80%
10 years 317.20% 96.71% 112.09% 15.35% 7.81%
USD Lingohr-Sys. MSCI Active Lingohr-Sys. Active
LBB-Invest World Net Return LBB-Invest Return
Annual return p.a. Annual return p.a.
Q4 2007 -3.87% -2.42% -1.49%
2007 11.06% 9.04% 1.86%
2006 34.94% 20.07% 12.39%
3 years 71.02% 43.33% 19.32% 19.59% 6.06%
5 years 215.00% 118.87% 43.92% 25.79% 7.55%
10 years 293.82% 96.71% 100.20% 14.69% 7.19%
Source: DPG/Lingohr (geometric returns - net of fees)

Performance matrix
EAFE Composite
EUR EAFE MSCI Active EAFE Active
Composite EAFE Net Return Composite Return
1 January 1998 to 31 December 2007
Annual return p.a. Annual return p.a.
Q4 2007 -6.13% -4.43% -1.78%
2007 -0.28% 0.27% -0.55%
2006 25.08% 13.01% 10.68%
3 years 60.26% 48.25% 8.10% 17.02% 2.63%
5 years 134.75% 90.74% 23.07% 18.61% 4.24%
10 years 224.40% 70.72% 90.02% 12.49% 6.63%
USD EAFE MSCI Active EAFE Active
Composite EAFE Net Return Composite Return
Annual return p.a. Annual return p.a.
Q4 2007 -3.46% -1.75% -1.74%
2007 10.67% 11.17% -0.45%
2006 39.87% 26.34% 10.71%
3 years 72.10% 59.46% 7.92% 19.84% 2.57%
5 years 227.34% 165.74% 23.18% 26.76% 4.26%
10 years 346.61% 129.47% 94.62% 16.14% 6.89%
Source: DPG/Lingohr (geometric returns - net of fees)
29

30
Performance matrix
European Composite
EUR European MSCI Active European Active
Composite Europe Net Return Composite Return
1 January 1998 to 31 December 2007
1 November 2003 to 31 December 2007
Annual return p.a. Annual return p.a.
Q4 2007 -6.22% -3.18% -3.14%
2007 -4.05% 2.69% -6.57%
2006 28.31% 19.61% 7.27%
3 years 57.04% 54.88% 1.39% 16.23% 0.46%
5 years 123.87% 100.25% 11.79% 17.49% 2.25%
10 years 150.99% 85.20% 35.53% 9.64% 3.09%
Lingohr-Europa-Systematic-LBB-Invest
EUR Lingohr MSCI Active Lingohr Active
Europa Europe Net Return Europa Return
Systematic Systematic
LBB-Invest LBB-Invest
Annual return p.a. Annual return p.a.
Q4 2007 -7.08% -3.18% -4.03%
2007 -2.15% 2.69% -4.72%
2006 28.19% 19.61% 7.17%
3 years 61.99% 54.88% 4.59% 17.44% 1.51%
ITD 88.19% 80.65% 4.17% 16.38% 0.99%
USD European MSCI Active European Active
Composite Europe Net Return Composite Return
Annual return p.a. Annual return p.a.
Q4 2007 -3.57% -0.46% -3.12%
2007 6.65% 13.86% -6.33%
2006 43.80% 33.72% 7.54%
3 years 70.19% 66.59% 2.16% 19.39% 0.71%
5 years 214.68% 179.00% 12.79% 25.77% 2.44%
10 years 245.15% 148.93% 38.65% 13.19% 3.32%
USD Lingohr MSCI Active Lingohr Active
Europa Europe Net Return Europa Return
Systematic Systematic
LBB-Invest LBB-Invest
Annual return p.a. Annual return p.a.
Q4 2007 -4.47% -0.46% -4.03%
2007 8.49% 13.86% -4.72%
2006 43.31% 33.72% 7.17%
3 years 74.24% 66.59% 4.59% 20.33% 1.51%
ITD 136.68% 127.19% 4.17% 22.97% 0.99%
Source: DPG/Lingohr (geometric returns - net of fees)

Performance matrix
Asia/Pacific Composite
EUR Asia/Pacific MSCI Active Asia/Pacific Active
Composite Pacific Net Return Composite Return
1 January 1998 to 31 December 2007
1 May 2004 to 31 December 2007
Annual return p.a. Annual return p.a.
Q4 2007 -6.91% -7.23% 0.34%
2007 13.17% -5.03% 19.16%
2006 24.01% 0.36% 23.56%
3 years 83.29% 34.70% 36.07% 22.38% 10.81%
5 years 183.85% 71.34% 65.66% 23.20% 10.62%
10 years 366.14% 44.03% 223.63% 16.64% 12.46%
Lingohr-Asien-Systematic-LBB-Invest
EUR Lingohr MSCI AC Active Lingohr Active
Asien Pacific Net Return Asien Return
Systematic Systematic
LBB-Invest LBB-Invest
Annual return p.a. Annual return p.a.
Q4 2007 -8.65% -6.81% -1.97%
2007 19.98% 1.33% 18.40%
2006 13.29% 3.47% 9.49%
3 years 67.87% 48.64% 12.93% 18.85% 4.14%
ITD 72.23% 46.27% 17.75% 15.97% 4.55%
USD Asia/Pacific MSCI Active Asia/Pacific Active
Composite Pacific Net Return Composite Return
Annual return p.a. Annual return p.a.
Q4 2007 -4.21% -4.63% 0.44%
2007 25.53% 5.30% 19.21%
2006 38.77% 12.20% 23.68%
3 years 94.82% 44.89% 34.46% 24.89% 10.37%
5 years 292.57% 138.72% 64.45% 31.46% 10.46%
10 years 547.12% 93.60% 234.26% 20.53% 12.83%
USD Lingohr MSCI AC Active Lingohr Active
Asien Pacific Net Return Asien Return
Systematic Systematic
LBB-Invest LBB-Invest
Annual return p.a. Annual return p.a.
Q4 2007 -6.09% -4.20% -1.97%
2007 33.02% 12.35% 18.40%
2006 26.65% 15.68% 9.49%
3 years 80.56% 59.88% 12.93% 21.77% 4.14%
ITD 110.06% 78.40% 17.75% 22.42% 4.55%
Source: DPG/Lingohr (geometric returns - net of fees)
31

32
Performance matrix
Asia ex Japan Carve-Out
EUR Asia ex MSCI Active Asia ex Active
Japan Pacific Free Return Japan Return
Carve-Out ex Japan Net Carve-Out
1 January 1998 to 31 December 2007
Annual return p.a. Annual return p.a.
Q4 2007 -5.91% -4.35% -1.64%
2007 27.53% 17.90% 8.17%
2006 36.27% 18.09% 15.39%
3 years 125.64% 82.62% 23.56% 31.16% 7.31%
5 years 291.35% 164.00% 48.24% 31.37% 8.19%
10 years 494.95% 154.31% 133.95% 19.52% 8.87%
USD Asia ex MSCI Active Asia ex Active
Japan Pacific Free Return Japan Return
Carve-Out ex Japan Net Carve-Out
Annual return p.a. Annual return p.a.
Q4 2007 -3.20% -1.66% -1.56%
2007 41.20% 30.73% 8.01%
2006 52.51% 32.02% 15.52%
3 years 138.40% 96.43% 21.37% 33.59% 6.67%
5 years 435.04% 267.81% 45.47% 39.86% 7.78%
10 years 715.23% 241.83% 138.49% 23.35% 9.08%
Source: DPG/Lingohr (geometric returns - net of fees)

Performance matrix
Japanese Composite
EUR Japanese MSCI Active Japanese Active
Composite Japan Net Return Composite Return
1 January 1998 to 31 December 2007
1 April 2004 to 31 December 2007
Annual return p.a. Annual return p.a.
Q4 2007 -10.18% -8.64% -1.69%
2007 -12.30% -13.63% 1.54%
2006 -1.74% -4.96% 3.39%
3 years 15.65% 18.73% -2.59% 4.97% -0.87%
5 years 50.94% 44.34% 4.57% 8.58% 0.90%
10 years 154.31% 15.45% 120.28% 9.78% 8.22%
HSBC Trinkaus Japan INKA
EUR Trinkaus Topix Active Trinkaus Active
Japan TR Return Japan Return
Fonds Fonds
Annual return p.a. Annual return p.a.
Q4 2007 -11.56% -8.51% -3.33%
2007 -12.14% -14.49% 2.74%
2006 -3.71% -8.71% 5.48%
3 years 17.36% 13.42% 3.48% 5.48% 1.15%
ITD 12.87% 2.05% 10.61% 3.28% 2.72%
USD Japanese MSCI Active Japanese Active
Composite Japan Net Return Composite Return
Annual return p.a. Annual return p.a.
Q4 2007 -7.62% -6.08% -1.64%
2007 -2.59% -4.23% 1.72%
2006 9.99% 6.24% 3.52%
3 years 23.43% 27.71% -3.35% 7.27% -1.13%
5 years 111.04% 101.10% 4.94% 16.11% 0.97%
10 years 255.62% 55.18% 129.17% 13.53% 8.65%
USD Trinkaus Topix Active Trinkaus Active
Japan TR Return Japan Return
Fonds Fonds
Annual return p.a. Annual return p.a.
Q4 2007 -9.08% -5.94% -3.33%
2007 -2.58% -5.19% 2.74%
2006 7.64% 2.05% 5.48%
3 years 26.24% 21.99% 3.48% 8.08% 1.15%
ITD 34.29% 21.41% 10.61% 8.18% 2.72%
Source: DPG/Lingohr (geometric returns - net of fees)
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Performance matrix
North American Composite
EUR N. American MSCI North Active N. American Active
Composite America Net Return Composite Return
1 January 1998 to 31 December 2007
1 January 2006 to 31 December 2007
Annual return p.a. Annual return p.a.
Q4 2007 -8.34% -5.70% -2.80%
2007 3.21% -3.43% 6.87%
2006 1.80% 2.73% -0.90%
3 years 55.35% 21.59% 27.76% 15.82% 8.51%
5 years 107.60% 34.50% 54.35% 15.73% 9.07%
10 years 100.01% 30.59% 53.16% 7.18% 4.36%
Lingohr-Amerika-Systematic-LBB-Invest
EUR Lingohr MSCI North Active Lingohr Active
Amerika America Net Return Amerika Return
Systematic Systematic
LBB-Invest LBB-Invest
Annual return p.a. Annual return p.a.
Q4 2007 -5.29% -5.70% 0.44%
2007 1.54% -3.43% 5.15%
2006 4.72% 2.73% 1.93%
ITD 6.33% -0.79% 7.18% 3.12% 3.53%
USD N. American MSCI North Active N. American Active
Composite America Net Return Composite Return
Annual return p.a. Annual return p.a.
Q4 2007 -5.70% -3.05% -2.73%
2007 15.02% 7.07% 7.42%
2006 14.09% 14.84% -0.66%
3 years 67.09% 30.78% 27.76% 18.66% 8.51%
5 years 189.57% 87.39% 54.53% 23.69% 9.09%
10 years 165.32% 75.54% 51.15% 10.25% 4.22%
USD Lingohr MSCI North Active Lingohr Active
Amerika America Net Return Amerika Return
Systematic Systematic
LBB-Invest LBB-Invest
Annual return p.a. Annual return p.a.
Q4 2007 -2.63% -3.05% 0.44%
2007 12.59% 7.07% 5.15%
2006 17.07% 14.84% 1.93%
ITD 31.80% 22.97% 7.18% 14.83% 3.53%
Source: DPG/Lingohr (geometric returns - net of fees)

Institutional business advisors
Michael Broszeit
Managing Partner
Institutional Business
Phone:
+49 (0) 69/76 80 56 8-10
Maximilian Mudra
Institutional Business
Phone:
+49 (0) 69/76 80 56 8-16
Philipp Saure
Institutional Business
Phone:
+49 (0) 69/76 80 56 8-17
Volker Engelbert
President
North America, Inc.
Phone:
+1 541 342 3342
35