BAVARIA FIRST INVESTMENT

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		<p class="header"></p><h1>Recommendation - 2008-08-01 <small>14:11</small></h1><h2>Monthly summary -&nbsp;JULY 2008*<br /><br /><br /></h2><table border="0" class="bfi"><tbody><tr class="header"><th style="width: 60px">Week</th><th style="width: 140px">Date</th><th style="width: 60px">Cross</th><th>Profit (pips)</th><th>Total</th></tr><tr><td rowspan="4" style="vertical-align: middle; text-align: center">27</td><td rowspan="4" style="vertical-align: middle; text-align: center">01.07-06.07.2008</td><td style="text-align: center">USDJPY</td><td>&nbsp; <div align="center">77</div></td><td rowspan="4">&nbsp;<br /><br /><br /><br /><br /><br /><div align="center">134</div></td></tr><tr><td style="text-align: center">GBPUSD</td><td>&nbsp; <div align="center">0</div></td></tr><tr><td style="text-align: center">EURUSD</td><td>&nbsp; <div align="center">57</div></td></tr><tr><td style="text-align: center">USDCHF</td><td><div align="center">&nbsp;0</div></td></tr><tr><td rowspan="4" style="vertical-align: middle; text-align: center">28</td><td rowspan="4" style="vertical-align: middle; text-align: center">07.07-13.07.2008</td><td style="text-align: center">USDJPY</td><td><div align="center">&nbsp;120</div></td><td rowspan="4">&nbsp;<br /><br /><br /><br /><div align="center">590</div></td></tr><tr><td style="text-align: center">GBPUSD</td><td><div align="center">&nbsp;0</div></td></tr><tr><td style="text-align: center">EURUSD</td><td><div align="center">&nbsp;250</div></td></tr><tr><td style="text-align: center">USDCHF</td><td>&nbsp; <div align="center">220</div></td></tr><tr><td rowspan="4" style="vertical-align: middle; text-align: center">29</td><td rowspan="4" style="vertical-align: middle; text-align: center">14.07-20.07.2008</td><td style="text-align: center">USDJPY</td><td>&nbsp; <div align="center">87</div></td><td rowspan="4"><br /><br /><br /><br /><div align="center">&nbsp;481</div></td></tr><tr><td style="text-align: center">GBPUSD</td><td>&nbsp; <div align="center">48</div></td></tr><tr><td style="text-align: center">EURUSD</td><td>&nbsp; <div align="center">210</div></td></tr><tr><td style="text-align: center">USDCHF</td><td>&nbsp; <div align="center">136</div></td></tr><tr><td rowspan="4" style="vertical-align: middle; text-align: center"><br /><br /><br /><br />30/31<br /><br /><br /><br /></td><td rowspan="4" style="vertical-align: middle; text-align: center">21.07-31.07.2008</td><td style="text-align: center">USDJPY</td><td>&nbsp; <div align="center">95</div></td><td rowspan="4">&nbsp;<br /><br /><br /><br /><br /><div align="center">652</div></td></tr><tr><td style="text-align: center">GBPUSD</td><td><div align="center">60<br /></div></td></tr><tr><td style="text-align: center">EURUSD</td><td>&nbsp; <div align="center">267</div></td></tr><tr><td style="text-align: center">USDCHF</td><td>&nbsp; <div align="center">230</div></td></tr></tbody></table><em><em>&nbsp; * These results have been achived using strategies based on our currency market commentaries.</em></em><p class="law">The Recommendations are estimated with our best knowledge and diligence. We accept no responsibility for the accuracy or completeness of any information here in contained nor for any forecasts or recommendations. We shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by us that you will profit from the strategies herein or that your losses in connection therewith can or will be limited. Stops may not necessarily limit losses to intended levels.</p>
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Monthly summary - JULY 2008*

Week	Date	Cross	Profit (pips)	Total
27	01.07-06.07.2008	USDJPY	77	134
		GBPUSD	0
		EURUSD	57
		USDCHF	0
28	07.07-13.07.2008	USDJPY	120	590
		GBPUSD	0
		EURUSD	250
		USDCHF	220
29	14.07-20.07.2008	USDJPY	87	481
		GBPUSD	48
		EURUSD	210
		USDCHF	136
30/31	21.07-31.07.2008	USDJPY	95	652
		GBPUSD	60
		EURUSD	267
		USDCHF	230

* These results have been achived using strategies based on our currency market commentaries.

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Monthly summary - JULY 2008*

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