BAVARIA FIRST INVESTMENT

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		<p class="header"></p><h1>Recommendation - 2008-09-01 <small>14:25</small></h1><h2>Monthly summary -&nbsp;AUGUST 2008*<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">31/32</td><td rowspan="4" style="vertical-align: middle; text-align: center">1.08-08.08.2008</td><td style="text-align: center">USDJPY</td><td>&nbsp; <div align="center">11</div></td><td rowspan="4"><div align="center"><br /><br /><br /><br /><br /><br />&nbsp;317</div></td></tr><tr><td style="text-align: center">GBPUSD</td><td>&nbsp; <div align="center">21</div></td></tr><tr><td style="text-align: center">EURUSD</td><td>&nbsp; <div align="center">132</div></td></tr><tr><td style="text-align: center">USDCHF</td><td>&nbsp; <div align="center">153</div></td></tr><tr><td rowspan="4" style="vertical-align: middle; text-align: center">33</td><td rowspan="4" style="vertical-align: middle; text-align: center">11.08-15.08.2008</td><td style="text-align: center">USDJPY</td><td>&nbsp; <div align="center">65</div></td><td rowspan="4">&nbsp; <div align="center"><br /><br /><br /><br /><br /><br />379</div></td></tr><tr><td style="text-align: center">GBPUSD</td><td>&nbsp; <div align="center">141</div></td></tr><tr><td style="text-align: center">EURUSD</td><td>&nbsp; <div align="center">160</div></td></tr><tr><td style="text-align: center">USDCHF</td><td>&nbsp; <div align="center">13</div></td></tr><tr><td rowspan="4" style="vertical-align: middle; text-align: center">34</td><td rowspan="4" style="vertical-align: middle; text-align: center">18.08-22.08.2008</td><td style="text-align: center">USDJPY</td><td>&nbsp; <div align="center">146</div></td><td rowspan="4">&nbsp; <div align="center"><br /><br /><br /><br /><br /><br />572</div></td></tr><tr><td style="text-align: center">GBPUSD</td><td>&nbsp; <div align="center">126</div></td></tr><tr><td style="text-align: center">EURUSD</td><td>&nbsp; <div align="center">134</div></td></tr><tr><td style="text-align: center">USDCHF</td><td>&nbsp; <div align="center">166</div></td></tr><tr><td rowspan="4" style="vertical-align: middle; text-align: center">35</td><td rowspan="4" style="vertical-align: middle; text-align: center">25.08-29.08.2008</td><td style="text-align: center">USDJPY</td><td>&nbsp; <div align="center">0</div></td><td rowspan="4">&nbsp; <div align="center"><br /><br /><br /><br /><br />1429</div></td></tr><tr><td style="text-align: center">GBPUSD</td><td>&nbsp; <div align="center">942</div></td></tr><tr><td style="text-align: center">EURUSD</td><td>&nbsp; <div align="center">349</div></td></tr><tr><td style="text-align: center">USDCHF</td><td>&nbsp; <div align="center">138</div></td></tr></tbody></table><br /><br />* These results have been achived using strategies based on our currency market commentaries. <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 - AUGUST 2008*

Week	Date	Cross	Profit (pips)	Total
31/32	1.08-08.08.2008	USDJPY	11	317
		GBPUSD	21
		EURUSD	132
		USDCHF	153
33	11.08-15.08.2008	USDJPY	65	379
		GBPUSD	141
		EURUSD	160
		USDCHF	13
34	18.08-22.08.2008	USDJPY	146	572
		GBPUSD	126
		EURUSD	134
		USDCHF	166
35	25.08-29.08.2008	USDJPY	0	1429
		GBPUSD	942
		EURUSD	349
		USDCHF	138

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

BAVARIA FIRST INVESTMENT

Monthly summary - AUGUST 2008*

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