www.dje.de

Dr. Jens Ehrhardt Group

Founded more than 30 years ago, Dr. Jens Ehrhardt Group is now one of the leading independent investment companies in German-speaking parts of Europe. We provide management and advisory services for institutional and private investors through our company Dr. Jens Ehrhardt Kapital AG, which is headquartered in Pullach near Munich. Through our Luxembourg-based subsidiary, DJE Investment S.A., we administer our own line-up of funds, which includes retail funds registered for sale in several European countries and white-label products. Set up in 2003, DJE Investment S.A had achieved assets under management of EUR 2.2 billion by 2006 and established 26 funds, predominantly advised by Dr. Jens Ehrhardt Kapital AG. In Switzerland, we offer asset management services primarily to private clients through our subsidiary Dr. Jens Ehrhardt Finanz AG in Zurich.

Our group's outstanding and consistent success is based on an investment strategy that combines value orientation and low risk. Our research team is one of the largest in Germany outside the banking industry and seeks above-average value growth, both in bull and in bear markets. In financial year 2005, the Dr. Jens Ehrhardt Group maintained its track record of strong growth. For the fourth consecutive year, assets under management doubled, and they totalled more than EUR 6 billion on June 30, 2006.

Special distinctions

Our reputation is further highlighted by top ratings, top rankings, and top positions in industry-wide comparisons. The majority of our funds regularly achieve distinctions or top places in the rankings of the major agencies. From Standard & Poor's, our funds have repeatedly received "A" or "AA", with most recently UBAM-German Equity being awarded Standard & Poor's top "AAA" rating. From the German national newspaper "Welt am Sonntag" in its annual review, we have repeatedly been rated "summa cum laude", a leader among asset managers. From the German investment magazine "Euro", our company founder and Chief Executive, Dr. Jens Ehrhardt, was named "Fund Manager of the Year 2006". And, most recently, from Citywire, Dr. Ehrhardt has just received an "AAA" rating for his 3 year risk adjusted performance in Germany for the period 30/04/2003 to 30/04/2006.

Research approach

Our company boasts one of the largest and most successful research teams outside the banking sector. Its key instruments are the special research techniques of behavioural finance with their psychological sentiment indicators. Our research team works independently, using our custom-developed "FMM methodology". FMM stands for "fundamental", "monetary" and technical "market" analysis – the three pillars on which our analysts base their systematic analysis and interpretation of market developments. The FMM methodology has often enabled us to be ahead of the market, recognising trends early on and acting accordingly. As a result, even in the crisis years from 2000 to 2002 we managed to achieve good results, while other companies sustained significant asset value losses.

On a success path for the past 30 years

Established in 1974, the company has evolved into one of the leading independent non-bank asset managers in the German-speaking region. As the trustworthy partner of fund investors, depositary clients, banks and insurance firms, we are known for our value-oriented and low-risk investment policy: Since launching our first fund, we have enjoyed disproportionately strong performance – and, in contrast to common experience in the sector – at disproportionately low risk. As independent experts, we manage investment assets on behalf of domestic and foreign banks, insurance firms and companies – often in the form of Spezialfonds, German special funds. Starting with an investment volume of EUR 500,000, we offer individual asset management based on investments in individual securities and fund investments. Exclusively fund-based asset management is available with a minimum of EUR 150,000.

In addition, we consult and manage equity, fixed-income and mixed funds as well as funds of funds. A large share of these funds is also available to private investors and sales partners through our fund platform Fundpromoter. They can use this platform to make one-time investments with a minimum amount of EUR 2,500 in our own and external funds in an uncomplicated and low-cost manner. They can also open savings accounts with a minimum amount of EUR 50.

Risk management

Managing capital market risks is clearly our top priority. But we also approach other possible risks of a financial, legal or human nature with the greatest care. Overall responsibility for risk management and prevention within our group lies with the Management Board. Experts from the Internal Audit Department and Compliance Office of our group of companies conduct regular inspections and audits, thus ensuring our risk control processes are continually adapted to meet changing markets. These bodies and also the Executive Board work in close collaboration with the divisional management members in order to identify any risks at an early stage and put effective measures in place to deal with them.

Strict observation of the "four eyes" principle, structured work processes, controls in all areas and excellent IT support are the basic pillars of our corporate organisation. In all our operating and support departments, the processes are organised in such a way as to maintain high-quality performance and to control risk. Risk management is a task to which we devote ourselves constantly and with the greatest care, and our risk management system is under continuous development in order to be equipped in good time for developments in market conditions and investment products.

Through centralised controls, we ensure compliance with investment legislation and individual investment guidelines in the fields of fund management and trading across the group. Accounting for the group-owned funds of DJE Investment S.A. is carried out by qualified employees using the Opus portfolio and risk management system, which we introduced in Luxembourg in 2005. Through the use of pre- and post-trade controls, this software is a further important factor in reducing risk.

Dr. Jens Ehrhardt Kapital AG
Georg-Kalb-Straße 9
D-82049 Pullach

24-hr Service
Phone: +49-(0)89-79 04 53-0
Fax: +49-(0)89-791 10 76
E-Mail: info@dje.de
www.dje.de • www.fundpromoter.com

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