EFTA02361007.pdf

From: Favaretto Patrizia Sent: Tuesday, September 27, 2011 6:51 AM To: [email protected]* Cc: Python Vincent Subject: Portfolio Attachments: Finantrust.pdf Dear Mr. Epstein, I trust this message finds you well.=/font> First of all, sorry for the inconvenience caused by th= lack of making contact with us. Be assured that since our conversation, Mr. Andersen is not anymore linked to the account.<=font> I am writing to your attention concerning the portfoli=, which is not doing well at the moment. Some investments have been done in a very specific way. Then, I would like to start again your portfolio, but =his might take some time. Here are our thoughts with our Head Portfolio Manager= As you may know from the account, the Total return unt=l 20th September 2011 is of -20.67%. Here is the split of the situation: Equity positions: • Abitex: -0.4% • Forsys: -9.2% • Actelion: -8.3% • AB Science: -1.36%=/o:p> • China Super Power Saving: -7.15% • Total equities ca. -26%=o:p> Commodities: 1 EFTA_R1_01352715 EFTA02361007 • Silver: +2%<=span> • Gold: +2.4%<=span> • Total commodities ca. +=.4% What we would like to do, is to sell immediately the following positions: • Abitex full position • Actelion down to a belo= 5% position ie. -11'500 shs • AB Science half the pos=tion, approx. -11'000 shs • China Super Power half =he position, approx. -7'000 shs And instate, on appropriate timings, a diversified portfolio with decent stocks as per enclosed list, matching with the Portfo=io Profile. Even if we have a management mandate in our favour, I =ould appreciate your acceptance (or not) with our suggestion, in order to start = "new" business relationship. I stay at your disposal for any query. With my best regards, Valartis Bank SA 2-4 place du Molar= Case Postale 3458<=:p> www.valartisban=.ch 2 EFTA_R1_01352716 EFTA02361008 3 EFTA_R1_01352717 EFTA02361009