Dear Investors, Scandium's mid-month estimate is +0,4% for the period 1-18. January 2008. We do not expect a decline in the equity markets to have any negative impact on our performance. Best regards Casper Hallas CEO & Portfolio Chief SCANDIUM ASSET MANAGEMENT Toldbodgade 51C, 1st. Fl. 1253 Copenhagen K Dir: +45 35 55 55 01 Mobile: +45 22 26 11 21 Fax: +45 35 55 55 05 www.scandiumam.com