
Unaudited semi-annual report as at June 30th

BayernInvest Luxembourg S.A.
6B, rue Gabriel Lippmann
L-5365 Munsbach
Tel.: +352 28 26 24 0
Fax.: +352 28 26 24 99
Tell AG
Schützengasse 3
CH-8001 Zürich
Tel.: +41 43 344 73 00
http://www.tell.fund
tellam@tell.group