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Kurdistan Investment Company - Results for October 2010

The Company’s Net Asset Value climbed a mighty 8.2 % during October as both Kurdistan and world equity markets showed strength. The performance stands well compared to an increase of 4.6 % in MSCI Frontier Market and 4.2 % in MSCI World Market, all figures stated in SEK. All but one of our holdings posted positive figures in October. The largest contributor to the portfolio performance where recorded from Shamaran Petroleum, up 38 %, on announcement of drilling operations to be started in the Atrush block, and that Marathon Oil bought 20 % of the working interest in the block. With an

Kurdistan Investment Company - September results

The NAV fell 4.8 % during September, fully owing to the souring SwedishKrona, as in USD and IQD terms our company's value showa healthy 5.0 % increase. (The SEK recorded an appreciation of almost 10% against the USD and an 6 % increase against the CAD and the GBP.) This compares to a decline in the MSCI Frontier Market Index of 2.7 % in SEK terms and an increase of 7.4% in USD terms. The currency markets have been fairly volatile lately and impacts our monthly performance heavily,we expect no change in the upcoming months. As in earlier months, our holdings show significant spread in

Kurdistan Investment Company - August results

The Company recorded a strong performance of 6.7% for August 2010 in spite of a downward pressure on the oil price (-9 %) and world equities (-1.3%) related to a bleak outlook of the world economy. The result was also ahead of MSCI Frontier Market index rise of 3 % and MSCI Emerging Markets increase of 5 % in SEK terms. World markets have been weak lately in fear of a double dip recession. The financial crisis revealed that highly indebted developed markets constitute no safe haven for investors. Our long term view remains positive on low indebted and emerging Iraqi Kurdistan. While all

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