update

An update on the En Primeur 2005 Bordeaux sales by Berry Brothers.

The LTP Trade Finance IndexÖ rose 0.40% during the month of September

LTP Trade Finance IndexÖ rose 0.37% during the month of June, the second highest monthly return of 2003.

The LTP Trade Finance IndexÖ returned 0.25% in March, bringing the return for the first quarter of 2003 to 0.93%.

The LTP Trade Finance Index returned a modest 0.34% in February, well below the monthly average for 2002 of 0.43%.

The LTP Trade Finance IndexÖ returned a solid 5.03% overall in 2002.

The LTP Trade Finance IndexÖ showed that, overall, trade finance assets delivered negative capital returns for the month of November as LIBOR rose against a background of stable credit margins.

Index credit margin widened by another 10 basis points over Libor in September

The LTP Trade Finance IndexÖ - the independent total return index covering the trade finance asset class - generated a strong result in August as credit margins tightened in Russia and Turkey.