Nothing fundamental has changed in our outlook for the companies we have been talking about and would consider any dips as opportunities to add to our holdings.

Update: Market Close, July 9th 2007:

• MWA-B: -4.97%

• CDE: +13.97%

• SCSS: +1.14%

• PDS: -1.95%

• EWJ: -0.07%

• SAFT: -0.22%

• JNJ: +2.63%

• OPWV: 0%

As our readers know, we feel that markets are heading for a correction and we aim to adopt a ‘wait and see’ strategy for July. Naturally, we believe that investments we make are for the long-term, but due to some reader request, we will post these monthly updates. Taking into account that the Dow and the Nasdaq were down 1,61% and 0,05% respectively in June, we feel our performance is acceptable.

Update 10:05 a.m, July 2nd 2007:

• MWA-B: -3,16%

• CDE: +1,96%

• SCSS: -1,32%

• PDS: -4,41%

• EWJ: +0,34%

• SAFT: +1,78%

• JNJ: +0,29%