The investment objective of C-VIEW LIMITED is to maximise returns by investing in the foreign exchange markets. Profits are sought from fluctuations in exchange rates and from the differentials in interest rates reflected in the value of currencies. The approach is discretionary, combining fundamental analysis, technical analysis and an understanding of market psychology. C-View favours a portfolio approach, which enables profits to be generated within a disciplined, low-risk environment. C-View will carefully analyse the relative values of a wide range of currencies and construct a portfolio of positions when risk/return ratios appear to be above average. The holding of positions for yield may enhance this approach; from time to time there are sizeable differences in interest rates between currencies and subdued or beneficial exchange rate movements. The aim of the EMC PROGRAM is to take the successful 10 year trading methodology of our existing Currency Managed Account Program, and apply it specifically to the emerging currency markets. We have expanded the scope of emerging currencies which we trade to take advantage of a number of currencies that have become more liquid and widely traded in the last few years, and have also extended the maximum position maturity to 12 months to allow us to exploit our views on interest rate prospects. Lastly, the program allows for a wider use of options to reflect the now generic nature of second generation options.