2008

what will bring 2008 ..?

LEM doesn't know but invite you to explore it together with us.

Merry Christmas and a successful New Year to all of you, investors, friends, followers and even libelers...

Greetz

Casper Trebuchet

House of derivatives (LFB, LWI, LHH)

Http://lemurinvest.blogspot.com

LHH - business report (NOV/DEC)

WSE communicated recently that WSE 4.0 will be born in mid-January 2008. A “worldwide launch of the World Stock Exchange to the mass market as the world’s leading internet-based stock exchange platform to be used for educational and entertainment purposes”-to use their words will then follow. WSE expects that trading volume will exceed 10 million $L per 24h and 50’000 additional users my join the stock exchange.

LEM is less optimistic but even if only 10% of this is true volumes in WSE will at least double which will affect the profitability of WSE. Furthermore quite a few IPO are waiting to get their approval which should bring a new dynamic into this cyber exchange market.

Logically HCL shares will profit from this development. I don’t have to use enchanter skills to imagine that LHH has some potential through the volatility of this market and the rather promising outlook for HCL shares. As a matter of fact LEM finds itself in a most paradox situation. If HCL will rise LHH shares will follow and highest share values for HCL will be frozen for our LHH investors. You can see this with a laughing eye, however, for us it is more a question to overcome possible nightmares caused due WSE-Lemurs from Roman mythology…lol.

Let us explain this with an example. The lucky investors among you who bought LHH at IPO prices (1 $L/share) can already count to get 3.67 $L/share back on 15th March 08. Not a bad performance in six months…! Imagine now if HCL would climb to new highs like 3 or even 5 $L/shares. The pay back ration would then increase approximately to 4 or even 7 $L/share!

So LEM can only wish you more happy trading in both HCL and LHH and for us an exploit in risk management.

Statistics for HCL shares (period before):
Average share price in last 30 days: 0.98 (1.18) $L/share
Minimal share price : 0.78 (0.48) $L/share
Maximal share price : 2.63 (2.63) $L/share (2.66 as indicated is a rounding bug which got noticed by WSE as such)
Max. daily volume : 147’557 (353’321) shares
Min. daily volume : 100 (8’150) shares

Statistics for LHH shares:
Actual share price (24h): 2.24 (3.41) $L
Minimal pay back price: 3.674 (3.674) $L

LEM wishes you a merry Christmas and a successful New Year

Greetz

Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH and LEM Knock-In WSEIndex/LEM IPO Booster as not approved IPO)
http://lemurinvest.blogspot.com

============ reminder ==============
LHH is a derivative with call character on HCL shares. It freezes the highest share price of HCL once a predefined barrier is reached. See details in our prospectus WSE or our blog to learn more about it.

Spot date : 15SPE07 : 0.68 (1.70) $L
End date : 15MAR08
HCL at spot (15SEP07) : 0.68 $L
Barrier for HCL : 1.70 $L (passed on 26th October 2007)
LHH IPO issue price : 1 $L
HCL = 2.63 $L (status at 14th November 07)

pay back = HCL/ HCL spot * LHH IPO

minus management fee of 5%.

LWI : Business report (NOV-DEC)

Situation didn’t change considerably since last month. However, the cleaning process of the outstanding IPO’s was concluded by WSE and the release of WSE 4.0 is approaching as rumors go. LWI didn’t move but an exploit is still possible and rather likely with all projected new WSE activities coming up.

The LWI10-index stands at 807.18 today which is a decrease of 10% since last month with 872. However, we also have to consider that three titles left SPO and are traded past-SPO. DDE, HUI and also LEM are traded much beneath their NTA. As dividends are paid in a regular matter, all these titles will soon take off again.

We remind you that break-even is only reached if the index climbs over 1000. Compare also with the mathematical formula we give in our prospectus.

With an actual index of 807.18 you can only expect to get 0.95 $L back per LWI share on 18th January 2008.

symbol, spotprice(S), dividends(D), 24 hr average price(Y), branch, LEM:rating
==============================================================================

RDX, 3.19, 0.038, 0.99, technology
DDE, 3.72, 0.512, 2.84, real estate, STRONG BUY
ETC, 0.92, 0.01, 0.94, environmental services
HCL, 1.84, 0, 0.95, financial services, BUY
HOT, 2.95, 0.434, 2.18, financial services, BUY
LEM, 1.6, 0.22, 1.28, investment banking
LGO, 0.81, 0.03, 0.55, technology
LLL, 1.87, 0.508, 1.77, construction
HUI, 2.48, 0.386, 1.95, technology
ALL, 2.55, 0.253, 1.52, real estate
(LWI10) 807.18 (872.19) 18DEC07(18NOV07)

As always the index can be followed in real time on http://www.slquotes.com/lemur or on our blog.

Greetz

Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH)
http://lemurinvest.blogspot.com


Reminder:
Our index doesn’t use weighted market capitalization because of missing free float. Unfortunately, but with the criteria below we believe to have selection criteria which are rather adapted to the situation and reflects the market quite good enough:

(1) Market cap (> 1.5 million $L)
(2) Free float (> 20%)
(3) Market presence (since three month on the board)
(4) performance till now (weighted, dividend included = positive)
(5) Business idea
(6) Management skill, communication
(7) Economic branch the company is active in
(8) Rating of analysts

LEM. Company update

Dear investors

End of 2007 is approaching which let us rethink our company strategy as we sit on too much cash and don't plan to use banking services intensively…We have to accuse you investors for having brought us into such an uncomfortable situation – but we don’t complain and we haven’t planned yet our holidays to the big Island …;-) …just more work.

LEM generates regular profits (dividend = 0.045 $L/share) and its NTA (3.4 $L/share) is growing. But to apply some Kanzai management doesn’t hurt… Strategical changes we see in six directions for 2008: Use of capital, real estate, trading, RL projects, buy back program which should bring LEM to a new development level plus put an eye of growth of expenditures.

The six directions in more details:

(a) Financing SL projects: We still have two IPO waiting for their approval. One is a derivative with PUT character (LEM Knock-In on WSEIndex (LPI)) and the second a so called IPO booster (LPB). LEM strongly believes in LPI which is a good security tool in relation to volatile markets. LPB on the other hand is an important initiative to bring innovative IPO faster successfully on the market. LEM will allocate assets worth 2 million $L into it which should be a strong argument to bring this IPO through the approval phase.
(b) Real estate: LEM sits on too much cash right now. Real estate is not our core business but can be an additional market we want to explore. LEM already possesses major stakes in DDE, RDX, HOT which basically are real estate companies but these commitments are participations only. LEM continues to invest into such business as long as the ROI and long term perspectives are ok for us. However, we also would like to start investing in own property. A co-operation with an experiences land owner/manager is in discussions others may follow. At the moment roughly 1.2 million $L is directly invested into real estate over listed companies which is an equivalent of 15% of all assets LEM owns actually. We see this portion rising to 25% next year.
(c) Trading: Trading was successfully till now, but it is limited though personal input staff can put into it. LEM will keep trading in on a healthy and profitable level but can hardly increase it any more. Trading with 10’000 $L is one thing with 7 million something else…lol
(d) Real life projects: We started to do some work in SL for RL companies which already resulted in returns, however, this is a bit tricky also from a legal point of view (VAT, etc.).. LEM thinks SL is SL and RL is RL. However, there are ways to bring those worlds together. 3D-Web applications, exploration platform, extended marketing environment are just some key words how SL could be used for RL. LEM is working already on its new web and will try to consider such aspects. In 2008 we hope to reserve more time to such business development idea and develop new ones. We also strongly believe in the open source perspectives of SL.
(e) LEM share price: We got the approval from WSE to trade our own shares. LEM is interested to see its share price oscillating in a certain range. In first order we let the market define the share price but will intervene if we think the share price is too low or too high. If too low we will purchase shares and possibly destroy them over buy back option. In the latter case we will bring own shares on the market but keep a majority of 50.1%.
(f) Expenditures: Enough is enough

LEM thanks you all for all your support through 2007. Without our customers we couldn’t have achieved what we have achieved and we strongly hope that we can continue doing business together in 2008 as we did in 2007. Let me wish in the name of LEM a merry Christmas and only the best for 2008

Greetz

Casper Trebuchet

LEM, CEO
House if derivatives (LFB, LWI, LHH)

http://lemurinvest.blogspot.com

LFB: Dividend and report for November 2007

The weekly average of the basket is again low with 38.84. However, three elements have to keep in mind. First: WSE 4.0 should be released soon which should bring new momentum in HLC and linked to this HCL is slowly stepping towards the 2nd February where the next dividend payment should be occur. Second: RDX announced an interesting share transformation program which is in the interest of the common shareholder. This program should be executed in the next coming months and will bring nice dividends and also awareness in regard to the growth potential of this company. Third: The partnership in between APZ and SLM seems to be fructose. The SLM share will surely get some support due to the potential which is still mostly unexplored in this partnership. As only a little improvement is needed to break the trend for LFB we keep optimistic. At actual prices LFB still has a ROI of over 50% pa.
>>>>>
Situation on 5th October 2007 for LFB (compare also with our blog or prospectus):

HCL = 0.98 (1.28) $L, weight =20
RDX= .87 (1.06) $L, weight =20
SLM= .46 (0.79) $L, weight = 4

Weekly basket value = HCL*20 + RDX*20 + SLM*4 = 38.84 (49.46)

Average basket value (8th June-5th December) = 51.93
Spot basket value on 8th June = 73.76
>>>>>

Keep in mind that HCL was already at 2.63 $L two month ago and even higher in spring 07 and the volumes on WSE rebounded powerful after the summer depression what will generate profits to HCL.

If shares of HCL or RDX would only climb 0.85 $L the value of the basket would bypass the value from the spot=73.76 and the shareholder would get a higher dividend.

The minimum dividend of LFB is 0.2 $L/share/month and was paid just before. However, a maximum dividend of 0.7 $L/share/month is feasible if the basket performs.

Greetz

Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH and LEM IPO Booster as not approved IPO)
http://lemurinvest.blogspot.com

SPO off - LEM traded again

The deadline of our SPO was reached yesterday. Also we didn’t sell all shares we wanted to thank you sincerely for your commitment. We really appreciate and were a bit surprised by the amount of shares we could sell.

LEM sold 210‘869 shares which brought 316‘304 $L in our treasury. This money will be invested in accordance with our investment strategy which is described in our prospectus.

LEM also would like to make you aware of the fact that WSE approved our request for trading our own shares. We will use this new freedom to keep our shares in a certain healthy range but will keep in any case a majority of all outstanding shares.

Greetz

Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH)

http://lemurinvest.blogspot.com

LEM - Financial report (November 07)

Summary
=================================================================================
NAV sank in November 2007 slightly from 3.506 to 3.44.
Net profitability of equity after dividend rose to 10.07% /month (7.06%)
Dividend is 0.045 $L /share/month

This month was characterized through a lot of movements. We cancelled our loans and reduced our debts in consequence. Profits out of these actions were added to regular financial products.

The NAV reduced its value slightly as SPO was running satisfactory and diluted its value. This capital will serve to be invested in sustainable business in SL and will contribute to further growth.

Trading was good and we earned 241089 $L with almost no losses.

We put again some focus on our analysis work. A report on ALC was published by Miles Market, our chief analyst. He will soon start a survey among listed companies on WSE in relation to his thesis he is writing in RL. We will inform you separately about this important project.

LEM will continue to develop new financial derivatives expand our financial services for third parties and intense our activities to bring RL companies into SL.

Dividend was left at 0.045 $L.


Results for October (September)
================================================================================
Income ($L):
------------
Financial products : 280’581 (213'219)
Others : 15’825 (41'825)
TOTAL : 296’406(255'044)

Expenses ($L):
--------------
Financial Products : 101’500 (124'600)
Donation : 0 (0)
Tier : 6’000 (6'000)
Wages : 10’000 (10'000)

TOTAL : 117’500 (140'600)

Profit ($L) : 178’906 (114'444)

Asset ($L)
----------
WSE : 4’571’356 (4'081'959)
SLCX : 848’463 (961'797)
DSE : 62’105 (64’940)
ISE : 27’986 (43'665)
Land : 6’000 (6’000)
Loan : 0 (3’000’000)
Cash : 251’053 (164'022)
Investment : 15’000 (14'000)

Total : 5’806’963 (8’346'883)

Liabilities ($L)
----------------
Loan : 0 (3'000'000)
Dividend : 84'154 (87’500)
Total foreign capital : 84’154 (3'087'500)

Constitutional capital LEM: 1’663’641 (1’500’000)
Constitutional capital LFB: 464’480 (464’480)
Constitutional capital LWI: 130'026 (130’026)
Constitutional capital LHH: 1'671'590 (1'671'590)
LEM Future Fund : 520’000 (518'000)
Reserves : 1’094'166 (860'843)
Profit : 178’906 (114'444)
Total equity : 5’722’809 (5'259'383)

Total liabilities: 5’806’963 (8’346’883)

Monthly dividend/share : 0.045 $L /month (0.045)
NAV 3.44 (3.506)


Notes:
========================================================================
(1) General: LEM thinks that titles on WSE finally found a stable evaluation level. Companies restart to pay dividends and publish promising financial reports. The IPO list was recently cleaned and together with the new listing criteria a good basis is established to stimulate further growth. Rumors say that WSE 4.0 will be released in mid December. This will further stimulate traffic and volumns at WSE.

(2) Consultancy work was down this month. We simply had no time at disposal as we were very taken by RL. However, still different projects are in our product pipeline.

(3) LFB: The index is still losing as HCL and RDX are still weak. However, in both titles we see further growth possibilities. At actual prices of 8 $L LFB has a profitability of >50% p.a. As already outlined at different times before, only a small increase in HCL and RDX is needed to bring LFB up and to interest of 7%/month.

(4) LWI:WSE is now down to 10 titles and the index down to 20% in relation to 18th July. However, different titles on the index still were going through their SPO which is reducing the index artificially. We judge that it reach break even this month. Values in real time can be followed in a chart on our blog http://lemurinvest.blogspot.com

(5) LHH:WSE. No changes. Buy back value is still 3.67 $L/share. When will HCL reach a new record and thus LHH too?

(6) LEM Foundation. We will further invest in Etopia Island to support their sustainable efforts. A new SIM will be purchased which will partly be financed by a contribution of LEM. It will be operational in short time. This investment reflects our commitment to sustainable investment.

7) LEM Future Fund (LFF): LFF has a portfolio of over 520’000 $L. LFF is a closed fund. Minimal investment is 10'000 $L and at the moment 25% are invested in bonds, 20% in project within SL, 5% in cash and 50% in shares. Inner prices are published weekly on our blog. This week a single part was at 1.20 $L which is an increase of 20% since its creation.

8) LEM IPO Booster (LPB) : A new IPO we set up. Objective is to concentrate our analytical activities here as well as to select and support promising IPO to go quicker through the IPO phase and help them to achieve their goals as fast as possible. Have a look at the prospectus and RATE LPB!

9) Web: The web development is postponed for the moment. Hope towards New Year we will be ready with.

10) Defamation: LEM learned that is only too easy in SL to defame competitors in order to harm their business or reputation as RL courts don’t yet really consider slander and libel in SL. On the other hand SL and RL start to mix up in each other more and more which is quite horrible if you think on the consequences. Because of this we created a help group in SL “anti slander and libel group”. In doing so we opened files on known libelers in order to collect facts. You can join or ask me for further information.

Net profitability of equity after dividend is 10.75% /month
Dividend is 0.045 $L/share/month

Next report:
===================================================================================
Next report will be published on January 2, 2008. Updated values for NAV, LFB, LWI and LHH are published on our blog (http://lemurinvest.blogspot.com)

In case of further questions please IM Casper Trebuchet

Greetz
Casper Trebuchet
LEM, CEO
Analyst, WSE

House of derivatives (LFB, LWI, LHH, LEM IPO Booster as not yet approved IPO at WSE)
http://lemurinvest.blogspot.com

LEM - dividend paid

A dividend of 0.045 $L/share was paid as announced.

The financial report for november will follow on 3rd december.

Greetz
Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH)

http://lemurinvest.blogspot.com

ANTI Slander and Libel group- blog created

We created a blog to discuss such issues which hopefully will help to prevent further slander and libel attacks or give helpful information to potential victims

http://slanderandlibelinsl.wordpress.com

ANTI slander and libel group is a non profit organisation

Greetz

Casper Trebuchet

Anti slander and Libel group

Defamations or “slander and libel” issues become more and more common in SL. Avatars import RL concepts into SL which include work, money, time and innovation. The boundaries between SL and RL start to vanish and thus new theories need to be developed how the law may apply to and resolve disputes in this cyber world. Defamation are a good example for such disputes as they became important lately and apparently continue to grow.

SL is based in California, USA and basically covered by the law of this state. However, as soon as SL and RL start to mix up a complexity is added as different country jurisdictions need to be considered which may vary significantly from each country to another.

However, it is important to realize that each defamation campaign creates victims. This is why we created a anti slander and libel group in SL in order to establish a knowledge database on defamation and provide first help to avatars which got victims of such attacks.

This involves:
Law advice - the more information we collect the better is the advice
Investigation - done by RL specialists understanding the problematic
Moral support – slander and libel attacks are very unethical strategies
Strategy development – help the victim to define a strategy
Anti slander support – be intermediary and initiate media support


The group can be found in SL under "anti slander and libel group"

Membership is free. Join or IM me if your are interested.

it is a small start but we hope can devleop some momentum, unfortunately I have to add, as a cyber world without defamations would definitively be more fun... also not very likely

and so there are two possibilities. Either there is nobody who is interested in this defamation subject which would mean that there is still some hope that SL is a "perfect" world or there is interest and then at least a discussion could start which may guide to some solution...I'm kidding of course

Greetz
Casper Trebuchet

LEM, CEO

http://lemurinvest.blogspot.com

IntLibber again

this time from myself.

Our abuse report to LL was sent.

Greetz

Casper Trebuchet

answer from IntLibber to Meryll Lynch

Response to Merryl Lynch's accusations:

a) I never slandered Merryl Lynch, in fact I attempted to work with her/him/whoever, when Luke was busy banning and slandering Merryl for being outspoken against the draconian abuses of Luke (which included Luke denying Merryl's IPO for no reason, as well as denying an IPO Merryl had written for Shatter Roundel, one of my own residents).

b) I have openly admitted that I was grossly decieved by Luke and his lies to me about Anshe Chungs intentions with Shaun to, as Luke said, "buy out Shaun for 150k US to take over WSE" (I have the chatlogs for anyone to browse). Luke lied to me and used me to convince others, and used the deal he sought with me over the WTC as a shield for issuing himself massive amounts of HCL stock. I find it rather odd that Merryl would now be in Lukes pocket.

c) I have also openly stated that if Casper Trebuchet can identify himself to us, as not Jasper Touchet, then we will retract our statements. He has so far refused to do so, so we wonder what is being hidden. I have been given information that he is this person, however if those allegations are false, we will retract them. As I've stated, we've been lied to before (by Luke) and we've admitted when we've been decieved.

It is often hard to tell who is telling the truth in SL, all we can do is try to determine the truth as best we can. Those who stand openly identifying themselves tend to be more trustworthy, if Casper wishes to stand openly and be identified, then that is fine. Our information is that Jasper Touchet is still involved at WSE. He has refused to settle his RL debts (this was a contract in USD, not L$, so therefore does not count as "just a game" even under the loose rules of WSE).

One thing we do know for certain is that LukeConnell DOES know who Jasper Touchet is, but he is, like any thief, extending professional courtesy in keeping his identity secret. We challenge Luke to likewise open up with the truth.

slander-casper -trebuchet-a reaction from Meryll Lynch

IntLibber Brautigan is again stepping up a slandering campaign. Here is the link:

http://ancapex.net/home/story/system/54

All my friends know, I am Swiss. Some came to see me in RL Zurich, Switzerland. Amongst them casper Trebuchet.

Since I was myself a victim of a slandering campaign of IntLibber Brautigan, when he still was one of the best buddies of Luke Vandeverre, I know what damage this can do.

What we can learn about IntLibber Brautigan is, that he is obviously often wrong, like he was with Luke. Slandering seems to be IntLibber Brautigan's favorite activity. This time though, it looks like last resort. Last.

With his slander against casper Trebuchet he is about to break his neck finally.

Casper is a friend of mine from Switzerland. I met him personally. I own a RL business card of casper Trebuchet (of course with his real name and real business address). We email between our RL email addresses. We even do phone calls between our Swiss phone numbers.

I can proof, casper Trebuchet is all but from Canada.

Conclusion:

IntLibber Brautigan claims to have tracked casper Trebuchet down to avatar JC Brink, from Montreal, Toronto, and Arkansas. That way accusing him of stealing USD 8000.- - this is slander pure and extremely damaging for casper Trebuchet.

Again - IntLibber Brautigan is totally wrong (and I am sure knowingly he slanders casper Trebuchet - because casper Trebuchet is still working together with Luke Vandeverre and as we know Luke is the target IntLibber tries to damage). And luckily he discloses his RL identity as sales argument for his shady companies. It will thus not be problematic, to track IntLibber Brautigan down RL and sue him for damages done by his slandering campaign.

Be aware, that a RL lawsuit against Michael Lorrey aka IntLibber Brautigan, from Grantham, New Hampshire is immanent.

Lets see, where he takes the money from to settle for the damages caused. This time he will not escape!

All investors shall take this as a warning.

Thank you for your attention!

Meryll Lynch

This IntLib(b)er

The strange message below was just published on www.ancapex.com. Unbelievable what we have to endure in this SL..its a kind of playing law and order the wild way.. Choose an avi you don't like what kind of reason doesn't matter and then acuse him of something and put some propaganda behind.. is life such easy in SL

the message was..

=============================================================================
“MARKET WARNING: Lemur Invest CEO Fraudster
It has come to our attention that the CEO of Lemur Invest (WSE: LEM) is Casper Trebuchet, aka JC Brink. Casper Trebuchet borrowed $8000.00 US in June from My Second Bank to purchase his Commerce sims. When his bank was "frauded", he gave the sims to Lindsay Druart, rather than to the lien holder, M2B, and bailed on his debt to M2B. Now that M2B is BNT Financial, we intend to pursue foreclosure upon LEM for its CEO's debts to BNT.

BNT has repeatedly attempted to contact Casper Trebuchet, tracking him to Montreal, Toronto, and Arkansas as he has skipped out on creditors. Investors are cautioned against investing in a known thief. If Casper Trebuchet wishes to settle his debts with BNT Financial, we encourage him to contact IntLibber Brautigan soonest.”
=============================================================================

Well, what should I say, IntLib(b)er apparently doesn’t like me too much, and Lemur kattas are such cute animals…lol

However, there is a slight problem. First I’m not JC Brink even not aka. Second it makes no sense to track me in Montreal, Toronto and Arkansas as I’m Swiss and also pretend to live in Switzerland, sorry also for my Swiss-Lindenspeak. Third, also I’m living in Switzerland which is famous among others things for its banking systems I never owned a bank and probably will never own one as this business is not of my like, also I know the business quite well because of professional reasons in RL. Forth Switzerland is a country of renters only 30% live in their own “castle”. I do but sorry, I never owned any SIM in SL and even dont have a premium account...lol. Fifth Casper Trebuchet never was contacted by BNT, except last night with the following messages:

IntLibber Brautigan: (Saved Fri Nov 23 22:24:07 2007) I'd like to give you a chance to settle your debts with M2B.
[21:34] casper Trebuchet: what?

So what the hell is this? The outburst of a US Marshal with his colt and firing around..if you hit 1000 people may be also the bad person is among them...not funny this.

If IntLib(b)er is running his business that way, well this is his problem, to accuse others without even undertaking any research before and or speak before with the person in question…how should I interpret this …yuck

And oh, I forgot, WSE:LEM? You can read about on my blog or speak with my shareholders/clients at any time….

People like this IntLib(b)er are a thread for SL.

I expect an excuse

Grrrretz

Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH)
http://lemurinvest.blogspot.com

LWI - business report

The reviewing progress of listed companies at WSE continued and caused us to redefine our index. With 51 listed companies we decided to reduce our index down to 10 titles. However, we still plan as soon as possible to increase this number again up to 15 which we consider to be a fair minimum to simulate the market. Quite a few new IPO’s are waiting to get their approval. Together with the approaching release of WSE 4.0 we are optimistic to see LWI soon reaching its break even.

The restructuring resulted in an increase of the index. It stands now at 872. With some titles still in SPO we possibly will see further increases. However, we remind you that break-even is only reached if the index climbs over 1000. Compare also with the mathematical formula we give in our prospectus.

Share prices for LWI recently rose up to 79 $L because of some strange activities- reason that we asked WSE to halt trading. With an index standing at 872 investors can only expect to get 0.95 $L paid back per LWI share on 18th January 2008. Even if we anticipate bullish share values till then we think that actual share prices of >10 $L are rather optimistic.

Trading will resume in short time.

symbol, spotprice (18JUL), dividends, 24 hr average price (19NOV), branch, LEM:rating
=====================================================================================

RDX, 3.19, 0.038, 0.92, technology
DDE, 3.72, 0.432, 2.75, real estate, STRONG BUY
ETC, 0.92, 0.01, 0.97, environmental services
HCL, 1.84, 0, 1.18, financial services, BUY
HOT, 2.95, 0.379, 2.56, financial services, BUY
LEM, 1.6, 0.175, 1.50, investment banking
LGO, 0.81, 0.03, 0.51, technology
LLL, 1.87, 0.508, 2.00, construction
HUI, 2.48, 0.285, 2.00, technology
ALL, 2.55, 0.206, 2.16, real estate
(LWI10) 872.19

As always the index can be followed in real time on http://www.slquotes.com/lemur or on our blog.

Greetz

Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH)
http://lemurinvest.blogspot.com


Reminder:
Our index doesn’t use weighted market capitalization because of missing free float. Unfortunately, but with the criteria below we believe to have selection criteria which are rather adapted to the situation and reflects the market quite good enough:

(1) Market cap (> 1.5 million $L)
(2) Free float (> 20%)
(3) Market presence (since three month on the board)
(4) performance till now (weighted, dividend included = positive)
(5) Business idea
(6) Management skill, communication
(7) Economic branch the company is active in
(8) Rating of analysts

LWI - trading halt

Because of unusual trades and major changes in LWI we will apply but which are in favor of LWI shareholders we asked WSE to halt trading in LWI shares.

Trading will resume as soon as our monthly reporting will be published which hopefully will be tomorrow on 19th November 07. We hope you understand.

Greetz

Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH)

http://lemurinvest.blogspot.com

LHH: Business report (15OCT07-14NOV07)

HCL shares traded in a stable range between 1.12-1.45 $L during the last four weeks and saw an upper peak at 2.63 $L. Lucky investors who bought LHH at IPO prices as the calculated pay back price rose up to 3.67 $L/share which is an increase of 367%.

The concentration process continued at WSE and volumes increased significantly. We wonder when WSE will lift their secret about WSE 4.0 but almost sure that this event will leverage the stock exchange market to new levels. HCL shares will profit from this development in the mid- and long term.

Statistics for HCL shares (period before):
Average share price in last 30 days: 1.18 (0.56) $L/share
Minimal share price : 0.48 (0.22) $L/share
Maximal share price : 2.63 (0.88) $L/share
Max. daily volume : 353’321 (600’000) shares
Min. daily volume : 8’150 (12’000) shares

Statistics for LHH shares:
Actual share price (24h): 3.41 (0.84) $L
Minimal pay back price: 3.674 (0.78) $L


Greetz

Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH and LEM Knock-In WSEIndex/LEM IPO Booster as not approved IPO)
Analyst, WSE

http://lemurinvest.blogspot.com

============ reminder ==============
LHH is a derivative with call character on HCL shares. It freezes the highest share price of HCL once a predefined barrier is reached. See details in our prospectus WSE or our blog to learn more about it.

Spot date : 15SPE07 : 0.68 (1.70) $L
End date : 15MAR08
HCL at spot (15SEP07) : 0.68 $L
Barrier for HCL : 1.70 $L (passed on 26th October 2007)
LHH IPO issue price : 1 $L
HCL = 2.63 $L (status at 14th November 07)

pay back = HCL/ HCL spot * LHH IPO

minus management fee of 5%.

LWI - illegal transactions...new results

Hello, looks as I overdid with this money laundering stuff, however, if illegal transactions are involved it is worth to be attentive and recently stories circulated about money laundering on another stock exchange..so...

But I guess SL is less imaginative and criminal yet, probably as the figures we speak about are in the lower digits… in exception of some penny thefts…yuck

The case I described was probably more an attempt to apply a pump-and-dump or chop stocks strategy to spread false information or signs in order to make a deal. Well, if you buy for 1.11 and can sell for 5.99 you really make a nice profit..in RL this is illegal in SL probably a kind of sport.

However, be assured that I keep an eye on my titles. I will take actions if I see similar things happen ..

For LWI the situation is more than clear. I agree it is penny share and has a very limited float. Both are dangerous factors to facilitate such strategies. But LWI is linked to the index LWI15 we calculate and which chart can be found on our blog http://lemurinvest.blogspot.com. It produces values in real time. Chart figures simply don't lie for LWI.. There is absolutely no reason why suddenly LWI should be traded 6x over its inner value.. For our other titles the situation is similar: LFB, LHH or LEM.

So my advice:

Before you buy or sell study the announcements, the prospectus and the market itself and then use your brain AND ASK QUESTIONS. I generally don't bite just beat from time to time...lol

Greetz

Casper Trebuchet

LEM, CEO

House of derivatives (LFB, LWI, LHH, not yet approved IPO LEM Knock-In WSEIndex and LEM IPO Booster)

http://lemurinvest.blogspot.com

LWI - Strange things happen

We can speak about the real value of LWI:WSE of course...as already mentioned before at actual values LWI is massively overvalued.

If you consider the formula I give in the prospectus of LWI you can only expect to get 0.95 $L /share back at the end of the period (18th January 2008) if you neglect the possibility that the index still may grow. However, actual share values are at 14.92 $L ! I leave it to you to come to a conclusion.

But there is something else I wanted to speak about. Today LWI had a volume of 21000 shares which mainly consisted in a trade where somebody bought 3650 shares repeatedly and sold them again (I suppose it was the same person as always the same number of shares were traded). He bought them for 6 $L and sold them for 1.11 $L in other word distroyed around 100'000 $L.

Well, unfortunately I don't have access to the raw data. But I really wonder as I think there must be a reason behind. Money laundering? We saw recently similar trades on CAPEX, also in a bigger scale. The amount we are speaking about is still small on the other hand if you do similar trades with other titles the situation becomes different.

Any kind of money laundering would be a worst case scenario for any stock exchange market within SL. So If somebody has a good explanation then please tell me as I really wonder. If it is money laundering we really should be careful about as it would be a question of time till RL would start to take some legal actions. I dont't think this would be fun for all of us.

Greetz from still the best of all worlds

Casper Trebuchet

LEM, CEO

House of derivatives (LFB, LWI, LHH and not approved IPO LEM Knock-In WSEIndex and LEM IPO Booster)

LFB: Dividend and report for October 2007

The weekly average of the basket is still low with 49.46 but comes close to the one calculated since 8th June 06 (=55.73). There is just a slight improvement needed for HCL and/or RDX and the trend for LFB is bullish again.

>>>>>
Situation on 5th October 2007 for LFB (compare also with our blog or prospectus):

HCL = 1.28 $L, weight =20
RDX= 1.06 $L, weight =20
SLM= 0.79 $L, weight = 4

Weekly basket value = HCL*20 + RDX*20 + SLM*4 =49.46

Average basket value (8th June-5th November) = 55.73
Spot basket value on 8th June = 73.76
>>>>>

Keep in mind that HCL was already at 2.63 $L last month and even higher in spring 07 and the volumes on WSE rebounded powerful after the summer depression what will generate profits to HCL.

RDX also has some potential, especially if they start to execute their new ownership program which they announced this week.

If shares of HCL or RDX would only climb 0.6 $L the value of the basket would bypass the value from the spot=73.76 and the shareholder would get a higher dividend.

The minimum dividend of LFB is 0.2 $L/share/month and was paid just before. However, a maximum dividend of 0.7 $L/share/month is feasible if the basket performs.

Greetz

Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH and LEM IPO Booster as not approved IPO)
http://lemurinvest.blogspot.com

LEM -SPO at WSE

LEM want to expand its business into further not directly real estate related business in SL with high profitability.

Over a SPO at WSE we want to rise additional money and create 500'000 additional shares.

For the shareholder this means higher dividends and also a higher free float as LEM would only control 50.1% of its own shares.

LEM has a NTA of 3.506 $L/share (compare with financial report) and 1'500'000 outstanding shares right now.

The SPO will increase the number of outstanding shares up to 2'000'000.

The SPO price we see at 1.5 $L /share


Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH, LEM Knock-In WSEIndex and LEM IPO Booster as not yet approved IPOs)

LEM: Financial report (October 07)

Summary
=================================================================================
NAV rose in October 2007 from 2.406 to 3.506.
Net profitability of equity after dividend is 7.63% /month
Dividend is 0.045 $L /share/month

LEM continued to develop its business and received as first company in SL the approval as analyst for WSE. Different analysis were made during October (DDE, HOT; RDX; HCL) others will follow. We also created a new IPO which actually is waiting to get its approval (LEM IPO Booster: LPB): LPB will work exclusively for start-ups and support them not only to pass the IPO barrier more easily but also to bring them successfully into the market.

LEM traded successfully. Unfortunately most of the companies didn’t resume dividend payments we are invested in or will do this in the following days. These figures will add to the next result.

Consultancy work was good, but couldn’t be expanded due to lack of avatarpower.

A big surprise to us was our newest derivative - LHH. As HCL touched 2.63 $L per share during the last 4 weeks the calculated value for LHH climbed up to 3.67 $L which is an increase of 367% since the end of the IPO! However, LHH has also a boosting effect on our liabilities. We also can see this development with a laughing eye, as if HCL find back to the high values it had before this can be interpreted as sign that investors gain back confidence… Our other derivative LWI which is an index of 15 selected shares which are traded on WSE shows a similar bullish tendency. It gained 25%.

We will continue to develop new financial derivatives expand our financial services for third parties and intense our activities to bring RL companies into SL.

Dividend was left at 0.045 $L.


Results for October (September)
================================================================================
Income ($L):
------------
Financial products : 213'219 (428’744)
Others : 41'825 (62’000)
TOTAL : 255'044 (490’744)

Expenses ($L):
--------------
Financial Products : 124'600 (425'000)
Donation : 0 (0)
Tier : 6’000 (6'000)
Wages : 10’000 (10'000)

TOTAL : 140'600 (441’000)

Profit ($L) : 114'444 (49'744)

Asset ($L)
----------
WSE : 4'081'959 (2'503'717)
SLCX : 961'797 (867’377)
DSE : 64’940 (62'000)
ISE : 43'665 (16'425)
Land : 6’000 (5’000)
Loan : 3’000’000 (3’000’000)
Cash : 164'022 (733'190)
Investment : 14’000 (14'000)

Total : 8’346'883 (7'201’709)

Liabilities ($L)
----------------
Loan : 3’000’000 (3'500'000)
Dividend : 87'500 (95’000)
Total foreign capital : 3'087'500 (3’595’000)

Constitutional capital LEM: 1’500’000 (2’000’000)
Constitutional capital LFB: 464’480 (1’000’000)
Constitutional capital LWI: 130’026 (430’026)
Constitutional capital LHH: 1'671'590 (454'941)
LEM Future Fund : 518’000 (498'000)
Reserves : 860'843 (509'518)
Profit : 114'444 (49’744)
Total equity : 5'259'383 (3'606’709)

Total liabilities: 8’346’883 (7'201'709)

Monthly dividend/share : 0.045 $L /month (0.045)
NAV 3.506 (2.406)


Notes:
========================================================================
(1) General: LEM assets developed nicely, mainly driven by HCL but also through the other shares we are holding. We also have to consider the new fund of frauded companies –WTF- which brought back some of our “depreciations”- thank you Luke. The fact that Ginko failed is surely not fun for all the victims- especially those who sold their shares for low prices- however, it is a huge relief for WSE. Together with WSE 4.0 which development will come to an end soon we see a lot of potential for WSE and finally also for the WTF share holders. – I cannot stop to be optimist…lol

(2) Consultancy incomes are not stable. A matter of personal time we can invest as we also have a RL. VAT issues still don’t hamper us and different projects are in the pipeline.

(3) LFB:WSE recovered a bit, thanks to HCL. We dropped AIG, BNT and AMA from the index which leaves us with three titles HCL, RDX, SML. At actual share prices of 7.42 $L LFB has a profitability of >50% p.a.. At the moment the Index couldn’t really improve because we use weighted averages to calculate it which is slowing down the increase. On the other hand, if HCL continues to climb and RDX finally decides to reduce outstanding shares to do something for the NTA which is only 0.2 $L the momentum will soon be high again and interests of 7%/month still possible.

(4) LWI:WSE got reduced to 15 titles and found back to the bullish track. It increased 25% this month. We definitively feel that the economy in SL start to grow again.

(5) LHH:WSE beats all records. 367% increase within 4 weeks! Responsible was HCL which rocketed to a new 90 days high with 2.63 $L per share. The calculated value for LHH climbed up to 3.67 $L which is an increase of 367% since the end of the IPO! Logically also our liabilities rocketed to new highs which can easily be seen in our balance sheet. However, we are backed up by our reserves and HCL shares of course.

(6) LEM Foundation. We increased our presence on Etopia Island which is filling fast. Also we are not land owners we hold shares through our LEM Foundation. LEM will resume sponsoring of LEM Foundation and their projects.

7) LEM Future Fund (LFF): LFF has a portfolio of over 520’000 $L. LFF is a closed fund. Minimal investment is 10'000 $L and at the moment 25% are invested in bonds, 20% in project within SL, 5% in cash and 50% in shares. Inner prices are published weekly on our blog. This week a single part was at 1.13 $L which is an increase of 13% for the last three weeks.

8) LEM IPO Booster (LPB) : A new IPO we just set up. Objective is to concentrate our analytical activities here as well as to select and support promising IPO to go quicker through the IPO phase and help them to achieve their goals as fast as possible. Have a look at the prospectus and RATE LPB! We are also happy to have won Miles Market as Chief analyst. He is a financial expert in RL as well as SL and specialized in gaming and real estate.

9) Web: The web development is postponed for the moment.

Net profitability of equity after dividend is 7.63% /month
Dividend is 0.045 $L/share/month

Next report:
===================================================================================
Next report will be published on December 2. Updates values for NAV, LFB, LWI and LHH are published on our blog (http://lemurinvest.blogspot.com)

In case of further questions please IM Casper Trebuchet

Greetz
Casper Trebuchet
LEM, CEO
Analyst, WSE

House of derivatives (LFB, LWI, LHH, LEM IPO Booster as not yet approved IPO at WSE)
http://lemurinvest.blogspot.com

Stock market anaylsis

Miles Market joined our team as Chief Analyst. He is a financial expert in both worlds - RL and SL. He will reinforce our analysis work in gaming and real estate activitites. LEM is very happy to have him won to complete our team and wishes him a lot of success, satisfaction and fun in his work.

Casper Trebuchet

LEM, CEO

Market research : ALC

Outstanding shares: 20,600,001
Net Tangible Asset: L$0.272
EPS: L$0.004
P/E Ratio: 333.80
Monthly Revenue: L$673857.00
Monthly Expenses: L$581905.00
Monthly Earnings (Net Profit): L$91952.00

The land barons are dead, long live the land renting (but for how long)! I discussed this issue and a few more with Hannibal Kennedy CEO of Atlantis Land Corporation (WSE:ALC). First of all I’d like to begin with the business idea. ALC differentiates itself from the larger competitors, such as Anshe Chung’s Dreamland, through intense contact with its customer base. Many of them long term customers and happy with ALC’s ability to quickly resolve problems which might appear. The land renting market is not growing at its breathtaking rate anymore (some say it’s contracting), so there is a need to bind customers long term. This is what ALC wants to do, focus on its core competence, offering high quality renting space for reasonable prices with above average customer support. ALC does not want to diversify in other areas, such as land trading etc.
Until now ALC does not use big marketing campaign to acquire customers, they use classified ads sometimes, most of the new customers find their ALC property over the search and land sale tools in SL.

Let’s go further, look inside the ALC financials. I’ve estimated the cash flows for the next 12 months, and discounted those with 15% discount rate (risk free rate +market premium + SL specific premium) I know it’s quite a low assumption for a SL company, but let’s stick with it. For the October estimate I took the May 07 – Sept 07 average, it’s roughly L$ 184K. Now I projected a grow rate m/m of 2.5%. So I received the discounted cash flows for this period. Then I took the Oct 08 figure to calculate the residual value. Residual value and those discounted cashflows resulted in the fair value of ALC which is roughly L$ 16.9 Mio. Or L$ 0.82 per share.

Now this is one piece of the puzzle, another is the book value. All sims are valued at L$ 10.— per sqm, if you have a look at the linden stats - average land prices (from sales) are in the region of L$ 6.2597 per sqm (beginning of October to date). If you calculate the difference with the land that ALC owns, you get a not realised loss of L$ 1.96 Mio. or L$0.095 per share. So is your money at risk? The million dollar question is at which value were those sims bought, I have the figures form the oldest 5 sims, they were bought (combined at USD/L$ 270) at L$ 6.02, this is all money from Hannibal Kennedy. The 2 sims which were bought in May were valued at L$ 6.8874 – loss of L$ 82,279.--. And the last sim was valued at L$ 6.8008 – loss of L$ 35,463.--. That makes a total unrealized loss of L$ 117’742.--. This is not that much but with invested capital (from shareholder side) of roughly L$ 300K and dividends received of 4% or L$ 12’000.— an investor shouldn’t ignore it. It depends all on how the losses will be distributed in the future.

Another major issue is the looming opening of the server code. If the server side goes open source, hosting won’t be monopolized anymore and so server rent prices will fall rapidly, with them the value of the land. So think about it…

Rating Hold

Miles Market

LEM, Chief analyst

House of derivatives (LFB, LWI, LHH and LEM IPO Booster as not yet approved IPO)

http://lemurinvest.blogspot.com

Dividend LEM: posted

A dividend of 0.045 $L /share was posted today for LEM:WSE

The financial report will follow on 2nd November.

Greetz

Casper Trebuchet

LEM, CEO

House of derivatives (LFB, LWI, LHH, and not yet approved IPO LEM Knock-In WSEIndex)

http://lemurinvest.blogspot.com

LEM IPO Booster (LPB) - new IPO at WSE!

and waiting for approval..

There are too many IPO waiting for approval right now. As IPO's are an important factor in SL economy we have to find ways to make them more attractive.

One is to improve the quality of the IPO's and build up a financial polster which permits to realize them in short time. Finally, services are needed to support their first steps till they are profitable.

LEM:WSE developed quite a few experiences with company anlaysis but in the same time is constently struggling over conflicts of interest. You cannot analyse a company where you are engaged yourself financially.

To find a solution we created LPB (LEM IPO Booster) which is a daugther company under differnet management and focused on supporting IPO in order to bring them faster on the market.

LPB will :

- Analyse buiness model, comeptence of management team and future perspectives of IPO's
-Complete their management team if required
-Offer financial support and consultancy work

IPO will be supported till they become profitable and then LPB will refocus and reinvest profits into new projects.

We thinks this business model fits actual and future needs of stock exchnage markets in SL rather good and has devleopement potential.

If you are interested then have a look in the prospectus of LEM IPO Booster... thank you.

We also are interested to complete the management team, in first order the position of an CEO. If you are interested then feel free to postulate.

And as LEM IPO Booster is waiting to get approved ... rate it ...!

Greetz

Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH)
Analyst, WSE

http://lemurinvest.blogspot.com

HCL at 2.63 $L/share! Above barrier!

Cheers for you - shareholders... HCL shares really touched 2.63 $L today! Unbelievable! Could we get a better invitation to become confident into WSE again...

About LHH we are less enthusiastic as our risk is increased too. So cheers for you and sleepless nights for us as we have to bear the consequences...

The maximum HCL share price of 2.63 $L/share of today is above the predefined barrier of 1.7 $L/share. Based on a HCL share price of 2.63 $L the pay back for LHH will be a minimum of 3.67 $L /share on 15MAR08 (compare with calculation in the prospectus).

In other words LHH increased 367% in only five weeks time which is surely not a bad investment for you. Hopefully for you HCL will reach again the values it had this spring as there is no upper limit, so as soon as HCL is reaching a new highest value it will be frozen for you and the pay back will increase too…

Greetz

Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH and LEM Knock-In WSEIndex as not approved IPO)
Analyst, WSE

http://lemurinvest.blogspot.com

LWI - business report

Sorry for the delay with our report, we had some minor technical problems we had to fix first. The status of LWI after its three months existence is listed below (24th October 2007):

symbol, spotprice(S), dividends(D), 24 hr average price(Y), branch, LEM:rating
==============================================================================
RDX, 3.19, 0.038, 0.92, technology
AMS, 0.27, 0, 0.11, technology, gaming
DDE, 3.72, 0.352, 3.32, real estate, STRONG BUY
ETC, 0.92, 0.01, 0.57, environmental services
HCL, 1.84, 0, 1.12, financial services, BUY
HOT, 2.95, 0.337, 2.81, finanical services, BUY
KJL, 1.38, 0.055, 1.21, real estate, HOLD
LEM, 1.6, 0.13, 1.40, investment banking
LGO, 0.81, 0.03, 0.35, technology
LLL, 1.87, 0.341, 1.87, construction
RIS, 0.95, 0.04, 0.44, services
MDC, 2.38, 0.302, 2.18, investment banking
THI, 1.54, 0.025, 0.56, financial services
TMA, 3.75, 0.053, 1.42, automotive
VGI, 1.0, 0, 0.58, technology, gaming
(LWI15) 686.86

We took PNK from the list which brings our index down to 15 titles what we consider to be the absolute minimum.

The index stabilized during the last month and started to gain again. The index is still down 33.14% since 18th of July (http://www.slquotes.com/lemur) and dividends are included in this calculation. Four titles (DDE, HOT, LLL, MDC) are traded higher as on 18th July.

WSE forces companies to publish their financial data. There are still a few in the index which haven't yet. All those we watch carefully .. and will adapt the index accordingly.

We think that as soon we get a more clear picture about the financial situation of all companies at WSE confidence of the shareholders will come back to the stock exchange. The completion of WSE 4.0 will also add some momentum. Traded volume rised significantly over the last days and even without the movements in HCL shares. We hope that this trend will continue.

Share prices for LWI are at 9.49 $L. We think this price is far to optimistic. Please make sure that you read and understood the "business strategy" section of our prospectus before you buy this derivative. If you would have any questions then please ask me, it would be a pleasure to explain you the product.

Greetz

Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH, and LEM Knock-In as not yet approved IPO)
http://lemurinvest.blogspot.com


Reminder:
Our index doesn’t use weighted market capitalization because of missing free float. Unfortunately, but with the criteria below we believe to have selection criteria which are rather adapted to the situation and reflects the market quite good enough:

(1) Market cap (> 1.5 million $L)
(2) Free float (> 20%)
(3) Market presence (since three month on the board)
(4) performance till now (weighted, dividend included = positive)
(5) Business idea
(6) Management skill, communication
(7) Economic branch the company is active in
(8) Rating of analysts

HCL at 1.65 $L !!! - Competition starts!

HCL almost hit barrier of 1.7 $L per share today...just 5 ct were still to go! When will this happen?

We would like to start a small competition. YOu can send me a note with full SL-name and SDT-date/time when you think that the barrier of 1.7 $L/share for HCL will be reached. Deadline for this competition is 1st November 2007 as long as the barrier is not already reached before. Only 1 note per avatar is allowed. The winner gets 2000 $L.

Winner and statistics on bets will be published on our blog...hope we dont violate some LL laws..;-)..you never know in this LL.

Good luck
Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH, and LEM Knock-in WSEIndex as not approved IPO)

http://lemurinvest.blogspot.com

Reminder
========
LHH is a derivative with call character on HCL shares. It freezes the highest share price of HCL once a predefined barrier is reached. See details in our prospectus WSE or our blog to learn more about it.

Spot date : 15SPE07 : 0.68 (1.70) $L
End date : 15MAR08
HCL at spot (15SEP07) : 0.68 $L
Barrier for HCL : 1.70 $L
LHH IPO issue price : 1 $L

If HCL>= barrier then
pay back =highest HCL/ HCL spot * LHH IPO

else pay back = average HCL/ HCL spot * LHH IPO

in both cases minus management fee of 5%.

LHH: October report

HCL shares went through a hard time but could recover during October and are stable at the moment. As soon as WSE 4.0 will be fully operational we expect that new money flows will come in and IPO section should come back to live. This will boost HCL but also LHH.

Statistics for HCL shares:
Average share price in last 30 days: 0.56 $L/share
Minimal share price : 0.22 $L/share
Maximal share price : 0.88 $L/share
Max. daily volume : 600’000 shares
Min. daily volume : 12’000 shares
Average share price (24h): 0.73 $L

Statistics for LHH shares:
Actual share price (24h): 0.84 $L
Minimal pay back price: 0.78 $L


Greetz

Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH and LEM Knock-In WSEIndex as not approved IPO)
Analyst, WSE

http://lemurinvest.blogspot.com

============ reminder ==============
LHH is a derivative with call character on HCL shares. It freezes the highest share price of HCL once a predefined barrier is reached. See details in our prospectus WSE or our blog to learn more about it.

Spot date : 15SPE07 : 0.68 (1.70) $L
End date : 15MAR08
HCL at spot (15SEP07) : 0.68 $L
Barrier for HCL : 1.70 $L
LHH IPO issue price : 1 $L

If HCL>= barrier then
pay back =highest HCL/ HCL spot * LHH IPO

else pay back = average HCL/ HCL spot * LHH IPO

in both cases minus management fee of 5%.

Dividend announcement

LEM will pay a dividend of 0.045 $L/share on 1st of November 2007.

Casper Trebuchet
LEM, CEO

House of derivatives (LFB, LWI, LHH and LEM Knock-In WSEIndex as not approved IPO)
http://lemurinvest.blogspot.com

Market research: HCL:WSE

Outstanding shares : 25,856,126
Net Tangible Asset: L$-0.254
EPS: L$0.035
P/E Ratio: 21.18
Monthly Revenue: L$2029407.55
Monthly Expenses: L$1113892.59
Monthly Earnings (Net Profit): L$915514.97
Liabilities : ca L$ 12000000

To start with my analysis I have to admit that I own myself roughly 4% of all outstanding HCL shares and a derivative with call character on HCL is listed on WSE (LHH). Can I be objective then…? Well, I let you decide, some also may think that it is good sometimes to put the goat in the garden…

Let’s start with some provocations and negative aspects in relation to last report of HCL:

NTA: negative! In other words and if we believe the published financials there are 3 millions $L from IPO and 8 millions from revenues which resulted in liabilities of 12 millions. What happened here? If Luke hadn’t a reputation as straight guy we effectively should be more than worried.

HCB: 6.7 millions $L! Quite a bit of six packs you can buy for - and not even a symbolic dividend couldn’t be afforded. No, we learn that the money is used for the future development of WSE and that we should be happy about…ok, but where is the master plan also an average shareholder may understand, where the budget where the previsions – I don’t speak of the figures which were thrown at us and where we don’t know the source. You can read in between the lines of the last financial report of course to catch an idea or you are extremely imaginative ... I’m not sure whether we all are imaginative…

Ginko: They own 34.03% of all outstanding shares in WSE! I hope they don’t work with alter egos? You see the point. This is a huge burden for the whole WSE as we don’t know how Ginko will develop. As a big portion of their income is supposed to come over dividends from HCL and HCB I really wonder what will happen at the end of this month as dividends will be zero. Will they be able to pay one or simply disappear and increase the fan club of WTF? And why wasn’t the fact to get >20’000 users of Ginko bank used to gain them for the WSE with adapted marketing methods…?

Reporting: SL has short life cycles as it is such an innovative environment and hopefully our history related laws from RL will not invade this world and that the virtual world get a chance to create their own or get a kind of offshore status…ok, this is a daydream of Casper this time. It’s not sufficient if reporting is done only in a three months row. HCL is the main share on WSE and is setting the standards. If WSE want to gain confidence it should better take more care of the information need of the average shareholder…

Management: Some markets here pretend so much to be democratic, truthworthy, serious and professional that they become almost comic in a cyber world which is wild west. This is not true for WSE. However, unfortunately we are here on the other edge of the scale - a kind of dictatorship where shareholders are sheep and from time to time learn that the vet want them to go through the chemical dip. Well, I think as SL is a new environment we all have to be clever- sometimes it helps to find a middle way and consider others thoughts. A determined sheep herd is more powerful than a bunch of lions on a ego trip…lol…ok, I overdo here.

And come to the positive aspects:

Management: Luke is surely a skilled and straight guy who showed character during all these turmoil. We have to honor him for the work he put into WSE, the consistency and finally for the creation of the WTF also we don’t know yet about the details. And there is the problem. In a world like SL with all these crazy players like me there are so many different characters, ages, mentalities, professions and sexes linked to each other that communication problem (sorry for my Lindenspeak…lol) become a question of survival. There is some potential I think. The best possible world may fail on details. Learn to motivate your team and success will follow. I agree this is not easy to realize…but we all have to learn

System: Surely one of the best. And the link to RL also opens doors to a new world nobody can imagine, even if rumors speak about legal problems this may produce if the investors from RL are dealing on WSE without using the SL platform. You US avatars, give the rest of the world a chance…;-)…But rumors are rumors and still need to be proven. Till then SL will have reached already a next development level. As will WSE 4.0, hopefully.

New markets: The magic word is 3D-Web? I put a lot of value in this dream. I think that WSE is the only stock exchange at the moment which has the basis to explore this virtual white map with full strength. Just some adjustments are needed. The potential is huge, but also the risks. If a common consensus between WSE owner and investors can be found a straight forward development will be more probable and in the favor of WSE.

Customer services: Luke and his team is normally answering any serious request and asap and the often present concierge smitty the bunny may be sometimes a bit unserious but always good to turn any serious problem into a laugh. For me it is a good sign if people still can laugh better as if they hide between attorney made paragraphs and don’t stop to assure that it wasn’t their fault or responsibility…

A lot of text, probably too much so let’s come to the essentials.

Positive aspects:

1. Strong leadership also a bit zack-zack
2. Good and secured system which works
3. Business model which open doors to new markets in RL with huge potential
4. Most advanced and stable stock exchange market with more than 60 listed companies
5. Good customer relationship
6. 25’000 users can be motivated at any time with the right strategy to gain confidence into WSE
7. Good architecture which permits to add new elements easily

Negative aspects

1. Positive aspects can also be negative
2. Communication towards shareholders
3. Not democratic enough
4. To many open questions which leave space to rumors which spread in SL faster than in RL

Conclusion: I’m in dilemma as I cannot promote HCL without risking to see LHH to shoot into the sky which would worry me a bit…. So I put them on hold for the moment…believe the goat or not…lol…you anyway see if I would add some shares…

Average share prices we see at 1.2 $L/share in a three month time if WSE 4.0 will be fully operational.

Casper Trebuchet
Analyst, WSE

LEM, CEO
House of derivatives (LFB, LWI, LHH and LEM Knock-In WSEIndex as IPO)

http://lemurinvest.blogspot.com

Rock insurance on LEM

Please note that if you want to protect your investment in LEM you can do this since today over

http://www.therockinsurance.com/certificates/show/40

Min to insure is 1000$L and maximum 25'000 $L. Cost of insurance is 1.1% for 30 days.

Thanks
Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH, LEM Knock-In WSEIndex in IPO)
Analyst, WSE

http://lemurinvest.blogspot.com

Market research : RDX:WSE

Redux Technologies (RDX:WSE)
https://www.wselive.com/research/company/48

Figures for SEP07:
==============
Assets : 12,000,000 $L
Outstanding shares: 100,000,000
Net Tangible Asset: L$0.12
Av. share price during last 30 days: 0.82 $L
Monthly Revenue: L$ 1,787,485

How does Redux, the CEO of RDX, sees her company? “I've always felt that most of my investors have shares in my company not because they've calculated the exact value or the projected dividends, but because they simply want to be a part of a good company”.

Well, is RDX really a good company or just an oversized dinosaur of the prehistoric phase of WSE? If we look at the number of outstanding shares we easily can compare RDX with a brontosaur. The market capitalization at actual prices (0.9 $L/share) is with 90 millions so heavy and the free float with less than 5% so little that even a small movement is already causing an earthquake at WSE (compare with www.slquotes.com/lemur all major WSMI picks are RDX related).

However, RDX possesses assets of 12 millions $L only if we forget about goodwill or the RDX-brand which has a high reputation in SL. But all these soft values are linked to Redux in person as RDX is a one woman show which make it very difficult to include them in any calculation. If we look at RDX in a negative and only fact driven manner it is surely overvalued with a Net Tangible Assets of roughly 0.12 $L /share as it is the case right now.

However, there are also positive aspects which have to be taken into consideration. Redux started her company from scratch and around her impressive scripting skills. In the meantime she could build up an excellent reputation for customer scripting and in a vast field from design up to web-based systems. Redux doesn’t do this alone. In parallel she built up an efficient and complementary business network in form of co-operations or subsidiaries (Kawa, Ada Labs just to name a few). All these combined scripting and design skills help to create a steady income which is only limited by her own personal workload she can invest. Basically this is a handicap. However, also it doesn’t look as Redux want to invest in more staff (except the clones of herself she is making…lol) she sees further important growth potential through her network. The pipeline for new scripting projects seems to be plenty for months.

Benefits were wisely invested from the beginning into real estate (14 island) a business which is also profiting from her scripting skills. At a rate of almost 2 new Islands per months which get added to her portfolio revenues from this activity will become more important in the future. The fact that real estate was the reason that RDX wrote red figures in September is related to special effects which shouldn’t be overvalued. This business branch is highly complementary to the scripting activities and has huge growth potential.

RDX is also offering banking services, especially currency exchange of larger amounts as RDX keeps a high standing balance instead of using the inworld banking systems. This business is also highly profitable.

Overall, we see RDX as aggressively in the market as a hungry Velociraptor which is looking for fresh prey- but only financial sharks are eaten - customers get a warm and comfortable place in her nest. Sorry, Redux is too much a nice furry so that I couldn’t resist to add a furry metaphor.

We recommend to buy this title at actual prices also the NTA is low because of the high number of outstanding shares. It’s one of the most stable titles on the WSE board and has growth potential. The actual real estate problems are only temporarily and are compensated due to other activities. We see the average share value in three months time at 1.2 $L and dividend at 2.5%.

Positive aspects:
• Very good management
• Clear and well adapted business model
• large network which permits to handle any scripting project from A-Z efficiently
• Excellent Customer relationship management
• Consistency of business and dividend history
• Good communication skills towards share holders
• Future outlook looks promising

Negative aspects:
• Too many different tasks for CEO which is a risk for further growth
• Number of outstanding shares to high and free float to small
• infrastructure, looks as RDX is victim of its own success


Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH, LEM Knock-In WSEIndex as IPO)
Analyst, WSE

Market research : KJL:WSE

Kejo Merlin Land Group (KJL:WSE)
https://www.wselive.com/trade/order_entry/296

Net Tangible Asset: L$1.520
EPS: L$0.048
P/E Ratio: 22.95
Monthly Revenue: L$17169061.00
Monthly Expenses: L$16610990.00
Monthly Earnings (Net Profit): L$558071.00

KJL is an “European” based real estate company and as such suffered fully from the new VAT directives applied through Linden Lab and was forced to adapt its structure to the new situation. This will cause extra one time costs which will influence the financial figures for October negatively.

However, we also have to look at the positive aspects of KJL. It looks as SL is still expanding and real estate will remain a key economic driving force in SL.

Systems which combine a good management system (rental or selling), good design, excellent customer services and attractive prices will continue to find a challenging environment. KJL will be one of those.

In the last four months KJL just developed from 5 up to 32 SIMs which is an impressive growth rate and this with an occupancy rate of 90%. The merger with DDE failed but KJL hasn’t changed its growing strategy which is focused on the development of private SIMS, the Kat continent but also a costumer build tier solution system with SSL server connection. Latter allows to pay tier in RL-currency and over PayPal. Already 20% of KJL land owners are using this specific service.

The VAT issue affected the real estate business but on the other hand is also opening the door to new challenges.

On the cost side we will find the one time costs for the creation of a RL company in UK with VAT number which was registered last week. These costs are estimated to be more than 1 million $L which will influence the financial report of KJL for October.

Further operational annual fees (accounting and taxation) will be fully credited on KJL. The return on VAT on the other hand will be returned to KJL.

The fact that KJL is linked to a RL company will open new businesses with RL-companies wishing to use SL as their 3d-Webportal or as experimental marketing platform. Basically a huge potential can be seen in this development..

Because of the VAT issue the figures for KJL will not be good in the next month. However, we think that KJL is able to digest all these investments and continue to growth with the same speed as till now. Further measures of KJL to increase share holder value like shares buy back program or + dividend adjustments cannot be excluded.

However, one question is not yet answered. The failed merger must have changed plans of Kejo considerably. He actually owns <50% of the shares. What happens if he continues to reduce his parts in KJL. more.

We rate KJL at the moment with HOLD but see the development in three months time positively if circumstances develop as outlined. Target share price 1.2 $L /share and a dividend of 0.025 $L / share

Positive aspects:
• Experienced management team
• Clear and well adapted business model
• Combination SL:RL company opens new business challenges
• Consistency of business and dividend history
• Good communication skills towards share holders
• Future outlook looks promising despite VAT issues

Negative aspects:
• Heavy investments reduce profitability in the next months
• SL:RL relationship need to be mastered first
• Future of KJL as legal entity. What are the consequences of the failed merger with DDE?


Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH, LEM Knock-In WSEIndex as IPO)
Analyst, WSE

Market research - HOT:WSE

Kush Islands (HOT:WSE)
https://www.wselive.com/trade/order_entry/140

Net Tangible Asset: L$0.000
EPS: L$0.100
P/E Ratio: 30.82
Monthly Revenue: L$513902.90
Monthly Expenses: L$314032.26
Outstanding shares: 2000000
Freefloat: 40%

HOT:WSE is focused on managing estate sim’s that use the so called ownership system not to be confused with rental systems. In other words, HOT is managing the SIM and the resident owns their own land and can also resell it. Coupled to this is the Kush Bank which offers a wide range of financial services.

This business model proofed to be extremely successful. Since April 07 when HOT joined the WSE board it continued to develop and could maintain a high dividend history. Actually HOT is adding a fifth SIM to its portfolio and the others have an occupancy rate which is close to 100%.

The business model is well adapted to the volatile environment of SL and wasn’t really harmed by any of these side effects the SL economy was suffering during this summer (gambling ban, bank crisis, VAT).

Rockwell sees clearly further growth potential. Expansion is financed through the use of short term foreign capital. Credit lines were increased to finance the 5th SIM and dividend will be reduced in the coming months till this loan is reimbursed but will still be attractive. In fact this period is a challenge to accumulate shares in HOT for an interesting price.

If the 5th SIM is fulfilling as planned we estimate a dividend of > 0.2 $L /share and a share price of 4.0 $L.

A message from the CEO “Kush Islands is a great choice for your portfolio if you are looking to gain exposure to the consistent revenue streams available in the estate land market. I invite you to visit our sims (Kush, Kush II, Kush III, Kush City, and soon Kush Keys) anytime!”

Positive aspects:
• Excellent management
• “Simple” but clear and well adapted business model
• Consistency of business and dividend history
• Excellent communication towards share holders
• Freefloat of 40%
• Future outlook looks promising

Negative aspects:
• HOT has no assets
• Who can replace CEO?

LEM, CEO
House of derivatives (LFB, LWI, LHH, LPI as IPO)
Analyst, WSE

Market research - DDE:WSE

Delicious Demar Enterprises (DDE:WSE)
https://www.wselive.com/trade/order_entry/44

Net Tangible Asset: L$4.966
EPS: L$0.340
P/E Ratio: 10.78
Monthly Revenue: L$1472118.00
Monthly Expenses: L$791393.00
Monthly Earnings (Net Profit): L$680725.00

The key figures for DDE:WSE let hardly space to add some critical statements. DDE is a real estate company with an incredible history log. This success is a combination of a diversified strategy which is using main and island sims as well as rental/sales activities.

DDE experienced a slow down during the summer depression in SL caused by gambling ban, banking crisis, VAT etc. However, the flexible strategy of DDE permitted to adapt accordingly and without losing too much even use this period to expand the portfolio. DDE reached a critical mass which permits to start expanding in a regular and controlled way. Occupation rate of its land is at 97%.

DDE owns 9 island and 7 mainland sims today which makes it to not only one of the biggest real estate companies in SL but probably the most profitable one. Also net profit published in the financial section are given before dividend so in reality a bit lower …;-( … but the profit is still very attractive!

It would be good if WSE would give more support in filling out the financials as it is not very clear – at least not for me.

The clear business model of DDE is a key factor of its success. However, it can also be a thread as the critical mass is already reached and further expansion could affect the profit margins negatively. It would be important therefore to use the critical mass to develop new services and products which can add further added value to the existing business.

DDE is still mainly a one woman show. However, concrete plans exist for the near future to expand the management structure and to increase the staff.

And what message does Delicious give us on our way? “ my numbers speak for themselves. DDE is the single most lucrative company on the WSE..” we believe her….

Monthly dividend in a three month time we see at 0.15 $L/share and share price at 5 $L and NTA of 6 $L.

Positive aspects
===========
Strong financial data
Clear and proven business model
Excellent management skills
Realistic perspective
Reached critical mass permits further expansion
Excellent communicator

Negative aspects
============
One woman show
Additional product and service development

Greetz
Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH, LPI as IPO)
Analyst, WSE

LFB - divided and update

The average basket value reached a new bottom line with 56.78 which is 23% less then it was 4 months ago. The shareholder is still on the safe side and gets a dividend of 2%. It was paid just a moment ago.

As some companies in the basket undergo real difficulties we had to reorganize its composition and reduce the number of remaining titles from 6 down to 3.

We removed three titles:

AIG(:Capex) : AIG is simply a fraud of Sal Ackland/Investor Aellenvest
BNT(:Capex) : Delisted not only from WSE but now also from CAPEX and is not again traded yet
AMA(:WSE): Trading at WSE was halted again

The other titles got their weights changed accordingly.

Old (weight) = New (weight)
=====================
HCL (10) = HCL (20)
RDX (10) = RDX (20)
SML (2) = SML (4)

We stay optimistic about the future development of the economy and also the performance of the stock exchange markets as such. However, the development of the stock exchange markets was to euphoric in the beginning and what we see right now is just a needed correction phase to separate the good from the badly managed companies.

The reinforcement of the SL economy together with better companies and more adapted regulation will bring the stock exchange markets back to new highlights. Proof are the different indexes which start to climb again. WSE will certainly play a key role in this development.

Before I get too optimistic I say greetz and wish you a nice week

Casper Trebuchet

LEM, CEO
Analyst, WSE

House of derivatives (LFB, LWI, LHH, Lemur Knock-In WSEIndex as not yet approved IPO)

http://lemurinvest.blogspot.com

Lemur Future Fund (LFF)

Our wealth management instrument LFF is growing.

Actually we manage 530'000 $L splitted into 420'000 shares.

LFF is an openend fund which is investing its capital after the following model:

25% bonds
50% shares (mainly WSE)
20% direct investment into SL projects
5% cash

From today on we publish the actualy NTA (net tangible assets)of the portfolio weekly on our blog- always on Monday.

The NTA for today was 1.14 $L /share which is an increase of 14% in the last week.

If you are interested to learn more about this product you can contact me inline.

LFF is not traded at a stock exchange.

Greetz

Casper Trebuchet

LPI : Maximum interest rate increased

We analysed the overall market situation and recalculated our risk. We decided to adjust the conditions for LPI (LEM Knock-In on WSEIndex) our newest derivative with put character on LWI16 which is waiting for its approval as IPO at WSE.

We see the market less negative ... and increased maximum interest rates from 9% to 20% per month. We think this is in the interest of potential shareholders.

See also prospectus of LEM Knock-In on WSEIndex at the IPO approval list.

Greetz

Casper Trebuchet

LEM, CEO
House of derivatives (LFB, LWI, LHH, LPI waiting for approval)
Analyst, WSE

http://lemurinvest.blogspot.com

PS: LWI16 is an equally weighted index on 16 selected titles which are traded on the WSE board. The development of LWI16 can be followed in real time on our blog.

LPI : Bearish markets and you win!

with a derivative which has a put character...LPI (LEM Knock-in on WSEIndex)

And people say that I'm always so positive in my blog about the future development of stock exchnage markets in SL...no - this time I'm not.

If you think the stock exchnage will stay bearish you should conisder this special financial vehicle with put character.

A minimal interest of 2% p.m. is guarantieed and the worser the market becomes the better for you as interest will climb up to a max of 9% p.m.

In other words, to support LPI with your high rating in the new IPO section (current IPO applications)of WSE will bring this product faster to the market.

Greetz

Casper Trebuchet

LEM, CEO
Analyst, WSE

House of derivatives (LFB, LWI, LHH and LPI as not approved IPO)

http://lemurinvest.blogspot.com

Approved WSE-analyst!

Yeah, the rumors are right we got the label.. and even started our first survey, reason we come up with some further information.

WSE is surely not RL and it is better like this. As an experimental platform WSE has a right to exist and even has the possibility to grow into a future niche market. The future will show us whether this is true or not.

Doing analysis over companies which can manipulate their reporting, fake business activities or simply violate and rob their shareholders sounds like blank nonsense.

May be it is. However, I see this more positively. As there are no rules in this cyber world except the management by blitzkrieg exercised by Linden Labs in an irregular matter the community as such becomes more important. Understand me well, I’m not looking for rules and security here in SL. I basically don’t trust people who keep saying how honest or trustworthy they are etc... The story around Capex and Allenvest is a good example for this- dear Sal-/vest was a champion of honesty and regulated stock exchange- the result we all know. In fact I prefer a crock who says he is a crock so at least I know how I have to deal with him…The same for systems, nothing is worse than systems which try to give you a feeling of security when there is none…

On the other hand there is a need to inform about basic things so that the average shareholder can easily make himself a better picture- this is how I understand stock-analysis in SL.

(a) Figures and facts. Companies at WSE are now forced to publish their results. Also in a simplified matter it already will bring some stability into the market, as you can compare figures now, have a basis to ask questions or simply to control whether the figures are plausible or not. Fraud will also be reduced as criminals normally are looking for short profit and not for fulfilling plenty of boring CEO duties
(b) Responsibility: Each CEO should take responsibility. Check the figures! Doing the financials will help the company owners to see where they are with their company and be prepared to answer the questions of their shareholders. The quality of shareholder-CEO relationship will improve. To have a company at WSE is a task and duties are related to it. The CEO has to take responsibility towards his shareholders and communicate…
(c) Activity: How many companies were/are in the red figures and their only income was due high interest they got with high yield CD’s. We know the story. I wouldn’t like to know how many companies at the board are affected because of the decline of the Tizzy paradise or all other bank dreamlands – unfortunately quite a lot.
(d) Power of the mob: If analysis start and shareholders become more critical then also the quality of companies will improve. It is a kind of self regulated system which is a huge chance to learn about in real time for any maniac in anthropology or evolution theory..and there are quite a few furries in SL…

Ok, will stop here. Stock analysis is a bit of all of this or in other words a kind of truth finding tool.

What do we analyse?

(1) Business idea
(2) Market presence
(3) Performance till now
(4) Management skills, communication
(5) Economic branch the company is active in
(6) Free float
(7) Business environment (customer satisfaction, etc)

Basically we use data we find publicly but also put a lot of efforts in direct interview with the CEO or board members. We don't give however any guarantee about the truthworthiness of our results!

Analysis we plan to do on a monthly basis, also in relation to the index we calculate (see derivative LWI at the board). The first survey just started now.

The first reactions from CEO’s were quite positive except those who have a reason to play low profile…lol…really? We will see.

We will start to offer this service for free.

Related to all this work which need to be done I’m also looking to hire an analyst.. proposals are welcome!

Greetz

Casper Trebuchet
LEM, CEO

House of derivatives (LFB, LWI, LHH)
Approved analyst, WSE

http://lemurinvest.blogspot.com

Financial report

Summary
=================================================================================
NAV rose in September from 2.180 to 2.406.
Net profitability of equity is 3.3% /month
Dividend is 4.5% /share/month

Different events influenced this month’s activities of LEM. To start with the bad ones we also got caught in all these different tales around Tizzyland/Sal-vest. On the good side we can claim to have gotten our approval as WSE-analyst. We also traded quite successfully and for the first time we used SL to accomplish a mandate from RL. We were also active on the derivative front and brought a new product to the WSE board (LHH). Last but not least and as announced before we reduced the number of outstanding shares down to 1’500’000 as we think to act in the interest of the share holder and also to increase free float. Latter could be reduced to 66.67%.

We will continue to develop new financial derivatives expand our financial services for third parties and intense our activities to bring RL companies into SL.

Dividend was left at 4.5% as we think it reflects our business more realistic and was backed by the reserves.


Results for September (August)
================================================================================
Income ($L):
------------
Financial products : 428’744 (460'693)
Consulting : 62’000 (10’000)
TOTAL : 490’744 (470'693)

Expenses ($L):
--------------
Financial Products : 425'000
Donation : 0 (0)
Tier : 6’000 (10'000)
Wages : 10’000 (10'000)

TOTAL : 441’000 (449'000)

Profit ($L) : 49’744 (31'693)

Asset ($L)
----------
WSE : 2503717 (2'726'175)
SLCX : 867’377 (1'301'020)
DSE : 62’000 (68'000)
ISE : 16’425 (14'320)
VsTec : 0 (120'111)
Land : 5’000 (5’000)
Loan : 3’000’000 (2’800’000)
Cash : 733’190 (920'532)
Investment : 14’000 (14'000)

Total : 7’201’709 (7'969'158)

Liabilities ($L)
----------------
Loan : 3’500’000 (3'500'000)
Dividend : 95’000 (110’000)
Total foreign capital : 3’595’000 (3’610’000)

Constitutional capital LEM: 1’500’000 (2’000’000)
Constitutional capital LFB: 464’480 (1’000’000)
Constitutional capital LWI: 130’026 (430’026)
LEM Future Fund : 498’000 (498'000)
Reserves : 509’518 (359’799)
Retained earnings : 0 (40'000)
Profit : 49’744 (21'693)
Total equity : 3’606’709 (4'359’158)

Total liabilities: 7’201’709 (7'969'158)

Monthly dividend/share : 0.045 $L /month (0.045)
NAV 2.406 (2.18)


Notes:
========================================================================
(1) General: LEM became victim of the Tizzy and Sal-Allenvest fraud. We depreciated all these assets, also we hope to recuperate some or all of them. Strong positions we held in HCL, however we are not planning to control more than 5% of the outstanding shares. On the other hand we reduced our participation in SLCX

(2) Consultancy income increased due to work we organized for RL companies in SL. VAT issues don’t hamper us.

(3) LFB really sucks at the moment. AIG is delisted, BNT too, AMA, SML and HCL are still weak and RDX has no stability as it suffers from the non-existent free float. At actual share prices for LFB which are around 7 $L/share profitability is more than 50% p.a.! If the situation for AIG and BNT will be solved in the near future we will examine the situation and probably close the derivative prematurely.

(4) LWI is just reflecting the overall situation of the stock exchange market within SL and which is still bearish. No surprise after all these debacles about gaming, banking and now even VAT. The index needs some adaptations. As WSE-analyst we will monitor the companies which are considered and the needed corrections will be done. We feel that the economy in SL start to grow again and that WSE will be one of the main players in such a scenario.

(5) LHH. HCL restarted trade on the same level as before the trading stopped last week, however, the new system is great and should help to bring back confidence to potential investors.

(6) LEM Foundation. We definitively put our offices on Etopia Island and I even contribute actively as CFO of ETC on the future development of the concept. All owenings of LEM Foundation are at the moment invested in ETC shares

7) LEM Future Fund (LFF)
LFF is doing fine with a portfolio of over 500’000 $L. Basically we keep LFF as closed fund but can open it after discussion with potential investors. Minimal investment is 10'000 $L and at the moment 25% are invested in bonds, 20% in project within SL, 5% in cash and 50% in shares. Inner prices will be soon published on our blog.

8) Web: Our blog becomes too overloaded and we will have to move to a web. We hope to be ready till end of this month
.

Next report:
===================================================================================
Next report will be published on November 2. Updates values for NAV, LFB, LWI and LHH are published on our blog (http://lemurinvest.blogspot.com)

In case of further questions please IM Casper Trebuchet

Greetz
Casper Trebuchet
LEM, CEO

House of derivatives (LFB, LWI, LHH)
http://lemurinvest.blogspot.com

LEM: Dividend announcement

LEM will pay a dividend of 0.045 $L/share on 1st of October 2007.

Casper Trebuchet
LEM, CEO

House of derivatives (LFB, LWI, LHH)
http://lemurinvest.blogspot.com

LWI - report

The status of LWI after its two months existence is listed below (18th September 2007):

symbol, spotprice(S), dividends(D), 24 hr average price(Y), branch
==================================================================
RDX, 3.19, 0.038, 2.67, technology
AMS, 0.27, 0, 0.22, technology, gaming
DDE, 3.72, 0.232, 2.79, real estate, design
ETC, 0.92, 0.01, 1.80, real estate, environment
PNK, 0.90, 0.028, 0.80, services, marketing
HCL, 1.84, 0, 0.69, stock exchange
HOT, 2.95, 0.21, 2.90, real estate
KJL, 1.38, 0.045, 1.08, real estate
LEM, 1.6, 0.085, 2.30, investment banking
LGO, 0.81, 0.02, 0.56, technology
LLL, 1.87, 0.141, 1.53, real estate
RIS, 0.95, 0.02, 0.95, services
MDC, 2.38, 0.177, 2.15, investment banking
THI, 1.54, 0.025, 0.60, real estate, technology
TMA, 3.75, 0.053, 2.54, technology, distribution
VGI, 1.0, 0, 1.18, technology, gaming
(LWI16) 762.54

We reduced the number of titles as announced before down to 16.

Also the index suffered quite a bit (down max 34%) it could recover over the last weeks. Is this already a sign that the bearish tendency is broken? LWI16 lost 24% since 18th July.

At the moment only a few shares are higher than their spot prices (dividends included), ETC and LEM. ETC announced that it is on track to sign a contract with a RL company (see last announcement) in order to provide tours for their staff on Etopia Island – Etopia Island is a concept which is encouraging the development of renewable and sustainable technologies. Could this be the reason for the latest movement of the share? And LEM, as we are LEM we shouldn’t comment about ourselves, please refer to our announcements.

The shares of THI, HCL and also DDE are still main troublemakers. For HCL we hopefully will learn soon about WSE 4 which should give the share a push and DDE is apparently still digesting its SPO. THI on the other hand is lacking a proactive reporting lately…and a SOP is running which is a high yield bond TGB. Are people reluctant after the experiences made with all these fraudulent banking systems with high interests in SL.

A good thing is that most of the companies in the Index restarted or continue to pay dividends. We take this as a good sign.

Share prices for LWI are at 1.9 $L. We think this is rather an optimistic price, however, we all know how volatile the market is and can be..

Reminder:
Our index doesn’t use weighted market capitalization because of missing free float. Unfortunately, but with the criteria below we believe to have selection criteria which are rather adapted to the situation and reflects the market quite good enough:

(1) Market cap (> 1.5 million $L)
(2) Free float (> 20%)
(3) Market presence (since three month on the board)
(4) performance till now (weighted, dividend included = positive)
(5) Business idea
(6) Management skill, communication
(7) Economic branch the company is active in

LHH - on the board now!

thank you for having waited.

The barrier for HCL is fixed.

Barrier = 1.70 $L /share.

If HCL => 1.70 $L during the next six months

then the highest value for HCL will be frozen for you which HCL will ever reach during this periode. THis value will serve as basis to pay back your investment in LHH.

if HCL < 1.70 during the next six months

we calculate the average HCl share price over the same periode and this value will serve as reference to pay back your investment in LHH.

Compare with prospectus which had been updated.

Why buying LHH and not HCL?

I give you five reasons

(1) you don't have to bother to buy shares and manage them.
(2) you can freeze the highest price for HCL during the next six months and boy oh boy this market is so volatile
(3) you have a substantial capital protection
(4) LHH is traded on the board so you can sell it at any time you wish
(5) derivatives are an amazing approach to deal with stock exchanges; they have an incredible success in RL- it is your chance to use them here

IM me if you have further questions

Greetz
Casper Trebuchet
LEM, CEO
House of derivatives (LFB, LWI, LHH)
http://lemurinvest.blogspot.com