LEM, LFB, LWI, LHH conversion into WSE:WTF

WSE converted LEM, LFB, LWI and LHH into WSE:WTF on 18th march 2008.I just wanted to assure our "former" shareholders that LEM had enough assets to cover largely all liabilities. Unfortunately, WSE is delisting companies without having an audit made what we strongly regret. The WTF shares have almost no value (0.03 $L) and the conversion rules are apparently 1:1. This is not in the interest of the shareholders of LEM, LFB, LWI and LHH.

LEM had 6.2 M $L assets at WSE (my shares of 1 M LEM included). We had 1.2 M shares in HCL and almost 1 M $L invested in the bond of WSE, e.g. HCB. We also can add 5% of all DDE shares and other holdings which sum up to 6.2 M inclusive 300k cash. Most of the titles didn't pay dividends since January as the market was closed. Those dividends are even not considered in those assets.

The real values of LEM,LFB, LWI, LHH:

LWI:
This derivative ended 18th Janaury but wasn't yet reimboursed as the market was closed. After the calculation we gave in our prospectus or you can find on our blog each shareholder of LWI should receive 0.95 $L per share in cash and not 1 WTF-share with a value of only 0.03 $L !

LHH:
This high-score derivative on HCL ended last week. As LHH hit its barrier and even reached highest values the calculated pay rate is 3.64 $L/share. See sidebar in this blog. As shareholder you should receive 3.64 $L per share in cash and not 1 WTF-share with a vlaue 0.03 $L? Are HCL shares really so bad?

LFB:
This product should still run. Pay back value is 10 $L/share. After our calculation a regular dividend of 0.2 $L /share could be paid till this derivative also expires. A pay back of 10 $L per share should be possible but a conversion into 10 WTF makes no sense.

LEM: If LWI, LHH, and LFB are paid back, and if we assume share values of the titles we had in our portfolio to be those of 3th January a final dividend of approximately 1.5 $L /share is possible for LEM! This is unlike 1 WTF-share!

May be we have to go back to school again to learn to calculate. If a result is only 90% correct we may use statistics to straigthen it..lol. But if differences are 3000% and more % then we have to ask us questions. Do you smell the rat?

We leave it up to you to decide what you do with this information. We just think that you have a right to know our position as we sit on our trunk in the sea and have some time to spin ideas ..lol

Greetz

Casper Trebuchet
Lemur Invest, CEo