Knowing your needs and those of your relatives, your plans, wishes and hopes enables us to adapt our asset management in order to offer you our best service in order to achieve those objectives.

We do not pretend to be arrogant but realistic. Our deepest wish is to have learnt from the whole situation, to have learnt something together, clients as well as asset managers, to have learnt how to ‘manage the risk’ which at the end is one of the objectives of our activity.

Espirito Santo Group is one of the most important economic groups of Portugal. It possesses investments in several fields such as real estate sector, agricultural industry, tourism area, insurances and banking sector, and it is also worthy mentioning that their consolidated balance amounts as of today to 60 billion euros.

In 1977 BPES was granted the banking license to operate in the Swiss market and nowadays approximately 200 employees are working at their offices.

Due to the expansion of the Bank it has recently moved to new premises located in Pully, Lausanne. BPES also possesses subsidiaries in London, Miami, Sao Paulo, Panama, Macao, Luanda, Johannesburg, Lisbon and Madeira.

In this way Profile Finance S.A. continues moving wisely and showing dynamism at the time of choosing Banque Privée Espirito Santo as deposit bank to serve their clients. One of the most advantageous aspects of this agreement is that BPES not only constitutes one of the deposit banks with which Profile works but it is also a very solid and dynamic institution in constant expansion. This fact enables Profile to offer the clients a first class, personalized and efficient service, as it is required by modern times.

For further information about Banque Privée Espirito Santo please visit their web site at:
http://www.espiritosanto.com

But, in order to throw some light to the issue, we would like to advance some conclusions on the matter. A first study indicates that it would be very difficult (almost impossible) and also very expensive to try to obtain some money back from Madoff (either personally or from his fund). It is very important to take this into account when tackling the problem.

Regarding the issue, there are at least two ways of looking at the situation and the «possible solutions» to provide to the client:
A) Attitude of total disregard by the depositary bank of the management mandate conferred by the client to said depositary bank. Here the problem is independent from Madoff or any other fund. It is a matter of strict contractual liability between the depositary bank and its client.

B) Some hope regarding the eventual liability of the depositary bank and/or the manager and/or auditor of the fund / funds that were invested in Madoff. We know that currently several law firms in Geneva are studying this possibility.

The case of Optimal Investment Services S.A. :
Optimal Investment Services S.A., is the manager of Santander Group which is specialized in the management of funds and other alternative investment institutions. Among the entities managed by Optimal we find « Optimal Multiadvisors Ireland », a company of alternative investment, incorporated in Ireland and authorized to operate by the Irish Financial Services Regulatory Authority (« IFSRA »).

« Optimal Multiadvisors Ireland », holds a sub-fund called « Optimal Strategic U.S. equity », being Madoff Securities the entity chosen by Optimal to execute the investments in « Optimal Strategic U.S. Equity ».
Santander Group clients’ exposure in « Optimal Multiadvisors Ireland », amounts to 2'330, million €, from which 2'010 million correspond to institutional investments and to clients of private international banking. The remaining 320 million € are, in their majority, structured products partially referred to the evolution of the « Optimal Strategic » and form part of private banking investment portfolio groups operating in Spain and South America (mainly Argentina, Mexico and Brazil).

On the other hand, Santander Group, holds an investment of 17 million € of its own in Madoff through another investment fund.

As you see, there still is a light of hope.
If you wish to receive more information on the matter, please do not hesitate to contact us.

A week later the circuit continued in the city of Santa Fe in the framework of the Open that took place at ‘Paso Golf Club’. Our collaborator at the location, Ms. Silvina Bruno was in charge of the coordination and organization of the tournament to which attended prominent personalities of the Sports world.

At both tournaments were drew lots for tickets and accommodation to participate in the Omega Golf European Masters Tournament that will take place next September 2009 in the city of Crans, Montana.