Closed-end KanAm Deutschland funds

Six of the 13 German closed-end funds set up to date have been sold after being held for an average period of 10 to 12 years. Investors in the funds which have been dissolved earned an average annual after-tax return of 15.9 percent on the effectively invested capital. Cumulative distributions to investors in the closed-end KanAm Deutschland funds total about 103.3 million euros.