Our Asian Crisis Track Record : Both Bear Forecast Hang Seng Would Fall to 8,000 Underweighted Market When Consensus “Maximum” Bullish

Thailand % Buy First to Call Thailand a Sell : 14 Months Before Asian Crisis Sell After the Initial Crisis : Double Underweight Sell - 39% Over 3 Months -53% Over 12 Months Indonesia

Warned Against Red Chip Mania First to Call Hong Kong an Asset Bubble 12 Months Before it Burst

… And Bull Calls Heavily Over Weighted Asia’s Only Positive Performer Over First to Call China Recovery % China

Source: DATASTREAM Safer Haven : Overweighted Asia’s Only Market to End 1998 Higher Favourite Market : Best Asian Performer over 15 Months

Source: DATASTREAM Caught Thai Rebound Sold Ahead of Disappointment Thailand Sell Buy + 68% Sell Indonesia % Over 3 Months Also Rupiah + 25% Buy Caught Indonesian Rebound Sold Ahead of Disappointment