TABLE MUST BE READ IN CONJUCTION WITH THE ACCOMPANYING FOOTNOTES WHICH ARE AN INTEGRAL PART    
HEREOF.  PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Notes

1. These results represent unaudited performance for funds under the management of Doug Barnett (the "Manager") from April 1990 to present. New investors can invest in our mutual fund, Thai Focused Equity Fund (the "Fund"), which commenced operations on October 21, 1997, and has a December 31 fiscal year-end. Shares in the Fund are privately offered from time to time to certain U.S. investors pursuant to Rule 506 under Regulation D of the U.S. Securities Act of 1933 and are also offered to non-U.S. investors. Performance is shown quarterly for the period April, 1990, to present.

2. "Net Rate of Return of Hypothetical Shareholder Investment of $1,000" reflects increases or decreases in each period of a hypothetical shareholder investment of $1,000 with the Manager, and is calculated by dividing the Net Performance for such hypothetical shareholder’s $1,000 investment in each period by the beginning investment value for such period. The figures presented assume that $1,000 was invested with the Manager on commencement date and held to present.

Net Performance in each period equals gross income less expenses. Gross income consists primarily of dividends, interest income and realized and unrealized capital gains and losses. Expenses consist primarily of fixed and incentive fees paid to the Investment Manager, commissions, transactional fees, and other operating expenses. The initial value for the initial period is equal to the initial contributed capital; thereafter, each period’s beginning value is equal to the ending value from the prior period adjusted for subscriptions effective on such date. Ending value is equal to the beginning value plus or minus redemptions and Net Performance.

THE RATE OF RETURN FOR AN INVESTOR ADMITTED AFTER INCEPTION OR WHICH HAS CONTRIBUTED OR WITHDRAWN CAPITAL SINCE SUCH DATE MAY DIFFER FROM THE RETURN REFLECTED HEREIN FOR ANY PERIOD.

3. The S&P 500 and the SET Index reflect the percentage increase (or decrease) for each period for the Standard & Poor’s 500 Composite Stock Price Index and the Stock Exchange of Thailand. The statistical data reflected by these Indices has been obtained from sources believed to be reliable but which are not warranted as to accuracy or completeness. The Indices are well-known, broad-based stock market indices which contain only seasoned equity securities. The Manager uses his assets to purchase and sell equity securities (some of which may be of a speculative nature or which at the time of their acquisition may be restricted as to the transferability or disposition thereof), purchase and sell currency forward contracts and currency options, engage in currency exchange transactions and invest and trade in various other investment instruments such as fixed income derivatives and various derivative instruments. For the foregoing reason and other reasons, the performance of the Fund and the performance of the Index are not comparable.

4. Annual and year-to-date return computed on a compounded quarterly basis.