Comments on annual meetings attended.

TPCORP. Optimistic regarding future outlook. We met the sales director who said they now started investing again in new machines for new products, we view this as bullish. Price has more than doubled since we first advocated this one. Still, accumulate buy below 28 would be our strategy.

UGP. Optimistic re outlook. Management was very accommodating to questions. Only problem is very tightly held by two families and so very illiquid. We are now reviewing their annual report. Long term investors should buy-nibble away.

BRC. Chairman seem to rambled & waffled in his usual style. Lots of words regarding supporting small group companies they own. None about profitability outlook, though he did say it will be better than 1999. We view this with caution and rate this one "avoid". (We learned there that BRC has a lot of debts).

PR. We met Kamthorn Tatyakavee who is President of President Holdings which owns 32% of PR and also owns 3.5% personally. He suggested we look at TF as well, which had a great 1999. Outlook was upbeat. (Yet this TF seems forever most illiquid and did an odd rights issue not long ago. Also it does not own President Bakery, the fast growing PR subsidary). PR has increased debt due too provision of working capital for the rice milling subsidary and a subscription to increasing Farmhouse Bakery capital. A new bakery has been invested in and is to come on line with new production within 2-3 months. Long term buy remains in tact.

D-Mark. Very shabby office. They would not comment regarding planned related party transaction. Seemed some shareholders present objected. While we mentioned this company once in the past. We now rate it "avoid".

UF. Upbeat. Seems Q1 results similar to last year. They are "quietly" confident despite pressure from Vietnam etc.

CM. Expect 5-10% volume drop and some lowering of profit margin with Japan bean business due to prolonged recession there. We thought things were getting better in Japan? CM has started to ship frozen Durian desert to Japan. French-fries business has potential to supply KFC and McDonalds as potato being used has been accepted by McD. in China. Currently Thailand imports plenty of potatoes which does not make any sense. Still, USA uses "Russet" variety which doesn't grow so well here. Long term outlook is good but earnings growth may be flat or slighlty lower this year as compared to last. We do note that in the past managment has made (perhaps overly?) conservative statements.

KWH. Outlook is rather optimistic, though Q1 will show little growth from last years. Expects a higher sales & profit in 2000 as they have bought lots of cheap raw material besides bought-out a couple of competitors. We are told we are invited to visit their plant which we hope to do soon. Stay tuned.

Best personal regards to all our subscribers,

Paul A. Renaudwww.thaistocks.com

Very illiquid, UGP is the sort of "value shares"

no institutional investor could take advantage of.

Informed and refined Individual investors in

emerging markets, have a distinct advantage.