Exactly as we told Forbes-Global magazine, one year ago.

To Forbes-Global. jdoebele@forbes.com Singapore. May 14, 2002.

Regarding: The 1 year anniversary of what you wrote about. E-mail me back with the number if you need us to FAX this to you.

Dear Justin,

I mentioned two Thai stock last on CNBC, TV, that very morning we last met, March 18 '02. They were STECON then at 38, closed last Friday at 55, and METCO then 89, closed last Friday at 105. Had you asked me that morning we met for Thai stock ideas, I would have of course given you the same I did an hour earlier to Ms. Christine Tan of CNBC.

IF you want the hard evidence on this, please download, from my web site; this was my last TV appearance.

Stecon from 38 to 55 is: 45% Metco from 89 to 104 is 17% Average, in Thai Baht currency, rate of return since March 18th is: 31%.

The Baht has appreciated about 4% vs. the US Dollar, since. Hence, the average rate of increase on both these stocks in US Dollars is 35%. This versus the SET benchmark index which closed last Friday at 382 or not even 2.8% higher then back on March 18 '02 when it was at 374.

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Justin,

My "top 30" model portfolio (all assuming no changes), as reported all along by CNBC, TV (and your magazine last year), was up 169.9%, all as of April 1, 2002. The last quarterly reporting date. All as well and continually documented at my performance link on the left side of the opening page.

During this 3 1/4 year period, the Thai Baht fell from 38.5 Baht per US$, to presently 42.8, or a loss of 12%. Hence, the US $ rate of return on this (actual & documented all along) Thai Value stock portfolio is 169.9% - 12% = 157.9 %, in US $ terms. Or roughly a 48% average, per year.

Justin,

Here is detail summary of what you ask for:

The two selected Thai stocks given by me to your magazine (as published last June 11 '01) were SE-ED, then priced at 28 and PR, then priced at 62, all on June 11 '01, your publication date. (For the record PR was at 55 and SE-ED 25.5, on May 10 2001. Also Note both stocks were much lower on March 6th '01, when we first met in Singapore and when I in fact, first gave you these stock names.)

First stock mentioned was SE-ED, (Thailand's largest book store and publisher), this firm since then issued warrants for free -shortly thereafter. And paid a 1.65 dividend as well. SE-ED closed at 60 Baht last Friday May 10, 2002.

So at 60, you must add the 1.65 cash dividend paid during this time and/plus 1/2 the 31.5 Baht , last Friday closing price, of these freely obtained warrants. (Note, shareholders got one free warrant for every 2 common shares held, conversion price was set at 16.5).

This comes to: 60 plus 1.65, plus 15.75 (half the current warrants price) = 77.4, and so this represents a 176% increase form the original price of 28. This is a new all time high for SE-ED.***

Second stock mentioned: PR was mentioned in your article at 62 and paid a 5.25 Baht dividend during this same time. PR stock closed at 88 last Friday and adding back the paid dividend, all comes to 93.50. This is a new all time high for PR. (PR is the world number one instant rice noodles manufacturer) . This so represents a 51% increase. Summary: 176% return on SE-ED plus 51% on PR, equals total of 227. Now divide this by two. Or an average of 113.5% return in only 11 months! ***

The guys at Quest Fund quoted in that same article, gave you RCL and KCE, neither of them paid a dividend nor warrants. On your June 11 article of 2001, KCE was at 61. Last Friday KCE closed at 73, or a 20% increase. This is not a new all time high price.

RCL was then at 27. Last Friday closed at 47.25, or a 75% increase. This is not a new all time high price. Disappointing to value investors, neither KCE nor RCL paid any dividends during this time. 75% on RCL plus 20% on KCE, is a total of 95. Divide this by 2 equals 47.5%.

Hence the average rate of return on those two picks was 47.5% vs. my 113%, thaistocks.com selections. This is less then half! The Thai Baht gained about 2-3% vs. the Dollar during this same time. May 10 '01 to May 10 '02.

I note, on Quest brochure and web site it says "Performance, the name of the game." Please do not get "snowed" by Quest when they no doubt tell you how KCE and RCL traded far more shares. They may even select the period for you, over the past 12 months, when PR and SE-ED where least active. As they would like all to think, we all have the same constraints Quest Fund has. Au contraire. Not everybody manages 50 mill. US$! As here is the (their) real limitation.

Many hundreds of members wrote me how wealth creating my views have proven to be. To individual investors there is no "too small chronic syndrome". As it is Behavioral Finance which what has still under-priced so many. ***

My "top 30" original model is approaching over 2 Bill US $, in market cap. So hardly a small amount! Divide the 3.1/4 years shown, by 157% (total return) which comes to 48.3 %. Here is the approximate yearly return, in US $

Note, since the "top 30" model (which did not include SE-ED but does include PR), increased substantially as well during this same period, it is fair to note that my picks were not just "lucky" or an aberrations. They were/are broad and deep and we got more to go.

Asia Crisis, what investment Crisis?Same old story......

Best Regards,Paul Renaud.www.thaistocks.com

Justin:

I fully certify that the above is correct and to the best of my knowledge and will show this final tabulation at thaistocks.com.

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PS. If you did the May 10 2001, to May 10 2002 comparison, it is as follows:

Here is the May 10 2001, to May 10 2002 comparison. PR was at 54.5 and SE-ED 25, last May 10 2001. (Do note both stocks were even lower on March 6th '01, when we first met in Singapore and when I in fact, first gave these 2 stocks.)---SE-ED closed at 60 Baht last Friday May 10, 2002.---PR stock closed at 88, last Friday May 10, '2002.Performance calculation is: 1) SE-ED. 60, plus 1.65, plus 15.75 (half the May 10 '02 warrants price), = 77.4 ---And so this represents a 209% increase, form the original price of 25. 2) PR stock closed at 88 last Friday (May 10) PR was at 54.5 last May 10 and paid a 5.25 Baht dividend during this same time. Adding back the paid dividend, all comes to 93.50. ---And so this represents a 72% increase form the original price of 54.5, last May 10 2001. Adding 209% increase for SE-ED and a 72% increase for PR equals total of 281.Divide this by 2 and you got a 140.5% average increase.So you see it comes out even better. Hope this helps. Do let me know if you have any other questions, as any way you slice it my returns are for superior and for years already.PS. "Several stock prices do not factor in their sound fundamentals because of the relatively small size of the Thai bourse". The Nation Newspaper, Bangkok. May 14th '02. The understatement of the year!

Best Regards to all visitors,

Paul A. Renaud & Team.