Founded in 1998 by Charles Gave, Louis-Vincent Gave and Anatole Kaletsky GaveKal is a financial services firm that offers institutional investors and high net worth individuals three different services: fund management, independent research on global macro-economic trends and events, and independent advisory work on China and its impact on the global economy. With over 550 clients in 43 countries GaveKal has established itself as a leading global provider of asset allocation research.

GaveKal Research - Independent Macro-Economic Research Geared Towards the Institutional Investor. GaveKal Research is built as an interaction between the GaveKal partners/analysts and our clients all around the world. The product is aimed at offering investors an efficient way to stay on the path of challenging ideas and new concepts necessary in the ever-evolving investment environment.

GaveKal-Dragonomics is an independent research and advisory firm specializing in China's economy and its influence on Asia and the world. We deliver our insights to financial institutions and corporate clients through research reports, data services, presentations, and face-to-face briefings. The flagship publication, the China Economic Quarterly, is widely regarded as the most authoritative journal of China's economy and business environment. Other reports include DragonWeek, a weekly that offers concise and timely comments on China economic news, and China Insight Monthly, which covers important trends in trade, construction, finance and the macro-economy. China is the world's most dynamic emerging market and the hub of a regional Asian economy that is fast becoming the center of global manufacturing. It exercises a decisive impact on world markets and plays an increasingly important geopolitical role. As one of the world's largest recipients of cross-border capital flows China is also of growing significance in financial markets.

To understand any part of the world economy it is essential to understand China's influence. GaveKal-Dragonomics enables its clients to make sense of the internal dynamics of China's economy, politics and business environment. We then aim to help clients translate that knowledge into investment decisions in China, Asia and North American and European markets.

GaveKal provides it readers with a comprehensive library of reading including:

Our daily product reviews the day's important events, and their effects on our core investment scenario. This six-page publication highlights interesting news items that either support or threaten our investment themes, includes a Q&A with clients, and a front-line view of the markets in our "Notes from the Road" section, among other items.

Every two weeks, we send out a package of focused, one-page analyses of the major developments in the previous fortnight, and their potential market implications.

At the beginning of each month, we review the key macro developments and trends in the equity, bond, currency, and commodity markets over the previous month. This publication largely lets the data do the talking--telling the story with a series of charts. We also run a periodic US Equity Strategy Report, summarizing the latest investment themes out of the US. And every Monday, the GaveKal Energy Weekly interprets key events in oil and commodities markets.

Our Ad Hoc Comments tend to be "think pieces" in which we take a look at an issue that warrants special attention. These commentaries often introduce our major strategy calls--some of them go on to become subjects of our GaveKal Books. There is no regular publication schedule for Ad Hoc comments, but we publish approximately 50 a year.

In our quarterlies, which usually run to 70 pages or more, we review the investment environment for the coming months and the important structural changes affecting the financial markets.

We have always recognized that our greatest research asset is our diverse and top-tier client base. With our Forum, we aim to share this asset with our clients. In this setting, clients can respond to our research with questions or comments, offer new ideas and discuss amongst themselves.

PRINCIPAL ANALYST

Charles Gave, Chairman

Charles has been researching tactical asset allocation for over fourty years. After three years as a financial analyst in a French investment bank, Charles created Cecogest in 1974. Cecogest was an independent research firm with a large global client base. In 1986, Charles stepped away from pure research to move into money management. He co-founded Cursitor-Eaton Asset Management where he was Chief Investment Officer. At Cursitor, Charles managed over US$10bn of institutional money on a global asset allocation mandate. Cursitor was sold in 1995 to Alliance Capital and Charles remained with Alliance Capital until 1999. At this time, he elected to go back to his first love: research on tactical asset allocation. He left Alliance Capital to create GaveKal where he is the Chairman. Charles sits on the board of numerous companies, and has written several books in French (some available for sale on this website). Charles writes a weekly column for the French newspaper Le Journal des Finances. Charles is married and has four children (Louis being one of them) and six grand-children.

Anatole Kaletsky, Chief Economist

Anatole is best known as an economic commentator for The Times and, prior to that, on the Financial Times. In 1999, after twenty years as one of the world's leading economic journalists, Anatole joined Charles and Louis to launch GaveKal. Anatole has been an adviser to multinational companies and financial institutions in Europe, America and Asia, as well as a sought-after public speaker. His insights on macro-economic and financial trends, central bank dynamics and political developments are respected by investors worldwide. Anatole still writes a weekly column for The Times. Anatole is married and has three children. He speaks French, English and Russian and lives in London.

Louis-Vincent Gave, CEO

After receiving his bachelor's degree from Duke University and studying Mandarin at Nanjing University, Louis-Vincent joined the French Army where he served as a second lieutenant in a mountain infantry battalion. After a couple of years, Louis-Vincent left the army and joined Paribas Capital Markets where he worked as a financial analyst first in Paris, then in Hong Kong. Louis-Vincent left Paribas in 1999 to launch GaveKal Research with Charles and Anatole in London. In 2002, Louis-Vincent left the London office and returned to Hong Kong; the idea at the time was that Asia was set to become an ever more important factor in global growth and that, consequently, GaveKal needed to offer its clients more information, and more ideas, relating to Asia. Louis-Vincent contributes frequently to the research and was the main author of our books Our Brave New World and The End is Not Nigh.

The GaveKal publications can be read via e-mail link or via the website. www.gavekal.com

Subscription cost available upon request.

Contact your CAPIS salesperson at (800)247-6729 or (214)720-0055, or contact Chris Lightbound for further information to the GaveKal products and services. A free trial is avilable upon request.

clightbound@gavekal.com

Tel: 852 2869 8363

website:www.gavekal.com