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FELIX STEPHEN Senior Investment Strategist Advance Investment Solutions April 2008

Agenda. What Causes bouts of market turmoil?Lessons from history and JapanSimilarities and differences between the present US situation and the Japanese crisis of the 1980'sGlobal economic outlookAsset AllocationPerformanceFinancial market outlook. What causes bouts of market turmoil?. Dishon

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FELIX STEPHEN Senior Investment Strategist Advance Investment Solutions April 2008

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    2. FELIX STEPHEN Senior Investment Strategist Advance Investment Solutions April 2008

    3. Agenda

    4. What causes bouts of market turmoil?

    5. The inverted pyramid of global liquidity

    6. Lessons from history and Japan

    7. Other initiatives - historical

    8. Other initiatives - current

    9. Similarities between the present US situation and the Japanese crisis of the 1980’s

    10. Differences between the present US situation and the Japanese crisis of the 1980’s

    11. The Bank of Japan’s monetary policy response

    12. The US Federal Reserve’s monetary policy response

    13. Global Economic Outlook

    14. The size of the world - 2006

    15. Global industrial production…economic de-coupling is real…however……. Linking slide with Barry’s presentationLinking slide with Barry’s presentation

    16. The profile of global growth

    17. Risks to the current consensus outlook

    18. Early signs of sovereign risk aversion in Europe

    19. The S&P 500 Volatility Index (VIX Index)

    20. Headline inflation

    21. Things to watch closely…

    22. Advance Multi-Blend Balanced Fund – Strategic Asset Allocations – 2006 Vs 2007

    23. Strategic Vs Tactical Asset Allocation – June quarter 2008 (Balanced - risk profile)

    24. Advance Diversified Multi-Blend Performance Vs Peer Group (All Fund Median)

    25. Advance single sector Performance Vs Benchmark – March 2008

    26. Short to medium term market outlook (3 months to 2 years)

    27. Investor risk appetite and Equity market trends

    28. The Equity market rally to be led by Financials

    29. US$ Index & Outlook

    30. Our strategic initiatives’ pipeline

    31. Our strategic initiatives’ pipeline

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