Kj Asset Allocation Strategy

AllocationMaster Report

Prepared for

Kanya Jaroenvitayasit(Main Scenario)

July 19, 2005

Provided by

Russell Blumenthal, President

Koh Samui Investments LLC606 Post Road EastWestport, CT 06880

+1 203-877-6000

Table of Contents

Introduction Page .... 3Risk Tolerance .... 4Efficient Frontier - Present Mix .... 5Efficient Frontier - Proposed Mix .... 6Asset Mix Comparison - Non-Qualified Assets .... 7Broad Asset Mix Comparison - Non-Qualified Assets .... 8Asset Mix Backtest - Periodic Returns .... 9Asset Mix Backtest - Compound Returns .... 10Projected Assets - Actual Dollars .... 11Projected Assets - Inflation Adjusted Dollars .... 12Financial Forecast - Present Mix - Composite .... 13Financial Forecast - Proposed Mix - Composite .... 14Financial Forecast - Present Mix - Non-Qualified .... 15Financial Forecast - Proposed Mix - Non-Qualified .... 16Financial Forecast - Present Mix - Taxes .... 17Financial Forecast - Proposed Mix - Taxes .... 18Simulation Analysis - Range of Returns (After-Tax) .... 19Simulation Analysis - Target Returns .... 20Simulation Analysis - Range of Assets .... 21Projected Assets - Sensitivity Analysis .... 22Implementation Plan - Proposed Product Mix - Non-Qualified .... 23Implementation Plan - Uses of Non-Qualified Assets .... 24Client Data Inputs .... 25Current Net Worth .... 26Scenario Assumptions .... 27Selected Indices - Periodic Returns .... 28Selected Indices - Compound Returns .... 29Selected Indices - Scatter Plot .... 30Importance of Asset Allocation .... 31The Efficient Frontier .... 32Glossary - Key Terms .... 33Snapshot .... 34Investment Policy Statement .... 35

This asset allocation analysis is provided to you for informational purposes only. Actual investment results may bematerially different from the projected performance results portrayed. This report uses information that is consideredreliable, but it does not represent that the information is accurate or complete, and the report may not be relied uponas such. The report is not intended to be either an expressed or implied guaranty of actual performance. It is notintended to supply tax or legal advice. There is no solicitation to buy or sell securities. The deduction of advisoryfees, brokerage or other commissions, and any other expenses that would have been paid may not be reflected in theanalysis. The results portrayed reflect the reinvestment of dividends and other earnings.

AllocationMaster Kanya Jaroenvitayasit

Prepared by Russell Blumenthal Koh Samui Investments LLC

Introduction

An Asset Allocation Plan will help you determine if you have the right mix of investments for your personalsituation. This report has been prepared to assist you in this important decision.

Development of a personalized Asset Allocation Plan provides a disciplined and systematic approach toinvesting. It guides you from defining your personal investment objectives to determining a suitable portfolio.With all of the investment choices available, this plan helps you evaluate the many choices and create awell-designed plan specific to your needs.

The purpose of an Asset Allocation Plan is to determine how your investment assets will be divided among theavailable investment alternatives. Your plan will usually depend on your financial objectives, time horizon, risktolerance, and present financial situation.

The asset allocation plan presented in this report is based on the Nobel-prize winning concepts of ModernPortfolio Theory, which state that through intelligent diversification you can minimize the effects of investmentrisk. This is because the way you allocate your investment dollars outweighs the potential effects of securityselection and market timing. Through diversification, gains in one investment class may help offset losses inanother.

Throughout this plan, you will see references to "expected returns", "standard deviation" and other financialplanning terms that you may not be familiar with. All terms are fully explained in the glossary. Wherereferences are made to expected returns, please remember that this is not intended as a guarantee or meant toreflect the performance of any investment product. It is simply a historical return based on an index. An index isused to show benchmarks for the performance of various asset classes. Investors may not make directinvestments into any index.

It is important to keep in mind that the focus of this Asset Allocation Plan is based on your long-termobjectives. These are usually plans that have been made for five years or more. It means taking a reasonableamount of investment risk in the expectation of higher returns. And, since time has a moderating effect oninvestment risk, the longer your investment time horizon, the more likely you will earn a positive return.

Following your Asset Allocation Plan can be a critical element in reaching your financial objectives. It shouldbe carefully determined. And, it should be reviewed and rebalanced periodically.



Risk Tolerance Analysis

1 Expected Return: Given historical returns on different kinds of investments, my desired level ofinvestment return is above-average.

Strongly Disagree Strongly Agree

2 Risk Tolerance: I am willing to bear an above-average level of investment risk (volatility). I can acceptoccasional years with negative investment returns.


3 Holding Period: I am willing to maintain investment positions over a reasonably long period of time(generally considered 10 years or more).


4 Liquidity: I do not need to be able to readily convert my investments into cash. Aside from my portfolio, Ihave adequate liquid net worth to meet major near-term expenses.


5 Ease of Management: I want to be very actively involved in the monitoring and decision-making requiredto manage my investments.


6 Dependents: There are none or only a few dependents that rely on my income and my investmentportfolio for support.


7 Income Source: My major source of income is adequate, predictable and steadily growing.


8 Insurance Coverage: I have an adequate degree of insurance coverage.


9 Investment Experience: I have prior investment experience with stocks, bonds, and internationalinvestments. I understand the concept of investment risk.


10 Debt/Credit: My debt level is low and my credit history is excellent.


Your Risk Profile: Mod Aggressive

Use of risk tolerance analysis is one approach for helping you select a suitable portfolio. Your risk profile has beendetermined based on your responses to the risk questionnaire. This information was used to identify a range ofportfolios on the Efficient Frontier that may be appropriate for your risk profile.



Efficient Frontier - Present Mix

Efficient Frontier

ConservativeMod ConservativeModerateMod AggressiveAggressive

Present MixProposed MixSuggested Mix

Present Asset Allocation

Total 100% $325,000

Present Mix

Before-Tax Annual Return 6.54%After-Tax Annual Return 6.54%Standard Deviation (Risk) 13.79%Sharpe Ratio 0.29Annual Yield 1.96%



Efficient Frontier - Proposed Mix

Efficient Frontier

ConservativeMod ConservativeModerateMod AggressiveAggressive

Present MixProposed MixSuggested Mix

Proposed Asset Allocation

Total 100% $325,000

Present Proposed

Before-Tax Annual Return 6.54% 10.10%After-Tax Annual Return 6.54% 10.10%Standard Deviation (Risk) 13.79% 14.64%Sharpe Ratio 0.29 0.52Annual Yield 1.96% 4.06%



Asset Mix Comparison - Non-Qualified AssetsPresent Asset Mix Proposed Asset Mix

Present Asset Mix Proposed Asset Mix AdjustmentCash Equivalents $150,000 46.15% $32,489 10.00% ($117,511)U.S. REITs $75,000 23.08% $224,999 69.23% $149,999Emerging Equities $100,000 30.77% $67,512 20.77% ($32,488)Total $325,000 100.00% $325,000 100.00%

Before-Tax Annual Return 6.54% 10.10%After-Tax Annual Return 6.54% 10.10%Standard Deviation (Risk) 13.79% 14.64%Sharpe Ratio 0.29 0.52After-Tax Annual Yield 1.96% 4.06%

This is for illustrative purposes only. Past performance is not an indication of future returns.



Broad Asset Mix Comparison - Non-Qualified AssetsPresent Asset Mix Proposed Asset Mix

Present Asset Mix Proposed Asset Mix AdjustmentCash and Equivalents $150,000 46.15% $32,489 10.00% ($117,511)Equities $175,000 53.85% $292,511 90.00% $117,511

Total $325,000 100.00% $325,000 100.00%

Before-Tax Annual Return 6.54% 10.10%After-Tax Annual Return 6.54% 10.10%Standard Deviation (Risk) 13.79% 14.64%Sharpe Ratio 0.29 0.52After-Tax Annual Yield 1.96% 4.06%

This is for illustrative purposes only. Past performance is not an indication of future returns.



Asset Mix Backtest - Periodic Returns - Actual Returns

1988 - 2004Return Risk

Present Asset Mix 10.01% 12.24%Proposed Asset Mix 12.20% 15.49%

2004 5 Years 10 Years 15 Years

Present Asset Mix 15.51% 8.70% 7.27% 8.66%Proposed Asset Mix 26.21% 17.31% 12.20% 11.84%

Backtested performance does not represent actual account performance and should not be interpreted as anindication of such performance. The asset mix that the backtested results are based upon can be changed at any timeand will produce different backtested performance. Backtested performance does not represent the impact thatmaterial economic and market factors might have on investment decision making. There is no indication that thesebacktested results could, or would, have been achieved had this asset mix been used during the years presented. Theresults portrayed reflect the reinvestment of dividends and other earnings. The deduction of advisory fees, brokerageor other commissions, and any other expenses that would have been paid are not reflected.



Asset Mix Backtest - Compound Returns - Actual Returns


Present Asset Mix 10.01% 12.24%Proposed Asset Mix 12.20% 15.49%


Present Asset Mix 15.51% 8.70% 7.27% 8.66%Proposed Asset Mix 26.21% 17.31% 12.20% 11.84%

Backtested performance does not represent actual account performance and should not be interpreted as anindication of such performance. The asset mix that the backtested results are based upon can be changed at any timeand will produce different backtested performance. Backtested performance does not represent the impact thatmaterial economic and market factors might have on investment decision making. There is no indication that thesebacktested results could, or would, have been achieved had this asset mix been used during the years presented. Theresults portrayed reflect the reinvestment of dividends and other earnings. The deduction of advisory fees, brokerageor other commissions, and any other expenses that would have been paid are not reflected.



Projected Assets - Actual Dollars

Present Asset MixProposed Asset Mix

The Projected Assets shows the projected Asset Value for the Present Asset Mix and the Proposed Asset Mix overthe projection period. The graph indicates whether you are expected to have sufficient assets to meet your financialgoals. The Asset Value shown is the beginning of year after-tax market value for your combined non-qualified andqualified assets.



Projected Assets - Inflation Adjusted Dollars


The Projected Assets shows the projected Asset Value for the Present Asset Mix and the Proposed Asset Mix overthe projection period. The graph indicates whether you are expected to have sufficient assets to meet your financialgoals. The Asset Value shown is the beginning of year after-tax market value for your combined non-qualified andqualified assets.



Financial Forecast - Present Mix - Composite - Actual DollarsAsset Financial Current Capital Addt'l Net $

Date Value Goals Income Gains Taxes Contribs Change7/ 2005 $325,000 $24,000 $5,602 $13,072 $0 $24,000 $18,6757/ 2006 $343,675 $24,600 $5,924 $13,824 $0 $24,600 $19,7487/ 2007 $363,423 $25,215 $6,265 $14,618 $0 $25,215 $20,8837/ 2008 $384,306 $106,612 $6,625 $15,458 $0 $25,845 ($58,684)7/ 2009 $325,622 $26,492 $5,613 $13,097 $0 $26,492 $18,7117/ 2010 $344,332 $27,154 $5,936 $13,850 $0 $27,154 $19,7867/ 2011 $364,118 $27,833 $6,277 $14,646 $0 $27,833 $20,9237/ 2012 $385,041 $28,528 $6,637 $15,487 $0 $28,528 $22,1257/ 2013 $407,166 $29,242 $7,019 $16,377 $0 $29,242 $23,3967/ 2014 $430,562 $29,973 $7,422 $17,318 $0 $29,973 $24,7417/ 2015 $455,303 $30,722 $7,849 $18,314 $0 $30,722 $26,1627/ 2016 $481,465 $31,490 $8,300 $19,366 $0 $31,490 $27,6667/ 2017 $509,131 $32,277 $8,777 $20,479 $0 $32,277 $29,2557/ 2018 $538,386 $33,084 $9,281 $21,655 $0 $33,084 $30,9367/ 2019 $569,322 $33,911 $9,814 $22,900 $0 $33,911 $32,714



Financial Forecast - Proposed Mix - Composite - Actual DollarsAsset Financial Current Capital Addt'l Net $

Date Value Goals Income Gains Taxes Contribs Change7/ 2005 $325,000 $24,000 $12,356 $18,369 $0 $24,000 $30,7257/ 2006 $355,725 $24,600 $13,524 $20,105 $0 $24,600 $33,6307/ 2007 $389,355 $25,215 $14,803 $22,006 $0 $25,215 $36,8097/ 2008 $426,163 $106,612 $16,202 $24,086 $0 $25,845 ($40,478)7/ 2009 $385,685 $26,492 $14,663 $21,799 $0 $26,492 $36,4627/ 2010 $422,147 $27,154 $16,050 $23,859 $0 $27,154 $39,9097/ 2011 $462,057 $27,833 $17,567 $26,115 $0 $27,833 $43,6827/ 2012 $505,739 $28,528 $19,228 $28,584 $0 $28,528 $47,8127/ 2013 $553,550 $29,242 $21,045 $31,286 $0 $29,242 $52,3327/ 2014 $605,882 $29,973 $23,035 $34,244 $0 $29,973 $57,2797/ 2015 $663,161 $30,722 $25,213 $37,481 $0 $30,722 $62,6947/ 2016 $725,855 $31,490 $27,596 $41,025 $0 $31,490 $68,6217/ 2017 $794,476 $32,277 $30,205 $44,903 $0 $32,277 $75,1087/ 2018 $869,584 $33,084 $33,061 $49,148 $0 $33,084 $82,2097/ 2019 $951,793 $33,911 $36,186 $53,795 $0 $33,911 $89,981



Financial Forecast - Present Mix - Non-Qualified - Actual DollarsAsset Financial Current Capital Addt'l Qualified

Date Value Goals Income Gains Taxes Contribs Transfers7/ 2005 $325,000 $24,000 $5,602 $13,072 $0 $24,000 $07/ 2006 $343,675 $24,600 $5,924 $13,824 $0 $24,600 $07/ 2007 $363,423 $25,215 $6,265 $14,618 $0 $25,215 $07/ 2008 $384,306 $106,612 $6,625 $15,458 $0 $25,845 $07/ 2009 $325,622 $26,492 $5,613 $13,097 $0 $26,492 $07/ 2010 $344,332 $27,154 $5,936 $13,850 $0 $27,154 $07/ 2011 $364,118 $27,833 $6,277 $14,646 $0 $27,833 $07/ 2012 $385,041 $28,528 $6,637 $15,487 $0 $28,528 $07/ 2013 $407,166 $29,242 $7,019 $16,377 $0 $29,242 $07/ 2014 $430,562 $29,973 $7,422 $17,318 $0 $29,973 $07/ 2015 $455,303 $30,722 $7,849 $18,314 $0 $30,722 $07/ 2016 $481,465 $31,490 $8,300 $19,366 $0 $31,490 $07/ 2017 $509,131 $32,277 $8,777 $20,479 $0 $32,277 $07/ 2018 $538,386 $33,084 $9,281 $21,655 $0 $33,084 $07/ 2019 $569,322 $33,911 $9,814 $22,900 $0 $33,911 $0



Financial Forecast - Proposed Mix - Non-Qualified - Actual DollarsAsset Financial Current Capital Addt'l Qualified

Date Value Goals Income Gains Taxes Contribs Transfers7/ 2005 $325,000 $24,000 $12,356 $18,369 $0 $24,000 $07/ 2006 $355,725 $24,600 $13,524 $20,105 $0 $24,600 $07/ 2007 $389,355 $25,215 $14,803 $22,006 $0 $25,215 $07/ 2008 $426,163 $106,612 $16,202 $24,086 $0 $25,845 $07/ 2009 $385,685 $26,492 $14,663 $21,799 $0 $26,492 $07/ 2010 $422,147 $27,154 $16,050 $23,859 $0 $27,154 $07/ 2011 $462,057 $27,833 $17,567 $26,115 $0 $27,833 $07/ 2012 $505,739 $28,528 $19,228 $28,584 $0 $28,528 $07/ 2013 $553,550 $29,242 $21,045 $31,286 $0 $29,242 $07/ 2014 $605,882 $29,973 $23,035 $34,244 $0 $29,973 $07/ 2015 $663,161 $30,722 $25,213 $37,481 $0 $30,722 $07/ 2016 $725,855 $31,490 $27,596 $41,025 $0 $31,490 $07/ 2017 $794,476 $32,277 $30,205 $44,903 $0 $32,277 $07/ 2018 $869,584 $33,084 $33,061 $49,148 $0 $33,084 $07/ 2019 $951,793 $33,911 $36,186 $53,795 $0 $33,911 $0



Financial Forecast - Present Mix - TaxesTax on Realized Tax on Excise Tax on Tax on Total

Date Income Cap Gains Cap Gains Tax Qual W/D NQTD W/D Taxes7/ 2005 $0 $20,098 $0 $0 $0 $0 $07/ 2006 $0 $16,285 $0 $0 $0 $0 $07/ 2007 $0 $15,272 $0 $0 $0 $0 $07/ 2008 $0 $17,227 $0 $0 $0 $0 $07/ 2009 $0 $12,875 $0 $0 $0 $0 $07/ 2010 $0 $13,468 $0 $0 $0 $0 $07/ 2011 $0 $14,184 $0 $0 $0 $0 $07/ 2012 $0 $14,976 $0 $0 $0 $0 $07/ 2013 $0 $15,828 $0 $0 $0 $0 $07/ 2014 $0 $16,734 $0 $0 $0 $0 $07/ 2015 $0 $17,694 $0 $0 $0 $0 $07/ 2016 $0 $18,710 $0 $0 $0 $0 $07/ 2017 $0 $19,785 $0 $0 $0 $0 $07/ 2018 $0 $20,922 $0 $0 $0 $0 $07/ 2019 $0 $22,124 $0 $0 $0 $0 $0



Financial Forecast - Proposed Mix - TaxesTax on Realized Tax on Excise Tax on Tax on Total

Date Income Cap Gains Cap Gains Tax Qual W/D NQTD W/D Taxes7/ 2005 $0 $9,680 $0 $0 $0 $0 $07/ 2006 $0 $12,310 $0 $0 $0 $0 $07/ 2007 $0 $14,756 $0 $0 $0 $0 $07/ 2008 $0 $24,382 $0 $0 $0 $0 $07/ 2009 $0 $16,459 $0 $0 $0 $0 $07/ 2010 $0 $18,326 $0 $0 $0 $0 $07/ 2011 $0 $20,291 $0 $0 $0 $0 $07/ 2012 $0 $22,383 $0 $0 $0 $0 $07/ 2013 $0 $24,629 $0 $0 $0 $0 $07/ 2014 $0 $27,055 $0 $0 $0 $0 $07/ 2015 $0 $29,685 $0 $0 $0 $0 $07/ 2016 $0 $32,546 $0 $0 $0 $0 $07/ 2017 $0 $35,664 $0 $0 $0 $0 $07/ 2018 $0 $39,066 $0 $0 $0 $0 $07/ 2019 $0 $42,782 $0 $0 $0 $0 $0



Simulation Analysis - Range of Returns (After-Tax)


Probability of Exceeding Return 1 year 4 years 8 years 11 years 15 years

Present2% (Median + 2 sd) 44.3% 28.6% 22.8% 19.7% 17.2%16% (Median + 1sd) 21.1% 14.3% 11.3% 11.1% 10.5%50% (Median) 3.7% 4.4% 5.0% 5.3% 5.8%84% (Median - 1 sd) -7.6% -1.6% 0.7% 1.4% 2.3%98% (Median - 2 sd) -17.0% -5.7% -2.2% -0.8% 0.1%

Proposed2% (Median + 2 sd) 47.2% 29.9% 24.0% 20.8% 18.2%16% (Median + 1sd) 28.5% 18.5% 15.3% 14.7% 13.7%50% (Median) 8.2% 8.9% 9.5% 9.4% 9.5%84% (Median - 1 sd) -5.7% 1.2% 3.9% 4.6% 5.6%98% (Median - 2 sd) -17.3% -6.4% -0.9% 1.0% 2.0%

Note: "sd" = standard deviation

The simulated range of average annual returns for the Present and Proposed Composite Asset Mixes are shown overthe projection period. The entire range of returns covering the best case to worst case outcomes are represented bythe bars. There is a 98% chance of realizing a return that is greater than the simulated worst case return. And, thereis a 2% chance of exceeding the simulated best case return. The range of average returns narrows over longer timeperiods and for more conservative portfolios.



Simulation Analysis - Target Returns (After-Tax)


Probability of Falling Below Target Return(Target Return: 0.00%)

1 year 4 years 8 years 11 years 15 yearsPresent Mix 36.20% 24.20% 10.00% 5.20% 1.60%Proposed Mix 25.80% 11.60% 3.20% 1.20% 0.40%

The simulated range of average annual returns for the Present and Proposed Composite Asset Mixes are shown overthe projection period. The entire range of returns covering the best case to worst case outcomes are represented.There is a 98% chance of realizing a return that is greater than the simulated worst case return. And, there is a 2%chance of exceeding the simulated best case return. The range of average returns narrows over longer time periodsand for more conservative portfolios.



Simulation Analysis - Range of Assets


1 year 4 years 8 years 11 years 15 years

PresentBest Case $476,073 $823,818 $1,365,553 $1,968,106 $4,288,503Expected Case $339,303 $304,793 $382,957 $466,694 $609,621Worst Case $270,494 $174,083 $188,886 $196,631 $221,689

ProposedBest Case $481,101 $848,880 $1,426,536 $2,109,380 $4,226,063Expected Case $352,560 $373,510 $543,926 $756,597 $1,047,407Worst Case $266,955 $169,615 $203,444 $236,801 $310,759

The simulated range of projected asset values for the Present and Proposed Composite Asset Mixes are shown overthe projection period. The entire range of asset values covering the best case to worst case outcomes are representedby the bars. There is a 98% chance of realizing an asset value that is greater than the simulated worst-case. And,there is a 2% chance of exceeding the simulated best-case asset value. The range of asset values widens over longertime periods and for more aggressive portfolios.



Projected Assets - Sensitivity Analysis

Modified Asset MixProposed Asset Mix

Modified Mix Return Adjustment

Non-Qualified: No ChangeQualified: No ChangeNon-Qualified Tax-Deferred: No Change

The Projected Assets - Sensitivity Analysis shows the projected Asset Value for the Proposed Mix and a ModifiedMix over the projection period. The graph indicates whether you are expected to have sufficient assets to meet yourfinancial goals. The Asset Value shown is the beginning of year after-tax market value for your combinednon-qualified and qualified assets.



Implementation Plan - Proposed Product Mix - Non-Qualified

Cash Equivalents U.S. REITs Emerging Equities

The Product Recommendations for the Non-Qualified Assets are shown above. The Asset Classes to which eachProduct Recommendation belongs is identified in the chart. If a Product Recommendation has not been specified, itis listed as "To Be Determined". Products such as mutual funds, variable annuities, and variable life insurance maybe part of this recommendation. These products are sold only by prospectus. Please read the prospectus forinformation concerning features of the products, surrender periods, penalties, fees, and any other internal expenses.A prospectus can be obtained from your investment professional.



Implementation Plan - Uses of Non-Qualified AssetsProposed Asset Class Product Recommendation Symbol Proposed $

Cash Equivalents To Be Determined $32,489Total $32,489

U.S. REITs To Be Determined $224,999Total $224,999

Emerging Equities To Be Determined $67,512Total $67,512

Shown above are the suggested changes in your Non-Qualified assets that you might want to take in implementingyour asset allocation plan. The table has been organized according to the asset classes used in the new ProposedAsset Mix. Any small differences in the dollar amounts are due to rounding-off. Products such as mutual funds,variable annuities, and variable life insurance may be part of this recommendation. These products are sold only byprospectus. Please read the prospectus for information concerning features of the products, surrender periods,penalties, fees, and any other internal expenses.



Client Data Inputs

Client Birthdate: 05/09/1963

Federal Income Tax Rate:State Income Tax Rate:Federal Capital Gains Tax Rate:State Capital Gains Tax Rate:

0.00%0.00%0.00%0.00%

Future Federal Income Tax Rate:Future State Income Tax Rate:Future Federal Capital Gains Tax Rate:Future State Capital Gains Tax Rate:

Starting Year:

0.00%0.00%0.00%0.00%

2010

Non-Qualified Assets

Market Cost AccountAsset Class Product Name Value Basis Number Hold SymbolCash Equivalents Savings $150,000 $150,000 NoEmerging Equities Thai Stocks $100,000 $100,000 NoU.S. REITs Bangkok Lot $75,000 $55,000 No- Not Assigned - $0 $0 No

Total $325,000

Financial Goals

Other Accumulation Goals (Pre-Retirement)Description Years Until Need Years of Need Annual Amount Inflation Rate Portion to Fund

1 1 $0 0.00% 100.00%Build Home 3 1 $75,000 2.50% 100.00%

Retirement Annual Spending GoalAnnual retirement spending goal $24,000

Additional Contributions

Starting Amount # of Growth TaxDescription Year Net of Tax Years Rate StatusSalary 2004 $24,000 15 Years 2.50% Non-Qualified



Assets, Liabilities, and Current Net Worth

Current Net Worth

Assets Liabilities Net Worth

Assets Total Percent

Non-Qualified $325,000 100.00%Qualified $0 0.00%Non-Qualified Tax-Deferred $0 0.00%

Total Assets $325,000 100.00%

Liabilities

Total Liabilities $0 0.00%

Net Worth

Total Net Worth $325,000 100.00%



Scenario Assumptions

Scenario AssumptionsAsset Class Index Proxy Return Risk Yield Dividend TurnoverCash Equivalents FED 3-Mo T-Bill (S) 1.00% 2.00% 1.00% 0.00% 100.00%T-Notes/CDs FED 6-Month CD 3.50% 3.00% 3.50% 0.00% 100.00%KSI Land NCRF Property Index 25.00% 35.00% 0.00% 0.00% 100.00%KSI Residential (Freehold) NCRF Property Index 18.00% 25.00% 0.00% 10.00% 50.00%KSI Residential (Leasehold) NCRF Property Index 18.00% 23.00% 0.00% 12.00% 25.00%KSI Commercial (Freehold) NCRF Property Index 20.00% 30.00% 0.00% 10.00% 25.00%KSI Industrial NCRF Property Index 22.00% 35.00% 0.00% 10.00% 50.00%KSI Development WILS Real Estate Sec 25.00% 40.00% 0.00% 0.00% 50.00%KSI Mortgages LEHB High Yield 12.00% 16.00% 12.00% 0.00% 100.00%Large Value Stocks WILS Tgt Large Value 9.50% 13.25% 0.00% 2.50% 40.00%Large Growth Stocks WILS Tgt Large Grth 10.60% 16.00% 0.00% 1.75% 40.00%Small Value Stocks WILS Tgt Small Value 11.00% 18.75% 0.00% 2.25% 40.00%Small Growth Stocks WILS Tgt Small Grth 12.10% 22.00% 0.00% 1.50% 40.00%Mid Cap Stocks S&P 400 MidCap 10.75% 18.00% 0.00% 2.00% 40.00%Balanced Funds LIPR Balanced Fund 7.50% 11.00% 3.00% 0.50% 60.00%U.S. REITs NAR REITs-All 11.00% 14.00% 5.50% 0.00% 10.00%Hedge Funds HFRI Equity Hedge 10.00% 10.00% 0.00% 0.00% 20.00%Venture Capital/L.P. CAMB US Venture Cap 12.50% 35.25% 0.00% 0.00% 10.00%International Stocks MSCI EAFE Index-$ 11.00% 22.25% 0.00% 1.75% 40.00%International Bonds CITI World Bnd-All $ 7.00% 13.25% 7.00% 0.00% 40.00%Emerging Equities MSCI Emerg Free-$ 11.50% 40.25% 0.00% 0.75% 40.00%

Inflation Rate: 2.50%

Holding LimitsNon-Qualified Assets Qualified Assets Non-Qualified Tax-Def

AssetsAsset Class Min % Max % Min % Max % Min % Max %Cash Equivalents 10.00% 25.00% 0.00% 100.00% 0.00% 100.00%T-Notes/CDs 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Land 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%KSI Residential (Freehold) 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Residential (Leasehold) 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Commercial (Freehold) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%KSI Industrial 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Development 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Mortgages 0.00% 0.00% 0.00% 25.00% 0.00% 25.00%Large Value Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Large Growth Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Small Value Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Small Growth Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Mid Cap Stocks 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Balanced Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%U.S. REITs 0.00% 100.00% 0.00% 0.00% 0.00% 0.00%Hedge Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Venture Capital/L.P. 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%International Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%International Bonds 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Emerging Equities 0.00% 25.00% 0.00% 25.00% 0.00% 25.00%



Selected Indices - Periodic Returns - Actual Returns


S&P 500 Composite 13.01% 15.85%LEHB Aggregate Bond 8.97% 7.50%FED 3-Mo T-Bill (S) 6.07% 3.04%CPI-U All Items 4.34% 3.05%


S&P 500 Composite 10.88% -2.31% 12.07% 13.23%LEHB Aggregate Bond 4.34% 7.71% 7.71% 8.83%FED 3-Mo T-Bill (S) 1.38% 2.62% 3.80% 4.76%CPI-U All Items 3.25% 2.49% 2.43% 3.00%

The annual returns for several market indices are shown over a past time period. The total returns include incomeand appreciation, but do not consider inflation and taxes. Past performance may not be a good indicator of the futureperformance, the volatility and the degree of association between asset classes.



Selected Indices - Compound Returns - Actual Returns




S&P 500 Composite 10.88% -2.31% 12.07% 13.23%LEHB Aggregate Bond 4.34% 7.71% 7.71% 8.83%FED 3-Mo T-Bill (S) 1.38% 2.62% 3.80% 4.76%CPI-U All Items 3.25% 2.49% 2.43% 3.00%

The compound growth of one dollar invested in each of several market indices is shown for the past several years.Compound growth is the accumulated dollar value assuming the reinvestment of returns. The past total returnsshown include both interest and appreciation. They do not reflect taxes and inflation effects. In general, relativelyrisky asset classes exhibit higher compound growth potential than more conservative asset classes.



Selected Indices - Scatter Plot



The Risk vs. Return scatter plot shows the historical average annual return and risk for several market indices. Thisgraph makes it easy to compare the relative return and risk between different types of investments. The past totalreturns shown include both current income and capital gains. The returns do not reflect tax and inflation effects.



Importance of Asset Allocation

Asset allocation policy is the main determinant of portfolio total return.

A 1991 study by Brinson, Singer and Beebower investigated the determinants of portfolioperformance.¹ By studying the quarterly returns of 82 pension plans over a 10-year period, theyconcluded that:

· The selection of which asset classes to invest in and how much to invest in each explained91.5% of the variation in the plan's returns.

· The combination of market timing, security selection and other factors accounted for only8.5% of the differences in the plan's returns.

¹ Brinson, G.P., Singer, B.D. and G.L. Beebower, "Determinants of Portfolio Performance II:An Update", Financial Analysts Journal, May-June 1991.



The Efficient Frontier

The Efficient Frontier traces out the portfolios that offer the greatest amount of return for givenlevels of risk. All portfolios on the frontier are efficient and selection of the proper portfoliodepends upon the investor's goals and tolerance for risk.

The diagram below illustrates the concept of efficiency. The "Inefficient Portfolio" does not lieon the frontier because an alternate portfolio can be found that offers more return for the sameamount of risk. A second portfolio can be found that offers the same return, but less risk. Bothof these "efficient" portfolios are more desirable to investors trying to maximize return andminimize risk.

When calculating the efficient frontier, multiple factors are considered:

· Market expectations for return, risk and correlation of assets

· Constraints limiting investment in particular asset classes

· Your tax rates

Portfolio optimization is a mathematical technique for finding the portfolios that lie along theefficient frontier. These ideas were developed by Dr. Harry Markowitz and earned him a NobelPrize in Economics in 1990. These theories are collectively known as Modern Portfolio Theory.



Glossary - Key Terms

Aggressive Investment Posture - Asset mixes that have relatively more risk will often provide higher potentialreturns, with greater uncertainty. Sometimes, aggressive asset mixes do not produce higher returns than moreconservative asset mixes.

Asset Allocation - The process of determining what proportions of your portfolio holdings are to be invested inthe various asset classes.

Asset Class - A standard term which broadly defines a category of potential investments.

Asset Mix - The percentage weightings (or mix) of different asset classes to be held in the portfolio. There maybe separate asset mixes for the taxable and tax-deferred holdings in a portfolio.

Conservative Investment Posture - Asset mixes that have relatively low risk in general will often also havelower long-term returns than more aggressive asset mixes, with more certainty.

Current Dollars - A forecast of the asset value stated in terms of the actual dollars held, not in terms ofpurchasing power.

Efficient Frontier - Plots the asset mixes, ranging from conservative to aggressive, that provide the besttrade-off of risk and return. These "efficient" asset mixes provide (1) the maximum available assumed return fora given level of risk and (2) the minimum available level of risk for a given level of assumed return.

Inflation Dollars - A forecast of the asset value measured in terms of purchasing power. Because of inflation,investment dollars will probably not be able to buy as much in the future as they can today.

Non-Qualified Assets - Assets that are currently subject to federal, state and local taxes.

Qualified Assets - Assets that will be allowed to accumulate tax-free investment earnings until withdrawn atretirement. These assets are normally invested in a 401(k), 403(b), SEP, Keogh or IRA.

Risk - The unpredictability of investment returns. The chance that the actual return from investment in an assetclass will be different from its assumed return. Risk is measured statistically using standard deviation.

Sharpe Ratio - A measure of incremental assumed return (in inflation dollars) provided by an asset class or assetmix for taking additional risk. Higher values of the Sharpe Ratio are desirable.

Standard Deviation - An estimate of the possible future dispersion (or divergence) of the actual returns from aasset class around its expected return. The standard deviation for an asset class represents its estimated averageannual investment risk. Investment risk is based on the notion of uncertainty. The less certain it is that an assetclass will generate its expected return, the higher the risk of that asset class.

Total Return - The combined return in current income and capital appreciation from investment in an assetclass.

Yield - The current cash income received from investment in an asset class. Bonds provide yield in the form ofinterest payments and stocks through dividends.



Snapshot

Client Birthdate: 05/09/1963

Assets:Non-Qualified:Qualified:

$325,000$0

Proposed Mix

Before-Tax Return 10.10%

After-Tax Return 10.10%

Std. Deviation (Risk) 14.64%

Sharpe Ratio 0.52

Annual Yield 4.06%

Range of Returns

Present Asset Mix

Proposed Asset Mix

Cash Equivalents $32,489 10.00%

U.S. REITs $224,999 69.23%

Emerging Equities $67,512 20.77%

Total 100.00%

Inflows/Outflows

Financial Goals: Planned Contributions:Build HomeAnnual retirement spending

Salary

Projected Assets

Present Asset Mix

Proposed Asset Mix



Investment Policy Statement

Prepared for

Kanya Jaroenvitayasit(Main Scenario)

July 19, 2005

Provided by

Russell Blumenthal, President

Koh Samui Investments LLC606 Post Road EastWestport, CT 06880

+1 203-877-6000

SECTION 1. SUMMARY

The Investment Policy Statement considers the information you have provided about your present and futurefinancial circumstances. It is to document and ensure the long-term adherence to an investment program. Itcovers the policies, practices and procedures for managing your investment assets.

Total Assets:

Time Horizon:

Return Objective:

Risk Tolerance:

$325,000

15 years

10.10% (pre-tax gross)

10.10% (after-tax net)

Mod Aggressive

SECTION 2. OBJECTIVES

These are the main objectives of the investment program. The objectives have been developed in conjunctionwith a review of your financial resources, financial goals, asset allocation, risk tolerance and time horizon.

1. To take a reasonable amount of investment risk. To maximize return at that risk level.

2. To maintain a prudent diversification of the investment assets.

3. To have the ability to meet the financial goals when each is expected to occur.

4. To minimize potential tax liabilities.

5. To maintain a level of cash reserves in order to meet short-term emergency expenditures.

6. To periodically monitor and revise the portfolio as required.

Investment Policy Statement Kanya Jaroenvitayasit


SECTION 3. TIME HORIZON

This investment program is based on an investment time horizon of at least five years. The investment programdoes attempt to consider the active management of short-term investment fluctuations. The asset allocation hasbeen developed as a long-term strategy for the management of your investment assets.

SECTION 4. RISK TOLERANCE

Your ability to tolerate the uncertainties, complexities and volatility inherent in the investment markets has beenconsidered in the development of your investment program. The risk tolerance assessment for your portfolio isshown in the Summary section. This profile was developed in part through the use of a risk profilingquestionnaire.

Some of the main factors that influence your risk tolerance assessment are: (1) Your age; (2) Your presentfinancial condition; (3) Your future financial goals; (4) Your discretionary income and its variability; (5) andseveral other factors. These factors suggest your ability to accept investment risk in order to meet yourlong-term financial goals.

SECTION 5. EXPECTED PERFORMANCE

The long-term expected rate of return on your portfolio is shown below. It is based on the expected long-termtotal return for each asset class and its percentage weighting in your portfolio. This is compared against theassumed long-term average rate of inflation (as measured by the Consumer Price Index). The differencebetween your rate of return and the inflation rate is your real (after-inflation) expected return. Actualperformance will vary from these assumed rates. The portfolio return may also be reduced by the deduction ofadvisory, money management, custodial and transaction fees.

Portfolio Return Objective:

Long-Term Inflation Assumption:

10.10% (pre-tax gross)

10.10% (after-tax net)

2.50%



SECTION 6. HOLDING LIMITS

Your portfolio was developed subject to certain holding limitations. These are limitations on the minimum andmaximum percentage investment in each asset class.

Holding LimitsNon-Qualified Assets Qualified Assets Non-Qualified Tax-Def

AssetsAsset Class Min % Max % Min % Max % Min % Max %Cash Equivalents 10.00% 25.00% 0.00% 100.00% 0.00% 100.00%T-Notes/CDs 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Land 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%KSI Residential (Freehold) 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Residential (Leasehold) 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Commercial (Freehold) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%KSI Industrial 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Development 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%KSI Mortgages 0.00% 0.00% 0.00% 25.00% 0.00% 25.00%Large Value Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Large Growth Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Small Value Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Small Growth Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Mid Cap Stocks 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Balanced Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%U.S. REITs 0.00% 100.00% 0.00% 0.00% 0.00% 0.00%Hedge Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Venture Capital/L.P. 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%International Stocks 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%International Bonds 0.00% 0.00% 0.00% 100.00% 0.00% 100.00%Emerging Equities 0.00% 25.00% 0.00% 25.00% 0.00% 25.00%



SECTION 7. ASSET ALLOCATION

Based on your financial resources, financial goals, time horizon, tax status, holding limitations, risk toleranceand expected investment performance a recommended portfolio has been determined. The portfolio balancesrisk and reward and attempts to achieve the stated objectives of the investment program. The composite assetallocation for your investment program is as shown:

SECTION 8. MONITORING AND REVIEW

Investment performance will be monitored and reported to you on a quarterly basis. The investmentperformance of your investment program shall be compared against the appropriate benchmarks. Theinvestment program will be reviewed at least annually to make sure that it continues to achieve your statedobjectives. Since this investment program is long-term in nature, the periodic adjustments made to yourinvestment program should be small.



SECTION 9. REBALANCING

The percentage weighting to each asset class within the investment portfolio will vary. The percentageweighting within each asset class will be allowed to vary within a reasonable range of +/- 5% to 10% dependingupon market conditions. When rebalancing is required, investment yield and net cash inflows will be used tomeet the strategic asset allocation targets. If cash flow is not sufficient to meet the target allocation for an assetclass, we will decide whether to effect transactions in order to rebalance the asset allocation.

SECTION 10. SELECTION CRITERIA

Investment products used to implement the investment program shall be subject to selection criteria. At aminimum, the investment product must be registered, have sufficient historical performance, provide timelycompliant quarterly performance, provide necessary details about the firm (personnel, clients, fees, etc.), andstrictly adhere to a clearly articulated investment philosophy. Each investment product will be monitored foradherence to your investment policy guidelines, major changes in the product, and comparative performancewith similar investment products.



ACCEPTANCE AND ADOPTION:

I (We) have reviewed, approved and adopted this Investment Policy Statement for the investment programprepared with the assistance of Russell Blumenthal.

DateClient's Signature

DateClient's Signature

DateAdvisor's Signature



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AllocationMaster Report Kanya Jaroenvitayasit


Documents

Kj Asset Allocation Strategy