1. THE MSR PRIMARY WAVE SYSTEM 212-422-8040 Over the years, the stock market has generated Major Secular Bull Markets. Examples: 1914-1929, 1949-1964 and 1982-2000. The Buy-Hold strategy became dominant and mostly unquestioned. Consequently, many investors and asset managers were forced to give up much of their profits during the lengthy intervening secular corrections. The MSR Primary Wave System is designed to provide investors with a major alternative. It is applied here to the leading Emerging Market ETFs, from mid 2002 to early 2010: Brazil, India, China, and South Korea. The investment Signals are derived from a series of broad price wave components labeled A, B, C, D and E, mathematically measured to exist in most US and Global financial markets. The system protects capital when a broader price wave A or B is set to decline along with a shorter component. This permits substantially greater cumulative gains over time. Primary long Trades also require a “Resonance Principle” which often leads to a high percentage of successful trades of extended duration. Long Term Total Returns Substantial Capital Protection APPLIED TO LEADING EMERGING MARKET ETFS

2. Dates are from initial Primary Wave signal in 2002. Dates are specified in tables to follow. Interest income and transaction costs are not included. 212-422-8040 BrazilChinaIndiaSouth Korea

3. 212-422-8040

4. Brazil ETF ETF Benchmark 480.4 % MSR Long Only 1765.4 % MSR Long Short 3479.4 %

5. 212-422-8040 * To determine past record for India. Going forward, trade ETFs (INP) iPath MSCI India Index ETN or (PIN) PowerShares India Portfolio ETF. *

6. 212-422-8040 Bombay Se Sensex Index ETF Benchmark 405.7 % MSR Long Only 884.0 % MSR Long Short 14560.0 %

7. 212-422-8040 To determine past record for China. Going forward, trade ETFs (FCHI) iShares FTSE China (HK Listed) Index Fund or (FXI) iShares FTSE/Xinhua China 25 Index Fund ETF. *

8. 212-422-8040 Shanghai Se Composite ETF Benchmark 80.3 % MSR Long Only 537.9 % MSR Long Short 878.2 %

9. 212-422-8040

10. iShares MSCI South Korea ETF ETF Benchmark 106.0 % MSR Long Only 456.9 % MSR Long Short 723.7 %