The Energy Strategist

Long Term Holdings | Permanent Hedges | Alternative Holdings

Long-Term Holdings Stock (Exchange:Symbol) Country Industry Entry Price Entry Date Yield Advice Belle Intl. (HK: 1880) China Consumer Descr. HKD3.17 1/15/2009 2.2 Buy < HKD10 China Life Insurance (NYSE: LFC) China Insurance $36.76 10/28/2008 2.3 Buy < 80 Chunghwa Telecom (NYSE: CHT) Taiwan Telecommunications $17.00 11/20/2008 6 Buy < 20 CNOOC Ltd (NYSE: CEO) China Oil $86.30 1/15/2009 3.6 Buy < 165 Dalian Port - V (HK:2880, OTC: DLPTF) China Ports HK5 6/5/2008 3 Buy < HK7 DB x-Trackers FTSE Vietnam ETF - V (London: XFVT) Vietnam N/A GBp 2102 6/25/2008 0 Buy @ current prices Dr. Reddys Labs (NYSE:RDY) India Pharmaceuticals $13.21 2/15/2006 0.8 Buy < 27 HDFC Bank (NYSE: HDB) India Banking $108 06/11/2009 N/A Buy@135 Hengan Internl (HK: 1044, OTC: HEGIF) China Consumer Staples HKD20.9 1/24/2007 1.6 Buy < HKD60 iShares MSCI Malaysia ((NYSE: EWM)) Malaysia ETF USD 10.90 11/12/2009 1.8 Buy<13 Keppel Corp - V (OTC: KPELY) Singapore Real Estate/Shipbuilding $9.12 10/11/2006 1.5 Buy < 20 Mitsubishi UFJ Financial (Japan: 8306, NYSE: MTU) Japan Banking $12.64 10/18/2006 1.8 Buy < 10 Mobile TeleSystems - V (NYSE: MBT) Russia Telecommunications $60.48 6/20/2007 6 Buy < 70 Naga Corp (HK: 3918, OTC: NGCRF) Cambodia Casino-Hotels HK2.19 3/6/2008 3 Buy < HK4 OAO GAZPROM (OTC: OGZPY) Russia Oil $42.65 5/31/2006 1.8 Buy < 30 Philippine Telephone (NYSE:PHI) Philippines Telecommunications $68.20 10/24/2007 6.6 Buy < 60 PT Telekomu Indonesia (NYSE: TLK) Indonesia Telecommunications $19.18 10/28/2008 7 Buy < 42 Renhe Commercial Hldgs. ((HK: 1387, OTC: RNHEF)) China Real Estate HK1.76 12/31/2009 4.90 Buy< HKD4 SHKP (HK: 16, OTC: SUHJY) Hong Kong Real Estate HKD 83 4/16/2009 2 Buy < HKD130 Standard Chartered (LON: STAN, OTC: SCBFF) UK/HK Banking GBp730 11/13/2008 2.7 Buy < GBp1650 Taiwan Semi. (NYSE: TSM) Taiwan Semiconductors $7.68 2/26/2009 N/A Buy < 15

Portfolio updated: 1/4/2010 12:17:04 PM

Permanent Hedges Stock (Exchange:Symbol) Country Industry Entry Price Entry Date Yield Advice Consumer Discretionary SPDR (AMEX: XLY) US Retail $38.32 12/6/2006 0.8 Short Gold Bullion (N/A) N/A Resources $573.60 3/29/2006 N/A Buy < 1500 iShares Barclays 20+ Yr Treasury (NYSE: TLT) US N/A 91 5/28/2009 4 Buy<100 iShares Invest Grade Corp Bonds (NYSE: LQD) US Corp. Credit $106.40 1/24/2008 5.6 Buy < 115

Portfolio updated: 11/24/2009 5:17:04 PM

Alternative Holdings Stock (Exchange:Symbol) Country Industry Entry Price Entry Date Yield (%) Advice Alibaba.com - V (Hong Kong: 1688, OTC: ALBCF) China E-Commerce HK34 11/7/2007 N/A Buy < 30 i Shares MSCI Taiwan (NYSE:EWT) Taiwan Index 14.10 1/17/2008 2.8 Buy < 18 iShares FTSE/China 25 (NYSE: FXI) China ETF 37.23 9/19/2008 Buy < 50 iShares MSCI Hong Kong Index Fund (NYSE: EWH) Hong Kong ETF 11.17 10/16/2008 2 Buy < 20 iShares MSCI Japan Index (NYSE: EWJ) Japan ETF 8.86 10/16/2008 1 Buy < 15 iShares MSCI Singapore Index Fund (NYSE: EWS) Singapore ETF 7.95 10/16/2008 2 Buy < 12 Market Vector Russia ETF Trust (NYSE: RSX) Russia ETF 16.45 10/16/2008 1 Buy < 30 Melco PBL Entertainment - V (NSDQ: MPEL) Macau Casino-Hotels 19.20 2/7/2007 N/A Buy < 10 PowerShares India (NYSE: PIN) India N/A 14.11 10/9/2008 N/A Buy < 25

Portfolio updated: 11/16/2009 1:17:04 PM