As of 05/08/03

BradyNet Group Ladder

Africa, Middle East & GUlf
Kuwait	81.84
U.A.E.	77.19
Israel	74.31
Qatar	72.08
Bahrain	68.29
Tunisia	64.07
South Africa	63.01
Oman	62.77
Saudi Arabia	58.14
Egypt	55.42
Morocco	50.69
Iran	45.83
*Group Average*	*64.47*

Middle East & Golf
Kuwait	81.84
U.A.E.	77.19
Israel	74.31
Qatar	72.08
Bahrain	68.29
Oman	62.77
Saudi Arabia	58.14
Iran	45.83
Jordan	44.66
Lebanon	34.22
*Group Average*	*65.01*

Caribbean
Bermuda	92.60
Cayman Islands	85.71
Bahamas	71.43
Barbados	67.32
Trinidad and Tobago	58.12
Dominican Rep	46.54
Jamaica	41.88
Cuba	23.81
*Group Average*	*60.93*

Asia Ex Japan
Singapore	98.61
Taiwan	85.14
Hong Kong	80.58
South Korea	74.44
China	69.69
Mauritius	61.90
Thailand	60.24
Philippines	53.24
India	51.85
Vietnam	44.18
Mongolia	37.36
Indonesia	32.50
Pakistan	32.47
*Group Average*	*60.17*

EE,Africa, Middle East & GUlf
Kuwait	81.84
Slovenia	80.45
U.A.E.	77.19
Cyprus	76.23
Israel	74.31
Hungary	73.05
Qatar	72.08
Estonia	71.46
Czech Republic	70.08
Poland	68.56
Bahrain	68.29
Latvia	64.40
Tunisia	64.07
South Africa	63.01
Oman	62.77
Slovakia	61.30
Croatia	59.24
Saudi Arabia	58.14
Lithuania	57.99
Egypt	55.42
Morocco	50.69
Iran	45.83
Jordan	44.66
Bulgaria	44.52
Russia	43.20
Romania	39.82
Turkey	37.19
Lebanon	34.22
Ukraine	30.15
Moldova	22.32
Belarus	0.00
Georgia	0.00
*Group Average*	*58.42*

Group Index

The BradyNet Group Ladder is the calculated average rating of the four agencies participating on BradyNet: Moody's, S&P, FitchIBCA Duff & Phelps, and Thomson Financial Bankwatch. Specific points are assigned to each possible rating level. Starting with 100 points assigned to a perfect AAA (or Aaa) rating, points are then subtracted for every ratings level below AAA for each country. In case of a positive or negative outlook, 1 point is added or subtracted, repectively. The average is calculated from these assigned points. The table above lists groups by their average rating.

DISCLAIMER: The information and opinions contained herein do not necessarily express the opinions of BradyNet, Inc. This report has been prepared solely for informational purposes and is not a solicitation of any transaction in the securities with which it deals or an offer to enter into any such transaction. Prices and/or other information in this report are subject to change without prior notice.

Copyright © 1998
BradyNet, Inc.

Please read our disclaimer.

General Correspondence: bradynet@bradynet.com Questions/Problems? support@bradynet.com