Asia: Rough Times Ahead

                   REAL GDP GROWTH
                   1997       1998

CHINA               9.3        8.8
HONG KONG           5.4        3.9
INDONESIA           6.3        3.2
JAPAN               0.9        1.3
KOREA               5.8        3.4
MALAYSIA            7.4        3.1
PHILIPPINES         4.9        3.9
SINGAPORE           7.4        5.3
TAIWAN              6.6        6.2
THAILAND            0.9       -1.7

DATA: AVERAGE OF FORECASTS BY MERRILL LYNCH, ING BARINGS, AND MORGAN STANLEY