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<Picks>
<Date>July 1, 2006</Date>
<Pick>
  <Ticker>OSG</Ticker>
  <Company>Overseas Shipholding Group Inc</Company>
  <Price>59.15</Price>
  <CurrentRatio>3.3</CurrentRatio>
  <QuickRatio>3.3</QuickRatio>
  <LTDEquity>42.5</LTDEquity>
  <PriceEarnings>5.5</PriceEarnings>
  <PriceCashflow>4</PriceCashflow>
  <PriceBookvalue>1.16</PriceBookvalue>
  <Industry>1118 - Water Transportation</Industry>
  <WebAddress>http://www.osg.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>TNT</Ticker>
  <Company>OAO Tatneft (ADR)</Company>
  <Price>77</Price>
  <CurrentRatio>2.2</CurrentRatio>
  <QuickRatio>1.9</QuickRatio>
  <LTDEquity>2.2</LTDEquity>
  <PriceEarnings>7</PriceEarnings>
  <PriceCashflow>3.2</PriceCashflow>
  <PriceBookvalue>1.12</PriceBookvalue>
  <Industry>0609 - Oil and Gas Operations</Industry>
  <WebAddress>http://www.tatneft.ru/eng/</WebAddress>
 </Pick>
<Pick>
  <Ticker>PKX</Ticker>
  <Company>POSCO (ADR)</Company>
  <Price>66.9</Price>
  <CurrentRatio>2</CurrentRatio>
  <QuickRatio>1.3</QuickRatio>
  <LTDEquity>5.8</LTDEquity>
  <PriceEarnings>5</PriceEarnings>
  <PriceCashflow>2.6</PriceCashflow>
  <PriceBookvalue>1.04</PriceBookvalue>
  <Industry>0121 - Iron and Steel</Industry>
  <WebAddress>http://www.posco.co.kr</WebAddress>
 </Pick>
<Pick>
  <Ticker>RDSMY</Ticker>
  <Company>Koninklijke DSM N.V. (ADR)</Company>
  <Price>10.2</Price>
  <CurrentRatio>1.7</CurrentRatio>
  <QuickRatio>1.1</QuickRatio>
  <LTDEquity>25.2</LTDEquity>
  <PriceEarnings>12</PriceEarnings>
  <PriceCashflow>5.8</PriceCashflow>
  <PriceBookvalue>1.13</PriceBookvalue>
  <Industry>0106 - Chemicals - Plastics and Rubbers</Industry>
  <WebAddress>http://www.dsm.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>KND</Ticker>
  <Company>Kindred Healthcare, Inc.</Company>
  <Price>26</Price>
  <CurrentRatio>1.6</CurrentRatio>
  <QuickRatio>1.5</QuickRatio>
  <LTDEquity>15.2</LTDEquity>
  <PriceEarnings>10</PriceEarnings>
  <PriceCashflow>5.2</PriceCashflow>
  <PriceBookvalue>1.06</PriceBookvalue>
  <Industry>0806 - Healthcare Facilities</Industry>
  <WebAddress>http://www.kindredhealthcare.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>MEG</Ticker>
  <Company>Media General, Inc.</Company>
  <Price>41.89</Price>
  <CurrentRatio>1.6</CurrentRatio>
  <QuickRatio>1.5</QuickRatio>
  <LTDEquity>51.9</LTDEquity>
  <PriceEarnings>12.5</PriceEarnings>
  <PriceCashflow>6.7</PriceCashflow>
  <PriceBookvalue>1.07</PriceBookvalue>
  <Industry>0927 - Printing and Publishing</Industry>
  <WebAddress>http://www.media-general.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>MGA</Ticker>
  <Company>Magna International Inc. (USA)</Company>
  <Price>71.97</Price>
  <CurrentRatio>1.4</CurrentRatio>
  <QuickRatio>1.1</QuickRatio>
  <LTDEquity>9.7</LTDEquity>
  <PriceEarnings>11.6</PriceEarnings>
  <PriceCashflow>5.6</PriceCashflow>
  <PriceBookvalue>1.15</PriceBookvalue>
  <Industry>0415 - Auto and Truck Parts</Industry>
  <WebAddress>http://www.magnaint.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>BAK</Ticker>
  <Company>Braskem S.A. (ADR)</Company>
  <Price>12.19</Price>
  <CurrentRatio>1.3</CurrentRatio>
  <QuickRatio>1</QuickRatio>
  <LTDEquity>104.3</LTDEquity>
  <PriceEarnings>8.8</PriceEarnings>
  <PriceCashflow>4.9</PriceCashflow>
  <PriceBookvalue>1.09</PriceBookvalue>
  <Industry>0103 - Chemical Manufacturing</Industry>
  <WebAddress>http://www.braskem.com.br/</WebAddress>
 </Pick>
<Pick>
  <Ticker>KTC</Ticker>
  <Company>KT Corporation (ADR)</Company>
  <Price>21.45</Price>
  <CurrentRatio>1.3</CurrentRatio>
  <QuickRatio>1.2</QuickRatio>
  <LTDEquity>94</LTDEquity>
  <PriceEarnings>7.5</PriceEarnings>
  <PriceCashflow>1.3</PriceCashflow>
  <PriceBookvalue>1.12</PriceBookvalue>
  <Industry>0915 - Communications Services</Industry>
  <WebAddress>http://www.kt.co.kr</WebAddress>
 </Pick>
<Pick>
  <Ticker>SBS</Ticker>
  <Company>Companhia de Saneamento Basico</Company>
  <Price>23.55</Price>
  <CurrentRatio>1.2</CurrentRatio>
  <QuickRatio>1.2</QuickRatio>
  <LTDEquity>69</LTDEquity>
  <PriceEarnings>6</PriceEarnings>
  <PriceCashflow>5.7</PriceCashflow>
  <PriceBookvalue>0.7</PriceBookvalue>
  <Industry>1209 - Water Utilities</Industry>
  <WebAddress>http://www.sabesp.com.br/</WebAddress>
 </Pick>
<Pick>
  <Ticker>MNI</Ticker>
  <Company>McClatchy Company, The</Company>
  <Price>40.12</Price>
  <CurrentRatio>1.2</CurrentRatio>
  <QuickRatio>1</QuickRatio>
  <LTDEquity>9.6</LTDEquity>
  <PriceEarnings>12.1</PriceEarnings>
  <PriceCashflow>8.5</PriceCashflow>
  <PriceBookvalue>1.18</PriceBookvalue>
  <Industry>0927 - Printing and Publishing</Industry>
  <WebAddress>http://www.mcclatchy.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>FIA</Ticker>
  <Company>Fiat S.p.A. (ADR)</Company>
  <Price>13.31</Price>
  <CurrentRatio>0.9</CurrentRatio>
  <QuickRatio>0.7</QuickRatio>
  <LTDEquity>0</LTDEquity>
  <PriceEarnings>8.7</PriceEarnings>
  <PriceCashflow>8.1</PriceCashflow>
  <PriceBookvalue>1.09</PriceBookvalue>
  <Industry>0412 - Auto and Truck Manufacturers</Industry>
  <WebAddress>http://www.fiatgroup.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>HINKY</Ticker>
  <Company>Heineken N.V. (ADR)</Company>
  <Price>19.6</Price>
  <CurrentRatio>0.9</CurrentRatio>
  <QuickRatio>0.6</QuickRatio>
  <LTDEquity>55.3</LTDEquity>
  <PriceEarnings>4.9</PriceEarnings>
  <PriceCashflow>1.3</PriceCashflow>
  <PriceBookvalue>0.96</PriceBookvalue>
  <Industry>0503 - Beverages (Alcoholic)</Industry>
  <WebAddress>http://www.heinekeninternational.com</WebAddress>
 </Pick>
<Pick>
  <Ticker>KEP</Ticker>
  <Company>Korea Electric Power Corporati</Company>
  <Price>18.96</Price>
  <CurrentRatio>0.9</CurrentRatio>
  <QuickRatio>0.6</QuickRatio>
  <LTDEquity>38</LTDEquity>
  <PriceEarnings>6.7</PriceEarnings>
  <PriceCashflow>4.2</PriceCashflow>
  <PriceBookvalue>0.55</PriceBookvalue>
  <Industry>1203 - Electric Utilities</Industry>
  <WebAddress>http://www.kepco.co.kr/</WebAddress>
 </Pick>
<Pick>
  <Ticker>CHA</Ticker>
  <Company>China Telecom Corporation Limi</Company>
  <Price>32.4</Price>
  <CurrentRatio>0.2</CurrentRatio>
  <QuickRatio>0.2</QuickRatio>
  <LTDEquity>30.8</LTDEquity>
  <PriceEarnings>9.3</PriceEarnings>
  <PriceCashflow>1.4</PriceCashflow>
  <PriceBookvalue>1.16</PriceBookvalue>
  <Industry>0915 - Communications Services</Industry>
  <WebAddress>http://www.chinatelecom-h.com/eng/global/home.htm</WebAddress>
 </Pick>
</Picks>
