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FinancialstockshavebeenhithardinthewakeotheCreditCrisis.Acrossthefnancialsectorthestockpricesobanksinsurancecompaniesandotherfnancialinstitutionshavesoldodramatically.Investorsasextremeuncertaintyandconcernovercapitaladequacyhaveshitedthevaluationprocessawayromundamentals.Despitetheeconomicdownturnmanyinsurancecompaniescontinuetosellinsurancepayclaimsandproducepositiveoperatingresults.Webelievethatasthemarketscontinuetonormaliseinvestorswillonceagainrecognisetheirtruevalue.ARjENTLimited6thFloor140LondonWallLondonEC2Y5DNUnitedKingdomtel4402079650690fax4402076811215emailaiarjent.co.ukwebwww.arjent.co.ukLondonTeamGregoryPerdonDavidTomkinsGregAllsopAuthorisedandRegulatedbytheFinancialServicesAuthorityAlternativeInvestmentscannotseethewoodfromthetreesTHEMATIC22February2009