EXHIBIT 99

   In accordance with Rule 13d-1(k)  promulgated  under the Securities  Exchange
Act of 1934,  the  undersigned  agree to the  joint  filing  of a  Statement  on
Schedule 13G  (including  any and all  amendments  thereto)  with respect to the
Common  Stock,  par value $0.01 per share,  of Redwood  Trust Inc.,  and further
agree to the filing of this agreement as an Exhibit thereto.  In addition,  each
party to this agreement expressly  authorizes each other party to this agreement
to file on its behalf any and all amendments to such Statement on Schedule 13G.

Date:   APRIL 7, 1998

                                                     MARTIN CURRIE LTD.


                                                     By:/s/ James Fairweather
                                                        ------------------------
                                                        Name:  James Fairweather
                                                        Title: Director

                                                     MARTIN CURRIE INVESTMENT
                                                     MANAGEMENT LTD.


                                                     By:/s/James Fairweather
                                                        ------------------------
                                                        Name:  James Fairweather
                                                        Title: Director

                                                     MARTIN CURRIE INC.


                                                     By:/s/ James Fairweather
                                                        ------------------------
                                                        Name:  James Fairweather
                                                        Title: Vice President

                                  Page 10 of 10