Financial Statement

Siam Investment Fund 08 July 2003 INDEPENDENT AUDITORS' REPORT To the Shareholders of Siam Investment Fund (incorporated in the Cayman Islands as an exempted company with limited liability) We have audited the accompanying balance sheets of Siam Investment Fund as at 31 March 2003 and 2002 and the related statements of operations, statements of changes in net assets and statements of cash flows for the years then ended. These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with International Standards on Auditing. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial positions of Siam Investment Fund as at 31 March 2003 and 2002, the results of its operations, changes in net assets and its cash flows for the years then ended in conformity with International Accounting Standards. As discussed in Note 4 to the financial statements, The fund has taken conservative approach to set up provision for non- recovery of its investments in equity investment and debt investments up to 82% and 100%, respectively, for the year ended March 31, 2003. The provisions for such investments were 42% and 75%, respectively, for the year ended March 31, 2002. The Fund directors believe that the provision for equity investment is adequate to cover the possible loss as the Fund intends to hold such investment for long-term purpose. Grant Thornton Limited Bangkok, Thailand 19 May 2003 SIAM INVESTMENT FUND STATEMENTS OF OPERATIONS FOR THE YEARS ENDED 31 MARCH 2003 AND 2002 US$ Notes 2003 2002 Income Interest income 15,934 336,663 Dividend income 780,773 399,312 Gain on foreign exchange 35,740 67,197 Net unrealized gain on valuation of investments - 4,235,170 Net unrealized gain on foreign exchange relating to carrying value of investments 1,577,878 847,164 Net realized gain on sale of investments 3,541,391 5,340,681 Other income - 150,672 Total income 5,951,716 11,376,859 Expenses Advisory fees 8.1 500,000 500,000 Administrative expenses 9 232,939 172,009 Net unrealized loss on valuation of investments 7,905,381 - Net realized loss on foreign exchange relating to carrying value of investments 386,162 909,240 Total expenses 9,024,482 1,581,249 Net (loss) income for the years (3,072,766) 9,795,610 (Loss) earning per share (1.23) 3.92 The accounting policies and the notes on pages 5 to 19 form an integral part of these financial statements. SIAM INVESTMENT FUND BALANCE SHEETS AS AT 31 MARCH 2003 AND 2002 US$ Notes 2003 2002 Investments 4 18,567,667 24,189,069 Current assets Cash and cash equivalents 909,711 4,120,551 Receivable from sales of investments 2,208,491 515,187 Dividend receivable 354,501 30,601 Other current assets 15,333 13,000 Total current assets 3,488,036 4,679,339 Current liabilities Dividend payable 13 (2,500,000) (3,750,000) Accrued expenses (19,191) (9,130) Total current liabilities (2,519,191) (3,759,130) Net current assets 968,845 920,209 Net assets 19,536,512 25,109,278 Net assets financed by: Share capital 5 12,500 12,500 Share premium 6 22,487,500 24,987,500 Capital reserve (3,653,174) (480,900) Revenue reserve 689,686 590,178 Total shareholders' funds 19,536,512 25,109,278 Net asset value per share 7 7.81 10.04 For and on behalf of Siam Investment Fund: ........................................................................Director ........................................................................Director The accounting policies and the notes on pages 5 to 19 form an integral part of these financial statements. SIAM INVESTMENT FUND STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED 31 MARCH 2003 AND 2002 Share Share Capital Revenue capital premium reserve reserve Total Balance at 1 April 2001 12,500 24,987,500 (6,244,675) 308,343 19,063,668 Net income for the year - - - 9,795,610 9,795,610 Appropriated for: Net unrealized gain on valuation of investments - - 4,235,170 (4,235,170) - Net realized loss on foreign exchange - - (909,240) 909,240 - Net unrealized gain on foreign exchange relating to carrying value of investments - - 847,164 (847,164) - Net realized gain on sale of - - 5,340,681 (5,340,681) - investments Dividend for the year - - (3,750,000) - (3,750,000) Balance at 31 March 2002 12,500 24,987,500 (480,900) 590,178 25,109,278 Balance at 1 April 2002 12,500 24,987,500 (480,900) 590,178 25,109,278 Net loss for the year - - - (3,072,766) (3,072,766) Appropriated for: Net unrealized loss on valuation of investments - - (7,905,381) 7,905,381 - Net realized loss on foreign exchange - - (386,162) 386,162 - Net unrealized gain on foreign exchange relating to carrying value of investments - - 1,577,878 (1,577,878) - Net realized gain on sale of investments - - 3,541,391 (3,541,391) - Dividend for the year - (2,500,000) - - (2,500,000) Balance at 31 March 2003 12,500 22,487,500 (3,653,174) 689,686 19,536,512 The accounting policies and the notes on pages 5 to 19 form an integral part of these financial statements. SIAM INVESTMENT FUND STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 MARCH 2003 AND 2002 US$ 2003 2002 Cash flows from operating activities: Net (loss) income for the year (3,072,766) 9,795,610 Unrealized loss (gain) on valuation of investments 7,905,381 (4,235,170) Unrealized gain on foreign exchange relating to carrying value of investments (1,577,878) (847,164) Cash provided from operating activities before changes in operating assets and liabilities 3,254,737 4,713,276 Changes in operating assets and liabilities: Accounts receivable (1,693,304) (545,788) Forward contract receivable, net - 123,362 Dividend receivable (323,900) 752,911 Other current assets (2,333) (667) Investment (706,101) (1,191,888) Dividend payable (1,250,000) - Accrued expenses 10,061 (1,896) Total cash (used in) provided from operating activities (710,840) 3,849,310 Cash flow from financing activity: Dividend (2,500,000) - Total cash used in operating activities (2,500,000) - (Decrease) increase in cash and cash equivalents for year (3,210,840) 3,849,310 Cash and cash equivalents at beginning of the year 4,120,551 271,241 Cash and cash equivalents at end of the year 909,711 4,120,551 The accounting policies and the notes on pages 5 to 19 form an integral part of these financial statements. SIAM INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS AS AT 31 MARCH 2003 AND 2002 1 Business activities Siam Investment Fund ('the Fund') is a closed-end investment fund and was incorporated as an exempted company with limited liability in the Cayman Islands on 22 February 1996. The Fund obtained a listing for its shares on the London Stock Exchange on 25 April 1996. The Fund's investment objective is to achieve long-term capital appreciation through investments primarily in unlisted companies, joint ventures and projects. Previously, such investments were in the Southeast Asian region; however, following a change in mandate, approved at a shareholders meeting held on 6 March 1998, the Fund may now invest up to 100% of its capital in listed and unlisted companies in Thailand. 2 Duration The Fund may be dissolved on 31 March 2006. However, with the approval from the holders of at least two-thirds of the shares of the Fund, approved at or prior to the annual general meeting in 2006, the term of the Fund may be extended for an additional two years to 31 March 2008. 3 Significant accounting policies a) Basis of preparation The financial statements have been prepared in accordance with and are generally consistent with the International Accounting Standards. These require the Fund's Directors to make estimates and assumptions that effect the reported amounts and disclosure in the financial statements. Actual results could differ from these estimates. The financial statements are prepared under the historical cost convention as modified by the revaluation of certain marketable securities and investment properties. b) Cash equivalents The Fund considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. c) Investments All securities for which market quotations are readily available are valued at the closing market price. Securities for which market quotations are not readily available are valued by the Directors at cost to the Fund or at a valuation based on third-party transactions in the same or in similar investments or at fair market value taking into consideration the cost of the investments, the quoted prices of investments of comparable publicly traded companies, market conditions, the underlying collateral, financial data and projections of the issuer of any relevant securities, and such other factors as the Directors may deem relevant. Investment transactions are accounted for on the trade date. Realized gains and losses from securities transactions are reported on an identified cost basis. Dividend and interest income is accounted for on an accrual basis. Discounts on securities purchased are amortised over the life of the respective securities. Realized and unrealized gains and losses on investments, including those relating to foreign exchange translation of the original cost of investment into US Dollars at the balance sheet date, are appropriated as capital reserve. d) Foreign currency transactions Transactions denominated in foreign currencies are translated into United States dollars at the rates of exchange ruling on the transaction dates. All assets and liabilities expressed in foreign currencies at the balance sheet date are translated into United States dollars at the rate of exchange ruling at that date. Realized and unrealized gains and losses on translation of foreign currencies relating to the carrying value of investments are charged directly to income statements before being appropriated as the capital reserves. All other realized and unrealized gains and losses on translation of foreign currencies are included in the income and expenditure account. e) Interest income Interest income is recognised under the accrual basis. For the year ended 31 March 2003, interest income arising from cash and cash equivalents was US$ 15,934 (2002: US$ 29,799) and no interest income arising from investments. (2002: US$ 306,864). 4 Investments US$ 2003 2002 Listed securities, at market value 18,109,431 22,252,948 Unlisted securities, at Directors valuation 458,236 1,936,121 Investments - net 18,567,667 24,189,069 Cost of investments 23,863,782 23,157,618 The fund has taken conservative approach to set up provision for non- recovery of its investments in equity investment and debt investments up to 82% and 100%, respectively, in the year ended March 31, 2003. The provisions for such investments were 42% and 75%, respectively, in the year ended March 31, 2002. The Fund directors believe that the provision for equity investment is adequate to cover the possible loss as the Fund intends to hold such investment for long-term purpose. The cost of investments shown above and in 4.1 and 4.2 below reflect the cost at the date of acquisition and do not include any subsequent foreign exchange adjustments. An analysis of the Company's investments is as follows: 2003 2002 Market Market % of net assets Industry % holding Cost value % holding Cost value of the Fund US$ US$ US$ US$ 2003 2002 4.1 Listed investments Nation Multimedia Group Public Co., Ltd. Publishing 5.58% 2,743,165 2,613,874 6.85% 3,360,154 4,154,242 13.38 16.54 SE - Education Public Co., Ltd.Publishing 5.83% 1,168,704 1,664,753 10.73% 1,145,129 3,121,041 8.52 12.43 TISCO Finance Public Co., Ltd Finance 0.28% 793,346 621,883 2.49% 2,516,114 2,831,550 3.18 11.28 Thai Military Bank Public Co., Ltd. Banking 0.05% 314,564 85,861 0.20% 1,267,692 527,826 0.44 2.10 Bangkok Bank Public Co., Ltd. Banking - - - 0.07% 1,305,723 1,188,023 - 4.73 Telecom Asia Corp Public Co., Ltd. Communication 0.07% 815,493 166,701 0.07% 815,493 383,329 0.85 1.53 Singer (Thailand) Electrical Public Co., Ltd. Products - - - 1.80% 368,238 514,646 - 2.05 Delta Electronics (Thailand) Electrical Public Co., Ltd. Components - - - 0.03% 196,444 373,035 - 1.49 2003 2002 Market Market % of net assets Industry % holding Cost value % holding Cost value of the Fund US$ US$ US$ US$ 2003 2002 4.1 Listed investments (continued) Hana Microelectronics Electrical Public Co., Ltd. Components 0.19% 553,273 520,793 0.19% 553,273 593,879 2.67 2.37 KCE Electronics Electrical Public Co., Ltd.Components 1.50% 625,587 606,440 1.50% 625,587 780,607 3.10 3.11 Cal-Comp Electronic Electrical Public Co., Ltd.Components 0.03% 72,399 66,146 - - - 0.34 - Kang Yong Electric Electrical Public Co., Ltd. Products - - - 0.09% 26,973 27,656 - 0.11 BEC World Public Co., Ltd. Entertainment - - - 0.03% 321,788 380,175 - 1.51 Regional Container Lines Public Co., Ltd. Transportation - - - 0.19% 102,889 131,823 - 0.53 Thai Airways International Public Co., Ltd Transportation 0.04% 424,637 338,018 0.02% 142,471 73,771 1.73 0.69 Advance Info Services Public Co., Ltd Communication 0.03% 1,058,184 991,601 - - - 5.08 - 2003 2002 Market Market % of net assets Industry % holding Cost value % holding Cost value of the Fund US$ US$ US$ US$ 2003 2002 4.1 Listed investments (continued) Shinawatra Satellite Public Co., Ltd Communication 0.44% 789,799 519,673 0.22% 543,382 562,787 2.66 2.24 Jasmine International Public Co., Ltd Communication 1.47% 714,817 751,283 - - - 3.85 - Siam Makro Public Co., Ltd Commerce 0.49% 1,058,835 986,766 0.21% 475,834 430,836 5.05 1.72 Sansiri Public Co., Ltd Property 0.67% 642,966 920,205 1.79% 609,915 580,193 4.71 2.31 Golden Land Property Development Public Co., Ltd Property 0.16% 332,260 183,155 - - - 0.94 - Pranda Jewelry-Warrants Public Co., Ltd Jewelry 1.05% - 99,382 0.10% - 212,969 0.51 0.85 Nation Multimedia Group-Warrants Public Co., Ltd Publishing 5.64% - 156,625 - - - 0.80 - SE-Education-Warrants Public Co., LtdPublishing 21.72% 373,066 1,630,745 22.57% 332,464 1,641,588 8.35 6.54 Pranda Jewelry Public Co., Ltd Jewelry 1.81% 477,330 451,189 - - - 2.31 - 2003 2002 Market Market % of net assets Industry % holding Cost value % holding Cost value of the Fund US$ US$ US$ US$ 2003 2002 4.1 Listed investments (continued) Thai Reinsurance Public Co., Ltd Insurance 0.47% 362,648 414,722 - - - 2.12 - Surapon Foods Food Public Co., Ltd. & Beverages 0.61% 11,265 10,055 - - - 0.05 - Thai Union Frozen Products Food Public Co., Ltd. & Beverages 0.17% 336,680 647,761 0.17% 336,680 809,817 3.32 3.23 PTT Exploration & Production Public Co., Ltd Energy 0.03% 581,290 519,491 - - - 2.66 - Fancy Wood Industries Household Public Co., Ltd. Goods 1.68% 827,904 847,877 - - - 4.34 - National Finance Public Co., Ltd Finance 0.06% 228,676 216,519 - - - 1.11 - Aromatics (Thailand) Public Co., Ltd Chemical 0.03% 95,086 90,294 - - - 0.46 - Thai Gypsum Products Building Public Co., Ltd. & Furnishing Materials 0.10% 77,804 76,995 - - - 0.39 - 2003 2002 Market Market % of net assets Industry % holding Cost value % holding Cost value of the Fund US$ US$ US$ US$ 2003 2002 4.1 Listed investments (continued) Vanachai Group Building Public Co., Ltd. & Furnishing Materials 0.11% 174,396 164,015 - - - 0.84 - Siam City Cements Building Public Co., Ltd & Furnishing Materials 0.05% 512,329 574,755 - - - 2.94 - Asia Pacific Resources Potash Ltd. (d) Fertilizer 5.19% 3,234,710 1,171,854 - 3,648,807 2,833,155 6.00 11.28 Total-listed investments 19,401,213 18,109,431 18,695,049 22,252,948 92.70 88.64 4.2 Unlisted investments 4.2.1 Equity investments 2003 2002 Director's Director's % of net assets Industry % holding Cost valuation % holding Cost valuation of the Fund US$ US$ US$ US$ 2003 2002 Northbridge Communities Ltd. (a) International School 6.25% 2,462,569 458,236 6.25% 2,462,569 1,436,121 2.35 5.72 Total-unlisted equity investment 2,462,569 458,236 2,462,569 1,436,121 2.35 5.72 4.2.2 Debt investments 2003 2002 Director's Director's % of net assets Industry % holding Cost valuation % holding Cost valuation of the Fund US$ US$ US$ US$ 2003 2002 Convertible term loan to Monterey Pizza Co., Ltd. (b) Foods - 2,000,000 - - 2,000,000 500,000 - 1.99 Convertible term debenture to Asia Pacific Resources Ltd. (c) Potash Fertilizer - - - - - - - - Total-unlisted debt investments 2,000,000 - - 2,000,000 500,000 - 1.99 Total-unlisted investments 4,462,569 458,236 4,462,569 1,936,121 2.35 7.71 Investments - net 23,863,782 18,567,667 23,157,618 24,189,069 95.04 96.35 (a) Northbridge Communities Ltd. Northbridge Communities Ltd. ('NCL') operates international schools and related property developments. Thailand-The International School Eastern Seaboard (ISE) continues to enroll approximately 300 students in grades pre-school through 12. The school is running a cash surplus that is being applied to repay loans. The 13 single-family homes owned by NCL are fully leased to families from the corporate community including General Motors Thailand and Bayer Thailand. Cambodia-The Northbridge International School Cambodia (NISC) continues to grow in student enrollment. The school now has more than 220 students in grades pre-school to 12. The school is running a cash surplus that is being applied to repay the loan from the parent, NCL. The first phase of the apartment development (16 units in 2 buildings) is fully leased. The first phase of the single-family homes (14 houses) are leased or sold. Two banks in Cambodia have offered financing for the second set of apartments. NCL is negotiating the final rate before signing the loan. The second phase of the single-family homes will be built according to demand. There is also consideration for a second school building in the next two years. Vietnam-Discussions are being held in Hanoi with NCL's joint venture partners and other property developers to re-start the North Thang Long Joint Venture Company. This company, in which NCL holds a 60% shareholding, has been given an investment license to develop 86 Hectares just north of the Thang Long bridge to the International Airport. (b) Monterey Pizza Co., Ltd. The convertible term loan to Monterey Pizza Co., Ltd. ('Monterey') is denominated in US$ and carries interest at six month US$ LIBOR, payable every six months. The loan is secured by the major shareholders of Monterey and was repayable in full prior to 20 December 1998. As part of the loan agreement, the Fund has the right to convert a portion of the term loan into Monterey Shares equivalent to 250,000 Monterey shares (with par value of Baht 100 per share) which have been placed in escrow. Monterey has experienced financial difficulties since 1997. Interest has not been paid when due. The Fund has stopped accruing interest since December 1997. A legal demand for payment of principal and accrued interest has been made to Monterey as well as to 2 directors who have guaranteed the loan. The court ruled in favor of the Fund's demand for Baht 108 million. The defendants have been asked by the court to settle with the Fund. The loan has already been written down to zero. (c) Asia Pacific Resources Ltd. The original investment in Asia Pacific Resources Ltd. ('APQ') was through a convertible debenture denominated in US$ and secured by Pacific Corporate Trust Company, as Trustee. The debenture was originally due to mature on 13 August 2000 but this was subsequently extended by one year. The debenture carried interest at 10%. As part of the debenture agreement, the Fund had the right to convert the term debenture into APQ shares at US$ 2.32 per share. In December 2001, the maturity of the debenture was further extended to 28 February 2002. In February 2002, the Company announced a significant refinancing exercise which included both a rights issue and the conversion of the convertible debentures at a revised conversion price of C$ 0.20 per share. Under the financing terms, Crew Development Corporation, the principal shareholder in APQ and Olympus Capital Holdings Asia I, L.P., the principal holder of the convertible debenture, undertook to provide interim financing and a minimum funding injection of up to a combined C$ 10 million in the event that the subscriptions amounted to less than C$ 20 million. In the event, the Fund received a total of 25,590,466 shares in APQ as a result of the conversion. These shares were delivered on 17 April 2002. APQ shares are listed on the Toronto Stock Exchange. The market value of APQ common share as at 31 March 2003 was US$ 0.0511 (2002: US$ 0.1095) per share. Credit risk The Fund has significant investments in Thailand which may involve greater risk than investments in more developed markets. The prices of such investments may be volatile. The yields of emerging market debt obligations reflect, amongst other matters, perceived credit risk. The consequences of political, social or economic changes in Thailand may have disruptive effects on the market prices of the Fund's investments and the income they generate. Currency risk All of the Fund's equity investments where the investee company is incorporated in Thailand are subject to currency risk as the investee shares are denominated in Thai Baht. The Fund's debt investments are denominated in US$ and is thus not exposed to currency risk. Fair values Listed and unlisted investments are stated at market values and Directors' valuations respectively. At 31 March 2003, in the opinion of the Directors, the carrying values of the listed and unlisted investments approximate their fair values. Additional information related to all investments of the Group which account for more than 5% of net assets as at 31 March 2003 is as follows: EPS per Market value/ Cost of latest audited Directors' % of issued investment accounts valuation Investment Industry share capital US$ US$ US$ Equity investments NATION Publishing 5.58% 2,743,165 (0.0348) 2,613,874 SE - ED Publishing 5.83% 1,168,704 0.0775 1,664,753 ADVANC Communication 0.03% 1,058,184 0.0908 991,601 MAKRO Commercial 0.49% 1,058,835 0.0915 986,766 APQ Potash Fertilizer 5.19% 3,234,710 (0.0068) 1,171,854 The Group received dividends from the above investments during the year totaling US$ 780,773 (2002: US$ 399,312). 5 Share capital US$ 2003 2002 Authorised: 10,000,000 ordinary shares of US$ 0.005 each 50,000 50,000 Issued and fully paid 2,500,000 ordinary shares of US$ 0.005 each 12,500 12,500 6 Share premium US$ 2003 2002 Arising on the issue of 2,500,000 ordinary shares at a premium of US$ 10.295 per share, fully paid 25,737,500 25,737,500 Less: Placement fee (750,000) (750,000) Dividend payment (2,500,000) - 22,487,500 24,987,500 7 Net asset value per share The calculation of the net asset value per share is based on the net assets of US$ 19,536,512 (2002: US$ 25,109,278) divided by the number of shares, being 2,500,000. 8 Related party transactions 8.1 Advisory fees Finansa Fund Management Ltd, a related company incorporated in the Cayman Islands, serves as the investment adviser to the Fund and receives the following.: (i) a monthly advisory fee in an amount equal to 2% per annum of the contributed capital (defined as the aggregate paid-up share capital of the Fund, inclusive of share premium) of the Fund; and (ii) a performance fee of 20% of the amounts by which distributions to shareholders exceed a cumulative compound rate of return on the Fund's contributed capital of 12% per annum. Advisory fees totaling US$ 500,000 (2002: US$ 500,000) were charged for the year. 8.2 Directors' fees and reimbursements The Fund's Articles of Association provide that the Fund may pay up to an aggregate of US$ 100,000 per year to its Directors. For the year ended 31 March 2003, an amount of US$ 62,500 (2002: US$ 56,670) was approved for payment to the Directors. In addition, the Fund reimburses Directors for travel and out-of-pocket expenses incurred in connection with Board of Directors meetings and meetings of committees of the Board of Directors. 8.3 Directors' interest in contracts of significance Mr. Eugene S. Davis is a director and shareholder of Finansa Public Company Limited, a shareholder in Finansa Fund Management Ltd., ('FFM'), the investment advisor to the Fund. Mr. Davis is also a director of FFM. 9 Custodial and administrative fees Under a custodial agreement with Citibank, N.A. (Hong Kong Branch) ('Citibank')., Citibank acts as custodian for the Fund, and is entitled to receive a fee from the Fund, computed and paid monthly in arrears, comprising the following: (i) a fee calculated at a 3.5 - 7.0 basis points per annum of the value of the portion held by the custodian; and (ii) a transaction fee of US$ 35 - US$ 90 per transaction. Under an administrative agreement with Bank of Butterfield International (Cayman) Ltd. ('Butterfield')., Butterfield acts as administrator of the Fund, and is entitled to receive a fee from the Fund calculated and payable quarterly in arrears at a rate of US$ 100 per hour on a time spent basis, subject to a minimum of US$ 7,500 per year. Custodial and administrative fees totaling US$ 16,936 and US$ 7,500 respectively (2002: US$ 6,050 and US$ 7,500) were charged for the year. 10 Directors The non-executive directors during the year ended 31 March 2003 were as follows: Eugene S. Davis M.L. Plaichumpol Kitiyakara Van Huong Nguyen David Roberts Enghug Nontikarn Mungkorn Kriengwatana Martin Michael Adams (Appointed on 14 November 2002) 11 Interest in shares Shareholders who held an interest of 3% or more in the Fund as of 31 March 2003 were as follows: Shareholder Number of shares Percentage Citivic Nominees Limited 2,500,000 100% (formerly MGTB Nominees Limited) 12 Taxation The Fund is exempt from Cayman Islands income tax and accordingly its only liability is the payment of an annual registration fee to the government of the Cayman Islands, amounting to US$ 500 per annum. It is possible that the Fund could be assessed for income tax in other jurisdictions. No assessments have been raised and the Directors consider the likelihood of a significant tax liability arising to be remote. 13 Dividend A resolution was passed by the Board of Directors Meeting held on 18 February 2003 approving the dividend of US$1 per share. The Fund received approval from shareholders to pay this dividend in April 2003. This information is provided by RNS The company news service from the London Stock Exchange

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