Attached files
| file | filename |
|---|---|
| 8-K - TAIWAN FUND INC | v203273_8k.htm |
|
THE
TAIWAN FUND, INC. (THE 'FUND')
|
||||||||
 The Martin Currie
Shanghai team |
IN BRIEF
|
|||||||
|
US$
return
|
||||||||
|
Net asset value per
share
|
US$18.61
|
At October
31, 2010
|
Fund*
|
TSE
Index†
|
||||
|
Market
price
|
US$17.12
|
%
|
%
|
|||||
|
Premium/(Discount)
|
(8.01%)
|
|
One month
|
2.7
|
|
2.6
|
|
|
|
Fund size
|
US$345.7m
|
Three
months
|
16.1
|
|
11.7
|
|
||
|
One year
|
26.4
|
|
19.9
|
|||||
|
Source:
State Street Bank and Trust Company.
|
Three years %
pa
|
(4.6
|
)
|
(3.4
|
)
|
|||
|
Past
performance is not a guide to future returns. Returns are annualized,
except for periods of less than one
year.
|
||||||||
| *Source: State Street Bank and Trust Company. NAV performance. | ||||||||
|
†Source
for index data:
TWSE.
|
||||||||
|
Taipei
is a noisy place this month, as candidates in the forthcoming local
elections on 27 November take their last chance to convince the populace
of their virtues, with flags waving and megaphones blaring. On the streets
there is clear evidence of the recovery in domestic consumption: the Fund
manager had to wait for more than 30 minutes for a taxi at Taoyuan
International Airport; with the opening of the new Uni-President Hankyu
Department Store, the shopping crowds in the Hsinyi area were particularly
unbearable; a queue of impressionable teenagers were found to be waiting
not for a rock star but for the opening of the first UNIQLO store in
Taipei. The consumer confidence index has risen to 80.4, its highest peak
since February 2004, and a couple of my Taiwanese friends, to celebrate,
traded in their Nissans of similar vintage for a BMW and Lexus,
respectively. They were part of October’s 40% year-on-year car-sales
growth. Amid all this excitement, the TSE index was rather subdued, on the
implications for exporters of the NT dollar’s 1.8% appreciation during the
month.
The
central bank announced measures to cool the property market, raising the
interest rate by 0.125 basis points on 1 October, and planning the
re-launch in 2011 of a 1% tax on idle land. The price of commercial
property hasn’t come down as the government would like, because of the
potential demand stimulated by the Economic Cooperation Framework
Agreement. This demand includes branch offices for mainland companies (the
Bank of China opened its first branch office in Taipei on 25 October), the
hotel-room and shopping demands of Chinese tourists (the government
announced that employees of the top 500 enterprises in China would be
eligible to apply for individual tours in Taiwan), and the office space
needed by foreign companies to take advantage of the free-trade agreement
(14 foreign giants, including Intel, HP and IBM have applied to set up
research and development centers in Taiwan so far this year).
The
results of the forthcoming local elections might not be favorable to the
Kuomintang (though an improving economy and falling taxes and unemployment
provide a pretty good backdrop for the incumbents). But a stronger showing
by the Democratic Progressive Party will likely trigger further trade
concessions from Beijing. The Taipei International Flora Exposition will
be open for six months from 6 November; after the Beijing Olympics, the
Shanghai World Expo and the Guangzhou Asian Games, a show-less Taipei
simply would not
do.
|
||||
|
INVESTMENT
STRATEGY
|
|
|
The Fund is 97.2% invested with
holdings in 58 companies. The Fund's exposure to the electronics sector is
28.6% and finance is 15.9%.
During the month we sold out of
Chicony
Electronics (with
Chinese wages rising, we are worried about the labor-intensive exporter
business model). We also cut holdings in the accident-prone Formosa
Plastics Group,
selling Formosa
Chemicals &
Fibre and
Nan Ya
Plastics.
On the buy side, we added to our
holdings in cheap banking stocks (SinoPac
Financial Holdings
and Union Bank of
Taiwan) as loan
growth recovers, non-performing loans fall and the prospect of investment
from Chinese corporations comes closer. One feature of our recent company
visits has been the number of prospective strategic investments from
mainland corporations which await Taipei’s approval (perhaps after the
local elections?). We added to the Fund’s holdings in two such companies,
Taiwan Land
Development and
Far EasTone
Communications. We
also added to telecom giant Chunghwa
Telecom, where we
expect to see a new spurt of growth as the increasing use of 3G
smartphones increases wireless internet access. In technology, we added
Taiwan Surface
Mounting Technology
(which is benefiting from LED TV growth), MPI (testing equipment) and
Wah Lee
Industrial (an
electronic materials trader that is benefiting from exposure to the
green-energy sector).
In October, our invested company
Tong Ho Steel
Enterprise, the
electric-arc-furnace operator, opened what will probably be the last
green-field steel mill in Taiwan, near Tamsui port. This will
allow the company’s old mill in central Taoyuan to be
redeveloped.
Chris Ruffle, Martin Currie
Inc*
*Martin Currie Ltd and Heartland
Capital Management Ltd (HCML) have established MC China Ltd (MCCL), as a
joint venture company, to provide investment management or investment
advisory services to the range of China investment products managed by
Martin Currie. MCCL has appointed Martin Currie Investment Management Ltd
(MCIM), or its affiliates, as investment manager of Martin Currie’s
China investment products. HCML has
seconded both Chris Ruffle and Shifeng Ke to MCIM, or its affiliates, on a
full time basis with the same roles and responsibilities as if they were
full time
employees.
|
|
October
31, 2010
|
|||||||
|
FUND
DETAILS
|
PERFORMANCE
|
(US$
RETURNS)
|
|||||
|
Market cap
|
US$318.0m
|
NAV
|
Market price
|
||||
|
Shares
outstanding
|
18,575,112
|
%
|
%
|
||||
|
Exchange
listed
|
NYSE
|
One month
|
2.7
|
2.3
|
|||
|
Listing
date
|
1986
|
Three
months
|
16.1
|
20.7
|
|||
|
Listed and direct investment
manager
|
Martin Currie
Inc
|
Three years %
pa
|
(4.6
|
)
|
(5.2
|
)
|
|
|
Past performance is not a guide to
future returns. Returns
|
|||||||
|
Source: State Street Bank and
Trust Company.
|
are annualized, except for periods
of less than one year.
|
||||||
|
Source: State Street Bank and
Trust Company.
|
|||||||
|
SECTOR ALLOCATION
|
|||||
|
%
of net assets
|
|||||
|
Wah
Lee Industrial
|
Electronics
|
3.6 | % | ||
|
Taiwan
Semiconductor Manufacturing
|
Electronics
|
3.6 | % | ||
|
President
Chain Store
|
Wholesale
and retail
|
3.3 | % | ||
|
Far
Eastern Department Stores
|
Wholesale
and retail
|
3.2 | % | ||
|
Synnex
Technology International
|
Electronics
|
3.0 | % | ||
|
SinoPac
Financial Holdings
|
Finance
|
2.9 | % | ||
|
Chinatrust
Financial
|
Finance
|
2.9 | % | ||
|
China
Petrochemical Development
|
Plastics
|
2.8 | % | ||
|
KGI
Securities
|
Finance
|
2.8 | % | ||
|
Tung
Ho Steel Enterprise
|
Steel
and iron
|
2.7 | % | ||
|
Fubon
Financial Holding
|
Finance
|
2.6 | % | ||
|
Uni-President
Enterprises
|
Foods
|
2.5 | % | ||
|
Yuanta
Financial Holdings
|
Finance
|
2.4 | % | ||
|
WT
Microelectronics
|
Electronics
|
2.3 | % | ||
|
Taiwan
Glass Industrial
|
Glass
and ceramics
|
2.3 | % | ||
|
Source:
State Street Bank and Trust Company.
|
|||||
|
PERFORMANCE
|
(US$
RETURNS)
|
|||||||||||||||||||||||||||||||
|
One
month
%
|
Three
months
%
|
Calendar
year
to
date
%
|
One
year
%
|
Three
years
%
pa
|
Five
years
%
pa
|
Ten
years
%
pa
|
Since
launch
%
pa
|
|||||||||||||||||||||||||
|
The
Taiwan Fund, Inc
|
2.7 | 16.1 | 13.0 | 26.4 | (4.6 | ) | 10.4 | 4.8 | 9.5 | |||||||||||||||||||||||
|
TSE
Index
|
2.6 | 11.7 | 5.7 | 19.9 | (3.4 | ) | 9.5 | 4.7 | 9.4 | |||||||||||||||||||||||
|
TAIEX
Total Return Index
|
2.6 | 13.0 | 9.6 | 24.3 | 0.5 | 13.8 |
na
|
na
|
||||||||||||||||||||||||
|
MSCI
Taiwan Index
|
2.7 | 12.4 | 7.4 | 21.1 | (2.8 | ) | 10.1 | 5.1 |
na
|
|||||||||||||||||||||||
Past
performance is not a guide to future returns. Source: State Street Bank and
Trust Company. Launch date December 23, 1986. Returns for the Fund are
historical total returns that reflect changes in net asset value per share
during each period and assume that dividends and capital gains, if any, were
reinvested. Returns are annualized, except for periods of less than one
year.
Source
for index data: MSCI for the MSCI Taiwan Index and TWSE for the TAIEX Total
Return Index and the TSE Index. For a full description of each index please see
the index descriptions section.
Returns
for the TSE Index are not total returns and reflect only changes in the share
price but do not assume that cash dividends, if any, were reinvested, and thus
are not strictly comparable to the Fund returns.
The TAIEX
Total Return Index commenced January 1, 2003.
|
THE PORTFOLIO — IN
FULL
|
OCTOBER 31, 2010 | ||||
|
Sector
|
Company
(BGB
ticker)
|
Price
|
Holding
|
Value US$
|
% of net
assets
|
|
Electronics
|
28.6
|
||||
|
Wah Lee
Industrial
|
3010
TT
|
NT$57.2
|
6,644,000
|
$
12,410,783
|
3.6
|
|
Taiwan Semiconductor
Manufacturing
|
2330
TT
|
NT$62.8
|
5,994,426
|
$
12,293,649
|
3.6
|
|
Synnex Technology
International
|
2347
TT
|
NT$74.9
|
4,238,544
|
$
10,367,452
|
3.0
|
|
WT
Microelectronics
|
3036
TT
|
NT$48.7
|
5,056,000
|
$ 8,032,735
|
2.3
|
|
WPG
Holdings
|
3702
TT
|
NT$56.9
|
4,129,725
|
$ 7,673,738
|
2.2
|
|
Far EasTone
Telecommunications
|
4904
TT
|
NT$44.1
|
4,924,000
|
$ 7,083,330
|
2.1
|
|
Tatung
|
2371
TT
|
NT$7.2
|
26,073,000
|
$ 6,147,545
|
1.8
|
|
Longwell
|
6290
TT
|
NT$45.1
|
3,614,000
|
$ 5,322,777
|
1.5
|
|
Syncmold
Enterprise
|
1582
TT
|
NT$57.0
|
2,678,000
|
$ 4,984,929
|
1.5
|
|
Aurora
|
2373
TT
|
NT$54.8
|
2,196,000
|
$ 3,929,945
|
1.1
|
|
Clevo
|
2362
TT
|
NT$67.5
|
1,650,000
|
$ 3,637,151
|
1.1
|
|
Taiwan Surface Mounting
Technology
|
6278
TT
|
NT$69.8
|
1,554,000
|
$ 3,542,256
|
1.0
|
|
MPI
|
6223
TT
|
NT$98.1
|
1,098,000
|
$ 3,517,587
|
1.0
|
|
Avermedia
Technologies
|
2417
TT
|
NT$39.3
|
2,690,000
|
$ 3,452,378
|
1.0
|
|
Chunghwa
Telecom
|
2412
TT
|
NT$71.6
|
1,488,000
|
$ 3,479,281
|
1.0
|
|
Hon Hai Precision
Industry
|
2317
TT
|
NT$116.0
|
464,085
|
$ 1,758,041
|
0.5
|
|
Soft-World
International
|
5478
TT
|
NT$130.5
|
154,000
|
$ 659,585
|
0.2
|
|
TPK Holding
|
3673
TT
|
NT$505.0
|
50,000
|
$ 375,553
|
0.1
|
|
Finance
|
15.9
|
||||
|
SinoPac Financial
Holdings
|
2890
TT
|
NT$11.6
|
26,935,000
|
$
10,159,504
|
2.9
|
|
Chinatrust Financial
Holdings
|
2891
TT
|
NT$19.1
|
16,067,000
|
$
10,021,707
|
2.9
|
|
KGI
Securities
|
6008
TT
|
NT$14.4
|
20,740,000
|
$ 9,753,147
|
2.8
|
|
Fubon Financial
Holding
|
2881
TT
|
NT$37.5
|
7,349,624
|
$ 9,000,568
|
2.6
|
|
Yuanta Financial
Holding
|
2885
TT
|
NT$19.3
|
13,013,000
|
$ 8,180,535
|
2.4
|
|
Jih Sun
Financial
|
5820
TT
|
NT$10.2
|
11,240,781
|
$ 3,744,296
|
1.1
|
|
China Life
Insurance
|
2823
TT
|
NT$24.9
|
4,191,254
|
$ 3,408,136
|
1.0
|
|
Union Bank of Taiwan
|
2838
TT
|
NT$9.0
|
2,541,000
|
$ 743,509
|
0.2
|
|
Wholesale and
retail
|
12.9
|
||||
|
President Chain
Store
|
2912
TT
|
NT$121.5
|
2,840,000
|
$
11,268,553
|
3.3
|
|
Far Eastern Department
Stores
|
2903
TT
|
NT$38.0
|
8,794,500
|
$
10,913,607
|
3.2
|
|
Test-Rite
International
|
2908
TT
|
NT$24.0
|
9,920,000
|
$ 7,774,930
|
2.2
|
|
Taiwan Tea
|
2913
TT
|
NT$20.2
|
8,231,000
|
$ 5,416,281
|
1.6
|
|
Mercuries &
Associates
|
2905
TT
|
NT$21.4
|
6,680,100
|
$ 4,657,516
|
1.3
|
|
PC Home
Online
|
8044
TT
|
NT$154.5
|
922,125
|
$ 4,652,558
|
1.3
|
|
Construction
|
6.2
|
||||
|
Prince Housing &
Development
|
2511
TT
|
NT$22.5
|
9,899,760
|
$ 7,274,124
|
2.1
|
|
Taiwan Land
Development
|
2841
TT
|
NT$13.9
|
14,586,183
|
$ 6,621,098
|
1.9
|
|
Hung Poo Real Estate
Development
|
2536
TT
|
NT$45.6
|
3,061,000
|
$ 4,553,289
|
1.3
|
|
Continental
Holdings
|
3703
TT
|
NT$11.8
|
7,468,000
|
$ 2,865,601
|
0.9
|
|
Plastics
|
4.9
|
||||
|
China Petrochemical
Development
|
1314
TT
|
NT$25.9
|
11,711,000
|
$ 9,905,292
|
2.8
|
|
Nan Ya
Plastics
|
1303
TT
|
NT$68.2
|
3,217,000
|
$ 7,164,881
|
2.1
|
|
Textiles
|
4.0
|
||||
|
Li Peng Enterprise
|
1447
TT
|
NT$16.2
|
9,847,000
|
$ 5,193,379
|
1.5
|
|
Far Eastern New
Century
|
1402
TT
|
NT$44.1
|
3,121,200
|
$ 4,495,042
|
1.3
|
|
Makalot
Industrial
|
1477
TT
|
NT$70.0
|
1,773,000
|
$ 4,053,034
|
1.2
|
|
Foods
|
3.5
|
||||
|
Uni-President
Enterprises
|
1216
TT
|
NT$39.8
|
6,600,000
|
$ 8,578,287
|
2.5
|
|
Lien Hwa
Industrial
|
1229
TT
|
NT$22.6
|
4,815,000
|
$ 3,545,817
|
1.0
|
|
Electric and
machinery
|
3.3
|
||||
|
Depo Auto Parts
Industrial
|
6605
TT
|
NT$83.5
|
1,674,000
|
$ 4,564,734
|
1.3
|
|
Yungtay
Engineering
|
1507
TT
|
NT$40.6
|
3,274,000
|
$ 4,335,539
|
1.3
|
|
Awea
Mechantronic
|
1530
TT
|
NT$33.9
|
2,264,000
|
$ 2,506,396
|
0.7
|
|
Chemicals
|
3.0
|
||||
|
China Steel
Chemical
|
1723
TT
|
NT$111.5
|
1,600,000
|
$ 5,825,972
|
1.7
|
|
Excelsior
Medical
|
4104
TT
|
NT$96.4
|
1,421,000
|
$ 4,473,471
|
1.3
|
|
Steel and
iron
|
2.7
|
||||
|
Tung Ho Steel Enterprise
|
2006
TT
|
NT$28.7
|
10,099,000
|
$ 9,448,797
|
2.7
|
|
THE PORTFOLIO — IN FULL
(CONTINUED)
|
OCTOBER 31, 2010 | ||||
|
Sector
|
Company
(BGB
ticker)
|
Price
|
Holding
|
Value US$
|
% of net
assets
|
|
Healthcare
|
2.6
|
||||
|
St Shine
Optical
|
1565
TT
|
NT$344.0
|
392,000
|
$ 4,403,703
|
1.3
|
|
Pacific Hospital Supply
|
4126
TT
|
NT$128.0
|
1,099,948
|
$ 4,597,859
|
1.3
|
|
Others
|
2.5
|
||||
|
Yem Chio
|
4306
TT
|
NT$28.7
|
5,075,316
|
$ 4,748,553
|
1.4
|
|
Globe Union
Industrial
|
9934
TT
|
NT$32.2
|
3,826,000
|
$ 4,016,978
|
1.1
|
|
Transportation
|
2.4
|
||||
|
Eastern Media
International
|
2614
TT
|
NT$8.1
|
16,546,000
|
$ 4,349,731
|
1.3
|
|
Farglory F T Z
Investment
|
5607
TT
|
NT$30.3
|
3,809,000
|
$ 3,769,009
|
1.1
|
|
Glass and
ceramics
|
2.3
|
||||
|
Taiwan Glass
Industrial
|
1802
TT
|
NT$37.0
|
6,534,320
|
$ 7,895,428
|
2.3
|
|
Rubber
|
1.6
|
||||
|
TSRC
|
2103
TT
|
NT$55.6
|
3,057,000
|
$ 5,550,649
|
1.6
|
|
Cement
|
0.8
|
||||
|
Wei Mon
Industry
|
8925
TT
|
NT$20.0
|
4,204,296
|
$ 2,745,977
|
0.8
|
|
Other assets and
liabilities
|
$ 9,814,163
|
2.8
|
|||
|
THE
TAIWAN FUND, INC. PREMIUM/DISCOUNT
|
 |
|
Source: State Street Bank and
Trust Company as of October 31,
2010.
|
|
INDEX
DESCRIPTIONS
|
|
MSCI
Taiwan Index
The
MSCI Total Return Taiwan Index is a free-float adjusted market
capitalization index. The index represents Taiwanese companies that are
available to investors worldwide. The index has a base date of December
31, 1987. As of June 24, 2010 it contained 117 constituents.
TAIEX
Index
The
TWSE, or TAIEX, Index is capitalization-weighted index of all listed
common shares traded on the Taiwan Stock Exchange. The index was based in
1966.
TAIEX
Total Return Index
The
TAIEX total return Index is a capitalization-weighted index of all listed
common shares traded on the Taiwan Stock Exchange, based in 1966, which includes
re-invested dividends.
|
|
OBJECTIVE
|
|
The
Fund was launched on December 23, 1986 to allow US and other investors to
access and participate in the growth of the economy and the stock market
in Taiwan, the Republic of China. The Fund’s investment objective is to
seek long-term capital appreciation primarily through investments in
equity securities listed in Taiwan. The Fund is a diversified, closed-end
management investment company listed on the New York Stock Exchange (NYSE)
under the symbol 'TWN'.
Taiwan,
with its global market leadership in high technology goods and its
significant investments throughout mainland China and Southeast Asian
economies, is now an integral economic player in the Asia Pacific Region
as well as around the world. Investing in Taiwan not only allows investors
to capitalize on Taiwan’s dynamic economy, but also allows investors to
reap the growth and investment potential of the mainland China and other
emerging economies of the region.
|
|
CONTACTS
|
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The
Taiwan Fund, Inc.
c/o State Street Bank and Trust Company 2 Avenue de Lafayette PO Box 5049 Boston, MA 02111 Tel: (1) 877-864-5056 www.thetaiwanfund.com
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Important information: This document is issued
and approved by Martin Currie Inc (MC Inc), as investment adviser of The Taiwan
Fund, Inc. (the 'Fund'). MC Inc is authorised and regulated by the Financial
Services Authority (FSA) and incorporated under limited liability in New York,
USA. Registered in Scotland (No BR2575), registered address Saltire Court, 20
Castle Terrace, Edinburgh, EH1 2ES. Information herein is believed to be
reliable but has not been verified by MC Inc. MC Inc makes no representation or
warranty and does not accept any responsibility in relation to such information
or for opinion or conclusion which the reader may draw from this
newsletter.
The Fund
is classified as a diversified investment company under the US Investment
Company Act of 1940 as amended. It meets the criteria of a closed ended US
mutual fund and its shares are listed on the New York Stock Exchange. MC Inc has
been appointed investment adviser to the Fund.
Investors
are advised that they will not generally benefit from the rules and regulations
of the United Kingdom Financial Services and Markets Act 2000 and the FSA for
the protection of investors, nor benefit from the United Kingdom Financial
Services Compensation Scheme, nor have access to the Financial Services
Ombudsman in the event of a dispute. Investors will also have no rights of
cancellation under the FSA's Conduct of Business Sourcebook of the United
Kingdom.
This
newsletter does not constitute an offer of shares. MC Inc, its ultimate and
intermediate holding companies, subsidiaries, affiliates, clients, directors or
staff may, at any time, have a position in the market referred to herein, and
may buy or sell securities, currencies, or any other financial instruments in
such markets. The information or opinion expressed in this newsletter should not
be construed to be a recommendation to buy or sell the securities, commodities,
currencies or financial instruments referred to herein.
The
information provided in this report should not be considered a recommendation to
purchase or sell any particular security. There is no assurance that any
securities discussed herein will remain in an account's portfolio at the time
you receive this report or that securities sold have not been
repurchased.
It should
not be assumed that any of the securities transactions or holdings discussed
here were or will prove to be profitable, or that the investment recommendations
or decisions we make in the future will be profitable or will equal the
investment performance of the securities discussed herein.
Investing
in the Fund involves certain considerations in addition to the risks normally
associated with making investments in securities. The value of the shares issued
by the Fund, and the income from them, may go down as well as up and there can
be no assurance that upon sale, or otherwise, investors will receive back the
amount originally invested. There can be no assurance that you will receive
comparable performance returns, or that investments will reflect the performance
of the stock examples contained in this document. Movements in foreign exchange
rates may have a separate effect, unfavorable as well as favorable, on the gain
or loss otherwise experienced on an investment. Past performance is not a guide
to future returns. Accordingly, the Fund is only suitable for investment by
investors who are able and willing to withstand the total loss of their
investment. In particular, prospective investors should consider the following
risks:
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it should be noted
that investment in the Fund is only suitable for sophisticated investors
who are aware of the risk of investing in Taiwan and should be regarded as long
term. Funds which invest in one country carry a higher degree of risk than
those with portfolios diversified across a number of
markets.
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investment in the
securities of smaller and unquoted companies can involve greater risk than
is customarily associated with investment in larger, more established,
companies. In particular, smaller companies often have limited product
lines, markets or financial resources and their management may be
dependent on a smaller number of key individuals. In addition, the market
for stock in smaller companies is often less liquid than that for stock in
larger companies, bringing with it potential difficulties in acquiring,
valuing and disposing of such stock. Proper information for determining
their value, or the risks to which they are exposed, may not be
available.
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investments within
emerging markets such as Taiwan can be of higher risk. Many
emerging markets, and the companies quoted on their stock exchanges, are
exposed to the risks of political, social and religious instability,
expropriation of assets or nationalization, rapid rates of inflation, high
interest rates, currency depreciation and fluctuations and changes in
taxation which may affect the Fund's income and the value of its
investments.
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the marketability of quoted
shares may be limited due to foreign investment restrictions, wide dealing
spreads, exchange controls, foreign ownership restrictions, the restricted
opening of stock exchanges and a narrow range of investors. Trading volume
may be lower than on more developed stockmarkets, and equities are less
liquid. Volatility of prices can also be greater than in more developed
stockmarkets. The infrastructure for clearing, settlement and registration
on the primary and secondary markets may be undeveloped. Under certain
circumstances, there may be delays in settling transactions in some of the
markets.
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Martin
Currie Inc, registered in Scotland (no BR2575)
Registered
office: Saltire Court, 20 Castle Terrace, Edinburgh EH11 2ES Tel: 44 (0) 131 229
5252 Fax: 44 (0) 131 228 5959 www.martincurrie.com North American office: 1350
Avenue of the Americas, Suite 3010, New York, NY 10019, USA Tel: (1) 212 258
1900 Fax: (1) 212 258 1919 Authorised and registered by the Financial Services
Authority and incorporated with limited liability in New York, USA.
Please
note: calls to the above numbers may be recorded.