<PAGE>
- ---------------------------------------------------
<TABLE>
<S> <C>
DIRECTORS OFFICERS
Barton M. Biggs James W. Grisham
CHAIRMAN OF THE BOARD VICE PRESIDENT
Chairman and Director, Morgan Stanley Michael F. Klein
Asset Management Inc. and Morgan Stanley VICE PRESIDENT
Asset Management Limited; Managing Harold J. Schaaff,
Director, Morgan Stanley & Co. Jr.
Incorporated; Director, Morgan Stanley VICE PRESIDENT
Group Inc. Joseph P. Stadler
Frederick B. Whittemore VICE PRESIDENT
VICE-CHAIRMAN OF THE BOARD Valerie Y. Lewis
Advisory Director, Morgan Stanley & Co. SECRETARY
Incorporated Karl O. Hartmann
Warren J. Olsen ASSISTANT SECRETARY
DIRECTOR AND PRESIDENT James R. Rooney
Principal, Morgan Stanley Asset TREASURER
Management Inc. and Morgan Stanley & Co. Joanna M. Haigney
Incorporated ASSISTANT TREASURER
John D. Barrett II
Chairman and Director,
Barrett Associates, Inc.
Gerard E. Jones
Partner, Richards & O'Neil LLP
Andrew McNally IV
Chairman and Chief Executive Officer, Rand
McNally
Samuel T. Reeves
Chairman of the Board and CEO, Pinacle
L.L.C.
Fergus Reid
Chairman and Chief Executive Officer,
LumeLite Corporation
Frederick O. Robertshaw
Of Counsel, Bryan, Cave
</TABLE>
- ------------------------------------------------------------------
INVESTMENT ADVISER AND ADMINISTRATOR
Morgan Stanley Asset Management Inc.
1221 Avenue of the Americas
New York, New York 10020
- ------------------------------------------------------------------
DISTRIBUTOR
Morgan Stanley & Co. Incorporated
1251 Avenue of the Americas
New York, New York 10020
- ---------------------------------------------------------
CUSTODIANS
The Chase Manhattan Bank
770 Broadway
New York, New York 10003
Morgan Stanley Trust Company
One Pierrepont Plaza
Brooklyn, New York 11210
- ------------------------------------------------------------------
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
2000 One Logan Square
Philadelphia, Pennsylvania 19103
- ------------------------------------------------------------------
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
- ------------------------------------------------------------------
For current performance, current net asset value, or for assistance with your
account, please contact the Fund at (800) 548-7786. This report is authorized
for distribution only when preceded or accompanied by prospectuses of the Morgan
Stanley Institutional Fund, Inc.
[LOGO] MORGAN STANLEY
INSTITUTIONAL FUND, INC.
P.O. Box 2798
Boston, MA 02208-2798
[LOGO] MORGAN STANLEY
INSTITUTIONAL FUND, INC.
ASIAN EQUITY PORTFOLIO
THIRD QUARTER REPORT
SEPTEMBER 30, 1996
<PAGE>
LETTER TO SHAREHOLDERS
- -------
The investment objective of the Asian Equity Portfolio is to seek long-term
capital appreciation by investing primarily in equity securities which are
traded on recognized exchanges of Hong Kong, Singapore, Malaysia, Thailand,
Indonesia and the Philippines. The Portfolio may also invest in common stocks
traded on markets in Taiwan, South Korea, India, Pakistan, Sri Lanka and other
Asian developing markets which are open for foreign investment. The Portfolio
does not intend to invest in securities which are principally traded in Japan or
in companies organized under the laws of Japan.
PERFORMANCE COMPARED TO THE MORGAN STANLEY
CAPITAL INTERNATIONAL (MSCI) COMBINED FAR EAST
FREE EX-JAPAN INDEX(1)
- ------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURNS(2)
------------------------------------------------
AVERAGE AVERAGE
ANNUAL ANNUAL
ONE FIVE SINCE
YTD YEAR YEAR INCEPTION
----- --------- ----------- -----------
<S> <C> <C> <C> <C>
PORTFOLIO--CLASS A........ 3.17% 5.30% 21.12 19.16%
PORTFOLIO--CLASS B(3) .... 2.69 N/A N/A N/A
INDEX..................... 6.29 8.30 18.78 17.21
</TABLE>
1. The MSCI Combined Far East Free ex-Japan Index is an unmanaged index of
common stocks and includes Indonesia, Hong Kong, Malaysia, the Philippines,
Korea, Singapore, Taiwan and Thailand (assumes dividends reinvested).
2. Total returns for the Portfolio reflect expenses waived and reimbursed, if
applicable, by the Adviser. Without such waiver and reimbursement, total
returns would be lower.
3. The Portfolio began offering Class B shares on January 2, 1996.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
- ------------------------------
THE COUNTRY SPECIFIC PERFORMANCE RESULTS PROVIDED ARE AS MEASURED BY THE MSCI
COMBINED FAR EAST FREE EX-JAPAN INDEX AND ARE FOR INFORMATIONAL PURPOSES ONLY
AND SHOULD NOT BE CONSTRUED AS A GUARANTEE OF THE PORTFOLIO'S FUTURE
PERFORMANCE. PAST PERFORMANCE SHOWN IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S
SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
PLEASE SEE THE PROSPECTUS FOR A DESCRIPTION OF CERTAIN RISK CONSIDERATIONS
ASSOCIATED WITH INTERNATIONAL INVESTING.
For the nine month period ended September 30, 1996, the Portfolio had a total
return of 3.17% for the Class A shares and 2.69% for the Class B shares, as
compared to a total return of 6.29% for the Morgan Stanley Capital International
(MSCI) combined Far East Free ex-Japan Index. The average annual total return
for the twelve month and five year periods ended September 30, 1996 and for the
period from inception on July 1, 1991 through September 30, 1996 was 5.30%,
21.12% and 19.16%, respectively, for the Class A shares as compared with 8.30%,
18.78% and 17.21%, respectively, for the Index.
REVIEW
The Portfolio underperformed the MSCI Index over the third quarter. For the
three months ended September 30, 1996, the Portfolio had a total return of
- -2.44% for the Class A shares and -2.49% for the Class B shares compared with
- -1.91% for the Index. The Portfolio had underperformed mainly because of asset
allocation. The Portfolio was overweighted in Thailand and South Korea, both of
which underperformed the composite Index for the quarter. The Portfolio was also
underweighted in Hong Kong which did well. However, the Portfolio gained some
lost ground through stock selection. Stock selection was good in Hong Kong and
Thailand and China. Among the larger holdings in the portfolio, the better
performing ones were HSBC Holdings (up 22.7%), New World Development (up 13.1%)
and Hutchison Whampoa (up 6.8%).
The Portfolio has underperformed the Index year-to-date mainly because of stock
selection. Stock selection was weak in several countries including Malaysia,
Hong Kong, Indonesia and Thailand.
MARKET REVIEW
In the first nine months of this year, Asian markets were generally on an
uptrend. But the performances of the countries varied widely. Domestic factors
were the key determinants of market directions for the most part of the year.
Taiwan was the best performing market after a disastrous year. It recovered
strongly this year when political tensions eased between China and Taiwan. The
inclusion into the MSCI Index also lifted
2
<PAGE>
the market, with Taiwan ending the nine months up 33.6%. Hong Kong benefited
from recovering property prices and funds flow into the region. Hong Kong rose
15.8% year-to-date. The markets that were very weak were Thailand and South
Korea, which declined by 15.0% and 23.3% respectively. Both were affected by
domestic issues of rising current account deficits, securities margin calls and
a rapidly slowing economy.
Over the third quarter, Asian markets were generally weak. Of the nine countries
in the new Morgan Stanley Capital International (MSCI) combined Far East Free
ex-Japan Index, only two registered positive gains over the three month period.
The two markets that went up were Hong Kong (up 4.4%) and Malaysia (up 0.5%). Of
the remaining seven that declined, the worst performing ones were Thailand (down
13.5%) and South Korea (down 9.9%).
The best performing market by far in the third quarter was Hong Kong. Hong Kong
benefited mainly from flows into the region. The market had been volatile
throughout most of the quarter, moving in line with the volatility in the U.S.
equities markets. Half-year earnings came in strong and earnings were gradually
revised. Sentiment also turned positive towards China-related stocks. With the
U.S. Federal Reserve keeping interest rates unchanged, the market powered ahead
further.
Malaysia ended the quarter almost unchanged. the market had initially fallen on
fears of disappointing earnings and poor trade figures. But many companies
reported stronger than expected half-year earnings. In addition, the trade
deficit for first half of 1996 was only MR 0.8 billion versus MR 5.6 billion
versus the first half of 1995. This coupled with stable interest rates sparked a
strong round of buying. The second board on the Kuala Lumpur Stock Exchange had
by the close of the quarter outperformed the main board by a broad margin.
Thailand came down hard in the third quarter with selling reaching climactic
levels. Weak economic numbers had sparked fears of a growth recession, i.e. 6%
GDP growth. For the first seven months of this year, exports had grown only 4%
and all signs point to a widening of the trade and current account deficits. The
slow-down has raised questions about the rapidly deteriorating real estate
market and the asset quality of the banks and finance companies which have
exposure to real estate. Sentiment was also not helped by a no-confidence motion
against the Prime Minister, which eventually culminated in his resignation. In a
subsequent surprise move, the parliament was dissolved and general elections
were set for November 17. On the last trading day of the quarter, the Thai
market rose 5% as investors turned positive in anticipation of stronger
political leadership. Year-to-date, the market has fallen 15.0%.
The second worst performing market over the quarter was South Korea, which fell
9.9%. The Korean market continued to be plagued by weak economic numbers. Real
GDP growth, for example, slowed to 6.7% in the second quarter of 1996, down from
7.9% in the first quarter of 1996. There was also growing concern over the
widening trade deficit due to weak exports. South Korean competitiveness
deteriorated with the Japanese yen weakening, where Japan is a major export
competitor. Redemption of stock margins and a massive supply of new equity (of
close to US$2 billion) coming to the market prompted heavy selling. Even the
foreign limit expansion from 18% to 20% on October 1st failed to lift the market
towards the close of the quarter. Year-to-date, the Korean market fell by 23.3%.
PORTFOLIO ACTIVITIES
Major purchases were made during the quarter in Korea, Thailand and
Singapore. The Portfolio increased its weighting in Thailand and Korea as these
markets have fallen sharply, yielding stocks at attractive valuations. Our
weightings in these countries increased by about 1.5% each. Some of the major
purchases in Korea were LG Information and Communications, Housing & Commercial
Bank and Hanwha Chemical. In Thailand, the Portfolio increased its existing
holdings in Advanced Info Services and Shinawatra Computer. These two stocks had
fallen in part because of fears over their cellular franchises and also the
broad market decline. The probability of a
3
<PAGE>
further decline in the market remains low, and as such these stocks represent
buying opportunities. Buying in Singapore was primarily centered on bank
counters.
The Portfolio took its weightings down in Indonesia and the Philippines. The
political risks in Indonesia had basically increased due to widening wealth
disparity and was heightened when the President underwent a medical examination.
The market had risen as high as 23% at one stage. The Portfolio took advantage
of this rise to trim selected overvalued stocks. Stocks that were sold this
quarter included Indocement, Bimantara Citra and Semen Gresik. In the
Philippines, positions in Ayala Corp and C&P Homes were reduced because these
stocks had reached unsustainable valuations. They both have exposure to the
property sector, where it looks increasingly over-inflated. Despite the sales,
the Portfolio is still market weighted in the Philippines because earnings
growth in this market continues to be very strong.
MARKET OUTLOOK
Asian markets in general are likely to continue to trend up on the back of
sustained economic growth. Hong Kong should continue to perform well because
investors are becoming less and less concerned about the 1997 handover to China.
The Chinese economy should also be stimulated by the recent credit easing. This
should bode well for credit-strapped companies and some of the H-share companies
are likely to perform well. In Taiwan, the market is well supported by domestic
liquidity. The inclusion of Taiwan in the MSCI Index may also draw buying from
foreigners who are underweighted in this market. However, in the absence of an
earnings recovery, it would appear unlikely that the market will take off
strongly from here. South Korea continues to be plagued by technical and
macroeconomic concerns. Until the macro picture improves, the market as a whole
cannot take off.
Malaysia should see interest returning to the big blue chip stocks, which have
underperformed the broader market. Earnings are expected to pick up in these
larger capitalization companies in the second half of the year. Previous fears
about economic over-heating and a widening current account deficit appear to
have receded. Liquidity remains ample in the system. Singapore should remain
dull in the coming months as no major corporate developments are expected. But
the correction in the market has taken it to the low end of its historical range
for forward PEs. The Philippines is currently trading at a relatively expensive
valuation to the region. This will cap the upside on the market. This is
demonstrated by the fact that despite very positive macroeconomic news and
further upward earnings revision, the market has failed to scale new heights.
Political changes in Thailand should be a positive step for the market. Still,
there must be earnings momentum and an improving macro picture before the market
can take off from here. There are small signs that the economy is rebounding,
but it remains to be seen whether it can be sustained.
PORTFOLIO STRATEGY
Over the next few months the Portfolio is likely to increase its weighting
in Thailand and Korea. Both these markets have been sold down to historically
low levels but selective stocks appear very attractive. It could be a while
before these markets turn upwards; the Portfolio will use this opportunity to
accumulate stocks at current levels. Bank stocks in Korea, for example, look
attractive, trading at or below book value. Some petrochemical companies in
Korea have become very cheap, trading at deep discounts to their replacement
values. In Thailand, the telecommunications companies are trading at valuations
that do not accurately reflect their good earnings potential. They offer great
value in the long run. The Portfolio will also seek out stocks that will benefit
from a stronger Chinese economy. The increased allocations in these countries
will come mainly from existing cash.
Ean Wah Chin
PORTFOLIO MANAGER
October 1996
4
<PAGE>
INVESTMENTS (UNAUDITED)
- ----------
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
COMMON STOCKS (93.9%)
CHINA (0.5%)
73,100 Changchai Co., Ltd., Class B $ 47
2,414,000 Guangshen Railway, Class H 929
4,800 Jilin Chemical Co. Ltd. ADR 69
4,973,000 Yizheng Chemical Fibre Co., Class
H 1,209
---------
2,254
---------
HONG KONG (25.9%)
402,000 Asia Satellite Telecommunications
Holdings Ltd. 1,063
1,030,000 CDL Hotels International Ltd. 559
2,425,000 Cheung Kong Holdings Ltd. 18,659
679,000 Cheung Kong Infrastructure
Holdings 1,120
517,500 China Light & Power Co., Ltd. 2,409
1,047,500 Citic Pacific Ltd. 4,741
24,000 Guangshen Railway Co., Ltd., ADR 456
412,300 Hang Seng Bank Ltd. 4,372
792,020 Hong Kong & Shanghai Bank Holdings
plc 14,697
8,971,000 Hong Kong Telecommunications Ltd. 16,241
2,280,000 Hutchison Whampoa Ltd. 15,332
688,000 Kerry Properties Ltd. 1,628
2,161,000 New World Development Co., Ltd. 11,346
826,100 Sun Hung Kai Properties Ltd. 8,787
1,146,060 Swire Pacific Ltd., Class A 10,263
818,000 Tingyi (Cayman Islands) Holding
Co. 172
1,115,000 Wharf Holdings Ltd. 4,614
---------
116,459
---------
INDIA (0.5%)
38,000 Grasim Industries Ltd., GDR 503
76,500 Hindalco Industries Ltd., GDR 1,454
45,000 Mahindra & Mahindra Ltd., GDR 473
---------
2,430
---------
INDONESIA (4.8%)
1,094,500 Astra International (Foreign) 2,144
1,139,506 Bank International Indonesia
(Foreign) 1,668
899,000 Barito Pacific Timber (Foreign) 551
531,000 Gudang Garam (Foreign) 2,000
330,600 Hanajaya Mandala Sampoerna
(Foreign) 3,216
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
2,735,810 Indah Kiat Pulp & Paper Corp.
(Foreign) $ 2,090
1,247,999 Sorini Corp. (Foreign) 806
5,953,500 Telekomunikasi Indonesia (Foreign) 9,227
---------
21,702
---------
KOREA (5.3%)
27,155 Chosun Brewery Co., Ltd. 894
90,620 Hanwa Chemical Corp. 825
80,050 Housing & Commercial Bank, Korea
(Foreign) 2,022
40,000 Kookmin Bank GDR 980
53,900 Korea Electric Power (Foreign) 1,781
60,000 Korea Mobile Telecommunications
Corp. ADR 907
2,503 Korea Mobile Telecommunications
Corp. (Foreign) 2,768
16,130 LG Information & Communication
Ltd. 1,982
15,920 LG Information & Communication
Ltd. (Foreign) 1,956
61,600 Pohang Iron & Steel Co., Ltd. ADR 1,317
23,778 Samsung Electronics (Foreign) 1,865
7,833 Samsung Electronics GDR (New) 392
27,595 Samsung Electronics (RFD) 2,165
1,524 Samsung Fire & Marine Insurance
Co. 918
133,761 Shinhan Bank (Foreign) 3,092
---------
23,864
---------
MALAYSIA (20.5%)
438,600 AMMB Holdings Bhd 3,185
701,000 Edaran Otomobil Nasional Bhd 6,908
1,829,700 Genting Bhd. 13,286
515,000 Hicom Holdings Bhd 1,407
185,000 IJM Corp. Bhd 360
1,481,000 IOI Corp. Bhd 2,257
793,000 Leader Universal Holdings Bhd 1,709
638,000 Magnum Corp. Bhd 1,084
914,500 Malayan Banking Bhd 9,085
1,491,316 Malaysian International Shipping
Bhd (Foreign) 4,582
2,189,000 Petronas Gas Bhd. 8,908
259,000 Public Bank Bhd 479
3,325,000 Renong Bhd 5,094
1,532,000 Resorts World Bhd 8,680
940,000 Sime Darby Bhd 3,114
1,378,000 TA Enterprise Bhd 1,946
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
MALAYSIA (CONTINUED)
1,277,000 Telekom Malaysia Bhd $ 11,260
1,888,000 Tenaga Nasional Bhd 6,629
304,757 United Engineers Ltd. (Malaysia) 2,359
---------
92,332
---------
PHILIPPINES (4.6%)
468,600 Ayala Corp., Class B 536
1,531,237 Ayala Land, Inc., Class B 1,868
403,200 C&P Homes, Inc. 273
1,865,100 DMCI Holdings, Inc. 1,386
15,963,500 JG Summit Holding, Class B 5,050
385,565 Manila Electric Co., Class B 2,851
6,309,075 Petron Corp. 2,285
11,725 Philippine Long Distance Telephone
Co., ADR 733
52,350 Philippine Long Distance Telephone
Co., Class B 3,253
9,231,400 SM Prime Holdings, Inc., Class B 2,146
---------
20,381
---------
SINGAPORE (14.7%)
2,375,000 Comfort Group Ltd. 2,074
966,000 CSA Holding Ltd. 947
764,500 Development Bank of Singapore Ltd.
(Foreign) 9,392
216,560 Fraser & Neave Ltd. 2,230
2,246,000 Kay Hian James Capel Holdings Ltd.
(Foreign) 1,994
1,175,000 Keppel Corp., Ltd. 9,095
783,482 Oversea-Chinese Banking Corp.
(Foreign) 9,403
451,000 Sembawang Corp. 2,114
420,000 Singapore Airlines Ltd. (Foreign) 4,235
232,400 Singapore Press Holdings (Foreign) 4,241
993,000 Singapore Technologies Industrial
Corp. 2,355
1,269,000 Straits Steamship Land Ltd. 4,145
477,000 Straits Trading Co., Ltd. 1,145
1,606,000 Sunright Ltd. 1,391
958,200 United Overseas Bank Ltd.
(Foreign) 9,323
903,000 Want Want Holdings 2,149
---------
66,233
---------
<CAPTION>
VALUE
SHARES (000)
- --------------- ---------
<C> <S> <C>
TAIWAN (4.6%)
1,059,150 Cathay Life Insurance Co., Ltd. $ 6,783
5,569,000 China Steel Corp. 5,188
444,000 Hua Nan Commercial Bank 2,173
702,000 Siliconware Precision Industries
Co. 1,119
517,600 Taiwan Semiconductor Manufacturing
Co. 1,008
3,105,000 Yang Ming Marine Transport 4,102
---------
20,373
---------
THAILAND (12.5%)
174,400 Advanced Information Service PCL 2,264
186,800 Advanced Information Service PCL
(Foreign) 2,425
698,800 Bangkok Bank PCL (Foreign) 9,125
1,046,800 Finance One PCL (Foreign) 6,176
1,076,300 National Finance & Securities Co.,
Ltd. (Foreign) 3,683
318,800 Phatra Thanakit Co., Ltd.
(Foreign) 1,818
61,100 Shinawatra Computer Co. plc 1,048
235,100 Shinawatra Computer Co. plc
(Foreign) 4,032
32,400 Siam Cement PCL (Foreign) 1,320
780,800 Siam Commercial Bank (Foreign) 9,459
171,900 TelecomAsia Corp. PCL 348
2,012,300 TelecomAsia Corp. PCL (Foreign) 4,076
847,270 Thai Farmers Bank PCL (Foreign) 8,931
13,100 United Communications Industry 135
176,600 United Communications Industry
(Foreign) 1,610
---------
56,450
---------
TOTAL COMMON STOCKS (Cost $393,561) 422,478
---------
<CAPTION>
NO. OF
WARRANTS
- ---------------
<C> <S> <C>
WARRANTS (0.5%)
SINGAPORE (0.4%)
428,125 Renong Bhd, expiring 11/21/00 177
1,428,750 Straits Steamship Land Ltd.,
expiring 12/20/00 1,725
---------
1,902
---------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
NO. OF VALUE
WARRANTS (000)
- --------------- ---------
<C> <S> <C>
THAILAND (0.1%)
98,821 Thai Farmers Bank PCL (Foreign) $ 265
---------
TOTAL WARRANTS (Cost $2,028) 2,167
---------
<CAPTION>
FACE
AMOUNT
(000)
- ---------------
<C> <S> <C>
FIXED INCOME SECURITIES (0.1%)
MALAYSIA (0.1%)
MYR 685 Renong Bhd 4.00%, 5/21/01 (Cost
$275) 251
---------
SHORT-TERM INVESTMENT (4.8%)
REPURCHASE AGREEMENT (4.8%)
$ 21,640 Chase Securities, Inc. 5.40%,
dated 9/30/96, due 10/01/96, to
be repurchased at $21,643,
collateralized by $15,915 U.S.
Treasury Bonds, 10.625%, due
8/15/15, valued at $21,835 (Cost
$21,640) 21,640
---------
FOREIGN CURRENCY (1.6%)
IDR 1,299,487 Indonesian Rupiah 559
KRW 642,568 Korean Won 778
MYR 5,291 Malaysian Ringgit 2,111
PHP 10,610 Philippine Peso 404
SGD 792 Singapore Dollar 563
TWD 82,153 Taiwan Dollar 2,990
---------
Total Foreign Currency (Cost $7,414) 7,405
---------
Total Investments (100.9%) (Cost $424,918) 453,941
---------
OTHER ASSETS AND LIABILITIES (-0.9%)
Other Assets 32,279
Liabilities (36,281)
---------
(4,002)
---------
NET ASSETS (100%) $449,939
---------
---------
CLASS A:
NET ASSETS $436,411
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 21,914,567 outstanding $0.001 par
value shares (authorized 500,000,000 shares) $19.91
CLASS B:
NET ASSETS $13,528
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 680,070 outstanding $0.001 par
value shares (authorized 500,000,000 shares) $19.89
</TABLE>
- ------------------------
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
PCL -- Public Company Limited
RFD -- Ranked for Dividend
7
