<PAGE>
MORGAN STANLEY AFRICA INVESTMENT FUND, INC.
- --------------------------------------------------------------------------------
DIRECTORS AND OFFICERS
Barton M. Biggs William G. Morton, Jr.
CHAIRMAN OF THE BOARD DIRECTOR
OF DIRECTORS
Michael F. Klein Stefanie V. Chang
PRESIDENT AND DIRECTOR VICE PRESIDENT
Peter J. Chase Harold J. Schaaff, Jr.
DIRECTOR VICE PRESIDENT
John W. Croghan Joseph P. Stadler
DIRECTOR VICE PRESIDENT
David B. Gill Valerie Y. Lewis
DIRECTOR SECRETARY
Graham E. Jones Joanna M. Haigney
DIRECTOR TREASURER
John A. Levin Belinda A. Brady
DIRECTOR ASSISTANT TREASURER
- --------------------------------------------------------------------------------
INVESTMENT ADVISER
Morgan Stanley Asset Management Inc.
1221 Avenue of the Americas
New York, New York 10020
- --------------------------------------------------------------------------------
ADMINISTRATOR
The Chase Manhattan Bank
73 Tremont Street
Boston, Massachusetts 02108
- --------------------------------------------------------------------------------
CUSTODIANS
Morgan Stanley Trust Company
One Pierrepont Plaza
Brooklyn, New York 11201
The Chase Manhattan Bank
3 Chase MetroTech Center
Brooklyn, New York 11245
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICING AGENT
American Stock Transfer & Trust Company
40 Wall Street
New York, New York 10005
(800) 278-4353
- --------------------------------------------------------------------------------
LEGAL COUNSEL
Rogers & Wells LLP
200 Park Avenue
New York, New York 10166
- --------------------------------------------------------------------------------
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
- --------------------------------------------------------------------------------
For additional Fund information, including the Fund's net asset value per share
and information regarding the investments comprising the Fund's portfolio,
please call 1-800-221-6726.
- --------------------------------------------------------------------------------
MORGAN STANLEY
AFRICA INVESTMENT
FUND, INC.
- --------------------------------------------------------------------------------
FIRST QUARTER REPORT
MARCH 31, 1998
MORGAN STANLEY ASSET MANAGEMENT INC.
INVESTMENT ADVISER
<PAGE>
LETTER TO SHAREHOLDERS
- ----------------------
For the three months ended March 31, 1998, the Morgan Stanley Africa Investment
Fund, Inc. (the "Fund") had a total return, based on net asset value per share,
of 19.72% compared to 13.77% for the Fleming Africa Index including South Africa
(the "Index"). For the one year ended March 31, 1998, and for the period since
the Fund's commencement of operations on February 14, 1994 through March 31,
1998, the Fund's total return, based on net asset value per share, was 2.11% and
80.87%, respectively, compared to -7.38% and 56.91%, respectively, for the
Index. On March 31, 1998, the closing price of the Fund's shares on the New
York Stock Exchange was $14 3/16 , representing a 18.0% discount to the Fund's
net asset value per share.
The Fund's strong performance during the first quarter was as a result of being
overweight in Ghana, Zimbabwe, and Botswana and from good stock selection in
South Africa, Egypt and Mauritius.
SOUTH AFRICA
The Johannesburg Stock Exchange (JSE) Overall Index appreciated by 18.0% during
the first quarter ended March 31, 1998. The beginning of corporate
restructuring, focused primarily in the financial services industry, provided
the catalyst for the market to appreciate aggressively during the quarter. As a
consequence, the JSE financial index increased by 34% during the quarter.
Further fuelling the market was anticipation of lower interest rates as a result
of a continued downward trend in inflation with CPI and PPI falling to 5.4% and
2.5%, respectively.
The government continues to provide macro economic stability by reducing the
fiscal deficit for 1997/98 to 4.1% from 5.1% in the prior year. Monetary policy
remains restrictive with real rates still in the 8% range. We continue to
expect the Reserve Bank to cut interest rates by 2% during the course of the
year to stimulate economic growth in a low inflation environment. A further
stimulant to growth will be provided by the demutualization of Sanlam in the
second half of 1998 and Old Mutual in 1999, the nation's largest life insurers.
This process will provide a one-off increase in individuals' disposable income
and should benefit the consumer and durable sectors of the economy.
We expect South Africa to sustain its performance for the remainder of 1998 as
corporate restructuring/refocusing gathers momentum across all sectors of the
economy and, corporate management pursue and implement policies that make their
businesses more globally competitive.
GHANA
Ghana was the best performing market in Africa and across all emerging markets
during the first quarter of 1998. The Databank Index appreciated by 59.5%
during the quarter. As mentioned in our 1997 annual report, Ghana was one of
the most attractive markets in Africa based on fundamental valuation. The Fund
was ideally positioned to benefit from this re-rating, holding a 6.5% weighting
in Ghana at the beginning of 1998. Some of the Fund's holdings such as Social
Security Bank and Home Finance more than doubled in value during the quarter.
The market remains attractively valued in-spite of the recent run-up. We
estimate the market's forward rating (excluding Ashanti Gold) is 6.1 times with
real earnings growth of 15% to December 31, 1998.
EGYPT
The EFG index fell by 2.2% during the first quarter, reacting to downward
revisions in economic expectations resulting from the Luxor massacre in 1997.
Tourism-related investment, however, did not fall significantly, and the number
of foreign visitors to the country, though down 35%, dropped less than
previously thought. Other parts of the economy also appear to be surprisingly
resilient with the construction and consumer sectors still expanding at a
healthy pace. The main economic indicators continue their improving trends,
with inflation inching lower and likely to end around 4% this year, interest
rates stable and the current account and fiscal deficits in check.
We continue to be constructive on the Egyptian market, as valuations are
moderate and growth prospects robust. We look for stronger confidence in the
market as solid economic figures are posted in the face of the Luxor scare and
the market is forced to revise its expectations higher. Our emphasis is on
construction, infrastructure and consumer sector plays.
ZIMBABWE
Zimbabwe rebounded strongly in the first quarter, with the Flemings Zimbabwe
All-Share Index jumping 44%, aided by the currency recovering some of the ground
lost in the devaluation of 1997. The Zimbabwe dollar stabilized at an exchange
rate of Z$16.2 against the U.S. dollar from a low of Z$19.25 in January, as
investors reacted to the government's temporary capitulation on the land
acquisition issue and an impending IMF accord. The final resolution of these
issues is still the critical event that will drive the market going forward.
2
<PAGE>
Inflation and interest rates have moved sharply higher as a result of the
currency devaluation. Core CPI figures for 1998 are expected to increase to 35%
and local money market rates have moved to reflect the new reality. GDP growth
should be 3.0% this year, down from 3.5% in 1997, a figure impacted by low
tobacco prices, a major foreign exchange earner for the country. On the
sociopolitical front, protests have broken out over the current economic
situation, sparking debate about the ability of the current government to
effectively address the critical issues and eroding its support base.
REST OF AFRICA
The Fund holds approximately 20% of its investments outside the above-mentioned
countries. In Mauritius, the most significant of these holdings, the SEMDEX
Index appreciated by 2.8% in the first quarter. Corporate restructuring
activity lifted the market at the end of the quarter, erasing losses created by
fears of competitive pressures from Asia on the nation's all-important textile
trade. Botswana also rose during the quarter, on the back of strong corporate
results, a smooth political transition and stability in the economic front.
Both of these markets, we believe, merit overweights as price-to-earnings
valuations are only 12.1 times and 10.7 times, respectively, and EPS growth
remains solid.
Sincerely,
/s/ Michael F. Klein
Michael F. Klein
PRESIDENT AND DIRECTOR
/s/ Jaideep Khanna
Jaideep Khanna
PORTFOLIO MANAGER
April 1998
3
<PAGE>
Morgan Stanley Africa Investment Fund. Inc.
Investment Summary as of March 31, 1998 (Unaudited)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)
HISTORICAL ------------------------------------------------------------------------------------------
INFORMATION MARKET VALUE (1) NET ASSET VALUE (2) INDEX (3)
------------------------- ------------------------- --------------------------
AVERAGE AVERAGE AVERAGE
CUMULATIVE ANNUAL CUMULATIVE ANNUAL CUMULATIVE ANNUAL
---------- ------- ---------- -------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
FISCAL YEAR TO DATE 23.37% -- 19.72% -- 13.77% --
ONE YEAR 1.48 1.48% 2.11 2.11% -7.38 -7.38%
SINCE INCEPTION* 48.34 10.03 80.87 15.45 56.91 11.66
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
RETURNS AND PER SHARE INFORMATION (2)
[GRAPH]
Years ended December 31:
THREE MONTHS
ENDED
MARCH 31,
1994* 1995 1996 1997 1998
------- ------- ------- ------- ------------
<S> <C> <C> <C> <C> <C>
Net Asset Value Per Share . $14.43 $17.05 $16.86 $14.45 $17.30
Market Value Per Share. . . $11.38 $12.88 $13.63 $11.50 $14.19
Premium/(Discount). . . . . -21.1% -24.5% -19.2% -20.4% -18.0%
Income Dividends. . . . . . $ 0.54 $ 0.96 $ 0.14 $ 0.30 --
Capital Gains Distributions -- $ 0.01 $ 1.23 $ 2.25 --
Fund Total Return (2) . . . 7.34% 26.14% 8.64% 2.69% 19.72%
Index Total Return (3). . . 38.41% 14.81% -10.72% -4.61% 13.77%
</TABLE>
(1) Assumes dividends and distributions, if any, were reinvested.
(2) Total investment return based on net asset value per share reflects the
effects of changes in net asset value on the performance of the Fund during
each period, and assumes dividends and distributions, if any, were
reinvested. These percentages are not an indication of the performance of a
shareholder's investment in the Fund based on market value due to
differences between the market price of the stock and the net asset value
per share of the Fund.
(3) The Fleming Africa Index including South Africa is a market capitalization
weighted index based on the indices of eleven countries including Botswana,
Egypt, Ghana, Kenya, Malawi, Mauritius, Morocco, Namibia, South Africa,
Tunisia, and Zimbabwe. The local indices include dividends except for
Botswana, Ghana, Kenya and Namibia. The historical return of the Index for
the comparable periods are presented above.
* The Fund commenced operations on February 14, 1994.
4
<PAGE>
Morgan Stanley Africa Investment Fund, Inc.
Portfolio Summary as of March 31, 1998 (Unaudited)
- --------------------------------------------------------------------------------
DIVERSIFICATION OF TOTAL INVESTMENTS
[CHART]
<TABLE>
<S> <C>
Debt Instruments 1.1%
Equity Securities 97.9%
Short-Term Investments 1.0%
</TABLE>
- --------------------------------------------------------------------------------
SECTORS
[CHART]
<TABLE>
<S> <C>
Banking 18.7%
Beverages & Tobacco 10.5%
Building Materials & Components 3.8%
Business & Public Services 3.5%
Chemicals 5.5%
Food & Household Products 3.0%
Leisure & Tourism 3.4%
Merchandising 5.9%
Multi-Industry 19.5%
Real Estate 3.2%
Other 23.0%
</TABLE>
- --------------------------------------------------------------------------------
COUNTRY WEIGHTINGS
[CHART]
<TABLE>
<S> <C>
Zambia 1.6%
Morocco 1.7%
Kenya 1.8%
Botswana 4.5%
Mauritius 9.5%
Ghana 9.7%
Zimbabwe 13.3%
Other 1.6%
South Africa 33.6%
Egypt 22.7%
</TABLE>
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS
<TABLE>
<CAPTION>
PERCENT OF
NET ASSETS
----------
<S> <C>
1. New Africa Investments Ltd. (South Africa) 5.4%
2. State Bank of Mauritius (Mauritius) 4.7
3. Delta Corp. (Zimbabwe) 4.7
4. Social Security Bank Ltd. (Ghana) 3.9
5. Meikles Africa Ltd. (Zimbabwe) 3.9
6. Sechaba Breweries Ltd. (Botswana) 3.7%
7. Madinet Nasr Housing & Development (Egypt) 2.5
8. Egyptian Finance & Industrial (Egypt) 2.3
9. Standard Chartered Bank (Ghana) 2.3
10. DataTec Ltd. (South Africa) 2.2
----
35.6%
----
----
</TABLE>
5
<PAGE>
INVESTMENTS (Unaudited)
- --------------------------------------------------------------------------------
MARCH 31, 1998
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------------------------------------------------------------------------
COMMON STOCKS (98.6%)
(Unless otherwise noted)
- --------------------------------------------------------------------------------
<S> <C> <C>
BOTSWANA (4.5%)
BANKING
Barclays Bank of Botswana 170,000 U.S. $ 748
First National Bank of Botswana 140,000 429
Standard Chart Bank of Botswana 210,000 910
------------
2,087
------------
BEVERAGES & TOBACCO
Sechaba Breweries Ltd. 7,321,450 9,895
------------
11,982
------------
- --------------------------------------------------------------------------------
EGYPT (22.7%)
BANKING
Commercial International Bank 199,090 3,737
National Societe Generale Bank 50,000 1,238
Watany Bank 22,014 88
------------
5,063
------------
BEVERAGES & TOBACCO
Al-Ahram Beverages Co. 28,650 1,774
Al-Ahram Beverages Co. GDR 94,500 2,859
Eastern Tobacco 256,150 5,864
------------
10,497
------------
BUILDING MATERIALS & COMPONENTS
Ameriyah Cement Co. 63,643 1,308
Helwan Portland Cement 134,800 2,840
Suez Cement Co. 100,000 2,160
Torah Portland Cement Co. 150,770 3,274
------------
9,582
------------
CHEMICALS
Egyptian Finance & Industrial 112,450 6,196
Paints & Chemical Industries 19,510 664
Paints & Chemical Industries GDR 282,400 3,156
------------
10,016
------------
CONSTRUCTION & HOUSING
Arabian International 46,000 1,930
Industrial & Engineering 191,338 3,481
------------
5,411
------------
ELECTRICAL & ELECTRONICS
Egyptian Electro Cables 21,780 430
------------
ENERGY EQUIPMENT & SERVICES
Miraco International 8,800 200
------------
FOOD & HOUSEHOLD PRODUCTS
Alexandria Flour Mills 30,800 569
Central Flour Mill 110 1
North Cairo Flour Mills 50,805 1,208
------------
1,778
------------
MERCHANDISING
MSIR Free Shops Co. 103,420 1,184
------------
REAL ESTATE
Helioplis Housing 15,000 1,937
Madinet Nasr Housing &
Development 105,790 6,597
------------
8,534
------------
TEXTILES & APPAREL
KABO-El Nasr Clothing &
Textile Co. 110,850 U.S. $ 2,927
------------
UTILITIES -- ELECTRICAL & GAS
Egypt Gas 50,000 4,989
------------
60,611
------------
- --------------------------------------------------------------------------------
GHANA (9.7%)
AUTOMOBILES
Mechanical Lloyd Co. Ltd. 2,000,000 250
------------
BANKING
Ghana Commercial Bank 5,394,580 2,591
Social Security Bank Ltd. 6,560,000 10,385
Standard Chartered Bank 920,500 6,048
------------
19,024
------------
BEVERAGES & TOBACCO
Guinness Ghana 3,800,979 2,135
Kumasi Brewery Ltd. 336,000 190
Pioneer Tobacco Co. Ltd. 5,906,600 1,250
------------
3,575
------------
FINANCIAL SERVICES
Home Finance Co. 2,345,700 507
FOOD & HOUSEHOLD PRODUCTS ------------
Unilever 1,595,800 1,158
MANUFACTURING ------------
Aluworks Ghana Ltd. 1,200,000 1,296
METALS -- NON-FERROUS ------------
Ghana Pioneer Aluminum
Factory 1,043,400 97
------------
25,907
------------
- --------------------------------------------------------------------------------
IRELAND (0.7%)
MINING
Kenmare Resources 3,815,000 726
OIL & GAS ------------
Tuskar Resources plc 17,829,000 1,046
------------
1,772
------------
- --------------------------------------------------------------------------------
IVORY COAST (0.6%)
MISCELLANEOUS MATERIALS & COMMODITIES
SOC Ivoirienne de Coco Rappe 24,000 782
MULTI-INDUSTRY ------------
Filature Tissages Sacs 20,000 931
------------
1,713
------------
- --------------------------------------------------------------------------------
KENYA (1.8%)
BANKING
Kenya Commercial Bank Ltd. 991,326 1,126
National Industrial Credit Bank 311,551 245
------------
1,371
CONSTRUCTION & HOUSING ------------
Athi River Mining Ltd. 3,262,500 518
INDUSTRIAL COMPONENTS ------------
Firestone East Africa Ltd. 3,171,300 1,033
------------
- --------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
KENYA (CONTINUED)
MERCHANDISING
Uchumi Supermarket Ltd. 2,501,107 U.S. $1,671
UTILITIES -- ELECTRICAL & GAS ------------
Kenya Power & Lighting Co. Ltd. 100,000 301
------------
4,894
------------
- --------------------------------------------------------------------------------
MAURITIUS (9.5%)
BANKING
Mauritius Commercial Bank 1,202,145 5,209
State Bank of Mauritius 20,842,469 12,593
------------
17,802
------------
FOOD & HOUSEHOLD PRODUCTS
Happy World Foods Ltd. 1,457,634 948
LEISURE & TOURISM ------------
New Mauritius Hotels 1,616,112 3,535
------------
MULTI-INDUSTRY
Rogers and Co. Ltd. 602,081 3,261
------------
25,546
------------
- --------------------------------------------------------------------------------
MOROCCO (1.7%)
MULTI-INDUSTRY
SNI Maroc 53,011 4,488
------------
- --------------------------------------------------------------------------------
SOUTH AFRICA (32.5%)
BANKING
NBS Boland Group Ltd. 1,001,260 2,724
BEVERAGES & TOBACCO ------------
Amalgamated Beverage
Industries Ltd. 409,700 3,905
Suncrush Ltd. 100,000 263
------------
4,168
------------
BROADCASTING & PUBLISHING
Perskor Beleggings Beperk 2,942,200 2,074
Primedia Ltd. 705,800 4,640
------------
6,714
------------
BUSINESS & PUBLIC SERVICES
The Education Investment
Corp. Ltd. 2,885,000 5,242
Persetel Holdings Ltd. 500,000 4,086
------------
9,328
------------
CHEMICALS
Polfin Ltd. 1,333,800 1,920
SASOL Ltd. 53,242 431
SASOL Ltd. 8.50% (Convertible Preferred) 294,400 2,266
------------
4,617
------------
CONSTRUCTION & HOUSING
Concor Ltd. 344,522 1,847
ELECTRICAL & ELECTRONICS ------------
DataTec Ltd. 396,393 5,904
Spescom Electronics Ltd. 700,000 1,314
------------
7,218
------------
ENERGY SOURCES
Energy Africa Ltd. 400,000 1,446
------------
- --------------------------------------------------------------------------------
FINANCIAL SERVICES
Coronation Holdings Ltd. 200,000 U.S. $3,932
Orion Selections Holdings Ltd. 300,000 1,075
Orion Selections Ltd. 823,000 2,207
------------
7,214
------------
FOOD & HOUSEHOLD PRODUCTS
Illovo Sugar Ltd. 500,000 854
FOREST PRODUCTS & PAPER ------------
Malbak Ltd. 150,000 140
LEISURE & TOURISM ------------
Kersaf Investments Ltd. 117,000 848
Spur Holdings Ltd. 672,200 801
Sun International Ltd. 4,923,571 2,298
------------
3,947
------------
MACHINERY & ENGINEERING
Howden Africa Holdings Ltd. 2,010,172 1,158
MERCHANDISING ------------
New Clicks Holdings Ltd. 1,481,457 2,589
METALS -- NON-FERROUS ------------
Anglo American Platinum Corp. 200,828 3,087
MULTI-INDUSTRY ------------
Barlow Ltd. 195,700 1,593
Bidvest Group Ltd. 472,430 5,160
First South Africa Corp. 278,404 2,105
New Africa Investments
Ltd. (Preferred) 'N' 10,000,000 14,299
------------
23,157
------------
RETAIL -- MAJOR DEPARTMENT STORES
Edgars Stores Ltd. 108,200 1,831
Ellerine Holdings Ltd. 200,000 1,906
Protea Furnishers Ltd. 3,500,000 3,024
------------
6,761
------------
86,969
------------
- --------------------------------------------------------------------------------
ZAMBIA (1.6%)
FOOD & HOUSEHOLD PRODUCTS
Zambia Sugar Co. Ltd. 151,371,609 2,530
MINING ------------
Zambia Consolidated
Copper Mines 600,000 1,740
------------
4,270
------------
- --------------------------------------------------------------------------------
ZIMBABWE (13.3%)
BANKING
NMBZ Holdings Ltd. 2,284,000 1,832
BUILDING MATERIALS & COMPONENTS ------------
PG Industries 1,647,545 153
Portland Holdings Ltd. 425,000 368
------------
521
------------
ENERGY SOURCES
Wankie Colliery Co. Ltd. 7,221,900 1,789
Wankie Colliery Co. Ltd. (U.K.) 650,000 174
------------
1,963
------------
- --------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
ZIMBABWE (CONTINUED)
FOOD & HOUSEHOLD PRODUCTS
Eastern Highlands 3,375,659 U.S. $ 627
LEISURE & TOURISM ------------
Zimbabwe Sun 6,617,338 1,721
MERCHANDISING ------------
Meikles Africa Ltd. 8,419,880 10,314
METALS -- NON-FERROUS ------------
Bindura Nickel Corp. Ltd. 658,750 143
MULTI-INDUSTRY ------------
CFI Holdings 1,054,300 82
Delta Corp. 13,497,630 12,536
TA Holdings Ltd. 11,250,100 1,254
Trans Zambezi Industries Ltd. 6,012,410 1,396
Trans Zambezi Industries Ltd.
ADR 5,000,000 1,161
Trans Zambezi Industries Ltd. -
New 360,000 84
TSL Ltd. 3,477,000 893
------------
17,406
------------
TEXTILES & APPAREL
Spinweave 4,448,000 151
WHOLESALE AND INTERNATIONAL TRADE ------------
Interfresh Ltd. 15,000,000 790
------------
35,468
------------
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost U.S.$216,159) 263,620
------------
- --------------------------------------------------------------------------------
FACE
AMOUNT
(000)
- --------------------------------------------------------------------------------
DEBT INSTRUMENTS (1.1%)
- --------------------------------------------------------------------------------
SOUTH AFRICA (1.1%)
MULTI-INDUSTRY
First South Africa Corp.
9.00%, 6/15/04
(Cost U.S.$2,252) U.S. $2,500 2,867
------------
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS (1.1%)
- --------------------------------------------------------------------------------
FOREIGN CURRENCY ON DEPOSIT WITH
CUSTODIAN (1.1%)
Egyptian Pound EGP 8,761 2,571
Ghana Cedi GHC 108,000 47
South African Rand ZAR 1,017 202
Zimbabwe Dollar ZWD 738 46
------------
(Cost U.S.$2,865) 2,866
------------
- --------------------------------------------------------------------------------
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS (100.8%)
(Cost U.S.$221,276) U.S.$269,353
------------
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES (-0.8)%
Other Assets U.S $2,147
Liabilities (4,219) (2,072)
----------- ------------
- --------------------------------------------------------------------------------
NET ASSETS (100%)
Applicable to 15,448,477 issued and
outstanding U.S.$0.01 par value shares
(100,000,000 shares authorized) U.S.$267,281
------------
------------
- --------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
U.S .$17.30
------------
------------
- --------------------------------------------------------------------------------
</TABLE>
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
8
