<PAGE>
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MORGAN STANLEY
AFRICA INVESTMENT
FUND, INC.
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FIRST QUARTER REPORT
MARCH 31, 1999
MORGAN STANLEY DEAN WITTER INVESTMENT MANAGEMENT INC.
INVESTMENT ADVISER
MORGAN STANLEY
AFRICA INVESTMENT FUND, INC.
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DIRECTORS AND OFFICERS
Barton M. Biggs
CHAIRMAN OF THE BOARD
OF DIRECTORS
Michael F. Klein
PRESIDENT AND DIRECTOR
Peter J. Chase
DIRECTOR
John W. Croghan
DIRECTOR
David B. Gill
DIRECTOR
Graham E. Jones
DIRECTOR
John A. Levin
DIRECTOR
William G. Morton, Jr.
DIRECTOR
Stefanie V. Chang
VICE PRESIDENT AND ACTING SECRETARY
Harold J. Schaaff, Jr.
VICE PRESIDENT
Joseph P. Stadler
VICE PRESIDENT
Joanna M. Haigney
TREASURER
Belinda A. Brady
ASSISTANT TREASURER
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INVESTMENT ADVISER
Morgan Stanley Dean Witter Investment Management Inc.
1221 Avenue of the Americas
New York, New York 10020
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ADMINISTRATOR
The Chase Manhattan Bank
73 Tremont Street
Boston, Massachusetts 02108
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CUSTODIAN
The Chase Manhattan Bank
3 Chase MetroTech Center
Brooklyn, New York 11245
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SHAREHOLDER SERVICING AGENT
American Stock Transfer & Trust Company
40 Wall Street
New York, New York 10005
(800) 278-4353
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LEGAL COUNSEL
Rogers & Wells LLP
200 Park Avenue
New York, New York 10166
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INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
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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 or visit our website at
www.msdw.com/institutional/investmentmanagement.
<PAGE>
LETTER TO SHAREHOLDERS
- ---------
For the three months ended March 31, 1999, The Morgan Stanley Africa Investment
Fund, Inc. (the "Fund") had a total return, based on net asset value per share,
of 5.99%. For the period since the Fund's commencement of operations on February
14, 1994 through March 31, 1999, the Fund's total return, based on net asset
value per share, was 41.20%. On March 31, 1999, the closing price of the Fund's
shares on the New York Stock Exchange was $9 3/8, representing a 24.3% discount
to the Fund's net asset value per share.
SOUTH AFRICA
South Africa rebounded during the three months ended March 31, 1999, with stocks
rising 13%, as the much talked about cuts in local interest rates finally
materialized and the global markets began speculating about the bottoming out of
commodity prices. The prime lending rate set by private banks kicked off the new
year at 23.5% and was cut three times to reach 20%, following the lead of the
Reserve Bank, who maneuvered other benchmark rates down as well. Interest rate
sensitive stocks outperformed (with the exception of insurance companies) and a
market-wide rally ensued. The current market expectation is for further cuts
during 1999, with a target for the prime rate of about 16% by year-end. We
wholeheartedly agree with this scenario, which is well underpinned by falling
inflation (mortgage interest rates represent approximately 14% of CPI), a clear
slowdown in the economy, and, perhaps most significantly, an apparent new
attitude by the Reserve Bank, which now seems willing to cut rates and risk
currency weakness to give the economy some room to breath. We feel there is
further room for rate cuts in 2000, which should continue to boost market
valuations.
The current government, and in particular the Finance Ministry, continues to
surprise us favorably, this time by producing a corporate tax cut as part of the
fiscal 1999 budget. The fiscal deficit for 1998 was recorded at 3.3%, below the
expected 3.7%, and a firm commitment to shrink this number remains in place.
Privatization has also gathered momentum, with the largest national airline and
a forestry company currently on the block, and the sales of a stake in the
wireline telecommunications monopoly and a third cellular license to be
conducted soon. The economic performance this year will likely be uninspiring
(we expect -0.5% gross domestic product growth), but if the trend in interest
rates is sustained, we could see a strong uptick in 2000 to above 3% growth.
Another critical factor which will help shape the country's fate will be the
behavior of commodity prices, of which gold, coal, platinum and steel are the
most important on the export side, and oil the key in the import equation. While
South African commodity stocks have not, with few exceptions, performed better
than the market average, it is interesting to note that they have kept up with
the double-digit pace of appreciation to date, signaling a growing consensus
that underlying commodity prices may be bottoming. We have increased our
weighting in South Africa to about 39%, as the prospects for the economy and
market seem brighter and there are further positive developments to unfold.
While it is yet too early to tell, we speculate that this exercise in monetary
easing and the strengthening of a free market stance by the administration,
combined with some degree of recovery on the commodity front, could prove a very
powerful catalyst for this market.
EGYPT
Egypt had a tumultuous first quarter, as the EFG Index rose 16% in January
and then faded to end up 9%, in response to a sudden injection of local funds
into the market and an almost simultaneous realization by international
investors of the great value to be had. Admittedly, deposit rates were cut
slightly by the larger public sector banks, helping the market's case, yet
with the market dividend yield slightly higher than the return on government
paper, local investors found it compelling to participate. The current
account figures for 1998 were finally released during the first quarter and
showed a disappointing performance with the final tally reaching 3.4% of
gross domestic product. This deteriorating trend should see improvement in
1999 as tourism is already near full recovery and the price of oil appears to
have successfully rebounded. Earnings performance was generally satisfactory,
with the highlight being a strong positive surprise by our largest Egyptian
holding Al Ahram Beverages, which posted a 31% rise in earnings per share for
the first half of its fiscal year.
We continue to like Egypt due to its strong economic performance (gross
domestic product growth of over 5%, inflation around 4.5% and fiscal deficit
of 1.5%), and great fundamental value with estimated 8.5 times
price-to-earnings multiples at December 31, 1999, earnings per share growth
of 15% and dividend yields above 8%.
MAURITIUS
Mauritius turned in the most disappointing performance for the quarter, with
the SEMDEX Index losing about 7% of its value. The weather in this Indian
Ocean paradise refused to cooperate with the sugar crop, with a dry spell
cutting estimates for 1999 output to about 410,000 tons from over 600,000 in
a normal season. Tourism is still growing healthily, recording a 4.1%
improvement in arrivals in 1998 over 1997. Interest rates,
2
<PAGE>
which backed up in the last quarter of 1998 during the emerging market currency
contagion phase, have yet to come down.
Overall, the economy appears to be stagnating Mauritian-style, which entails
cutting gross domestic product growth forecasts to 4.0% from 5.2%. Corporate
earnings have been mixed with signs of growing competition offset by healthy
top-line growth and valiant cost- cutting and restructuring efforts. Our
positive long- term view on Mauritius is still firm and is encouraged by the
cheap market valuations, which lie around 8 times on a price-to-earnings
basis to year end of 1999.
ZIMBABWE
The Zimbabwean market has staged an impressive comeback in the first quarter
of this year, with the Industrial Index shooting up 44% in dollar terms. The
combination of amazingly strong corporate earnings reports and the prevalence
of negative real interest rates proved too attractive for local investors to
ignore. Zimbabwean corporates have shown Darwinian skill for survival in an
increasingly strained environment, focusing on exports and tourism-related
business lines to leverage the deep depreciation of their currency during the
last two years. It is nearly impossible, on the other hand, to find something
constructive to say about the performance of the government, which continues
to make policy blunders and was recently rebuffed by the IMF for a badly
needed disbursement of hard currency funds. Looking forward, we expect local
investors to continue to prefer stocks to bonds, and the persistence of
strong earnings performance. We are cautious on the macroeconomic outlook, as
high inflation, shortages of foreign exchange and the effective insolvency of
some key public sector companies will hamper progress.
REST OF AFRICA
The remaining markets in the continent where the Fund holds significant
positions did not experience major fluctuations during the quarter. Ghana, by
far the most important of these positions, fell 2% as measured by the
Databank Index, seemingly as a result of investor apathy towards smaller,
less liquid markets. Earnings reports for Ghanaian companies for 1998 were
generally better than expected, with earnings per share growth in the 20% to
30% range in REAL terms, and interest rates and inflation continue to fall.
We feel Ghana is the most compelling story in Africa at this moment from a
fundamental and valuation perspective, and we intend to keep our large
weighting in the market.
Morocco, where the Fund has traditionally kept a very small allocation, fell 7%
during the quarter as measured by the USI Index. Earnings results for 1998 were
negatively impacted by an unanticipated government fiscal amnesty program, which
collected large sums to plug the budget deficit. Valuations in this market are
still at a substantial premium to those in other emerging markets, while
offering only slightly above-average growth, and we expect the downward trend to
continue. We have reduced our position in the country to zero.
On July 2, 1998, the Fund commenced a share repurchase program for purposes
of enhancing shareholder value and reducing the discount at which the Fund's
shares traded from their net asset value. From that date through March 31,
1999, the Fund repurchased 1,290,956 shares or 8.36% of its Common Stock at
an average price per share of $10.61 and an average discount of 25.42% from
net asset value per share. The Fund expects to continue to repurchase its
outstanding shares at such time and in such amounts as it believes will
further the accomplishment of the foregoing objectives, subject to review by
the Board.
Sincerely,
/s/ Michael F. Klein
Michael F. Klein
PRESIDENT AND DIRECTOR
April 1999
THE INFORMATION CONTAINED IN THIS OVERVIEW REGARDING SPECIFIC SECURITIES IS FOR
INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS A RECOMMENDATION TO
PURCHASE OR SELL THE SECURITIES MENTIONED.
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DAILY NET ASSET AND MARKET VALUES, AS WELL AS MONTHLY PORTFOLIO CHARACTERISTICS,
CAN NOW BE ACCESSED AT WWW.MSDW.COM/INSTITUTIONAL/INVESTMENTMANAGEMENT.
3
<PAGE>
Morgan Stanley Africa Investment Fund, Inc.
Investment Summary as of March 31, 1999 (Unaudited)
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<TABLE>
<CAPTION>
HISTORICAL
INFORMATION TOTAL RETURN (%)
-----------------------------------------------------------
MARKET VALUE (1) NET ASSET VALUE (2) (3)
---------------------- -----------------------------
AVERAGE AVERAGE
CUMULATIVE ANNUAL CUMULATIVE ANNUAL
---------- ------- ---------- -------
<S> <C> <C> <C> <C>
Fiscal Year to Date 11.94% -- 5.99% --
One Year -27.98 -27.98% -21.94 -21.94%
Five Year 33.91 6.01 64.27 10.44
Since Inception* 6.84 1.30 41.20 6.96
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
- --------------------------------------------------------------------------------
RETURNS AND PER SHARE INFORMATION (2) (3)
[GRAPH]
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, THREE MONTHS
ENDED
MARCH 31,
1994* 1995 1996 1997 1998 1999
------- ------ ------ ------ ------ --------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value Per Share................. $14.43 $17.05 $16.86 $14.45 $11.69 $12.39
Market Value Per Share.................... $11.38 $12.88 $13.63 $11.50 $ 8.38 $ 9.38
Premium/(Discount)........................ -21.1% -24.5% -19.2% -20.4% -28.3% -24.3%
Income Dividends.......................... $ 0.54 $ 0.96 $ 0.14 $ 0.30 $ 0.86 --
Capital Gains Distributions............... -- $ 0.01 $ 1.23 $ 2.25 $ 0.00# --
Fund Total Return (2)..................... 7.34% 26.14% 8.64% 2.69% -11.82% 5.99%
</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) Beginning with this report, the Fund's performance will no longer be
compared to the Flemings Africa Index including South Africa.
* The Fund commenced operations on February 14, 1994.
# Amount is less than U.S.$0.01 per share.
4
<PAGE>
Morgan Stanley Africa Investment Fund, Inc.
Portfolio Summary as of March 31, 1999 (Unaudited)
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DIVERSIFICATION OF TOTAL INVESTMENTS
[CHART]
<TABLE>
<S> <C>
Equity Securities (96.0%)
Short-Term Investments (4.0%)
</TABLE>
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SECTORS
[CHART]
<TABLE>
<S> <C>
Banking (23.2%)
Beverages & Tobacco (22.0%)
Broadcasting & Publishing (2.7%)
Financial Services (8.7%)
Food & Household Products (2.4%)
Machinery & Engineering (2.1%)
Merchandising (4.1%)
Multi-Industry (14.0%)
Services (2.7%)
Telecommunications (1.9%)
Other (16.2%)
</TABLE>
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COUNTRY WEIGHTINGS
[CHART]
<TABLE>
<S> <C>
Botswana (5.2%)
Egypt (17.7%)
Ghana (13.2%)
Ivory Coast (0.8%)
Kenya (2.6%)
Mauritius (11.8%)
South Africa (38.6%)
Tunisia (1.0%)
Zambia (0.8%)
Zimbabwe (7.5%)
Other (0.8%)
</TABLE>
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TEN LARGEST HOLDINGS*
<TABLE>
<CAPTION>
PERCENT OF
NET ASSETS
----------
<S> <C>
1. State Bank of Mauritius Ltd. (Mauritius) 7.5%
2. South African Breweries (South Africa) 6.7
3. Bidvest Group Ltd. (South Africa) 5.8
4. Standard Chartered Bank (Ghana) 5.2
5. Sechaba Breweries Ltd. (Botswana) 4.7
6. B.O.E. Corp., Ltd. (South Africa) 4.1
7. Al-Ahram Beverages Co. (Egypt) 3.7
8. Eastern Tobacco (Egypt) 3.6
9. Meikles Africa Ltd. (Zimbabwe) 3.0
10. Social Security Bank Ltd. (Ghana) 2.8
----
47.1%
----
----
</TABLE>
* Excludes short-term investments.
5
<PAGE>
FINANCIAL STATEMENTS
- ---------
STATEMENT OF NET ASSETS (UNAUDITED)
- ---------
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS(100.0%)
(Unless otherwise noted)
- -----------------------------------------------------------------------------------------------------
BOTSWANA (5.2%)
BANKING
Standard Chartered Bank of Botswana 150,000 U.S.$ 806
------------------
BEVERAGES & TOBACCO
Sechaba Breweries Ltd. 7,649,450 8,306
------------------
9,112
------------------
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EGYPT (17.7%)
BANKING
Commercial International Bank 90 1
------------------
BEVERAGES & TOBACCO
Al-Ahram Beverages Co. GDR 211,000 6,515
Eastern Tobacco 224,091 6,350
------------------
12,865
------------------
BUILDING MATERIALS & COMPONENTS
Suez Cement Co. 6,350 107
Suez Cement Co. GDR 174,460 2,704
------------------
2,811
------------------
ELECTRICAL & ELECTRONICS
Egyptian Electro Cables 1,848 25
------------------
FINANCIAL SERVICES
(a)EFG-Hermes Holding GDR 100,000 1,207
National Societe Generale Bank 118,232 2,217
------------------
3,424
------------------
FOOD & HOUSEHOLD PRODUCTS
Central Flour Mills 110 1
North Cairo Flour Mills 605 9
------------------
10
------------------
MACHINERY & ENGINEERING
Industrial & Engineering
Enterprises Co. 254,416 3,332
------------------
OIL & GAS
Egypt Gas Co. 45,000 2,981
------------------
REAL ESTATE
Madinet Nasr Housing &
Development 75,240 2,381
------------------
TELECOMMUNICATIONS
Egyptian Company for Mobile
Services 281,920 3,250
------------------
31,080
------------------
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GHANA (13.2%)
BANKING
Ghana Commercial Bank 5,394,580 2,220
Social Security Bank Ltd. 6,390,000 4,915
Standard Chartered Bank 913,400 9,066
------------------
16,201
------------------
BEVERAGES & TOBACCO
Ghana Breweries Ltd. 504,000 406
Guinness Ghana Ltd. 3,800,979 1,415
Pioneer Tobacco Co., Ltd. 6,749,660 U.S.$ 1,103
------------------
2,924
------------------
FINANCIAL SERVICES
Home Finance Co. 2,814,840 862
------------------
FOOD & HOUSEHOLD PRODUCTS
Unilever Ghana Ltd. 2,494,900 1,857
------------------
METALS -- NON-FERROUS
Aluworks Ghana Ltd. 1,070,000 1,239
Ghana Pioneer Aluminum Factory 1,043,400 151
------------------
1,390
------------------
23,234
------------------
- -----------------------------------------------------------------------------------------------------
IVORY COAST(0.8%)
DIVERSIFIED OPERATIONS
SOC Ivoirienne de Coco Rappe 24,000 507
------------------
FINANCIAL SERVICES
Filature Tissages Sacs 25,000 920
------------------
1,427
------------------
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KENYA (2.6%)
BANKING
Kenya Commercial Bank Ltd. 991,326 747
National Industrial Credit Bank 311,551 169
------------------
916
------------------
INDUSTRIAL COMPONENTS
Firestone East Africa Ltd. 4,756,950 1,134
------------------
MERCHANDISING
Uchumi Supermarket Ltd. 2,501,107 1,924
------------------
MINING
Athi River Mining Ltd. 3,262,500 251
------------------
UTILITIES -- ELECTRICAL & GAS
Kenya Power & Lighting Co., Ltd. 150,000 268
------------------
4,493
------------------
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MALAWI (0.5%)
FOOD & HOUSEHOLD PRODUCTS
Sugar Corp. of Malawi 7,160,000 975
------------------
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MAURITIUS (11.8%)
BANKING
Mauritius Commercial Bank 782,036 3,151
State Bank of Mauritius Ltd. 20,111,364 13,236
------------------
16,387
------------------
LEISURE & TOURISM
New Mauritus Hotels 975,388 1,887
------------------
MULTI-INDUSTRY
Rogers and Co., Ltd. 389,231 2,515
------------------
20,789
------------------
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MOZAMBIQUE (0.2%)
MINING
Kenmare Resources plc 2,975,000 290
------------------
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6
<PAGE>
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NIGERIA (0.0%)
UTILITIES -- ELECTRICAL & GAS
Tuskar Resources plc 17,829,000 U.S.$ 72
------------------
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SOUTH AFRICA (38.6%)
APPLIANCES & HOUSEHOLD DURABLES
Ellerine Holdings Ltd. 758,300 3,007
------------------
BANKING
ABSA Group Ltd. 274,780 1,315
Nedcor Ltd. 128,141 2,860
------------------
4,175
------------------
BEVERAGES & TOBACCO
Amalgamated Beverage 430,205 2,721
Industries Ltd.
South African Breweries plc 1,343,100 11,730
Suncrush Ltd. 151,300 22
------------------
14,473
------------------
BROADCASTING & PUBLISHING
Primedia Ltd. 2,425,000 4,720
------------------
COMMERCIAL SERVICES
First South Africa Corp. 278,404 609
------------------
CONSTRUCTION & HOUSING
Concor Ltd. 1,157,122 1,689
------------------
ELECTRICAL & ELECTRONICS
Comparex Holdings Ltd. 187,700 1,465
------------------
FINANCIAL SERVICES
B.O.E. Corp. Ltd. 'N' 9,886,868 7,217
Theta Group Ltd. 679,200 2,313
------------------
9,530
------------------
FOREST PRODUCTS & PAPER
Sappi Ltd. 481,200 2,037
------------------
INSURANCE
Liberty Life Association of Africa Ltd. 125,400 1,554
------------------
LIFE/HEALTH INSURANCE
FirstRand Ltd. 1,592,900 1,527
------------------
MACHINERY & ENGINEERING
Howden Africa Holdings Ltd. 2,010,172 310
------------------
MISCELLANEOUS MATERIALS & COMMODITIES
De Beers 34,100 658
------------------
MULTI-INDUSTRY
Anglo American Corp. of
South Africa 22,000 764
Bidvest Group Ltd. 1,237,392 10,136
New Africa Investments Ltd.
(Preferred) 'N' 5,618,900 3,236
Rembrandt Group Ltd. 421,290 3,027
------------------
17,163
------------------
SERVICES
Educor 3,910,580 4,757
------------------
67,674
------------------
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TUNISIA (1.0%)
BANKING
Banque de l'Habitat 75,000 U.S.$ 1,171
------------------
FINANCIAL SERVICES
Tunisie Leasing SA 15,000 524
------------------
1,695
------------------
- -----------------------------------------------------------------------------------------------------
ZAMBIA (0.8%)
FOOD & HOUSEHOLD PRODUCTS
Zambia Sugar Co., Ltd. 151,371,609 868
------------------
MINING
Zambia Consolidated Copper Mines 600,000 525
------------------
1,393
------------------
- -----------------------------------------------------------------------------------------------------
ZIMBABWE (7.5%)
BANKING
NMBZ Holdings Ltd. 1,368,000 718
NMBZ Holdings Ltd. 586,000 280
------------------
998
------------------
BUILDING MATERIALS & COMPONENTS
PG Industries Ltd. 1,713,446 66
Portland Holdings Ltd. 400,000 89
Portland Holdings Ltd.
(Convertible Shares 13%) 25,000 5
------------------
160
------------------
ENERGY SOURCES
Wankie Colliery Co. Ltd. 7,871,900 566
------------------
FOOD & HOUSEHOLD PRODUCTS
Eastern Highland Plantation 3,375,659 252
Interfresh Ltd. 15,000,000 333
------------------
585
------------------
LEISURE & TOURISM
Zimbabwe Sun Ltd. 6,617,338 640
------------------
MERCHANDISING
Meikles Africa Ltd. 6,544,880 5,236
------------------
METALS -- NON-FERROUS
Bindura Nickel Corp., Ltd. 658,750 27
------------------
MULTI-INDUSTRY
Delta Corp., Ltd. 15,025,036 3,830
TA Holdings Ltd. 11,432,100 164
Trans Zambezi Industries Ltd. 6,012,410 409
Trans Zambezi Industries Ltd. - New 360,000 25
(a)Trans Zambezi Industries Ltd. ADR 2,200,000 150
TSL Ltd. 3,477,000 368
------------------
4,946
------------------
13,158
------------------
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TOTAL COMMON STOCK
(Cost U.S.$193,690) 175,392
------------------
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7
<PAGE>
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WARRANTS (0.0%)
- -----------------------------------------------------------------------------------------------------
SOUTH AFRICA (0.0%)
First South Africa Corp.-
Warrant B, expiring
1/24/01 (Cost U.S.$--@) 5 U.S.$ --
------------------
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<CAPTION>
FACE
AMOUNT
(000)
- -----------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS (1.0%)
- -----------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT (1.0%)
Chase Securities, Inc. 4.65%, dated 3/31/99,
due 4/1/99, to be repurchased at U.S.$1,828,
collateralized by U.S.$1,395 United States
Treasury Bonds, 8.875%, due 8/15/17, valued
at U.S.$1,843 (Cost U.S.$1,828) U.S.$ 1,828 U.S.$ 1,828
------------------
- -----------------------------------------------------------------------------------------------------
FOREIGN CURRENCY ON DEPOSIT WITH CUSTODIAN (3.1%)
Egyptian Pound EGP 2,673 783
South African Rand ZAR 25,974 4,213
Zimbabwe Dollar ZWD 16,634 435
------------------
(Cost U.S.$5,409) 5,431
------------------
- -----------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (104.1%)
(Cost U.S.$200,927) 182,651
------------------
- -----------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES (-4.1%)
Other Assets U.S.$ 2,306
Liabilities (9,479) (7,173)
--------------------- ------------------
- -----------------------------------------------------------------------------------------------------
NET ASSETS (100%)
Applicable to 14,162,321 issued and
outstanding U.S.$0.01 par value shares
(100,000,000 shares authorized) U.S.$ 175,478
------------------
------------------
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE U.S.$ 12.39
------------------
------------------
- -----------------------------------------------------------------------------------------------------
</TABLE>
(a) -- 144A Security - certain conditions for public sale may exist.
@ -- Value is less than U.S.$500.
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
- --------------------------------------------------------------------------------
8
