Ann: Quarterly Activity Report and Appendix 4C, page-18

Gaurav Sodhi of Intel ligent Investor on A u s b i z yesterday: “FDV is the largest holding in our Growth Fund. They’ve stumbled onto the dominant property site in Pakistan called Zameen.com. It’s a phenomenal business and I think it’s worth more than FDV’s market cap by itself. They co-own it with a Sth African company. As well as buy and sell ads they also handle sales, and are the de facto real estate company in Pakistan. They’re doing one step better than REA in that most of their income is from sales, and that is SO much more profitable. In the next few years I think you’re going to see Zameen start to make meaningful contributions. There’re other good ones in the portfolio but for me this is all about Zameen. FDV is potentially a multi-million dollar biz in the making. Management also have excellent track records.”