gmi flat, page-6

Ok, I'm at note 17 ... no mention of anything financial. It talks about "Segmental Information" and where the company is incorporated.

And re: all the expenses, I have gone to page 31 of the AR and all the fees, e.g. fees of sending out annual reports, hiring auditors, paying board of director salaries, running the company expenses, fees payable to merill lynch for managing the portfolio, what have you, total 2.2% of net assets. It's higher if you include the performance bonus but obviously the portfolio isn't going to rise by 100% every year, and in the event that it does I'd be happy to bump up the management fees to 5%.

You might be looking at a different annual report .... ?