1. Baring Asset Management (Asia) Limited 19th Floor, Edinburgh Tower 15 Queen’s Road Central, Hong Kong Tel: (852) 2841 1411 Fax: (852) 2868 4110 www.barings.com The Asia Pacific Fund, Inc. Market Outlook and Investment Strategy Franki Chung and Henry Chan December 2007

2. 1 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Table of Contents Page Section 1:Performance and Portfolio Review2 - 19 Section 2:Asian Investment Outlook20 - 47

3. Section 1: Performance and Portfolio Review

4. 3 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Performance Summary Highlights 3 month period to November 30, 2007 Fund’s NAV returns: +11.5% in USD terms (+57.3% inc. dividends over 12 month period to 11/30/07) Fund’s share price returns: +9% in USD terms (+50.3% inc. dividends over 12 month period to 11/30/07) Fund’s ranking in Micropal survey: 3 rd quartile for 3 month period and Top 15% for 12 month periods to Nov 2007 Strong long-term track record maintained

5. 4 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) The Asia Pacific Fund, Inc. Long-Term Performance (Cumulative NAV Returns over 1, 3, 5 and 10 year periods to November 30, 2007) Strong long-term track record maintained Micropal Ranking + 30/21223/17726/1535/89 Fund performance are bid to bid, net of fees, gross income, US$. For risks associated with investment securities in emerging and less developed markets, please refer to the Offering Document for details. Transactions in derivatives, warrants and forward contracts and other fund derivatives instruments may be used for the purpose of meeting the investment objective of the Fund. The Net Asset Value of the Fund may have a high volatility due to these instruments and techniques being included in its scheme property and may involve a greater degree of risk. Past performance is not an indication of future performance. Data source - © 2007 Morningstar, Inc. (See Important Information)

6. 5 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) The Asia Pacific Fund, Inc. Short-Term Performance (NAV Returns over 3 month period to November 30, 2007) Micropal Ranking + 194/220100/22042/220130/21930/211 In line with referenced Benchmark, but slightly below Micropal Peer Average over 3 month period Fund performance are bid to bid, net of fees, gross income, US$. For risks associated with investment securities in emerging and less developed markets, please refer to the Offering Document for details. Transactions in derivatives, warrants and forward contracts and other fund derivatives instruments may be used for the purpose of meeting the investment objective of the Fund. The Net Asset Value of the Fund may have a high volatility due to these instruments and techniques being included in its scheme property and may involve a greater degree of risk. Past performance is not an indication of future performance. Data source - © 2007 Morningstar, Inc. (See Important Information)

7. 6 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Performance Attribution Analysis - Summary (3 month period to November 30, 2007) Positive Contributors:  Asset Allocation  Stock Selection Negative Contributor:  Sector Allocation

8. 7 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Performance Analysis - Details Asset and Sector Allocation (3 month period to Nov 30, ’07) Positive Asset Allocation :  Overweight China Negative Sector Allocation :  Underweight Telecoms and Real Estate  Overweight Materials

9. 8 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Performance Analysis Stock Selection – Highlights of largest positive contributors (3 month period to November 30, 2007) StockEvent Zijin Mining Group (listed in HK) (2.1% of NAV) China’s leading gold producer, with some copper interests (stock price rose by 64.5%) Hengan Intl (listed in HK) (1.9% of NAV) China’s leading provider of personal hygiene tissue-based products (inc. sanitary napkins and baby diapers) (stock price rose by 42.4%) Inco Intl Nickel Indo (listed in Indonesia) (0.8% of NAV) Indonesia’s largest listed nickel producer (61% owned by CVRD Inco) (stock price rose by 91.8%) HDFC (listed in India) (1.3% of NAV) India’s leading provider of housing finance; company is extremely well-managed, with sustainable growth in sales and profits (stock price rose by 45.4%)

10. 9 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Price Momentum Factor peaked in October, after a 12 month strong out-performance Market Index Cumulative Factor Returns, last 18 months (as at November 30, 2007) Asia Pacific Fund VaR Factor Exposures, last 18 months (as at November 30, 2007) Source: Baring Asset Management We continued to reduce the Fund’s exposure to stocks with high price momentum ValueGrowthSizeMomentum ValueGrowthSizeMomentum -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 May 2006 Aug 2006 Nov 2006 Feb 2007 May 2007 Aug 2007 Nov 2007 -15% -10% -5% 0% 5% 10% 15% 20% 25% May 2006 Aug 2006 Nov 2006 Feb 2007 May 2007 Aug 2007 Nov 2007

11. 10 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Local Currency exchange rate (US$/Local rate) (3 month period to November 30, 2007) 08/31/200711/30/2007Change %* North Asia New Taiwan Dollar33.0032.26+2.3 Chinese Renminbi7.557.40+2.0 South Korean Won938921+1.9 Hong Kong Dollar7.807.79+0.1 ASEAN Philippine Peso46.5442.78+8.8 Singaporean Dollar1.521.45+5.3 Malaysian Ringgit3.503.36+4.1 Thai Baht34.3133.85+1.4 Indonesian Rupiah9,3909,370+0.2 Indian Rupee40.8839.63+3.2 *: + denotes an appreciation of the local currency vs the USD (and vice-versa) Source: Factset Strong Asian currencies’ performance vs the USD

12. 11 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asian Stock Markets: Country Performance (3 month period to November 30, 2007) Gross return in USD Country - Index (%) North Asia MSCI Hong Kong Free+23.3 MSCI China Free+20.9 MSCI Korea Free+4.1 MSCI Taiwan Free-0.8 ASEAN MSCI Indonesia Free+31.0 MSCI Malaysia Free+14.4 MSCI Philippines Free+12.1 MSCI Thailand Free+9.1 MSCI Singapore Free+7.9 MSCI India Free+33.9 MSCI AC Far East Free Ex Japan Gross+11.4 Source: Factset ‘Growth’ markets of India, Indonesia and HK-China led, while ‘Technology-dominated’ markets of Korea/Taiwan lagged

13. 12 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asian Stock Markets: Sectoral Performance (3 month period to November 30, 2007) Source: Factset Gross return in USD (%) Energy and Telecoms led, while Technology and Health Care lagged

14. 13 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) The Asia Pacific Fund, Inc. Country Allocation (as at November 30, 2007) 08/31/200711/30/2007Significant Country (%)(%) Change * North Asia80.678.4  Hong Kong/China44.043.0  South Korea20.520.9 Taiwan16.114.5  ASEAN16.016.8 Singapore11.811.9 Indonesia2.13.4  Malaysia1.80.6  Philippines0.30.4 Thailand0.00.7 India1.21.5 Cash 2.23.3  Reduced China and Malaysia in order to fund other markets and Cash * Only 1% change or more is highlighted by arrow moves Source: Factset

15. 14 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) The Asia Pacific Fund, Inc. Country Allocation vs Asian universe including India (as at November 30, 2007) Source: Factset Asia Pacific MSCI All Country FundAsia x-JapanDifference Country (%)(%) North Asia78.473.15.2 Hong Kong/China43.036.86.1 South Korea20.921.3-0.4 Taiwan14.515.0-0.5 ASEAN16.815.31.5 Singapore11.96.65.3 Indonesia3.42.50.8 Philippines0.40.8-0.4 Thailand0.72.0-1.3 Malaysia0.63.5-3.0 India1.511.2-9.7 Pakistan0.00.3-0.3 Cash 3.30.03.3

16. 15 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) The Asia Pacific Fund, Inc. Sector Allocation (as at November 30, 2007) Industrials, Technology and Cons. Disc. reduced; Financials, Cons. Staples and Telecoms raised 08/31/200711/30/2007Significant Sector(%)(%) Change * Financials 23.025.0  Information Technology19.316.0  Industrials 18.215.7  Materials 12.313.0 Consumer Discretionary8.46.6  Energy 6.28.4  Consumer Staples 3.44.9  Telecom Services 3.05.2  Health Care 0.00.0 Utilities 0.50.0 Chinese ‘A-share’ ETF3.41.8  Cash 2.23.3  * Only 1% change or more is highlighted by arrow moves Source: Factset

17. 16 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Highlights of Portfolio Activity (3 month period to November 30, 2007) HK/China Took profits in ‘Cyclical Growth’: Consumer (Lifestyle Intl), Materials (Zijin Mining, Alum Corp of China), Industrials (Zhuzhou Times, Nine Dragons, Guangshen Railways) and A-share ETF Added to ‘Defensive Growth’ (China Mobile, ICBC Bank, Henderson Land & Devpt) Taiwan Added to Undervalued Property plays/ Materials (Asia Cement) Switched Technology stocks (sold Siliconware Precision and Firich Enterprise, bought Advanced Semicon and Asustek) (Cont.)

18. 17 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Highlights of Portfolio Activity (3 month period to November 30, 2007) ASEAN Reduced Malaysia Added to Indonesia, Singapore and Thailand Korea Added to ‘Special Situations’ (Samsung Corp, Korea Invt, KT&G) and Materials (Posco) Reduced exposure to YTD winners (Samsung Heavy) or under-performing stocks (Hynix Semi, Woori Investment)

19. 18 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Portfolio Characteristics (as at November 30, 2007) Asia Pacific Fund P/E using FY1 Est (X)26.5 P/E using FY2 Est (X)20.9 Dividend Yield (%)1.5 EPS FY1/FY0 growth (%)+50.3 EPS FY2/FY1 growth (%)+26.3 Hist 3 Yr EPS Growth (%)+43.6 Hist 3 Yr Sales Growth (%)+31.2 Growth and quality bias maintained Source : FactSet

20. 19 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) The Asia Pacific Fund, Inc. Premium/Discount Graph Source: Bloomberg (12/2007) ‘Range bound’ trend, with discount trading between 7.5% to 12.5%

21. Section 2: Global and Asian Investment Outlook

22. 21 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asia’s Long-Term Outlook: We retain our positive stance Sustainable growth, boosted by rising domestic demand Improving corporate returns and healthy balance sheets Undervalued currencies, fairly-valued equity markets Secular re-rating of Asian assets expected to continue

23. 22 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Barings’ Global Economic forecasts for 2008 OECD G7 economies expected to grow at a slower rate, caused by weaker US consumption and much reduced new bank lending But prospects for US recession still unlikely (less than 40% probability) US Federal Reserve expected to continue to ease, but extent and speed dependent on inflation trend Asian economies will likely feel some negative impact through weaker exports, but are expected to continue to grow solidly Net, net, a more challenging global economic backdrop

24. 23 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Barings’ Asian Economic forecasts for 2008 Continuing growth in domestic demand expected to remain the key driver of growth in Asia China and India expected to continue to grow solidly, helping to boost intra-regional trade Other Asian economies likely to grow at trend rate, some helped by favourable recent electoral outcomes Asian central banks’ policy direction expected to remain mixed (ie, HK to cut, China to raise) Asian currencies likely to continue to strengthen vs the USD Key risks include rising inflation and tighter-than-expected monetary policy Net, net, still a favourable economic backdrop for equity investors in the region

25. 24 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Current Concerns in Equity Markets Global and regional inflation rates to continue to rise, forcing central banks to tighten more aggressively (or to cut rates by less) than currently expected Fear of a US and global recession developing, causing risk aversion to reign in the short-term Current high earnings expectations to cause disappointment We are monitoring the above risks closely

26. 25 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Global Risk Aversion Dominates: Another buying opportunity in Asian equities ? Source: Credit Suisse (12/2007) It has paid to buy a strong growth story (such as Asia) in times of rising global risk aversion Risk index

27. 26 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Significant Outflows in Aug/Nov ‘07 in EM Asia: Precursor to US recession …. or.… high risk aversion ? Source: Morgan Stanley (12/2007) (US$bn) Recent ‘panic selling’ probably caused by rising global risk aversion (18.3) 2.6 (15.2) (20) (18) (16) (14) (12) (10) (8) (6) (4) (2) - 2 4 6 8 10 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Monthly Net Foreign Buying in EM Asia

28. 27 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asia vs OECD World: Some signs of decoupling ….. Source: Morgan Stanley (12/2007) …. at both the economic and earnings levels % YoY

29. 28 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asian Economic De-Coupling from OECD: Korean exports example Source: Morgan Stanley (12/2007) Less to the US, more to the region and other EM/European nations Contribution to Korea’s Export Growth, % (%) -5 0 5 10 15 20 25 30 35 China ASEAN Middle East Latam Emerging Europe EU US Japan 2002-2006 YTD 2007

30. 29 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asian Exports: How important are they, REALLY ? Headline: yes ….. but value-added: not so much ! Source: UBS (12/2007) Asian export sector’s value added contribution to the region’s GDP appears to be less than 5% 0% 5% 10% 15% 20% 25% 30% 35% Hong Kong Malaysia Vietnam Singapore Taiwan Thailand China Philippines Korea Pakistan India Estimated value-added shareHeadline Exports Export share of GDP (%)

31. 30 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) So, can Asia withstand a G3 recession? Theoretically yes, but practically …… ? Source: BNP Paribas (12/2007) If Asian’s current strong domestic demand continues, its correlation with the US economy should diminish over time 0 8 (16) (8) 0 8 16 24 32 1990 1991199219931994199519961997199819992000200120022003 200420052006 16 24 32 Real total domestic demandReal exportsUS real imports (y-y %) weaker correlation as Asian domestic demand (+8.3% y-y) is stronger stronger correlation as Asian domestic demand (+4.1% y-y) is weaker

32. 31 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Food: Important for Asia’s headline CPI Source: BNP Paribas (12/2007) A key risk factor to watch Food as a % of CPI 0 10 20 30 40 50 60 China Hong Kong Taiwan Korea Singapore Malaysia Thailand Indonesia Philippines (% share)

33. 32 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asia & China’s Core vs Headline Inflation: Headline: worrying …… Core: tame Source: Morgan Stanley (12/2007) Will Asian central banks act on headline or core inflation trends ? (%) Asia ex-JapanChina

34. 33 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Property Prices’ Past 10 Year Trend: US peaked, but Asia is still catching up …… Source: UBS (12/2007) More upside expected in Asia (%) -40 -20 0 20 40 60 80 100 120 USKoreaThailandTaiwanSingHK

35. 34 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) HK Housing Affordability: Fine Source: UBS (12/2007) Plenty of room for the value of an average property to rise Index 10 30 50 70 90 110 Jan-93Jan-94Jan-95Jan-96 Jan-97Jan-98Jan-99Jan-00Jan-01Jan-02Jan-03Jan-04Jan-05 Jan-06 Jan-07 Affordability Ratio

36. 35 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) HK Housing Sector: Strong demand, limited supply Source: UBS (12/2007) Unlike the US, more favourable supply/demand characteristics Units - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 1972 19771982 198719921997 2002 2007E Total Private Residential Completion (unit) Forecast adjusted down in Nov 07

37. 36 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) HK Banking system: Borrow, please ! Source: UBS (12/2007) Banks are seriously cashed-up ! (%) $HK bn Net deposit (RHS) 0% 50% 100% 150% 200% 1989 19901991 1992 19931994 1995199619971998199920002001200220032004 2005 20062007 -2,800 -1,400 - 1,400 2,800 Total LDR (LHS)

38. 37 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asian Equities vs. Asian Bonds: Equities still cheaper Source: Morgan Stanley (12/2007) Rising investor’s confidence needed to close the gap (%) APXJ -6.0 -5.0 -4.0 -3.0 -2.0 0.0 1.0 2.0 3.0 4.0 Apr-95 Oct-96 Apr-98 Oct-99 Apr-01 Oct-02 Apr-04 Oct-05 Apr-07 - 100 200 300 400 500 600 700 10Y Bond Yield - Fwd Earnings Yield (%) (LHS) Avg. -1 Std dev (LHS) Avg. +1 Std dev (LHS) MSCI_ Price_USD AP ex JP (RHS)

39. 38 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asia Interest Rates: Still low Source: Morgan Stanley (12/2007) Low nominal and real Asian interest rates are expected to remain supportive for equity markets

40. 39 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) EPS Growth (in % terms) 15x ? ….....… 25x ?......... or higher ? 20062007e2008f2009fCAGR 06-09e Asset 1+17.8+27.7+21.4+16.3+20.7% Asset 2+30.2+11.9+20.6+27.1+22.3% In a world of Downgrades, what are you prepared to pay for this EPS Growth series? Source: Morgan Stanley (12/2007)

41. 40 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Asia Trades at a Premium to the US: Deservedly so ? Source: Morgan Stanley (12/2007) The re-pricing of Asian vs US assets is likely to continue to favour Asia (P/E) 12M Fwd PE 7 9 11 13 15 17 19 21 23 25 27 Jan-88Jan-91Jan-94Jan-97Jan-00Jan-03Jan-06 Fed Easing Fwd PE- AP ex JP S&P 500

42. 41 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Profit Outlook: US vs Asia US: down revisions Asia Pacific Ex-Japan: up revisions Source : JP Morgan (12/2007) Asia uptrend pausing, US downtrend worsening EPS index (2007: starting at 100 on base date of February ‘06) 95 98 101 104 107 110 113 116 Feb 06Sep 06Apr 07Nov 07 2007 2008 95 100 105 110 115 120 125 130 Feb 06Sep 06Apr 07Nov 07 2007 2008

43. 42 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Profit Outlook: Asia’s out-performers ChinaSingapore Source : JP Morgan (12/2007) A pause in the upward earnings surprise trend ? EPS index (2007: starting at 100 on base date February ‘06) 95 105 115 125 135 145 155 Feb 06Sep 06Apr 07Nov 07 2007 2008 96 104 112 120 128 136 Feb 06Sep 06Apr 07Nov 07 2007 2008

44. 43 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Profit Outlook: Selective in ASEAN IndonesiaThailand Source : JP Morgan (12/2007) Mixed trends in ASEAN EPS index (2007: starting at 100 on base date February ‘06) 95 105 115 125 135 Feb 06Sep 06Apr 07Nov 07 2007 2008 82 86 90 94 98 102 106 110 Feb 06Sep 06Apr 07Nov 07 2007 2008

45. 44 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Profit Outlook : Asia’s recovery plays Source : JP Morgan (12/2007) Selective growth opportunities in Korea and Taiwan TaiwanKorea EPS index (2007: starting at 100 on base date February ‘06) 90 93 96 99 102 105 108 111 114 Feb 06Sep 06Apr 07Nov 07 2007 2008 80 85 90 95 100 105 110 115 Feb 06Sep 06Apr 07Nov 07 2007 2008

46. 45 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Earnings Growth vs Valuations: What the consensus expects in Asia and the World More sustainable and consistent earnings growth expected in Asia/EM, yet valuations of latter still not expensive Source: Goldman Sachs, IBES (12/2007) World P/E (E)EPS Growth (%)Div. YieldROE (%) 2007 E2008 E2007 E2008 E2009 E2007 E 15.913.99.914.611.02.416.2 US17.415.01.716.112.41.916.9 Emerging Markets16.414.023.617.111.72.318.0 ASIA18.115.421.017.215.92.316.2

47. 46 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Key Investment Themes for Asia in 2008 Assuming no US recession and no inflation blow-out in the region, Asian markets are expected to achieve a sixth year of positive return in 2008 The more sustainable the high earnings growth trend, the more expensive the market is likely to become (i.e., India, China) Favourable electoral outcomes in Korea, Taiwan and Thailand can turn these under-performing markets around dramatically

48. 47 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) The Fund’s Key Sectoral Investment themes Consumption, infrastructure and financials themes Other regional asset reflation plays Re-construction of Asia – engineering, construction, building materials, capital goods Improved supply side discipline of “cyclical” sectors – energy, materials (and technology ?) Consumption, Asset Reflation and Infrastructure/Construction

49. 48 (S:\Investment Management\Accounts\Tango\Presentations\0801-BM.ppt) Important Information Ensure Complied Date is added at foot of Disclosure This document is provided as a service to professional investors/advisers. It is issued in the United Kingdom by Baring Asset Management Limited and/or by its investment adviser affiliates in other jurisdictions. The affiliate serving as the Asia Pacific Fund’s investment adviser is Baring Asset Management (Asia) Limited. In the United Kingdom this document is issued only to persons falling within a permitted category under (i) the FSA’s rules made under section 238(5) of the Financial Services and Markets Act 2000 and (ii) the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. This is not an offer nor a solicitation to buy or sell any investment referred to in this document. Baring Asset Management group companies, their affiliates and/or their directors, officers and employees may own or have positions in any investment mentioned herein or any investment related thereto and from time to time add to or dispose of any such investment. This document may include forward- looking statements, which are based upon our current opinions, expectations and projections as of the date on the cover hereof. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. The value of any investments and any income generated may go down as well as up and is not guaranteed. Past performance will not necessarily be repeated. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment. There are additional risks associated with investments (made directly or through investment vehicles which invest) in emerging or developing markets. Compensation arrangements under the Financial Services and Markets Act 2000 of the United Kingdom will not be available. Private investors in the Company referred to herein should obtain their own independent financial advise before making investments. This document must not be relied on for purposes of any investment decisions. Before investing in the Company, we recommend that all relevant documents, such as reports and accounts and prospectus should be read, which specify the particular risks associated with investment in the Company, together with any specific restrictions applying and the basis of dealing. The Company may not be available for investment in all jurisdictions. There may also be prohibitions or restrictions on distribution of this document and other material relating to the Company and accordingly recipients of any such documents are advised to inform themselves about and to observe any such restrictions. Research Material Baring Asset Management only produces research for its own internal use. Where details of research are provided in this document it is provided as an example of research undertaken by Baring Asset Management and must not be used, or relied upon, for the purposes of any investment decisions. The information and opinions expressed herein may change at anytime. For data sourced from Morningstar: © 2007 Morningstar, Inc. all rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Complied (Boston): January 2, 2008 Disclosure for Board meeting only