INCOME STATEMENT Year Ended 31 December US$ 000 2007 2006 2005 Interest Income  153,703 116,684 71,500 Interest expense (112,935) (87,195) (49,484) NET INTEREST INCOME 40,768 29,489 22,016 Fee income  3,625 2,318 2,461 Fee expense (180) (159) (122) Net fee income 3,445 2,159 2,339 Dividend income 31,649 30,103 16,382 Gains on trading securities 6,686 5,640 9,941 Gains on available-for-sale securities 6,039 1,331 3,802 Gains on available-for-sale direct equity investments 5,433 - 58,755 Other income 1,591 698 2,119 General administrative expenses (22,296) (20,326) (16,731) Impairment reversals 7,982 1,914 (3,692) Other expenses (1,558) (30) (345) NET INCOME FOR THE YEAR BEFORE APPROPRIATIONS 79,739 50,978 94,586 Appropriations of net income 2007 2006 2005 Legal reserve 8,200 5,100 9,500 General reserve 51,539 - - Dividend to shareholders (see below) 20,000 20,000 40,000 Retained earnings 0 25,878 45,086 79,739 50,978 94,586 Appropriations of net income for dividends are proposed by the Directors and are subject to approval by the Annual General Assembly of the shareholders. Per US$ 1,000 share information 2007 2006 2005 Earnings (based on weighted average number of shares outstanding) US $ 144.98 US $ 92.69 US$ 171.97 Proposed dividend (2006 & 2005: actual) US $ 36.36 US $ 36.36 US$ 72.73 Net asset value US $ 1,855 US $ 1,630 US$ 1,543