Value Partners “A” Fund - Offshore-Rebates

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Value Partners “A” Fund (A Cayman Islands Unit Trust) NOTES TO THE ACCOUNTS OF THE FUND (Continued) 5 TRANSACTIONS WITH THE MANAGER, TRUSTEE AND CONNECTED PARTIES (continued) (c) (d) (e) (f) (g) (h) Trustee’s fee, comprising fixed amount of US$3,000 per annum and 0.15% per annum for the first US$10 million, 0.125% per annum for the next US$20 million and the remaining balance thereafter at 0.1% per annum of the net asset value of the Fund, was paid to Bank of Bermuda (Cayman) Limited. Accounting fees, valuation fees, registrar and transfer agent fees, handling fees and administration fees totalling US$147,810 (2001: US$73,606) were paid to Bank of Bermuda (Cayman) Limited and Bermuda Trust (Far East) Limited. Performance fee payable to the Manager, Value Partners Limited, calculated at 15% of the product of i) the average number of units in issue during the year and ii) the excess of net asset value per unit between the end of the base year and the current year, was US$4,907,957 (2001: US$4,062,002). The base year is defined as the financial year in which the performance fee is last paid. Manager’s fee of 0.75% and 1% per annum on the net asset value of the Fund attributable to the “A” and “B” units respectively was paid to Value Partners Limited. During the year, the Fund acquired 4,432 units in Value Partners Asia Recovery Fund (“VPARF”). At 31 December 2002, the Fund held 4,432 units with a market value of US$6,188,046 (2001: Nil unit) in VPARF. Value Partners Limited is the fund manager of VPARF. As Value Partners Limited would manage units in VPARF held by the Fund free of charge, Value Partners Limited refunded the relevant portion of performance fee and manager’s fee in the total of US$348,760 (2001: US$Nil) earned from VPARF to the Fund. During the year, the Fund transacted in shares in Leefung-Asco Printers Holdings Limited and realised a gain of US$20,336 in these transactions. At 31 December 2002, the Fund held 7,510,000 shares with a market value of US$857,064 (2001: 7,856,000 shares with a market value of US$876,640) in this company. Mr. Ho Man Kei, Norman was a director of this company and resigned on 12 December 2002. 17
Value Partners “A” Fund (A Cayman Islands Unit Trust) NOTES TO THE ACCOUNTS OF THE FUND (Continued) 6 ALLOTMENTS AND REDEMPTIONS 2002 2001 “A” Units “B” Units “A” Units “B” Units Total allotments 456,142 5,341,876 361,941 36,353 Total redemptions (180,660) (834,163) (156,344) (24,669) 275,482 4,507,713 205,597 11,684 Nature of Units Under the Trust Deed the Manager is entitled to issue units of two classes, “A” units and “B” units. With effect from 12 April 2002, the acceptance of application of “A” units was suspended. 29,216 “B” units were first issued on 15 May 1996 at a price of US$10 per unit which was also the net asset value per unit on that date. The net asset value per unit of “A” units on 15 May 1996 was US$20.57. Following the issue of “B” units, the net asset value per unit of each “A” and “B” class units is determined in each week by reference to the net assets of the Fund attributable to each class of units and the number of units of each class issued. In determining the net assets of the Fund attributable to the “A” units and “B” units, charges such as management fee, preliminary charges and realisation charges relating to the units of each class are computed separately in accordance with the rates applicable to each class of units. “A” units are freely transferrable while “B” units may only be transferred with the prior written consent of the Manager. 7 SOFT COMMISSION ARRANGEMENTS The Fund generally pays brokerages at customary institutional brokerage rates. The Manager and its connected parties may not retain cash commission rebates from brokers or dealers in respect of transactions for the Fund but may enter into soft commission arrangements for the provision to the Manager and its connected parties, services and other benefits which are of demonstrable benefit to the Fund as a whole. Execution of transactions are consistent with best execution standards. The Manager had received services and benefits from brokers in the form of soft commission in the year ended 31 December 2002. Nature of such services and benefits are as follows: • market analysis, data and quotation services; • computer hardware and software incidental to the above services; and • investment-related publications. 18
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