Confidentiality Agreement
T
his confidential offering memorandum (the “Memorandum”) is intended solely for your own limited use to determine whether you have interest in investing in the proposed food and beverage fund, alternatively, (the “Fund”). By your receipt of this Memorandum, you agree that it and the information contained herein, together with other additional information concerning the investment submitted to you by Blu Pacific Fund Ltd “The Owner”, is of a confidential nature, and that you will hold and treat in the strictest confidence, and that you will not, directly or indirectly, disclose or permit anyone else to disclose it to any other person, firm, or entity without prior authorization from Blu Pacific Fund Ltd. Additionally, you will not use or permit this Memorandum or any part of the content to be used in any manner detrimental to or in conflict with interests of Owner. This Memorandum Contains brief, select information pertaining to the business and affairs of the proposed Fund, and has been prepared by Astra Asset Managers Inc primarily from information supplied by the Owner. It does not purport to be all-inclusive or contain all the information a prospective equity or investment capital source may desire. This Memorandum has been prepared solely for informational purposes to assist a potential investor in determining whether to proceed with an in depth proposal. - Should you require additional information regarding the Fund, or be interested in pursuing a transaction about the proposal please, contact the Manager at: Blu Pacific Fund Ltd Room1708, Kai Tak Commercial Building, 317-319 Des Voeux Road C., Hong Kong or, Astra Asset Managers Inc Davos Financial 1001 Brickell Bay Drive, Suite 3104 Miami, Fl. 33131 info@blupacificfund.com
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The Fund
Objective
B
Blu Pacific Fund Ltd. “the Fund” is a BVI Business Company incorporated under the laws of the British Virgin Islands on March 19th, 2008. Astra Asset Managers Inc, (the “Manager”), will serve as the investment manager of the Fund. The Manager will use the proceeds from the offering of the Shares to employ the strategy in which the Fund will invest. The objective is the growth of capital via strategic investments in the new and underexploited market segment of Edutainment Theme Parks for Children in China and the Asia Pacific Region. Specifically the Fund will be a principal source of capital to support the expansion of Pacific Operators Ltd., (“the Company”), an experienced organization with a professional management team that will take advantage of the market opportunities to develop and expand the concept of the Children’s Theme Park and Entertainment and, F&B concepts in China and the greater Asia Pacific region.
The Company will seek to capitalize the opportunity through strategic alliances with highly ranked entities and operators; thus expecting to obtain the maximum returns with the minimum risks. Pacific Operators Ltd., has secured the exclusive Master License of Wannado City, a children’s theme park for the China market, including the territories of Hong Kong, Macau and Taiwan. The company will operate and exploit the children roleplay entertainment/edutainment concept that has been a proven successful since its creation in 1999 and in the several countries that it has been established.
It is the view of Pacific Operators that the following will be the Company’s “Key Success Factors”: • Promote and operate successfully the theme parks concept in major and secondary cities in China. • Promote and operate the parks concept in other Asian markets. • Build a lucrative operating company in China and the Asia Pacific Region • Obtain necessary funding to develop the concepts throughout China and the Asia Pacific Region • Attain an attractive size of business in China and the Greater Asian Pacific markets to reach IPO status in the China (Beijing, Shanghai or Shenzhen) or Hong Kong Stock Markets • Run a successful business model easily replicable throughout China and the Asia Pacific area
3
China Market
China Economy Growth
C
hina's growth is one of the most impressive economic turnaround in the last century, with an average growth of 9% each year over the last twenty-five years. The economy of China is the fourth largest in the world when measured by nominal GDP and the forecast is expected to continue at this pace for the coming decade, this accelerated growth has had a dramatic impact on the lives of millions of Chinese citizens. Tens of millions of people have been lifted out of poverty in China during the past decade, creating a newfound increased disposable income society eager for new concepts and ideas.
GDP Measured at purchasing power ?????? (million international $) 16,000.000 14,000.000 12,000.000 10,000.000 8,000.000 6,000.000 4,000.000 2,000.000
2003
T
2010
The Disposable income and Consumer expenditure on food increase more than 50% in the last four years. Consumer expenditure on food (US$ million)
Disposable Income he government policy of openness has emphasized raising personal income and consumption inviting increased productivity and generation of wealth. Although China has focused on foreign trade as their major vehicle of economic growth, their internal market has now become an important part of their growth
2007
Annual disposable income (US$ million) 400.000
1,600.000
350.000
1,400.000
300.000
1,200.000
250.000
1,000.000
200.000
800.000
150.000
600.000
100.000
400.000
50.000
200.000 0
0 2003
4
2007
Theme Parks in China
T
he development of Theme Parks in China has enjoyed an impressive growth like the one other sectors in the food & beverage, entertainment, edutainment and service industries has. Although China has local parks, with the exception of Shijingshan Amusement Park in Beijing and the OCT’s Happy Kingdom in Shenzhen, the industry has not matured and/or created developer groups as normally known in the west, which are owned and operated by big entertainment corporations. Some homegrown projects are in development but are more oriented to teenagers and young adolescents. The edutainment and role play industry or playgrounds for younger children is still a nascent concept in China and for that purpose the world, and although a few small parks have opened, none enjoy the size, quality and concept of the American or European parks. The overall theme park industry is expected to grow rapidly in the Asian-Chinese market in the coming years as the population starts to enjoy more disposable income. Another important factor is the 6 to 1 economy when it comes to children, in which 6 adults (4 grandparents and 2 parents) are dedicated to the education and entertainment of the only child due to the official 1 child policy in place 30 years ago.
5
Children Market
A
ccording to a research report by the China Academy of social sciences in 2004, Chinese parents spent up to 50% of their total family income on their child. The importance of education in Chinese culture is paramount; this means that from a young age parents teach their single child to be the best in his/her class. Even toys, games, DVDs, video games and TV shows are more likely to be marketable if they have an educational edge. In 2006, 40% of the retail sales of traditional toys and games in China were originated from educational toys (pre-school). Activity toys and scientific kits are also moving fast in the region. By 2008, China is expected to be the largest market for pre-school toys, overtaking the USA, which is currently the leader. Little PC-type toys, which help spelling, counting and other skills, are driving this market. Chinese consumer expenditure on education is forecasted to almost double in real terms by 2015 from RMB606 trillion in 2006. ($1 US = 7 RMB) So more expenditure is expected within the educational children oriented industries.
The Opportunity
I
n a market that is expected to grow more than any other region of the world and, without a single major local or international player in the edutainment industry, it could be fairly assumed that it is a virgin market that will allow the growth and expansion of the parks in the near and medium future without engaging in fierce competition for market share with another major group. In a report by PricewaterhouseCoopers (PwC) entitled “Global Entertainment and Media Outlook: 2007-2011� they estimate a growth of more than 5% in Asia. While another report developed by TEA/ERA (Themed Entertainment Association and Economics Research Associates) about attendance in theme parks states that the Asian market has the greatest potential of growth in the years 2008 and up. With China expected to increase its revenues in attendance to $2,048 Million USD in the next four years.
6
Westernized Culture
W
ith increasing exposure to foreign culture due to the adoption of the open policy, consumers are more ready to accept western-style concepts. Meanwhile, rising disposable income arising from robust economic growth has made it financially possible for Chinese consumers to choose western-oriented concepts, usually at a higher price. Such demand is likely to continue and even increase further over the next five years. The lifestyle need is expected to be more widespread, expanding to inland cities from major cities over the next years, with household income rising as a result of continued robust economic growth in China. With more income, consumers can afford items beyond necessity. They may not be easily content with mere entertainment in theme parks, and are likely to seek of better quality and experience, as well as a premium service, for their children’s education and entertainment. This represents a strong indication of their growing wealth as well as their changing personal tastes.
Edutainment per se, is a new concept in China but with not doubt the Chinese people will be eager to embrace it as they concentrate great part of their effort in improving their children education and way of life. The rising disposable income has underpinned major entertainment trends. It makes it possible for consumers to materialize their need for convenience, as they can afford to entertain more frequently. Furthermore, rising disposable income is able to financially help satisfy their need for lifestyle consumption, in pursuit of better living standards and perceived better social status.
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Pacific Operators Development Strategy in China
T
he development strategy for the theme parks in China by Pacific Operators, Ltd., is to establish a Chinese branch in Sanghai from where the promotion, planning and development of the Wannado Parks will be executed. The plan is to develop 1 park per year starting in 2008 or first quarter of 2009 and, 2 parks a year after year 3.
In accordance with the potential market in Mainland China, the estimated number of parks to be opened is up to twenty parks. Other opportunities in Asia are present as well. Also, within this office the F&B area will develop and operate their proprietary concepts, first locally and later organic and opportunistically in other major and secondary cities in China. By introducing multiple concepts in a territory, Pacific Operators will be able to leverage their infrastructure costs and negotiating power with real estate developers. From their corporate offices in Hong Kong and their representative office in USA, Pacific Operators will look to develop other markets and opportunities that can add value to its shareholders.
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Investment Structure 投资结构
B
lu Pacific Fund, Ltd., (the “Fund”), is created with the objective of funding the development of children entertainment/edutainment parks in China and the Asia Pacific region, primarily through Pacific Operators, Ltd., (the “Company”). With the raised capital, the Company will create the necessary infrastructure to develop, build and operate these parks in China. This infrastructure will also help attract the sponsorships for the venues, which will add an extra revenue stream and, to coordinate the development and operation of the parks.
Investment Strategy
T
he strategy for the Company is to create individual Joint Ventures with each new Park that besides Pacific Operators being part it might include one or all of the following: - Real State Developer or Mall via the space and/or preferential treatment plus construction allowance. - Local Chinese Investors via private or institutional capital. - Foreign Direct Investment in the park via capital from the Fund or other International capital This Joint Venture scheme will permit flexibility in a case by case in each market thus maximizing our return on investment and lowering the risk. The Company will maintain at all times the operational and financial control of the various joint ventures entered into, to secure the quality and the standards of operation plus maintaining confidential its corporate know how. Pacific Operators will also earn revenue from the operation of the park, royalty and license fees, concessions and F&B among the principal revenue streams.
9
Strategic Alliances
P
acific Operators, Ltd., with the support from Wannado City’s corporate offices in USA, and their relationships with existing major sponsors that already enjoy the success of the parks, will facilitate their inclusion in its Chinese counterpart helping making it more attractive to bring leading local companies. Since each market is different and the needs and trends may vary, the concept of park for the China region will be tailor made for such market, attending to the very specific detail culture wise in its creation, just as it was done with the other two markets already in operation. The Company is also pursuing very aggressively the partnership of major national real estate developers of AAA shopping centers so it can secure prime locations at preferential rates. Some cities have also raised their attention to participate in some form within the project. Also, financial institutions from Hong Kong and China have raised strong interest in becoming partners in one and/or all the parks. The Company will decide what would crate the best value and lower risk for its shareholders.
10
Park Concept
T
his innovative concept, the first indoor Role-Playing Theme Park Concept in the world, has become the leading news in the Theme Park and Entertainment Industry, due to its originality and universal appeal. Developed for kids, ages 3-13. It offers educational values and entertainment via role-playing in a setting created as a city in a 60,000 sq/ft area to support around 800,000+ visitors a year. The city is built at children’s scale, the most important aspects of the society have been replicated to give the kids a unique experience by the creation of reality-based, experiential properties that entertain and educate. Kids can try out hundreds of grown-up jobs in this first role-playing city built just for them. The park also, has its own institutions such as banks with their unique currency and credit card, Driver’s License, police force, hospital, TV and radio stations and others, all animated by the small visitors. Above all is a city for kids and kids RULE. Also, the venues and other common areas have the potential to be sponsored by corporations. By offering a one of a kind hands on experience for kids and adults, these parks have the potential to introduce the leading brands of the world, in a way to build a successful emotional connection with the consumers and decision makers of tomorrow, cementing a life long loyalty to the brand. The first experience of this kind of theme parks in the world was developed in 1999 in Mexico City. Later, a second concept tailored to the US specific market was born, called Wannado City in 2004 locating its first park in South Florida and its second one in the New York metropolitan area expected by the end of 2009, with expansion plans to other major cities in the years to come, such as Chicago, Dallas, Atlanta and L.A., all within the US market
*Edutainment (also educational entertainment or entertainment-education) is a form of entertainment designed to educate as well as to amuse. Edutainment typically seeks to instruct or socialize its audience by embedding lessons in some familiar form of entertainment.
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12
Fund Management
Astra Asset Managers, Inc Incorporated in the United States of America. A Davos Financial Group sister company,
D
avos Financial Group is present in Switzerland through the firm D’ Societe (member of ARIF Association Romande des intermédiares Financiers) and as first independent supplier of integral and structured financial services since our incorporation in 1994, we value optimum conditions as well as maximum transparency in each of the operations we perform. We rely on the support and security of the best financial institutions in Switzerland, Latin America and the Caribbean, as well as highly recognized European Custodian Banks, which allow us to offer an ample scope of products and solutions that adapt to your financial expectations.
Fund Managers Andres Sotillo – Chairman Buisness Administrator 2003 Present DAVOS INTERNATIONAL BANK, Antigua & Barbuda C.E.O. 1995 Present DAVOS FINANCIAL GROUP, Miami, Florida, USA Director /Senior Partner 1995-1996 BANCO LATINO INTERNATIONAL, Miami, Florida, USA Trainee Program – Tresaury 1988-1995 MORRISON & SOTILLO, C.A., Caracas, Venezuela General Manager 1994-1995 MAVESA, S.A., Caracas, Venezuela Intership Finanse Analist Gustavo Rivas - Director Economist – International MBA 2004-To date Davos Financial Group. Miami, USA Portfolio Manager – Asset Management Division 2003 Davos Financial Group. Miami, USA MBA Internship. 1999-2002 Banco del Caribe. Caracas, Venezuela. Economic Analyst. Planing and Management Department. 1996-1998 ING Bank Caracas, Venezuela Assistant Relationship Manager / Credit Analyst.
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Fund Management Fund Board of Advisors I Xia Shen Born in China, received his university degrees from Zhejiang University, China and Oxford University, UK. He joined N. M. Rothschild & Sons Ltd., in London in 1993. In 1997, Moved to Hong Kong to work for Rothschild’s and then Schroeder’s Asia. From 2000 -2005, worked for China International Capital Corp, a China based investment bank. Since 2005, Xia works for Macquarie in HK. His expertise is capital market fund raising for China based companies, both in China and overseas market. I Gaston Melo, PhD Doctor in Communication Sciences from Louis Pasteur University, Strasbourg, France. in 1980. As producer and director in diverse media, he has won awards in cinematography and TV with various documentaries in archeological, scientific and ethnic research. Currently is an active consultant to Grupo Televisa (the biggest media company in Spanish), company in which he has taken part for 35 years in diverse areas and as a highranking executive. Conceived and developed “Espacio”, a series of forums for university students from Latin America with an attendance of more of 250 thousand students in 12 years. Renowned World Leaders from Industry, government, science and academia are invited to participate in key note presentations and Q&A talks with the students. Owner of Sistema de información Logística and, Comunicación Sistémica. Both companies offer consulting services to diverse companies in Mexico and France. Officier del’Ordre des Arts et des Lettres by the French Government and, Medalla al Merito Universitario from Anahuac University, Mexico City. I Roberto Valdes -Daussa B.S. Industrial Engineering, Georgia Intitute of Technology – 1956 Ample experience as a high-ranking executive in industry of private and multi-national corporations. Prsident and then Regional Business Manager for Latin America for Federal Mogul Corp. Vice-president of Oci-Metalmecanica of Venezuela, supplier for major U.S and Japanesse automotive plants. A Kaiser Industries wholly owned subsidiary. Production manager of Chrysler de Venezuela. Has been a Board Member in 11 high profile companies, like Jeep de Venezuela, Federal Mogul de Ecuador, Federal Mogul de Venezuela, among others. Board of Directors-Automotive parts Manufacturer’s Assoc of Venezuela Board of Directors-Carabobo Assoc. of Executives, Venezuela.
14
Pacific Operators Key people
Proven Professional Management I Executive Chairman, Jose Alfredo Reygadas Attorney at Law since 1994 by Universidad Panamericana in Mexico City with a Masters Degree of International Law by the University of Notre Dame in 1996. With more than 14 years of experience in business, legal affairs and management positions in the corporate world in the U.S., Latin America and Hong Kong, China. Created the Asukar F&B Concept and cofounder Pacific Operators. Ample experience in the establishment of several companies in Hong Kong with affiliates subsidiaries in China known as WFOE (Wholly Foreign Owned Entities). Participated in the negotiations for a USD 300 Million joint real estate project between Chinese investors and the Tunisian government for the development of a high-end casino and resort project in Tunisia. Advised clients in evaluating the feasibility of multi-billion dollar acquisition of newlyprivatized financial and commune institutions in Mexico from the government. Vice President of Business and Legal Affairs for several public US companies such as Universal Studios and HBO both of these companies within their Latin American divisions. And private companies such as the German Bertelsmann Group Music Division (BMG). Successfully completed the legal and commercial framework for an Internet Company from the start up operations to a successful investor approach, and eventual IPO.
The management and consultants from Pacific Operators is an extensive pool of talent that comprises experienced professionals with almost 30 years combined in the Entertainment and the Asian market, plus ample knowledge in International Business Development and Financial fields. I CEO, Juan-Antonio Garcia Has ample experience working at private and public multi-national companies. Business consultant in Mexico City, sold venture and joined Grupo Televisa. Worked 5 years at Televisa as head of Special Projects in the Office of Deputy to the Presidency Office. Managed multi million dollar projects. Cofounder SportsYA!, an international Internet sports site in Spanish based in Miami, FL. With offices in Madrid, Buenos Aires, Mexico City and Sao Paulo. Responsible for a staff over 200 people in the areas of content and technology. Helped raised the original and subsequent funding, up to 35 million in capital from JP Morgan/Chase Capital Partners, IMG Sports Management, Flatiron Partners and others. CoFounder Pacific Operators, Ltd. I CFO, Mauricio del Castillo Worked in the Strategic Planning of Avantel (MCI), the second largest telecomm company in Mexico. Was in charge of a budget of over USD 500 million, and responsible of the creation and execution of the strategy plan, collaborated directly with the CFO of the company. Co-Founder of an entertainment company in Miami, currently the most successful talent provider for the Hispanic television market. Has broad experience developing businesses between China and US/Latin America region. His financial experiences in start up companies as well as big corporate enterprises are key for the development of this project.
I Chief Corporate Sales Officer, Andres I. Franco With well over 10 years of vast experience in the International Sales and Marketing in the real estate market. Worked with several Real Estate companies, he founded in 1998 his own enterprise, World Home International, whose gross sales reached over $40 million. Merged in 2006 World Home International with the Q Kapital Group, securing over $100 million in Commercial and Residential loans for clients. He has been personally involved with several projects whose total value were well over $180 million. I Senior Consultant, Joel Silverstein CEO/Founder of Vivaldi Foods Ltd., Former CEO of Outback Steakhouse, Asia Pacific. Built Outback Steakhouse business in Asia Pacific region to over 90 units with revenues exceeding USD 185 Million within 20022004 period. Former vice President and Board Member – KFC Japan Ltd, a $700M publicly traded Japanese company. Before that he was a key Executive with PepsiCo Restaurants (now Yum!), with responsibility for KFC Japan and 600 Pizza Hut units generating annual revenue of $500M; assisted the company with both U.S. and Asia operations. Built and managed US$200M$500M Asia-Pacific companies. Has more than 28 years business experience in Asia Pacific, with 22 years in residence. Over 12 years business experience in quickservice, casual dining, and franchising. Has been Senior executive with Black & Decker, B.A.T. Industries plc., PepsiCo Restaurants (KFC, Pizza Hut), DIRECTV Int’l, and Outback Steakhouse Int’l.
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Structure Fund Manger: Astra Asset Managment, Inc 1001 Brickell Bay Drive, Suite 3104 Miami, Fl. 33131 Tel. 305.577.8999 - Fax. 305.577.8899 Administrator: TRADMAN. c/o Exchange Fund Services Tradman, Ltd. Nemours Chamber Netherlandsrs, P.O. Box 3170, Road Town, Tortola, British Virgin Islands. Phone (284) 494-0525. Fax (284) 494-0883. - Laan van Kronenburg 8 NL - 1183 AS Amstelveen - P.O. Box 7827 NL - 1008 AA Amsterdam - Netherlands Auditor: De Paus & Vesseur - Snipweg 30 Willemstad, Curacao - Netherlands Antilles Tel; 005999 736 63 44 - Fax; 005999 736 63 83 Web: www.depausvesseur.com Custodian Bank: Banque BAUER (SUISSE) S.A Rue Jean Petitot 7 - 1204 Genève, Suisse Financial Advisors: Davos Financial Group Rue du Rhone 13, 1204 Geneve. Suisse Phone: + 412 231 11386 - Fax: + 412 231 11387
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Income Structure Investment : Minimum:
$25,000 Lockout Time: 24 months Liquidity: Semester Reports: Quarterly Audit: Yearly)
Cost
15% Profit Sharing (High Water Mark) 2% Annual Management Fee
Distributors
4% Up-Front Commission Class “A� Type 1% Annual Trailer after second year
17
Projects 2008-2012
Wannado City roll out plan - Project 2008-2012 City/Oppenings
2008
Shanghai Beijing Hong Kong Shenyang Shenzhen
# = Wannado City Park
18
2009
★
2010
2011
2012
★ ★
★ ★
Financials Park’s Financials China Business Case
P
acific Operators is tailoring the concept with the local costumes, culture and economy in mind. The prototype park is designed to be built in a 6,000 sq/m (60,000sq/ft), with a projected total investment of USD $15 MDD, this amount expected to be lower as economies of scale help in getting favorable deals with suppliers and developers. The expected capacity is to be around 600,000 visitors a year, with estimated revenue per attendant of $17 USD (this only from the entrance to the parks, not considering F&B, concessions or merchandising) and a calculated EBITDA of 42% for the first year. Another significant source of revenue will come from sponsorships; all venues or pavilions are sponsored by corporations as well as other areas or activities of the park. These plus the F&B business and the merchandising creates a very profitable business case. All these numbers and estimates are based in then previous park experiences in different markets thus obtaining a very realistic scenario, by only using the most conservative case scenario numbers and models to illustrate this example.
Cogs SG&A 14.00 12.00 10.00 8.00 6.00 4.00 2.00
20% 38%
EBITDA
42%
19
Financials
L
abor and real estate are the most critical expenses in the operations of the Company. In both of these cases China offers a great advantage for the Company, as labor (plus other benefits), are much lower than in Mexico and the US. Regarding real estate, the fast market growth in commercial properties will bring to market in the short term several options that would allow the company to get preferred deals in the markets that are expected as potential sites for the park. Pacific Operators has also created a rent scheme which allow to pay less rent during the first 4-5 years of operation and, then level off when the park is mature, this creates a constant business pro forma plan with a 42% of EBITDA from the first year of operation.
Plan 10 years Revenue COGS Expenses EBITA
2008 2009
25.000
2010
20.000
2011 15.000 2012 10.000
2013
5.000
2017 2014
0 5.000 5.000
20
2011 2008
2014 2015 2016 2017
Financials Fund key financials Income (Thousand RMBs)
2008 E
2009 E
2010 E
2011 E
2012 E
2013 E
Wannado City
9,552
21,026
38,073
59,400
73,034
AsukarTapasbar
258
1,338
3,034
5.699
8,018
Asukar Blu
64
389
1,019
2,091
3,110
Chop Chop
64
389
1,019
2,091
3,110
TOTAL
9,680
23,142
43,145
69,280
87,272
Usd+ constant dollar 7RMB per USD
1.383
3,306
6,164
9,897
12,467
Expenses
4,727
5.634
7,399
7.769
8,157
8,565
675
805
1,057
1,110
1,165
1,224
4,727
4,953
17,507
35,747
61,512
79,115
2008
2009
2010
2011
2012
2013
-
6,007
9,182
5,572
14,756
9,31
-
858
1.312
796
2,108
1,133
Income
2008
2009
2010
2011
2012
2013
Investment USD
56,000
49,000
35,000
35,000
-
-
8,000
7,000
5,000
5,000
-
-
USD EBITDA Cash Flow
(Thousand RMBs)
BOP usd + constant USD 7 RMB per US
EBITDA
4,727
4,953
17,507
35,747
61.512
79,115
Total Income
59,273
60,953
57,507
75,747
61.512
79,115
USD
8,468
8,708
8,215
10,821
8,787
11.302
Outcome
2008
2009
2011
2012
2013
Capex WDC master franchise
7,000
3,500
-
-
-
-
2010
Wannado
30,000
30,000
30,000
30,000
30,000
-
Asukar Tapas
1,489
1,489
1,489
1,489
1,489
-
Asukar Blu
965
965
965
965
965
-
Chop Chop
965
965
965
965
965
-
Total Investment
40,419
36,919
33,419
33,419
33,419
-
USD
5,774
5,274
4,774
4,774
4,774
-
Expenses
4,727
5,634
7,399
7,769
8,157
8,565
USD Dividends 14.5 cost of capital
675
805
1,057
1,110
1,165
1,224
8,120
15,225
20,300
25,375
25,375
25,375
USD
7,609
8,254
8,731
9,509
9,564
4,845
Total Outcome
53,266
57,778
61,118
66,951
66,951
33,940
USD
7,609
8,254
8,731
9,509
9,564
4,845
End of Period
6,607
9,182
5,572
14,756
9,317
54,492
USD constant USD 7 RMB per US
858
1,312
796
2,108
1,331
7,785
21
Notes
22
Notes
23
Blu Pacific Fund Ltd Room1708, Kai Tak Commercial Building, 317-319 Des Voeux Road C., Hong Kong or, Astra Asset Managers Inc Davos Financial 1001 Brickell Bay Drive, Suite 3104 Miami, Fl. 33131 info@blupacificfund.com