SA - Fundsquare
Transcription
SA - Fundsquare
PAN-H 0L D I N G Sociktk Anonyme ASSEMBLEE GENERALE ORDlNAlRE DU 24 AVRlL 2001 ANNUAL GENERAL MEETLNG, APRIL 24,2001 EXERCICE -YEAR 2000 70"ANNIVERSAIRE - 70TH ANNIVERSARY CE RAPPORT FINANCIER NE CONSTITUE PAS UNE OFFRE D'ACTIONS THIS FINANCIAL REPORT DOES NOT CONSTITUTE AN OFFER OF SHARKS .~ - ...- . ... - .. . .. . -. . . .. . . . .- PAN - H 0L D IN G SociCtC Anonyme R.C. LUXEMBOURG : B 7023 Siege Social 7, Place du Theitre Registered Office L - 2613 LUXEMBOURG ASSEMBLEE GENERALE ORDTNAIRE DU 24 AVRIL 200 1 ANNUAL GENERAL MEETING, APRIL 24,2001 EXERCTCE SOCIAL - 2000 - FINANCIAL YEAR *** TABLE DES MATIERES -TABLE OF CONTENTS Conseil d’Administratinn (page 3) Board of Directors (page 3) Rapport du Conscil d’hdministration Directors’ Report - L‘tconomie mondiale et les bourses (pages h - I O ) The world economy and the stock markets (pages 7 - 11 ) - Politique de placement (pages 10 - 12) lnvcstincnt policy (pages 1 1 - 13) - Performance (pages 14 - 23) Resolutions presentkes i I’Assomblee Generale Ordinaire du 24 avril 2001 (pagc 26) Resolutions proposcd to the Annual General Meeting on April 24,2001 (page 27) Rapport du RCviseur d’Entreprises (page 28) Auditor’s Report (page 29) Situations financieres au 3 1 decenibre 2000 (pages 30 - 48) Financial Statements as of December 3 I , 2000 (pages 3 1 - 48) Participations ct portefeuille-titres au 3 1 dkcembre 2000 (pages 49 - 75) Long-Term lnvestmcnts and Portfolio of Securitics as of December 3 1,2000 (pages 49-75) Informations generales (pages 76 - 79) Ckncral Information (pages 77 - 79) I PAN-HOLDING SociCtb Anonyme Administration Centrale Central Administration 7, Place du TheBtre L - 2613 LUXEMBOURG Tel.:(352) 46 24 01 - 1 - Fax : ( 3 5 2 ) 46 24 01 - 24 E-mail : pan(4pt.h Telex : 2239 panac lu SecrCtaire GCnCral Corporate Secretary Barbara MULLER TNFOHMATION SUR LA VALEUR DE L’ACTION / PRICE INFORMATION VALFUR NETTE U’INVENTAIRG / PRIX DEVENTE & PKlX DE RACHAT NRT ASSET VALUE / SALE & RF,PURCHASE PRICE Administrutitin Centrale - CentralAdministrati~in:sur dcmande - upon request Luxemburger Wort (Luxembourg): ,,Fonds d’inves~isseiiient“.publication quotidienne. mise h jour le vendrcdi .- published daily. updatcd Fridays / communiqui, le vcndrcdi - boxed announcement. Fridays Tagehlaff(Luxembourg): .,Fonds d’investissement”, publication quotidienne, mise ijour le vendredi - puhlished daily, updated Fridays L’Echo (Belgique): communique, le vendredi - boxcd announcement, Fridays La Tribune (France): communique, le vendredi - boxed announcement, Fridays Financial Times (United Kingdom): ,,Offshore Funds - Luxcnibourg Regulated”. publication quotidienne, mise ijour le vendredi - published daily. updatcd Fridays INFORMATION SUR LES COURS BOUHSIERS / SHARE PRICES Reutcw. LU0055289689.LUF + LIJ006325 1903.LUF; Bloomberg: I’ L X ****** Les principales partitions sont publikes dam les jouriiaux nientionncs et egalement dans fnvestir (Francc) Major announcements arc published in the above nientioncd press and also in fnvestir ( Francc) 2 CONSEIL D'ADMINISTRATION BOARD OF DIRECTORS (December 3 I. 2000) Vice-Prksident - Vice-chairman Jacques LOESCH, Luxembourg. Paririer, De Bandt, Van Hecke, L,agae & I.oesch Prtsident - Chairman Frederick A. KLINGENSTEIN. New York. Chairman, Klingeiistein. Fields & Co., L.L.C. COMlTE DE DIRECTION MANAGEMENT COMMlTTEE Prtsident - Chairman Alain PHILIPPE. Paris. Presid~~nt-nircctciir GPnPrul. CIPEC Garnett L. KEITH, Summit, N.J.. USA Former b'rce-Chairman, The Prudential Insurance Company of Amcrica Chairman, SeaBridge Capital Management Company Ceorges MULLER, Luxembourg. Ancirtz Achini.shut~trrUPlPguP. CI EI ) ET. Derek R. STRAUSS, London. Consultant. SG Investment Management Ltd. Drs Eijmert K. den RAKKER, Rotlerdam. F u r m u I:'hoirmatz r?/'lhei k w r r i v e Board, Nationale Ncderlandcn N.V Sir Brian COHHY, London. Former Chairmutt. The Prudential Corporation plc Hugh Jon FOULDS, London. Fernier. C'huirman. Halifax plc. Roger PALUEL-MARMON'I', Paris. Prc;sidmt d'Honnetrr, Administratcirr, Compagnie Lebon S A . Lord ROLL of Iprden, KCMG, CB, London. Smior . 4 d ~ i w c UBS Warburg Prof. Dr.jur. Dr.-1ng.E.h. Dieter SPETHMANN, Diisseldorf. F(irmei.Chuirman. Thyssen AG Ernest WEILL, Paris, Prisident d 'Honneur. CIPEC 3 ... ... RAPPORT DU CONSEIL A L'ASSEMBLEE GENERALE ORDINAIRE Pan-Holding a le profond regret d'annoncer le dCces survenu le 9 fkvrier 2001 de son Secretaire GknCral Honoraire, M. Paul DENTS, qui pendant 48 ans a servi la SociCtk avec dkvouenient et e t k a c i t e . * * * Mesdames, Messieurs, Nous avons I'honneur de vous soumettre notre rapport sur les comptes de I'exercice qui s'est terrninc le 3 1 decembre 2000. 70"ANNIVERSAIRE DE LA SOCIETE Avril 200 I marquera le soixante-dixikmc anniversaire de Pan-Holding. La SociCtC fut crkke le 2 avril I93 1 a Luxembourg avec pour objectif la croissance du capital investi tout en minimisant les risques. Les fondateurs dc Pan-Holding furent des prkcurseurs B plus d'un titre puisqu'ils appliquaient dkja 1cs principes de la diversirication internationale et qu'ils furent parmi les tout premiers a constituer un organisme de gestion collcclivc en Europe continentale. 70 ans plus tard, ce mode de gestion est devenu la norme. La performance dc Pan-Holding sur cette longue pkriode atteste de la clairvoyance de ses creatcurs, comme en temoigne la comparaison, dcpuis 1931, par rapport aux principaux indices boursiers et a l'inflation (graphiques page 23). Sur de plus courtes pkiodes, les concepts qui ont prkside a la crbation de la SociCtC restent Cgalement valables. * * * 4 I , DIRECTORS' REPORT TO THE ANNUAL GENERAL MEETING Pan-Holding dceply regrets the death on February 9, 2001 of its Honorary Corporate Secretary, Mr. Paul DENJS who loyally and efficiently served the Company during 48 years. a * * * Ladies and Gentlemen? We are pleased to submit our annual report for the year ended December 3 1,2000. 70T"ANNIVERSARY OF THE COMPANY April 2001 will mark the seventieth anniversary of Pan-Holding. The Company was created on April 2, 1931 in Luxembourg with the objective of seeking appreciation of the capital invested whilst minimizing downside risk. The founders of Pan-Holding were forerunners on several accounts as they already applicd the principles of international diversification and as they were among the very first to establish an undertaking for collective investment in Continental Europe. 70 years later, such methods have become the norm. The performance of Pan-Holding over this long period also attests the clearsightedness of the Company's founders, as shown by the comparison since 1931 with the main stock market indices and inflation (see graphs page 23). Over short periods, the concepts which presided at the inception of the Company also remain valid. * * * 0 EENVTRONNEM ENT ECONOMIQUE MONDIAL L‘annee 2000 qui avait debute sous les auspices d’une vive croissance economique s’cst termin6e avec la perspective d’un fort ralentissement et dans la craintc d’uno recession. Les marches financiers ont parfaitement reflkte ces tendances divergentes. Les cours des actions des sociktks de la ,,nouvelle tconomie“ ont connu des variations d’une ampleur exceptionnelle. Lcs titres des sociCtCs des autres sectcurs ont eu un comportement beaucoup plus modere. Un ensemble dc facteurs explique ce qui est apparu comme des exces de marches qui ont temporairement perdu toute reference aux methodes d’kvaluation classiques. Les Etats-Unis sont restks les animatcurs de la croissance mondiale et l’kvolution de la conjoncture amiricaine s’est repercutke en Europe et en Asie. Ainsi, a I’image de ce qui s‘est produit aux Etats-his, la croissance economique mondiale s’est fortement accklkree a l’occasion du passage a I’an 2000, en particulier en ce qui concerne la demande de biens et de services lies A la technologie de I’information et aux telecommunications. Les societes de ces sectcurs. extrapolant ce qu’une telle conjoncturo leur laissait entrevoir, ont souvent temporairement oublie toute prudence. Le ralentissement de la demande, qui s’est amplifiC dans les dernicrs inois de I’annCe et qui a ete aggravk par la hausse concomitante des cours du petrole, a significativement af’fecte les perspectives bkneficiaires des entreprises. La chute de la rentabilitk potentielle de leurs fonds propres a provoque celle de Icur capitalisation boursikre. rendant de plus en plus coiiteux et difficile leur financement externe. Le secteur des telecommunications en est une illustration. Dans ce contexte trCs heurte, les taux longs ont baisse, perincttant aux marches obligataires occidentaux de montcr fortement. Sur le march6 des changes, le dollar s’est apprecik vis-a-vis de I’euro jusqu’en octobre avant de subir un fort repli en fin d’annte 2000. CRAINTES DE RECESSION ECONOMIQUE ENAMERIQUE DU NORD Apres avoir progresse a un rythme de 7,6% jusqu’i fin mars. la consoinmation amtricaine a nettement ralenti au deuxiPme trimestrc (3,1%). Cette inflexion brutale a surpris les entreprises qui avaient continue d’invcstir pour ameliorer leur coinpetitivite et accroitre leurs capacites de production. Elles ont donc kte contraintes de baisser les prix pour eviter le gonflement dc leurs stocks. Ceci a provoque un rcbond tcmporaire de la consomination des menages au cours de l’ete ( 1 4,5’/0). Colle-ci a cependant de nouveau faibli au dernier trimcstrc. La hausse du prix de l’energie (pitrolc et ga7) a aggravC la conjoncture maussade du dcrnier semestre. L‘accroissement de I’investissement productif est pass6 de 2 1% au premier trimestre ii -1,5% en fin d’annee. La dbgradation rapide de l’activite en particulier dans les secteurs de haute technologie et dans le secteur manufacturier a exaccrbk les craintes de recession en dkpit de I’absence d’inflation et malgre les cxckdents budgetaires importants. LA REPRISE: EN EUROPEA MANQUl? DE FORCE Quoique elevke sur l’ensemble de I’annee (+3.1% en France et en Allcmagne), la croissance econoinique dans I’Euroland a connu deux tendances differentes en 2000. Unc forte progression au dCbut de l’annic qui a resulte du niveau d’activite ClevC de la fin de I’annee I999 puis une decClCration sensible au deuxieme semestre. Dks le deuxikme trimestrc, la consornniation franGaise ralentissait i 0,8% en rythme annualise avant de se renforcer a 1,6% au second semcstre. La croissance Cconomique en fiance s’cst donc rCvClCe inferieure 6 THE WORLD ECONOMIC ENVIRONMENT Thc ycar 2000, which had started under thc auspices of a strong economic growth, ended in a sharp economic slowdown and with the fear that a recession might occur. Financial markets reflected these diverging trcnds. The stock prices of companies belonging to the so-called ,,new economy” enjoyed ups and downs of exceptional magnitudes. The stocks of companies in the other sectors had more moderate behaviour. A number of factors explain what appears to be excesses from markets that temporarily lost all rcference to traditional valuation mcthods. The United States remained thc driving force of world economic growth and the developments in the US economy were passed on to tlic European and Asian countries. Thus, similarly to what happened in thc US, world economic growth aocclcrated sharply on the eve of the year 2000, particularly with regards to the demand for products and services relating to information technology and to telecommunications. Companies in these sectors, extrapolating upon this short-term trend, often temporarily forgot all caution. The slowdown in demand which gained momentum in the last months of the year and which was exacerbated by the concomitant rise in oil prices, significantly impaired corporate profit perspectives. Lower expected return on capital invested led to sharp reductions of stock market capitalisations, making it more difficult and more expcnsivc Ibr corporates to raise money. The telecommunication sector is an example. In this difficult environmcnt, long-term interest rates dropped which led to the sharp rise of western bond markets. On the foreign exchange markets, the US dollar appreciated against the cur0 until October and then fell back sharply towards the end of the year. FEARS OF A RECESSION IN NORTH AMERICA Whilst it had been growing at an annualised rate of 7.6% until the end of March, consumer demand in the US slowed down significantly in the second quarter (3.I ?A). This came much as a surprise to companies that had continuously invested in order to improvc their competitiveness and to increase their production capacity. They were thereforc forccd to reduce prices so as to avoid inventories build-up. This Icd to a temporary rebound in private consumption during thc summer period (+4.5%).Demand however weakened again in the fourth quarter. ?’he rise in cncrgy prices (oil and gas) aggravated the weakening economic cnvironment in the second half of thc year. The growth rate of capital investment fell from 2 1 % in the first quarter to - I .S% at thc cnd ol’the year. The rapid slowdown in economic activity especially in the information technology and in thc manufacturing sectors exacerbated the fears that a recession might occur despite a significant budgct surplus and a non-inflationary environment. WEAK EUROPEAN RECOVERY Although high in the year overall (+ 3.1 % in France and in Germany), economic growth in Eurolund followed two different trends in 2000. Strong growth at the beginning ofthe year which resulted from the level of activity in 1999 and then noticeable slowdown. From the second quarter, private consumption in France was slowing to an annualised ratc of 0.8% and then strengthened to 1 .Bo/;, in the second half-year. Economic growth in France thercfore turned out 7 a cc que pouvait laisscr prksager une conf’iance des menages qui. sauf en septembre, est restkc toute l’anntc A un niveau elevt. grice notamment a la baisse du ch6mage. La hausse du prix du pttrole a contrihue h freiner la consommation. Le PIB franqais n’a finalenient crG que de 2.4%. en taux annualise, aux troisieme et quatriemc trimestres. Le ralentissement du commerce mondial a partir du second trimestre a lourdement pes6 sur la croissance economique de I’Alletnugne qui a ralcnti ii 2.2% au deuxiemc semestre. La situation a tte similaire en Italie, dont le PIB a progress6 de moins de 2% en rythme annuel pendant la meme periodc. En dtpit de cet environnement Cconomique incertain. la plupart des entreprises curopeennes ont continub d’investir car la forte demande debut 2000 a provoque dcs tensions au niveau de lcur appareil de production, faute d’invcstissements suffisants en biens d’kquipement au cours des annees prkcbdentes. En Grunde-Bretugne, la croissance a flkchi des le debut de I’annee. Si la consommation des menages s’est nettement redressee au troisieme trimestre a la suite de la multiplication des baisscs de prix dans la distribution, cette tendance est tres vite apparue fragile. L‘ASIE AU BORD DE LA RECESSION Le J q m n n’a pas rkussi, en 2000, a sortir de la stagnation bconomique qui stvit depuis maintenant 10 ans. Le deficit public avoisine desormais 10% du PIS. Les encours de pr&tsbancaires ont baissk de 3,8% en decembre sur un an en dCpit des nombreuses aides publiques dont les banques ont bkntficik ces dernieres annies. Le gouvernement japonais semble avoir echoue dans sa tentative de relance dc la demande travers une politique de stimulation de I’investissement des entreprises. En Cor&, le ralentissement de la croissance economique s’est amplifie au cours de I’CtC et le pays a fr81b la recession en fin d’annee. Les entreprises dans les secteurs des technologies de I’information qui avaient continue d’accroitre leurs investissements ont souffert de la baissc de la demande a I’exportation et de la diminution de leurs marges du fait d’une concurrence s’intensifiant. Leur situation financiere s’en est trouvee dkttriorke. EVOLUTION DES MARCHES FINANCIERS Sur les marches des changes, I’euro s’est dtprecie par rapport au dollar pour atteindre son plus bas de US $0.82 fin octobre. I1 a ensuite fortement rebnndi pour terminer a US $0,93. Sur I’annee, la hausse du dollar amhicain s’etablit neanmoins a 7,3% En depit de la mauvaise situation Cconomique et financiere au Japon, le yen est rcste ferme pendant les dix premiers mois. TI s’est ensuite fortemcnt dkprecie par rapport au dollar pour terminer a yen 1 14,97 / US $. soit une baissc de I I .2%. La depreciation de la devise japonaise vis-a-vis de I’curo a ete plus forte encore, pres de 20%)dans les deux derniers mois de I’annke quoique sculement de 4%)sur un an. La livre sterling a graduellement flechi vis-a-vis du dollar en 2000 (baisse de 7,5%) tandis qu’elle est restie pratiquement stable par rapport a I’euro mal& d’importantes fluctuations en cours d’annke. Les politiques monetaires restrictives, A un moment oil la croissance faiblissait. ont contribue au repli des rendenients obligataires. Les taux 1 10 ans americains sont revenus de 6,44% a 5,11% sur un an en 8 lower than was suggested by a consumer confidence index which, except in September, remained at a high lcvel throughout the year, thanks notably to the decrease in the uncmployment f’igures. The rise in oil priccs contributed to rcductl consumption. In the e n d the French GDP only grew at an annualised rate of 2.4%)in the third and fourth quarters. The slowdown in world trade, that occurred as from the second quarter. weighted hcavily on economic growth in Germany, which slowed as a result to 2.2% in the second half. Similarly, in Italy the annualised GDP growth was below 2% over the same period. Dcspitc this uncertain economic environment. most European companies continued to invest as the strong demand that took place in the early part of2000 created near full capacity utilisation. due to underinvcstment in capital equipment in the prior years. In Great Britain, economic growth slowed down right from the beginning of‘the year. Although private consumption picked up noticeably in the third quarter thanks to many price discounts by retailers, this trend soon appeared fragile. ASIA ON THE VERGE OF A RECESSION .Japan did not manage. in 2000. to cscape from the economic stagnation that has now been prevailing over 10 years. CIovcrninent deficit is close to 10% of GDl? Credits outstanding dropped by 3.8% year-onyear in Dcccmber despite the many public subsidies from which banks benefited over the last few years. The Japanese government seems to have failed to boost demand through its policy aimed at stimulating corporate investment. In Korea. the slowdown in economic growth gathered pace in the summer and the country neared recession as the year came to an end. In the information technology sectors, corporates which had increased capital investment. suf’ered from the drop in export led demand and from margins reductions following intensifying price competition. Their financials deteriorated as a result. TRENDS IN THE FINANCIAL MARKETS On foreign exchange markets. the euro depreciated against the dollar and rcachcd its lowest level (US $0.82) at the end of October, It then rebounded sharply to end at US $0.93. Over the year. the dollar howcvcr appreciated by 7.3%. Despite the poor economic and financial situation in Jupan, thc yen remained strong during the first ten months of the year. It then depreciated sharply versus the dollar and ended the year at yen I 14.97 / US $, that is a 1 1.2% drop. The fall of the Japanosc currency against the euro was even sharper, almost 20% in the last two months although only 4% overall in the year. The sterling pound wcakcned steadily against the US dollar in 2000 (a decline of 7.5%) whereas, despite sharp fluctuations in the course of the year, it remained almost stable against the euro. Restrictive monetary policies when economic growth was slowing contributed to a decline of bond returns in 2000. US I O year rates fell back from 6.4496 to 5.1 1% over one year. Those of the German bunds declined from 5.52% to 4.12%. The Japanese rates remained below 1.60%). 2000. Ceux des bunds allemands sont passes de 5,52% a 4.72%. Les taux japonais sont restes au-dessous de l,h0%. L‘annee 2000 a ete niauvaise pour les marches d’actions Aux Etut.s Unis:.I’indice Dow Jones a recule de 6,2%, le S&P500 plus representatif a baissk de 10,1% tandis que le Nasdaq reculait de 39,3% sur I’annee. Ce dernier indice qui avait fortement progress6 au premier trimcstrc a lourdement chute au cours des mois suivants en depit d’un rehond ephemkre pendant l’ctt-. Le Nasdaq a ainsi fini I’annee en baisse de 50% par rapport a son plus haut historique de mars 2000. En Europe, l’indice Bloomberg des 500 plus grandes capitalisations a baisse de 7% en euro (- 12.9% en dollar). Dans l’Eurolund, les principaux marchts ont connu unc performance ncgative lorsqu’elle est exprimee en dollar. En euro, seul le marchc italien (indicc MTB 30) affiche une performance positive (+1.79/0 mais - 5.7% en dollar). La performance la moins mauvaise. quoique Iegerement negative en euro (- 0.5%), est ensuite celle de I’indice CAC 40 en France, soit unc haissc de 7 3 % en dollar. L‘indicc allemand Xetra Dax a diminue de 7.5% en euro (- 1433%en dollar). Au Royuunte Uni, I’indice FTSE 100 a reculk de 10,2% en livre sterling (- 17% en dollar). Au Jupon. l’indice Nikkei 225 a rcculC de 27.2% en yen (- 35,3% en dollar) tandis que I’indice corken Kospi etait divise par deux en won (- 55.2%) en dollar). POLITIQUE DE PLACEMENT DE LA SOCTETE Le debut de 1’anni.e 2000 a ete caractPrisC par une croissance economique exceptionnellc qui a favorisk la poursuite de la forte hausse des cours des valeurs des secteurs TMT commcncke A I’automne 1999. Le second semestre a Cte marque par la baisse brutale des estimations de rksultats des entreprises de ces secteurs A la suite de la degradation rapide des perspectives de croissance Cconomiquc. Dans cc contcxte d’incertitudes et de forte volatilite des marches. les liquidites ont Pte progressivement augmentees. Elles representaient 27,3%) des actifs fin dbcemhre 2000 contre I3.70/;1 un an auparavant. L‘exposition du portefeuille aux secteurs des semi-oonductcurs, des tcclinologius de I’information, des medias et des telkcommunications (TMT) a ete diminuee au profit de secteurs plus defensifs. Lc poids relatif des trois principales regions Cconomiques (AmCrique du Nord Europe, Asie) a peu varie. Europe Dans I’EuroZand, l’exposition du portefeuille aux secteurs des TMT a Ctl. progrussivcment reduite dts le second triinestre a la suite de la forte hausse des cours intervcnuc cntrc janvier ct mars. Ces ventes ont principalement concern6 la France et I’Alleniagne (services et programmes inforniatiques, rkscaux de telkcommunication) ainsi que I’ltalie (tklecomniunications) et la Finlande (tC1Cphones mobiles). Dcs bcnefices ont aussi et6 pris dans le secteur bancaire et de l’assurance (Italie, Pays-Bas, Allemagne) ainsi qiic dans le secteur pharmaceutique en Allemagne. Au premier trimestre. quelques positions avaient et&Tentorcees dans Ics scctcurs des technologies, des medias et des telecommunications en particulier en France et en Allemagnc. Ccpcndant, a partir du second trimestre, les achats ont essentiellement port6 sur des 10 The year 2000 was a bad one for equity markets. In the US. the Dow Jones index retreated by 6.2%, the broader S&P500 index retreated by 10.1 and the Nasdaq [ell back 39.3% over the year. The latter index rose strongly in the first quarter then fell sharply in the following months despite a temporary rebound in the summer. The Nasdaq ended the year more than 50% below its peak of March 2000. 'The Bloomberg 500 index of the most highly capitalised European companies declined by 70/;, in euro (- 12.9%)in dollar). In Euroland, all major stock inarkets declined when expressed in US $. In euro, the Italian MIR 30 index was the only one to rise (i-l.7'!4in euro but - 5.7% in US $). The next best performer was the CAC 40 index of France. slightly negative in euro (- 0.5%) i.e. a decline of 7.8% in dollar. The German Xetra DAX index declined by 7.5% in euro ( - 14.3%)i n dollar). In the United Kingdom. the FTSE 100 index fell back by 10.2% in pound sterling (- 17'3'0 in dollar). In Japan. the Nikkei 225 index declined by 27.2O/O in yen (- 35.30/0 in US $) whilst the Korean Kospi all sharcs index halved in won {- 55.2%)in dollar). INVESTMENT POLlCY The early part of year 2000 was characterized by an exceptional economic growth, which fuelled the sharp rise of'stock prices in thc TMT sectors that had started in the autumn of 1999. The second semester was marked by a sharp drop in corporate profit estimates in these sectors following the rapid deterioration of world economic growth perspectives. In this environment o f uncertainties and high degree of market volatility. liquidities were gradually raised. They amounted to 27.3°,i o f t h e assets at the end of December 2000 versus 13.7'/0 a year earlier. The exposure ofthe portfolio to the semi-conductors, information technology. media and telecommunication sectors (TMT) was reduced in fabour of more defensive sectors. The relative weight of the three main economic regions (North America. Europe. Asia) was not significantly altered. Europe In Euroland. the exposure of the portfolio to thc TMT sectors was gradually reduced during the second quarter following the sharp rise in stock prices which took place between January and March. The sales occurcd mainly in France and in Germany (software and sotfware services. telecommunication networks) as well as in Italy (telccommunications) and in Finland (mobile handsets). Profits were also taken in the banking and insurance sectors (Italy, Netherlands, Germany) as well as in the pharmaceutical sector in Germany. In the first quarter, some positions were added in the information technology, media and telecommunication sectors, particularly in France and Germany. However, froin the sccond quarter onwards, they took place in the more defensive sectors (food distributioil, insurance, public scrvices. specialized publishers). At the end of the year, positions were added in the TMT sectors. when stocks sold earlier in the year at higher valuation levels appeared undervalued following sharp drops in prices. c secteurs plus dkfensifs. (distribution alimentairc, assurance. services publiques, editions specialis6es). A la fin de l’annke, des positions ont et6 renforckes dans les secteurs des TMT lorsque, des titrcs vendus auparavant a des niveaux plus 6lcvCs, paraissaient sous-CvaluCs A la suite des fortes baisses. Dans les autrespays d’Europe. des benefices ont i t e pris dans les sectcurs des TMT (en Sukde, Daneinark, Grande-Bretagne) ainsi que sur des titrcs bancaires et de services aux entreprises cotes a Londres. Les achats sont principalement intervenus en Crande-Bretagne et en Suisse dans les secteurs ago-alimentaire, de I’assurance et de la logistiquc. L’exposition du portefeuille anglais au sccteur des medias a it6 accrue au quatrieme trimestre A la suite de la forte baissc des cours intcrvenue au cours de I ‘annee. AmCrique du Nord A la suite de la forte hausse des cows des titres TMT au premier trimestre, des benefices nnt ete realisks dans ces secteurs tandis que le poids des secteurs des matcriaux de base et des industries cycliques a ete accru. Le portefeuille est neanmoins rest6 surponderk en valeurs technologiques. Au cours de I’annee, des ventes sont intervenues dans de nombrcux secteurs pour prendre avantagc de la forte volatilitk des cours. Le poids des secteurs pharmaceutique et bancaire a CtC reduit principalement sur la base de valorisations trks elevkes. A la suite du triplement du prix du pktrole en moins de deux ans, des positions dans le secteur de I’encrgie ont et6 vendues. Les liquidites ainsi degag6es ont ete utilisees pour renforcer des lignes existantes clans le secteur des transports. Bassin Pacifiquc Aprks avoir connu une annee boursikrc exceptionnelle en 1999, les marches asiatiques ont subi de lourdes pertcs en 2000. Au Japon par exemple, I’indice Topix a decru de 40% en dollars cntre dCbut avril et fin decembre. Le portefeuillc de Pan-Holding, qui etait sous-ponder6 au Japon a partir du second seniestre, a neanrnoins souffert de la forte baisse des cours. Les ventes ont concern6 les titres de technologie qui avaicnt connu une excellente performance en 1999. Les achats ont port6 sur les titres de snciktes orientCes vers le marche intbrieur ainsi quc sur des socittks en restructuration. Des titres, principalement de moyenncs capitalisations, ont ete acquis en particulier dans les secteurs de consommation cycliques ainsi que dans ceux de I’automobile et des telkcornmunications. e Les marchks corkens et raiivanais, qui sont fortenient dhpendants de l’industrie des semi-conducteurs. ont soufl‘ert d’une rnauvaise performance. Les marches de Hong Kong et de Singapour ont etk peu affect& tandis que les titres chinois ont connu de fortes hausses. A I’exception de prises de benkf-ices dam le secteur des TMT, peu de changcments ont affecte les portefeuillcs de ces dernicrs pays. * * * Les donnecs economiqucs reprises dans notrc rapport ont kte fournies par notre consciller en investissements: la SOCIETE D’ANALYSES ECONOMlQUES ET FINANCIERES (S.A.E.F.), Paris. 12 ’ In the other European countries, profits were taken in the TMT sectors (Sweden, Denmark, Great Britain) as well as in banking and service issues quoted in London. Purchases occurred mainly in the U K and in Switzerland in the food, insurance and logistics sectors. The exposure of the British portfolio to the media sector was increased in the fourth quarter following the sharp drop in prices, which had occurrcd during the year. North America Following the sharp run up in prices ofTMT stocks during the first quarter, profits were taken in thwc sectors whilst the weight of basic materials and industrial cyclicals was increased. The portfolio however remained overweighted in tech-related issues. Throughout the year, gradual trimming occurred in a variety of positions in order to take advantage ofthe high volatility of prices. Weighting in healthcare and f‘inancials has heen decreased mostly because of high valuations. Due to the trebling of oil prices in less than two years, energy positions have been sold. Further, available cash has been used to consolidate existing positions in transport. Pacific Rim After an exceptional year in 1999, Asian inarkcts suffered significant losses in 2000. In Japan for example. the Topix index dropped by 40% in dollars bctwuen early April and late December. Pan-Holdingh portfolio, which was underweighted in Japan from the beginning of the sccond halfyear, however suffered from the sharp correction ofthe market. Sales were concentrated on the technology stocks that had enjoyed a strong performance in 1999. Domestic and restructuring issues were bought. Positions, mostly mid cap issues, have been added or consolidated in consumer cyclicals, autos and telecommunications. The Korean and Taiwanese markets, highly dependent on semi-conductors, performed poorly. The Hoitg Kung and Singapore markets were left mostly unscathed while China stocks strongly outperformed. No significant changes were made in the portfolio except for some profit taking in TMT stocks in the first part of the year. * * * The economic data used in our report have bccn supplied by our investment adviser: SOCIETE D’ANALYSES ECONOMIQUES ET FINANCTERES (S.A.E.F.), Paris. 13 EVOLUTION DE LA VALEUR NETTE U'INVENTAIRE' 3 1 dkcembre 1999 en US $ 3 I decembre 2000 en US $ Action de distribution 646,37 558.88 Action de capitalisation 684,ll 598.3 1 AnnCe 2000 : En dollar LJS(nionnaie de reference dc la SociLtC) : - taisant suite a line annee 1999 favorable, I'annee 2000 a et6 plus difTicile pour Ics marches boursiers. Pan-Holding a fait mieux que ces dcrnicrs au c w r s de chacune de ces deux annees. Apris la hausse de 36,4U/u enregistree en 1999 (indite MSCI World capitalis6 + 25%). la baisse de la valeur nette d'inventaire d'une action de capitalisation (ou de distribution w e e dividende reinvesti) a ete en 2000 de 12,549G (indice MSCI World capitalisk - 13,lX"A). - La mime remarque s'applique pour les actiotinaires calculant Ieur performancc dans les monnaies incntionnkes. ;I titre d'information, ci-dessous : Ainsi, en euro, la valeur nette d'inventaire de I'action de capitalisation (ou d'une action de distribution avec dividende rktnvesti) de Pan-Ilolding a haisst de 5,60/0en 2000 preservant I'essentiel de la hausse de 5X.W) enregistrkc cn 1999. En livre sterling, la diminution a ete de 5.4% en 2000 aprPs la hausse de 39.6% en 1000. Sur le Ion? terme, I'ob,jectif de Pan-Holding, croissance du capital et minimisation des risques, a aussi et6 atteinl. Ainsi, sur 25 ans, la valeur nette d'inventaire d'une action de distribution (avec dividende rkinvesti) exprimee en dollar a, au 3 1 decembre 2000. augment6 cn moycnnc de 13.29% par an. ' Les dkcisions de gestion de la Societe n'etant pas prises en fonction des indices, ceux-ci sont mentionnks h titre purement indicatif. EVOLUTION OF THE NET ASSET VALUE' Dccember 3 I , I999 in US !$ December 3 1.2000 in US $ Dividend Share 646.37 558.88 Capital Share 684.1 1 598.3 1 Year 2000 : In US dollar (the official currency of the Company) : - Following a good year in 1999, 2000 has been more difficult for the stock markets; Pan-Holding did better than these in each of the last two years. After rising by 36.4% in 1999 (MSCI World Index : +25%), the net asset value of a Capital Share (or that of a Dividend Share with dividend reinvested) declined in 2000 by 12.54% (MSC'I World Index : - 13.18%). - The same remark is valid for shareholders calculating their performance in the other currencies mentioned for information hereafter : In euro the net asset value of a Pan-Holding Capital Share (or that o f a Dividend Share with dividend reinvested) dcclinod by 5.6% in 2000, thus preserving most of the rise (+58.50/) rtgistcrcd in 1999. In pound sterling. it declined by 5.4°/b in 2000, following a rise 01'39.6% in 1999. Over the Ion? term, the objcctive of Pan-Holding, capital appreciation and minimisation of' risk, has also been reached : over 25 years, thc net asset value of a Dividend Share (with dividend reinvested) exprcssed in dollar rose on average by 13.29% per annum to 31 December 2000. ' The Company not being benchmarked, references made to indices are for information only. e PARTICIPATION FINANCIERE EN CIPEC Pan-Holding a une participation historique dans C‘IPEC, une SlCAV de droit francais geree par le conseil en investissement de votre Societe. CIPEC, apres avoir reGu pour I’annke 1999 le prix du mcillcur fonds sur 1 an dans la categorie des Sicav ,,Mixtes International Dynamiqucs” dans IC cadre des ,,VICTOIRES DES SlCAV 2000 - L A TRIBUNE - STANDARD & POOR’S MICROPAL”, a kte classee au 3 I decembre 2000 deuxikme dans sa cattgorie sur 5 ans. * * * I) L‘Cvoluticm dc la valcur nctte d’invcntaire de l’action de distribution de Pan-Holding comparee celle des principaux indices boursiers, est concretisee dans trois graphiques. Le premier porte sur l’exercice 2000, les deux suivants sur I’kvolution des dix et vingt-cinq dernibes annees respectivement. Un quatrikme graphique montre I’evolution de Pan-Holding L‘I dc di tycrents indices sur 70 ails (depuis avril 1931, date de creation de la Societe), corrigee de I’inflation. Tous les indices ainsi que la valeur nette d’inventaire de Pan-Holding sont exprimcs dans unc meme nionnaie. le dollar amkricain, devise du bilan de la Societe. 16 LONG-TERM INVESTMENT IN CTPEC Pan-Holding has an historical stake in CIPEC, a French global fund managed by your Company’s investment adviser. CIPEC, a f k r having bcen in 1999 named best fund over one year in its category ,,Mixtes International Dynamiqucs” in thc contcxt of ,,LES VICTOIRES DES SICAV 2000 .. LA TRIBUNE - STANDARD & POOR’S MICROPAL”, as at December 3 1,2000 ranked second in its category over 5 years. * * * The evolution of the net asset value of the Dividend Share of Pan-Holding, compared with the principal market indices, is shown in three charts as follows. The first indicates the evolution over the year 2000, the two others show the evolution over the last ten and twenty-five years respectively. The fourth chart indicates Pan-Holding’s and various indices’ evolution over 70 years (i.e. since your Company’s establishment in April 1931 ) adjusted for inflation. All the market indices and the net asset values of Pan-Holding are expressed in one single currency, the US $, in conformity with the currency used in Pan-Holding’s balance sheet. 17 e PERFORMANCES DE PAN-HOLDING ET DES PRlNClPAUX INDICES BOURSIERS MONDIAUX EN DOLLARS US PERFORMANCES OF PAN-HOLDING AND THE MAIN MARKET INDICES AROUND THE WORLD IN US DOLLARS PAN-HOLDING S.A. Action de capitalidon / Capital Share ......................... Action de distribution / Dividend Share (sans coupon net reinvesti / without net dividend reinvested) ................................... MSCl World ($) (coupon net rkinvesti / with net dividend reinvested) .... (sans coupon net rkinvesti / without net dividend reinvested) Variation des indices boursiers du 31.12.1999 au 3 1.12.2000 Variation dc change par rapport au $ US du 31.12.1099 BU 3 I . 12.2000 Variation des indices boursicrs ajustts dcs variationsde change du 3 I . 12.1999 au 31.12.2000 Chatigcs in market indices from 31.12.1999 to 3 1.I2.2000 Currcncy changcs compared with US $ from 31.12.1999 to 31.12.2000 Changes in markct indices adjusted for currency changes from 31.12.1999 to 3 I . 12.2000 YG % - 12.54 - 12.54 - 13.54 - 13.54 - 13.18 - 13.18 - 14.05 - 14.05 - h.lX - 6.18 39.29 - 39.29 ETATS-UNIS/ IJNIT'F.I) STA-TES OF A M E R I C A Dow Jones Industrials ................................................ Standard and Poor's Composite ................................. Nasdaq Cotnpositc ..................................................... CANADA Dollar canadicn i Canadian Dollar ............................ Toronto Composite .................................................... JAPON / J A P A N Ycn ............................................................................. Nikkci 225 ................................................................. Tokyo S.E. Index ........................................................ - 10.14 - - 10.14 - 3.34 + 2.64 + 6.18 - 11.18 27.19 - 25.46 - HONG KONG Ilollar Honp Kong / Hong Kong Dollar ..................... Hang Seng Index ( 1964) ............................................ - I 1 .OO SINGAPOUR / SINGAPORE Dollar Singapour / Singapore Dollar ......................... SES All Singapore ..................................................... - AUSTRALIE ;AUSTRALIA Dollar auslralien / Australian Dollar .......................... Sydney all ordinary .................................................... + 0.07 - 35.33 - 33.79 - - 0.37 - 11.33 - 27.82 3.91 24.88 - 15.05 - 14.90 Variation des indices boursiers du31.12.1999 au 31.12.2000 Variation de change par rapport au $ US du 31.12.1999 au 3 I . 12.2000 Variation des indiccs boursiers ajustts des aiations de change du 31.12.1999 au 3 1.12.2000 Changes in market indices from 31.12.1999 to 3 I . 12.2000 Currency changes compared with US $ from 31.12.1999 to 31.12.2000 Changes in market indices adjusted for currency changes from 31.12.1999 to 31.12.2000 O/b ALLEMAGNE I GERMANY Deutschc Mark ........................................................... Xctra DAX ................................................................. FAZ (1958=100) ........................................................ - 7.54 8.80 BELGIQUE / BELGIUM Franc bclgc / Bclgian Franc ....................................... Brussels S.E. .............................................................. - 5.02 ESPAGNE I SPAIN Pcscta ......................................................................... Madrid SE .................................................................. - 12.68 - 0.54 1.04 FRANCE Franc franqais i French Franc ..................................... C'AC'40(31.12.87)..................................................... Indice S.B.F. 250 ........................................................ I'I'ALIF,! I'1AI.Y Lire Lira ................................................................... Ranca Comm. Italiana ............................................... MIB 30 ....................................................................... - 7.34 - 7.34 - 7.34 + SUISSE / SWITZERLAND Franc suissc / Swiss Franc ......................................... SMI Indcx .................................................................. - 7.34 5.48 + 1.69 PAYS-HAS i NE'I'HEKL.AN13S Florin / Guilder .......................................................... CBS All Shares ( 1963)............................................... GKANDE-BRETAGNE I GREAT HKITAIN Livre Sterling / Pound Sterling .................................. ET. Industrial Ordinary .............................................. ET. - SE 100 ............................................................... ET. Gold Mines ( $ ) .................................................... - 7.34 - - 3.87 - 14.33 - 16.50 - 11.99 - 19.09 - 7.84 8.30 - 2.26 5.77 - 10.93 - 7.34 - 7.53 14.03 - 10.21 - 26.36 - - 20.50 - 16.97 - 3 1.90 - t 7.47 % 1% 2.24 + 5.06 La comparaison de ces variations ne devient significative qu'i la lumikre de la politique d'investissemcnt ct dcs objcctifs de votre SociCtC. E l k concerne le pass&et ne cunstitue par; line indication valable de son cvolution future. 'ihe comparison of these variations is significant only when compared with the investment policy and the objectives ol' your Company. These comparisons concern the past. They are not indicative ofwhat may happen in the future. RECORD OF PAN-HOLDING'S NET ASSET VALUE INDEX WITHOUT DIVIDEND REINVESTED COMPARED WITH THE MAIN MARKET INDICES EXPRESSED IN U.S. DOLLARS OVER 1 YEAR EVOLUTION DE L'INDICE DE LA VALEUR NETTE D'INVENTAIRE COUPON EXCLU DE L'AC'TION PAN-HOLDING ET DES PRINCIPAUX INDICES BOURSIERS EXPRIMES EN DOLLARS AMERICAINS SUR 1 AN 1 10 1 10 December 3 1. 1999 = 100 1 0s I 0s I00 I 00 95 95 90 90 85 85 80 go 75 7s 70 - - . YORK cD J 30 Ind _ _NFW . ISHI- 2501 PARIS - PAN HOI DING -- -- -- MSC'I WORLD (airhour - - - LONORES [F T -- -- - FT GOL1)MINk.S 65 70 ) dikideiids reitnestad) 65 liKAN@ORT (FAY) Ind ) * TOKYO(TOI'IXI 60 60 I) I999 J F M A M J J A S 0 N D2000 La comparaison dc ccs variations ne dcvient significative qu'a la lurniere de la politique d'investissemcnt et des objcctifs de la SociCtC. E l k conccrnc IC passe ct ne constituc pas une indication valablc dc son Cvolution future. The coinparison of these variations is significant only when compared with the investment policy and the ob-jcctivesof the Company. 'I'hese comparisons concern the past. They are not indicalive of what may happen in the future. RECORD OF PAN-HOLDING’S NET ASSET VALUE INDEX WITHOUT DIVIDEND REINVESTED COMPARED WTTH THE MAIN MARKET INDICES EXPRESSED IN U.S. DOLLARS OVER 10 YEARS EVOLUTION DE L‘INDICE DE LA VALEUR NETTE D’INVENTAIRE COUPON EXCLU DE L‘ACTION PAN-HOLDING ET DES PRINCIPAUX INDICES BOURSIERS EXPRIMES EN DOLLARS AMERICAINS SUR 10 ANS 1000 900 800 700 600 500 ------- - I NEW-YORK (D.J. 30 Ind.) PARIS (SHF 250) - 600 500 FRANCWKTWA/) PAN-HOLDING 1 - 700 MSCl WORLD (w~fhoutdlridends minvcstcd) - - - L0NDRF.S (F Ind TOKYO (TOPIX) - - - FT CiO1.13 MINES 400 1000 900 800 ) 400 I & 300 300 200 200 100 90 80 70 60 100 90 80 70 60 50 so 40 40 30 30 20 20 December 3 1, 1990 = I 00 10 1990 10 91 92 93 94 9s 96 97 98 99 2000 La comparaison de ces variations ne devient significative qu’a la lumikre de la politique d’investissement el des objectifs de la SociPtP. Elk concerne le passe et ne constituc pas unc indication valahle de son tvolution future. The comparison ofthesc variations is significant only when compared with the investment policy and the objcctivcs of the Company. These comparisons concern the past. They are not indicative of what may happen in thc futurc. 0 EVOLUTION DE L'INDICE DE LA VALEUR NETTE D'INVENTAIRE COUPON EXCLU DE L'ACTION PAN-HOLDING ET DES PRINCIPAUX INDICES BOURSTERS EXPRIMES EN DOLLARS AMERICAINS SUR 25 ANS RECORD OF PAN-HOLDING'S NET ASSET VALUE INDEX WITHOUT DIVIDEND REINVESTED COMPARED WITH THE MAIN MARKET INDICES EXPRESSED IN U.S. DOLLARS OVER 25 YEARS 2000 2000 December 3 1, 1975 = 1 I800 ---* 1600 PAN-lIOLDING WEWsYORK (p J $0 I MSCI WURLD (mithou I800 ~OKYO(IOPIXJ 1. ONbREs W?' Inil ) PARIS(SRIF2)O) , 6 FRAWFQRT (W) * I - FT MINES' 1600 OLD 1400 * 1200 1200 I 000 1000 800 800 600 600 400 400 200 200 I00 100 0 0 197s 76 77 78 79 RO R I RZ 81 8.1 RS 87 RR 89 90 9 1 YZ ~3 94 9s ~6 ~7 YH YY 2000 La comparaison de ces variations ne devient significative q u ' i la lumikre de la politique d'investissement et des objectit's de la Societe. Elle concerne le passe et ne constitue pas une indication valable de son Cvolution rtlture. The comparison of these variations is significant only when compared with the investment policy and the objectives o r the Company. These comparisons concern the past. They are not indicative of what may happen in the future. .- . -. . ... . Evolution de divers Tndiccs et de PAN-HOLDING (coupons exclus) corrigks de I’inflation sur 70 ans 02.04.1931 Historical record: PAN-HOLDING and various indices (without dividends reinvested) corrected for inflation over 70 years louo 3 1.12.2000 ix3.30 Pan-Holdine en S Pan-Hnlding in F 4M 3M 592.73 Dow Jones lnduklrial average 2M 1$ ‘I 0.0947 $ a8 SO 40 3u ZUIIU 1469.40 ‘I bw 51IU Pan-Hulding cn f Pan-Holding i n f 4lIU IUU zw 1s ’E t 40 172.18 Financial Times Industrial 0.0329 f 31) 10 000 0Depuis le 3 1.12.1979: vdcur nette d’inventaire consolidee par action. 0 Since 31.12.1979:consolidated net asset value per share. La coinparaison de ces variations nc devicnt sigilificative qu’i la lumierc de la politique d’investissement et des objectifs de la Societe. Elle concernc IC passe et ne conslilue pas une indication valable de son Pvolution future. The comparison of these variations is significant only when compared with the invcstmcnt policy and the objectives of the Company. These comparisons conccrn the past. They are not indicativc of what may happen in the future. BENEFICE NET REALISE (US $) Le benefice net de I’exercice s’klkve a US $70.303.830 conttc US $58.1 39.697 pour I’exercice 1999. AFFECTATION DU BENEFICE NET Nous proposons : - de verser a la Reserve Extraordinaire le benefice net de I’exercice, soit US $ 70.303.830. de payer a chaque action de distribution en circulation le 3 1 mai 2001, a la cl8tute des Bourses, un dividende, net de retenue a la source au Luxembourg. de US $ 7,60 au titre de l’exercice 2000, qui se coinpare au dividende de US $ 7,20. paye cn 2000 au titre de I’exercice 1999. I - d’affecter IC montant corrrespondant au dividende aux actions de capitalisation. Le dividende proposk de US $ 7,60 par action de distribution ( pour les tittcs au porteur, coupon No 07), serait mis en paiement a partir du ler juin 2001, selon les modalites que nous artkerons. Le montant neccssaire au paiement du dividende serait pteleve sur la Reserve Extraordinaire. CONSEIL D’ADMINISTRATTON Conformement a l’ordre de sortie, expirent aujourd’hui les mandats d’Administrateurs de M. Jacques LOESCH M. Alain PHlLlPPE M. Garnctt L. KElTHs M. Henri PARENT Lord ROLL of Ipsden qui snnt riiligibles et se representent a vos suffrages : leurs mandats prendraient f-in a I’Assemblke Gknerale statuant sur les comptes de l’exercice 2003. REMUNERATION DES A DMlNlSTRATEURS Conforineinent a I’articlc 22 des statuts, nous vous demandons de mettrc 21 la disposition du Conseil, pour I’exercice CcoulC une somme de US $ 141.337. Cctte somme est destinke a assurer les emoluments ainsi quc le remboursement forfaitaire des frais de I’ensemble des Administrateurs. REVISEUR D’ENTREPRISES Le mandat de votre reviseur d’entreprises vient a expiration aujourd’hui. Vous avez donc a proceder a la reelection de KPMG Audit S.C. comme reviseur d’entreprises de votru Societe. Le mandat confere prendrait fin a I’Assemblee Genhale statuant sur les comptes de l’exercice 2001. Mars 2001 24 LE CONSETL D’ADMINISTRATION NET REALISED PROFIT (US $) The net profit for the year amounts to US $70,303.830 against US $58,139,697 for the fiscal year 1999. APPROPRIATION OF THE NET PROFIT We propose : - to transfer to the Extraordinary Reserve the net profit for the year, i.e. US $ 70,303,830. - to pay, to each Dividend Share outstanding as at the close of business of stock exchanges on May 3 1, 2001, a dividend, free of withholding tax in Luxembourg, of US $ 7.60 for the year 2000, to be compared with the dividend of US $ 7.20 paid in 2000 for the year 1999. - to attribute the amount corresponding to the dividend to the Capital Shares. The proposed dividend of IJS $ 7.60 per Dividend Share (coupon Nr 07 of bearer certificates) would be paid as of June I , 2001. according to the arrangements we shall take. The amount needed for the dividend payment would be taken from the Extraordinary Rcserve. BOARD OF DIRECTORS The following Directors are retiring by rotation and being eligible, offer thcmsclvcs for re-election Mr. Jacques LOESCH Mr. Alain PHlLlPPE Mr. Garnett L. KEITH Mr. Henri PARENT Lord ROLL of lpsden Their mandates would end at the General Meeting approving the accounts for the year 2003. DIRECTORS’ EMOLUMENTS In accordance with article 22 of the articles of incorporation, we ask you to make available to the Board of Directors. in respect of the year 2000, B sum of US $ 141,337, which will be allocated to cowr the emoluments and expenses of the Board of Directors. AUDITOR The mandate of your Auditor expires today. You are asked to re-elect KPMG Audit S.C. as Auditor of your Company. Their mandate would end at the Gcncral Meeting approving the accounts for the year 2001. March 200 1 THE BOARD OF DIRECTORS 25 RESOLUTIONS qui seront presentees a I’AssemblCe Gknbale Ordinaire du 24 avril2001 PremiPre rksolution - L‘AssemblCc Gknerale, ayant pris connaissance du rapport du Conseil d’ Administration, approuve ce rapport dans toutes ses parties, ainsi que les ktats financiers arretes au 3 1 dkcembre 2000, tels qu’ils sont presentes par le Conseil d’Administration. DemiPme rksolution - L‘ Assemblke Genkrale approuve I’affectation du binkfice net de I’exercice 2000, telle qu’elle est proposke par le Conseil d’Administration. L‘Assemblee fixe le dividende. au titre de l’exercice 2000, a US $ 7,60, net de retenue A la source au Luxembourg, par action de distribution en circulation le 3 1 mai 2001 a la cl6ture des bourses. @ La mise en paiement du dividende (coupon No 07) pour les actions de distribution, sera effectuee a partir du lerjuin 2001, selon les modalites qui seront arr2tCes par le Conseil d’hdministration. Le montant correspondant au dividende sera affectk aux actions de capitalisation. TroisiGme rksoltrlion - L‘Assemblee GenCrale donne decharge aux Administrateurs des operations qui ont 6t6 effectuees pendant l’exercice 2000. QuatrzPmr rksnlution - L‘Assemblke GknCrale reelit Administrateurs M. Jacques LOESCH, M. Alain PHILIPPE, M. Garnctt L. KEITH, M. Henri PARENT et Lord ROLL of Ipsden, dont ICs mandats prendront fin a I’hssemblCc Gknkrale qui statuera sur les comptes de l’exercice 2003. Cinyuikme rksolution - L‘Assemblee Gknerale, par application de I’article 22 des statuts, met A la disposition du Conseil d’Administration pour I’exercice 2000 une somme de US $ 141.337. SixiPmr rksolution -- L‘Assemblee GinCrale reelit KPMG Audit S.C. comme reviseur d’entreprises. Ce mandat prendra fin a 1’Assemblee Ginerale qui statuera sur les comptes de I’exercice 2001. 26 RESOLUTIONS lo be proposed to the Annual General Meeting on April 24. 2001 First resohition - Having read the Directors' report for the year ended December 3 1,2000, the Gentral Mceting approves said report in all respects, together with the financial statements as of December 31, 2000. as presented by the Hoard of Directors. Second resolution - The General Meeting approves the appropriation of the net profit for the year 2000 as proposed by the Board of Directors. The Meeting decides to pay, in respect of the year 2000, a dividend of US $ 7.60. fruc of'withholding tax in Luxembourg, for each Dividend Share outstanding as at the close of business of stock exchanges on May 3 1,2001. On the Dividend Shares, the dividend (coupon Nr 07) will be paid as of June 1,2001, in accordance with the decisicms takcn by the Board of Directors. The amount corresponding to the dividend will be attributed to the Capital Shares. Thirdrrsolzilion - The General Meeting discharges the Directors from their responsibilities in rcspect of' their mandates for the year ended December 3 1, 2000. Fburth wsoltitioo - The General Meeting re-elects as Directors Mr. Jacques LOESCH, Mr. Alain PHILIPPE, Mr. Ciarnett L. KEITH, Mr. Henri PAREN'T and Lord ROLL of lpsden. These appointments will end at the General Meeting approving the accounts for the year ending December 3 1, 2003. F$th resolzition - In accordance with article 22 of the articles of incorporation, the General Meeting decides to put a sum of US $ 141,337 at the disposal of the Board of Directors for the year 2000. Sixth resolution - The General Meeting re-elects KPMG Audit S.C. as Auditor of the Company. Their inandate will end at the General Mceting approving the accounts for the year 2001. 27 3 RAPPORT DU REVISEUR D’ENTREPRISES Aux actionnaires de Pan-Holding S.A. Conformement au mandat donne par I’ Assemblee Generale Ordinaire des actionnaires de Pan-Holding S.A. du 25 avril2000, nous avons contrfile Ics Ctats financiers, composes de 1’Ctat des actifs nets, 1’Ctat des opkrations, I’ktat des changernents de I’actif net et 1’Ctat du portefeuille-titres et de I’annexe aux etats financiers de Pan-Holding S.A. pour I’exercice se terminant le 3 1 dkcembre 2000. Ces etats financiers relkent de la responsabilite du Conseil d’Administration de la SICAF. Notre responsabilite est, sur base de nos travaux de revision, d’exprimer une opinion sur ces Ctats financiers. Nous avons effectue nos travaux de revision selon Ics normes internationales de revision. Ces normes requierent que nos travaux de revision soient planif’ies et executes de faGon obtenir une assurance raisonnable que les ttats financiers ne comportent pas d’anomalies significatives. Une mission de revision consiste a examiner, sur base de sondages les ClCnients probants justifiant les montants et informations contenus dans les etats financiers. Elle consiste Cgalement A apprkcier les principes et methodes comptables suivis et les estimations significatives faites par le Conseil d’Administration de la SICAF pour I’arrete des Ctats financiers, ainsi qu’a effectuer une revue de leur presentation d’ensemble. Nous estimons que nos travaux de revision forment une base raisonnable A I’expression dc notre opinion. A notre avis, les comptes annuels ci-joints prksentent, en conformite avec les prescriptions legales et reglementaires en vigueur au Luxembourg, une image fidde du patrimoine et de la situation financikre de Pan-Holding S.A. au 3 1 dkcembre 2000 ainsi que des rksultats pour I’exercice se tcrminant a cctte date. Les informations supplkmentaires incluses dans le rapport annuel ont ete revues dans le cadre de notre mission, mais n’ont pas fait I’objet de procedures de revision spkcifiqucs selon Its norines decrites ci-avant. Par consequent, nous n’emettons pas d’opinion sur ccs informations. Neanmoins, ces informations n’appellent pas d’observation de notre part dans le contextc des Ctats financiers pris dans leur ensemble. Luxembourg, le 7 mars 2001. KPMG Audit Reviseurs d’ Entreprises John Li 28 AUDITOR’S REPORT To the Shareholders of Pan-Holding S.A. Following our appointment by the Annual General Meeting of the Shareholders of Pan-Holding S.A. on April 25, 2000. we havc audited the financial statements, which consist of the statement of net assets, the statement of operations, the statcment of changes in net assets, the portfolio of investments and the notes to the financial statements of Pan-Holding S.A. for the year ended December 3 1,2000. These financial statements are the responsibility of the Board of’ Directors of the SICAF. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the SICAF in preparing the financial statements, as well as evaluating the overall financial statements presentation. We believe that our audit providcs a reasonable basis for our opinion. In our opinion, the attached annual accounts give, in conformity with Luxembourg legal and regulatory requirements, a true and fair view of’the financial position of Pan-Holding S.A. as at December 3 1,2000 and of the results of its operations for the year then ended. Supplementary information included in the annual report has been reviewed in the context of our mandate but has not bcen subject to specific audit procedures carried out in accordance with the standards described above. Consequcntly, we express no opinion on such information. We have no observation to make concerning such information in thc context of thc financial statements taken as a whole. Luxembourg. March 7, 2001, KPMG Audit RCviseurs d’ Entreprises JohnLi & , 29 * PAN-HOLDING S.A. Actif net au 3 1 dkcembre 2000 Note 2000 us $ us $ INVESTISSEMENTS : Tmmobilisations financieres a la valeur du marchC ou estimCes par le Coiiseil d’hdministration (coiit d’acquisition US $ 3.648.058) .......................... 4 28.993.200 33.380.915 Portefeuille-titres A la valeur du marche ou estime par le Conseil d’Administration (cofit d’acquisition US $ 197.497.03I ; 1999 - [IS $ 196.3 12.169) ......................................... 5 206.532.695 3 18.407.439 88.848.1 I8 56.106.108 1999 ACTIF Avoirs en banquo .......................................................... FRAIS DE RESTRUCTUKATION .............................. 10 1.750 49.540 1MMOBlLISATIONS CORPORELLES ...................... II 45.687 61.725 379.281 3 1.059 171.898 5.382 324.83 1.790 408.183.007 68.330 582.526 9 1.420 403.798 650.856 495.2 18 407.687.789 CREANCES : . * Dividcndes et intkrets ................................................... Divers ............................................................................ TOTAL DE L‘ACTIF .................................................... CREDITEURS : Dividendes non reclames .............................................. Dettes ............................................................................ ACTIF NET .................................................................. Les notes qui suivent font partie integrantc dc ccs etats financiers. 30 324.180.934 PAN-HOLDING S.A. Statement of net assets December 3 1 2000 e 1999 Note 2000 us $ us $ INVESTMENTS : Long term investments - at market value or Directors’ valuation (cost - US 9; 3,648,058) ............ 4 28,993,200 33,380,9 15 Investment portfolio - at market value or Directors’ valuation (cost - US $ 197,497,03 1; 1999 - US $ 196,312,169) ........................................ 5 206,532,695 3 18,407,439 88,848,l I8 56,106,108 ASSETS Cash at banks ................................................................ RESTRUCTURATION EXPENSES ........................... 10 1,750 49,540 TANGIBLE ASSETS ................................................... 11 45,687 61,725 379,281 3 1,059 17 1,898 5,382 TOTAL ASSETS .......................................................... 324,83 I .790 408,183.007 LIABILITIES : Unclaimed dividends .................................................... Accrued expenses ......................................................... 68,330 582,526 9 I ,420 403,798 650,856 4%,2 18 324,180,934 407,687,789 ACCOUNTS RECEIVABLE : Dividends and accrued interest ..................................... Other ............................................................................. NET ASSETS ............................................................... The accompanying notes form part of*these financial statements. 31 PAN-HOLDING S.A. Actif net au 3 1 dkcembre 2000 Note 2000 us $ us $ 6 55.000.000 34.380.807 IS 1.828.127 5.500.000 158,996,297 5.500.000 137.219.965 70.303.830 58.139.697 324.180.934 407.687.789 377.326 440.381 us $558,88 us $646,37 189.372 179.85I IJS tF 598.31 US $684,11 1999 REPRESENTATION DE L'ACTIF NET CAPITAUX PROPRES Capital souscrit ............................................................. Plus-value nette non realisee ........................................ Reserves : Rkserve legale ....................................................... Reserve Exlraordinaire ......................................... 7 8 BENEFICE NET DE L'EXERCICE ............................ VALEUR NETTE D'INVENTAIRE ACTIONS DE I)ISTRIBUTION EN CIRCULATION VALEUR NETTE D'INVENTAIRE PAR ACTION DE DISTRIHUTION ACTIONS DE CAPITALISATION EN CIRCULATION VALEUR NETTE D'INVENTAIRE PAR ACTION DE CAPITAI,ISATION Les notes 32 qtii suivent font partie integrante de ces etats financiers. 55.000.000 PAN-HOLDING S.A. Statement of net assets December 3 1,2000 Note 2000 us $ us $ 6 55,000,000 34,380,807 151,828,127 5,500,000 158,996,297 5,500,000 137,219,965 70,303,830 58,139,697 324,180,934 407,687,789 377.326 440,38 I us $558.88 U S $ 646.37 189,372 17935 1 US $598.31 US $684.1 1 I999 NET ASSETS REPRESENTED BY : CAPITAL AND RESERVES : Capital stock ................................................................. Net unrealised appreciation .......................................... Reserves : Lcgal Rcsurve ........................................................... Extraordinary Reserve .............................................. 7 8 NET PROFIT FOR THE YEAR ................................... NET ASSET VALUE NUMBER OF DIVIDEND SHARES 0U T STAND 1N Ci NET ASSET VALUE PER 131VI D E N D SH A K F, NUMBER OF CAPITAL SHARES OUTSTANDING NET ASSET VALUE PER CAPITAL SHARE 55,000,000 The accompanying notes form part of these financial statements. 33 ... PAN-HOLDING S.A. Etat des operations pour I'exercice clos le 3 1 dkcembre 2000 Note 2000 1999 us $ us $ 4.066.607 2.756.423 4.582 2.408.932 1.781.059 Commissions sur rachats et ventcs d'actions dc capital ....................................................................... 262.924 158.336 Total des produits .......................................................... 7.085.954 4.352.909 2.58 I .920 249.903 1.529.273 223.282 2.257.282 229.934 1.642.420 20 1.767 Total des charges .......................................................... 4.584.378 4.33 1.403 REVENTJ NET DES INVKSTISSEMENTS ................ 2.501.576 2 1.506 Gain net rCalisC sur ventes de titres .............................. Pcrtc ncttc rka1ist.e sur devises ..................................... 69.369.382 - I S67.128 61.407.18 1 -3.288.990 BENW'ICE N E T DE L'EXERCICE ............................ 70.303.830 58.139.697 Evolution de la plus-value nctte non rcaliskc sur investissements ................................... -1 17.447.320 5 1.006.461 -47.143.490 109.146.158 PRODUTTS : Produits provenant de l'actif circulant : InterEts sur obligations .............................................. Dividendes ................................................................ TntkrGts sur avoirs en banque .................................... 6 CIIARGES : Honoraires pour conseils en investisscmcnts ............... Banque Depositaire et autres frais bancaires ................ Divers ............................................................................ lhxe d' Abonnement ...................................................... 9 EVOLUTION DE L'ACTTF NE'I' PAR LE RESULTAT DES OPERATIONS ................... Les notes qui suivent font partie integrante de ccs Ctats financiers . 34 PAN-HOLDING S.A. Statement of operations for the year ended December 3 1,2000 Note 2000 1999 us $ us $ 4,066,607 2,756,423 4,582 2,408,932 1,781,059 262,924 158,336 7,085,954 4,352,909 2,58 1,920 24 9,903 1,529,273 223,282 2,257,282 229,934 1,642,420 201,767 Total expenses ............................................................... 4,584,378 4,33 1,403 NET INVESTMENT INCOME ................................... 2,501,576 2 1,506 Nct rcalised gain on sales of investments ..................... Net realised loss on exchange ....................................... 69,369,382 - 1,567,I28 6 1,407,181 -3,288,990 NET PROFIT FOR T H E Y EAK ................................... 70,303,830 58,139,697 Movement in net unrealised appreciation of investments ............................................................... - 1 17,447,320 5 1,006,46 1 CHANGE IN NET ASSETS A S A RESULT OF OPERATIONS .................................... -47,143,490 109,146,158 INCOME : Income from current assets : Commission on capital transactions .................. Total incomc ................................................................. EXPENSES : Investment advisory focs .............................................. Custo ..................... Other .......................................... ,,Taxe ............................................ 9 The accompanying notes form part of these financial statements. PAN-HOLDING S.A. Etat des changements de l’actif net pour l’exercice clos le 3 1 decembre 2000 2000 us $ 407.687.789 330.021.485 Revenu net des investissements .................................... 2.501.576 21.506 Gain net rCalise sur ventes de titres et opirations de change .................................................... 67.802.254 58.118.191 Sous-total ...................................................................... 477.991.61 9 388.161.1 82 Valeur dcs actions de distribution vendues ................... 1.553.438 1.506.890 Valeur des actions de capitalisation vendues ................ 8.041.458 84.732 Valeur des actions de distribution rachettes ................. -41.833.43 1 -28.613.537 Valeur des actions de capitalisation rachetees .............. -1.152.040 -1.492.255 Evolution de la plus-value nette lion realisee sur invustissements ................................... - I 17.447.320 5 1.006.461 Transfcrt des dividendes prescrits a la KCserve Extraordinaire .......................................... 14.569 10.688 Sous-total ...................................................................... 327.168.293 4 10.664.1 6 1 Dividende pay6 durant l’exercice ................................. -2.987.359 -2.976.372 324.180.934 407.687.789 ACTIFS NETS AU DEBUT DE 1.XXERCICE ........... & I999 us $ ACTIFS NETS A LA FIN DE L‘EXERCICE .............. Les notes qui suivent font partic intkgrante de ces Ctats financiers. 36 . PAN-HOLDING S.A. Statement of changes in net assets for the year ended December 3 1,2000 2000 I999 us $ us $ 407,687,789 330,021,485 Net investment income ................................................. 2,501,576 2 1,506 Net realised gain on investments and foreign cxcliange operations ......................................... 67,802,254 58,118,191 Sub total ........................................................................ 477,99 1,61 9 388,161,182 Value of Dividend Shares sold ...................................... 1,553,438 1,506,890 Valuc of Capital Shares sold ......................................... 8,041,458 84,732 Value of' Dividend Shares repurchased ......................... -41,833,43 I -28,6 13,537 Value of Capital Shares repurchased ............................ -1 ,I 52,040 -1,492,255 Movement in nct unrealised appreciation of investments ............................................................... -1 17,447,320 5 1,006,46 1 Transfer to Extraordinary Reserve of unclaimed dividends forfeitcd .................................. 14,569 10,688 Sub total ........................................................................ 327,168,293 410,664,16 I Dividend paid during the year ...................................... -2,987,359 -2,976,312 NET ASSETS AT END OF YEAR ............................... 324,180,934 407,687,789 NET ASSETS AT BEGINNING OF YEAR ................. The accompanying notes form part of these financial statements. 31 PAN-HOLDING S.A. Annexe aux etats financiers 3 1 dkcembre 2000 I . GENERALITES Pan-Holding S.A. (la SociCtC) est enregistrke au Grand-DuchP de Luxembourg comme .,Societe Anonyme". Le 28 decembre 1994, la SociCtC a adopt6 le statut de SociCtC d'lnvestissement a Capital Fixe (STCAF) et le statut d'organisme de placement collectif relevant de la partie 11 de la loi luxembourgeoise du 30 mars 1988. 2. PRESENTATION DES ETATS FINANCIERS La presentation des ttats financiers est conforme aux prescriptions de la loi du 30 mars 1988 relative aux organismes de placement collectif. 3 . PRINCIPALES REGLES COMPTABLES Evuliiation des investissernents en titres - Les investissements cot& sur des marches officiels sont Cvalues a la valeur cotee du march6 : les invcstissements non cotis (voir note 5) sont CvaluCs i la valeur cstimee par le Conseil d'Administration. La plus- ou moins-value non realiske est calculte sur cette base. tiains et p e r k s rbu1i.si.s sui- ventes de titres - Le calcul des gains et pertes rCalisCs sur ventes de titres est fait sur base du prix moyen d'acquisition. Upcirutions en titres et revenu des iiivestissements - LCSopkrations en titres sont comptabilisees a la date de transaction. Les dividendes sont enregistrks A la date de detachement et les interets sont pris cn compte sur une base journaliere. Conversion des deviLseLs i.tmngi.re.s - Comme la loi luxembourgeoise le permet, la SociCtC tient ses livres en dollars des Etats-Unis. Les postes de l'actif et du passif en devises ttrangeres sont convertis en dollars aux cours de change en vigueur h la date du bilan et les transactions sont converties aux parites de change du jour. Les gains et pertes rkalisks et non realists sur devises sont port& directement au compte de profits et pertes. 38 PAN-HOLDING S.A. Notes to the financial statements December 3 1,2000 I . GENERAL Pan-Holding S.A. (the Company) is incorporated in the Grand-Duchy of Luxembourg as a ,,SociCtC Anonyme". On December 28, 1994, the Company adopted the status of a ,,Societe d'investissement a capital fixe" (SICAF) and thc status of undertaking for collective investment governed by Part II o f the Luxembourg law of March 30, 1988. 2 . PRESENTATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the law of March 30, 1988 on investment funds. 3 . SIGNIFICANT ACCOUNTING POLICIES Vdtiarinti of l t n w / m m / Swiirih>s- Investments listed on recognised stock exchanges are carried at quoted market valuc ; unlistcd invcstments (scc notc 5) are carried at Directors' valuation. Unrealised appreciation or depreciation is computed on this basis. Rwlised Guins and Losses on Sales oflnvrstmerrts - The computation o f realised gains and losses on sales of investments is made on the basis of average cost. Seci1rii.v Trunsuulions and lnveslmenl lncorne - Security transactions are accounted for on the trade date. Dividend inconic is rwordcd 011 thc cx-dividend date and interest is accrued 011 a daily basis. Tr-uirslation qfForeign Chwncies - As permitted by Luxembourg law the books of the Company are denominated in United States dollars. Foreign currency itcnis arc translated for assets and liabilities at the rates of exchange ruling at the balance sheet date and for transactions at the rates ruling when they arise. Realised and unrealised gains and losscs on exchange ratcs are credited or charged to profit and loss account. 39 Les cours de change utilisks au 31 dicembre Ctaient les suivants: Devises Dollar canadien Yen Dollar australien Dollar Hong Kong Ringgit malais Dollar Singapour Won sud - coreen Baht thai'landais Livre sterling Franc suisse Couronne danoise Couronne norvegienne Couronne suedoise Euro 2000 CAD 1 ........................................... JPY 100 ,.,.............. AUD 1 ........................................... HKD 1 .,.,............. MYR 1 ........................................... GBP 1 ................. DKK 1 ........................................... SEK 1 ................. 1999 us $ us 9; 0,665690 0,869783 0,554877 0,128 1 80 0,26324 1 0,576934 0,0791 1 1 0,023 1 14 1,494098 0,6 1 I SO9 0,124604 0,112S40 0,105 195 0,930492 0.688658 0,9792 13 0.653 168 0.128650 0,263 I65 0,600420 0.088279 0,02676 1 1,h I 5770 0,625508 0,135058 0,124474 0,117498 1,004218 4. IMMOBILISATIONS FINANCIERES 2000 lmmobilisation cotke en CIPEC (France) 1 la valeur du marche (coiit d'acquisition : US $ 3.648.058) 40 1999 us 9; us $ 28.993.200 33.380.91 5 The rates of cxchange used at December 3 1 were as follows: 2000 Foreign Currency Canadian Dollar Yen Australian Dollar Hong Kong Dollar Malaysian Ringgit Singapore Dollar South Korean Won Thailand Baht Pound Sterling Swiss Franc Danish Krone Norwegian Krone Swedish Krone Euro CAD 1 ............................................ 100 ............................................ AUD 1 HKD 1 .................tttt....................... JPY MYR 1 ............................................ SGD 1 ............................................ KRW 100 THB I .........*.. ..... GBP 1 ............................................ CHF 1 DKK 1 ............................................ NOK 1 t....,..,............ SEK 1 EUR 1 . . . . . . . . . . . . . . . . . . . . . 1999 us $ us $ 0.665690 0.869783 0.554877 0.1281 80 0.263241 0.576934 0.0791 11 0.023 1 14 1.494098 0.61 1509 0.124604 0.1 12540 0.688658 0.9792 13 0.653 I68 0.128650 0.263 I65 0.600420 0.088279 0.026761 1.6 1 5770 0.625508 0.135058 0. I24474 0.1 17498 1.0042 18 0.105 I95 0.930492 4. LONG-TERM INVESTMENTS 2000 Listed investment in CIPEC (France) at market value (cost : us $3,648,058) 1999 us $ us $ 28,993,200 33,380.915 41 a - 5. PORTEFEUILLE-TITRES Le portefeuille-titres consiste principalcmcnt en valeurs mobilikres cotkes sur des marches officiels. A u 3 1 dkcembre 2000 les valeurs non cotCcs estimees par le Conseil d’Administration s’tlevaicnt ii us $ 11.334.228 ou 3,50% de l’actifnet (1999 - US $ 13.104.476 ou 3.20%). Le coiit d’acquisition de ces valeurs s’klevait ii IJS $ 1.526.422 (1999 - US $ 3306.783). 6. CAPITAL Le capital emis est rtprhstntC par I . 100.000 actions d’une valeur nominale de US $ 50. Depuis le 2 fevrier 1996, le capital social de la Societk est represente par deux cattgories d’actions, des actions de distribution et des actions de capitalisation. La diffkrence entre ces deux categories d’actions consiste pour l’essentiel en ce que seules-lcs actions de distribution confkrent le droit de toucher un dividende au cas ou I’Assemblke Cienkrale en decide la mise en paiement. Les actions de capitalisation ne confkrent pas le droit de toucher un quelconque dividendc, mais toutes les fois qu‘un dividende sera mis en paiement sur les actions de distribution, le montant correspondant sera affecte aux actions de capitalisation. I Le detail des actions en circulation est le suivant : Actions de Distribution : Nombre d’actions de distribution au 1 cr janvier 2000 ..................................... Actions de distribution rachetkes pendant l’exercice ........................................ Actions d t distribution vendues pendant I’exercice .......................................... Nombre d’actions 440.38 1 (65.43 8) 2.383 Nombre d’actions de distribution au 3 I decembre 2000 ................................... 377.326 Actions de Capitalisation : Nombre d’actions de capitalisation au I cr janvier 2000 ................................... Actions de capitalisation rachetkes pendant I’excrcice ..................................... Actions de capitalisation vendues pendant I’exercice ....................................... Nombre d’actions 179.85 I (1.690) 11.21 1 Nombre d’actions de capitalisation au 3 1 decembrc 2000 ................................ 189.372 42 ..... 5. INVESTMENT PORTFOLIO The investment portfolici consists principally of' securities listed on recognised stock exchanges. As of December 31, 2000 unlisted securities included at Directors' valuation amounted to US $! 11,334,228 or 3.50o/u of Net Assets (1999 - US $ 13.104,476 or 3.20%). The cost of these securities amounted to US $ 1,526.422 (1999 - IJS $ 3,806,783). 6. CAPITAL STOCK The issued capital is represented by I.100.000 shares of a nominal value of US $ 50. Since February 2, 1996. the Company's capital is represented by two classes of shares, namely Dividend Shares and Capital Shares. The difrerence between these two classes of shares is that only the Dividend Sharts entitle the holder thereof' to collect the dividend if the shareholders' meeting resolves to pay out a dividend. The Capital Shares do not entitle the holder thereof to collect any dividend, but whenever a dividcnd is declared on the Dividend Shares. the corresponding amount will be attributcd to the Capital Shares. Details of shares outstanding are as follows : Dividend Shares : Number of Dividend Shares as at January 1, 2000 .......................................... Dividend Shares repurchased during the year ................................................... Dividend Shares sold during thc year ................................................................ Number of Dividend Sharcs as at December 31, 2000 ...................................... Catital Shares : Number of Capital Shares as at January 1, 2000 .............................................. Capital Shares repurchased during the year ...................................................... Capital Shares sold during thc year ................................................................... Number of Capital Shares as at December 3 1, 2000 ......................................... Number of shares 440,38 1 (65,438) 2,383 - 377,326 - Number of shares 17935 1 ( 1.690) 189.372 43 7. RESERVE LEGALE Selon la loi luxembourgeoise sur les societes, la Societk doit affecter un minimum de 5 pour cent du bkneficc de l’exercice h une reserve lkgale jusqu’h ce que le total de cette reserve atteigne 10 pour cent du capital emis. La rCsorve Ikgale n’est pas disponible pour la distribution de dividende aux actionnaires ou pour le rachat par la Societe d’actions propres. La reserve legale a atteint le minimum requis par la loi. 8. RESERVE EXTRAORDINAIRE La Reserve Extraordinairc de la Sociktk reprksente des gains ncts cumules realisks sur ventes de titres et IC revenu net des investissements non distribue ainsi que le produit d’actions propres vendues. a Cettc reserve peut Etre utiliske pour le paiement d’actions propres, que la SociCtt peut racheter de ses actionnaires. pour le paiement de dividendes ou pour d’autres distributions aux actionnaires, y compris l’attribution d’actions gratuites, ainsi que pour la compensation de pertes nettes de capital rkaliskes ou non. us $ Mouvements pendant l’exercice se cl8turant le 3 1. decembre 2000 : ....................... Reserve Extraordimire au debut de l’annke Benefice net de I’exercice 1999 ................................................. Dividende paye pour l’exercic .......................................... Valeur des actions de distribut Valcur des actions de capitalis Valeur dcs actions de distribut Valcur des actions de capitalisation r Transfert des dividendes prescrits ...... .......................... (41.833.431) ( 1. 152.040) 14.569 Reserve Extraordinaire au 3 1 dkcembre 2000 ................................................... 158.996.297 44 137.219.965 58.139.697 (2.987.3 59) 1.553.438 8.041.458 7. LEGAL RESERVE In accordance with Luxembourg company law, the Company is required to appropriate a minimum of 5 per cent of profits for the year to a legal reserve until thc balance of such reserve equals I O per cent of issued share capital. The legal reserve is not available for dividend distribution to shareholders nor for the repurchase ofthe Company’s own shares. The legal reserve has reached its present minimum requirements. 8. EXTRAORDINARY RESERVE The Company’s Extraordinary Reserve represents net accumulated realised gains on sales of investments and net retained investment income as well as the proceeds from own shares sold. This reserve may be used to provide for the payment of any shares of the Company which the Company may rcpurchast from its shareholders, for the payment of dividend or of any other distribution to shareholders, including bonus shares, and for the setting off of net realised or unrealised capital losses. us $ Movements during the year ended December 3 1,2000 were as follows : Extraordinary Reserve at beginning of the year ................................................ Net profit for the year 1999 ............................................................................... .................................................. Dividend paid for the year 1999 ............ Value of Dividend Shares sold ........................................................................... Value of Capital Shares sold ............... .............................................. Value of Dividend Shares repurchased .............................................................. Value of Capital Shares repurchascd ............................. ......................... Transfer to Extraordinary Reserve of unclaimed dividends forfeited ............... 137,2 19,965 58,139,697 (2,987,359) 1,533,438 8,041,458 (41,833,43 1) ( 1,152,040) Extraordinary Reserve as at December 3 I . 2000 .............................................. 158,996,297 14,569 45 a 9. HONORAIKES POUR CONSEILS EN INVESTlSSEMENTS Le conseiller en investissement dc la Pan-Holding, la Societe d’hnalyses Economiques et Financieres (S.A.E.F.) est unc sociktk de droit francais dont le siege social est a Paris et qui cst enregistrke auprks de la ,,COB“ et de la ,.SEC“. La redevance paykc par la Societe a S.A.E.F. Cquivaut i 0,75 % par an (hors T.V.A.) dcs actifs nets de la Societe. (Ces frais sont calcules a la fin de chaque mois.) Cornme CIPEC payc aussi des honoraires de conseils cn investissements a S.A.E.F.. la participation dc Pan-Holding dans CIPEC est exclue des actifs nets pour It. calcul de ces honoraires. 10. FRAlS DE RESTRUCTURATION La SocietC a cnregistre des frais de restructuration qui se montent a US $ 775.366. Ces frais sont amortis sur cinq ans. Au 3 1 dkcembre 2000: l’amortissement cumule se montait i US $ 773.6 16 et le niontant net des frais de restructuration Ctait de US $ 1.750. 1 1. IMMOBILISATIONS CORPORELLES La Socikte a enregistrk des iinmobilisations corporelles qui se montent a US $ 77.169. Ces iminobilisations corporelles sont ainnrties sur ciriq ans. Au 3 I dkccmbre 1999, I’amortisseinent cumule se montait ;i US $31.482 et le montant net des immobilisations corporelles ktait de US $45.687. 12. ENGAGEMENTS 6 Le portcfcuille comprend des titres non cntierement liberks, sur lesquels il rcstc h verser au total US $ 1.675.845. , 9. INVESTMENT ADVISORY FEES SociCtC d'Analyses Economiques et Financieres (S.A.E.F.), incorporated in France - registered office in Paris - is the investment adviser to the Company. S.A.E.F. is ,,COB" and ,,SEC" registered. The fee paid by the Company to S.A.E.F. equals 0.75 YOper annum (excluding VAT) of the net assets of the Company. (These fees are calculated at the end of each month.) The holding of Pan-€Iolding in CIPEC is excluded from thc net assets for the calculation of this commission as CIPEC also pays advisory fees to S.A.E.F. 1 0 . RESTRUCTURATION EXPENSES The Company recorded restructuration expenses amounting to US $ 775,366. Such expenses are being depreciated over five years. The accumulated amortization amounted to 1JS $ 7 7 3 ~ I6 5 and the net book value of restructuration expenses was US $ 1,750as at December 3 I , 2000. I 1. TANGIBLE ASSETS The Company recorded tangible asscts amounting to US $ 77,169. Such tangible assets are being depreciated over Five years. The accumulated amortization amounted to U S $ 3 1,482 and the net book value of tangible assets was US $45,687 as at December 3 1, 2000. 1.2. COMMITMENTS 'Total commitments arising from the purchase of securities not fully paid in amount to US $ 1,675.845. 41 P PAN-HOLDING S.A. oc INDICATIOKS DIVERSES CONCERNANT LES TROIS D E N I E R S EXERCICES SOCIAUX FINANCIAL INFORMATION FOR THE LAST THREE FISCAL YEARS EXERCIC‘E ACTLFS NETS A LA FIN DE L‘EXERCICE 1999 us $ 324.1 80,934 407.6X7.789 I998 330.021.485 ACTIONS DE DISTRIBUTION us s us 9 440.3 8 1 377.326 2,987,359 7.20 414.911 496.255 340.381 547.454 496.255 Number of shares outstanding at the beginning of the year at the end of the year 2.976.332 b 75 440.944 3.480.095 6.40 533.765 Dividend distributed during the year per Dividend Share on number of shares outstanding us s 558.88 692.02 - 551 59 6.16.37 646.37 - 468.64 480.5 1 483.45 -413 47 us s 692.02 - 55 I 59 655 - 458.50 383.45 - 102 2,800 - 2,650 FRF 4CTIONS DE CAPlTALlSATlOh Yombre d’actions en circulation d u debut de I‘exercice a la fin de I‘exercice ialeurs nettes d’inventaire par action a la fin de I’exercice extremes pendant I’exercice us J 179.85 1 189.372 182.573 l?9,85 1 194.362 182.573 598 31 732 43 - 5903 I 684 I I 684 1 I - 489 13 504 58 - 425.82 so1 52 Coun de Bourse extremes de I’action pendant I’exercice a Luxembourg h Paris ( H u n Cote) NET ASSETS AT THE END OF THE YEAR DIVIDEND SHARES lriombre d’actions en circulation au debut de I’exercice i la fin de I’exercice Dividende distribue pendant I’exercice par action de distribution sur actions en circulation Valeurs nettes d‘inventaire par action i la fin de I’exercice extremes pendant I‘exercice Cours de Bourse extremes de I’action pendant I’exercice a Luxembourg a Pans (Hors Cote) FISCAL YEAR us s FRF 732.43 - S90.5 I 681 87 - 189 13 507 - 42.5 82 1,810 Net asset values per share ai the end of the year highest and lowest during the year Highest and lowest quotations during the year in Luxembourg in Paris (over the counter) CAPJTAL SHARES Number of shares outstanding at the beginning of the year at the end of the year Yet asset values per share at the end of the year highest and lowest during the year Highest and lowest quotations during the year in Luxemboiirg in Paris (over the counter) REPARTITION GEOGRAPHIQUE DU PORTEFEUILLETITRES ET DES PARTICIPATIONS AU 3 1 DECEMBRE GEOGRAPHICAL CLASSIFICATION OF THE PORTFOLIO OF SECURITIES AND OF THE LONG-TERM INVESTMENTS AT DECEMBER 3 1 (en pourcentage par rapport aux actifs ncts - a5 a percentage of the net assets) France Pays-Bas Italic Espagne AI lemagne Belgique Irlande Luxembourg Finlande Portugal E U ROI, AN D 2000 1999 18.02 4.52 2.1 1 1.79 1.04 0.65 0.58 0.53 0.14 0.00 29.38 19.35 3.08 2.40 1.65 I .65 0.63 0.53 0.32 1.93 0.58 ._.._ 32.12 France Netherlands Italy Spain Germany Belgium Ireland Luxembourg Finland Portugal EUROLAND Great Britain Switzerland Denmark Norway Sweden REST OF EUROPE Japan Hong Kong Singapore Taiwan Korea India Thailand Grande-Bretagne Suisse Danemark NorvPge Suede AUTRES PAYS D'EUROPE 11.99 13.76 I .60 1.26 0.00 0.00 16.62 Japon Hong Kong Singapour Taiwan Coree Inde Thai'lande BASSIN DU PACIFIQUE 7.03 3.14 1.05 1.05 1.00 0.15 0.00 13.42 7.92 0.87 2.71 1.40 2.58 0.10 0.60 16.18 Etats-Unis Canada Antilles Neerlandaises Panama AMERIQUE +-. 13.1 1 2.75 1.90 0.13 17.89 17.39 2.74 1.06 21.33.. 1 TOTAL 72.68 86.25 7.77 3.31 0.48 0.22 0.2 1 __ PACIFIC RIM 0.14 - . United States Canada Netherlands Antilles Panama AMERICA .. 49 REPARTITION GEOGRAPHIQUE DES ACTIFS AU 3 1 DECEMBRE 2000* GEOGRAPHICAL BREAKDOWN OF ASSETS AT DECEMBER 3 1,2000* (en pourceiitage par rapport aux actifs nets - as a percentage of the net assets) Pays .. . Investi Invested - Total Country .. Francc Pays-Bas ltalie Espagnc A llemagne Belgique Trlande Luxembourg Finlande EUROLAND 9.91 4.81 2.29 1.91 1.21 0.71 0.62 0.53 0.15 22.14 Grande-Hretagne Suisse Danemark NorvGge Suede AUTRES PAYS D’EUROPE Japon Hong Kong Singapour Taiwan Cork lnde ThaYlande RASSIN DU PACIFIQUE Etats-Unis Canada Antilles Neerlandaises Panama ETATS D’AMEKIQUE 9.91 4.8 I 2.29 1.91 1.21 0.71 0.62 0.53 0.15 10.76 32.90 8.48 3.62 0.53 0.24 4.78 0.23 0.06 4.87 13.26 3.65 0.53 0.24 0.29 17.97 0.03 13.10 7.69 2.59 10.28 3.43 -0.29 1.17 0.29 3.14 I .46 0.32 2.91 1.16 I .09 0.17 0.32 17.62 1 1.07 I .OO 25.42 4.02 12.07 0.17 31.51 30.61 IOO.00 1.16 1.09 0.17 14.71 14.35 3.02 I .90 0.17 1 .go 19.44 - . . .. TOTAL TrCsorerie Cash France Netherlands Italy Spain Germany Bclgium Ireland Luxembourg Finland EU R O I A N D Great Britain Switzerland Denmark Norway Sweden REST OF EUROPE Japan Ilong Kong Singapore Taiwan Korea India Thailand PACIFIC RIM United States Canada Netherlands Antilles Panama AMERICA _. 69.39 -. * Aprks rkallocation d e certains fonds detenus par Pan-Holding S A . (non auditkc) * After reallocation of funds held by Pan-Holding S A . (unaudited) SO . REPARTITION ECONOMIQUE DU PORTEFEUILLE-TITRES ET DES PARTICIPATIONS AU 3 1 DECEMBRE ECONOMIC CLASSIFICATION OF THE PORTFOLIO OF SECURITIES AND OF THE LONG-TERM INVESTMENTS AT DECEMBER 3 1 (en pourcentage par rapport aux actifs nets - as a percentage of the net assets) ........ _-_ .... Organismes de placement collectif Eqiiipement Clcctrique. electronique et equipement de bureau Banques, sociktes de portefeuillu et societes financitres Services Assurances Produits chimiques et pharmaccutiques, santk , Imprimerie, edition, medias Magasins, chaines de distribution I elt5communications Loisirs, restaurants Services publics Constructions, travaux publics, sociites immobilieres et hbtelieres Transports Pktrole, gaz nature1 (production et distribution) Constructions mecaniques et navales. equipement industriel Metaux nnn fcrrcux (production et transformation) Automobiles et accessoires Alimentation Constructions aeronautiques Trusts miniers Transports maritimes Papicr ct emballages Divers ......... ~ I .r 2000 1999 I 1.26 9.77 10.46 18.08 8.33 7.54 10.91 9.2 1 6.20 5.23 4.26 4.03 3.00 2.06 2.29 4.68 2.82 2.68 6.56 3.08 1.16 1.34 1.04 1.44 0.57 I .40 I .74 I .29 2.70 0.85 1.30 0.68 0.62 0.61 0.57 0.50 3.15 .......... 0.75 1.65 1.07 0.68 0.59 0.00 0.40 0.00 0.38 72.68 86.25 ~ Collective Investment Undertakings Electrical Equipment, Electronics and Office Equipment Banks, Financial and Holding Companies Services Insurance Chemicals and Pharmaceuticals, Health Printing and Publishing, Medias Retail Telecommunication Leisure, Restaurants Public Utilities Building, Real Estate and Lodging Transportation Oil and Natural Gas (production and distribution) Machinery, Shipbuilding, Industrial Equipment Non-Ferrous Metals (production and transformation) Automobiles and Automobile Parts Food Aerospace Mining Trusts Shipping Paper Miscellaneous .......... SI PORTEFEUILLE-TTTRES ET PARTICIPATIONS AU 3 1 DECEMBRE 2000 PORTFOLIO OF SECURITIES AND LONG-TERM INVESTMENTS AS OF DECEMBER 3 1,2000 e Membws du Conseil exerGant un mundul d’Administr~~tmr duns des sociiti.s ditenues en port<feuillr et repr&smtunt uu moins I % des uctfs nels de Pun-Holding S A Directors ($Pun-HoldingS.A. who w e Dirwtors of companies Mvhich represent uf leust I % of‘the net assets of pun-Holding S.A. Mr, Alain PHILIPPE ClPEC Mr. Ernest WEILL CTPEC L a liste des changemeiits principaux intervenus dans la composition du portefeuille-titres en cours d’exercice 2000 est a la disposition des actionnaires au siege social de la SocietC. The list of principal purchascs and sales of securities during the year 2000 is held at the shareholders’ disposal at the registered office ofthc Company. 52 ....... Nomhre dc titres YOdes .ctifs nets us $ Dtiiomination Natne ‘olt d’acquisition Cost Par Value Evaluation Valuation % of Jet Assets VALEURS MOBILIERES COTEES QUOTED SECURITIES ACI’IONS ET PARTS EQUITIES ETATS-UNIS UNITED STATES OF AMERICA Asstrraricps Instirunce 23,700 American Internalional Group 805,092.92 2.346.300.00 0.72 2,376,633.60 3?012,663.75 80,445.99 0.00 0.00 5,165,207.60 I.965,094.02 932,042.72 49,375.00 292. I2 s . w 1.59 0.61 0.29 0.02 0.09 5,469,743.34 8,403,844.34 2.60 12,624.20 727,734.90 1,536,751.98 32,900.00 63 1,069.00 2,449,687.99 0.01 0.19 0.76 2,277,111 .OX 3,113,656.99 0.96 Bunqucs, s o c i h t s de por/e/etrille et soci~tP.s.finnnci~les Bunks, Firicrnrial and Holding C~impw~ies 620 68.500 784 500 750 Onre Technology Fund First llnion Corp Matrix Technology Group Overseas Private Invcstors Ovcrscas Equity Investors Prclduits cltimiyires et phnmiuceutiyuus, Santb Chemicals and Pliarmaceuticuls, Hculth 4,700 13,427 23.400 I Allos Therapcutics InterMune Pharmaccuticals Johnson &L Johnson Nombre de titrcs % des us $ OU valeur nominalc Number o f shares Dknomination Name or Par Value Coit d'acquisition Cost ictifs nek t;,val uation Valuation % of \let Asset Eqtripemm tl.xtriyire, ilcctronique et Cquipement dr btireuu Eliw%ul Equiplent. Electronics and Ofjice Equipment IO0.800 99,000 48,800 53,000 82,000 44.000 American Power Convcrsion AVX General Electric Intel Motorola Sandisk Corp I ,70 1,853.12 2,469.248.32 694,120.83 I .259,768.64 3,074.5 12.50 2,801,65 I .90 1,2 1S.900.00 1.658,250.00 2.360,700.00 1,636,375.00 1.706,625.00 1.276,OOO.OO 12,001.155.31 0.38 0.5 I 0.73 0.50 OS3 0.39 3.04 Loisirs - Restatwants Leisure - Rrstuurant 72,800 Tricon Cilobal Restaurants 3,409,939.32 2,429.700.00 0.75 2,167,071.16 3. I3 1,275.00 0.97 2.967,356.40 I .8 I 8,443.70 2,077,322.05 13,794.00 692,669.20 2.365,300.00 1.673,900.00 448,122.00 2.588.625.00 7,857.00 534,750.00 280,562.07 0.52 0.14 0.80 0.00 0.16 9,934,885.35 5.533,8 16.97 1.71 Mugusins. chafnes de distribution Retail x 1,200 Costco Wholesale Service.r 47,500 60,000 70,200 432 12.000 67,000 54 America Online Legato Systems Manpower MatrixChe Microsoft Proxicom 0.09 Nombre de titres Yo des ;til's nets us $ OU Denomination Name valeur nomillale Number of shares ::oat d'acquisition Cost or Par Value Evaluation Valuation % of et Asset: Transports Transportution 45,500 45,000 Fedex United Airlines ETATS-UNIS UNITED STATES OF AMERICA Total: 1,938,538.28 1,922,994.80 1,765,855.00 1.622,813.00 0.54 0.50 3,86 1,533.08 3,388,668.00 1.04 39,927,43 1.56 38,201,111.30 11.79 CANADA C'on striictions riCronuutiyues '4 erospace 131.000 Bombardier "B" 49.000 4 I4,h 14.02 2,0017363.70 0.62 1,263,942.93 1,S46.562.99 0.48 2.591,856.83 2,760,062.97 0.85 M ~ Unoti, X jerreux (jwodiiction et trmsfi)rmotion) Non-Ferrous Metals (production und trunsfi)rmu/ion) 79.000 Alcan Aluminium 55 Nombre de titrcs ou valcur notninale Number of shares or Par Value ?4 dcs ictifs net: us % DCnotnitiation Name :hilt d’acquisition Cost Evaluation Valuation vi of k t Assct! Petrole. gaz naturc.1 (production et distribution) O i l and Natiirul Gas (prorhrctionmid distri hution) 399,500 Gulf Stream Resvurccs Canada 2.0 I 7,486.0 I 319.131.79 0.10 1,261,115.74 1.308,816.44 0.40 1,325,758.70 974,347.15 0.30 8,874,774.23 8,910,285.04 2.15 306,47 I .58 6,171,072.39 I .90 306,471.58 6,171,072.39 1.90 Pupier et emhallages Paper 145,100 Abilibi Consolidatcd Swvicas 58,900 Quehecor Inc “B’. CANADA Tvtal: ANTILLES NEERLANDAISES NEIHERLANDS ANTILLES Orxanisnies de placement collwtif Collwtive Invrstment IJndertakings 2 I.433 Energy International ANTILLES NEERLANDAISES NETHERLANDS ANTILLES 56 Tvtal: Nonibre de titres O/b dcs ctifs nets us $ vu Denomination Narnc valeur noininale Number of shares or Par Value Coiit d’acquisition Cost Evaluation Valuation YO of k t Assets PAN.4MA Orgutiisnws dc, plucement collectif Collective Investniant Undwtuking.s 25,000 Mineral Oils & Resources PANAMA Total: 307,449.27 422,250.00 0.13 307,449.27 422,250.00 0.13 2,527,65 I .Ol 1,866.202.55 2,275,178.31 1,952,662.84 0.70 0.60 4.393J53.62 4.227.84 I .2 I 1.30 492,201.29 656,495.60 0.20 20,906.34 2,362,442.86 I , 123,715.86 3,2 17,080.82 2,756.744.87 27,659. I O 1,722,170.34 1,425,400.38 2,128.298.12 1,987.558.53 0.0 I 0.53 0.44 0.66 0.61 9,480,890.75 7,291.086.47 2.2s JAPON JAPAN Automobiles & iiccessoir<~s Aiiiomohiles & .4iitoiiiobile l’urts 220.000 I00.000 Suzuki Motors Toyola Aulo Looms (Irg(misnic.s i l plucenient ~ collectif Collective lnwvtnient Undertakingy 5.200 Nouvelle Croissance Japon Eyuipemenf L;leciriyire, dectriiiiiyzre et kgiiipement ( i burmi ~ Electrical Eqiiiynierit. Electronics and Ojjicr Eqiiipnieiit 300 247.500 34.000 179,000 3X6.000 Advantesl Makita Moritcx Sharp Ucliida Yoko Nornbre de tilres '?A des us %: ou valeur notninale Nutnbcr of shares or Par Value Wnomination Name ?oilt d'acquisition Cost ictifs nets Evaluation Valuation % of l Jet Asset: Loisirs - Restaurants Leisirre - Re.staurant 86,000 Nainco 2,961.406.05 1.544.647.63 0.48 2.796J83.54 2.048,156.3 I 0.63 1,678,239.89 1,32 1.948.39 0.41 2,405,601.94 2,803,600.18 1,792.5 1 X.3Y 606,187.99 0.55 0.19 5,209,202.12 2,398,706.38 0.74 3,03 I .053.6 I I ,58 I S26.43 0.49 30,042,930.87 21,070,408.42 6.50 (hstructimns mi.caniyue.s et namles. Cquipcment industriel Muchinen; Shipbuilding, Indwstriul Equipmiwt 159,000 Kurita Watcr Jndustrics Magasins. chaines de distribution Retail 34,700 Kyohin Keikaku Services 124.000 6 1,000 CSK Internet Initiative Japan ADS 330 JAPON JAPAN S8 Total: I Nonibre de titres 1%) des ictifs nets us $ OU valcur nominale Number of sliarcs or Par Value DPnomination Name ::oGt d'acquisition Evaluation ?; of cost Valuation det Asset: HONC; KONG ('onstructions. trawziix puhlir.7, sociktLs immohilii.rr.s et hritelihr~s Buildiiig, Real Estrite and Lodging New World Infrastructure 2,604.005.02 1,500,090.54 0.46 929,108.54 3,393,953.17 2,204.226.10 959,81 I .84 2,066.223.15 1,103.014.54 0.30 0.64 0.34 6.527,287.8I 4,129,049.53 1.28 2,092.326.3 1 1,703.666.02 0.53 3,012,038.85 2,830,29 I .3 I 0.87 14,235,657.99 10,163,097.40 3.14 Eyuipmzrnt tlectriyue, dwtroniqrie et Gqiripmwit dr hrrreaii Elwtrical Eyuipnirnt. /dwtmnic.s and Qfice Equipment 624.000 3,3 I0,000 1,2 12.000 Johnson Electrics Holding Legend Holdings Varitronix International Telecommiinications Tcleconiniunicatioii China Mobile Swrkrs piiblics Public Utilities Beijing Capital International Airport HONG KONG Total: 59 Nombre de titres ou valeur nominale Number of shares or Par Value YOdes ctifs nct! us $ Denomination Namc CoGt d'acquisitinn cost Evaluation Valuation 'x or let Asset SINGAPOUR SINGAPORE Ser vires 138,200 Creative Technology 2,235,149.12 1,562.752.66 0.48 2,598.746.49 1,861.477.55 0.57 4,833,895.61 3,424,230.21 1.05 1,832,676.90 1,399,948.26 0.43 2,485.464.59 1,856,000.00 OS7 4.3 18.141.49 3,255,948.26 I .oo Eansports maritimes Shippiq 2,390,000 Neptune Orient Lines SINGAPOUR SINGAPORE Total: COREE KOREA Equipenlent dectrique, Plectronique et &quipenlentde bureau Eltctricol Equipment, Electronics and Ofliw Eqiiipnient I 1,200 Samsung Electronics TPlProntmurircations Telecomniunrratiort 58.000 Korea Telecom Sponsored ADR COREti. KOREA Total: Nornbrc dc titrcs vu valeur nominale Number of shares or Par Value O/o des ictifs nctr us s Denomination Name :‘oCt d’acquisition Cost Evaluation Valuation yo or dct Asset! TAIWAN Eqiripcment Plwtriqiie, Plertinniyur et tyuipririrnt de hurrau Electrical Eqiripment. Blectronicv and Ofice Equipnirnt 266,000 146,000 147,862 Kilek CiDli (Reg.) United Microelectronics ADS Winbond Electronics GDR TAIWAN Total: 1,970,300.00 I , 19S,010.00 2,954,268.011 I , I86,250.00 1,441,654.50 0.24 0.37 0.44 6.1 19,578.06 3.399,304.50 1 .os 3,399,304.50 I .os 6,119,578.06 771,400.00 -~ INDE INDIA Srr.\.ices 48.000 Silverline Technologies AI3R INUE INDIA Total: 1,186,718.40 480,000.00 0.15 1,186,718.40 480,000.00 0.15 61 Nombre de titres ou valeur noininale Number of shares Sh des ictifs nets us % 08nomination Name :oit d'acquisition rest or Par Value Evaluation Valuation o/o of Jet Asset: IRLANDE IRELAND I?anyue.r. .sociPtes de port&uille ct socittts ,/inunci&w Ranks. Financial arid Holding Chnpanies 164,675 Allied Irish Banks IRLANDE IRELAND Total: 2,052,793.01 1,895,439.89 0.58 2,052,793.01 1,895,439.89 0.58 -_I . GRANDE-BRETAGNE GREAT BRITAIN Assurunces Insirranee 1 2.80 Prudential IO 7x0. x 7 0. 38 3 I .269,5 18.44 2,005,01(1.74 0.92 1,108.3 I5.55 205,078.5 1 I .430.386.63 356,063.02 0.44 0.1 1 1,3 13.394.06 1,796,348.65 0.55 0.5 P r d i i t s chinriques et pharrrraePiitique.r.ScrntG Che1nical.s and Pharniaccuticuls, Heulth lO(1.174 CilaxoSinithkline E y i i i p ~ i i t ~ Plectriqiie. nt Plectroniqw et Cyiiip~ni~ni de bzirrirti Electricrrl Equipnieiit. Electronics and Offire Equipment 193.450 37,833 62 A R M Holdings Spirenl New Nombrc dc titres vu valeur nominale YOdes us % I)tnoniination Name Number of shares or Par Value ?oat d’acquisition Cost iotifs nets Evaluation Valuation o/n of Jet Asset? Loisirs - Restauratits Leisure - Restaurant 237.900 J.D. Wetherspoon 645.62 I .26 1, I 72,97 1.52 0.36 041,522.22 706.960.86 I .26S,6 10.01 718,661.14 0.39 0.22 1,648,483.08 1,Y84,27 I . I 5 0.6 1 2,505,603.82 1,629,989.97 2,390.743.56 2,743,354.28 0.74 0.85 4,135,593.79 5,134,097.84 1S 9 639,789.87 407,812.50 1,084,027.12 16,808.60 0.33 0.01 1,047,602.37 1,100,835.72 0.34 1,197,574.6 1 2.68 1,742.3 1 4,327,567.46 300,064.38 1,294,252.40 1,678,386.02 1,349,582.87 2,4 19.3 13.70 1,718,362.1 1 582,800.00 0.52 0.42 0.75 0.53 0.18 9,801,201.16 7,748,444.70 2.40 Trusts miniers Mining Tr1r.rr.r 23.000 13.000 Anglo-American Corp (S.A. Reg.) Anglo-American Corp (Ldn Reg.) Imprimene, Alitian. mkdiias Printing and PuMishing. Media 376.500 1 15.844 Granada Media Pearson Mnigusins, chuinrs de distriburioti Rr/uiI 1 I 1.450 450.000 Electrocoinponcnts Victory Corp Services 484.200 1,368,600 557,400 2 17.000 12.400 Rcntokil Initial ScoOt. Con1 Senia Group Serco Group Surfcontrol ADS 63 Noinbrc dc titrcs YOdcs ictifs netr us $ OLI Dtnornination Name valeur noniinalc Number of shares or Par Value ?oit d’acquisition Cost 837.650 CRANDE-BRETAGNE GREAT BRITAIN Tutal: Evaluation Val d o n % of rlet Asset! 2,078,983. I6 1,289,077.13 0.40 22,042,178.19 25,031,201.58 7.73 1 3 7 I .65X.0 1 2,025,936.97 1,036,195.89 0.62 0.32 3.062.132.86 0.94 ALLEMACNE GERMANY Ass14rut1ws It1.ru,anre 5.450 All ianz 2.900 MCinchcner Ruckvcrsicheriuig (Reg.) 895.752.00 2.767,410.01 7.000 A L L EM AC; N E GERMANY 57,500 64 Total: 308,775.92 3 10,039.93 0.10 3,076,185.93 3,372,172.79 1.04 2,804.28 1.SS 2,915.929.3 1 0.90 Nombre de titres r valeur nominale Number of shares % des ctifs nets us IF 011 Denomina tion Name or Par Value 78,348 "3 d'acquisition Cost Evaluation Valuation % of Jet Asset: 3,648,057.8 1 28,993,199.86 8.94 3,630,788.67 2,840,5 12.93 0.88 1,3 17,117. I3 1,15 1,197.42 762,190.19 1,559,318.49 0.24 0.48 2.468,3 14.55 2,321.508.68 0.72 884,284.22 1,060,171.42 855,125.62 1,592,411.44 1,039,336.30 938,494.23 0.49 0.32 0.29 3,570,241.97 1.10 1,5 17,853.49 1,532,855.30 0.47 I , I89,2 13.56 1,441,332.11 0.44 Constructions. travuidx publics. sociktk inintobilieres et h6teliere.v Uidding Real E.vtate and Lodging 34,300 La farge Prodirit-v chiniiyues et phurinuceiitiyues, Suntk C'hemica1.s unii f'hu~mucc~iticuls, Hiwlth 10.638 4.900 Christian Dalloz Essilor Eqiiipement ilectriyue, d~ctroniyirc,Bt bquipement iit hurtair Electrical E q u i p e n / , Electroiiirs and Oflice Equipient 27.100 7.950 19.680 Alcatcl Sagctn Ncw Thales Loisirs - Restaurants 17,600 Leisure - Restiitrrunt Club Mkditerranee (,'onstructions mhcaniyues et nuvuks, equipenlent iniiirstricl Muchinei;]; Shiphiiilding, Industriul Equiplent 20,000 Schneider Electric Nombre de titres U% des actifs nets us $ OU DCnomination Namc valeur nominalc Number of shares or Par Value Codt d’acquisition Evaluation Valuation Net Assets 962,484.19 2,033,264.59 I 0.63 hOh,5 19.39 438,485.05 I 0.14 cost To of Petrol., gaz nature1 @roduuctlon c1 disJistribiilioti) 011attd Naliiral Gus @reduction attd distribiilion) 13,700 Total Fina “B” Imprimerit:. edition, medias Printing und Publishing, Media 7.700 Lagardere (Reg.) Magasins. chaines de distribution Retail 47.000 6.850 Carrefour Castorama Dubois 3.499,208.26 1,476,607.64 4,9758 15.90 Servicrs 10.045 (1.050 Cap (jeinini Dassault Systtmes ADR 2.08 1,694.2I 228,359.05 1,595,497.42 397,031.00 2.3 1O,OS3.26 1,992,528.42 I 0.61 1,043,474.19 1.153,273.56 I 0.36 0.49 0.12 ServiccJsPublics Public Utilities 2h.h(10 Vivendi Fnvironnement FRANCE 66 ... Tutal 27,956,437.82 1 53,887,452.77 16.62 Notnbre de titres vu valeur nominalc Number of shares or Par Value YOdes ictifs nets us 9; DCnomination Name Z o l t d'acquisition Evaluation Valuation Cost ?4l of Jct Assets ITALIE ITALY 9 1,200 .4 wrance.T Insirranre AssicuraLioni Cienerali 3 13.500 64,000 ITALIE ITALY Total: 2,554,68 I .YX 3,585,371.77 1.11 I,585.072.54 l,IXO,647.36 2.024,462.14 0.62 I ,217,827.93 0.38 2,7657 19.90 3,242,290.07 1 5,320,401.88 6,827,66 1.84 2.11 1,567,397.28 2,112,337.06 0.65 0.00 2.1 12,485.36 0.65 2,112,48536 0,65 .oo BELGIQUE BELGIIJM Bunqires, .si>cikiksLIP port&tillr suciPtCs JinunciPles 11,738 15,938 et Banks, Finaitcial and Holding C,'onipanies Dexia Dexia Strip VVPR 1 ,567:336.85 BELGlQUE BELGIUM Total: 1,567,336.85 I 67 Nombre de titres YOdes ctifs nets us $ 011 valeur nominale Number of shares or Par Value Denomination Name Coilt d'acquisition Cost Evaluation Valuation ?/" of Ict Asscts LUXEMBOURG S8 Organisms di3 placement collect(/ Collective Investment Undertakings Abingworth Bioventures (ord.) 0.00 300,351.85 0.09 1,39 I ,08 1.82 0.43 Services 12,616 Thiel Logistik LUXEMBOURG 1,352,638.40 Total: 1,691,433.67 0.52 I . PAYS-BAS NETHERLANDS 47,000 12,300 43,980 Assuranres Insuranct, Aegm ING Group Internationale Nederlanden Wrts 9 1/01 I .959,8 16.28 171,581.39 29.786.08 1.946,561.35 980,955.37 1,072,183.60 0.60 0.30 0.33 2.161,183.75 3.999,700.32 1.23 Alimentation );bod 16,214 Unilever (New-York Listed) 19,206.40 .. 0.32 PPw~IP, guz nuturd (jwodurtion et distribulion) 011and Natural Gas 34,900 68 (production and distribution) Royal Dutch Petroleum 62,460.39 2,162,779.78 0.67 Nombre de titres 9/0 des iotifs net? us $ OU valeur nominale Number of shares or Par Value Denomination Name I'ofit d'acquisition cost Evaluation Valuation % ofl iet Assetl Imprinterie. Pdirron, mc;dias Printing (ind Publishing, Media 120,891 52,726 VNU Wolters Kluwer PAYS-RAS NETHERLANDS Total: 4,527,011.5 1 I,334,005.12 6,023,738.20 1,422,281.90 I .86 0.44 5,861,016.63 7,446,020.10 2.30 8,103,867.26 14,645,183.20 4.52 416,567.26 1,72 1,993.36 0.53 34,909.05 3.342,422.62 35,433.39 3,393,649.48 0.01 1 .os 3,377,331.67 3,429.082.87 1.06 3,793,898.93 5,151,076.23 1.59 ESPAGNE SPAIN Tklkcommunications Teleconiniuiiicatioi~ 104,702 'I'elefonica Servirrs piibhcv Public Utilitics 2.927 266.800 Aguas dc Barcelona Ncw (01.01) Aguas dc Barcclona ESPAGNE SPAIN Tvtal: 69 Nombre de titres des US $ OU valeur nominalc Number of shares UCnoniination Name roit d’acquisition Cost or Par Value ictifs nct Evaluation Valuation O h of k t Assci DANEMARK DENMARK St~rvrct~s 6.660 Internationale Service Systcm “B” 2h.YO0 DANEMARK DENMARK 443,976.5 1 0. I4 1,700,440.55 I .092.702.32 0.34 2J3 1,771 .SI 1,536,678.83 0.48 455,107.36 0.14 455,107.36 0.14 43 1,330.96 Total: FINLANDE FINLAND TPlPrornmimications Telcromrnunicarion 24.640 Sonera FINLANDE FINLAND 70 405,528.1 7 Total: % des cGfs net5 us $ DCnomination Name Zoiit d’acquisition Cost Evaluation Valuation o/o of let Assetl NORVEGE NORWAY Constatictioris mkcaniqties et tiavales. Pquipenient riiduvtriel Machine[\: ShiyhuildinK. Industrid Equipmen, Tomra Systems NORVEGE NORWAY Tutal: 673,88 I .90 712,663.1s 0.22 673,881.90 712,663.15 0.22 2.139,605.36 677,807.68 0.21 2,139,60536 677,807.68 0.21 2,400.704.84 0.14 SUEDE SWEDEN Sc.rvicc.s Adcore SUEDE SWEnEN Total: SUlSSE SWITZERLAND As rurunres Insulanre Swiss Ikinsurance (Reg.) 1,983,878.55 71 Nombre de titres des OS $ ou DCnomination Name valcur nominale Number of shares C o l t d'acquisition Cost or Par Value ictifs net! Evaluation Valuation "4l of rlet Asset Produits chimiqires et pharniacrtrt/ytie.r, S m / t Chemirnlv nnd Phurmareuticuls. Heulth 940 2 74 I.000 Novartis (Reg.) Roche Holding Bons de Jouissance Serono I3 82 1,29 1.46 1,927.500.69 976,162.45 I ,660,075.7 I 2,775,523.16 940.500.84 0.5 1 0.86 0.29 3.724.954.60 5,376,099.71 1.66 990,374.66 892.996.38 0.28 1,064,569.79 1. I S8,SO3.80 0.36 1,085.3 14.65 869,290.62 0.27 8,849,092.25 10,697,595.35 3.31 199,618,666.52 24,191,667.22 69.18 Equipment tlectriqiie. Plertroniqtie et Pyiiipcment de hurcuu Electr.icul Equipment, Electronics and 0 ) f f i cEquipment ~ 3,588 Logitech International (Rcg.) Alirttentuiion Food 500 Nest16 (Reg.) Servire.y 1,950 Swisslng Holding (Reg.) SUISSE SWITZERLAND Total: TOTAL: ACTIONS ET PARTS EQU IT1E$ 12 I Nombre de titres "/o des ictifs nets us $ 0 11 \ d e w norninale Numbcr of shares Denomination Name Toiit d'acquisition or Par Value Cost Evaluation Valuation % of .let Assets VALEURS NON COTEES UNLISTED SECURTTTES ACTIONS ET PARTS EQUITIES ETATS-UNIS UNITED STATES OF AMERICA Banques. sociPtes de portefeuille et .roriPtLy finanriPrrs Runkr. Finanriul and Holding Clonipunies 2,500 56 I 1 1 0.00 Overseas Venture Capital Post Venture Associates Sofinnova Ventures 111 Sofinnova Ventures IV Sofinnova Ventures V 0.00 0.02 I20,000.00 1,250.00 62.300. I3 2. I29,3 19.00 I .988, I O I .00 109,139.00 179,452.20 4,290,109. I3 1.32 179,452.20 4,290,109.13 1.32 264,790.67 108,78h.17 0.00 1,100,842.96 617,639.47 5,5456 I 0.34 373,58234 1.724,028.04 0.53 373,582.84 1,724,028.04 OS3 5,598.20 0.00 53,854.00 0.66 0.6 1 0.03 E'IA'IS-UN IS IJNITED STATES OF AMERICA Tutal: JAPON JAPAN Son yties, soc.ittc;.s de portC<fiwillert soc,ic;tc;s,lincrticier.rs Banks. Financial and FIolditig C,'ompanir.r 6 1 500 JAFCO (Jap.Ass.Fin.)R-1 IEP JAFCO (Jap.Ass.Fin.) R-2 1FP L Co Ltd, Osaka JAPON JAPAN Tutal: 0.19 0.00 I3 Nombre de titres yUaes us $ OU valeur nominale Nuinhcr of sharcs DCnoniination Name or Par Vdue ictifs nets “iit d’acquisition Evaluation s: or cost Valuation del Asset! GKAN DE-BKETAGNE G R E A T BRITAIN 2 Ahingworth Ventures LP GRANDE-BRETAGNE G R E A T BRITAIN Total: 259,72 I .9 I 118,131.78 0.04 2S9,72 1.91 118,13 1.78 0.04 53,426.02 FRANCE Banques. .sociCtCs de port+iille et .sor.ii.tk.s finanrieres Bunks. Financiul and Holding Companies 1,984 14,000 30,000 39.960 40 42,308 107 Alpha Ventures V “B“ Alpha Ventures VI “B“ Entrcprisc & Partcnaires FSD European Pre-Flotation Fund “A“ FSU European Pre-Flotation Fund “B” Innovacom 2 Innovacoin 4 FRANCE 74 Total: 0.00 0.00 263,635.33 305,892.4 I 775.60 0.00 3.589,900.03 143,361.97 149,343.97 0.02 0.09 0.00 0.09 0.04 1.1 1 0.05 7 13,665.31 4,520,622.94 1.40 713,665.31 4,520,622.94 1.40 285,288.85 4,187.21 302,293.40 136,183.46 ?'o LIS $ Dcnomination Name Coit d'acquisition cost dcs ctifs net: Evaluation Valuation '!C of let Asset 1,IJXEM ROU R G Bunyircs. socii;tc~sdc, port~fi~uille et scic.ii;l~;sJinanc.iPlps Bonks, Financial mid Ilolding Chmpanirs 0.00 0.00 23,772.60 10,083.S 7 0.01 0.00 0.00 33,856.17 0.0 1 0.00 33,856.17 0.01 Sucalmer Devcloprncnt Capital Fund 0.00 645.560.00 Sudimcr Buy-Out Fund 0.00 1,920.00 0.20 0.00 0.00 447,480.00 0.20 647,480.00 0.20 11,334,228.06 3.50 Biotechnology Venture Fund letraven Fund (En liquidation) LIJXEMBOIJRG Tutal: ESPAGNE SPAIN Bunqiws, .soci&tLsde portefiwille et socii.ti.s finunc.ii.1.w Bunks. Financiul and Holding Crimpunies ESPAGNE SPAIN Total: TOTAL: \ALEURS NON COTEES UNLISTED SECURITIES 1,526,422.26 TOTAL: PORTEFEUI1,IX ET PARTICIPATIONS PORTFOLIO A N D LONG-TERM INVESTMENTS 235.525.895.28 72.68 INFORMATIONS GENERALES VENTE ET RACHAT DE SES PROPRES ACTIONS PAR LA SOCIETE Pan-Holding S.A. vend et rachete ses proprcs actions sur la base de la valeur nette d'inventaire, calculee chaque mercredi. auginentee ou diminuee d'une commission de 0.5 %. Les demandes d'achat et de rachat d'actions Pan-Holding S.A. doivent Otre reques par la SociCtC ou la Banque Depositaire au plus tard a 17.00 heures (heure localc) le dcrnier jour ouvrable avant le jour de I'kvaluation. La valeur ncttc d'inventaire, le prix de vente et le prix de rachat, par action, sont disponiblcs auprks de I'Administration Centrale le jcudi et sont publies chaque vendredi dans le ,,Luxemburger Wort" (Luxembourg), ,,L'Echo" (Belgique) et la ,,Tribune" (France). 11s sont publiks quotidiennemcnt. mise jour le vendredi, a Luxembourg dans le ,,Luxemburger Wort" et le ,,Tageblatt" sous la rubrique ,,Fonds d'investissemen"' et dans IC ,,Financial Times" sous la rubrique ,,Offshore and Overseas Funds - Luxembourg Regulated". COTATION DES ACTIONS PAN-HOLDING S.A. Lcs actions Pan-Holding S.A. sont cotees en US $ a la Bourse de Luxembourg. Les Cours la Bourse de Luxembourg sont publies sur I'ecran Reuters sous les codes LU0055289689.LUF et LUOO6325 1903,LUP et sur 1'Ccran Bloomberg sous le code PLX. PUBLICATION DES AVIS FINANCIERS Des avis relatifs a la convocation a 1'AssemblCe et au paiement du dividende sont publies A Luxembourg, sclon les cas dans le Recueil SpCcial du Memorial, dans IC Luxcmburger Wort, ainsi qu'a Bruxelles, Londrcs et Paris, dans un quotidien publie sur ces places. RAPPORTS ET PROSPECTUS Les rapports annuels et seinestriels ainsi que le Prospectus peuvent Stre obtenus a I'Administration Centrale de la Societe Luxembourg, ainsi qu'aupris de la Hanque Depositaire et des Agents Payeurs de la SociCtC. STATUTS Les statuts coordonnes sont dCposCs au Registre de Commerce et des SociCtCs de Luxembourg oh ils peuvent Etre consultks ut oh une copie peut itre obtenue sur demande. 11s peuvent aussi Etre demandes au siige social de la SociCtl. 76 GENERAL INFORMATION SALE AND REPURCHASE OF OWN SHARES BY THE COMPANY Pan-Holding S.A. sells and repurchases its own shares on the basis of the net asset value, determined on each Wednesday, plus or less a charge of 0.5 %. Requests for the purchase and repurchase of Pan-Holding shares must be received by the Company or the Custodian at the latest by 5.00 p.m. (Luxembourg time) on the business day before the relevant valuation date. The net asset value per share, the sale and thc repurchase price, per share, are available at the Central Administration on each Thursday and are published each Friday in the ,,Luxemburger Wort" (Luxembourg), ,,L'Echo'' (Belgium) and ,,LaTribune" (France). They are published daily, updated Fridays, in Luxembourg in the ,,Luxemburger Wort" and the ,,Tageblatt" under the heading ,,Fonds d'investisscmcnt" and in the ,,Financial Times" under the heading ,,Offshore and Overseas Funds - Luxembourg Regulated". LISTING OF TIIE PAN-HOLDING S.A. SHARES The Pan-IIolding S.A. shares are listed in US $ on the Luxeinbourg Stock Exchange. The Luxembourg Stock Exchange prices are published on the Reuters screen under the codes LU0055289689,LUF and LU006325 1903.LUF and on the Bloomberg screen under the code PLX. PUBLICATION OF NOTICES TO SHAREHOLDERS Information concerning the convoning of General Meetings and dividend announcements is published in Luxembourg, if required in thc Rccueil Special du Memorial, in the Luxcmburger Wort, as well as in daily newspapers in Brussels, London and Paris. REPORTS AND PROSPECTUS Annual and semi-annual reports as well as the Prospectus can be obtained at the Company's Central Administration in Luxembourg, at the Company's Custodian and the Paying Agents. ARTICLES OF INCORPOKATTON The restated Articles of incorporation havc been lodged at the offices of the ,,Registre de Commerce et des SociCtCs", of Luxembourg. where they are available for inspection and where copies thereof can be obtained upon request. They can also be obtained at the registered office of the Company. I1 DIVIDENDES - DIVIDENDS Agent p g w r principul - Principal Puying .4gmt : Banquc Gknhale du Luxembourg, 50, avenue J.F. Kennedy, L - 2951 Luxembourg. .4gmts payewi-s - Pqing Agents Bank Degrool’S.A., 44, rue de l’Industrie, B - 1040 Bruxelles. The Chase Manhattan Hank. Global Trust Services, 450 West 33rd Street - 8th Floor, USA - New York, N.Y. 10001-2697 Credit Lyonnais, 19, boulevard des Italicns, F - 75002 Paris. HSBC Bank PIC, Global Investor Scrviccs, Mariner F~OUSC. Pepys Street, GB - London EC3N 4DA. UBS S.A., WS-CPZSD, Bahnhofstrasse 45, C H - 8098 Zurich. 78 PAN-HOLDING SociCtC Anonyme R.C. LUXEMBOURG: B 7023 Sikge Social 7, Place du Theitre Registered Office L - 2613 LUXEMBOURG ADMINISTRATION CENTRALE CENTRAL ADMINISTRATION 7, Place du ThCitre, L - 26 I3 Luxembourg P.O. BOX 408, L - 201 4 LUXEMBOURG Tel. : (352) 46 24 01-1 ; Fax : (352) 46 24 01-24; E-mail : [email protected]; Telex : 2239 panac lu CONSEILLER EN INVESTISSEMENT INVESTMENT ADVISER SOCIETE D'ANALYST;.S ECONOMIQUES ET FINANCIERES - S.A.E.F. 12, rue du Faubourg St-Honore, F- 75008 PARIS BANQUE DEPOSITAIRE CUS'I'ODIAN Bank of New York Europe Limited, Luxembourg Branch 6D. route de Treves, L - 2633 Senningerherg Tel. : (352) 34 20 90-1 ; Fax : (352) 34 20 90-2 Clearstream No. 79 146 AGENT PAYEUR PRINCIPAL ET AGENT DE 1RANSFERT PRINCIPAL PAYING AND TRANSFER AGENT Banque GknCrale du Luxembourg, SO, avenue J.F. Konnedy, L - 295 I Luxembourg Tcl. : (352) 42 42-1 ; Fax : (352) 42 42 25 79 REVISEUR D'ENTREPRISES AUDITOR K PM G Audit s.c,, Luxembourg . 3 1, AllCe Scheffer. L - 2520 Luxembourg CONSEIL JURlDlQUE LEGAL ADVISER De Randt, Van Hecke, Lagae & Loesch, Luxembourg, 4, rue Carlo IIemmer, B.P. 1107, L - 101 1 Luxembourg 79 lmprimerie Saint-Paul s.a.