4
TIH Limited
The increase was offset partially by:
(vi) decrease in fair value of S$0.5 million in the Group’s share in the net asset value of Transpac
Capital 1996 Investment Trust, Transpac Equity Investment Trust and Transpac Venture Partnership
II (collectively, “Transpac Funds”) in which the Group holds interests;
(vii) decrease in fair value of ACE International (BVI) Limited of S$0.21 million; and
(viii) decrease in fair value of Little Rock of S$0.18 million due to the payment of dividends.
Net unfavourable change in fair value of derivative financial instruments of S$0.37 million due to the fair
value loss on forward currency contracts to hedge against foreign currency exposure arising from foreign
currency investments.
Interest income from unquoted equity investments of S$2.25 million relates to interest on a loan granted to
a portfolio company.
Operating expenses of S$4.3 million included staff costs of S$1.33 million, legal and professional fees of S$0.82
million and other operating expenses of S$0.87 million due mainly to the internalisation of the fund management
service.
Yours sincerely
TIH Investment Management Pte. Ltd.
Allen Wang
Chief Executive Officer
20 March 2015
