LOMBARD THAILAND INTERMEDIATE FUND

Lombard Thailand Intermediate Fund, LLC (the Fund) was formed in October 2001 for the purpose of making equity investments in Thailand through participation in the Thailand Equity Fund (TEF). ADB committed up to $25 million to the Fund to assist private Thai companies recovering from the Asian financial crisis of 1997-98. This project has a two-tier structure involving the establishment of an Offshore and Onshore fund. ADB and other international investors will invest in Lombard Thailand Intermediate Fund, the Offshore Fund, who in turn will invest in Thailand Equity Fund, the Onshore Fund. The Onshore Fund will identify and invest in priority sectors particularly those that have strong growth prospects and those that need to be restructured.This investment will enable the assisted companies to expand operations and increase much-needed employment following the Asian crisis.