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Daventree Trustees Ltd.,
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FOUNDATION OF THE TRUST
The Trust, whose Trustee is Daventree Trustees Ltd, was established on 4 Dec 2002 upon decision of Daventree Resources Ltd, which is a subsidiary of Harvard Industrial Holding, JSC. ("HPH").
The Trust was established under a foreign law for at least ten years and its purpose is to distribute assets or available already set aside funds among Beneficiaries.
ACQUISITION OF A QUOTIENT IN THE TRUST
Every person, who was HPH shareholder as of 4 Dec 2002, became a Beneficiary in the Trust, whereas one HPH share, ISIN CZ0009086708, corresponded to acquisition of one Quotient in the Trust.
VALUE OF QUOTIENT IN THE TRUST AND DISTRIBUTION PERIOD
The distribution of Quotient from the Trust is effected during individual distribution periods, for which always a constant value of a Quotient in relation to the net trading assets of the Trust is determined:
| Order | Duration | Value per Quotient |
| 1st distribution period | 4 Dec 2002 – 31 Dec 2003 | USD 6.90 |
| 2nd distribution period | 9 April 2004 – 31 Dec 2004 | USD 6.77 |
Applications delivered/received after 31 Dec 2004 will only be realised within the new distribution period.
THIS IS NOT SALE OF HPH SHARES
By paying up the value of the Quotient the HPH share is not sold and hence there is no change in the owner of shares. Only distribution of an entire Quotient is effected and after distribution the applicant ceases to be the Beneficiary in the Trust; however he continues to be HPH shareholder as an owner of shares. In case off sale of HPH shares any Quotient in the Trust remains with the Beneficiary – the original HPH shareholder as of the above stated date.