City of London Investment Management Company
Limited Sent the Following Letter to the
Chairman of the Board of The Singapore Fund,
Inc.
July 27, 2010 09:03 AM Eastern Daylight Time
COATESVILLE, Pa.--(EON: Enhanced Online News)--The following letter was sent in response to the Fund
Board’s offer of a meeting after it’s next regularly-scheduled quarterly meeting. City of London Investment
Management Company Limited continues to believe that the Board should publicly announce its support of the
stockholders’ overwhelming vote in favor of adoption of an interval fund strategy.
July 26, 2010
The Singapore Fund, Inc.
c/o Daiwa Securities Trust Company
One Evertrust Plaza, 9th Floor
Jersey City, New Jersey 07302-3051
Attention: Masaaki Goto, Chairman of the Board
Dear Mr. Goto:
I am responding on behalf of City of London Investment Management Company Limited (“City of London”) to the
letter sent by “The Independent Directors of The Singapore Fund, Inc.” on July 6, 2010.
As we have stated previously, City of London is an investment advisor, registered under Section 203 of the
Investment Advisers Act of 1940. City of London advises, and has discretionary authority over, accounts which
own, collectively, almost 25% of the shares outstanding of The Singapore Fund Inc. We are patient long-term
investors, but we believe the fund’s market discount to NAV has been too wide for too long, without any meaningful
measures having been taken by the Board to reduce it.
We respectfully decline the invitation to a meeting after the next Board meeting in September. While we are
prepared to be consultative to the extent that the Board would be interested in our views, a meeting with the Board
after its regular quarterly meeting seems, quite frankly, to be a pointless exercise. To the extent that decisions taken
at the Board meeting are to be shared with stockholders, we would expect that they should be made public.
By now, our expectation was that the Board would have already announced the