North Asia Investment Corp.
2009 PFIC Annual Information Statement
North Asia Investment Corp. (the “Company”) is considered a “passive foreign investment
company” (“PFIC”) for U.S. federal income tax purposes. The following information is provided to allow
a shareholder to make or maintain an election under Section 1295 of the Internal Revenue Code to treat
the Company as a Qualified Electing Fund (“QEF Election”) with respect to its common shares for U.S.
federal income tax purposes.
The QEF Election is optional and can only be made by the shareholder. The Company is unable to make
this election on behalf of the shareholder. Please note that this election may not be recognized for state
income tax purposes in some states. The shareholder should consult with a qualified U.S. tax advisor
regarding the application of the PFIC rules in the shareholder’s particular circumstances.
(1) This PFIC Annual Information Statement applies to the tax period of the Company beginning on July 1,
2008 and ending on June 30, 2009.
(2) The shareholder’s pro rata share of ordinary earnings and net capital gain of the Company for the
Company’s taxable period specified in paragraph (1) may be calculated by multiplying the number of
common shares owned by the shareholder on each day during the taxable period by the following per-
share per-day amount and aggregating the results:
(3) The amount of cash and fair market value of other property distributed or deemed distributed by the
Company to the shareholder during the Company’s taxable period specified in paragraph (1) is as
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Per-Share Per-Day Amount (in USD)
Net Capital Gain:
Fair Market Value of Property:
(4) The Company will permit the shareholder to inspect and copy the Company’s permanent books of