Tidewater : Investments Limited

Structure: Public company

ASX Code: TDI

Security Type: One fully paid share

Inception Date: July 2003

Recommended Investment Time: 3 - 5 years +

Management Fees: This portfolio is internally managed and as such does not charge a management fee. Net expenses for the Year Ended June 30, 2006 were 3% of Total Assets.

Distribution: Half yearly for the periods ending December 31 and June 30

Investment Style: Active - Value / Contrarian

Investment Strategy: To build medium to long term investments in a broad portfolio Australian listed companies with a focus on ‘microcap’ companies.

Asset allocation as at December 31, 2007

Cash	Micro-caps
$1.7 (13.6%)	$10.8 (86.4%)

At 31 December 2007, the Company had seven principal investments in ASX listed companies each representing over 5% of Tidewater Equityholders' Funds:

• Fat Prophets Australia Fund (FAT) – 5.3% holder & Tidewater Asset Management Limited is the sub contract manager

• Dark Blue Sea Limited (DBS) – 2.2% holder

• Aequs Capital Limited (AQE) – 13.7% holder and Board representation

• Cheviot Bridge Limited (CVB) – 9.9% direct holding and Board representation

• First Opportunity Fund Limited (FOF) – 15.0% holder

View past annual reports
>Shareholder Reports

Meet the team
>Directors
& Staff

Visit our newly acquired investment company
>Cheviot Kirribilly

For deeply
discounted assets
>Equities & Freeholds