CUSIP No. 552 617 102
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SEC 1746 (11-02) Potential persons who are to respond to the collection of
information contained in this form are not required to respond unless
the form displays a currently valid OMB control number.
UNITED STATES [ OMB APPROVAL ]
SECURITIES AND EXCHANGE COMMISSION [OMB No. 3235-0145]
Washington, D.C. 20549 [Exp. Dec 31, 2005]
[Est avg burden ]
SCHEDULE 13D [hrs/response 11 ]
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
MACC Private Equities Inc.
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(Name of Issuer)
Common Stock, $0.01 par value
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(Title of Class of Securities)
552 617 102
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(CUSIP Number)
Kent Madsen
15 West South Temple, Suite 520
Salt Lake City, UT 84101
(801) 524-8939
Keith L. Pope
Parr, Waddoups, Brown, Gee & Loveless
185 South State Street, Suite 1300
Salt Lake City, UT 84111
(801) 532-7840
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
April 30, 2005
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1
Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Atlas Management Partners, LLC (71-0950380) ("Atlas")
------------ -------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
N/A
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
Utah
------------ -------------------------------------------------------------------
7
Sole Voting Power
804,689
Number of ------------- ----------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by -0-
Each ------------- ----------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With -0-
------------- ----------------------------------------------------
10 Shared Dispositive Power
804,689
------------- ----------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
804,689--Reporting person has the right to vote these shares
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
34.5%
------------ -------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
00
------------ -------------------------------------------------------------------
2
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1
Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Bridgewater International Group, LLC
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
N/A
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
Utah
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7
Sole Voting Power
-0-
Number of ------------- ----------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by -0-
Each ------------- ----------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With -0-
------------- ----------------------------------------------------
10 Shared Dispositive Power
804,689
------------- ----------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
804,689
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
34.5%
------------ -------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
00
------------ -------------------------------------------------------------------
3
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1
Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Kent Madsen
------------ -------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
N/A
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
U.S.
------------ -------------------------------------------------------------------
7
Sole Voting Power
3,700
Number of ------------- ----------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by -0-
Each ------------- ----------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 3,700
------------- ----------------------------------------------------
10 Shared Dispositive Power
-0-
------------- ----------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
3,700
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0.2%
------------ -------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
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4
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1
Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Geoffrey T. Woolley
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
N/A
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
U.S.
------------ -------------------------------------------------------------------
7
Sole Voting Power
15,948
Number of ------------- ----------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by -0-
Each ------------- ----------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 15,948
------------- ----------------------------------------------------
10 Shared Dispositive Power
-0-
------------- ----------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
15,948
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0.7%
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14 Type of Reporting Person (See Instructions)
IN
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5
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1
Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Timothy A. Bridgewater
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
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4 Source of Funds (See Instructions)
N/A
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
U.S.
------------ -------------------------------------------------------------------
7
Sole Voting Power
5,000
Number of ------------- ----------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by 804,689
Each ------------- ----------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 5,000
------------- ----------------------------------------------------
10 Shared Dispositive Power
804,689
------------- ----------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
Mr. Bridgewater holds 5,000 shares in a retirement account over
which he has sole voting and dispositive powers, and, as a Voting
Managing Director of Atlas, Mr. Bridgewater has shared control
over the voting power held by Atlas on an additional 804,689
shares.
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12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
34.8%
------------ -------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
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6
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1
Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Todd Stevens
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
N/A
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
U.S.
------------ -------------------------------------------------------------------
7
Sole Voting Power
1,700
Number of ------------- ----------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by -0-
Each ------------- ----------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 1,700
------------- ----------------------------------------------------
10 Shared Dispositive Power
-0-
------------- ----------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
1,700
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0.1%
------------ -------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
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7
CUSIP No. 552 617 102
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------------ -------------------------------------------------------------------
1
Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
Nick Efstratis
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
------------ -------------------------------------------------------------------
3 SEC Use Only
------------ -------------------------------------------------------------------
4 Source of Funds (See Instructions)
N/A
------------ -------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e) [ ]
------------ -------------------------------------------------------------------
6 Citizenship or Place of Organization
U.S.
------------ -------------------------------------------------------------------
7
Sole Voting Power
500
Number of ------------- ----------------------------------------------------
Shares 8 Shared Voting Power
Beneficially
Owned by -0-
Each ------------- ----------------------------------------------------
Reporting 9 Sole Dispositive Power
Person
With 500
------------- ----------------------------------------------------
10 Shared Dispositive Power
-0-
------------- ----------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
500
------------ -------------------------------------------------------------------
12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
------------ -------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
.02%
------------ -------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
------------ -------------------------------------------------------------------
8
CUSIP No. 552 617 102
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This Amendment No. 4 to Schedule 13D amends and supplements, and should be read
in conjunction with, the Schedule 13D filed on August 8, 2003, Amendment No. 1
thereto filed on October 10, 2003, Amendment No. 2 thereto filed on March 9,
2005, and Amendment No. 3 thereto filed on May 3, 2005.
Item 1. Security and Issuer
The name of the issuer is MACC Private Equities Inc. ("MACC") and the
class of securities subject to this amended Schedule 13D is MACC's Common Stock
(the "MACC Shares"). MACC's business address is 101 Second Street, S.E., Suite
800, Cedar Rapids, IA 52401.
Item 2. Identity and Background
The names of the reporting persons (the "Reporting Persons") filing
this Form 13D are: Atlas Management Partners, LLC, a Utah limited liability
company ("Atlas"), Bridgewater International Group, LLC, a Utah limited
liability company ("BIG"), Kent Madsen ("Madsen"), Geoffrey Woolley ("Woolley"),
Timothy A. Bridgewater ("Bridgewater"), Todd Stevens ("Stevens"), and Nick
Efstratis ("Efstratis"). Atlas was formed to operate as a management company to
provide services to MACC and holds the voting rights to 34.5% of the MACC
Shares, over which BIG has beneficial ownership and dispositive power.
Bridgewater is a Voting Managing Director of Atlas and, as such, has control
over the voting of the MACC shares subject to Atlas' rights. Each of Madsen,
Woolley, Stevens and Efstratis was formerly a member and Voting Managing
Director of Atlas. This amendment is being filed to reflect their resignations
as Voting Managing Directors of Atlas and the termination of their inclusion in
the group for purposes of filing reports on Schedule 13D. The business address
of each of Atlas, Madsen, Stevens, and Efstratis is 15 West South Temple, Suite
520, Salt Lake City, UT 84101. The business address of BIG and Bridgewater is
10500 South 1300 West, South Jordan, Utah 84095. Bridgewater is employed by BIG
as managing director.
The required information relating to the members and managers of BIG is
set forth in Appendix A hereto, which is incorporated herein by this reference.
During the last five years, none of the Reporting Persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors). During the last five years, none of the Reporting Persons has
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction, the result of which has made it or him once or now
subject to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
This amended Schedule 13D is not being filed to report an acquisition
of securities. Effective April 30, 2005, each of Madsen, Woolley, Stevens, and
Efstratis resigned as a Voting Managing Director of Atlas. This amended Schedule
13D is being filed to remove each of Madsen, Woolley, Stevens, and Efstratis as
a Reporting Person.
Item 4. Purpose of Transaction
This amended Schedule 13D is not being filed to report an acquisition
of securities. Effective April 30, 2005, each of Madsen, Woolley, Stevens, and
Efstratis resigned as a Voting Managing Director of Atlas. This amended Schedule
13D is being filed to remove each of Madsen, Woolley, Stevens, and Efstratis as
a Reporting Person.
9
CUSIP No. 552 617 102
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Item 5. Interest in Securities of the Issuer
(a) and (b) Please refer to the cover pages of this
amended Schedule 13D for the number of shares as to which each Reporting Person
has sole power to vote or to direct the vote, shared power to vote or to direct
the vote, sole power to dispose or to direct the disposition, or shared power to
dispose or to direct the disposition.
(c) Effective April 30, 2005, each of Madsen, Woolley,
Stevens, and Efstratis resigned as a Voting Managing Director of Atlas.
(d) No other person, other than the Reporting Persons and
their owners, is known to have the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the MACC Shares
owned by the Reporting Persons.
(e) Effective April 30, 2005, each of Madsen, Woolley,
Stevens, and Efstratis resigned as a Voting Managing Director of Atlas and
therefore ceased to be the beneficial owner of more than 5% of the MACC Shares,
which are owned by Atlas.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
Other than as set forth herein, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) between the Reporting
Persons and any other person with respect to any securities of MACC, including
but not limited to transfer or voting of any of the securities, finders' fees,
joint ventures, loans or option arrangements, puts or calls, guarantees of
profits, division of profits or loss, or the giving or withholding of proxies.
No securities are pledged or otherwise subject to a contingency, the occurrence
of which would give another person voting power or investment power over such
securities.
Item 7. Material to Be Filed as Exhibits
7(a). Agreement relating to group filing. (1)
(1) Filed herewith.
10
CUSIP No. 552 617 102
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
ATLAS MANAGEMENT PARTNERS, LLC,
a Utah limited liability company
May 18, 2005 By:/s/ KENT MADSEN
--------------------- -----------------------------------------------
Date Kent Madsen, Manager
BRIDGEWATER INTERNATIONAL GROUP, LLC,
a Utah limited liability company
May 18, 2005 By:/s/ TIMOTHY A. BRIDGEWATER
--------------------- -----------------------------------------------
Date Timothy A. Bridgewater, Managing Director
May 18, 2005 /s/ KENT MADSEN
--------------------- -----------------------------------------------
Date Kent Madsen
May 18, 2005 /s/ GEOFFREY WOOLLEY
--------------------- -----------------------------------------------
Date Geoffrey Woolley
May 18, 2005 /s/ TIMOTHY A. BRIDGEWATER
--------------------- -----------------------------------------------
Date Timothy A. Bridgewater
May 18, 2005 /s/ TODD STEVENS
--------------------- -----------------------------------------------
Date Todd Stevens
May 18, 2005 /s/ NICK EFSTRATIS
--------------------- -----------------------------------------------
Date Nick Efstratis
11
CUSIP No. 552 617 102
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Exhibit 7A
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AGREEMENT
---------
The undersigned agree that this Amendment No. 4 to Schedule 13D
relating to shares of the common stock of MACC Private Equities Inc. shall be
filed jointly on behalf of each of the undersigned.
ATLAS MANAGEMENT PARTNERS, LLC,
a Utah limited liability company
May 18, 2005 By:/s/ KENT MADSEN
--------------------- -----------------------------------------------
Date Kent Madsen, Manager
BRIDGEWATER INTERNATIONAL GROUP, LLC,
a Utah limited liability company
May 18, 2005 By:/s/ TIMOTHY A. BRIDGEWATER
--------------------- -----------------------------------------------
Date Timothy A. Bridgewater, Managing Director
May 18, 2005 /s/ KENT MADSEN
--------------------- -----------------------------------------------
Date Kent Madsen
.
May 18, 2005 /s/ GEOFFREY WOOLLEY
--------------------- -----------------------------------------------
Date Geoffrey Woolley
May 18, 2005 /s/ TIMOTHY A. BRIDGEWATER
--------------------- -----------------------------------------------
Date Timothy A. Bridgewater
May 18, 2005 /s/ TODD STEVENS
--------------------- -----------------------------------------------
Date Todd Stevens
May 18, 2005 /s/ NICK EFSTRATIS
--------------------- -----------------------------------------------
Date Nick Efstratis
12
CUSIP No. 552 617 102
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APPENDIX A
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CONTROL PERSONS OF BRIDGEWATER INTERNATIONAL GROUP, LLC
A. The sole manager of Bridgewater is Benjamin Jiaravanon. Mr.
Jiaravanon's address is Ancol Barat, Jl Ancol VIII/ No 1, Jakarta 14430
Indonesia. Mr. Jiaravanon is a citizen of Indonesia. Mr. Jiaravanon's principal
employment is by Charoen Pokphand Indonesia.
B. The sole member of Bridgewater is Aleksin. Aleksin is a corporation
formed under the laws of the British Virgin Islands. Aleksin's address is c/o
Offshore Incorporation Limited, PO Box 957, Offshore Incorporation Centre, Road
Town, Tortola, British Virgin Islands.
C. The directors of Aleksin are Sumet Jiaravanon and Eddy Susanto
Zaoputra. The business address for Mr. Jiaravanon and Mr. Zaoputra is Ancol
Barat, Jl Ancol VIII/ No 1, Jakarta 14430 Indonesia. Mr. Jiaravanon is a citizen
of Thailand. Mr. Jiaravanon's principal employment is as the Chairman of Charoen
Pokphand Indonesia. Mr. Zaoputra is a citizen of Indonesia. Mr. Zaoputra's
principal employment is as Chief Financial Officer of Charoen Pokphand
Indonesia.
D. The sole shareholder of Aleksin is Maze Industrial Ltd. ("Maze"). Maze
is a corporation formed under the laws of the British Virgin Islands. Maze's
address is c/o Offshore Incorporation Limited, PO Box 957, Offshore
Incorporation Centre, Road Town, Tortola, British Virgin Islands.
E. The directors of Maze are Sumet Jiaravanon and Eddy Susanto Zaoputra.
The business address for Mr. Jiaravanon and Mr. Zaoputra is Ancol Barat, Jl
Ancol VIII/ No 1, Jakarta 14430 Indonesia. Mr. Jiaravanon is a citizen of
Thailand. Mr. Jiaravanon's principal employment is as the Chairman of Charoen
Pokphand Indonesia. Mr. Zaoputra is a citizen of Indonesia. Mr. Zaoputra's
principal employment is as Chief Financial Officer of Charoen Pokphand
Indonesia.
F. The sole shareholder of Maze is Sumet Jiaravanon. Mr. Jiaravanon's
address is Ancol Barat, Jl Ancol VIII/ No 1, Jakarta 14430 Indonesia. Mr.
Jiaravanon is a citizen of Thailand. Mr. Jiaravanon's principal employment is as
the Chairman of Charoen Pokphand Indonesia. Mr. Sumet Jiaravanon is the father
of Mr. Benjamin Jiaravanon.
During the last five years, none of the persons named on this Appendix A has
been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors). During the last five years, none of the persons named on this
Appendix A has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction, the result of which has made it
or him once or now subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
13