In some of the countries in which the Group operates, local tax laws provide that gains on the
disposal of certain assets are tax exempt, provided that the gains are not distributed. At
31 December 2013, the total tax exempt reserves amounted to $600,000 (2012: $540,000)
which would result in a tax liability of $198,000 (2012: $178,000) should the subsidiaries pay
dividends from these reserves.