Half-yearly Report

The Edinburgh Investment Trust plc Preliminary announcement of unaudited half yearly results for the six months ended 30 September 2007 Contents Objectives and Performance Summary of Results Chairman's Review Analysis of Performance Responsibility Statement Top 20 Holdings Financial Statements Independent Review Report Investor Information Directory www.itseit.co.uk The site offers investors comprehensive information on The Edinburgh Investment Trust plc. Just some of the features are: - the latest prices - performance figures, charts and commentary - how to invest Invest online at www.fidelity.co.uk/sharenetwork Objectives and Performance The achievement of capital growth at a higher rate than the FTSE All-Share Index and dividend growth above the rate of UK inflation. Performance against objectives - 6 months to 30 September 2007 Capital growth Net asset value ("NAV") (debt at par) -0.7% NAV (debt at market value) -0.7% Share price -1.5% FTSE All-Share Index +1.0% Total return (capital growth with income reinvested) - 6 months to 30 September 2007 NAV (debt at par) +1.0% NAV (debt at market value) +1.2% Share price +0.6% FTSE All-Share Index +2.7% Standardised performance on a total return basis 30/09/02 30/09/03 30/09/04 30/09/05 30/09/06 to to to to to 30/09/03 30/09/04 30/09/05 30/09/06 30/09/07 NAV (debt at +14.9% +16.1% +25.9% +15.2% +10.2% par) NAV (debt at +17.0% +17.7% +26.3% +16.3% +11.7% market) NAV (excluding +10.9% +12.0% +21.8% +11.3% +6.4% income, debt at par) Share price +15.9% +18.0% +24.7% +20.1% +13.2% Sources: Fidelity and Datastream Past performance is not a reliable indicator of future results. The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. Summary of Results 30 September 31 March % change 2007 2007 Capital return NAV per share (debt at 553.29p 557.47p -0.7 par) NAV per share (debt at 527.22p 530.90p -0.7 market value) Share price 474.00p 481.00p -1.5 FTSE All-Share Index 3,316.89 3,283.21 +1.0 6 months to 30 September 30 September 2007 2006 Revenue return Interim dividend (1) 4.75p 4.40p Revenue return per share 10.44p 9.19p +13.6 Total return - percentage changes NAV per share (debt at +1.0 +2.7 par) NAV per share (debt at +1.2 +3.1 market value) Share price +0.6 +4.3 FTSE All-Share Index +2.7 +1.7 30 September 31 March 2007 2007 Discount (difference between share price and NAV) Where borrowings are 14.3% 13.7% deducted at par value Where borrowings are 10.1% 9.4% deducted at market value Gearing (2) Actual gearing ratio 9.7% 14.3% Potential gearing ratio 17.7% 16.6% 1 Further interim dividends are scheduled for the current financial year - See Chairman's Review 2 Actual gearing: borrowings less net current assets ÷ shareholders' funds. Potential gearing: borrowings ÷ shareholders' funds. Chairman's Review The UK Equity Market The relatively flat performance of the FTSE All-Share Index ("the Index") - an increase of 1.0% in the six months to 30 September 2007 - conceals considerable volatility. After steady market growth in the April-June period, a sharp sell-off occurred, largely due to now well publicised concerns about global credit markets, and the Index had fallen by more than 10% by mid-August. US interest rate reductions and a general increase in confidence led to recovery in the level of the Index by the end of the period. This recovery was not uniform - a notably poor performance was seen in the UK banks and building related sectors, offset by a strong rally in the mining and utilities. Investment Performance Growth in the Company's Net Asset Value ("NAV") was less than that of the benchmark Index in the six month period under review. On a capital-only basis, the NAV fell by 0.7% compared to Index growth of 1.0%. The failure to meet the performance objective was due principally to overweight positions in the poorly performing UK bank and building material sectors, and to low exposure to the mining and utility sectors, which, as already discussed, performed well. The share price fell by 1.5% over the six month period. On a total return basis - incorporating both income and growth in capital value - returns, with debt at par and market value respectively, were 1.0% and 1.2%. The Index, on a comparable basis, returned 2.7%. The attribution analysis "Analysis of Performance - six months to 30 September 2007 (total return)", below, demonstrates how this return arose. Although the Company has not in the six months under review met its capital performance objective - to increase NAV by more than Index growth - it has performed well relative to its peer group of 12 investment trusts in the AIC's "UK Growth and Income" sector. In the six months to September your Company ranked 3rd and 4th in this group of 12 comparator companies for share price total return, and NAV total return, respectively (Source: Fundamental Data). Analysis of Performance six months to 30 September 2007 (total return) % Increase in NAV (debt at 1.2 market value) Increase in FTSE All-Share 2.7 Index Relative return -1.5 Analysis of relative return % UK Equities -2.1 Debenture borrowings: - Net gearing 0.2 - Debenture interest -0.2 Share buy backs 0.8 Charges -0.2 Total -1.5 Past performance is not a reliable indicator of future results. The value of your investment and the income from it can go down as well as up. You may not get back the amount you invested. Dividends Shareholders will be aware that dividends have increased by 43.3% over the two years to March 2007 and that the Company has been recategorised to the UK Growth and Income sector. I explained in my statement in this year's Annual Report that dividend growth was likely to be of a much lower order in future - the Board nevertheless expects that it will, as a minimum, continue to meet the Company's objective of increasing dividends by more than the rate of UK inflation. The Company declared dividends of 18.85 pence per share in respect of the year ended 31 March 2007. The Board resolved last year that the Company would in future pay three interim dividends in November, February and May with a final payment in July. For the current year an interim dividend of 4.75 pence per share (2006/7 4.40p) (being approximately one quarter of the total dividends paid in respect of the prior year) will be paid in November (record date 9 November 2007, ex-dividend date 7 November 2007 and payment date 23 November 2007). It is intended that the same amount will be paid as interim dividends in each of February and May. The final dividend will be paid in July, the amount to be determined when the year's results are known. In the absence of unforeseen circumstances, the Board does not expect that this final payment will be less than each of the three preceding ones. Repurchase of Shares The Board believes that it is important to have the power in appropriate circumstances to buy back shares, with the prime objective of increasing NAV per share for remaining shareholders. At the Annual General Meetings in July 2006 and 2007, shareholders renewed the Board's powers to buy back, for cancellation, up to 14.99% of the equity outstanding at the date of each meeting. During the six months to 30 September 2007, the Company repurchased some 12 million shares, enhancing the NAV for remaining shareholders by approximately 4.4 pence per share. The Board will continue to pursue this policy; since 30 September 2007 a further 835,000 shares have been bought back for cancellation. Gearing The Company's portfolio can be geared by investing some or all of the two debenture stocks, whose par value is £200m, and whose retention the Directors continue to believe is justified. I explained in the Annual Report that the Company's gearing had been reduced after the year end and that, at the end of May, about 60% of the debenture stocks were invested in equity markets. This position has been broadly maintained throughout the remainder of the period under review - net gearing was 9.7% at the end of September: this compares to 14.3% at the start of the period. VAT on Management Fees The Board was pleased to hear the final judgement from the European Court of Justice in favour of the claim by JPMorgan Claverhouse plc that Her Majesty's Revenue and Customs had been wrong in requiring investment trusts domiciled in the UK to pay VAT on their management fees. An appropriate announcement will be made when the Company's position becomes clearer. Meanwhile no account has been taken of any repayment of VAT in the accompanying financial statements. Principal Risks and Uncertainties The Board believes that the principal risks and uncertainties faced by the Company continue to fall into six broad categories: * Market risk * Performance risk * Gearing risk * Income/dividend risk * Share price risk * Control environment risk Information of each of these is given in the Business Review section in the Annual Report for the year ended 31 March 2007. Prospects The UK market, in line with most others in the developed economies, has been highly volatile in the face of the global credit shortage, and concerns about its impact on the real economy. Although uncertainties remain, most commentators believe that the UK corporate sector offers good value at current levels, with, unless unforeseen circumstances arise, further scope for increases in earnings and dividends. Against this background, the Board believes that your Company provides a good vehicle for long term investment in the UK equity market by providing above average and rising income, whilst aiming to preserve capital in real terms. Scott Dobbie Chairman 25 October 2007 Responsibility Statement The Directors confirm to the best of their knowledge that: a) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with the UK Accounting Standards Board's Statement "Half-Yearly Financial Reports"; and b) the half yearly report from the Chairman (constituting the interim management report) includes a fair review of the information required by the FSA's Disclosure and Transparency Rules. c) in accordance with Disclosure and Transparency Rule 4.2.8R there have been no related parties transactions during the six months to 30 September 2007 and therefore nothing to report on any material effect by such a transaction on the financial position or the performance of the Company during that period; and there have been no changes in this position since the last annual report that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year. The half yearly financial report was approved by the Board on 25 October 2007 and the above responsibility statement was signed on its behalf by Scott Dobbie, Chairman. Top 20 Holdings as at 30 September 2007 Company Market Value £ Sector '000 Vodaphone 103,668 Mobile Telecommunications BP 99,371 Oil & Gas Producers HSBC 70,572 Banks Royal Bank of Scotland 64,393 Banks National Grid Transco 59,671 Gas, Water & Multi-utilities Royal Dutch Shell `B' 47,606 Oil & Gas Producers GlaxoSmithKline 32,712 Pharmaceuticals & Biotechnology Imperial Tobacco 31,286 Tobacco British American Tobacco 29,222 Tobacco Royal Dutch Shell `A' 26,744 Oil & Gas Producers Ten largest investments 565,245 42.6% HBOS 26,433 Banks BG Group 25,587 Oil & Gas Producers Legal & General 25,515 Life Assurance BAE Systems 22,635 Aerospace & Defence AstraZeneca 21,686 Pharmaceuticals & Biotechnology Tesco 20,803 Food & Drug Retailers Smiths Group 20,793 Aerospace & Defence Aviva 18,560 Life Assurance BHP Billiton 18,205 Mining Anglo American 17,504 Mining Twenty largest investments 782,966 59.1% Other equity investments 451,569 34.0% Total equity investments 1,234,535 93.1% Net current assets 90,910 6.9% Total assets less current 1,325,445 100.0% liabilities The Edinburgh Investment Trust plc Income Statement for the six months ended 30 September for the for the for the six six months year ended months ended ended 30.09.07 30.09.06 31.03.07 unaudited unaudited audited revenue capital total revenue capital total revenue capital total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/ - (8,069) (8,069) - 5,683 5,683 - 91,751 91,751 gains on investments Income 2 25,873 - 25,873 25,143 - 25,143 48,565 - 48,565 Investment (621) (1,450) (2,071) (615) (1,434) (2,049) (1,241) (2,896) (4,137) management fee Other (394) - (394) (377) - (377) (751) - (751) expenses Exchange (3) (17) (20) 1 (41) (40) 5 (128) (123) (losses)/ gains Net return/ 24,855 (9,536) 15,319 24,152 4,208 28,360 46,578 88,727 135,305 (loss) before finance costs and taxation Interest (2,944) (6,870) (9,814) (2,944) (6,870) (9,814) (5,850) (13,651) (19,501) payable Net return/ 21,911 (16,406) 5,505 21,208 (2,662) 18,546 40,728 75,076 115,804 (loss) on ordinary a ctivities before taxation Taxation on 3 (115) - (115) (4) - (4) (14) - (14) return on ordinary activities Net return/ 21,796 (16,406) 5,390 21,204 (2,662) 18,542 40,714 75,076 115,790 (loss) on ordinary activities after taxation for the period attributable to equity shareholders Return/ 5 10.44p (7.86p) 2.58p 9.19p (1.15p) 8.04p 18.13p 33.44p 51.57p (loss) per ordinary s hare A Statement of Total Recognised Gains and Losses has not been prepared as there are no gains and losses other than those reported in the Income Statement. The total column on this statement is the profit and loss account of the Company. These financial statements have been prepared in accordance with the AIC Statement of Recommended Practice ("SORP") issued in January 2003 and revised in December 2005. The Edinburgh Investment Trust plc Reconciliation of Movements in Shareholders' Funds called share capital capital capital revenue total up premium redemption reserve reserve reserve equity share account reserve realised unrealised capital £'000 £'000 £'000 £'000 £'000 £'000 £'000 Opening 58,487 6,639 14,968 830,830 245,481 58,199 1,214,604 shareholders' funds : 1 April 2006 Net recognised - - - 126,161 (34,410) - 91,751 gains/(losses) for the year Exchange losses - - - - (128) - (128) Repurchase of (4,612) - 4,612 (80,571) - - (80,571) ordinary shares Management fee to - - - (2,896) - - (2,896) capital Debenture interest - - - (13,651) - - (13,651) and amortised expenses to capital Revenue after - - - - - 40,714 40,714 taxation Dividends paid - - - - - (44,596) (44,596) Closing 53,875 6,639 19,580 859,873 210,943 54,317 1,205,227 shareholders' funds: 31 March 200 7 Net recognised - - - 62,060 (70,129) - (8,069) gains/(losses) for the period Exchange (losses)/ - - - (60) 43 - (17) gains Repurchase of (3,021) - 3,021 (59,933) - - (59,933) ordinary shares Management fee to - - - (1,450) - - (1,450) capital Debenture interest - - - (6,870) - - (6,870) and amortised expenses to capital Revenue after - - - - - 21,796 21,796 taxation Dividend paid - - - - - (21,472) (21,472) Closing 50,854 6,639 22,601 853,620 140,857 54,641 1,129,212 shareholders' funds: 30 September 2007 Opening shareholders' 58,487 6,639 14,968 830,830 245,481 58,199 1,214,604 funds: 1 April 2006 Net recognised gains/ - - - 54,567 (48,884) - 5,683 (losses) for the period Exchange losses - - - - (41) - (41) Repurchase of (2,877) - 2,877 (48,523) - - (48,523) ordinary shares Management fee to - - - (1,434) - - (1,434) capital Debenture interest - - - (6,870) - - (6,870) and amortised expenses to capital Revenue after - - - - - 21,204 21,204 taxation Dividend paid - - - - - (25,383) (25,383) Closing shareholders' 55,610 6,639 17,845 828,570 196,556 54,020 1,159,240 funds: 30 September 2006 The Edinburgh Investment Trust plc Balance Sheet 30.09.07 30.09.06 31.03.07 unaudited unaudited audited Notes £'000 £'000 £'000 Fixed assets Investments held at fair value 1,234,535 1,323,945 1,374,218 through profit or loss Current assets Debtors 7,988 11,350 14,008 Fidelity Institutional Cash Fund 51,061 - - plc Cash at bank 39,879 24,131 27,821 98,928 35,481 41,829 Creditors - amounts falling due (8,018) (4,205) (14,715) within one year Net current assets 90,910 31,276 27,114 Total assets less current 1,325,445 1,355,221 1,401,332 liabilities Creditors - amounts falling due (196,233) (195,981) (196,105) after more than one year Total net assets 1,129,212 1,159,240 1,205,227 Capital and reserves Called up share capital 50,854 55,610 53,875 Share premium account 6,639 6,639 6,639 Capital redemption reserve 22,601 17,845 19,580 Capital reserve - realised 853,620 828,570 859,873 Capital reserve - unrealised 140,857 196,556 210,943 Revenue reserve 54,641 54,020 54,317 Total equity shareholders' funds 1,129,212 1,159,240 1,205,227 Net asset value per ordinary share 6 553.29p 519.34p 557.47p The balance sheet as at 31 March 2007 has been extracted from the financial statements for the year to 31 March 2007. These financial statements on which the auditors gave an unqualified report have been delivered to the Registrar of Companies. The income statement and the balance sheet do not represent full accounts in accordance with Section 240 of the Companies Act 1985. The Edinburgh Investment Trust plc Cash Flow Statement For the six months For the ended year ended 30.09.07 30.09.06 31.03.07 unaudited unaudited audited £'000 £'000 £'000 Net return before finance 24,855 24,152 46,578 costs and taxation Scrip dividends (23) - - Decrease in debtors 3,828 4,927 362 Increase/(decrease) in 8 (1,002) (275) creditors Expenses charged to capital (1,450) (1,434) (2,896) Overseas taxation paid (115) (4) (14) Net cash inflow from 27,103 26,639 43,755 operating activities Net cash outflow from (9,625) (9,625) (19,250) servicing of finance Net cash inflow from 131,676 5,642 49,256 financial investment Equity dividends paid (21,472) (25,383) (44,596) Net cash inflow/(outflow) 127,682 (2,727) 29,165 before use of liquid resources and financing Net cash (outflow)/inflow (51,061) 47,451 47,451 from management of liquid resources Net cash outflow from (64,606) (49,151) (77,225) financing Increase/(decrease) in cash 12,015 (4,427) (609) Notes to the Financial Statements 1. Accounting policies The half yearly financial statements have been prepared on the basis of the accounting policies set out in the Company's annual report and financial statements dated 31 March 2007. 2. Income 30.09.07 30.09.06 31.03.07 unaudited unaudited audited £'000 £'000 £'000 Income from investments 23,628 22,854 45,237 UK scrip dividends 23 - - Other investment income 275 317 425 Fixed interest - 94 137 Premium on call options - 639 639 23,926 23,904 46,438 Other income Interest on short time 830 568 1,338 deposits Income from Fidelity 1,061 671 671 Institutional Cash Fund plc Underwriting income 46 - - Sundry income 10 - 118 25,873 25,143 48,565 3. Taxation on return on ordinary activities 30.09.07 30.09.06 31.03.07 unaudited unaudited audited £'000 £'000 £'000 Overseas taxation 115 4 14 suffered 4. Dividends A first interim dividend of 4.75 pence per share for the year to 31 March 2008 will be paid on 23 November 2007 to shareholders on the register on 9 November 2007. The ex-dividend date is 7 November 2007. 5. Return/(loss) per ordinary share Basic returns per ordinary share are based on (i) the revenue on ordinary activities after taxation in the period; (ii) the capital (loss)/return in the period; and (iii) the weighted average number of shares in issue over the period. 30.09.07 30.09.07 30.09.06 30.09.06 31.03.07 31.03.07 unaudited return per unaudited return per audited return per ordinary ordinary ordinary £'000 share £'000 share £'000 share Revenue 21,796 10.44p 21,204 9.19p 40,714 18.13p return Capital (16,406) (7.86p) (2,662) (1.15p) 75,076 33.44p (loss)/return Weighted 208,702,928 230,611,823 224,522,324 average number of shares 6. Net Asset Value per ordinary share Total equity shareholders' funds have been calculated in accordance with the provisions of FRS 26. The net asset values per ordinary shares have been calculated on the basis of shareholders' rights to reserves adjusted to reflect the redemption of debentures at par. A reconciliation of the two is as follows: 30.09.07 30.09.06 31.03.07 unaudited unaudited audited Shareholders' funds per ordinary 25p share 555.14p 521.15p 559.28p Less: Unamortised discount and expenses (1.85p) (1.81p) (1.81p) arising from debenture issue Net asset value per ordinary 25p share 553.29p 519.34p 557.47p Number of equity shares in issue at period 203,411,748 222,437,714 215,496,748 end 7. Share repurchases The following share repurchases were made in the period: 30.09.07 30.09.06 31.03.07 unaudited unaudited audited Number of shares 12,085,000 11,509,000 18,449,966 repurchased Average price per share 495.93p 421.61p 436.70p Total cost including stamp £ £ £ duty and commission 59,933,000 48,523,000 80,571,000 8. Costs of Investment Transactions Included in the gains/(losses) on investments are the following costs of investment transactions: 30.09.07 30.09.06 31.03.07 unaudited unaudited audited £'000 £'000 £'000 Purchases expenses 1,169 1,455 3,400 Sales expenses 317 297 575 1,486 1,752 3,975 Independent Review Report to The Edinburgh Investment Trust plc INTRODUCTION We have been engaged by the Company to review the condensed set of financial statements in the half yearly financial report for the six months ended 30 September 2007 which comprises the income statement, reconciliation of movement in shareholders' funds, balance sheet, cash flow statement and the related explanatory notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK FSA"). Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached. DIRECTORS' RESPONSIBILITIES The half yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half yearly financial report in accordance with the DTR of the UK FSA. As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice). The condensed set of financial statements included in this half yearly financial report has been prepared in accordance with the Statement `Half-Yearly Financial Reports' as issued by the UK Accounting Standards Board. OUR RESPONSIBILITY Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half yearly financial report based on our review. SCOPE OF REVIEW We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half yearly financial report for the six months ended 30 September 2007 is not prepared, in all material respects, in accordance with the Statement `Half-Yearly Financial Reports' as issued by the UK Accounting Standards Board and the DTR of the UK FSA. KPMG Audit Plc Chartered Accountants 25 October 2007 Edinburgh Investor Information CONTACT INFORMATION Private investors can call free on 0800 41 41 10 9am to 6pm, seven days a week. Financial advisers can call free on 0800 41 41 81 8am to 6pm, on any business day. Existing investors who have specific queries regarding their holding, for example a change of address, should contact the appropriate administrator: Holders of ordinary shares Equiniti Limited* PO Box 28448, Finance House, Orchard Brae, Edinburgh EH4 1WQ www.shareview.co.uk Telephone 0870 601 5366 * Lloyds TSB Registrars has been taken over by Advent International. The new name of the Company's Registrars is Equiniti Limited. Fidelity Share Plan investors Fidelity Investment Trust Share Plan, Equiniti Limited*, The Causeway, Worthing, West Sussex BN99 6DA Telephone 0870 601 5366 Fidelity ISA/PEP investors Fidelity, using the freephone numbers given above, or by writing to: UK Customer Service, Fidelity Investments, Oakhill House, 130 Tonbridge Road, Hildenborough, Kent TN11 9DZ www.fidelity.co.uk/its General enquiries should be made to Fidelity Investments International, the Investment Manager and Secretary, at the following address: Fidelity Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP Telephone 01732 36 11 44 Fax 01737 83 68 92 www.fidelity.co.uk/its Fidelity Share Network www.fidelity.co.uk/sharenetwork Internet sites www.itseit.co.uk www.fidelity.co.uk/its FINANCIAL CALENDAR 30 September 2007 - six months period end October 2007 - announcement of half yearly results to 30 September 2007 November 2007 - publication of half yearly report November 2007, February and May 2008 - payment of interim dividends 31 March 2008 - financial year end June 2008 - publication of annual report July 2008 - Annual General Meeting and payment of final dividend Directory Board of Directors Scott Dobbie (Chairman) Richard Barfield (Senior Independent Director) James Pettigrew (Chairman, Audit Committee) Nicola Ralston William Samuel Sir Nigel Wicks Registered Office 3 Glenfinlas Street Edinburgh EH3 6AQ Manager and Secretary Fidelity Investments International Beech Gate, Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP Company Brokers UBS Limited Dresdner Kleinwort Independent Auditors KPMG Audit Plc Saltire Court 20 Castle Terrace Edinburgh EH1 2EG Bankers and Custodian JP Morgan Chase Bank, London Branch Registrars Equiniti Limited* PO Box 28448 Finance House Orchard Brae Edinburgh EH4 1WQ www.shareview.co.uk * Lloyds TSB Registrars has been taken over by Advent International. The new name of the Company's Registrars is Equiniti Limited. The printing The Fidelity Individual Savings Account ("ISA") is offered and managed by Financial Administration Services Limited. The Fidelity Investment Trust Share Plan is managed by Fidelity Investments International. Both companies are authorised and regulated by the Financial Services Authority. The Fidelity Investment Trust Share Plan is administered by Equiniti Limited (formerly Lloyds TSB Registrars) and shares will be held in the name of Lloyds TSB Registrars Savings Nominees Limited. The value of savings and eligibility to invest in an ISA will depend on individual circumstances and all tax rules may change in the future. Fidelity investment trusts are managed by Fidelity Investments International. Fidelity only gives information about its own products and services and does not provide investment advice based on individual circumstances. Should you wish to seek advice, please contact a Financial Adviser. Issued by Fidelity Investments International, authorised and regulated in the UK by the Financial Services Authority. For the purposes of Sections 21 and 25 of the Financial Services and Markets Act 2000, the content of this report has been approved by Fidelity Investments International. Issued by Fidelity Investments International. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investees should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. Fidelity, Fidelity International and the Pyramid Logo are trademarks of Fidelity International Limited. Copies of the half yearly report will be posted to shareholders as soon as practicable. Copies will also be available to the public from the Company's registered office, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP and on the Company's website www.itseit.co.uk For further information, please contact: Fidelity Investments 01737 837844 International 020 7074 5205 Richard Miles Simon Ellis Issued by Fidelity Investments International, authorised and regulated in the UK by the Financial Services Authority. CB32635/NA

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