Further re Final Results

FIDELITY ASIAN VALUES PLC ADDITIONAL DISCLOSURES TO THE PRELIMINARY RESULTS FOR THE YEAR TO 31 JULY 2008 Further to the voluntary disclosure of the Company's annual results for the year ended 31 July 2008 by way of a preliminary announcement dated 30 September 2008, in accordance with the Disclosure and Transparency Rules ("the Rules") 4.1.3 and 6.3.5(2) this announcement contains the text of the preliminary announcement dated 30 September 2008 together with the additional text in compliance with the Rules. The Company's annual report and financial statements for the year ended 31 July 2008 have been filed with the UK Listing Authority Document Disclosure team and are available on the Company's website at www.fidelity.co.uk/its Chairman's Statement PERFORMANCE Over the 12 months to 31 July 2008 the net asset value per share of Fidelity Asian Values PLC declined by 15.6%. In comparison the benchmark MSCI All Countries (Combined) Far East Free ex Japan Index fell by 10.7%. The share price declined by 13.0% over the period. (All figures in sterling terms and on a total return basis.) This underperformance against the benchmark should be seen against the background of a more encouraging longer term record. Over the three and five years to 31 July 2008 the Company's net asset value rose by 38.9% and 109.7 % respectively against rises of 37.8% and 99.6% by the benchmark. A revenue surplus of £499,000 has been made over the year. Subject to shareholders' approval at the 2008 Annual General Meeting the Directors recommend that a final dividend in respect of the year to 31 July 2008 of 0.81 pence per share be paid to shareholders on the register at close of business on 10 October 2008 (ex dividend date 8 October 2008). As the Company's objective is long term capital growth any revenue surplus is a function of a particular year's business and it should not be assumed that dividends will ordinarily be payable. MARKETS After a sharp fall in the early summer of 2007 Asian equities started the review period on a positive note. They ended the financial year in negative territory having succumbed to a series of global issues that led markets down. Record oil prices and rising inflation were the key concerns in Asia. Increased write downs by international financial institutions also eroded investor confidence. Fears that Asian exports would not remain immune to a US slowdown added to the general malaise. There was a sharp increase in the number of earnings downgrades while redemptions from the region rose as increasingly risk averse overseas investors withdrew funds. Against this backdrop investors favoured the lower risk developed markets of Australia, Singapore and Hong Kong over their counterparts in emerging Asia and moved into sectors seen to benefit from robust domestic demand. Interest rate cuts in the US in the first half of the review period, aimed at stimulating growth in the world's largest economy, also had a positive impact. Economic activity remained relatively robust, albeit moderated from 2007 levels, but inflation increased more than anticipated. Central banks in the region, including the People's Bank of China, raised their key interest rates and took other policy initiatives to regulate their financial markets. The higher cost of borrowing dampened the outlook for property, retail, financial and industrial companies although rising commodity prices were supportive of profits at mining and oil firms, particularly in Indonesia and Australia. OUTLOOK FOR THE REGION Though the events of the past year have largely put paid to theories of "decoupling", the Asia Pacific region has so far held up well in the face of slowing growth in more advanced economies and increased stress in financial markets. Continuing high oil and commodity prices are likely to put pressure on domestic consumption and corporate profitability in the region. The trade balances of countries with significant oil imports will also suffer, and corporate profit margins will be squeezed by inflationary pressures. Conversely, recent strong investment and infrastructure trends should continue and thereby help to sustain growth in the region. And market volatility should throw up stock picking opportunities for adroit managers. I write this statement against the background of a deepening banking crisis, markets around the world have fallen heavily. In the short term the outlook is very cloudy but there are grounds for optimism that Asian economies and markets will emerge less damaged than those of the developed world. TENDER OFFER AND REDUCTION OF CAPITAL After the end of the year under review a tender offer was made for up to 40% of the Company's issued share capital. The Board took this action to avoid the potentially destabilising effect on the share price of certain shareholders wishing to realise their holdings. Following shareholders' approval at an Extraordinary General Meeting of the Company held on 5 September 2008 and completion of the tender offer a total of 41,262,764 ordinary shares have been cancelled from the Register of Members. This equates to 40% of the issued share capital immediately prior to the offer being made. Exiting shareholders bore the costs involved and the remaining shareholders received the benefit of an uplift to the net asset value of some 2% on the day the tender offer was completed. As agreed by shareholders at the 5 September EGM the Company has applied to the Court to confirm a reduction of capital by way of the cancellation of the share premium account and capital redemption reserve, including the capital redemption reserve arising on the implementation of the tender offer. This was done in order to ensure that the Company will have sufficient distributable reserves to continue to implement share repurchases. GEARING The amount of the US$18 million short term loan available to gear the portfolio was reduced pro rata to the reduced size of the Company following the tender offer. Currently the loan stands at US$11 million. During the period under review the portfolio manager was given greater flexibility to maintain gearing than in prior years because of the increased volatility of the markets. Currently the net gearing parameters set by the Board are between 0 and 10%. VAT ON MANAGEMENT FEES The Board has noted the final judgment 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 UK investment trusts to pay VAT on their management fees. As the Company has recovered virtually all the VAT it has been charged it does not expect further significant recovery of VAT. Hence no further VAT refund has been accounted for in the accompanying financial statements. The Company is no longer paying VAT on management fees. ANNUAL GENERAL MEETING The 2008 Annual General Meeting will be held on Friday 5 December 2008 at Fidelity's Cannon Street office commencing at 11.00 am. All shareholders and Fidelity Savings Plan and ISA Scheme investors are invited to attend. The portfolio manager will be making a presentation on the year under review and immediate prospects for the Company. Sir Victor Garland Chairman 30 September 2008 Manager's Review MARKETS Asia Pacific stockmarkets, weighed down by concerns related to global economic growth and rising inflation, retreated over the twelve month review period. The likely impact of a slowdown in the US economy, Asia's key customer, on South East Asian exports and the reduced availability of finance had a negative impact on investor confidence. As a further complication spiralling oil prices led to heightened volatility in this energy intensive region. Not without reason investors favoured defensive sectors. Consequently shares in the health care and telecommunication services sectors advanced. Rising coal and metal prices were supportive of profits at mining firms. Despite some moderation economic activity in the region remained robust but inflation continued to climb higher than expectations. The Chinese economy moved from strength to strength recording double digit expansion despite the implementation of a number of monetary tightening measures. Other central banks in the region also raised their key interest rates and adopted a more stringent monetary policy. Strong consumption trends arising from low unemployment and rising salaries supported retail stocks in Hong Kong although signs of weakness emerged towards the end of the review period. Interest rate cuts in the US, to which rates in Hong Kong are tied, also bolstered investor sentiment. Stock indices in China corrected sharply after natural disasters in many parts of the mainland caused widespread disruptions and exacerbated inflationary pressures. Elsewhere in the region, Korean construction companies faced headwinds in terms of strikes, rising raw material costs and accrual of inventory in the domestic construction market. Technology stocks also lagged despite a weaker currency while a slowdown in consumer spending inhibited the retail sector. In Taiwan a lack of support from foreign institutional investors and profit taking erased gains made during the period before the elections held in March 2008. PORTFOLIO REVIEW The Company`s underweight position in comparison to the benchmark Index in the materials sector, particularly in steel names, eroded returns as stocks benefited from higher output prices. Concerns about the rising costs faced by the industry continue to justify the underweight. For example, an exposure to China's two largest paper manufacturers hurt performance after the half year profits of these companies fell short of analysts' estimates due to increased costs of imported recycled paper, their main raw material. These holdings were sold over the review period. Positions in Taiwanese technology hardware manufacturers, such as Hon Hai Precision, proved detrimental. Such firms were especially hit by concerns about demand for consumer electronics from the US. Their holding is retained due to their strong market positions, attractive valuations and high dividend yields. In contrast, the underweight exposure to Taiwanese financials hurt relative returns after the positive sentiment surrounding the increasing ties with China on the election of the new government in March saw asset plays and banking stocks perform well. The portfolio remains underweight given factors such as poor asset quality and the fact that it is the only banking sector in the region that has not substantially reformed since the Asian crisis. In Malaysia the ruling coalition's worst election result in decades weakened business sentiment and hence saw the markets underperform. Although this is seen as a positive in the longer term, as it encourages increased transparency and government reforms, holdings in Malaysia were reduced mainly through the liquidation of construction and engineering stocks. Names such as Zelan and UEM among others were sold not only to take profits but in view of rising cost pressures that were eroding these companies' margins. Security selection in Korea contributed to the Company's returns. In particular an exposure to household and personal products company LG Household & Health Care proved beneficial because investors favoured sectors providing stable returns in periods of high volatility. Holdings in Hong Kong's second largest lender by assets, Hang Seng Bank, were also rewarding due to healthy growth in its credit loans despite a moderation in the industry. Increased margins and demand for new oil rigs aided energy equipment providers such as Malaysia based KNM Group. Over the year the Company's exposure to retail names, which gained from robust domestic demand in the region, was significantly increased. Compelling opportunities in Hong Kong retailers, particularly in Belle International and Esprit Holdings, were identified. Belle's share price is expected to rise in the light of positive merger and acquisition activity and Esprit is favoured because of solid growth and its market share gains in Asia and Europe. The overweight exposure to Singapore was boosted over the period. Singaporean banks, such as United Overseas Bank, are in favour because of their defensive nature. These banks have a strong deposit franchise, conservative balance sheets and are beneficiaries of widening lending spreads. A stake in Singapore's largest publicly traded electronics manufacturer, Venture Corporation, was also added in light of healthy growth in all its segments other than retail store solutions. An appreciating local currency and a challenging end demand environment notwithstanding, this company's margins have remained strong and are among the highest in the industry. The mark to market write downs in debt instruments could be offset by an increase in high margin original design manufacture activities and a better product mix. The exposure to telecommunications stocks was gradually raised as they offer stable growth and healthy dividend yield in this volatile market. A position was initiated in Singapore Telecom because of its diversified operations, exposure to growth markets such as India, Indonesia and Thailand, and a stable dividend policy. The political situation in Thailand and Malaysia is being closely monitored. OUTLOOK Equities are likely to remain volatile in the near term. Inflation could squeeze the profit margins of firms that are unable to pass on rising costs. Asia Pacific ex Japan markets could outperform their global counterparts on the strength of their superior corporate performance and better economic fundamentals. Investments with strong balance sheets and healthy valuations, notably in selected stocks in China where more attractive valuations are emerging, have merit. In an unsteady global milieu, the favourable policy conditions and productivity growth associated with the region's modernisation and structural transformation should continue to sustain strong growth. Consequently, economists believe that GDP growth in Asia Pacific ex Japan will surpass that of all other regions in 2008 even though it will be much slower than in 2007. Although the prevailing market conditions have necessitated the slightly more defensive tilt of the Company's investments, short term corrections can present good buying opportunities. At the end of the review period the portfolio demonstrated a bias towards firms that have defensive characteristics but that also provide strong growth opportunities. FIL Investments International 30 September 2008 Principle risks and uncertainties The Board confirms that there is an ongoing process for identifying, evaluating and managing the principal risks which fall under the general headings of strategic, business and operational risks. This process is regularly reviewed by the Board in accordance with the Financial Reporting Council's document Internal Control: Revised Guidance for Directors on the Combined Code. An internal controls report, which includes a risk matrix and the assessment of risks applicable to the Company, is prepared by the Manager and considered by the Audit Committee. Risks are identified, introduced and graded and this process, together with the policies and procedures for the mitigation of risks, is updated and the report is reviewed twice a year. The Board reviews and agrees policies, which have remained unchanged since the beginning of the accounting period, for managing risks and summaries of these are set out below. 1. Market risks The inevitable uncertainty about prices and the portfolio manager's success or failure to protect and increase the Company's assets against this background is core to the Company's continued justification. Other factors affected by market forces, such as exchange and bond rates, contribute to risks which have to be taken as part of the Company's normal business. 2. Performance risk The achievement of the Company's performance objective relative to the market involves risk. Strategy, asset allocation and stock selection might lead to under performance of the benchmark Index and target. Management of these risks is carried out by the Board which, at each Board meeting, considers the asset allocation of the portfolio and the risks associated with particular countries and industry sectors within the parameters of the investment objective. The portfolio manager is responsible for actively monitoring the portfolio selected in accordance with the asset allocation parameters and seeks to ensure that individual stocks meet an acceptable risk-reward profile. The net asset value of the Company is published each working day. 3. Income risk - dividends The Company's objective of long term capital growth relies less on income to support dividends than investment trust companies with a more income oriented target. Nevertheless, generating income to meet expenses and provide adequate reserves is subject to the risk that income generation from its investments fails to meet the level required. The Board monitors this risk through the receipt of detailed income reports and forecasts which are considered at each meeting. 4. Share price risk The price of the Company's shares relative to the benchmark Index and in absolute terms, as well as its discount to NAV, are not factors the Company is able to control. Some short term influence over the discount may be exercised by the use of share repurchases at acceptable prices. The Company's share price, NAV and discount volatility are monitored daily by the Manager and considered by the Board at each of its meetings. 5. Gearing risk The Company has the option to invest up to the total of its loan facilities in equities. In a rising market the Company would benefit but in a falling market the impact would be detrimental. In order to manage the level of gearing the Board regularly considers this item and sets gearing limits accordingly. The portfolio manager follows these and may invest part of the loan facility in Fidelity Institutional Cash Fund plc and short term cash deposits to control the level of net gearing. 6. Control systems risk The Company is dependent on the Manager's control systems and those of its Custodian and Registrars, both of which are monitored and managed by the Manager in the context of the Company's assets and interests on behalf of the Board. The security of the Company's assets, dealing procedures and the maintenance of investment trust status under s842 of ICTA, among other things, rely on the effective operation of such systems. These are regularly tested and a programme of internal audits is carried out by the Manager to maintain standards. Other risks Other risks to which the Company is exposed and which form part of the Market risks referred to above are included in note 18 to the financial statements together with the summaries of the policies for managing these risks. These comprise: market price risk, foreign currency risk, interest rate risk, liquidity risk and credit risk. Related Party Transactions No Director is under a contract of service with the Company and no contracts existed during or at the end of the financial period in which any Director was materially interested and which was significant in relation to the Company's business, except as disclosed above in relation to Kathryn Matthews's interests in the Management Agreement. There have been no other related party transactions requiring disclosure under Financial Reporting Standard ("FRS") 8. Statement of Directors' Responsibilities The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK Generally Accepted Accounting Practice. The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss for the period. In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for ensuring that proper accounting records are kept which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that its financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under applicable law and regulations the Directors are also responsible for preparing a Directors' Report, including a Business Review, a Directors' Remuneration Report and a Corporate Governance Statement that comply with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website www.fidelity.co.uk/its. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. We confirm that to the best of our knowledge: the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and the Directors' Report includes a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties it faces. Approved by the Board on 30 September 2008 and signed on its behalf by Sir Victor Garland, Chairman INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF FIDELITY ASIAN VALUES PLC We have audited the financial statements (the `financial statements') of Fidelity Asian Values PLC for the year ended 31 July 2008, which comprise the income statement, the balance sheet, the cash flow statement, the reconciliation of movements in shareholders' funds and notes 1 to 21. These financial statements have been prepared under the accounting policies set out therein. We have also audited the information in the Directors' Remuneration Report that is described as having been audited. This report is made solely to the Company's members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's 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 and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR The Directors' responsibilities for preparing the Annual Report, the Directors' Remuneration Report and the financial statements in accordance with United Kingdom law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors' Responsibilities. Our responsibility is to audit the financial statements and the part of the Directors' Remuneration Report to be audited in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements and the part of the Directors' Remuneration Report to be audited have been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors' Report is consistent with the financial statements. In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Directors' remuneration and other transactions is not disclosed. We review whether the Corporate Governance Statement reflects the Company's compliance with the nine provisions of the 2006 Combined Code specified for our review by the Listing Rules of the Financial Services Authority, and we report if it does not. We are not required to consider whether the Board's statements on internal control cover all risks and controls, or form an opinion on the effectiveness of the Company's corporate governance procedures or its risk and control procedures. We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. The other information comprises only Objective and Highlights, Financial Summary, Chairman's Statement, the unaudited part of the Directors' Remuneration Report, Full Portfolio Listing and Distribution of the Portfolio. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information. BASIS OF AUDIT OPINION We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements and the part of the Directors' Remuneration Report to be audited. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of financial statements, and of whether the accounting policies are appropriate to the Company's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements and the part of the Directors' Remuneration Report to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements and the part of the Directors' Remuneration Report to be audited. OPINION In our opinion: • The financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the Company's affairs as at 31 July 2008 and of its loss for the year then ended; • The financial statements and the part of the Directors' Remuneration Report to be audited have been properly prepared in accordance with the Companies Act 1985; and • The information given in the Directors' Report is consistent with the financial statements. Grant Thornton UK LLP Registered Auditor Chartered Accountants London 30 September 2008 Enquiries: Graham Symonds, FIL Investments International, Company Secretary - 01737 837 345 Richard Miles, Director Corporate Communications, FIL Investments International - 020 7961 4921 FIDELITY ASIAN VALUES PLC Income Statement - for the year ended 31 July 2008 2008 2007 revenue capital total revenue capital total £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/gains on - (26,390) (26,390) - 55,516 55,516 investments Income - overseas dividends 4,188 - 4,188 3,350 - 3,350 - overseas scrip 241 - 241 164 - 164 dividends - overseas interest - - - 16 - 16 - deposit interest 150 - 150 139 - 139 Investment management fee (1,688) - (1,688) (1,528) - (1,528) Other expenses (474) - (474) (498) - (498) Exchange losses on other (14) (26) (40) (5) (238) (243) net assets Exchange (losses)/gains - (247) (247) - 815 815 on loans Net return/(loss)before 2,403 (26,663) (24,260) 1,638 56,093 57,731 finance costs and taxation Interest payable (516) - (516) (519) - (519) Net return/(loss)on 1,887 (26,663) (24,776) 1,119 56,093 57,212 ordinary activities before taxation Taxation on return on (398) - (398) (461) (35) (496) ordinary activities* Net return/(loss)on 1,489 (26,663) (25,174) 658 56,058 56,716 ordinary activities after taxation for the year Return/(loss) per ordinary share Basic 1.43p (25.57p) (24.14p) 0.63p 53.37p 54.00p Diluted - - - 0.62p 53.35p 53.97p A Statement of Total Recognised Gains and Losses has not been prepared as there are no gains and losses other than those reported in this Income Statement. The total column of the Income Statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. * This relates to overseas taxation only.FIDELITY ASIAN VALUES PLC Reconciliation of Movements in Shareholders' Funds - for the year ended 31 July 2008 called share capital other other warrant capital capital revenue total up premium redemption non-distributable reserve reserve reserve reserve reserve equity share account reserve reserve realised unrealised capital £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Opening 23,377 12 2,330 - 59,284 7,367 (9,110) 17,465 (1,648) 99,077 shareholders' funds: 1 August 2006 Net - - - - - - 19,908 36,150 - 56,058 recognised capital gains for the year Repurchase of (1,157) - 1,157 - (5,535) - - - - (5,535) ordinary shares Revenue after - - - - - - - - 658 658 taxation Exercise of 5,116 15,347 - 7,367 - (7,367) - - - 20,463 warrants Closing 27,336 15,359 3,487 7,367 53,749 - 10,798 53,615 (990) 170,721 shareholders' funds: 31 July 2007 Transfer - - - - - - 52,787 (52,787) - - between reserves* Net - - - - - - (26,432) (231) - (26,663) recognised capital losses for the year Repurchase of (1,547) - 1,547 - (9,606) - - - - (9,606) ordinary shares Revenue after - - - - - - - - 1,489 1,489 taxation Closing 25,789 15,359 5,034 7,367 44,143 - 37,153 597 499 135,941 shareholders' funds: 31 July 2008 * In accordance with TECH 01/08: Distributable Profits - with effect from 1 August 2007 changes in fair value of investments which are readily convertible to cash without accepting adverse terms at the balance sheet date are included in realised rather than unrealised capital reserves. The balances on both reserves at 1 August 2007 have been amended by a reserve transfer to reflect this change. FIDELITY ASIAN VALUES PLC Balance Sheet - as at 31 July2008 2008 2007 £'000 £'000 Fixed assets Investments at fair value through profit or loss 136,356 175,057 Current assets Debtors 634 5,949 Cash at bank 8,954 4,696 9,588 10,645 Creditors - amounts falling due within one year Other creditors (916) (6,141) (916) (6,141) Net current assets 8,672 4,504 Total assets less current liabilities 145,028 179,561 Creditors - amounts falling due after more than one year Fixed rate unsecured loan (9,087) (8,840) Total net assets 135,941 170,721 Capital and reserves Called up share capital 25,789 27,336 Share premium account 15,359 15,359 Capital redemption reserve 5,034 3,487 Other non-distributable reserve 7,367 7,367 Other reserve 44,143 53,749 Capital reserve - realised 37,153 10,798 Capital reserve - unrealised 597 53,615 Revenue reserve 499 (990) Total equity shareholders' funds 135,941 170,721 Net asset value per ordinary share 131.78p 156.13p FIDELITY ASIAN VALUES PLC CashFlow Statement - for the year ended 31 July 2008 2008 2007 £'000 £'000 Operating activities Investment income received 3,546 2,713 Deposit interest received 154 144 Investment management fee paid (1,272) (1,447) Directors' fees paid (60) (71) Other cash payments (566) (379) Net cash inflow from operating activities 1,802 960 Returns on investments and servicing of finance Interest paid (511) (403) Net cash outflow from returns on investments and (511) (403) servicing of finance Financial investment Purchase of investments (84,344) (123,551) Disposal of investments 96,901 111,301 Net cash inflow/(outflow)from financial investment 12,557 (12,250) Net cash inflow/(outflow)before financing 13,848 (11,693) Financing Repurchase of ordinary shares (9,606) (5,535) Exercise of warrants - 20,463 5.60% fixed rate unsecured loan drawn down - 9,541 6.28% fixed rate unsecured loan repaid - (9,541) Net cash (outflow)/inflowfrom financing (9,606) 14,928 Increasein cash 4,242 3,235 Returns/(losses) per ordinary share are based on the net revenue return on ordinary activities after taxation of £1,489,000 (2007: £658,000), the capital loss in the year of £26,663,000 (2007: return £56,058,000) and the total loss in the year of £25,174,000 (2007: return £56,716,000) and on 104,262,596 ordinary shares (2007: 105,041,064) being the weighted average number of ordinary shares in issue during the year. In accordance with the provisions of FRS14, the prior year diluted returns have been calculated on the assumption that the warrants in issue were converted on the first day of the financial period on a weighted average basis for the period over which they were outstanding and that the proceeds from the conversion have been used by the Company to purchase its own shares at a fair market price. There are no diluted returns in the current reporting year as no warrants remain outstanding. The above statements have been prepared on the basis of the accounting policies as set out in annual financial statements to 31 July 2008. The statutory financial statements for the financial year ended 31 July 2008 have been approved and audited but have not yet been filed. The statutory financial statements for the financial years ended 31 July 2007 and 31 July 2008 received unqualified audit reports, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain statements under section 237(2) and (3) of the Companies Act 1985. The annual report and financial statements will be posted to shareholders as soon as is practicable and in any event no later than 6 November 2008. CB34757/na

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