Final Results

Cairngorm B.S. Inv Tst PLC 5 July 2001 Report & Accounts for the year ended 31 March 2001 Cairngorm No. l Building Societies Investment Trust plc Registered Number 162796) Cairngorm No. 2 Building Societies Investment Trust plc (Registered Number 162797) Cairngorm No. 3 Building Societies Investment Trust plc (Registered Number 162798) Cairngorm No. 4 Building Societies Investment Trust plc (Registered Number 162799) Cairngorm No. 5 Building Societies Investment Trust plc (Registered Number 162800) Cairngorm No. 6 Building Societies Investment Trust plc (Registered Number 162801) Cairngorm No. 7 Building Societies Investment Trust plc (Registered Number 162802) Cairngorm No. 8 Building Societies Investment Trust plc (Registered Number 162803) Cairngorm No. 9 Building Societies Investment Trust plc (Registered Number 162804) Cairngorm No. 10 Building Societies Investment Trust plc (Registered Number 162805) Each of the above named investment trusts is a separate limited company registered in Scotland, but otherwise they are to all intents and purposes identical. Unless otherwise stated, the information contained in this Report and Accounts (including the Notes on the Accounts) applies equally to each of the ten Cairngorm Building Societies Investment Trusts (the 'Trusts') and reference to the 'Company' shall be deemed to be a reference to each of them. Financial Highlights Year ended 31 Year ended 31 Change March 2001 March 2000 (%) (pence per (pence per ordinary share) ordinary share) Net asset value 139.43 128.27 8.70 Dividends - Interim 1.50 1.40 paid Final proposed 2.80 3.20 Total 4.30 4.60 (6.52) Earnings 3.87 4.93 Capital (loss)/gain 10.28 (27.78) Total return 14.15 (22.85) Dividends An interim dividend of 1.5p net (2000 1.4p) per ordinary share was paid on 22 December 2000. A final dividend of 2.8p net (2000 3.2p) per ordinary share has been proposed, payable on 10 August 2001 to shareholders on the register on 20 July 2001. The Trust's shares will be quoted ex dividend on 18 July 2001. Chairman's Statement Results It is very pleasing for me to be able to report a good year for the trust. Net asset value has grown from 128.27 pence per share to 139.43 pence per share - an 8.7 per cent increase over the year to March 31. Our share price has gained considerably with a 37.6 per cent increase in the period. Further increases after the year-end saw the share price increase by a further 6 percent to the end of May. A more detailed analysis of performance is given in the Investment manager's report. The Board continued to implement its policy of increasing the equity element of the portfolio. At the start of the year 31% was invested in equities, by the end of the year this was 42%. The equity holdings over the last year have, in general, shown superior capital growth when compared to the holdings in fixed interest but have yielded lower income. As a consequence the directors are recommending a final dividend of 2.8 pence which will make the total for 2001 4.3 pence (2000 4.6 pence). The Board has decided in future to allocate 50% of management fees and interest paid to capital, to reflect the Board's expectation of returns from the Company's investments over the long term. This will allow the Board to pay a higher dividend in the future than would otherwise have been the case. Some further increase in equity exposure could be made without impairment to the dividend. It must be emphasised that the move into equities is intended to enhance the total return for shareholders over the medium term. Shareholder services Our Investment Manager, Blue Planet Investment Management, has introduced a series of shareholder services, which I would commend to you. These include a new low cost dealing facility to enable shareholders to buy and sell shares and the new Blue Planet ISA facility which allows shareholders to take advantage of the tax breaks offered by Individual Savings Accounts. Name Change During the last year our investment manager changed its name to Blue Planet Investment Management Limited. This was to allow better brand awareness in connection with an increased marketing effort in Europe where a new family of OEICs is being launched. The Manager also intend to launch a new Life Sciences Investment Trust using this brand. As the fund should benefit from improved brand awareness, the Directors feel that it is appropriate to change the name of your fund to Blue Planet Financials Growth and Income Investment Trust plc and a resolution to that effect will be put to the Annual General Meeting. The Directors recommend that you vote in favour of this resolution. ISA Shareholders may already be familiar with the tax advantages of ISAs. As a service to shareholders who would like to take advantage of these opportunities, Blue Planet has launched a series of ISA products. Low Cost Dealing Service In addition to our Savings Plan, which permits investors to buy shares commission free, Blue Planet Investment Management have put together a low cost dealing facility in conjunction with Stocktrade. Authority to purchase shares Purchasing their own shares is a method employed by some investment trusts to help reduce discounts of share prices to underlying net asset values. Share buy back powers have been used during the period. A total of 45,000 ordinary shares were purchased for cancellation during the year. This utilised the 'buy back' powers conferred by last year's AGM. These purchases have been beneficial to the share price and the net asset value per share. A resolution will be submitted at the Annual General Meeting that would permit the Directors to make share repurchases where appropriate. The Directors recommend that the authority for Share buy backs be renewed. Directors There were no changes in the composition of the Board in the year under review. Outlook The trend of interest rates worldwide would appear to be downward. This may last for some months, as the uncertainties of the impact of a slowdown in US economic growth are felt worldwide. Your investment trust should benefit from the defensive nature of its portfolio and we look forward to opportunities to further reduce the bond exposure in favour of equities which should be the long-term benefit of the net asset value of the Fund. Our investment managers have been instrumental in improving perceptions of the trust. The share price has grown at a faster rate than the net asset value over the last year. Nevertheless the share price still stands at an attractive discount to net asset value of 22% at the end of May. With such an encouraging outlook, I remain confident that the trust will see further progress in the coming year. Finally, thank you for your continuing support and I look forward to welcoming you to the AGM. Philip Court Chairman. 4 July 2001 Statement of Total Return (incorporating the revenue account) for the year ended 31 March 2001 2001 2000 Revenue Capital Total Revenue Capital Total (£) (£) (£) (£) (£) (£) Capital gains/(losses) on investments Net realised - 55,968 55,968 - 153,984 153,984 gains Movement in unrealised gains/(losses) on - 105,308 105,308 - (537,443) (537,443) investments Net capital - 161,276 161,276 - (383,459) (383,459) gains/(losses) on investments Income from 144,897 - 144,897 181,398 - 181,398 investments Other 7,579 - 7,579 2,815 - 2,815 interest receivable Gross revenue 152,476 161,276 313,752 184,213 (383,459) (199,246) and capital gains/(losses) Administrative (49,034) (7,836) (56,870) (47,904) (7,619) (55,523) expenses Net return before interest payable and taxation 103,442 153,440 256,882 136,309 (391,078) (254,769) Interest (36,249) (12,083) (48,332) (45,229) (15,076) (60,305) payable Return on ordinary activities before taxation 67,193 141,357 208,550 91,080 (406,154) (315,074) Taxation on (12,039) 5,259 (6,780) (20,126) 6,205 (13,921) return on ordinary activities Return on ordinary activities after taxation 55,154 146,616 201,770 70,954 (399,949) (328,995) Dividends declared Interim (21,394) - (21,394) (20,174) - (20,174) dividend of 1.5p paid (2000 - 1.4p) Final (39,096) - (39,096) (46,113) - (46,113) dividend of 2.8p proposed (2000 - 3.2p) (60,490) - (60,490) (66,287) - (66,287) Transfer (5,336) 146,616 141,280 4,667 (399,949) (395,282) to/(from) reserves Return per 3.87p 10.28p 14.15p 4.93p (27.78)p (22.85)p ordinary share - basic - diluted 3.87p 10.28p 14.15p 4.93p (27.78)p (22.85)p Balance Sheet at 31 March 2001 2001 2000 (£) (£) (£) (£) Fixed assets Equity investments 1,091,954 772,461 Non - equity 1,489,228 1,737,623 investments 2,581,182 2,510,084 Current assets Debtors 49,167 58,617 Cash at bank 125,882 94,942 175,049 153,559 Creditors: amounts (809,354) (815,186) falling due within one year Net current liabilities (634,305) (661,627) Net assets 1,946,877 1,848,457 Capital and reserves Called-up share capital 139,628 144,102 Share premium account 1,166,787 1,166,491 Other reserves Capital reserve - 140,455 142,267 realised Capital reserve - 411,906 306,598 unrealised Capital redemption 4,500 - reserve Warrant reserve 63,784 63,846 Revenue reserve 19,817 25,153 Ordinary shareholders' 1,946,877 1,848,457 funds Net asset value per 139.43p 128.27p ordinary share - basic Net asset value per 133.08p 123.84p ordinary share - diluted Cash Flow Statement for the year ended 31 March 2001 2001 2000 (£) (£) (£) (£) Operating activities Cash received from 131,273 158,629 investments Interest received 7,579 3,261 Investment management (30,662) (34,538) and secretarial fees paid Cash paid to and on (2,700) (2,700) behalf of Directors Other cash payments (24,252) (18,039) Net cash inflow from 81,238 106,613 operating activities Servicing of finance Interest paid (46,313) (59,451) Taxation Tax recovered 16,204 32,900 Capital expenditure and financial investment Purchase of investments (214,554) (319,317) Sale of investments 304,732 592,262 Net cash inflow from 90,178 272,945 capital expenditure and financial investment Equity dividends paid (67,507) (66,183) Financing Purchase of own shares (43,120) - for cancellation Proceeds from share 260 3,230 issue Borrowings repaid - (250,000) Net cash outflow from (42,860) (246,770) financing Increase in cash 30,940 40,054 NOTES: 1 The financial information set out in the announcement does not constitute the company's statutory accounts for the years ended 31 March 2001 or 2000. The financial information for the year ended 31 March 2000 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under s237(2) or (3) Companies Act 1985. The statutory accounts for the year ended 31 March 2001 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's annual general meeting. 2. Return per ordinary share 2001 2000 The return per ordinary share is based upon the following figures: Revenue return £55,154 £70,954 Capital return £146,616 (£399,949) Weighted average of ordinary shares in issue during year - basic 1,426,399 1,439,943 Weighted average of ordinary shares in issue during year - diluted 1,426,399 1,439,943 The difference between the basic and diluted number of ordinary shares is derived from the total number of warrants in issue multiplied by a factor based on the average price of the ordinary shares in the year and the exercise price of the warrants, as required by FRS 14. No dilution occurred in the current or prior year as the warrant exercise price exceeded the average market price of one share during the year.

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