Final Results

RNS Number : 2198I

JPMorgan Japanese Inv. Trust PLC

14 November 2008

 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN JAPANESE INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2008

    Chairman's Statement

Investment Performance

The difficulties experienced in the first half of the Company's financial year proved to be merely the prelude to the full blown global financial crisis which has unfolded in the second half. Over the year to 30th September 2008 the Company saw a decline in net assets of 29.3%, underperforming our benchmark, the TOPIX Index, which fell 15.2%. The return to shareholders was a fall of 31.2%, as the discount on the Company's shares widened from 12.2% to 15.1% at the end of the financial year.

Revenue and Dividends

Net revenue after taxation for the year was £5,180,000 (2007: £5,436,000) and earnings per share were 2.97p (2007: 2.96p). Having indicated a final dividend slightly in excess of 2.0p per share in my interim statement, I am pleased to report an improvement in the Company's revenue position sufficient to maintain last year's level of dividend. To that end, the Board proposes, subject to shareholders' approval at the AGM, to pay a final dividend of 2.80p per share (2007: 2.80p). The dividend would be payable on 19th December 2008 to shareholders on the register at the close of business on 21st November 2008. I would again stress that dividend streams from Japan remain unpredictable and depend to a considerable degree on the construction of the portfolio at any given time. I would emphasise, therefore, that this year's payment should not be taken as any indication of future dividend payments.

Gearing

The Board of Directors sets the overall strategic gearing policy and guidelines and reviews these at each meeting. The investment managers then manage the gearing within these agreed levels. As at the date of this report, the Company was ungeared, the level having ranged between 97% and 112% during the year.

Investment Manager

The Company's objective is to provide shareholders with capital growth from a portfolio of investments in Japanese companies. In my report last year I outlined the review that had been undertaken of the management arrangements for the company with JPMorgan Asset Management (UK) Limited following a number of years of underperformance against our benchmark. As a result of this review the day-to-day management of the portfolio was moved from London to Tokyo with effect from 1st December 2007. As you will have seen from the earlier comments, the underperformance against the benchmark has continued during the last financial year and the Board remains concerned that we have not, to date, seen more satisfactory results from the transfer of responsibility to Tokyo. However, we have noted that, since the transfer, the performance of the majority of the actively managed investment trusts investing in Japan which are listed on the London Stock Exchange has been similarly poor over this period of very high volatility in the Tokyo market, whilst it is still a relatively short period during which the Tokyo office has been responsible for the portfolio.

However the Board remains acutely aware that underperformance of the scale seen in recent years is unacceptable to shareholders. Once stability has returned to stock markets and a reasonable period has elapsed following the change in management arrangements, the Board will not hesitate to instigate a further review of these aspects of the Company's operations. From our discussions with the team at JPMorgan in Tokyo, we are certain they are aware of the dissatisfaction felt by both the Board and Shareholders.

Board of Directors

During the year, the Board carried out an evaluation of the Directors, the Chairman, the Board's operations and its Committees. Three Directors are seeking re-election at this year's Annual General Meeting. The Directors retiring by rotation are Alan Barber and David Pearson, who being eligible offers themselves for re-election. In addition, I, having served as a Director for in excess of nine years, therefore also retire and will seek re-election. The Board does not believe that length of service in itself should disqualify a Director from seeking re-election and, in proposing my re-election, it has taken into account the ongoing requirements of the Combined Code, including the need to refresh the Board and its Committees. Both Alan, in his role as Chairman of the Audit Committee, and David have proved invaluable in the Board's deliberations and I have no hesitation in recommending their re-election.

VAT

In 2004, JPMorgan Claverhouse Investment Trust and the AIC made a joint application for the payment of investment trust management fees to be exempt from VAT. In November 2007 the case was found in their favour and since then the Company not been charged VAT on its management fees. Whilst the Company is able to seek reimbursement of some of the VAT it has paid in the past, in the Company's case, this will not represent a material amount as the Company, in the past, has already recovered the vast majority of the VAT it has been charged on its management fee. During the course of this year progress has been made in this regard and negotiations with JPMorgan Asset Management are in an advanced stage.Whilst we are not intending to accrue for any prospective recovery in these accounts, it is our expectation that we will recover in the region of £348,000. Once there is certainty on this issue, the Company will make a further announcement accordingly.

Authority to Repurchase the Company's Shares

At last year's AGM, shareholders granted the Directors authority to repurchase up to 14.99% of the company's shares for cancellation. The Company repurchased 1.5% of the Company's issued share capital (2,702,000 shares) for cancellation during the year, adding 0.2% to performance. The Directors believe that the power to buyback shares is of ongoing benefit to shareholders and therefore proposes that the authority be renewed for a further period.

Annual General Meeting

This year's Annual General Meeting will be held on 18th December 2008 at 2.00 p.m. in JPMorgan's offices at 60 Victoria Embankment, London EC4Y 0JP. 

Prospects

With the extreme volatility that is being seen in global equities, it is hard to discern trends in Japan at present. Equally, with the world-wide slowdown in economic growth and world trade, it is right to be cautious about the immediate future. This caution is currently reflected in the conservative approach to gearing being taken by the Manager, with gearing being maintained in a 0-5% range for the time being. At the time of writing the portfolio, on an invested basis, is ungeared. Looking beyond the immediate crisis, however, Japan's proximity to, and increasing trade with, the still growing Asian economies will continue to

provide opportunities for many Japanese companies.

Jeremy Paulson-Ellis

Chairman

14 November 2008

Investment Managers' Report

Over the course of the Company's financial year, the Tokyo Stock Exchange First Section ('TOPIX') Index declined 31.5% in Yen terms, 15.2% in Sterling terms. Japan has not been immune to the turmoil in equity markets caused by the seizure of credit markets and, in the absence of substantial change in the domestic economic outlook, it continues to be seen by many investors as a cyclical rather than a structural investment. It is disappointing for all those involved in investing in Japan that having been heavily criticised for their conservative approach to capital allocation and balance sheet gearing, the share prices of Japanese companies have been afforded little credit when credit markets have collapsed and too much leverage in the West has led to considerable distress. The recent strength of the yen should be seen as validation of Japan's relative strength in these areas: over 50% of household financial assets in Japan are held in cash, loan to deposit ratios for Japanese banks are very low by international standards and over 50% of Japanese companies trading on the TOPIX Index have net cash on their balance sheets.Whilst fear continues to hold sway in global markets the yen is likely to continue to be seen as a safe haven, particularly against Sterling and the Euro, where it seems probable that interest rate differentials will collapse in the coming months as the Bank of England and European Central Bank cut rates in recognition of deepening recession and the associated fall in inflation data. 

In Sterling terms the Company's NAV declined 29.3% over the year. The underperformance of the NAV relative to TOPIX has primarily been a function of our policy of investing in quality companies with leading global business franchises and historically strong track records in generating high returns on equity and returns above the cost of capital. Concerns over the effect that de-leveraging and tighter credit markets will have on global growth has seen these types of stocks de-rated savagely. At the same time, the market has rewarded stocks that entered the period trading on low price to book multiples. That these companies have historically traded on low price to book multiples is a function of them having demonstrably failed to consistently generate returns above their cost of capital and many will fail to do so in the future. Historically our approach has been to identify growth at a reasonable price and we remain committed to doing so going forward. The valuation spread of 'defensive' issues relative to 'growth' issues now stands at historical highs: in terms of the spreads in price to earnings multiples we are now in new territory.

Fear abounds, and that will remain the case for the coming months. On a three year view the risk reward unequivocally lies with continued faith in Japan's best business franchises with sustainable long-term growth prospects, many of which reside in the export sector. In the next cycle growth will go hand in hand with exposure to the Asian region as a whole and in this respect Japan's leading businesses are well placed to participate strongly. The temptation to abandon investment discipline and seek short term safe havens is often overwhelming in the current climate of fear, but to do so now risks investment in over-priced, low quality franchises that will underperform significantly when credit markets thaw and the global economic outlook stabilises.We remain committed to investing in high quality businesses with genuine growth prospects. In the export sector, facing as it does an uncertain earnings environment in coming months, we have a clear preference for those companies that have historically demonstrated an ability to grow through the cycle and those that have built strong balance sheets to weather this downturn. Domestically, our recent purchases of companies in the mobile telecommunications sector reflects both the health of their balance sheets and a belief that a greater commitment to improving margins and profitability at the expense of chasing new customers is currently driving higher returns on investment for the industry as a whole.

In the light of market falls and the politics that has characterised the last 18 months, in which we have seen three prime ministers succeed the much admired Junichiro Koizumi, it is tempting to conclude that Japan has once again failed to emerge from the malaise of the long downturn post the boom that peaked in the early 1990s. Certainly, the lack of political leadership and a clear domestic economic agenda has been a disappointment, but it should not cloud the very real structural reforms that began with the re-capitalisation of the banking sector ten years ago. Japan has managed to wean itself off an addiction to public-works projects which are down from 6.3% of GDP in 1996 to 3%, in line with global averages.With the Japanese financial system in a position of relative strength, if domestic demand remains relatively stable (as has been the case for some time) Japan can avoid the hard landing that will be endured by many Western economies. From a corporate point of view the good news is that Japanese companies are in aggregate better placed to cope with a downturn than was the case in 2000-2.

The changes being implemented at a company level are real: dividends in aggregate have increased from Yen 3 trillion in 2002 to Yen 8 trillion forecast for this year. Share buy-backs will top Yen 5 trillion this year. The number of companies in the TOPIX 500 Index that have introduced specific shareholder return targets has increased from 112 in 2005 to 205 in May 2008. In this regard, the domestic Pension Fund Association's 8% ROE target continues to exert pressure on companies to allocate capital more efficiently.

The dividend yield on TOPIX currently stands at 2.5%, the same as the US equity market. Dividend pay-out ratios in Japan have further room to rise: for the first time since the 1970s they stand at the same level as the US, a 40% discount to Europe. The healthy balance sheet positions that many Japanese companies enjoy at this stage of the cycle allow room for maintaining these dividends even in a weaker earnings environment in the next twelve months. This is less likely to prove to be the case in Western markets. The relevance of the growth in dividends and the fact that for the first time in living memory the yield on TOPIX stands at a sensible level should not be underestimated. Retirees in Japan need income. They have spent the last ten years chasing this in overseas equities and more latterly higher yielding currencies and emerging market debt products. Japanese life insurance companies hold twice as much overseas equity exposure as domestic equity exposure and the percentage of money invested in foreign assets by Japanese Investment Trusts has increased from Yen 1.8 trillion in 2000 (10% of total assets) to Yen 21 trillion (45% of total assets) now.What looked like a reasonable risk in the context of low returns on Japanese deposits and a weak Yen, no longer looks like a one way bet.Many of those currencies that offered higher interest rates, such as the Australian and New Zealand dollars (particular favourites of Japanese retail investors), have declined by 30% against the Yen in recent months.With the yield on Japanese equities now at sensible levels, the pre-requisite for a shift in asset allocation preferences is in place. It is important, therefore, that Japanese companies demonstrate a commitment to maintain dividends even as the earnings environment weakens if domestic Japanese equities are to benefit from a shift in investment preferences.

Largely as a result of the reforms of 1998 to 2005, corporate Japan does not now have the three big excesses (labour, capacity, debt) that it had during the last two major market downturns in 1997-98 and 2001-03. As a result, cash rich Japanese corporates are in a better position to re-invest in a timely manner to benefit from the next growth cycle. They will be doing so in an environment in which the competition from private equity, as a result of the de-leveraging process, will be considerably more benign. Japanese banks are able to finance this investment, unlike Western banks and their corporate partners. Japanese corporates can maintain investment, especially in next generation technology development when many global competitors, particularly in the West, will be financially constrained.

Companies like Honda and Toyota, currently trading on historically low price to book, price to earnings and dividend yield multiples, will have the chance to increase market share in developed markets and invest further in their already established positions in Asian markets, which will benefit from a new generation of customers. US consumers will buy smaller and more fuel efficient cars in the coming years, and they will buy them predominantly from Japanese manufacturers. The Japanese auto manufacturers have seen aggregate market share in the US increase from 25% to 45% in the last 6 years. Their equity income from China has grown tenfold in the last 8 years and they now derive 35% of their income from Asia and other developing economies.

Japan has global leading companies in a range of industries. Bridgestone is global number one in the oligopolistic tyre industry (17% share). Canon is global number one in copiers and cameras (one of only two companies in single-lens reflex cameras). Shin-Etsu is global number one in 300mm semiconductor wafers and PVC (40% and 10% shares). Nintendo is one of just three manufacturers of games consoles. There are many other such examples and many of these companies trade at unprecedented levels. Furthermore, these three companies have immensely strong balance sheets, with 20% of their market capitalization in the form of net cash and investments. It is here that the long-term opportunity for Japan lies.

Japan's proximity and integration with Asia, which will remain the world's most dynamic economic region for some time to come, offers huge long term opportunities. It is a multi-year growth story. The perception of Japan's export sector remains that it is little more than a warrant on US economic growth. Whilst de-leveraging in the US means that the US is in for an extended period of sub-par growth, the prospects for Japan going forward are actually very good. Asia itself is now Asia's biggest trading partner. Asia now accounts for more than 50% of Japan's exports and the ratio of Japan's Asian exports relative to US exports is now more than 300%. Asian infrastructure spending will continue for decades: many Japanese companies will benefit from this, as they will from the growth of Asian consumers. Although Asia is in the midst of a slow-down in growth, by most measures it is far better equipped to weather a slow down than in previous cycles. In China in particular, the fiscal position is very strong: China currently enjoys a fiscal surplus; the government have in the past run fiscal deficits as high as 2.5%. The Chinese government shifted its fiscal and monetary stance in July and it has the capacity for considerable further monetary and fiscal stimulus.

Valuations in Japan are compelling in terms of price to book and price to earnings multiples. 80% of TOPIX now trades on a price to book ratio of less than 1x. 80% of TOPIX companies have dividend yields in excess of 10yr JGB yields and the spread of the dividend yield for the market as a whole relative to

JGBs is at levels only before seen at the troughs in 1998 and 2003. As well as being geographically blessed by its proximity to the world's fastest growing region, the current financial health of many Japanese companies leaves them ideally placed to invest and cement their leading competitive positions in the current environment. Although it is difficult to be certain of anything at the moment, one thing is clear: once the economic clouds lift we will not have the opportunity to buy leading global companies at current record low valuations again.

James Elliot

Nicholas Weindling

Investment Managers

14 November 2008

Principal Risks 

• Investment and Strategy: An inappropriate investment strategy, for example asset allocation or the level of gearing, may lead to under-performance against the Company's benchmark index and peer companies, resulting in the Company's shares trading on a wider discount. The Board manages these risks by diversification of investments through its investment restrictions and guidelines which are monitored and reported by the Manager. JPMAM provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Investment Managers, who attend all Board meetings, and reviews data which shows statistical measures of the Company's risk profile. The Investment Manager employ the Company's gearing tactically,

within a strategic range set by the Board. The Board holds a separate meeting devoted to strategy each year.

• Market: Market risk arises from uncertainty about the future prices of the Company's investments. It represents the potential loss the Company might suffer through holding investments in the face of negative

market movements. The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set investment restrictions and guidelines which are monitored and reported on by JPMAM. The Board monitors the implementation and results of the Investment process with the Investment Managers.

• Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 842 of the Income and Corporation Taxes Act 1988 ('Section 842'). Details of the Company's approval are given under 'Business of the Company' above. Should the Company breach Section 842, it may lose investment trust status and as a consequence gains within the Company's portfolio would be subject to Capital Gains Tax. The Section 842 qualification criteria are continually monitored by JPMAM and the results reported to the Board each month. The Company must also comply with the provisions of the Companies Act 1985 and, as its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act 1985 could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules may result in the Company's shares being suspended from listing which in turn would breach Section 842. The Board relies on the services of its Company Secretary, JPMAM, and its professional advisers to ensure compliance with The Companies Act 1985 and The UKLA Listing Rules.

• Corporate Governance and Shareholder Relations: Details of the Company's compliance with Corporate

Governance best practice, including information on relations with shareholders, are set out in the Corporate Governance report.

• Operational: Disruption to, or failure of, JPMAM's accounting, dealing or payments systems or the custodian's records may prevent accurate reporting and monitoring of the Company's financial position. Details of how the Board monitors the services provided by JPMAM and its associates and the key elements designed to provide effective internal control are included within the Internal Control section of the Corporate Governance.

• Financial: The financial risks faced by the Company are disclosed in note 20 of the Annual Report and Accounts.

Related Parties Transactions

During the financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.

Directors' Responsibilities

The Directors each confirm to the best of their knowledge that: 

a)     the financial statements have been prepared in accordance with applicable UK accounting standards, and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

b)     the Annual Report, to be published shortly, 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 that they face.

For and on behalf of the Board

Jeremy Paulson-Ellis

Chairman

14 November 2008

Andrew Norman

For further information please contact:

JPMorgan Asset Management (UK) Limited…………..020 7742 6000

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmjapanese.co.uk

            JPMorgan Japanese Investment Trust plc

   Preliminary announcement

Income Statement

for the year ended 30th September 2008

(Audited)

			2008			2007
		Revenue	Capital	Total	Revenue	Capital	Total
		£’000	£’000	£’000	£’000	£’000	£’000
Losses from investments held at fair value through profit or loss		—	(125,374)	(125,374)	—	(67,960)	(67,960)
Net foreign currency (losses)/gains		—	(1,610)	(1,610)	—	4,878	4,878
Income from investments		6,995	—	6,995	6,648	—	6,648
Other interest receivable and similar income		165	—	165	420	—	420
Gross return/(loss)		7,160	(126,984)	(119,824)	7,068	(63,082)	(56,014)
Management fee		(476)	(1,904)	(2,380)	(621)	(2,483)	(3,104)
Other administrative expenses		(486)	—	(486)	(415)	—	(415)
Net return/(loss) on ordinary activities before finance costs and taxation		6,198	(128,888)	(122,690)	6,032	(65,565)	(59,533)
Finance costs		(62)	(248)	(310)	(131)	(524)	(655)
Net return/(loss) on ordinary activities before taxation		6,136	(129,136)	(123,000)	5,901	(66,089)	(60,188)
Taxation		(956)	469	(487)	(465)	—	(465)
Net return/(loss) on ordinary activities after taxation		5,180	(128,667)	(123,487)	5,436	(66,089)	(60,653)
Return/(loss) per share (note 3)		2.97p	(73.78)p	(70.81)p	2.96p	(35.97)p	(33.01)p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The 'Total' column represents all the information that is required to be disclosed in a 'Statement of Total Recognised Gains and Losses' ('STRGL'). For this reason a STRGL has not been presented.

.

Reconciliation of Movements in Shareholders' Funds

for the year ended 30th September 2008

(Aaudited)

	Called up		Capital
	share	Other	redemption	Capital	Revenue
	capital	reserve	reserve	reserve	reserve	Total
	£’000	£’000	£’000	£’000	£’000	£’000
At 30th September 2006	46,380	166,791	2,582	296,059	(64)	511,748
Repurchase and cancellation of shares	(2,204)	—	2,204	(19,325)	—	(19,325)
Net (loss)/return from ordinary activities	—	—	—	(66,089)	5,436	(60,653)
At 30th September 2007	44,176	166,791	4,786	210,645	5,372	431,770
Repurchase and cancellation of shares	(676)	—	676	(5,291)	—	(5,291)
Net (loss)/return from ordinary activities	—	—	—	(128,667)	5,180	(123,487)
Dividends appropriated in the year	—	—	—	—	(4,899)	(4,899)
At 30th September 2008	43,500	166,791	5,462	76,687	5,653	298,093

 Balance Sheet

at 30th September 2008

(Audited)

		2008	2007
		£’000	£’000
Fixed assets
Investments at fair value through profit or loss		321,882	485,058
Current assets
Debtors		8,929	26,976
Derivative financial instrument		—	1
Cash at bank and in hand		35,333	203
		44,262	27,180
Creditors: amounts falling due within one year		(68,051)	(80,468)
Net current liabilities		(23,789)	(53,288)
Total assets less current liabilities		298,093	431,770
Total net assets		298,093	431,770
Capital and reserves
Called up share capital		43,500	44,176
Other reserve		166,791	166,791
Capital redemption reserve		5,462	4,786
Capital reserve		76,687	210,645
Revenue reserve		5,653	5,372
Shareholders’ funds		298,093	431,770
Net asset value per share (note 4)		171.3p	244.3p

  Cash Flow Statement

for the year ended 30th September 2008

(Audited)

		2008	2007
		£’000	£’000
Net cash inflow from operating activities		3,319	3,030
Returns on investments and servicing of finance
Interest paid		(305)	(663)
Capital expenditure and financial investment
Purchases of investments		(676,769)	(733,642)
Sales of investments		730,801	748,282
Other capital charges		(17)	(16)
Net cash inflow from capital expenditure and financial investment		54,015	14,624
Dividend paid		(4,899)	—
Net cash inflow before financing		52,130	16,991
Financing
Repurchase of shares		(5,897)	(18,681)
Net repayment of loans		(11,090)	(3,570)
Net cash outflow from financing		(16,987)	(22,251)
Increase/(decrease) in cash and cash equivalents		35,143	(5,260)

  Notes to the Accounts

for the year ended 30th September 2008

1. Accounting policies

The accounts are prepared in accordance with the Companies Act 1985, United Kingdom Generally Accepted Accounting Practice and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' issued by the AIC in December 2005. 

All of the Company's operations are of a continuing nature.

2.   Dividends

Dividends paid and proposed  (Audited)

	2008	2007
	£’000	£’000
Dividend paid
2007 final dividend paid of 2.8p1 (2006: nil)	4,899	—
Dividend proposed
Final dividend proposed of 2.8p (2007: 2.8p)	4,872	4,948

1 The final dividend declared in respect of the year ended 30th September 2007 amounted to £4,948,000. However, the actual amount paid was £4,899,000 due to share repurchases after the balance sheet date but prior to the share register record date.

The final dividend has been proposed in respect of the year ended 30th September 2008 and is subject to approval at the forthcoming Annual General Meeting. In accordance with the accounting policy of the Company, this dividend will be reflected in the accounts for the year ended 30th September 2009.

3. Return/(loss) per share

The revenue return per share is based on the earnings attributable to the ordinary shares of £5,180,000 (2007: £5,436,000) and on the weighted average number of shares in issue throughout the year of 174,344,727 (2007: 183,714,823).

The capital loss per share is based on the capital loss attributable to the ordinary shares of £128,667,000 (2007: loss of £66,089,000) and on the weighted average number of shares in issue throughout the year of 174,344,727 (2007: 183,714,823).

The total loss per share is based on the total loss attributable to the ordinary shares of £123,487,000 (2007: loss of £60,653,000) and on the weighted average number of shares in issue throughout the year of 174,344,727 (2007: 183,714,823).

4. Net asset value per share 

The net asset value per share is based on the net assets attributable to the ordinary shareholders of £298,093,000 (2007: £431,770,000) and on the 174,001,919 (2007: 176,703,919) shares in issue at the year end.

5. The financial information set out in this preliminary announcement does not constitute the Company's statutory accounts for the years ended 30th September 2008 or 2007. The statutory accounts for the year ended 30th September 2008 have not been delivered to the Registrar of Companies, nor have the auditors yet reported on them. The statutory accounts for the year ended 30th September 2008 will be finalised on the basis of the information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the approval of the accounts by the Board of Directors. 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

14 November 2008

 

END

 

 

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