Half-yearly report

JUPITER GREEN INVESTMENT TRUST PLC Preliminary announcement of the unaudited results for the six months to 7th December 2006. CHAIRMAN'S STATEMENT In my first Chairman's Statement it gives me great pleasure to present your Company's financial statements for the period ended 7th December 2006. During the first six months of its operating life, your Company's total assets, adjusted for the new issue of Ordinary shares at a small premium to net asset value in September 2006 and again in November 2006, rose by 10.5 per cent. to £ 28,637,000 on 7th December 2006. This compares with a rise in the Company's composite benchmark index of 10.3 per cent. (comprising returns on the FTSE World Smaller Companies ex US index of 11.7 per cent. and on the Russell 2500 Growth index in the USA of 5.9 per cent.). The unaudited diluted net asset value of the Ordinary shares rose by 9.4 per cent. to 106.15 pence on 7th December 2006, while their middle market price rose to 107.25 pence, representing a small premium to net asset value. As at 28th February 2007 the Company's unaudited diluted net asset value per Ordinary share had increased to 112.52 pence and their middle market price was 117.50 pence. Moreover the warrants, which were issued at launch on a one-for- five basis together with the Ordinary Shares, had reached a middle market price of 39.50 pence on the same date. As such, an investor who subscribed £1,000 at launch would have held £1,175 in Ordinary shares and £79 in Warrants, totalling £1,254 at their middle market prices, equal to an annualised return from launch to 28th February 2007 of 34.8 per cent. It has been a successful first six months of trading for your Company which has been able to benefit from a considerable increase in interest in environmental issues on a global scale. The provision of solutions to environmental problems across our six investment themes has come to the forefront of peoples' minds over the period under review. Our ability to invest in companies finding solutions to these pressing problems both in the UK and US has been of particular benefit to your Company. In our view, the environment has emerged as one of the most interesting investment trends over the past year driven by a changing regulatory environment both in the UK and at a global level, an increasing level of corporate commitment and changing public perception. You will be pleased to know that your fund has been awarded a `Brightest Newcomer' award from Investment Trusts magazine and I congratulate both Charlie Thomas and Matt Patsky, your joint fund managers, on your behalf. The most notable performers within the UK investment portfolio during the period were: Keller Group, engineering specialists in the development of contaminated land; Novera Energy, a UK renewable energy company; Cranswick, producers of `high- welfare' and organic pork products; and Gamesa, a Spanish company which is one of the top five wind turbine generator manufactures. Your Company also holds a number of other investments which are well placed to benefit from the increasing demand for renewable energy, one of which is Vestas Wind Systems. Latchways is another promising investment supplying safety equipment to individuals working at height and is likely to be a beneficiary of increasing safety standards, most notably the Working At Height Directive. The US part of the portfolio, sub- managed by Winslow, is no less diverse and well placed to benefit from the increased interest in this sector. Leading US performers include: Fuel Tech, providing `state-of-the-art' technologies to the problems of air pollution; Sunpower Corporation, which manufactures and sells silicon based high efficiency solar cells for both domestic and commercial use; Green Mountain Coffee Roasters, sellers of a range of traditional, organic, and fair trade coffee. These are both challenging and exciting times for our sector of the market and I believe your Company is in an excellent position to benefit from and provide investment capital for these innovative companies providing solutions to the environmental problems our world currently faces. Perry Crosthwaite Chairman 6th March 2007 INCOME STATEMENT for the period from 12th April to 7th December 2006 (Unaudited) Revenue Capital Total £'000 £'000 £'000 Gains on investments at fair value - 2,669 2,669 Foreign exchange gains - 41 41 Income 214 - 214 ______ ______ ______ Total Income 214 2,710 2,924 ______ ______ ______ Investment management fee (129) - (129) Investment performance fee - (14) (14) Other expenses (145) - (145) ______ ______ ______ Total Expenses (274) (14) (288) ______ ______ ______ Return on ordinary activities before taxation (60) 2,696 2,636 Taxation (3) - (3) ______ ______ ______ Net Return after taxation (63) 2,696 2,633 ______ ______ ______ Return per Ordinary share (0.25)p 10.55p 10.30p The total column of this statement is the income statement of the Company, prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance produced by the Association of Investment Companies. All items in the above statement derive from continuing operations. The financial information does not constitute `accounts' as defined in section 240 of the Companies Act 1985. The Company was incorporated on 12th April 2006 and its shares were listed on the London Stock Exchange on 8th June 2006, on which date it commenced business. Consequently, the Income Statement above reflects returns from 8th June to 7th December 2006. BALANCE SHEET As at 7th December 2006 (Unaudited) £'000 Non current assets Investments held at fair value through profit or loss 25,953 _______ Current assets Prepayments and accrued income 44 Sales awaiting settlement 203 Cash and cash equivalents 2,575 _______ 2,822 _______ Total assets 28,775 _______ Current liabilities Accruals (84) Purchases awaiting settlement (54) _______ (138) _______ Total assets less current liabilities 28,637 _______ Capital and reserves Called up share capital 27 Share premium 25,977 Retained earnings 2,633 _______ Total equity shareholders' funds 28,637 _______ Net Asset Value per Ordinary share 107.30p Diluted net asset value per Ordinary share 106.15p STATEMENT OF CHANGES IN NET EQUITY for the period from 12th April 2006 to 7th December 2006 (Unaudited) Share Share Retained Capital Premium Earnings Total £'000 £'000 £'000 £'000 Net profit for the period - - 2,633 2,633 Ordinary shares issued 27 26,700 - 26,727 Cost of Ordinary shares issued - (723) - (723) ______ _______ ______ _______ Balance at 7th December 2006 27 25,977 2,633 28,637 ______ _______ ______ _______ CASH FLOW STATEMENT for the period from 12th April 2006 to 7th December 2006 (Unaudited) £'000 Cash flow from operating activities Investment income received 147 Deposit interest received 36 Investment management fee paid (100) Realised gain on foreign currency 41 Other cash expenses (116) _______ Cash generated from operations 8 Taxation (3) _______ Net cash inflow from operating activities 5 _______ Cash flows form investing activities Purchase of investments (30,664) Sale of investments 7,230 ________ Net cash outflow from investing activities (23,434) ________ Cash flows from financing activities Shares issued 26,727 Share issue expenses paid (723) ________ Net cash inflow from financing activities 26,004 ________ Increase in cash 2,575 ________ Cash and cash equivalents at end of period 2,575 ________ The interim report will be sent to all registered shareholders and copies may be obtained from the registered office of the Company at 1 Grosvenor Place, London, SW1X 7JJ By order of the Board Jupiter Asset Management Limited Secretaries Enquiries: Richard Pavry Jupiter Asset Management Limited 020 7412 0703

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