Final Results

Marwyn Value Investors II Limited
11 March 2008



Marwyn Value Investors II Limited (the 'Company')


Final Results

Financial Period ended 31 December 2007



The Company was admitted to trading on the AIM market of the London Stock
Exchange plc ('AIM') on 6 October 2006 raising £33,000,000 from the issue of 33
million ordinary shares at 100p together with the issue of 16.5 million Series
One Warrants and 16.5 million Series Two Warrants.


During the period the Company sought to achieve its investment objective to
maximise its total return through the capital appreciation of its investments
through taking a partnership interest in the Marwyn Neptune Fund LP (the 'Master
Fund') using all its available assets.


As at 31 December 2007 the net asset value per Ordinary Share (disregarding any
potential dilution from the exercise of any warrants) was 125.1p, a 31.0 per
cent. increase on the opening balance per Ordinary Share of 95.5p, taking into
account the costs of the placing and admission to AIM of the Ordinary Shares and
the Series One Warrants and Series Two Warrants.


At 31 December 2007 the price of an Ordinary Share was 102.5p and the price of a
Series One Warrant was 5.5p and the price of a Series Two Warrant was 4p.


The increase in the net asset value reflects the robust performance of the
Master Fund during the period and the Board continues to be optimistic that a
satisfactory return will be achieved in 2008.



Enquiries:

Collins Stewart Europe Limited           020 7523 8350
Seema Paterson



MARWYN VALUE INVESTORS II LIMITED
INCOME STATEMENT
FOR THE PERIOD 5 SEPTEMBER 2006 TO 31 DECEMBER 2007


                        Note                    Revenue                 Capital                 Total
                                                £                       £                       £
INCOME                  1
Bank interest                                   30,383                  -                       30,383
Gains on investments                            -                       9,909,330               9,909,330
held at fair value
through profit or loss

                                                30,383                  9,909,330               9,939,713

EXPENSES                1
Directors' fees                                 39,699                  -                       39,699
Administration fees                             27,257                  -                       27,257
Legal and professional                          12,566                  -                       12,566
fees
Regulatory expenses                             7,445                   -                       7,445
Audit fees                                      8,500                   -                       8,500
Registrars fees                                 8,859                   -                       8,859
Exempt fee              2                       1,200                   -                       1,200
Other expenses                                  44,348                  -                       44,348
                                                149,874                 -                       149,874

PROFIT FOR THE PERIOD                           (119,491)               9,909,330               9,789,839

Return per Ordinary     4                       (0.36)                  30.03                   29.67
Share - basic and
diluted (pence per
share)



The total column of this statement represents the Income Statement of the
Company, prepared in accordance with IFRS. The revenue and capital columns
represent supplementary information prepared under guidance published by the
Association of Investment Companies. All items in the above statement derive
from continuing operations.



MARWYN VALUE INVESTORS II LIMITED
BALANCE SHEET
31 DECEMBER 2007


31 December 2007                        Notes                                   £


NON CURRENT ASSETS
Unquoted investments held at fair value 3                                       41,069,330
through profit or loss


CURRENT ASSETS
Cash and cash equivalents                                                       273,834
TOTAL ASSETS                                                                    41,343,164

CURRENT LIABILITIES
Accruals                                                                        (38,463)

NET ASSETS                                                                      41,304,701

EQUITY


Called up share capital                 8                                       3,300,000
Special distributable reserve                                                   26,346,979
Series One Warrant reserve                                                      1,015,866
Series Two Warrant reserve                                                      852,017
Capital reserve - Unrealised                                                    9,909,330
Revenue reserve                                                                 (119,491)

TOTAL EQUITY                                                                    41,304,701

Net asset value per Ordinary share -    5                                       125.17
basic and diluted (pence per share)





MARWYN VALUE INVESTORS II LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 5 SEPTEMBER 2006 TO 31 DECEMBER 2007


                                         
              Called up                  Special                     Series Two
              share                      distributable Series One    Warrant                    Revenue
              capital       Share        reserve       Warrant       reserve      Capital       reserve      Total
                            premium                    reserve                    reserve
              £             £            £             £             £            £             £            £
Issue of      3,300,000     27,733,798   -             1,069,338     896,864      -             -            33,000,000
Ordinary
shares and
warrants

Profit for    -             -            -             -             -            9,909,330     (119,491)    9,789,839
the period

Share and     -             (1,386,819)  -             (53,472)      (44,847)     -             -            (1,485,138)
warrant issue
costs

Transfer to   -             (26,346,979) 26,346,979    -             -            -             -            -
Special
Distributable
Reserves

              3,300,000     -            26,346,979    1,015,866     852,017      9,909,330     (119,491)    41,304,701







MARWYN VALUE INVESTORS II LIMITED
CASH FLOW STATEMENT
FOR THE PERIOD 5 SEPTEMBER 2006 TO 31 DECEMBER 2007


                                              Notes                                         Period to 31
                                                                                            December 2007


Cash flows from operating activities                                                        £
Interest received                                                                           30,383
Operating expenses paid                                                                     (111,411)

Net cash outflow from operating activities    6                                             (81,028)

Cash flows from operating activities

Acquisition of investments                                                                  (31,160,000)

Cash flows from financing activities

Issue of own shares and warrants                                                            33,000,000
Payment of share and warrant issue costs                                                    (1,485,138)

Net increase in cash and cash equivalents                                                   273,834

Cash and cash equivalents at beginning of                                                   -
period

Cash and cash equivalents at end of period                                                  273,834




MARWYN VALUE INVESTORS II LIMITED
NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2007


1.     ACCOUNTING POLICIES

The financial statements have been prepared in accordance with IFRS, which
comprise standards and interpretations approved by the IASB, and Standing
Interpretations approved by the IASC that remain in effect, together with the
applicable legal and regulatory requirements of The Companies (Guernsey) Law,
1994 and the AIM rules published by the London Stock Exchange.

The principal accounting policies are set out below.


(a)      Convention

The financial statements have been prepared under the historical cost
convention, except for the measurement at fair value of financial assets held at
fair value through the profit or loss.

The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and the reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making judgements about the carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period or in the period of
revision and future periods if the revision affects both current and future
periods.


(b)      Income

Interest receivable on cash deposits is accounted for on an accruals basis.


(c)      Unquoted investments held at fair value through profit or loss

The Fund classifies its investment into the Marwyn Neptune Fund L.P. as a
financial asset at fair value through profit or loss. This financial asset is
designated by the Board of Directors at fair value through Profit or Loss at
inception. The designation results in more relevant information as the
investment is evaluated on a fair value basis in accordance with its investment
strategy.

Financial assets designated at fair value through profit or loss at inception
are those that are managed and their performance evaluated on a fair basis in
accordance with the Company's documented investment strategy.

Unquoted investments are stated at fair value as determined by the Directors
using appropriate valuation techniques. Changes in the fair value of investments
held at fair value through the profit or loss are recognised in the Income
Statement. On disposal realised gains and losses are also recognised in the
Income Statement. Unrealised gain and losses on the disposal of investments are
taken to the capital reserve - unrealised.

The Company recognises unquoted investments held at fair value through profit
and loss on the date it commits to purchase the instruments.

Derecognition of investments occurs when the rights to receive cash flows from
the investments expire or are transferred and substantially all of the risks and
rewards of ownership have been transferred.


The Company's interest in the Master Fund will be valued by the Directors on the
basis of the NAV of the Master Fund as provided by the Master Fund Administrator
at the period end. The NAV of the Master Fund, Marwyn Neptune Fund LP, will be
determined by the Master Fund Administrator by deducting the fair value of the
liabilities of the Master Fund from the fair value of the Master Fund's assets.

The Master Fund is unquoted and accordingly the fair value of the investment is
determined using a valuation technique based on assumptions that are not
supported by prices from observable current market transactions in the same
instrument (i.e. without modification or repackaging) and not based on available
market data.


(d)      Expenditure

All expenses are accounted for on an accruals basis and are charged through the
Income Statement.

The Manager will not receive a management or performance fee from the Company in
respect of funds invested by the Company in the Master Fund. The Manager will be
entitled to fees and expenses from the Master Fund.

The Company will pay brokers' commissions (if any) and any issue or transfer
taxes chargeable in connection with its investment transactions. Transaction
costs incurred on the acquisition or disposal of an investment are charged to
capital through the Income Statement in the period in which they are incurred.


(e)          Cash and cash equivalents

Cash and cash equivalents comprise bank balances held by the Company including
short-term bank deposits with an original maturity of three months or less. The
carrying value of these assets approximates to their fair value.


(f)           Share and warrant issue costs

Share and warrant issue costs are placing expenses directly relating to the
issue of the Company's shares. These expenses include fees payable under the
Placing Agreement, printing, advertising and distribution costs and legal fees
and any other applicable expenses.


(g)          Functional and presentation currency

Items included in the financial statements of the Company are measured using the
currency of the primary economic environment in which the entity operates (the
functional currency). The financial statements are presented in pounds sterling,
which is the Company's functional and presentation currency.


(h)      Liabilities

Financial liabilities are recognised when the Company becomes a party to the
contractual agreements of the instrument.

Financial liabilities are derecognised from the balance sheet only when the
obligations are extinguished either through discharge, cancellation or
expiration.


(i)           Equity

Called up share capital is determined using the nominal value of shares that
have been issued.

Special distributable reserve is a reserve to allow, amongst other things, the
buy-back and cancellation of up to 14.99% of ordinary shares. Capital reserve
comprises  gains and losses due to the revaluation of unquoted investments held
at fair value through profit or loss.

Revenue reserve includes all current and prior period results of operations as
disclosed in the income statement excluding any gains and losses due to
revaluation of investments held at fair value. Warrant Reserves pertains to
proceeds allocated to the warrants. Any transaction costs associated with the
issuance of warrants are deducted from Warrant Reserve


(j)        Segment reporting

The Directors are of the opinion that the Company is engaged in a single
geographic and economic business segment. The Company holds one investment in a
Cayman Island Limited Partnership.


(k)           Presentation of information

In order to better reflect the activities of an investment company in accordance
with the guidance issued by the Association of Investment Companies ('AIC'),
supplementary information which analyses the Income Statement between items of a
revenue and capital nature has been presented alongside the Income Statement.

On the basis that the financial statements have been prepared in accordance with
IFRS, the directors have not sought to prepare the financial statements on a
basis compliant with the recommendations of the Statement of Recommended
Practice ('SORP') for investment trusts issued by the Association of Investment
Companies ('AIC'), except for the Income Statement presentation discussed above.

These are the inaugural financial statements for the Company and therefore there
are no comparative figures available


2.     TAXATION

The company has been granted exempt status under the Income Tax (Exempt Bodies)
(Guernsey) Ordinance 1989, and is therefore subject to the payment of an annual
fee which is currently £600.


3.     UNQUOTED INVESTMENTS

                                                            31 December 2007

At cost                                                     £
Marwyn Neptune Fund L.P.
Class A GBP                                                 31,160,000
Unrealised gain                                             9,909,330
At fair value                                               41,069,330

The Company invests only in the Marwyn Neptune Fund, a Caymans-based hedge fund.
For example the Company's only investment is £31,160,000 class A GBP shares of
the Marwyn Neptune Fund LP.  The Neptune Fund is managed by Marwyn Investment
Managers LLP, the active hedge fund investor specialising in establishing and
investing in experienced management teams with buyout and consolidation
strategies through public and private special purpose acquisition platforms. The
Company's investment in Class A of the Marwyn Neptune Fund L.P. ('Master Fund')
represents 39.68% of the Class A net assets and 28.87% of the Master Fund.

Objective of Marwyn Neptune Fund

Offering exposure to early-stage primarily UK and European companies of up to
£500,000 Enterprise Value.  Preference for investments in companies operating in
regulated sectors or those impacted by changing regulation e.g. waste,
utilities, leisure and financial services.

Accelerated call feature

If the mid-market closing price on AIM as shown by Bloomberg shall be 130 pence
or more in the case of the Series One Warrants or 150 pence or more in the case
of the Series Two Warrants for any 20 or more trading days out of a period of 30
consecutive trading days, the Company shall become entitled at the close of AIM
on the 30th consecutive trading day to give notice to the relevant holders of
Series One Warrants or Series Two Warrants as applicable.

The notice referred to in the paragraph above must be sent in writing by the
Company to the relevant holders within two trading days of the thirtieth
consecutive Trading Day, stating that the Company will treat the Series Two
Warrants as exercised at the relevant subscription price on the date falling 21
days from the date of the notice.

On exercise of the Warrants, the Company will sell any shares that would have
been issued on exercise and (after deducting the costs of exercise), remit the
proceeds to the holder and after this time all rights under those Warrants will
cease.

For full details of the rights of the Warrants, please see the Admission
Document or contact the Administrator.

Strategy of Marwyn Neptune Fund

- To fill the funding gap between private equity and conventional public market
investors;

- To focus on recruiting and supporting experienced and proven management teams
in developing and executing their strategies;

- To focus on sectors where regulatory change provides opportunities to leverage
new or unrecognised capital value;

- To provide companies and management teams with 'hands on' execution capability
that enables them to deliver on their organic and acquisition-led strategies;

- To provide investee companies and management teams with the benefit of Marwyn
team's relationships with providers of leverage finance and institutional equity
finance, together with our advisory support network.


4.     EARNINGS PER SHARE

The calculation of basic earnings per share is based on the net revenue deficit
of £119,491, and net capital gain of £9,909,330, on ordinary activities for the
period and on 33,000,000 Ordinary Shares in issue throughout the period.

As at 31 December 2007 the price of the Ordinary Shares was 100p and at no point
during the period did the share price reach the exercise price of the Series One
Warrants (115p) or the Series Two Warrants (130p). As the average price of the
Ordinary Shares during the period was less than the exercise price of both
classes of warrants there was no dilution in the Earnings per Ordinary Share.


5.     NET ASSET VALUE

The calculation of net asset value is based on the net assets of £41,304,701 and
on the ordinary shares in issue of 33,000,000 at the balance sheet date.

As the price of the Ordinary Shares (100p) was below the exercise price of the
Series One Warrants (115p) and the Series Two Warrants (130p) there was no
dilution in the net asset value per ordinary share.


6.     RECONCILIATION OF NET PROFIT FOR THE PERIOD TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES

                                                     2007
                                                     £
Net profit for the period                            9,789,839
Gains on investments held at fair value through      (9,909,330)
profit or loss
Increase in creditors                                38,463

Net cash outflow from operating activities           (81,028)


7.     WARRANTS

At the placing on 6 October 2006, for each Ordinary Share the subscriber also
received one half Series One Warrant and one half Series Two Warrant.


                              Exercise price pence          End of subscription period    Allotted
Series One Warrants           115                           05 October 2008               16,500,000
Series Two Warrants           130                           05 October 2009               16,500,000


8.     CALLED UP SHARE CAPITAL

                                                            £
Authorised
200,000,000 ordinary shares of £0.10 each                   20,000,000
Allotted and fully paid
33,000,000 ordinary shares of £0.10 each                    3,300,000

Premium on new share issues                                 27,733,798
Share issue costs                                           (1,386,819)
Transfer to special distributable reserve                   (26,346,979)

Balance as at 31 December 2007                              -

Each member of the Company, on a poll, shall have one vote for each share of
which he is the holder. On a show of hands, every member present at General
Meeting shall have one vote.

On a winding up or return of capital, prior to conversion in each case, shall be
applied as follows:

(a)      the Ordinary Share Surplus shall be divided amongst the Ordinary
Shareholders pro rata according to their holdings of Ordinary Shares.

(b)      the balance of the capital and assets of the Company, (if any) shall be
divided amongst the Ordinary Shareholders pro rata according to their holdings
of Ordinary Shares.


9.  SPECIAL DISTRIBUTABLE RESERVE

A special distributable reserve was created when, as stated in the Admission
Document, the company cancelled all of its share premium account (as approved in
the Royal Court of Guernsey on 26 January 2007), transferring it to a
distributable reserve to allow, amongst other things, the buy-back and
cancellation of up to 14.99% of the Ordinary Shares.


10.  WARRANT RESERVES

The proceeds from the issue of the placing were split between the Ordinary
Shares (share capital and share premium account), the Series One Warrant reserve
and the Series Two Warrant reserve based on the weighted average value of the
Ordinary Shares and Warrants in issue at the close of business on the first day
of trading. The weighted average value was calculated using the mid prices of
the Ordinary Shares and Warrants as quoted on AIM.


11. RISK PROFILE OF FINANCIAL ASSETS AND LIABILITIES

The main risks arising from the Company's financial instruments are Market Risk
and Liquidity Risk.


Market Risk

The Company's exposure to market risk consists of Interest Rate Risk and Other
Price Risk. Interest Rate Risk

The Company finances its operations through a mixture of shareholders' capital
and retained returns. With the exception of cash at bank, which receives
interest at a floating rate, all assets and liabilities of the Company are
non-interest bearing. No further interest rate risk disclosure has been provided
as all material amounts, with the exception of cash at bank, are non-interest
bearing.


The following table details the Company's exposure to Interest Rate Risk.:


                                    Less than 1 month            Non - interest bearing   Total
31-Dec-07                           £                            £                        £

Assets
Unquoted investments at fair value  -                            41,069,330               41,069,330

through profit or loss
Cash and cash equivalents           273,834                      -                        273,834

Total assets                        273,834                      41,069,330               41,343,164

Liabilities
Payables and accruals               -                            38,463                   38,463

Total liabilities                   -                            38,463                   38,463

Total interest sensitivity gap      273,834



Other Price Risk

The main price risks arising from the Company's financial instruments are
movements in the value of the investment in the Master Fund. The Company's
investment portfolio complies with the investment parameters as disclosed in its
Admission document. The board manages the market price risks inherent in the
investment portfolio by ensuring full and timely access to relevant information
from the Investment Manager. The board receives monthly reports from the
Administrator of the Master Fund.  The board meets regularly and at each meeting
review investment performance.

A 10% increase/decrease in the market price of the Master Fund would result in a
9.9 % increase/decrease in the basic net asset value per Ordinary Share as at
the balance sheet date.


The company's exposure to other changes in market prices at 31 December 2007 on
its unquoted equity investments were as follows;


                                                            2007
                                                            £
Unquoted investments at fair value through profit or loss   41,069,330




The impact on net income and equity of price volatility as of 31 December 2007
is as follows


                     Observed Volatility Rates             Impact of Increase                Impact of Decrease
                             (monthly)
                 Increase (%)      Decrease (%)     Net Income £     Equity £         Net Income £     Equity £
Investment in    2.70              (3.25            1,107,640        1,107,640        (1,332,700)      (1,332,700)
Master Fund

This level of change is considered to be reasonably possible based on
observation of current market conditions.


The Company's investment in the Master Fund is relatively illiquid as it invests
a significant part of its assets in illiquid investments. The Master Fund and/or
Company may not be able to readily dispose of such illiquid investments and, in
some cases, may be contractually prohibited from disposing of such investments
for a specified period of time.

The board manages the liquidity risks inherent in the investment portfolio by
ensuring full and timely access to relevant information from the Investment
Manager and Administrator to the Company. The board meets regularly and at each
meeting review the company's short term cash requirements and contractual
financial liabilities.


The Company's investment is realisable only on the monthly trading date.  As
stated in the Admission Document, the Board has permitted the Company to invest
in a single holding, being the Master Fund, a Caymans-based hedge fund.

The policy is that the Company should remain fully invested in normal market
conditions and that shares in the investment should be sold to manage short-term
cash requirements.


The following table shows the contractual, undiscounted cash flows of the
Company's financial liabilities:


31-Dec-07                  Less than 1 month                               1-3 months                Total


                           £                                               £                         £
Payables and accruals      29,963                                          8,500                     38,463



12.  MATERIAL CONTRACTS

Manager

Under the Management Agreement dated 20 February 2006. If, and to the extent
that the Fund invests its assets only in the Master Fund, the Manager shall not
receive any fees. In respect of any assets of the Fund not invested in the
Master Fund, the Manager shall receive aggregate performance and management fees
on the same basis as those to which it would have been entitled if such assets
had been those of the Master Fund.


Under the master Fund Management Agreement, the Manager will receive monthly
management fees from the Master Fund not exceeding 2% per annum of the net asset
value of each class of share in the Master Fund, payable monthly in arrears.  In
addition, the Master Fund also pays the Manager performance and incentive fees
equal to 20% of the increase in the net asset value of each class of share in
the Master Fund over and above a reference net asset value, with performance and
incentive fees only therefore paid where the net asset value Is above a 'high
watermark' for the relevant class of share.  The Manger does not receive a
performance fee in relation to its investments which are categorised as Special
Situation Investments.


Investment Manager

Under the Investment Management Agreement dated 20 February 2006. If, and to the
extent that the Fund invests its assets only in the Master Fund, the Manager
shall  not receive any fees. In respect of the assets of the Fund which are not
invested in the Master Fund, the Manager shall pay the Investment Manager
aggregate performance and management fees on the same basis as those to which it
would have been entitled if such assets had been those of the Master Fund.

Collins Stewart Europe Limited ('Collins Stewart')

Under an engagement letter dated 13 September 2006 from Collins Stewart to the
Company, Collins Stewart has agreed to act as nominated adviser and broker to
the Company for the purposes of the AIM Rules for no fee. The appointment may be
terminated at any time by either party immediately on written notice being
received and the letter contains certain indemnities given by the Company in
favour of Collins Stewart.


Directors

David Williams and Robert Ware will not receive a fee and both David Warr and
Ian Clarke will receive a fee of £15,000 per annum for their role as director.
All Directors are entitled to receive reimbursement for all travel and other
costs incurred as a direct result of carrying out their duties as Directors.


Administrator

The Administrator performs the necessary secretarial and administrative services
for the Company under the Administration Agreement. The Administrator is paid an
annual fee of £20,000. The Administrator is also entitled to reimbursement of
certain expenses incurred by it in connection with its duties.


13.  RELATED PARTIES

During the period fees of £27,257 were payable to the Administrator, Fortis Fund
Services (Guernsey) Limited, with £10,000 outstanding at the period end. Ian
Clarke is a Director of both the Company and the Administrator.


14. CAPITAL MANAGEMENT POLICIES AND PROCEDURES

The Company's capital management objectives are;

- to ensure that it will be able to continue as a going concern, and

- to maximise the income and capital return to its equity shareholders


The Company's capital at 31 December comprises:

                                                            £
Called up share capital                                     3,300,000
Special distributable reserve                               26,346,979
Series One Warrant reserve                                  1,015,866
Series Two Warrant reserve                                  852,017
Capital reserve - Unrealised                                9,909,330
Revenue reserve                                             (119,491)

TOTAL CAPITAL                                               41,304,701


The Board, with the assistance of the Investment Manager monitors and reviews
the broad structure of the Company's capital on an ongoing basis

The Company is subject to externally imposed capital requirements which are as
follows;

- As an AIM listed company, the Company has to have a minimum share capital of
£50,000.

- In order to be able to pay dividends out of profits available for distribution
by way of dividends, the Company has to be able to meet one of the two capital
restriction tests imposed on investment companies by company law.


These requirements are unchanged since inception, and the Company has complied
with them.


MARWYN VALUE INVESTORS II LIMITED
ADVISERS


Registered office
PO Box 119
Martello Court
Admiral Park
St. Peter Port
Guernsey GY1 3HB

Nominated Adviser and Broker                                Investment Manager to the Master Fund
Collins Stewart Europe Limited                              and the Company
9th Floor                                                   Marwyn Investment Management LLP
88 Wood Street                                              11 Buckingham Street
London EC2V 7QR                                             London WC2N 6DF

Administrator to the Company                                Legal Advisers to the Company as
Fortis Fund Services (Guernsey) Limited                     to Guernsey Law
PO Box 119                                                  Carey Olsen
Martello Court                                              7 New Street
Admiral Park                                                St Peter Port
St Peter Port                                               Guernsey GY1 4BZ
Guernsey GY1 3HB

Manager to the Master Fund and                              Registrar
the Company                                                 Capita IRG (CI) Limited
Marwyn Capital Management Limited                           2nd Floor
PO Box 309GT, Ugland House                                  1 Le Truchot
South Church Street, George Town                            St Peter Port
Grand Cayman, Cayman Islands                                Guernsey GY1 4AE

Auditors
Grant Thornton Limited
PO Box 313
Anson Court
Le Route des Camp
St Martin
Guernsey GY1 3TF






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