Final Results

Mid Wynd Inter Inv Trust PLC 13 August 2002 MID WYND INTERNATIONAL INVESTMENT TRUST PLC Results for the year to 30 June 2002 13 August 2002 Salient points • Outperformance in declining markets: NAV per share fell by 8.8% in the first half, and by 7.1% in the second; an overall fall of 15.2%. This is against falls in the World Index of 10.5% and 13.4% for the first and second halves respectively; an overall fall of 22.5%. It will be seen therefore that our relative performance grew stronger as the year progressed. This strong outperformance has been delivered by following a cautious strategy with significant and rising exposure to fixed income and positive stock selection in the US, Europe and UK. • Earnings per share 10.18p up 5.6%: The Company's increased exposure to fixed interest has delivered a higher than predicted income. However earnings per share could dip significantly when the Company switches to equities at some future point. • Final dividend 5.30p per share and 8.90p for the year an increase 4.7%: The Board has recommended only a modest increase in the final dividend as earnings are expected to fall as the Company increases its exposure to equities. • Market outlook: In the worst year for stockmarkets since the 1970s it is difficult to comment sensibly on the prospects for the year ahead. Market falls have, however, produced opportunities to buy shares in well-managed, well-financed businesses on attractive ratings. Although there may be further falls in the short term, the Board believes that investing in these businesses at current levels will prove to be very rewarding. The objective of Mid Wynd International Investment Trust PLC is to achieve capital and income growth by investing on a worldwide basis. The trust has total assets of £34m. Mid Wynd is managed by Baillie Gifford & Co., the leading Edinburgh based fund management group with £20 billion under management and advice - ends - For further information please contact: Michael MacPhee, Manager Mid Wynd International Investment Trust PLC 0131 222 4000 Mike Lord, Director Broadgate 020 7726 6111 Baillie Gifford & Co. is regulated by the Financial Services Authority. MID WYND INTERNATIONAL INVESTMENT TRUST PLC The following is the unaudited preliminary statement for the year to 30 June 2002 which was approved by the Board on 12 August 2002. The Directors of Mid Wynd International Investment Trust PLC are recommending to the Annual General Meeting of the Company to be held on 14 October 2002 the payment of a final dividend of 5.30p net (5.10p net last year) per ordinary share, making a total of 8.90p net (8.50p net last year) per ordinary share for the year ended 30 June 2002. STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) For the year ended For the year ended 30 June 2002 30 June 2001 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Losses on investments - (5,799) (5,799) - (1,467) (1,467) Currency gains - 88 88 - 83 83 Income (note 2) 858 - 858 849 - 849 Investment management fee (88) (88) (176) (105) (105) (210) Other administrative expenses (122) - (122) (130) - (130) Net return before finance costs and taxation 648 (5,799) (5,151) 614 (1,489) (875) Finance costs of borrowings (7) (7) (14) (11) (11) (22) Return on ordinary activities before taxation 641 (5,806) (5,165) 603 (1,500) (897) Tax on ordinary activities (129) 29 (100) (119) 35 (84) Return on ordinary activities after taxation 512 (5,777) (5,265) 484 (1,465) (981) Dividends in respect of equity (448) - (448) (427) - (427) shares Transfer to/(from) reserves 64 (5,777) (5,713) 57 (1,465) (1,408) Return per ordinary share 10.18p (114.91p) (104.73p) 9.64p (29.13p) (19.49p) (note 3) Dividend per ordinary share (note 4) 8.90p 8.50p * The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. MID WYND INTERNATIONAL INVESTMENT TRUST PLC SUMMARISED BALANCE SHEET at 30 June 2002 (unaudited) 30 June 2002 30 June 2001 £'000 £'000 Net assets Fixed asset investments 33,167 38,362 Net liquid assets 504 1,100 Total assets (before deduction of bank loan) 33,671 39,462 Bank loan (note 5) (1,861) (1,939) 31,810 37,523 Capital and reserves Called-up share capital 1,257 1,257 Capital reserves 29,944 35,721 Revenue reserve 609 545 Equity shareholders' funds 31,810 37,523 Net asset value per ordinary share 632.7p 746.3p Ordinary shares in issue 5,027,766 5,027,766 DISTRIBUTION OF ASSETS at 30 June 2002 (unaudited) 30 June 2002 30 June 2001 % % Equities: United Kingdom 16.4 16.1 Continental Europe 19.2 20.1 North America 28.0 35.0 Japan 9.4 9.0 Asia Pacific 3.2 3.1 Other Emerging Markets 2.2 3.1 78.4 86.4 Bonds: United Kingdom 5.7 3.9 Continental Europe 8.9 0.4 North America 5.5 6.5 Net liquid assets 1.5 2.8 Total assets (before deduction of bank loan) 100.0 100.0 MID WYND INTERNATIONAL INVESTMENT TRUST PLC SUMMARISED CASH FLOW STATEMENT (unaudited) For the year ended For the year ended 30 June 2002 30 June 2001 £'000 £'000 £'000 £'000 NET CASH INFLOW FROM OPERATING ACTIVITIES 381 475 NET CASH OUTFLOW FROM SERVICING OF FINANCE (12) (31) TOTAL TAX PAID (1) - FINANCIAL INVESTMENT Acquisitions of investments (14,716) (20,714) Disposals of investments 14,204 18,249 Realised currency profit/(loss) 10 (87) NET CASH OUTFLOW FROM FINANCIAL INVESTMENT (502) (2,552) EQUITY DIVIDENDS PAID (437) (422) NET CASH OUTFLOW BEFORE FINANCING (571) (2,530) FINANCING Bank loan drawn down - 1,997 Bank loan repaid - (1,476) Realised currency loss on bank loan - (285) NET CASH INFLOW FROM FINANCING - 236 DECREASE IN CASH (571) (2,294) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Decrease in cash in the period (571) (2,294) Cash used to repay bank loan - (236) Exchange movement 78 170 MOVEMENT IN NET DEBT IN THE PERIOD (493) (2,360) NET (DEBT)/FUNDS AT 1 JULY (661) 1,699 NET DEBT AT 30 JUNE (1,154) (661) MID WYND INTERNATIONAL INVESTMENT TRUST PLC NOTES 1. The financial statements for the year to 30 June 2002 have been prepared on the basis of the accounting policies set out in the Company's financial statements at 30 June 2001. 30 June 2002 30 June 2001 £'000 £'000 2. Income Income from investments and interest receivable 857 849 Other income 1 Nil 3. Return per ordinary share Revenue return 512 484 Capital return (5,777) (1,465) Return per ordinary share is based on the above totals for revenue and capital and on 5,027,766 ordinary shares, being the number of ordinary shares in issue throughout each year. 4. The total cost of the dividend for the year is £448,000 (2001 - £427,000). If approved the final dividend will be paid on 16 October 2002 to all shareholders on the register at the close of business on 27 September 2002. 5. Loans include Y340 million drawn down under a multi-currency loan facility which is repayable on 5 February 2003 (2001 - Y340 million). 6. The financial information set out above does not constitute the Company's statutory accounts for the year ended 30 June 2002. The financial information for 2001 is derived from the statutory accounts for 2001, which have been delivered to the Registrar of Companies. The Auditors have reported on the 2001 accounts, their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2002 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. This information is provided by RNS The company news service from the London Stock Exchange

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