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Murray Intnl Trust (MYI)

  Print      Mail a friend       Annual reports

Thursday 23 August, 2007

Murray Intnl Trust

Interim Results

Murray International Trust PLC
23 August 2007



MURRAY INTERNATIONAL TRUST PLC

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007



The Directors of Murray International Trust PLC report the unaudited results of
the Company for the six months ended 30 June 2007.




Background

Global equity markets were surprisingly strong over the past six months as
investors ignored worrying economic trends concentrating instead on surging
merger and acquisition activity.  The pessimism that prevailed in global fixed
income markets, based on fears over inflation and deteriorating asset quality in
the US housing market, was not replicated in equity markets.  Despite adverse
headwinds from rising interest rates and faltering corporate profitability, many
markets produced above average returns.  Over the period, in sterling terms, the
most notable returns came from Continental Europe, Asia and Brazil up 11.4%,
15.4% and 31.3% respectively.  Continued weakness in the US dollar and the Yen
constrained returns from the United States and Japan in sterling terms.  Within
a global context, the UK return of 8.3% was a satisfactory performance.



Performance

The Net Asset Value total return, with net income reinvested, for the six months
to 30 June 2007 was 6.6% compared with a return of 7.7% on the Trust's benchmark
(40% of the FTSE World UK and 60% of the FTSE World ex UK Indices).



The negative contribution from our positions in Japanese and fixed income
securities outweighed the positive impact of the low level of our investment in
the USA being replaced by a greater than average commitment to the smaller Asian
markets. Given the widespread global diversification of the total portfolio, the
relentless rise of sterling against most foreign currencies continued to
constrain returns from overseas markets.



Dividends

In accordance with shareholder approved procedures, the Board announced on 7
August a second interim dividend of 4.3p, payable on 15 November 2007.  This
represents a 13.2% increase on the second interim dividend distributed for the
same period twelve months ago, and continues the objective of reducing the
disparity between the interims and the final dividend.  The Board intends to
recommend that the final dividend in respect of the year ending 31 December
2007, payable in May 2008, will not be less than 7.60p.



VAT on Management Fees

The Board has been watching carefully developments in the 'Claverhouse' case in
which the Association of Investment Companies ('AIC'), in conjunction with
JPMorgan Claverhouse Investment Trust PLC, has been seeking to bring the rules
relating to the payment of VAT on management fees by investment trusts into line
with the rules for other collective investment schemes, such as open ended
investment companies whose management fees do not attract VAT.  The European
Court of Justice has delivered its judgement that the fees associated with the
management of an investment trust in the UK should be exempt from VAT.  We
understand that the case will now be referred back to the VAT and Duties
Tribunal in the UK for final determination.  The Board has taken appropriate
steps to protect the Trust's position.



Outlook

At this point in the business cycle, history suggests that risks associated with
inappropriate policy actions are rising.  The high volatility in markets since
30 June 2007 indicates that many investors are now recognising this. Tighten too
much and risk tipping the economy into recession: loosen policy too quickly and
risk losing the respect of the bond market.  The United States and the UK are
both facing such difficult decisions in the coming months.  Thankfully,
elsewhere in the world, the prospects are much brighter.  The enormous savings
pool that currently exists in Asia and the Emerging Markets is providing
numerous domestic economic growth opportunities in countries which previously
were wholly dependent on exports.  With domestic expansion comes new investment
possibilities in growth sectors such as finance, construction, transportation
and telecommunications.  As global growth becomes more geographically diverse,
so too has the asset allocation of your Company, capitalising on the breadth and
depth of high quality, strongly managed companies in various growth businesses
throughout the world.  Accordingly, we feel well positioned to benefit once the
markets have settled down.



J F H Trott
Chairman
23 August 2007




Income Statement
                                                                               Six months ended
                                                                                 30 June 2007
                                                                                  (unaudited)
                                                                        Revenue       Capital         Total
                                                                          £'000         £'000         £'000
Gains on investments                                                          -        25,796        25,796

Income from investments                                                  14,530             -        14,530
Other income                                                                  -             -             -
Investment management fees                                                (483)       (1,127)       (1,610)
Performance fees                                                              -           314           314
Other expenses                                                            (606)             -         (606)
Currency losses                                                               -       (2,091)       (2,091)
                                                                        _______       _______       _______
Net return before finance costs and taxation                             13,441        22,892        36,333

Finance costs of borrowing                                                (298)         (696)         (994)
                                                                        _______       _______       _______
Return on ordinary activities before tax                                 13,143        22,196        35,339

Tax on ordinary activities                                              (2,788)         1,965         (823)
                                                                        _______       _______       _______
Return attributable to equity Shareholders                               10,355        24,161        34,516
                                                                        _______       _______       _______

Return per Ordinary share (pence)                                          12.0          27.9          39.9
                                                                        _______       _______       _______
Return per Ordinary share assuming full                                    11.8          27.6          39.4
conversion of the B Ordinary shares (pence)
                                                                        _______       _______       _______




The total column of the statement represents the profit and loss of the Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued during the year.

The Company has no other gains or losses other than those recognised in the
Income Statement above.


Ordinary dividends on equity shares (£'000)*                               6,580             -         6,580
                                                                         _______       _______       _______


* The apparent drop in dividends when comparing interim periods for 2007 and
2006 is due to the Company now declaring interim dividends quarterly instead of
announcing all three interim dividends at the start of the year.








Income Statement
                                                                               Six months ended
                                                                                 30 June 2006
                                                                                  (unaudited)
                                                                        Revenue       Capital         Total
                                                                          £'000         £'000         £'000
Gains on investments                                                          -         6,124         6,124

Income from investments                                                  13,794             -        13,794
Other income                                                                 35             -            35
Investment management fees                                                (437)       (1,020)       (1,457)
Performance fees                                                              -         (477)         (477)
Other expenses                                                            (617)             -         (617)
Currency losses                                                               -       (1,884)       (1,884)
                                                                        _______       _______       _______
Net return before finance costs and taxation                             12,775         2,743        15,518

Finance costs of borrowing                                                (311)         (726)       (1,037)
                                                                        _______       _______       _______
Return on ordinary activities before tax                                 12,464         2,017        14,481

Tax on ordinary activities                                              (2,473)         1,567         (906)
                                                                        _______       _______       _______
Return attributable to equity Shareholders                                9,991         3,584        13,575
                                                                        _______       _______       _______

Return per Ordinary share (pence)                                          11.5           4.1          15.6
                                                                        _______       _______       _______
Return per Ordinary share assuming full                                    11.4           4.1          15.5
conversion of the B Ordinary shares (pence)
                                                                        _______       _______       _______




The total column of the statement represents the profit and loss of the Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued during the year.

The Company has no other gains or losses other than those recognised in the
Income Statement above.


Ordinary dividends on equity shares (£'000)*                            15,623             -          15,623
                                                                       _______       _______         _______


* The apparent drop in dividends when comparing interim periods for 2007 and
2006 is due to the Company now declaring interim dividends quarterly instead of
announcing all three interim dividends at the start of the year.




Income Statement
                                                                                  Year ended
                                                                               31 December 2006
                                                                                   (audited)
                                                                        Revenue       Capital         Total
                                                                          £'000         £'000         £'000
Gains on investments                                                          -        61,182        61,182

Income from investments                                                  24,566             -        24,566
Other income                                                                  -             -             -
Investment management fees                                                (910)       (2,124)       (3,034)
Performance fees                                                              -       (2,565)       (2,565)
Other expenses                                                          (1,313)             -       (1,313)
Currency losses                                                               -       (4,087)       (4,087)
                                                                        _______       _______       _______
Net return before finance costs and taxation                             22,343        52,406        74,749

Finance costs of borrowing                                                (610)       (1,424)       (2,034)
                                                                        _______       _______       _______
Return on ordinary activities before tax                                 21,733        50,982        72,715

Tax on ordinary activities                                              (4,603)         3,147       (1,456)
                                                                        _______       _______       _______
Return attributable to equity Shareholders                               17,130        54,129        71,259
                                                                        _______       _______       _______

Return per Ordinary share (pence)                                          19.8          62.5          82.3
                                                                        _______       _______       _______
Return per Ordinary share assuming full                                    19.5          61.8          81.3
conversion of the B Ordinary shares (pence)
                                                                        _______       _______       _______






The total column of the statement represents the profit and loss of the Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued during the year.

The Company has no other gains or losses other than those recognised in the
Income Statement above.


Ordinary dividends on equity shares (£'000)                         15,623                   -        15,623
                                                                   _______             _______       _______









Balance Sheet
                                                                      As at             As at            As at
                                                                    30 June           30 June 31 December 2006
                                                                       2007              2006
                                                                (unaudited)       (unaudited)        (audited)
                                                                      £'000             £'000            £'000
Non-current assets
Investments at fair value through profit or loss                    673,859          609,231           655,634

Current assets
Debtors                                                               5,855            4,637             3,694
Cash and short-term deposits                                          1,569              998             3,870
                                                                    _______          _______           _______
                                                                      7,424            5,635             7,564
                                                                    _______          _______           _______
Creditors: amounts falling due within one year
Bank loans                                                         (16,749)                -                 -
Other creditors                                                     (4,149)         (11,821)           (8,167)
                                                                    _______          _______           _______
                                                                   (20,898)         (11,821)           (8,167)
                                                                    _______          _______           _______
Net current liabilities                                            (13,474)          (6,186)             (603)
                                                                    _______          _______           _______
Total assets less current liabilities                               660,385          603,045           655,031
Creditors: amounts falling due after more than one year
Loans                                                              (51,262)         (79,423)          (72,159)
Other creditors                                                     (1,919)          (2,037)           (3,604)
                                                                    _______          _______           _______
                                                                   (53,181)         (81,460)          (75,763)
                                                                    _______          _______           _______
Net assets                                                          607,204          521,585           579,268
                                                                    _______          _______           _______
Capital and reserves
Equity Shareholders' interests:
Called-up share capital                                              21,922           21,919            21,919
Share premium account                                                    22               23                22
Capital redemption reserve                                            8,230            8,230             8,230
Capital reserve - realised                                          312,911          299,758           298,874
Capital reserve - unrealised                                        226,692          165,142           216,571
Revenue reserve                                                      37,427           26,513            33,652
                                                                    _______          _______           _______
Equity Shareholders' funds                                          607,204          521,585           579,268
                                                                    _______          _______           _______
Net Asset Value per Ordinary and B Ordinary share (pence)             692.4            594.9             660.7
                                                                    _______          _______           _______







Reconciliation of Movements in Shareholders' Funds


Six months ended 30 June 2007                     
(unaudited)

                                                  Share      Capital    Capital      Capital
                                        Share   premium   redemption    reserve      reserve    Revenue
                                      capital   account      reserve   realised   unrealised    reserve     Total
                                        £'000     £'000        £'000      £'000        £'000      £'000     £'000
Balance at 31 December 2006            21,919        22        8,230    298,874      216,571     33,652   579,268
Return on ordinary activities after         -         -            -     14,040       10,121     10,355    34,516
taxation
Dividends paid (see note 2)                 -         -            -          -            -    (6,580)   (6,580)
Issue of new shares                         3         -            -        (3)            -          -         -
                                      _______   _______      _______    _______      _______    _______   _______
Balance at 30 June 2007                21,922        22        8,230    312,911      226,692     37,427   607,204
                                      _______   _______      _______    _______      _______    _______   _______
Six months ended 30 June 2006
(unaudited)
                                                  Share      Capital    Capital      Capital
                                        Share   premium   redemption  reserve -    reserve -    Revenue
                                      capital   account      reserve   realised   unrealised    reserve     Total
                                        £'000     £'000        £'000      £'000        £'000      £'000     £'000
Balance at 31 December 2005            21,911        23        8,230    286,597      174,727     32,145   523,633
Return on ordinary activities after         -         -            -     13,169      (9,585)      9,991    13,575
taxation
Dividends paid (see note 2)                 -         -            -          -            -   (15,623)  (15,623)
Issue of new shares                         8         -            -        (8)            -          -         -
                                      _______   _______      _______    _______      _______    _______   _______
Balance at 30 June 2006                21,919        23        8,230    299,758      165,142     26,513   521,585
                                      _______   _______      _______    _______      _______    _______   _______
Year ended 31 December 2006
(audited)
                                                  Share      Capital    Capital      Capital
                                        Share   premium   redemption  reserve -    reserve -    Revenue
                                      capital   account      reserve   realised   unrealised    reserve     Total
                                        £'000     £'000        £'000      £'000        £'000      £'000     £'000
Balance at 31 December 2005            21,911        23        8,230    286,597      174,727     32,145   523,633
Return on ordinary activities after         -         -            -     12,285       41,844     17,130    71,259
taxation
Dividends paid (see note 2)                 -         -            -          -            -   (15,623)  (15,623)
Issue of new shares                         8       (1)            -        (8)            -          -       (1)
                                      _______   _______      _______    _______      _______    _______   _______
Balance at 31 December 2006            21,919        22        8,230    298,874      216,571     33,652   579,268
                                      _______   _______      _______    _______      _______    _______   _______



Cash Flow Statement
                                                      Six months ended  Six months ended                 Year
                                                                                                        ended
                                                          30 June 2007      30 June 2006     31 December 2006
                                                           (unaudited)       (unaudited)            (audited)
                                                                 £'000             £'000                £'000

Net return before finance costs and taxation                    36,333            15,518               74,749
Adjustments for:
Realised gains on investments                                 (20,056)          (17,470)             (25,909)
Unrealised (gains)/losses on investments                       (5,740)            11,346             (35,273)
Amortisation of fixed income book cost                             281               265                  558
Effect of foreign exchange losses                                2,091             1,884                4,087
Increase in accrued income                                     (2,060)           (1,252)                (344)
(Increase)/decrease in other debtors                               (4)                28                 (48)
(Decrease)/increase in other creditors                         (2,185)             (557)                1,559
Overseas tax suffered                                            (920)           (1,048)              (1,500)
                                                        ______________    ______________       ______________
Net cash inflow from operating  activities                       7,740             8,714               17,879
Returns on investment and servicing of finance
Interest paid                                                    (989)           (1,170)              (2,233)
                                                        ______________    ______________       ______________
Net cash outflow from servicing of finance                       (989)           (1,170)              (2,233)
Financial investment
Purchases of investments                                      (69,126)          (54,612)            (100,174)
Sales of investments                                            76,416            54,343              108,267
                                                        ______________    ______________       ______________
Net cash inflow/(outflow) from financial investment              7,290             (269)                8,093
Equity dividends paid                                          (9,869)           (8,826)             (15,404)
                                                        ______________    ______________       ______________
Net cash inflow/(outflow) before financing                       4,172           (1,551)                8,335
Financing
Expense of share issue                                               -                 -                  (1)
Loans repaid                                                         -           (7,707)              (7,708)
Loans received                                                       -             7,707                7,708
                                                        ______________    ______________       ______________
Net cash flow from financing                                         -                 -                  (1)
                                                        ______________    ______________       ______________
Increase/(decrease) in cash                                      4,172           (1,551)                8,334
                                                        ______________    ______________       ______________

Analysis of changes in cash during the period
Opening balance                                                  3,870             6,816                6,816
Increase/(decrease) in cash as above                             4,172           (1,551)                8,334
Currency differences                                           (6,473)           (4,267)             (11,280)
                                                        ______________    ______________       ______________
Closing balances                                                 1,569               998                3,870
                                                        ______________    ______________       ______________



MURRAY INTERNATIONAL TRUST PLC
Six months ended 30 June 2006
Supplementary Information



Note 1    Transaction Costs

During the six months ended 30 June 2007 expenses were incurred in acquiring or
disposing of investments classified as fair value through profit or loss. These
have been expensed through capital and are included within gains on investments
in the Income Statement. The total costs were as follows:


                       Six months ended      Six months ended            Year ended
                           30 June 2007          30 June 2006      31 December 2006
                                  £'000                 £'000                 £'000
Purchases                           121                    80                   147
Sales                               139                    95                   159
                            ___________           ___________           ___________
                                    260                   175                   306
                            ___________           ___________           ___________






Note 2    Ordinary dividends on equity shares


                                                    Six months   Six months               Year
                                                         ended        ended              ended
                                                       30 June      30 June   31 December 2006
                                                          2007         2006
                                                         £'000        £'000              £'000
2006 final dividend of 7.60p (2005 - 6.65p)              6,580        5,756              5,756
First interim dividend 2006 of 3.80p                         -        3,289              3,289
Second interim dividend 2006 of 3.80p                        -        3,289              3,289
Third interim dividend 2006 of 3.80p                         -        3,289              3,289
                                                      ________     ________           ________
                                                         6,580       15,623             15,623
                                                      ________     ________           ________




A first interim dividend for 2007 of 4.30p (2006 - 3.80p) was paid on 14 August
2007 (2006 - 14 August 2006) to Shareholders on the register on 6 July 2007. The
ex-dividend date was 4 July 2007.



A second interim dividend for 2007 of 4.30p (2006 - 3.80p) will be paid on 15
November 2007 (2006 - 15 November 2006) to Shareholders on the register on 5
October 2007. The ex-dividend date is 3 October 2007.



In accordance with UK Generally Accepted Accounting Practice (UK GAAP) these are
not recognised in these financial statements.





Note 3 Returns per share


                                          Six months ended Six months ended         Year ended
                                                   30 June          30 June        31 December 
                                                      2007             2006               2006
                                                     £'000            £'000              £'000
The returns per share have been based
on the following figures:
Revenue return                                      10,355            9,991             17,130
Capital return                                      24,161            3,584             54,129
                                            ______________   ______________     ______________
Total return                                        34,516           13,575             71,259
                                            ______________   ______________     ______________
Weighted average number of Ordinary             86,584,151       86,556,277         86,570,172
shares
Weighted average number of B Ordinary            1,095,495        1,094,729          1,093,746
shares





Note 4        Diluted net asset value

The diluted Net Asset Value per share and the net asset value attributable to
the Ordinary shares (including conversion of the B Ordinary shares), at the
period end calculated in accordance with the Articles of Association were as
follows:


                                                         As at            As at              As at
                                                       30 June          30 June        31 December 
                                                          2007             2006               2006
                                                         £'000            £'000              £'000
     Attributable net assets                           607,204          521,585            579,268
                                                ______________   ______________     ______________
     Number of shares in issue:
     Ordinary shares                                86,612,772       86,583,992         86,583,992
     B Ordinary shares                               1,076,598        1,092,806          1,092,806
                                                ______________   ______________     ______________
                                                    87,689,370       87,676,798         87,676,798
                                                ______________   ______________     ______________





Note 5

The financial information in this report comprises non-statutory accounts within
the meaning of Section 240 of the Companies Act 1985. The financial information
for the year ended 31 December 2006 has been extracted from published accounts
that have been delivered to the Registrar of Companies and on which the report
of the auditors was unqualified under Section 235 of the Companies Act 1985. The
interim accounts have been prepared using the same accounting policies as the
preceding annual accounts.





Note 6

A summary of investment changes for the six months to 30 June 2007, a summary of
net assets as at 30 June 2007 and a schedule of the twenty largest equity
investments and the ten largest fixed income investments as at 30 June 2007 are
attached.



By order of the Board

ABERDEEN ASSET MANAGEMENT PLC, SECRETARY

23 August 2007



The Interim Report will be printed and issued to shareholders and further copies
will be available to the public at the registered office of the Company, 97
Haymarket Terrace, Edinburgh EH12 5HD.



Summary of Investment Changes


                                              Valuation                        Appreciation/      Valuation
                                          31 December 2006     Transactions   (depreciation)    30 June 2007
                                             £'000         %          £'000            £'000     £'000         %
Equities
United Kingdom                             151,209      23.1       (29,805)            7,628   129,032      19.1
North America                               46,259       7.0          3,153            2,118    51,530       7.6
Europe Ex UK                               101,050      15.4        (3,590)            7,612   105,072      15.5
Japan                                       77,883      11.9        (3,453)            (950)    73,480      10.9
Asia Pacific Ex Japan                      117,725      18.0            293            5,394   123,412      18.2
Emerging Europe & Latin America             73,873      11.3          1,660            6,038    81,571      12.0
                                           _______   _______        _______          _______   _______   _______
                                           567,999      86.7       (31,742)           27,840   564,097      83.3
Fixed income                               _______   _______        _______          _______   _______   _______
United Kingdom                              57,512       8.8         17,354          (1,804)    73,062      10.8
North America                               11,617       1.8          6,873            (453)    18,037       2.7
Europe Ex UK                                 4,765       0.7             16              157     4,938       0.7
Asia Pacific Ex Japan                        7,553       1.2           (17)               89     7,625       1.1
Latin America                                6,188       0.9           (55)             (33)     6,100       0.9
                                           _______   _______        _______          _______   _______   _______
                                            87,635      13.4         24,171          (2,044)   109,762      16.2
                                           _______   _______        _______          _______   _______   _______
Other net current assets/(liabilities)*      (603)     (0.1)         10,117          (6,239)     3,275       0.5
                                           _______   _______        _______          _______   _______   _______
Total assets less current liabilities      655,031     100.0          2,546           19,557   677,134     100.0
                                           _______   _______        _______          _______   _______   _______

* Excluding short term bank loans of £16,749,000 (31 December 2006 - £nil)




                                                                    Valuation
                                                                  30 June 2007
                                                                     £'000            %
Equities                                                           564,097         92.9
Fixed income                                                       109,762         18.1
Other net assets                                                     3,275          0.5
Prior charges                                                     (68,011)       (11.2)
Other long term liabilities                                        (1,919)        (0.3)
                                                                 _________    _________
Equity Shareholders' funds                                         607,204        100.0
                                                                 _________    _________




Twenty Largest Equity Investments
As at 30 June 2007
                                                                                    Valuation        % of total
Security                                   Investment area                              £'000            assets
Atrium Underwriting                        United Kingdom                              25,139               3.7
Petrobras                                  Brazil & Argentina                          21,249               3.1
Resolution                                 United Kingdom                              20,032               3.0
Tenaris ADR                                Mexico                                      19,498               2.9
British American Tobacco*                  United Kingdom & Malaysia                   15,153               2.2
PetroChina                                 China                                       10,959               1.6
Aeroportuario del Sureste ADS              Mexico                                      10,489               1.5
Vodafone Group                             United Kingdom                               9,397               1.4
Weir Group                                 United Kingdom                               9,125               1.3
Souza Cruz                                 Brazil                                       8,986               1.3
PTT Exploration & Production               Thailand                                     8,495               1.3
E.ON                                       Germany                                      8,343               1.2
ICICI Bank                                 India                                        8,178               1.2
Telecomunicacoes de Sao Paulo              Brazil                                       8,097               1.2
Orix Corporation                           Japan                                        8,095               1.2
Intesa Sanpaolo                            Italy                                        8,025               1.2
BT Group                                   United Kingdom                               7,980               1.2
Reynolds American                          United States of America                     7,792               1.2
Swire Pacific B                            Hong Kong                                    7,426               1.1
Altria Group                               United States of America                     7,332               1.1
                                                                                    _________         _________
Top twenty investments                                                                229,790              33.9
                                                                                    _________         _________




* Consolidates all equity holdings from same issuer.




Ten Largest Fixed Income Investments
As at 30 June 2007

         Security                                       Currency                Valuation % of total assets
                                                        Denomination                £'000
UK Treasury 7.25% 07/12/2007                            Sterling                    7,039            1.0
UK Treasury 5% 07/03/2008                               Sterling                    6,971            1.0
US Treasury Notes 4.5% 15/05/2017                       US Dollar                   6,929            1.0
UK Treasury 4% 07/03/2009                               Sterling                    6,805            1.0
UK Treasury 5% 07/03/2012                               Sterling                    6,801            1.0
UK Treasury 4.75% 07/09/2015                            Sterling                    6,738            1.0
UK Treasury 4% 07/09/2016                               Sterling                    6,716            1.0
UK Treasury 6.25% 25/11/2010                            Sterling                    6,593            1.0
UK Treasury 9% Conversion 12/07/2011                    Sterling                    6,461            1.0
Mexico (Government of) 10.5% 14/07/2011                 Mexican Peso                6,100            0.9
                                                                                _________      _________
Top ten investments                                                                67,153            9.9
                                                                                _________      _________



Independent Review Report to Murray International Trust PLC


Introduction

We have been instructed by the Company to review the financial information for
the six months ended 30 June 2007 which comprises the Income Statement, Balance
Sheet, Reconciliation of Movements in Shareholders' Funds, Cash Flow Statement
and related notes 1 to 6. We have read the other information contained in the
Interim Report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.



This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.



Directors' Responsibilities

The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the Interim Report in accordance with the Listing
Rules of the Financial Services Authority, which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.



Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of management and applying analytical procedures to the financial information
and underlying financial data and, based thereon, assessing whether the
accounting policies and presentation have been consistently applied, unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.



Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2007.



Ernst & Young LLP

Edinburgh

23 August 2007






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