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ANNUAL FINANCIAL REPORT

The information contained in this Annual Financial Report Announcement, including the 31 August 2012 comparatives, has been prepared in accordance with the applicable UK Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (issued in January 2009 and adopted early). The results for the year ended 31 August 2013 are audited but do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The statutory accounts have not yet been delivered to the Registrar of Companies. Full statutory accounts for the year ended 31 August 2012 included an unqualified audit report and have been filed with the Registrar of Companies.

Published on 28th November 2013

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