aic stats · pdf filechanges to the aic stats – june 2008 we are pleased to inform you...

AIC StatsA monthly publication of AIC Member investment company information

Visit www.aicstats.co.uk for an interactive version of this publicationInvestment decisions should not be based solely on the information contained in this publication

31 May 20087

The Association of Investment Companies

www.theaic.co.uk

Dear AIC Stats user Changes to the AIC Stats – June 2008 We are pleased to inform you of changes the AIC have made to data reporting in the AIC Stats publication. The AIC has recommended that from 31 May 2008 published NAVs should include current year income – commonly referred to as the cum-income NAV. To date, AIC recommended NAVs have excluded current year income. The latest change follows a review over the past year of the policy to exclude income following various requests from the industry. The AIC Statistics Committee and the Board of the Association have subsequently agreed that the standard AIC recommended NAV should include current year income. Background The publication of cum-income NAVs has been a topic of discussion going back many years, with various arguments for and against the inclusion of current year income. Some of the historically cited arguments are discussed below, along with our reasons for making the change. Ability to produce regular information The ability to calculate current year income data on a frequent basis has historically been an issue. The AIC has over the past few years asked Member companies to voluntarily provide this information to the AIC. The results over the past year have been that more than 70% of Members, who provide monthly NAV data, have been voluntarily providing cum-income data. In addition, an increasing number of companies have been reporting cum-income NAVs directly to the market on a more frequent basis. Discounts It has been argued that cum-income NAVs are more volatile than ex-income NAVs due to the payment of dividends from the current year revenue account at certain points during the year. However, one of the main uses of NAV data is the ability to measure the discount (or premium) to which the market price per share stands. Commonly, the market price reflects the expected dividend prior to the ex-dividend date and adjusts accordingly post the ex-dividend date, since it is determined by willing buyers and sellers. It is therefore expected that discount measures based on cum-income NAVs will be more accurate and less volatile, as the price and NAV will both adjust at the same time. [The AIC recommends that dividends payable should be deducted from the income account when the relevant securities are declared ex-dividend.]

It follows that ex-income NAVs can significantly undervalue the economic reality of certain companies at certain times of the year, in particular where the income flows are significant. This in turn causes distortions in the comparison of discounts between companies and within the same company over time. A change to cum-income should therefore enable better comparisons. Therefore, AIC discount measures now calculate the difference between the mid-market share price and the diluted cum-income NAV, with debt at fair value. As a result, the key effect of this change will be in discount values. In most cases, the change will lead to an increase in stated NAVs and thus wider discounts. The increase will vary from company to company and, depending on the timing, certain companies will see a meaningful change. Although discounts may widen marginally, it is considered that this will better reflect the underlying economic reality of shareholders funds. The AIC believe that that change therefore means that regular published discounts will be a closer reflection of market sentiment. For some companies this change will result in a reduction of published NAVs and a narrowing of published discounts. This is the case where the current year income account is in deficit, by way of example, if a company as part of its overall strategy charges all its expenses to revenue and does not generate sufficient income from the portfolio to offset these expenses. Other collectives The change to cum-income NAVs brings investment company NAVs closer in-line with the data reporting of other collective investments and general industry practice. It is arguable that this change in practice will be more readily understood as NAVs will now provide a better analysis of the true economic value of shareholders’ funds. Other asset related data items The change to include current year income is reflected in all other asset related items in the AIC Stats, such as total assets, portfolio spreads, cash values and potential gearing values. NAV performance figures NAV performance figures continue to be calculated using the diluted ex-income NAV with debt at book value. Due to the reinvestment of dividends in total return calculations, a change to using cum-income NAVs will make no quantifiable difference in NAV total return values. However, performance measurements based on a mixture of cum and ex-income NAVs would be materially affected. The AIC Statistics Committee explored the possibility of adjusting NAV histories to reflect cum-income information; however, due to

the limited amount of historic information (which is not available either directly from the individual companies or from the AIC database) and the complexities involved in establishing an appropriate adjustment factor, the Committee has agreed that histories should not be adjusted. For this reason NAV performance figures continue to be calculated using the diluted ex-income NAV with debt at book value. This policy will be kept under review as cum-income NAVs, with debt at fair value, become available. Summary Analysis on the effect of this change to NAVs shows that the overall average Member NAV has increased by 0.9%, within a range of a 1.5% decrease to a 4% increase in NAVs. The effect of this change on discounts overall, on an un-weighted basis is 0.8%, within a range of a 1.5% decrease to widening of 3.5%. Discounts can be a good measure of sentiment, but it is extremely important to look at the wider picture. Investors need to take into account a range of factors before making any investment decisions. The AIC remains committed to ensuring an industry standard is adopted for regular reported data, which enables comparability across the sector. Should you have any comments or suggestions on these changes please feel free to contact the AIC Statistics department. Regards, AIC Statistics [email protected]

Table of contents and News 31 May 2008

The interactive online version can be found on www.aicstats.co.uk which contains additional data including discrete annual performance data not published in this booklet. The AIC’s main website can be found on www.theaic.co.uk Important information: This publication has been prepared by Fundamental Data Limited on behalf of AIC Information Services Limited for information purposes only. Private investors are advised to seek independent financial advice before making any investment. Please see the back cover of this publication for further important information.

Monthly news Changes to AIC Members over the past month: 1. New Issue: BH Global (GBP, Euro and USD shares) (AIC Sector: Hedge Funds) 2. Membership Change: ACP Mezzanine (AIM) became a new member (AIC Sector: Sector Specialist: Mezzanine Finance) 3. Membership Change: Partners Group Global Opportunities (AIM) became a new member (AIC Sector: Private Equity) 4. Membership Change: F&C Managed Portfolio Growth and F&C Managed Portfolio Income became new members (AIC Sector: Global Growth and Global Growth & Income, respectively) 5. Membership Change: Marwyn Value Investors (AIM) became a new member (AIC Sector: Global Smaller Companies) 6. Membership Change: Eaglet became a new member (AIC Sector: UK Smaller Companies) 7. Membership Change: Talisman VCT resigned from membership. 8. Listing Change: Phaunos Timber now trades on the Official List of the Main exchange, and is no longer listed on AIM.

Contents

Table of contents and Monthly news ………………………………………...……… Notification of any changes made to AIC Stats and changes to member companies

1

AIC Sector Averages and Indices……………………………… A quick reference to AIC sector averages followed by a table of some relevant comparable Market indices

2

Index of AIC Member Investment Companies …………………….. An alphabetical listing of AIC member companies with key information and details

5

AIC Sectors …………………………………………………..……….… Detailed comparable data tables on each AIC member company by AIC sector.

14

Split Capitals ……………….………… An list of member split capitals including details of their structure

34

Zero Dividend Preference Shares …………….....………………….....… 36 Income Shares ………………………………………………….………….. 37 Capital Shares ………………………………………......................……... 37 Ordinary Income Shares …………………………...……………………… 38 Warrants and Subscription Shares ….…………… Details of warrants and subscription shares issued by member companies

39

Wrapper Schemes Details of the Investment Schemes (Share Plans), ISAs, Children’s Investment Schemes and Pension schemes offered by Member companies and their managers

Investment Schemes (Share Plans)……………………………......….. 40 Individual Savings Accounts (ISAs) …….………………..………...… 44 Children’s Investment Schemes …………………..……………......... 48 Pension Schemes ………………………………………………..……….. 50 Management Information …………………………….….....…………… Contact details for each management group and self managed company

51

Footnotes …………………………………………….……….

61

Explanatory Notes …………………………………………….………..

63

AIC Sector AveragesThe figures below show averages for all Conventional AIC Member companies. The total return figures show the change in value to the investor of a theoretical £100 over various periods, assuming any income was reinvested. Asset related averages consist only of data submitted by AIC Members as at the current month end.

10yr5yr3yrSHARE PRICE TOTAL RETURN SIZE-WEIGHTED AVERAGE

1 yr 10yr5yr3yrNAV TOTAL RETURN SIZE-WEIGHTED AVERAGE

1yr5YR DIV

YID % DIVTOTAL ASSETS

GEARINGDISC/PREM

SECTOR AVERAGES GRTH % p.a.(Sum £m)

94.8 150.1 227.4(354) (255) (217)OVERALL AVERAGE 211.3 (167)56022 111 -9.5 96.8 (207) 152.8 (175) 220.2 (161) 201.6 (133)(212)

GLOBAL GROWTH19179 -9.2109 100.5 156.7 217.6 189.9 99.8 152.1 207.7 176.6 9.3 1.7(31) (28) (26) (23) (31) (28) (26) (22) (29)(32) (25)

GLOBAL GROWTH & INCOME1922 -8.4116 97.5 147.1 201.1 166.8 97.3 143.8 193.4 151.1 5.5 3.7(6) (5) (5) (5) (6) (5) (5) (5) (7)(7) (5)

GLOBAL SMALLER COMPANIES- -- - - - - - - - - - -(1) (0) (0) (0) (0) (0) (0) (0) (0)(0) (0)

GLOBAL HIGH INCOME237 -- - - - - - - - - - -(1) (1) (1) (0) (1) (1) (1) (0) (2)(2) (1)

UK GROWTH3645 -11.1112 78.6 148.8 220.4 187.3 81.4 145.0 218.9 195.1 15.0 2.8(20) (16) (15) (14) (19) (15) (14) (13) (20)(19) (15)

UK GROWTH & INCOME6002 -10.5114 84.5 126.9 180.3 148.9 85.8 128.1 181.2 149.5 7.3 4.4(18) (18) (18) (17) (17) (17) (17) (16) (18)(17) (18)

UK SMALLER COMPANIES2558 -15.6107 77.9 131.3 232.6 171.0 79.3 130.2 223.1 172.6 8.1 1.7(18) (18) (18) (17) (16) (16) (16) (15) (17)(16) (17)

UK HIGH INCOME759 -4.2137 80.9 111.3 169.6 167.2 84.3 117.4 175.2 164.8 -0.1 6.7(8) (6) (5) (3) (8) (6) (5) (3) (8)(8) (5)

NORTH AMERICA580 -- - - - - - - - - - -(2) (2) (2) (2) (2) (2) (2) (2) (2)(2) (2)

NORTH AMERICAN SMALLER COMPANIES401 -10.5103 82.3 114.9 179.5 170.7 84.2 111.5 159.5 168.5 - -(4) (4) (4) (4) (4) (4) (4) (4) (0)(4) (0)

ASIA PACIFIC - INCLUDING JAPAN540 -8.2107 103.8 162.6 240.3 - 103.1 160.9 227.7 - - 2.3(4) (3) (3) (2) (4) (3) (3) (2) (3)(4) (2)

ASIA PACIFIC - EXCLUDING JAPAN2789 -8.6107 108.7 179.1 292.0 411.8 107.2 179.6 282.3 351.2 9.3 1.4(13) (12) (12) (12) (13) (12) (12) (12) (12)(13) (11)

JAPAN806 -10.9112 83.1 101.9 157.9 147.5 84.8 100.5 149.9 142.1 - -(5) (4) (4) (4) (5) (4) (4) (4) (1)(5) (1)

JAPANESE SMALLER COMPANIES218 -9.2117 74.2 77.1 155.6 247.8 80.8 79.0 134.9 181.2 - -(5) (5) (5) (5) (3) (3) (3) (3) (2)(3) (0)

EUROPE2893 -7.4111 97.7 166.8 266.0 227.3 98.8 166.4 242.0 241.1 30.1 1.3(11) (10) (9) (6) (11) (10) (9) (6) (10)(11) (8)

EUROPEAN SMALLER COMPANIES1051 -10.9102 87.8 186.1 391.4 249.5 89.0 183.5 342.3 258.9 - 0.3(4) (3) (3) (3) (4) (3) (3) (3) (3)(4) (1)

GLOBAL EMERGING MARKETS3807 -8.9102 123.9 252.2 424.8 - 122.7 235.4 392.3 - 5.2 0.9(4) (3) (3) (2) (4) (3) (3) (2) (4)(4) (3)

EUROPEAN EMERGING MARKETS726 -- - - - - - - - - - -(2) (2) (2) (2) (2) (2) (2) (2) (1)(2) (1)

LATIN AMERICA315 -- - - - - - - - - - -(1) (1) (1) (1) (1) (1) (1) (1) (1)(1) (1)

PRIVATE EQUITY78 -- 90.2 146.0 244.0 277.0 - - - - 6.4 2.0(16) (14) (14) (10) (1) (1) (1) (0) (14)(1) (10)

HEDGE FUNDS30 -- 112.6 122.8 - - - - - - - 0.4(17) (3) (1) (1) (1) (0) (0) (0) (4)(1) (0)

COUNTRY SPECIALISTS: EUROPE657 -- 123.3 - - - - - - - - 0.0(5) (2) (2) (2) (2) (2) (2) (2) (3)(2) (1)

COUNTRY SPECIALISTS: ASIA PACIFIC596 -2.9102 91.4 193.2 477.5 602.5 104.9 206.4 425.8 504.4 - 0.1(5) (5) (3) (3) (4) (4) (3) (3) (3)(4) (2)

PROPERTY SECURITIES741 -18.2107 - - - - - - - - - 3.5(2) (1) (1) (1) (2) (1) (1) (1) (3)(3) (1)

PROPERTY DIRECT - UK- -- 71.7 88.3 - - - - - - - 7.8(5) (3) (0) (0) (0) (0) (0) (0) (5)(0) (0)

PROPERTY DIRECT - EUROPE- -- - - - - - - - - - -(1) (0) (0) (0) (0) (0) (0) (0) (1)(0) (0)

PROPERTY SPECIALIST- -- 91.2 - - - - - - - - -(3) (0) (0) (0) (0) (0) (0) (0) (1)(0) (0)

SECTOR SPECIALIST: BIOTECHNOLOGY/LIFE SCIENCES394 -9.5100 87.4 105.6 124.9 206.5 90.7 113.1 120.3 197.4 - -(3) (3) (3) (3) (3) (3) (3) (3) (1)(3) (1)

SECTOR SPECIALIST: CANADIAN INCOME TRUSTS- -- - - - - - - - - - -(1) (0) (0) (0) (0) (0) (0) (0) (1)(0) (0)

SECTOR SPECIALIST: COMMODITIES AND NATURAL RESOURCES1736 -- - - - - - - - - - -(2) (1) (1) (1) (2) (1) (1) (1) (2)(2) (1)

SECTOR SPECIALIST: ENDOWMENT POLICIES- -- 105.5 145.6 162.9 - - - - - - -(3) (3) (3) (2) (0) (0) (0) (0) (0)(0) (0)

SECTOR SPECIALIST: ENVIRONMENTAL646 0.4100 104.5 - - - 108.1 - - - - -(3) (2) (2) (0) (3) (2) (2) (0) (1)(3) (1)

SECTOR SPECIALIST: FINANCIALS154 -25.4140 75.6 175.5 256.8 207.2 77.5 173.9 227.4 202.4 - 1.5(4) (4) (4) (3) (4) (4) (4) (3) (4)(4) (1)

SECTOR SPECIALIST: FORESTRY & TIMBER- -- - - - - - - - - - -(2) (0) (0) (0) (0) (0) (0) (0) (1)(0) (0)

SECTOR SPECIALIST: INFRASTRUCTURE- -- - - - - - - - - - -(1) (0) (0) (0) (0) (0) (0) (0) (1)(0) (0)

SECTOR SPECIALIST: LIQUIDITY FUNDS47 -- - - - - - - - - - -(2) (1) (0) (0) (2) (1) (0) (0) (2)(2) (0)

SECTOR SPECIALIST: LITIGATION75 -- - - - - - - - - - -(0) (0) (0) (0) (0) (0) (0) (0) (1)(1) (0)

SECTOR SPECIALIST: MEZZANINE FINANCE- -- - - - - - - - - - -(1) (0) (0) (0) (0) (0) (0) (0) (1)(0) (0)

SECTOR SPECIALIST: SECURITISED DEBT1009 -- - - - - - - - - - -(1) (1) (0) (0) (1) (1) (0) (0) (1)(1) (0)

SECTOR SPECIALIST: SMALL MEDIA, COMMS & IT COS373 -- - - - - - - - - - -(1) (1) (1) (1) (1) (1) (1) (1) (1)(1) (1)

SECTOR SPECIALIST: TECH MEDIA & TELECOMM400 -- - - - - - - - - - -(2) (2) (2) (2) (2) (2) (2) (2) (0)(2) (0)

SECTOR SPECIALIST: ZERO DIVIDEND34 -- - - - - - - - - - -(1) (0) (0) (0) (1) (0) (0) (0) (0)(1) (0)

OVERALL AVERAGE: CONVENTIONAL COMPANIES( ) = Number of Companies

-9.555396 111 95.0 151.9 230.1 212.6 97.0 153.4 221.1 201.6 11.9 2.5(239) (187) (173) (151) (180) (158) (150) (131) (191)(185) (135)

Details of Split Capital structures can be found in the Split Capital section.

Prepared by Fundamental Data Limited on behalf of AIC Information Services Limited for information purposes only (www.FundData.com tel: 020 7627-7300) 31 May 2008

AIC Sector Averages continued

10yr5yr3yrSHARE PRICE TOTAL RETURN SIZE-WEIGHTED AVERAGE

1 yr 10yr5yr3yrNAV TOTAL RETURN SIZE-WEIGHTED AVERAGE

1yr3YR AVG.

YLD %DIST.TOTAL ASSETS

GEARINGDISC/PREM

VCT SECTOR AVERAGES DIST. YLD %(Sum £m)

VCT GENERALIST214 -8.3100 97.1 111.6 152.0 141.8 94.4 122.5 161.1 - 6.7 8.7(40) (37) (25) (10) (4) (4) (4) (2) (40)(4) (39)

VCT GENERALIST PRE QUALIFYING21 -- 91.6 - - - - - - - - 2.2(22) (0) (0) (0) (1) (0) (0) (0) (23)(1) (0)

VCT AIM QUOTED272 -17.0100 72.8 79.6 102.2 - 75.9 92.4 115.3 - 4.8 8.9(21) (21) (12) (2) (12) (12) (6) (0) (21)(12) (21)

VCT AIM QUOTED PRE QUALIFYING105 -3.3100 86.5 - - - 84.4 - - - - 2.8(14) (0) (0) (0) (9) (0) (0) (0) (13)(9) (0)

VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY15 -- - - - - - - - - - -(2) (2) (2) (1) (1) (1) (1) (0) (2)(1) (2)

VCT SPECIALIST: ENVIRONMENTAL- -- - - - - - - - - - -(1) (1) (0) (0) (0) (0) (0) (0) (1)(0) (1)

VCT SPECIALIST: ENVIRONMENTAL PRE QUALIFYING- -- - - - - - - - - - -(2) (0) (0) (0) (0) (0) (0) (0) (2)(0) (0)

VCT SPECIALIST: MEDIA, LEISURE & EVENTS- -- - - - - - - - - - -(1) (1) (0) (0) (0) (0) (0) (0) (0)(0) (0)

VCT SPECIALIST: MEDIA, LEISURE & EVENTS PRE QUALIFYING- -- 85.8 - - - - - - - - -(5) (0) (0) (0) (0) (0) (0) (0) (1)(0) (0)

VCT SPECIALIST: TECHNOLOGY- -- 91.7 81.5 104.9 59.0 - - - - 4.1 15.1(6) (6) (5) (3) (0) (0) (0) (0) (6)(0) (6)

VCT SPECIALIST: TECHNOLOGY PRE QUALIFYING- -- - - - - - - - - - -(1) (0) (0) (0) (0) (0) (0) (0) (0)(0) (0)

( ) = Number of Companies Details of Split Capital structures can be found in the Split Capital section.

OVERALL AVERAGE: VCTS-11.2627 100 89.1 98.9 133.4 106.1 83.6 102.4 134.4 -(115) (68) (44) (16) (27) (17) (11) (2) (109)(27) (69)5.8 6.8

31 May 2008Prepared by Fundamental Data Limited on behalf of AIC Information Services Limited for information purposes only (www.FundData.com tel: 020 7627-7300)

3

IndicesThe figures below show the change in value of a theoretical £100 invested in the indices shown over various periods. Non-Sterling indices have been adjusted for the effect of exchange rate movements so that all performance figures are shown in Sterling. When a comparison between equity investments and those of a bank or building society is made, the equity investment does not include the security of capital which is characterstic of the deposit within a bank or building society.

INDEX1yr 3yr 5yr 10yr

TOTAL RETURN INDEX1yr 3yr 5yr 10yr

TOTAL RETURN

ASIA PACIFIC FTSE All World Asia Pacific 103.8 153.7 225.5 214.8

FTSE All World Asia Pacific ex Japan 112.6 188.3 292.1 351.4

FTSE World Asia Pacific 102.0 145.9 212.6 198.2

FTSE World Asia Pacific ex Japan 111.3 177.3 273.9 313.2

MSCI Asia Pacific 102.0 149.5 215.7 -

MSCI Asia Pacific ex Japan 110.5 180.3 276.0 -

EMERGING FTSE All World Emerging 121.4 224.7 373.4 369.8

MSCI Emerging Markets Free 122.1 219.7 362.9 346.7

EUROPE FTSE All World Europe 99.5 156.8 213.7 171.2

FTSE All World Europe ex UK 101.6 167.2 231.5 183.1

FTSE World Europe 98.2 154.3 209.7 167.0

FTSE World Europe ex UK 99.9 163.8 226.0 177.1

GLOBAL FTSE All World ex UK 100.0 139.9 177.1 161.2

FTSE All World Index 99.5 139.6 177.5 159.8

FTSE World 98.6 137.1 173.6 155.7

FTSE World ex UK 99.1 137.2 172.9 156.7

MSCI World 96.4 130.5 161.5 138.3

MSCI World Free 96.4 130.5 161.5 138.4

INVESTMENT COMPANIES FTSE 350 Equity Investment Instruments 99.1 157.8 218.4 177.3

FTSE Equity Investment Instruments 96.8 154.2 220.3 178.1

FTSE Fledgling Inv Companies 92.3 149.1 260.3 -

FTSE SmallCap Equity Investment Instruments 93.8 149.0 230.1 -

JAPAN Tokyo First Market (TOPIX) 93.9 120.2 166.7 138.4

Tokyo Second Market 87.4 84.5 177.5 284.5

NORTH AMERICA Nasdaq Biotech Index* 98.0 111.2 99.3 211.4

Russell 2000 Index 89.5 116.0 149.0 153.3

S&P 500 Composite 93.4 114.8 132.0 124.5

OTHER & UNIT TRUSTS Morningstar Unit Trusts FD Total (BB) 95.8 130.3 169.5 164.2

Morningstar Unit Trusts FD Total (OB) 92.0 125.0 162.7 157.6

Retail Price Index (UK) 103.8 111.5 117.9 130.9

UK Savings 2500+Invmt net! 101.9 104.9 107.7 118.7

UK Savings 25000+Invmt net! 103.1 108.5 113.6 133.9

SPECIALIST & ALTERNATIVES FTSE techMARK 100 89.9 134.5 201.5 109.1

FTSE techMARK All-Share 88.4 122.7 167.6 94.0

Hedge Fund Research (HFRI) Composite 103.2 135.5 165.2 247.3

Investment Property Databank (IPD) Monthly 88.3 122.7 163.6 270.1

Listed Private Equity (LPX) Composite 69.1 109.8 179.0 -

Listed Private Equity (LPX) UK 86.5 142.6 220.1 270.1

SPLIT CAPITAL INDICES FD/AIC SCI - Price - Capital 71.7 160.0 333.8 180.7

FD/AIC SCI - Price - Income 97.3 153.5 238.0 93.0

FD/AIC SCI - Price - Ord Inc 77.6 147.6 279.9 57.7

FD/AIC SCI - Price - ZDP 102.6 120.8 173.8 153.6

UNITED KINGDOM FTSE 100 Index 94.9 135.4 177.6 139.8

FTSE 250 ex Inv Trusts 83.6 151.5 238.7 230.1

FTSE 350 ex Inv Trusts 93.4 137.4 184.4 147.9

FTSE 350 High Yield 88.1 122.6 173.8 183.7

FTSE AIM Index 85.9 110.5 174.5 97.3

FTSE All-Share ex Inv Trusts 92.8 136.6 183.7 147.6

FTSE All-Share Index 92.9 137.1 184.6 148.3

FTSE All-Small ex Inv Trusts 69.6 106.0 159.0 -

FTSE Fledgling ex Inv Trusts 71.9 108.0 200.8 354.0

FTSE SmallCap (ex Inv Co's) 69.4 105.9 151.5 128.9

Hoare Govett SMC Index ex IC's 78.8 136.0 214.3 199.5

Retail Price Index (UK) and Investment Property Databank (IPD) figures are one month in arrears, as they have not been released at the time of publication. Figures are sourced from FTSE, Morningstar, MSCI and Datastream. The UK Savings Indices are compiled from an aggregate of 19 bank and building society rates, chosen to represent the industry as a whole. The accounts in the UK Savings 2,500 indices are all instant access accounts. The accounts in the UK Savings £25,000 indices are up to 90 day notice accounts. The IPD Monthly Index measures returns to direct investment in commercial property. Indices marked with a * are capital return only.


4

Index of AIC Member Investment CompaniesCompany name Management AIC sector

Investment ISA Children'sDividend

payment dates Wind up

optionNon-

section 842Structure

PensionSymbols Launch

dateDomicile ExchangeSchemes LSE trading

platform

Aberdeen All Asia Aberdeen Asia Pacific - Including Japan YesYesYes YesConventional Oct 1998 UK MAIN SETSqx

Aberdeen Asian Income Aberdeen Asia Pacific - Excluding Japan Aug FebYes YesYes Yesw Conventional Dec 2005 JER MAIN SETS

Aberdeen Asian Smaller Companies Aberdeen Asia Pacific - Excluding Japan NovYesYes Yesw T Conventional Oct 1995 UK MAIN SETS

Aberdeen Development Capital Aberdeen Private Equity See Splits YesSplit Capital Sep 1986 UK MAIN SETSqx

Aberdeen Growth Opportunities VCT Aberdeen VCT Generalist Apr YesVenture Capital Trust Dec 2001 UK MAIN SETSqx

Aberdeen Growth Opportunities VCT 2 Aberdeen VCT Generalist May YesVenture Capital Trust Feb 2005 UK MAIN SETSqx

Aberdeen Growth Opportunities VCT 2 S share Aberdeen VCT Generalist Pre Qualifying YesVenture Capital Trust Mar 2007 UK MAIN SETSqx

Aberdeen Growth Opportunities VCT C shares Aberdeen VCT Generalist Pre Qualifying Feb YesVenture Capital Trust Feb 2006 UK MAIN SETSqx

Aberdeen Growth VCT I Aberdeen VCT Generalist Jun YesVenture Capital Trust Apr 2001 UK MAIN SETSqx

Aberdeen Income & Growth VCT Aberdeen VCT Generalist Jul Dec YesVenture Capital Trust Apr 2000 UK MAIN SETSqx

Aberdeen New Dawn Aberdeen Asia Pacific - Excluding Japan Aug YesYesYes YesT Conventional May 1989 UK MAIN SETS

Aberdeen New Thai Aberdeen Country Specialists: Asia Pacific JunYesYes YesConventional Dec 1989 UK MAIN SETSqx

Aberforth Geared Capital & Income Aberforth UK Smaller Companies See Splits YesSplit Capital Dec 2001 UK MAIN SETSqx

Aberforth Smaller Companies Aberforth UK Smaller Companies Sep Mar YesConventional Dec 1990 UK MAIN SETS

Absolute Return Trust Fauchier Partners Hedge Funds Yes YesF Conventional Feb 2005 GUE MAIN SETS

Absolute Return Trust Euro shares Fauchier Partners Hedge Funds YesE F Conventional Mar 2008 GUE MAIN SETSqx

AcenciA Debt Strategies (Chpt 14) Saltus Hedge Funds Feb Yes YesF Conventional Nov 2005 GUE MAIN SETS

ACP Mezzanine (AIM) ACP Capital Sector Specialist: Mezzanine Finance Jun Dec YesE Conventional Jul 2006 JER AIM SEAQ

Active Capital Bluehone UK Smaller Companies YesYesYes YesConventional Jul 2003 UK MAIN SETS

Acuity VCT Acuity Capital VCT Generalist Feb YesVenture Capital Trust Jan 2002 UK MAIN SETSqx

Acuity VCT 2 Acuity Capital VCT Generalist Feb YesVenture Capital Trust Dec 2004 UK MAIN SETSqx

Acuity VCT 3 Acuity Capital VCT AIM Quoted Pre Qualifying Mar YesVenture Capital Trust Dec 2005 UK MAIN SETSqx

Acuity VCT C shares Acuity Capital VCT AIM Quoted Pre Qualifying Nov YesVenture Capital Trust Mar 2007 UK MAIN SETSqx

Advance Developing Markets Progressive Global Emerging Markets Oct YesYesYesF M Conventional Jun 1998 UK MAIN SETS

Advance UK Progressive Global Growth Nov YesYesYesF T M Conventional Nov 1997 UK MAIN SETSqx

AIM Distribution Trust VCT Rathbone VCT AIM Quoted Sep YesVenture Capital Trust Apr 1996 UK MAIN SETSqx

Albany Rathbone UK Growth Nov Jul> Conventional Jan 1947 UK MAIN SETSqx

Alliance Trust Alliance Trust Global Growth Jan Apr Jul OctYesYes YesI M Conventional Yes Apr 1888 UK MAIN SETS

Allianz Dresdner Endowment Policy 2010 Allianz Global Investors (RCM) Sector Specialist: Endowment Policies YesYesYesConventional Jun 1998 UK MAIN SETSqx

Allianz Dresdner Second Endowment 2009 Allianz Global Investors (RCM) Sector Specialist: Endowment Policies YesYesYesConventional Jan 1997 UK MAIN SETSqx

Alternative Investment Strategies Close Fund Services Hedge Funds Yes YesF Conventional Mar 2005 GUE MAIN/CI SETS

Anglo & Overseas Edinburgh Partners Global Growth May NovYesYesT Conventional Jul 2005 UK MAIN SETS

Apollo VCT 1 Octopus VCT Generalist Pre Qualifying May YesVenture Capital Trust Oct 2006 UK MAIN SETSqx

Apollo VCT 2 Octopus VCT Generalist Pre Qualifying May YesVenture Capital Trust Oct 2006 UK MAIN SETSqx

Artemis AIM VCT Artemis VCT AIM Quoted May Yes< Venture Capital Trust Feb 2001 UK MAIN SETSqx

Artemis AIM VCT 2 Artemis VCT AIM Quoted Mar YesVenture Capital Trust Dec 2004 UK MAIN SETSqx

Artemis Alpha Artemis UK Growth Jan Aug YesYesT o Conventional Jun 2003 UK MAIN SETSqx

Ashmore Global Opportunities (Chpt 14) Ashmore Global Emerging Markets YesF Conventional Dec 2007 GUE MAIN SETS

Ashmore Global Opportunities Euro (Chpt 14) Ashmore Global Emerging Markets YesE F Conventional Dec 2007 GUE MAIN SETS

Ashmore Global Opportunities USD (Chpt 14) Ashmore Global Emerging Markets Yes$ F Conventional Dec 2007 GUE MAIN SETS

Asset Management Asset Management Sector Specialist: Financials Jul Jan YesI Conventional Dec 1994 UK MAIN SETSqx

Atlantis Japan Growth Atlantis Japanese Smaller Companies Jul$ Conventional May 1996 GUE MAIN SETSqx

Aurora Mars UK Growth Jun YesT Conventional Mar 1997 UK MAIN SETSqx

Babcock & Brown Babcock & Brown Sector Specialist: Infrastructure Jun Dec YesM Conventional Nov 2006 GUE MAIN SETS

Babcock & Brown C shares Babcock & Brown Sector Specialist: Infrastructure Yes YesM Conventional Apr 2008 GUE MAIN SETS

Baillie Gifford Japan Baillie Gifford Japan YesYesYes YesConventional Apr 1982 UK MAIN SETS


5

Company name Management AIC sectorInvestment ISA Children's

Dividend payment dates

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Non-section 842

StructurePension

Symbols Launch date

Domicile ExchangeSchemes LSE tradingplatform

Baillie Gifford Shin Nippon Baillie Gifford Japanese Smaller Companies YesYes YesConventional Jun 1985 UK MAIN SETSqx

Bankers Henderson Global Investors Global Growth May Aug Nov FebYesYesD Conventional Apr 1888 UK MAIN/NZ SETS

Baring Emerging Europe Baring Asset Management European Emerging Markets FebYesYesT Conventional Jan 1994 UK MAIN SETS

Baronsmead AIM VCT ISIS EP VCT AIM Quoted Pre Qualifying Apr Oct YesVenture Capital Trust Mar 2006 UK MAIN SETSqx

Baronsmead VCT ISIS EP VCT Generalist May Dec YesT o Venture Capital Trust Nov 1995 UK MAIN SETSqx

Baronsmead VCT 2 ISIS EP VCT Generalist Dec Jul YesT Venture Capital Trust Apr 1998 UK MAIN SETSqx

Baronsmead VCT 3 ISIS EP VCT Generalist Feb Aug YesT Venture Capital Trust Jan 2001 UK MAIN SETSqx

Baronsmead VCT 4 ISIS EP VCT Generalist Oct Apr YesT Venture Capital Trust Dec 2001 UK MAIN SETSqx

Baronsmead VCT 4 C shares ISIS EP VCT Generalist Pre Qualifying Oct Apr YesVenture Capital Trust Mar 2006 UK MAIN SETSqx

BH Global Brevan Howard Hedge Funds YesM Conventional May 2008 GUE MAIN SETS

BH Global Euro Brevan Howard Hedge Funds YesE M Conventional May 2008 GUE MAIN SETS

BH Global USD Brevan Howard Hedge Funds Yes$ M Conventional May 2008 GUE MAIN SETS

BH Macro Brevan Howard Hedge Funds YesM Conventional Mar 2007 GUE MAIN SETS

BH Macro Euro Brevan Howard Hedge Funds YesE M Conventional Mar 2007 GUE MAIN SETS

BH Macro USD Brevan Howard Hedge Funds Yes$ M Conventional Mar 2007 GUE MAIN SETS

Biotech Growth Frostrow Sector Specialist: Biotechnology/Life Sciences YesConventional Jun 1997 UK MAIN SETSqx

BlackRock Commodities Income BlackRock Sector Specialist: Commodities and Natural Resources Jan Apr Jul Oct YesYesYesT Conventional Dec 2005 UK MAIN SETS

BlackRock Greater Europe BlackRock Europe NovYesYesT Conventional Sep 2004 UK MAIN SETS

BlackRock Latin American BlackRock Latin America Mar Sep YesYesYesP Conventional Jul 1990 UK MAIN SETS

BlackRock New Energy BlackRock Sector Specialist: Environmental YesYesYesConventional Oct 2000 UK MAIN SETS

BlackRock Smaller Companies BlackRock UK Smaller Companies Nov JunYesYesD T Conventional May 1906 UK MAIN SETS

BlackRock World Mining BlackRock Sector Specialist: Commodities and Natural Resources Mar YesYesYesw T Conventional Dec 1993 UK MAIN SETS

Blue Planet European Financials Blue Planet Sector Specialist: Financials Jun YesYesT Conventional Mar 1999 UK MAIN SETSqx

Blue Planet Financials Growth & Income Blue Planet Sector Specialist: Financials Jan Aug YesYesw T Conventional Apr 1996 UK MAIN SETSqx

Blue Planet Worldwide Financials Blue Planet Sector Specialist: Financials Mar Nov YesYesConventional Oct 1997 UK MAIN SETSqx

Bluehone AIM VCT Bluehone VCT AIM Quoted Mar Aug YesVenture Capital Trust Dec 1998 UK MAIN SETSqx

Bluehone AIM VCT 2 Bluehone VCT AIM Quoted Aug Mar YesVenture Capital Trust Dec 2000 UK MAIN SETSqx

Bluehone AIM VCT 2 C shares Bluehone VCT AIM Quoted Pre Qualifying Apr YesVenture Capital Trust Feb 2006 UK MAIN SETSqx

British & American British & American UK Growth & Income Nov JunF C I M Conventional Jan 1996 UK MAIN SETSqx

British Assets F&C Global Growth & Income Apr Jul Oct JanYesYes YesD Conventional Jan 1898 UK MAIN SETS

British Empire Securities & General Asset Value Investors Global Growth Jun JanYesYesD M Conventional Jan 1889 UK MAIN SETS

British Portfolio Trust Allianz Global Investors (RCM) UK Growth Sep Mar YesYesYesT Conventional Dec 2001 UK MAIN SETSqx

British Smaller Companies VCT YFM Private Equity VCT Generalist Dec Aug YesVenture Capital Trust Dec 1995 UK MAIN SETSqx

British Smaller Technology Companies VCT 2 YFM Private Equity VCT Specialist: Technology May YesVenture Capital Trust Apr 2001 UK MAIN SETSqx

Brunner Allianz Global Investors (RCM) Global Growth Aug MarYesYesP Conventional Jan 1927 UK MAIN SETS

Caledonia Caledonia Global Growth Jan AugYesYesI T o Conventional Jul 1960 UK MAIN/NZ SETS

Cambium Global Timberland (AIM) CP Cogent Sector Specialist: Forestry & Timber YesConventional Mar 2007 JER AIM/CI SEAQ

Camper & Nicholsons Marina Investments (AIM) Marina Property Specialist Yes Yesx Conventional Jan 2007 GUE AIM SEAQ

Candover Candover Private Equity Oct Mayx I Conventional Aug 1980 UK MAIN SETS

Capital Gearing CG Asset Management UK Growth Jul YesF I M Conventional May 1963 UK MAIN SETSqx

Cayenne Trust Cayenne Global Growth Nov May YesF C T M Conventional Jan 2006 UK MAIN SETSqx

Ceres Agriculture FourWinds Sector Specialist: Commodities and Natural Resources Yes Yes$ M Conventional Nov 2007 GUE MAIN SETSqx

Charter European Allianz Global Investors (RCM) Europe Aug Apr YesT Conventional Apr 2002 UK MAIN SETS

City Merchants High Yield INVESCO UK High Income Apr Jul Oct Jan YesConventional May 1991 UK MAIN SETS

City of London Henderson Global Investors UK Growth & Income Nov Feb May AugYesYesD P T Conventional Jan 1891 UK MAIN/NZ SETS

Close Brothers Development VCT Close Ventures VCT Generalist Jun Dec YesVenture Capital Trust Jan 1999 UK MAIN SETSqx

Close Brothers Protected VCT Close Ventures VCT Generalist Jan Aug YesVenture Capital Trust Apr 1997 UK MAIN SETSqx

Close Brothers VCT Close Ventures VCT Generalist Jan Aug YesVenture Capital Trust Apr 1996 UK MAIN SETSqx

Close Enterprise VCT Close Ventures VCT Generalist Pre Qualifying Jan Aug YesVenture Capital Trust Apr 2007 UK MAIN SETSqx


6



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StructurePension

Symbols Launch date


Close IHT AIM VCT A Close Ventures VCT AIM Quoted Pre Qualifying Mar Sep YesVenture Capital Trust Jan 2006 UK MAIN SETSqx

Close IHT AIM VCT B Close Ventures VCT AIM Quoted Pre Qualifying Mar Sep YesVenture Capital Trust Jan 2006 UK MAIN SETSqx

Close Income & Growth VCT Close Ventures VCT Generalist Jul Jan YesVenture Capital Trust Oct 2004 UK MAIN SETSqx

Close Second AIM VCT Close Ventures VCT AIM Quoted Dec YesT Venture Capital Trust Apr 2001 UK MAIN SETSqx

Close Second AIM VCT C shares Close Ventures VCT AIM Quoted Pre Qualifying Nov YesVenture Capital Trust Mar 2006 UK MAIN SETSqx

Close Second AIM VCT D shares Close Ventures VCT AIM Quoted Pre Qualifying Nov YesVenture Capital Trust Mar 2006 UK MAIN SETSqx

Close Technology & General VCT Close Ventures VCT Generalist Nov May YesVenture Capital Trust Jan 2001 UK MAIN SETSqx

Close Technology & General VCT C shares Close Ventures VCT Generalist Pre Qualifying Nov May YesVenture Capital Trust Jan 2006 UK MAIN SETSqx

Core VCT I Core Capital VCT Generalist May YesVenture Capital Trust Apr 2005 UK MAIN SETSqx

Core VCT II Core Capital VCT Generalist Pre Qualifying May YesVenture Capital Trust Jan 2006 UK MAIN SETSqx

Core VCT III Core Capital VCT Generalist Pre Qualifying May YesVenture Capital Trust Mar 2006 UK MAIN SETSqx

Core VCT IV Core Capital VCT Generalist Pre Qualifying May YesVenture Capital Trust Mar 2007 UK MAIN SETSqx

Core VCT V Core Capital VCT Generalist Pre Qualifying May YesVenture Capital Trust Apr 2007 UK MAIN SETSqx

Crown Place VCT Close Ventures VCT Generalist Jul Dec YesVenture Capital Trust Apr 1998 UK MAIN SETSqx

Downing Protected VCT I Downing Protected VCT Specialist: Healthcare & Biotechnology May Nov YesVenture Capital Trust Jan 1997 UK MAIN SETSqx

Downing Protected VCT II Downing Protected VCT Generalist Jul YesL Venture Capital Trust Apr 2005 UK MAIN SETSqx

Downing Protected VCT III Downing Protected VCT Generalist Jul YesL Venture Capital Trust Apr 2005 UK MAIN SETSqx

Downing Protected VCT IV Downing Protected VCT Generalist Pre Qualifying Apr YesL Venture Capital Trust Jan 2006 UK MAIN SETSqx

Downing Protected VCT IX Downing Protected VCT Generalist Pre Qualifying Jun YesV L Venture Capital Trust Apr 2008 UK MAIN SETSqx

Downing Protected VCT V Downing Protected VCT Generalist Pre Qualifying Apr YesL Venture Capital Trust Feb 2006 UK MAIN SETSqx

Downing Protected VCT VI Downing Protected VCT Generalist Pre Qualifying Jun YesL Venture Capital Trust Mar 2007 UK MAIN SETSqx

Downing Protected VCT VII Downing Protected VCT Generalist Pre Qualifying Jun YesL Venture Capital Trust Apr 2007 UK MAIN SETSqx

Downing Protected VCT VIII Downing Protected VCT Generalist Pre Qualifying Jun YesV L Venture Capital Trust Dec 2007 UK MAIN SETSqx

Dunedin Enterprise Dunedin Capital Partners Private Equity Jan SepYesYes YesConventional Yes Apr 1987 UK MAIN SETS

Dunedin Income Growth Aberdeen UK Growth & Income Sep AprYesYes YesD T Conventional Yes Feb 1873 UK MAIN SETS

Dunedin Smaller Companies Aberdeen UK Smaller Companies Jun FebYesYes Yess Conventional Yes Jan 1973 UK MAIN SETS

Eaglet Knox D'Arcy UK Smaller Companies Nov YesT Conventional Jul 1993 UK MAIN SETS

Eastern European Pictet European Emerging Markets YesT Conventional Nov 1994 UK MAIN SETS

Eclectic Ingot Capital (Eclectic) Global Growth & Income OctM Conventional Apr 1996 UK MAIN SETSqx

Eclipse VCT Octopus VCT Generalist Oct YesVenture Capital Trust Aug 2004 UK MAIN SETSqx

Eclipse VCT 2 Octopus VCT Generalist May YesVenture Capital Trust Mar 2005 UK MAIN SETSqx

Eclipse VCT 3 Octopus VCT Generalist Pre Qualifying Dec YesVenture Capital Trust Oct 2005 UK MAIN SETSqx

Eclipse VCT 4 Octopus VCT Generalist Pre Qualifying Dec YesVenture Capital Trust Oct 2005 UK MAIN SETSqx

Ecofin Water & Power Opportunities Ecofin Sector Specialist: Utilities See Splits YesSplit Capital Feb 2002 UK MAIN SETSqx

Edge Performance VCT Edge VCT Specialist: Media, Leisure & Events Pre Qualifying Jun YesVenture Capital Trust Apr 2006 UK MAIN SETSqx

Edge Performance VCT C shares Edge VCT Specialist: Media, Leisure & Events Pre Qualifying Jun YesVenture Capital Trust Mar 2007 UK MAIN SETSqx

Edge Performance VCT D shares Edge VCT Specialist: Media, Leisure & Events Pre Qualifying Jun YesV Venture Capital Trust Apr 2008 UK MAIN SETSqx

Edinburgh Dragon Aberdeen Asia Pacific - Excluding Japan Dec YesYesYes YesConventional Yes Sep 1987 UK MAIN SETS

Edinburgh Investment Fidelity UK Growth & Income Nov Feb May JulYesYesD Conventional Mar 1889 UK MAIN SETS

Edinburgh New Income Aberdeen UK Growth & Income See Splits YesYesYes> Split Capital Jun 2005 UK MAIN SETSqx

Edinburgh US Tracker Aberdeen North America Oct May YesYesYes YesConventional Yes Nov 1902 UK MAIN SETS

Edinburgh Worldwide Baillie Gifford Global Growth Jul FebYesYes YesConventional Jul 1998 UK MAIN SETS

Elderstreet VCT Elderstreet VCT Generalist May Nov YesVenture Capital Trust Apr 1997 UK MAIN SETSqx

Elderstreet VCT C shares Elderstreet VCT Generalist Oct Jun YesVenture Capital Trust Apr 2005 UK MAIN SETSqx

Electra Private Equity Electra Partners Private Equity YesConventional Feb 1976 UK MAIN SETS

Electric & General Taube Hodson Stonex Global Growth Mar OctYesYesD Conventional May 1890 UK MAIN SETS

Enterprise VCT Foresight Group VCT Generalist Jun YesVenture Capital Trust Dec 1996 UK MAIN SETSqx

EP Global Opportunities Edinburgh Partners Global Growth MayYesYesT Conventional Dec 2003 UK MAIN SETSqx

Establishment Investment Trust BDT Invest Global Growth Jan YesConventional Mar 2002 UK MAIN SETSqx


7



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StructurePension

Symbols Launch date


European Assets F&C European Smaller Companies Jan May Aug YesYes YesYes YesT Conventional Apr 1972 NET MAIN/ENA SETSqx

F&C Capital & Income F&C UK Growth & Income Mar Jun Sep Jan YesYesYes YesConventional Yes Sep 1992 UK MAIN SETS

F&C Commercial Property F&C Property Direct - UK Jul Oct Jan Apr Yes YesM Conventional Mar 2005 GUE MAIN/CI SETS

F&C Event Driven F&C Hedge Funds YesF Conventional Jun 2007 GUE MAIN SETSqx

F&C Global Smaller Companies F&C Global Growth Feb AugYesYes YesD Conventional Yes Feb 1889 UK MAIN/NZ SETS

F&C Managed Portfolio Growth F&C Global Growth YesYesYesF M Conventional Apr 2008 UK MAIN SETSqx

F&C Managed Portfolio Income F&C Global Growth & Income Oct Jan Apr Jul YesYesYesF M Conventional Apr 2008 UK MAIN SETSqx

F&C Private Equity A F&C Private Equity May Deco Conventional Sep 2001 UK MAIN SETSqx

F&C Private Equity B F&C Private Equity May DecYesYes YesF o Conventional Mar 1999 UK MAIN SETS

F&C UK Select F&C UK Growth Mar YesYesYes YesT Conventional Jun 1993 UK MAIN SETSqx

F&C US Smaller Companies F&C North American Smaller Companies YesYesYes YesConventional Yes Mar 1993 UK MAIN SETS

Fidelity Asian Values Fidelity Asia Pacific - Excluding Japan YesYesYesConventional Jun 1996 UK MAIN SETS

Fidelity European Values Fidelity Europe May YesYesYesConventional Nov 1991 UK MAIN SETS

Fidelity Japanese Values Fidelity Japanese Smaller Companies YesYesYesConventional Mar 1994 UK MAIN SETS

Fidelity Special Values Fidelity UK Growth Dec YesYesYesConventional Nov 1994 UK MAIN SETS

Finsbury Growth & Income Frostrow UK Growth & Income Jun JanT Conventional Jan 1926 UK MAIN SETS

Finsbury Worldwide Pharmaceutical Frostrow Sector Specialist: Biotechnology/Life Sciences Aug Yesw T Conventional Apr 1995 UK MAIN SETS

Foreign & Colonial F&C Global Growth Oct MayYesYes YesD Conventional Yes Jan 1868 UK MAIN/NZ SETS

Foreign & Colonial Eurotrust F&C Europe DecYesYes YesConventional Yes Jan 1972 UK MAIN/NZ SETS

Foresight 2 VCT Foresight Group VCT Specialist: Technology Feb YesVenture Capital Trust Dec 2004 UK MAIN SETSqx

Foresight 2 VCT C shares Foresight Group VCT Specialist: Technology Pre Qualifying Feb YesVenture Capital Trust Jan 2007 UK MAIN SETSqx

Foresight 3 VCT Foresight Group VCT Specialist: Technology Dec Jul YesVenture Capital Trust Apr 1996 UK MAIN SETSqx

Foresight 4 VCT Foresight Group VCT Specialist: Technology Nov Jun YesVenture Capital Trust Mar 1998 UK MAIN SETSqx

Foresight VCT Foresight Group VCT Specialist: Technology Sep Jun YesVenture Capital Trust Nov 1999 UK MAIN SETSqx

Framlington AIM VCT AXA Framlington VCT AIM Quoted Feb YesVenture Capital Trust Dec 2004 UK MAIN SETSqx

Framlington AIM VCT 2 AXA Framlington VCT AIM Quoted Pre Qualifying Oct YesVenture Capital Trust Dec 2005 UK MAIN SETSqx

Framlington Income & Capital AXA Framlington UK Growth & Income See Splits YesYesD Split Capital Apr 1983 UK MAIN SETSqx

Framlington Innovative Growth AXA Framlington UK Smaller Companies Oct YesYesConventional Jul 1992 UK MAIN SETS

Gartmore European Gartmore Europe JanYesYesT Conventional Jan 1947 UK MAIN SETS

Gartmore Fledgling Gartmore UK Smaller Companies Mar Oct YesYesYesConventional Dec 1994 UK MAIN SETS

Gartmore Global Gartmore Global Growth Apr OctYesYesP Conventional Jan 1929 UK MAIN SETS

Gartmore Growth Opportunities Gartmore UK Smaller Companies SepYesYesConventional Jul 1991 UK MAIN SETSqx

Gartmore Irish Growth Gartmore Country Specialists: Europe Sep YesYesYesConventional Jun 1995 UK MAIN/ISE SETS

Gartmore Smaller Companies Gartmore UK Smaller Companies Apr DecYesYesConventional Nov 1928 UK MAIN SETSqx

Glasgow Income Aberdeen UK High Income Jan Apr Jul Oct YesYesYes YesT Conventional Jul 1988 UK MAIN SETS

Gottex Market Neutral Gottex Hedge Funds Yes YesM Conventional Mar 2007 GUE MAIN SETSqx

Graphite Enterprise Graphite Capital Private Equity MayYesYes YesConventional Yes Jul 1981 UK MAIN SETS

Gresham House Gresham House UK Smaller Companies JunI Conventional May 1950 UK MAIN SETSqx

Guinness Flight VCT Aberdeen VCT Generalist Nov Jun YesVenture Capital Trust Apr 1996 UK MAIN SETSqx

Hansa Trust ('A' Ord) Hansa Capital UK Growth Dec JulM Conventional Jan 1912 UK MAIN SETS

Hansa Trust (Ord) Hansa Capital UK Growth Dec JulM Conventional Jan 1912 UK MAIN SETS

Henderson Diversified Income Henderson Global Investors Global High Income Mar Jun Sep DecYes YesYesConventional Jul 2007 JER MAIN SETSqx

Henderson EuroTrust Henderson Global Investors Europe Apr Nov YesYesYesT Conventional Jul 1992 UK MAIN SETS

Henderson Far East Income Henderson Global Investors Asia Pacific - Excluding Japan Feb May Aug Nov YesYes YesYesConventional May 1930 JER MAIN/NZ SETS

Henderson Global Property Companies Henderson Global Investors Property Securities Dec Apr Jul OctYes YesYesConventional Aug 2006 GUE MAIN SETSqx

Henderson High Income Henderson Global Investors UK High Income Apr Jul Oct Jan YesYesYesT Conventional Jan 1989 UK MAIN SETS

Henderson Opportunities Henderson Global Investors UK Growth Jan YesYesYess Conventional Jan 2007 UK MAIN SETS

Henderson Smaller Companies Henderson Global Investors UK Smaller Companies Oct YesYesYesD P Conventional Dec 1887 UK MAIN SETS

Henderson TR Pacific Henderson Global Investors Asia Pacific - Excluding Japan AprYesYesConventional Nov 1987 UK MAIN/NZ SETS


8



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StructurePension

Symbols Launch date


Herald Herald Investment Management Sector Specialist: Small Media, Comms & IT Cos May YesI Conventional Feb 1994 UK MAIN SETS

HgCapital HgCapital Private Equity Apr YesConventional Dec 1989 UK MAIN SETS

iimia Investment Trust iimia Global Growth YesF M Conventional Apr 2004 UK MAIN SETSqx

Impax Environmental Markets Impax Sector Specialist: Environmental May Yesw Conventional Feb 2002 UK MAIN SETS

Income & Growth VCT Matrix Private Equity Partners VCT Generalist Feb YesVenture Capital Trust Nov 2000 UK MAIN SETSqx

Income & Growth VCT S shares Matrix Private Equity Partners VCT Generalist Pre Qualifying FebVenture Capital Trust Feb 2008 UK MAIN SETSqx

Independent Investment Trust Independent Investment Trust Global Growth Sep AprI M Conventional Oct 2000 UK MAIN SETSqx

ING UK Real Estate Income ING Real Estate Property Direct - UK May Aug Nov Feb YesM Conventional Oct 2005 GUE MAIN/CI SETS

Ingenious Live VCT 1 Ingenious Ventures VCT Specialist: Media, Leisure & Events Pre Qualifying Mar YesVenture Capital Trust Apr 2007 UK MAIN SETSqx

Ingenious Live VCT 2 Ingenious Ventures VCT Specialist: Media, Leisure & Events Pre Qualifying Mar YesVenture Capital Trust Apr 2007 UK MAIN SETSqx

Ingenious Music VCT Ingenious Ventures VCT Specialist: Media, Leisure & Events Apr YesL Venture Capital Trust Apr 2005 UK MAIN SETSqx

Ingenious Music VCT 2 Ingenious Ventures VCT Specialist: Media, Leisure & Events Pre Qualifying Apr YesL Venture Capital Trust Feb 2006 UK MAIN SETSqx

International Biotechnology SV Life Sciences Sector Specialist: Biotechnology/Life Sciences YesYesYesConventional May 1994 UK MAIN SETSqx

INVESCO Asia INVESCO Asia Pacific - Excluding Japan Jul YesConventional Jul 1995 UK MAIN SETS

INVESCO English & International INVESCO UK Smaller Companies JulT Conventional Feb 1929 UK MAIN SETS

INVESCO Income Growth INVESCO UK Growth & Income Dec Oct Jul MarConventional Mar 1996 UK MAIN SETS

INVESCO Leveraged High Yield INVESCO Global High Income Apr Oct Yes Yes> Conventional Oct 1999 JER MAIN SETSqx

Invesco Perpetual AiM VCT INVESCO VCT AIM Quoted Aug YesVenture Capital Trust Aug 2004 UK MAIN SETSqx

Invesco Perpetual European Absolute INVESCO Europe May Oct YesT Conventional Dec 1989 UK MAIN SETSqx

Invesco Perpetual Recovery 2011 INVESCO UK Growth & Income See Splits Yes> Split Capital Nov 2005 UK MAIN SETSqx

Invesco Perpetual Select Global Equity INVESCO Global Growth JunT Conventional Nov 2006 UK MAIN SETSqx

Invesco Perpetual Select Hedge Fund INVESCO Hedge FundsF T Conventional Nov 2006 UK MAIN SETSqx

Invesco Perpetual Select Managed Liquidity INVESCO Sector Specialist: Liquidity Funds JunT Conventional Nov 2006 UK MAIN SETSqx

Invesco Perpetual Select UK Equity INVESCO UK Growth JunT Conventional Nov 2006 UK MAIN SETSqx

Invesco Perpetual UK Smaller Companies INVESCO UK Smaller Companies May OctConventional Mar 1988 UK MAIN SETS

Investec Capital Accumulator Investec Sector Specialist: Zero Dividend Yes YesT Conventional Oct 2005 GUE MAIN SETSqx

Investec High Income Investec UK High Income See Splits YesM Split Capital Mar 2001 UK MAIN SETSqx

Investors Capital A F&C UK High Income May Aug Nov FebYesYes YesT Conventional Mar 2007 UK MAIN SETSqx

Investors Capital B F&C UK High Income May Aug Nov FebYesYes YesT Conventional Mar 2007 UK MAIN SETSqx

Invista Foundation Property Invista Real Estate Property Direct - UK Aug Nov Feb May Yes YesConventional Jul 2004 GUE MAIN/CI SETS

JPMorgan American JPMorgan North America MayYesYes YesD Conventional Jan 1881 UK MAIN SETS

JPMorgan Asian JPMorgan Asia Pacific - Excluding Japan Feb YesYesYes YesConventional Sep 1997 UK MAIN SETS

JPMorgan Chinese JPMorgan Country Specialists: Asia Pacific Dec YesYesYes Yess T Conventional Sep 1993 UK MAIN SETS

JPMorgan Claverhouse JPMorgan UK Growth Jun Sep Dec MarYesYes YesD Conventional Yes Jan 1963 UK MAIN SETS

JPMorgan Elect Managed Cash JPMorgan Sector Specialist: Liquidity Funds Dec Mar Jun SepYesYes YesConventional Jan 2004 UK MAIN SETSqx

JPMorgan Elect Managed Growth JPMorgan Global Growth May NovYesYes YesF M Conventional Yes Nov 1999 UK MAIN SETSqx

JPMorgan Elect Managed Income JPMorgan UK Growth & Income Mar Jun Sep DecYesYes YesM Conventional Yes Dec 2000 UK MAIN SETSqx

JPMorgan Emerging Markets JPMorgan Global Emerging Markets Nov YesYesYes YesConventional Jul 1991 UK MAIN SETS

JPMorgan European Fledgeling JPMorgan European Smaller Companies YesYes YesT Conventional Apr 1990 UK MAIN SETS

JPMorgan European Growth JPMorgan Europe Apr OctYesYes YesT Conventional Jan 1929 UK MAIN SETS

JPMorgan European Income JPMorgan Europe Apr OctYesYes YesT Conventional Aug 2006 UK MAIN SETS

JPMorgan Fleming Japanese Smaller Cos JPMorgan Japanese Smaller Companies JulYesYes YesConventional Apr 1984 UK MAIN SETS

JPMorgan Income & Capital JPMorgan UK Growth & Income See Splits YesYesYes YesSplit Capital Mar 2008 UK MAIN SETSqx

JPMorgan Income & Growth JPMorgan UK Growth & Income See Splits YesYesYes Yes> Split Capital Dec 2006 UK MAIN SETSqx

JPMorgan Indian JPMorgan Country Specialists: Asia Pacific YesYesYes YesT Conventional May 1994 UK MAIN SETS

JPMorgan Japanese JPMorgan Japan DecYesYes YesConventional Jun 1927 UK MAIN/NZ SETS

JPMorgan Mid Cap JPMorgan UK Growth Apr OctYesYes YesD T Conventional Jan 1972 UK MAIN SETS

JPMorgan Overseas JPMorgan Global Growth DecYesYes YesD Conventional Yes Jan 1887 UK MAIN/NZ SETS

JPMorgan Progressive Multi-Strategy (AIM) JPMorgan Hedge Funds YesConventional May 2007 UK AIM/CI SEAQ


9



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StructurePension

Symbols Launch date


JPMorgan Russian Securities JPMorgan Country Specialists: Europe MarYesYes YesConventional Dec 2002 UK MAIN SETS

JPMorgan Smaller Companies JPMorgan UK Smaller Companies Dec YesYesYes YesConventional Jul 1990 UK MAIN SETS

JPMorgan US Discovery JPMorgan North American Smaller Companies YesYesYes YesT Conventional Apr 1998 UK MAIN SETS

Jupiter European Opportunities Jupiter Europe YesYesYesConventional Nov 2000 UK MAIN SETS

Jupiter Green Jupiter Sector Specialist: Environmental YesYesYesw T Conventional Jun 2006 UK MAIN SETSqx

Jupiter Primadona Growth Jupiter Global Growth Mar OctYesYesConventional Jun 1987 UK MAIN SETS

Jupiter Second Enhanced Income Jupiter UK Growth & Income See Splits YesYesYesSplit Capital Nov 2004 UK MAIN SETSqx

Juridica Investments (AIM) Juridica Sector Specialist: Litigation Mar Sep Yes Yesx Conventional Dec 2007 GUE AIM SEAQ

JZ Equity Partners Jordan/Zalaznick Private Equity See Splits YesI Split Capital Jun 1998 UK MAIN SETS

Kenmore European Industrial Kenmore Property Direct - Europe Apr Sep YesConventional Sep 2006 GUE MAIN SETS

Keydata AIM VCT Hargreave Hale VCT AIM Quoted Dec YesVenture Capital Trust Oct 2004 UK MAIN SETSqx

Keydata AIM VCT C shares Hargreave Hale VCT AIM Quoted Pre Qualifying Jan YesVenture Capital Trust Jan 2006 UK MAIN SETSqx

Keystone INVESCO UK Growth Jun DecD P Conventional Nov 1954 UK MAIN SETS

KGR Absolute Return Kleinwort Benson Hedge Funds YesF M Conventional Nov 2005 GUE MAIN SETSqx

Law Debenture Corporation Law Debenture Global Growth Apr SepYesD Conventional Dec 1889 UK MAIN SETS

Life Offices Opportunities SVM Asset Management Sector Specialist: Endowment Policies YesYesConventional Mar 1996 UK MAIN SETSqx

London & St Lawrence London & St Lawrence Global Growth & Income Nov May YesP I M Conventional Jan 1910 UK MAIN SETSqx

Lowland Henderson Global Investors UK Growth & Income Jun DecYesYesD Conventional Apr 1966 UK MAIN SETS

Ludgate Environmental (AIM) Ludgate Sector Specialist: Environmental Yes Yesw x o Conventional Aug 2007 JER AIM SEAQ

M&G Equity M&G Investment UK Growth & Income See Splits YesYesSplit Capital Mar 1996 UK MAIN SETSqx

M&G High Income M&G Investment UK High Income See Splits YesYesSplit Capital Mar 1997 UK MAIN SETSqx

M&G Recovery M&G Guernsey UK Growth & Income See Splits YesYes YesSplit Capital Apr 2002 GUE MAIN SETSqx

Martin Currie Pacific Martin Currie Asia Pacific - Including Japan Jul YesYesYesT Conventional May 1985 UK MAIN SETS

Martin Currie Portfolio Martin Currie Global Growth Oct Jun YesYesYesM Conventional Mar 1999 UK MAIN SETS

Marwyn Value Investors (AIM) Marwyn Global Smaller Companies Yesw x Conventional Oct 2006 GUE AIM SEAQ

Matrix Income & Growth 2 VCT Matrix Private Equity Partners VCT Generalist Sep YesVenture Capital Trust Jul 2000 UK MAIN SETSqx

Matrix Income & Growth 2 VCT C shares Matrix Private Equity Partners VCT Generalist Jul YesVenture Capital Trust Dec 2005 UK MAIN SETSqx

Matrix Income & Growth 3 VCT Matrix Private Equity Partners VCT Generalist Pre Qualifying Feb Aug YesVenture Capital Trust Jan 2006 UK MAIN SETSqx

Matrix Income & Growth 4 VCT Matrix Private Equity Partners VCT Generalist Jun YesVenture Capital Trust Mar 1999 UK MAIN SETSqx

Matrix Income & Growth VCT Matrix Private Equity Partners VCT Generalist Sep May YesVenture Capital Trust Oct 2004 UK MAIN SETSqx

Melchior Japan Dalton JapanConventional Apr 2006 UK MAIN SETSqx

Mercantile JPMorgan UK Growth Aug Nov Feb MayYesYes YesD Conventional Dec 1884 UK MAIN SETS

Merchants Allianz Global Investors (RCM) UK Growth & Income Aug Nov Feb MayYesYesD P Conventional Feb 1889 UK MAIN SETS

Mid Wynd International Baillie Gifford Global Growth Apr OctYesYes YesConventional Oct 1981 UK MAIN SETSqx

Midas Income & Growth Midas Capital Partners Global Growth & Income Sep Dec Mar Jun Yesw M Conventional Aug 2005 UK MAIN SETSqx

Middlefield Canadian Income Trusts Kleinwort Benson Sector Specialist: Canadian Income Trusts Apr Jul Oct Jan YesM Conventional Jul 2006 JER MAIN SETSqx

Mithras LGV Capital Private Equity Oct MayF Conventional Feb 1994 UK MAIN SETSqx

Monks Baillie Gifford Global Growth Jan AugYesYes YesD Conventional Jan 1929 UK MAIN SETS

Montanaro European Smaller Companies Montanaro European Smaller Companies Jan JulYesYesT Conventional Sep 2006 UK MAIN SETSqx

Montanaro UK Smaller Companies Montanaro UK Smaller Companies Jul YesT Conventional Mar 1995 UK MAIN SETS

Murray Income Aberdeen UK Growth & Income Jan Apr Jul OctYesYes YesT Conventional Jun 1923 UK MAIN SETS

Murray International Aberdeen Global Growth & Income Aug Nov Feb MayYesYes YesD Conventional Dec 1907 UK MAIN SETS

MW TOPS (Euronext) Marshall Wace Hedge Funds Yes YesConventional Dec 2006 GUE ENA ITR

MW TOPS Euro (Euronext) Marshall Wace Hedge Funds Yes YesE Conventional Dec 2006 GUE ENA EQS

MW TOPS USD (Euronext) Marshall Wace Hedge Funds Yes Yes$ Conventional Dec 2006 GUE ENA ITR

Neptune-Calculus Income & Growth VCT Calculus Capital VCT Generalist May Oct YesVenture Capital Trust Feb 2005 UK MAIN SETSqx

Neptune-Calculus Income & Growth VCT C sha Calculus Capital VCT Generalist Pre Qualifying May Oct YesVenture Capital Trust Feb 2006 UK MAIN SETSqx

New City High Yield New City UK High Income Nov Feb May Aug YesYes YesYes YesConventional Dec 2004 JER MAIN SETSqx

New India Aberdeen Country Specialists: Asia Pacific YesYesYes Yesw Conventional Dec 2004 UK MAIN SETSqx


10



Wind up option

Non-section 842

StructurePension

Symbols Launch date


New Star Private Equity New Star Private Equity MayM Conventional Jul 2007 UK MAIN SETSqx

Noble AIM VCT Noble VCT AIM Quoted Jun YesV Venture Capital Trust Mar 2005 UK MAIN SETSqx

Noble Health Fund VCT Noble VCT Specialist: Healthcare & Biotechnology Jun YesVenture Capital Trust Mar 2001 UK MAIN SETSqx

North Atlantic Smaller Companies North Atlantic Value North American Smaller CompaniesC o Conventional Jan 1973 UK MAIN SETS

Northern 2 VCT NVM Private Equity VCT Generalist Dec Jun YesVenture Capital Trust Apr 1999 UK MAIN SETSqx

Northern 3 VCT NVM Private Equity VCT Generalist Jan Jul YesVenture Capital Trust Dec 2001 UK MAIN SETSqx

Northern AIM VCT NVM Private Equity VCT AIM Quoted Mar YesVenture Capital Trust Jan 2001 UK MAIN SETSqx

Northern Investors NVM Private Equity Private Equity Jan Jul YesYesYes YesConventional Yes Oct 1984 UK MAIN SETSqx

Northern Venture Trust VCT NVM Private Equity VCT Generalist May Nov YesVenture Capital Trust Nov 1995 UK MAIN SETSqx

Northern Venture Trust VCT C shares NVM Private Equity VCT Generalist Pre Qualifying Jun Dec YesVenture Capital Trust Jan 2006 UK MAIN SETSqx

Octopus Protected VCT Octopus VCT Generalist Pre Qualifying Jun YesVenture Capital Trust Oct 2006 UK MAIN SETSqx

Pacific Assets F&C Asia Pacific - Excluding Japan MayYesYes YesConventional Jan 1985 UK MAIN SETS

Pacific Horizon Baillie Gifford Asia Pacific - Excluding Japan Oct YesYesYes YesM Conventional Sep 1989 UK MAIN SETS

Pantheon International Participations Pantheon Private Equity YesF Conventional Sep 1987 UK MAIN SETS

Partners Group Global Opportunities (AIM) Partners Group Private Equity Mar YesE x Conventional Sep 2006 GUE AIM/CI SETS

Pennine AIM VCT Rathbone VCT AIM Quoted Jun YesVenture Capital Trust Apr 1996 UK MAIN SETSqx

Pennine AIM VCT 5 Rathbone VCT AIM Quoted Feb YesVenture Capital Trust Feb 2005 UK MAIN SETSqx

Pennine AIM VCT 6 Rathbone VCT AIM Quoted Pre Qualifying Feb YesVenture Capital Trust Dec 2005 UK MAIN SETSqx

Pennine AIM VCT D shares Rathbone VCT AIM Quoted Pre Qualifying Jun YesVenture Capital Trust Mar 2007 UK MAIN SETSqx

Pennine Downing AIM VCT 2 Rathbone VCT AIM Quoted Jul YesVenture Capital Trust May 2001 UK MAIN SETSqx

Perpetual Income & Growth INVESCO UK Growth & Income Dec Jul Yess D Conventional Mar 1996 UK MAIN SETS

Perpetual Japanese INVESCO Japan YesConventional Jul 1993 UK MAIN SETSqx

Personal Assets Personal Assets Global Growth Oct AprYesYesI T Conventional Jul 1983 UK MAIN SETS

Phaunos Timber FourWinds Sector Specialist: Forestry & Timber Yes$ M Conventional Dec 2006 GUE MAIN/CI SETS

Phoenix VCT Octopus VCT AIM Quoted Mar YesVenture Capital Trust Jan 2003 UK MAIN SETSqx

Phoenix VCT C shares Octopus VCT AIM Quoted Apr YesVenture Capital Trust Mar 2005 UK MAIN SETSqx

Polar Capital Technology Polar Capital Sector Specialist: Tech Media & Telecomm YesYesYesConventional Dec 1996 UK MAIN SETS

Prelude Trust DFJ Esprit Private Equity YesConventional Jan 1997 UK MAIN SETSqx

Premier Energy & Water Premier Sector Specialist: Utilities See Splits YesYesSplit Capital Nov 2003 UK MAIN SETSqx

Premier Renewable Energy Premier Sector Specialist: Environmental See Splits YesYes YesYesSplit Capital Feb 2008 GUE MAIN SETSqx

Princess Private Equity Holding Princess Private Equity Apr Nov YesE M Conventional Nov 2007 GUE MAIN/FRA SETS

Principle Capital Principal Capital UK Growth MarI T Conventional Oct 2005 UK MAIN SETS

Private Equity Investor Private Equity Investor Private Equity Sep YesF I Conventional Feb 2000 UK MAIN SETSqx

Prodesse FIDAC Sector Specialist: Securitised Debt Feb May Aug Nov Yes YesConventional Apr 2005 GUE MAIN/CI SETS

Prospect Japan Fund Prospect Asset Management Japanese Smaller Companies Yes Yes$ Conventional Dec 1994 GUE MAIN SETSqx

Prosperity Russia Domestic (AIM) Prosperity Country Specialists: Europe Yes Yes$ x Conventional Feb 2007 GUE AIM SEAQ

Prosperity Voskhod (AIM) Prosperity Country Specialists: Europe Yes Yes$ x Conventional Oct 2006 GUE AIM SEAQ

ProVen Growth and Income VCT Beringea VCT Generalist Jul Nov YesVenture Capital Trust May 2001 UK MAIN SETSqx

ProVen Growth and Income VCT C shares Beringea VCT Generalist Jul Nov YesVenture Capital Trust Jan 2006 UK MAIN SETSqx

ProVen VCT Beringea VCT Generalist Nov Aug YesVenture Capital Trust Apr 2000 UK MAIN SETSqx

ProVen VCT C shares Beringea VCT Generalist Pre Qualifying Nov Aug YesVenture Capital Trust Mar 2007 UK MAIN SETSqx

Puma VCT Shore Capital VCT Generalist Jun YesL Venture Capital Trust Apr 2005 UK MAIN SETSqx

Puma VCT II Shore Capital VCT Generalist Apr YesL Venture Capital Trust Jun 2005 UK MAIN SETSqx

Quester VCT SPARK Venture VCT Specialist: Technology May Oct YesVenture Capital Trust Apr 1996 UK MAIN SETSqx

Raven Russia (AIM) Raven Russia Property Property Specialist Apr Oct Yesx o Conventional Jul 2005 GUE AIM SETS

RCM Technology Allianz Global Investors (RCM) Sector Specialist: Tech Media & Telecomm YesYesYess Conventional Dec 1995 UK MAIN SETS

Renaissance US Growth RENN Capital North American Smaller Companies YesConventional Mar 1996 UK MAIN SETSqx

Rensburg AIM VCT Rensburg VCT AIM Quoted Jul Dec YesVenture Capital Trust Jun 1999 UK MAIN SETSqx

Rights & Issues Discretionary UK Smaller Companies See Splits YesI Split Capital Jul 1962 UK MAIN SETSqx


11



Wind up option

Non-section 842

StructurePension

Symbols Launch date


RIT Capital Partners RIT Global Growth JulYesI Conventional Jun 1988 UK MAIN SETS

Royal London UK Equity & Income Royal London Asset Management UK Growth & Income See Splits Yes> Split Capital Sep 2001 UK MAIN SETSqx

Schroder AsiaPacific Schroder Asia Pacific - Excluding Japan Feb YesYesYesConventional Nov 1995 UK MAIN SETS

Schroder Income Growth Schroder UK Growth & Income Jan Apr Jul Oct YesYesYesConventional Mar 1995 UK MAIN SETS

Schroder Japan Growth Schroder Japan YesYesYesConventional Jul 1994 UK MAIN SETS

Schroder Oriental Income Schroder Asia Pacific - Including Japan Apr OctYes YesYesM Conventional Jul 2005 GUE MAIN SETS

Schroder UK Growth Schroder UK Growth Jan Jul YesYesYesT Conventional Mar 1994 UK MAIN SETS

Schroder UK Mid & Small Cap Schroder UK Smaller Companies JanYesYesConventional Apr 2003 UK MAIN SETSqx

Scottish American Baillie Gifford Global Growth & Income Jun Sep Dec AprYesYes YesD Conventional Dec 1873 UK MAIN SETS

Scottish Investment Trust Scottish Investment Trust Global Growth Jul FebYesYes YesD I Conventional Yes Jul 1887 UK MAIN SETS

Scottish Mortgage Baillie Gifford Global Growth Nov JulYesYes YesD T Conventional Jan 1909 UK MAIN SETS

Scottish Oriental Smaller Companies First State Investments Asia Pacific - Excluding Japan JanConventional Mar 1995 UK MAIN SETSqx

Securities Trust of Scotland Martin Currie UK Growth & Income Sep Dec Mar JunYesYesConventional Jun 2005 UK MAIN SETS

Shires Income Aberdeen UK Growth & Income Oct Jan Apr JulYesYes YesD P M Conventional Mar 1929 UK MAIN SETS

Shires Smaller Companies Aberdeen UK High Income Apr Jul Oct Jan YesYesYes YesConventional Aug 1992 UK MAIN SETSqx

Signet Global Fixed Income Strategies Signet Capital Hedge Funds Mar YesF Conventional Nov 2006 GUE MAIN/ISE ITBB

Signet Global Fixed Income Strategies Euro Signet Capital Hedge Funds Apr YesE F Conventional Nov 2006 GUE MAIN/ISE ITBB

Signet Global Fixed Income Strategies USD Signet Capital Hedge Funds Apr Yes$ F Conventional Nov 2006 GUE MAIN/ISE ITBB

Singer & Friedlander AIM 3 VCT Singer & Friedlander VCT AIM Quoted Jun YesVenture Capital Trust Feb 2001 UK MAIN SETSqx

Small Companies Dividend Chelverton UK High Income Sep Dec Mar JunConventional May 1999 UK MAIN SETSqx

Smaller Companies Value Trust Scottish Widows UK Smaller Companies See Splits YesSplit Capital May 2002 UK MAIN SETSqx

SR Europe Sloane Robinson Europe Apr Oct Yess Conventional Aug 2001 UK MAIN SETSqx

Standard Life Equity Income Standard Life UK Growth & Income Jun Dec YesYesYesT Conventional Nov 1991 UK MAIN SETS

Standard Life European Private Equity SL Capital Private Equity FebYesYesF o Conventional May 2001 UK MAIN SETS

Standard Life Investments Property Income Standard Life Property Direct - UK May Aug Nov Feb YesConventional Dec 2003 GUE MAIN SETS

Standard Life UK Smaller Companies Standard Life UK Smaller Companies OctYesYesw T Conventional Aug 1993 UK MAIN SETSqx

Strategic Equity Capital SVG Investment Managers UK Growth JunT Conventional Jul 2005 UK MAIN SETS

SVG Capital SVG Advisers Private Equity MayYesYesF o Conventional May 1996 UK MAIN SETS

SVM UK Active SVM Asset Management UK Growth Jul YesYesYes YesT Conventional Apr 1994 UK MAIN SETS

Tapestry Kleinwort Benson Hedge Funds YesF Conventional Feb 2005 GUE MAIN SETS

Temple Bar Investec UK Growth & Income Sep MarYesD Conventional Dec 1926 UK MAIN SETS

Templeton Emerging Markets Franklin Templeton Global Emerging Markets Sep YesYesConventional Jun 1989 UK MAIN/NZ SETS

Throgmorton Trust AXA Framlington UK Smaller Companies Mar AugYesD Conventional Dec 1962 UK MAIN SETS

TR European Growth Henderson Global Investors European Smaller Companies Nov YesYesYesConventional Sep 1990 UK MAIN SETS

TR Property Thames River Capital Property Securities Jan JulYesYesD Conventional May 1905 UK MAIN SETS

TR Property Sigma Thames River Capital Property Securities Jun JanYesYesD Conventional Jul 2007 UK MAIN SETS

UK Commercial Property Resolution Property Direct - UK May Aug Nov Feb Yes YesConventional Sep 2006 GUE MAIN SETS

UK Select Trust Scottish Widows UK Growth Nov MayT Conventional Jan 1959 GUE MAIN SETSqx

Ukraine Opportunity Fabien Pictet & Partners Country Specialists: Europe May Yesw $ Conventional Nov 2005 UK MAIN SETSqx

Unicorn AIM VCT Unicorn VCT AIM Quoted Jan YesVenture Capital Trust Nov 2001 UK MAIN SETSqx

Unicorn AIM VCT II Unicorn VCT AIM Quoted Jan YesVenture Capital Trust Jan 2005 UK MAIN SETSqx

Unicorn AIM VCT II C shares Unicorn VCT AIM Quoted Pre Qualifying May YesVenture Capital Trust Jan 2006 UK MAIN SETSqx

Unicorn AIM VCT Series 2 shares Unicorn VCT AIM Quoted Feb YesVenture Capital Trust Feb 2004 UK MAIN SETSqx

Unicorn AIM VCT Series 3 shares Unicorn VCT AIM Quoted Pre Qualifying Dec YesVenture Capital Trust Apr 2007 UK MAIN SETSqx

Utilico Ingot Capital (Utilico) Sector Specialist: Utilities See Splits YesYes YesYesw T M Split Capital May 2004 BER MAIN SETSqx

Utilico Emerging Markets (AIM) Ingot Capital (Utilico) Global Emerging Markets Jun Dec Yes Yesw s Conventional Jul 2005 BER AIM/CI SEAQ

Value and Income OLIM UK Growth & Income Jan JulYesYesD < Conventional Jul 1981 UK MAIN SETS

Ventus 2 VCT Climate Change Capital VCT Specialist: Environmental Pre Qualifying Mar YesVenture Capital Trust Mar 2006 UK MAIN SETSqx

Ventus 3 VCT Climate Change Capital VCT Specialist: Environmental Pre Qualifying Jun YesVenture Capital Trust Mar 2006 UK MAIN SETSqx


12



Wind up option

Non-section 842

StructurePension

Symbols Launch date


Ventus VCT Climate Change Capital VCT Specialist: Environmental Jun YesVenture Capital Trust Mar 2005 UK MAIN SETSqx

Vietnam Opportunity (AIM) VinaCapital Country Specialists: Asia Pacific Sep Yes Yes$ x Conventional Sep 2003 CAY AIM SEAQ

Vinaland (AIM) VinaCapital Property Specialist Yes Yes$ x Conventional Mar 2006 CAY AIM SEAQ

Witan Witan Global Growth Sep AprYesYes YesD P I Conventional Feb 1909 UK MAIN/NZ SETS

Witan Pacific Witan Investment Services Asia Pacific - Including Japan JunYesYesConventional Dec 1907 UK MAIN SETS

World Trust Fund Lazard Global Growth Yes Yes$ F M Conventional Jul 1991 LUX MAIN/LUX SETSqx

Zero Preference Growth Premier Sector Specialist: Zero Dividend See Splits YesYesYesF M Split Capital Aug 1999 UK MAIN SETSqx

Split Capital structures can be found in the Split Capital section. Ordinary Income Shares, Capital shares and Units are also listed in the AIC sectors section.


13

AIC Sectors

NAV GearingCompany

1yr 5yr3yr 10yr 1yr 3yr 5yr 10yrgrth yld

Total return on £100OtherOtherJapanNorthCont.UKCash &

PacificAmericaEuropeFixed Int.

Companies whose objective is to produce a total return to shareholders from capital growth and some dividend income. They will have less than 80% of their assets in any one geographical area.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

GLOBAL GROWTH

(pence)%

Div.offer/buy

avg. high/Discount/Premium %Price (pence)

low

NAVShare priceSymbol

Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS234/188 192.0 207.2 -6.6 100 84.3 137.0 217.6 167.9 83.8 130.9 204.4 1.260 15 51 18 11 4 1 0 3.7188.8 F T MAdvance UK195.0 - -381/329 337.8 422.7 -20.0 102 90.7 129.1 155.6 139.8 95.4 134.7 174.4 2.32882 5 53 11 18 1 12 0 2.3147.9 I MAlliance Trust338.3 - -130/97 99.5 114.8 -12.7 100 78.6 - - - 82.7 - - 2.495 4 44 33 16 2 1 0 -- TAnglo & Overseas101.0 - -

439/390 419.0 470.0 -10.9 106 99.4 158.2 200.9 180.4 97.3 150.5 206.2 2.5570 4 44 14 16 10 8 4 8.1189.3 DBankers420.5 - -485/435 475.0 486.4 -2.3 104 100.2 152.2 283.1 432.6 96.8 156.7 269.8 1.2813 13 20 39 5 12 10 1 30.0369.0 D MBritish Empire Securities & General478.3 - -495/421 454.0 532.2 -14.1 120 100.1 164.9 208.4 155.4 99.3 150.2 188.2 2.5313 12 45 10 24 4 4 1 7.9154.4 PBrunner460.0 - -

2179/1970 2004.0 2246.0 -10.8 100 93.4 155.1 273.1 305.7 99.6 151.7 230.9 1.71311 5 64 13 7 1 2 8 4.7-27 I T oCaledonia2017.0 - -123/110 110.0 117.8 -6.2 100 91.0 - - - 93.4 - - 0.952 9 37 31 10 3 8 2 -- F C T MCayenne Trust111.0 - -278/237 275.0 313.4 -11.3 117 112.1 180.3 241.2 140.1 110.9 169.9 214.5 0.7179 5 0 34 21 5 6 29 -1.9142.5 Edinburgh Worldwide281.0 - -443/398 421.0 480.1 -12.0 102 99.1 146.7 216.1 137.4 99.7 152.0 193.0 1.7322 9 14 38 17 12 10 0 10.3142.6 DElectric & General423.8 - -169/134 146.0 167.5 -12.3 100 91.0 120.8 - - 93.8 138.0 - 1.654 13 12 43 26 4 2 0 -- TEP Global Opportunities148.0 - -180/145 153.0 176.8 -11.7 106 103.5 131.2 191.9 - 105.3 147.0 204.8 2.038 11 9 7 6 11 42 14 6.4- Establishment Investment Trust159.0 - -477/349 399.0 436.3 -8.3 105 84.9 149.8 286.9 218.9 85.0 141.0 235.9 1.2204 2 37 15 34 6 6 0 2.7191.2 DF&C Global Smaller Companies401.0 - -

98/98 94.0 99.3 -1.8 100 - - - - - - - -21 16 50 15 5 1 5 8 --48 F MF&C Managed Portfolio Growth101.0 - -324/281 305.0 342.5 -10.9 109 100.2 160.1 196.2 174.0 100.4 151.0 197.7 2.12566 1 42 13 23 5 11 5 11.8173.0 DForeign & Colonial305.3 - -304/264 300.5 329.6 -7.7 101 110.0 180.6 234.6 205.9 104.4 157.2 200.4 1.9139 11 35 11 21 7 11 4 8.3183.8 PGartmore Global308.0 - -158/128 137.0 144.5 -4.5 110 87.6 125.5 - - 89.7 127.2 - -43 3 31 13 17 13 19 4 -- F Miimia Investment Trust139.0 - -322/192 191.0 216.3 -10.3 100 61.6 122.3 161.2 - 70.1 132.0 193.0 2.8143 13 55 0 32 0 0 0 12.9- I MIndependent Investment Trust197.0 - -111/98 105.0 111.7 -4.2 100 107.0 - - - 102.7 - - 2.040 0 24 21 13 9 13 20 --60 TInvesco Perpetual Select Global Equity109.0 - -

417/354 370.0 385.5 -2.3 100 91.7 149.2 208.0 - 91.0 149.6 213.5 1.6179 6 42 13 22 5 4 8 11.7-68 F MJPMorgan Elect Managed Growth383.0 - -651/573 622.0 676.9 -7.2 104 98.6 146.1 193.4 166.9 97.8 134.7 168.1 1.8191 0 12 28 39 11 4 6 17.1155.2 DJPMorgan Overseas628.0 - -

1289/1010 1065.0 1167.7 -8.4 100 95.0 185.7 276.0 144.6 100.2 180.7 258.3 1.853 4 62 15 6 1 4 8 18.9185.1 Jupiter Primadona Growth1072.0 - -387/318 318.3 315.7 0.8 111 87.1 138.2 195.1 168.6 91.9 144.3 206.8 4.0409 2 69 15 4 4 6 0 13.2190.9 DLaw Debenture Corporation320.5 - -136/121 132.8 143.2 -6.9 100 107.8 162.1 223.7 170.5 104.0 159.5 221.1 2.1195 3 69 9 12 2 4 1 8.4163.6 MMartin Currie Portfolio133.3 - -888/785 869.0 1054.8 -17.2 103 103.8 154.6 195.5 201.9 104.5 147.0 188.1 1.554 14 14 33 17 4 10 8 7.5192.6 Mid Wynd International877.0 - -363/310 363.0 406.0 -10.6 107 118.4 188.8 253.7 241.8 114.5 175.3 235.8 1.21158 16 11 17 21 6 13 16 32.3231.9 DMonks365.0 - -

26725/25275 25400.0 25600.0 0.0 100 97.5 116.7 139.7 147.8 97.9 118.8 143.7 1.9187 101 -4 0 3 0 0 0 8.9164.2 I TPersonal Assets25800.0 - -1177/1024 1175.0 1110.9 5.8 121 114.2 161.2 286.5 339.1 99.8 158.4 243.6 0.32075 21 13 12 35 5 5 9 5.2280.8 IRIT Capital Partners1184.0 - -

529/461 501.5 568.0 -10.9 115 101.2 158.6 218.0 166.5 100.0 152.9 193.1 1.8845 7 27 16 29 3 8 10 3.6154.7 D IScottish Investment Trust506.0 - -685/586 685.0 752.5 -9.0 120 118.4 207.9 285.0 206.3 113.7 185.1 253.1 1.52535 4 10 27 24 5 10 20 8.4199.1 D TScottish Mortgage686.0 - -499/431 454.0 518.3 -12.4 112 93.0 137.6 179.3 144.6 94.7 137.6 178.8 2.21275 11 33 18 20 10 7 1 3.8143.7 D P IWitan454.3 - -

2642/2057 2297.3 2524.3 -8.1 115 97.3 153.8 238.2 227.3 96.0 149.0 223.6 -178 - - - - - - - -215.1 $ F MWorld Trust Fund2340.3 - -CONVENTIONAL SIZE WEIGHTED AVERAGE 100.5 156.7 217.6 189.9 99.8 152.1 207.7 176.619179 9.3 1.7109-9.2 9 33 17 21 5 9 7


14

NAV GearingCompany




Companies whose objective is to produce a total return to shareholders from capital and dividend growth and will typically have a yield on the underlying portfolio ranging between 100% and 175% of that of the FTSE All-World Index.They will have less than 80% of their assets in any one geographical area.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

GLOBAL GROWTH & INCOME

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS151/125 127.0 146.4 -12.8 121 88.2 127.3 164.2 138.8 89.4 129.2 172.9 4.6524 11 61 6 12 4 6 0 2.0133.8 DBritish Assets127.8 - -175/147 152.0 166.6 -7.4 121 98.2 122.4 277.5 283.8 101.6 126.7 209.7 1.037 18 17 9 20 0 32 4 8.4266.0 MEclectic156.5 - -

98/98 94.0 99.1 -1.6 100 - - - 4.522 20 53 11 4 2 3 7 --49 F MF&C Managed Portfolio Income101.0 - -293/250 257.0 298.9 -13.4 100 92.2 135.7 171.7 186.8 93.8 136.2 162.8 4.289 33 66 0 1 0 0 0 3.4172.2 P I MLondon & St Lawrence261.0 - -183/134 137.5 148.5 -6.8 109 79.1 - - - 88.8 - - 4.772 23 43 15 5 5 2 7 -- w MMidas Income & Growth139.5 - -727/615 726.5 746.8 -2.7 112 114.1 175.1 251.9 211.3 110.8 166.2 231.8 3.2739 18 12 19 8 10 18 15 7.1181.887 DMurray International728.0 - -263/217 222.5 262.4 -14.9 125 88.0 136.2 192.9 134.4 89.3 134.1 178.7 3.8440 12 50 9 13 2 3 11 8.3126.3 DScottish American224.0 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 97.5 147.1 201.1 166.8 97.3 143.8 193.4 151.11922 5.5 3.7116-8.4 16 38 12 10 6 10 9

NAV GearingCompany




Companies which invest at least 80% of their assets in smaller company securities.They will have less than 80% of their assets in any one geographical area.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

GLOBAL SMALLER COMPANIES

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS111/92 90.0 - - - 82.8 - - - - - - -- - - - - - - - --84 w xMarwyn Value Investors (AIM)93.0 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE - - - - - - - -- - --- - - - - - - -

NAV GearingCompany




Companies which invest in equities and fixed interest securities, whose objective is to provide dividend growth to shareholders. They will typically have a yield on the underlying portfolio above 150% of that of the FTSE All-World Index. They will have less than 80% of their assets in any one geographical area.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

GLOBAL HIGH INCOME

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS103/87 92.0 87.3 6.0 109 - - - - - - - 7.379 100 0 0 0 0 0 0 -- Henderson Diversified Income93.0 - -109/82 89.5 85.8 5.1 220 92.4 118.6 217.2 - 89.7 111.1 149.0 11.1158 99 1 0 0 0 0 0 0.0- >INVESCO Leveraged High Yield91.0 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE - - - - - - - -237 - --- - - - - - - -


15

NAV GearingCompany


Total return on £100Int.Other SCSC Inc &FTSE S/CFTSEFTSECash &

Equities& ICsOrd IncFL/AIM xIC250 x IC100Fixed Int.

Companies which invest in UK securities and aim to produce a total return to shareholders from capital growth and some dividend income.They will have at least 80% of their assets in UK securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

UK GROWTH

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS411/285 298.0 376.2 -20.0 100 75.0 145.9 203.1 193.8 87.3 145.8 196.4 3.238 10 40 26 7 0 5 12 4.5191.5 >Albany304.0 - -240/202 238.0 258.2 -7.3 115 103.2 135.3 - - 110.8 154.6 - 1.1108 1 0 7 64 0 0 28 1.2- T oArtemis Alpha241.0 - -233/162 173.5 202.6 -13.5 101 76.3 103.0 151.4 155.6 76.8 105.8 151.7 1.927 1 54 18 21 0 6 0 3.0166.4 TAurora177.0 - -193/158 170.0 180.2 -4.5 104 90.2 133.8 180.6 - 90.8 130.6 179.3 2.875 1 75 13 5 0 6 0 9.1- TBritish Portfolio Trust174.0 - -

2165/2010 2140.0 2113.8 2.4 100 104.1 119.8 159.7 261.6 104.4 126.4 161.0 0.759 58 0 0 0 22 12 8 5.9252.1 F I MCapital Gearing2190.0 - -104/87 91.0 94.4 -2.5 113 89.0 147.7 186.5 127.6 87.1 129.3 169.6 0.361 13 30 30 27 0 0 0 -112.9 TF&C UK Select93.0 - -

612/508 525.0 582.9 -9.4 111 87.5 136.4 211.0 335.7 89.1 144.7 237.7 1.6366 4 51 22 7 0 0 16 53.4337.3 Fidelity Special Values531.0 - -1072/815 890.0 - - - 84.8 174.8 392.8 389.8 - - - 1.5- - - - - - - - 16.7-55 MHansa Trust ('A' Ord)905.0 - -1166/820 890.0 986.8 -9.0 100 77.9 172.0 384.1 359.5 88.2 175.6 323.2 1.5237 5 25 8 22 0 2 38 16.7325.356 MHansa Trust (Ord)905.0 - -753/443 466.0 587.9 -19.4 121 63.7 - - - 69.8 - - 1.358 1 0 0 99 0 0 0 -- sHenderson Opportunities482.0 - -103/88 93.0 98.1 -3.1 118 97.1 - - - 92.7 - - 2.853 7 69 15 5 0 0 4 --63 TInvesco Perpetual Select UK Equity97.0 - -

585/465 500.0 530.5 -4.5 110 89.2 140.7 190.5 132.8 89.0 139.7 195.7 3.2338 2 78 16 4 0 0 0 9.7142.3 DJPMorgan Claverhouse513.0 - -749/491 513.0 618.1 -16.4 109 70.7 154.7 230.5 174.7 74.7 146.5 236.5 3.0176 0 1 98 1 0 0 0 7.6187.7 D TJPMorgan Mid Cap520.0 - -

1220/1055 1075.0 1208.8 -10.7 124 92.3 141.6 224.0 119.5 90.9 139.2 212.3 4.0204 24 56 13 2 0 0 5 11.0136.5 D PKeystone1085.0 - -1376/941 941.0 1101.8 -14.6 115 70.9 153.6 219.2 266.8 74.4 146.4 230.2 4.01333 11 0 74 15 0 0 0 15.2272.7 DMercantile950.0 - -

122/47 50.3 67.1 -24.3 100 43.5 - - - 56.9 - - 3.768 7 0 17 62 0 14 0 -- I TPrinciple Capital51.3 - -158/123 129.5 143.7 -9.0 119 88.3 141.5 183.0 100.5 89.9 135.3 181.7 3.0268 4 71 25 0 0 0 0 5.7105.6 TSchroder UK Growth132.0 - -107/61 68.5 79.5 -12.6 100 66.2 - - - 70.9 - - 0.057 7 0 11 34 44 0 4 -- TStrategic Equity Capital70.5 - -

246/185 193.0 219.4 -11.1 100 80.3 149.4 219.8 142.8 86.3 150.9 206.4 1.580 25 40 21 13 0 0 1 1.8135.0 TSVM UK Active197.0 - -156/127 136.0 163.3 -15.5 115 91.5 159.6 217.8 150.2 98.4 170.3 223.9 2.839 9 52 18 21 0 0 0 6.1150.7 TUK Select Trust140.0 - -



16

NAV GearingCompany


Total return on £100Int.Other SCSC Inc &FTSE S/CFTSEFTSECash &

Equities& ICsOrd IncFL/AIM xIC250 x IC100Fixed Int.

Companies which invest in UK securities and aim to produce a total return to shareholders from capital and dividend growth and will typically have a yield on the underlying portfolio between 100% and 175% of that of the FTSE All-Share Index. They will have at least 80% of their assets in UK securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

UK GROWTH & INCOME

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS122/89 85.0 - - - 78.3 121.3 202.6 130.4 - - - 7.4- - - - - - - - 5.7- F C I MBritish & American93.0 - -

314/262 261.5 296.4 -11.8 109 86.6 128.4 169.2 135.6 88.0 133.8 186.2 4.4683 1 80 15 0 0 0 4 7.5156.2 D P TCity of London263.5 - -277/221 221.5 248.6 -10.2 111 84.0 126.8 173.2 151.6 82.7 119.0 161.1 4.9423 0 68 20 5 0 3 4 8.7143.4 D TDunedin Income Growth225.0 - -502/403 427.8 485.4 -11.9 120 89.1 144.3 196.0 122.2 88.6 133.5 181.4 4.71187 9 72 17 2 0 0 0 8.8118.6 DEdinburgh Investment428.0 - -518/368 381.0 417.8 -6.5 100 78.8 - - - 77.4 - - 5.7- 9 60 18 13 0 0 0 --44 >Edinburgh New Income Units400.0 - -258/217 231.0 240.9 -3.5 102 94.0 126.4 171.3 173.9 91.0 130.3 179.9 3.3192 3 75 9 6 0 0 7 7.6157.4 F&C Capital & Income234.0 - -352/246 246.0 264.4 -6.0 110 73.0 111.9 206.6 152.2 78.1 120.8 191.6 3.7151 11 57 14 17 0 1 0 13.0146.4 TFinsbury Growth & Income251.0 - -248/199 197.0 221.9 -10.2 111 85.6 133.3 182.9 187.4 83.7 128.6 183.0 4.4144 0 77 19 4 0 0 0 12.8184.0 INVESCO Income Growth201.5 - -

2388/2075 1925.0 1955.0 6.1 100 90.1 - - - 79.0 - - 2.6- 5 82 7 6 0 0 0 --59 >Invesco Perpetual Recovery 2011 Pkg Unit2225.0 - -124/91 92.0 94.2 0.3 100 80.4 122.5 160.6 - 80.6 118.9 161.1 4.752 0 46 13 8 0 33 0 0.2-69 MJPMorgan Elect Managed Income97.0 - -

293/261 286.0 308.4 -5.0 100 - - - - - - - 3.4- 11 73 16 0 0 0 0 --72 JPMorgan Income & Capital Pkg Units300.0 - -150/99 104.5 112.4 -5.9 120 74.1 - - - 75.3 - - 5.9- 0 70 16 3 0 10 1 --73 >JPMorgan Income & Growth Pkg Unit107.0 - -

137/113 112.0 117.6 -3.1 100 85.0 117.1 - - 81.5 119.4 - 3.5- - - - - - - - --75 Jupiter Second Enhanced Pkg Unit116.0 - -1126/800 800.0 850.2 -5.9 119 73.1 129.2 206.9 258.2 79.8 130.7 207.7 3.2269 1 45 24 28 0 0 2 8.4233.0 DLowland817.0 - -125/101 101.0 - - - 87.4 119.3 185.5 130.6 - - - 5.3- - - - - - - - 4.9-80 M&G Equity Package Unit106.0 - -119/96 95.0 - - - 87.3 124.0 189.5 - - - - 6.0- - - - - - - - 4.4-83 M&G Recovery Package Unit102.0 - -

547/414 417.5 472.2 -11.5 123 80.0 126.5 178.0 154.0 83.2 129.4 183.5 5.3618 0 89 11 0 0 0 0 4.8162.6 D PMerchants417.8 - -737/613 614.0 684.5 -10.3 109 86.5 128.5 181.1 166.1 86.4 129.0 181.3 4.3484 3 66 27 3 0 1 0 8.1161.3 TMurray Income618.0 - -260/223 224.0 255.3 -12.3 117 89.6 125.7 195.4 213.2 90.3 132.9 211.8 3.3626 7 70 16 3 0 0 4 7.1236.4 s DPerpetual Income & Growth224.5 - -226/179 181.5 207.0 -11.4 100 84.5 114.9 150.3 168.5 85.5 119.4 166.0 4.8142 7 85 8 0 0 0 0 8.0180.3 Schroder Income Growth185.5 - -140/116 117.0 127.8 -7.8 109 89.0 124.8 175.1 140.8 86.6 124.7 166.0 4.8142 3 75 17 4 0 1 0 4.4128.9 Securities Trust of Scotland118.5 - -329/220 217.0 237.3 -7.5 136 71.9 101.6 169.7 90.1 74.2 110.9 160.2 9.099 32 40 8 9 0 9 2 0.592.5 D P MShires Income222.0 - -333/280 291.0 320.4 -8.6 107 90.2 136.0 173.9 196.3 89.4 132.8 178.3 3.8130 1 78 20 1 0 0 0 6.6196.6 TStandard Life Equity Income295.0 - -873/672 681.5 755.9 -9.8 114 81.5 107.3 166.9 173.0 83.1 119.3 181.4 4.6508 8 71 15 6 0 0 0 3.5176.3 DTemple Bar687.0 - -259/166 173.3 232.4 -25.3 130 69.2 102.4 158.8 152.5 84.3 125.3 188.1 4.4152 3 34 26 4 0 0 0 5.1191.0128 D <Value and Income173.5 - -


SPLIT CAPITAL CAPITAL SHARES278/195 202.0 216.4 -5.5 181 73.5 148.5 389.5 119.6 70.5 115.8 193.0 -100 12 64 15 9 0 0 0 -81.1 DFramlington Income & Capital207.0 - -

47/17 18.5 10.9 80.7 1236 41.8 17.1 - - -86 0 70 16 3 0 10 1 -- >JPMorgan Income & Growth21.0 - -27/12 11.3 - - - 46.2 87.5 119.5 28.2 - - - -- - - - - - - - -- M&G Equity13.3 - -

CAPITAL SIZE WEIGHTED AVERAGE 58.3 - - - - - - -186 - --- - - - - - - -

SPLIT CAPITAL ORDINARY INCOME SHARES139/86 87.0 104.0 -13.0 185 69.5 70.1 - - 7.739 9 60 18 13 0 0 0 -- >Edinburgh New Income94.0 - -128/78 79.0 81.8 -0.3 273 68.8 54.1 - - 7.436 5 82 7 6 0 0 0 -- >Invesco Perpetual Recovery 201184.0 - -97/80 95.0 106.1 -8.5 171 - - - 5.2113 11 73 16 0 0 0 0 -- JPMorgan Income & Capital99.0 - -65/35 35.0 42.0 -13.1 281 - - - 11.074 - - - - - - - -- Jupiter Second Enhanced Income37.8 - -36/22 22.3 - - - 70.9 114.1 216.0 - - - 13.3- - - - - - - - 5.6- M&G Recovery25.3 - -29/15 19.5 32.8 -39.0 494 72.8 249.4 1022.5 - 66.8 198.1 1878.6 0.0120 60 24 9 4 2 1 0 --114 >Royal London UK Equity & Income20.5 - -

ORDINARY INCOME SIZE WEIGHTED AVERAGE 70.6 - - - 64.5 - - -382 - 8.4251-12.5 29 53 12 4 1 0 0


17

NAV GearingCompany


Total return on £100Int.AIM/FTSEFTSEFTSEFTSECash &

EquitiesPLUSFledglingSmall Cap250100Fixed Int.

Companies which invest at least 80% of their assets in UK smaller company securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

UK SMALLER COMPANIES

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS797/564 598.0 698.6 -14.1 102 77.2 121.4 191.9 305.0 78.0 126.4 209.8 2.8695 -2 0 39 53 10 0 0 10.3311.7 Aberforth Smaller Companies600.0 - -149/94 103.3 122.7 -14.6 148 70.7 100.5 173.1 - 73.2 106.2 166.5 -93 7 0 0 9 0 84 0 -- Active Capital106.3 - -

416/309 365.0 439.7 -16.4 107 89.9 184.2 315.7 216.0 91.6 174.4 284.3 1.4230 -2 0 32 33 1 36 0 2.5220.8 D TBlackRock Smaller Companies370.0 - -160/106 118.0 140.8 -15.5 115 76.9 141.7 224.1 147.7 78.2 126.9 191.4 3.778 12 0 35 47 5 1 0 11.5142.7 sDunedin Smaller Companies120.0 - -427/243 243.5 330.1 -25.3 100 57.9 94.9 117.8 177.2 68.0 102.8 138.7 0.575 39 0 0 5 6 50 0 -26.1193.1 TEaglet249.8 - -489/344 382.0 457.8 -15.8 107 79.9 129.3 246.1 256.7 77.9 125.2 221.7 1.5123 10 0 15 42 2 29 2 7.0245.5 Framlington Innovative Growth388.8 - -469/315 326.0 382.1 -13.8 106 71.3 97.3 198.1 342.5 70.7 102.1 188.2 1.580 1 0 0 0 98 1 0 8.6317.5 Gartmore Fledgling333.0 - -434/320 317.5 356.6 -9.9 106 75.1 112.8 226.1 180.9 81.2 120.3 204.2 0.554 13 0 3 25 11 48 0 3.7188.2 Gartmore Growth Opportunities325.0 - -636/441 472.0 608.1 -22.0 100 75.4 112.2 191.5 116.5 81.2 120.1 196.9 0.984 9 0 4 24 9 54 0 -4.1144.4 Gartmore Smaller Companies477.0 - -830/463 465.0 - - - 69.2 144.0 154.8 1466.8 - - - 1.1- - - - - - - - 10.0- IGresham House480.0 - -324/222 250.5 310.7 -18.9 113 78.3 151.3 270.0 91.1 80.5 148.8 262.1 0.8289 0 1 71 20 0 8 0 16.095.8 D PHenderson Smaller Companies252.0 - -370/283 303.3 322.3 -4.7 102 83.4 135.9 279.2 155.7 81.2 119.7 217.4 0.492 -1 0 7 28 7 58 1 1.6150.2 TINVESCO English & International311.0 - -209/164 174.0 218.9 -19.4 101 86.3 156.9 254.5 249.7 90.1 157.2 255.1 2.2131 -1 0 48 53 0 0 0 26.3280.8 Invesco Perpetual UK Smaller Companies179.0 - -596/393 432.0 530.5 -17.6 109 74.0 154.5 282.0 251.7 75.2 152.3 257.2 1.3118 4 0 31 49 2 14 0 14.1257.2 JPMorgan Smaller Companies442.0 - -324/231 254.0 - - - 79.8 153.2 251.4 184.9 - - - 1.6- 9 0 14 58 3 16 0 7.0- TMontanaro UK Smaller Companies259.0 - -268/192 214.0 254.4 -15.3 100 82.1 159.7 290.9 173.4 84.6 158.8 296.3 2.192 7 0 63 23 2 5 0 0.0164.8 Schroder UK Mid & Small Cap217.0 - -251/176 167.5 188.9 -6.7 121 73.9 134.2 215.3 - 70.2 121.4 194.6 4.1- 6 0 68 23 0 3 0 9.3-118 Smaller Companies Value Unit185.0 - -134/103 122.0 143.6 -14.3 107 92.4 197.8 370.7 94.9 91.2 176.1 267.0 0.751 1 0 49 17 1 32 0 1.393.3 w TStandard Life UK Smaller Companies124.0 - -197/119 143.0 169.2 -14.9 113 74.3 121.6 249.8 169.8 73.5 120.5 225.9 1.7273 9 0 14 26 5 36 10 9.9175.2119 DThrogmorton Trust144.8 - -


SPLIT CAPITAL CAPITAL SHARES635/374 415.0 540.7 -21.6 198 66.8 190.6 446.3 60.3 124.9 310.1 -115 -2 0 38 56 8 0 0 -- Aberforth Geared Capital & Income433.0 - -190/108 109.0 131.8 -13.5 173 60.0 139.9 300.0 - 57.5 103.5 168.2 -47 6 0 68 23 0 3 0 -- Smaller Companies Value Trust118.8 - -

CAPITAL SIZE WEIGHTED AVERAGE - - - - - - - -162 - --- - - - - - - -

SPLIT CAPITAL ORDINARY INCOME SHARES4048/2783 2660.0 - - - 72.2 124.6 224.2 321.5 - - - 2.5- - - - - - - - 6.9-112 IRights & Issues2905.0 - -

ORDINARY INCOME SIZE WEIGHTED AVERAGE - - - - - - - -- - --- - - - - - - -


18

NAV GearingCompany


Total return on £100Other SCSC Ord IncSC IncInt.UK EquityBondsCash /

& ICsSharesSharesEquitiesx ICCash equiv

Companies which invest at least 80% of their assets in equities and fixed interest securities in the UK, whose objective is to produce dividend growth to shareholders. They will typically have a yield on the underlying portfolio above 150% of that of the FTSE All-Share Index.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

UK HIGH INCOME

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS189/149 162.0 158.2 3.4 122 93.1 111.2 138.2 173.8 93.9 116.5 152.5 7.3105 5 73 18 4 0 0 0 0.0178.0 City Merchants High Yield165.0 - -110/66 69.3 77.4 -9.9 164 67.9 107.2 160.3 177.2 77.0 127.6 190.0 7.6155 10 28 62 0 0 0 0 1.9177.9 TGlasgow Income70.0 - -

183/128 135.5 145.8 -6.4 122 78.9 128.0 207.6 - 82.2 128.6 202.4 6.1152 0 25 74 1 0 0 0 -3.5- THenderson High Income137.5 - -99/83 85.5 92.2 -6.4 128 92.8 - - - 94.8 - - 6.4116 19 22 59 0 0 0 0 --64 TInvestors Capital A87.0 - -99/83 85.0 91.9 -6.4 128 93.5 - - - 94.6 - - 0.036 19 22 59 0 0 0 0 --65 TInvestors Capital B87.0 - -

389/327 335.0 366.0 -8.2 130 91.7 - - - 95.3 - - 5.1- 19 22 59 0 0 0 0 --66 Investors Capital Unit337.0 - -174/132 126.5 - - 100 79.0 121.8 180.4 161.7 - - - 4.9- - - - - - - - 6.0-82 M&G High Income Package Unit136.5 - -

56/50 54.5 52.3 4.8 122 104.8 125.2 - - 103.1 126.4 - 6.389 3 54 27 16 0 0 0 -- New City High Yield55.0 - -311/153 161.0 184.7 -10.9 175 57.3 92.0 149.0 150.0 63.9 97.4 154.4 9.271 3 38 58 0 0 0 1 2.0138.0 Shires Smaller Companies168.0 - -240/121 131.0 148.1 -10.5 142 59.8 99.0 252.8 - 60.9 100.3 189.3 10.334 3 0 97 0 0 0 0 5.7- Small Companies Dividend134.0 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 80.9 111.3 169.6 167.2 84.3 117.4 175.2 164.8759 -0.1 6.7137-4.2 7 35 55 3 0 0 0

SPLIT CAPITAL CAPITAL SHARES28/11 9.0 - - 1180 39.3 157.1 231.6 46.8 - - - -- - - - - - - - -- M&G High Income12.8 - -

CAPITAL SIZE WEIGHTED AVERAGE - - - - - - - -- - --- - - - - - - -

SPLIT CAPITAL ORDINARY INCOME SHARES93/47 47.0 55.3 -10.5 293 58.9 118.3 451.3 60.0 114.6 305.6 13.145 6 5 79 0 1 2 7 0.0- MInvestec High Income52.0 - -

101/74 68.5 - - 166 77.7 131.2 174.9 148.2 - - - 8.8- - - - - - - - 6.0-81 M&G High Income Geared Unit78.5 - -ORDINARY INCOME SIZE WEIGHTED AVERAGE - - - - - - - -45 - --- - - - - - - -

NAV GearingCompany


Total return on £100TA $OtherOther USS&P 500UKUSCash/Non

ExposureEquitiesEquitiesEquitiesBondsUS FI

Companies which have at least 80% of their assets invested in North American securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

NORTH AMERICA

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS614/532 566.0 590.6 -3.7 100 94.5 116.4 131.8 121.3 93.1 113.0 128.5 2.4222 2 0 0 98 0 0 100 23.1119.5 Edinburgh US Tracker572.0 - -703/603 643.0 706.9 -8.5 116 93.7 120.7 141.6 115.5 94.1 117.6 140.6 1.7358 9 0 0 85 6 0 100 10.1116.9 DJPMorgan American647.0 - -


NAV GearingCompany


Total return on £100TA $OtherOther USS&P 500UKUSCash/Non

ExposureEquitiesEquitiesEquitiesBondsUS FI

Companies which have at least 80% of their assets invested in North American smaller company securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

NORTH AMERICAN SMALLER COMPANIES

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS301/237 259.8 297.2 -11.5 100 87.4 109.8 149.9 156.5 86.8 106.8 150.4 -62 4 0 0 96 0 0 100 -149.4 F&C US Smaller Companies266.0 - -881/640 671.0 749.1 -10.0 100 76.5 101.7 148.8 136.4 78.1 95.4 131.0 -49 3 0 0 0 97 0 100 -138.5 TJPMorgan US Discovery677.0 - -

1253/995 985.0 1149.2 -11.7 103 81.0 126.6 217.1 192.1 86.4 129.4 182.9 -233 16 0 65 0 16 3 22 -203.9 C oNorth Atlantic Smaller Companies1015.0 - -308/253 258.0 280.4 -6.4 108 88.7 114.4 210.8 270.7 83.5 103.0 174.9 -58 5 6 0 0 84 5 94 -241.1 Renaissance US Growth267.0 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 82.3 114.9 179.5 170.7 84.2 111.5 159.5 168.5401 - -103-10.5 11 1 38 15 33 2 54


19

NAV GearingCompany


Total return on £100OtherSingaTaiwanKoreaHongJapanCash &

poreKongFixed Int.

Companies which have at least 80% of their assets in Asia Pacific securities, which includes a Japanese content of over 20%.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

ASIA PACIFIC - INCLUDING JAPAN

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS242/214 238.0 269.4 -11.2 109 108.0 161.7 241.7 - 106.2 157.2 241.7 -47 1 26 15 9 5 15 29 -- Aberdeen All Asia240.5 - -323/243 268.0 293.5 -7.8 100 105.0 179.3 313.5 296.2 101.2 174.2 278.1 1.1127 -1 25 12 12 9 3 40 17.2255.3 TMartin Currie Pacific273.0 - -137/111 119.8 128.3 -6.1 114 102.1 - - - 102.9 - - 4.3229 1 2 17 4 11 15 50 -- MSchroder Oriental Income121.0 - -183/157 173.0 197.1 -11.0 102 104.1 152.4 221.7 181.8 104.3 153.5 211.5 1.0136 2 37 10 8 5 9 29 0.0160.5 Witan Pacific178.0 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 103.8 162.6 240.3 - 103.1 160.9 227.7 -540 - 2.3107-8.2 1 18 14 7 8 11 41

NAV GearingCompany


Total return on £100OtherChinaTaiwanKoreaSingaHongCash &

poreKongFixed Int.

Companies which have at least 80% of their assets in Asia Pacific securities, which includes a Japanese content of less than 20%.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

ASIA PACIFIC - EXCLUDING JAPAN

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS119/105 115.3 122.6 -5.2 111 108.6 - - - 109.7 - - 4.3149 7 9 21 0 12 2 49 -- wAberdeen Asian Income117.3 - -322/287 298.5 354.4 -15.1 103 95.2 137.3 266.0 731.6 100.8 164.5 282.1 1.1129 2 18 17 5 0 0 58 2.2621.7 w TAberdeen Asian Smaller Companies303.0 - -572/508 570.0 631.2 -9.4 106 110.6 176.4 322.4 667.3 110.7 182.2 313.4 1.1167 1 19 20 10 7 3 40 10.5525.2 TAberdeen New Dawn574.0 - -164/139 156.3 176.4 -11.1 110 112.6 180.6 298.2 339.8 111.5 181.9 273.6 0.7452 7 19 20 11 7 7 29 0.0297.3 Edinburgh Dragon156.8 - -170/128 138.0 150.1 -7.1 106 109.4 191.1 298.4 281.9 102.5 178.3 279.4 -164 3 31 14 23 14 7 8 -241.9 Fidelity Asian Values141.0 - -286/251 269.0 280.6 -2.8 100 112.6 152.8 233.9 480.8 108.6 160.9 246.1 4.4218 6 15 11 12 16 5 35 8.2410.4 Henderson Far East Income276.5 - -174/133 142.0 158.3 -9.8 111 107.9 181.6 266.6 319.5 105.1 174.6 253.9 1.5288 4 14 11 14 8 31 18 16.0279.4 Henderson TR Pacific142.8 - -122/100 111.0 125.8 -11.5 100 112.6 188.4 296.7 300.3 110.8 184.0 276.3 1.4118 2 28 10 13 14 5 28 24.6250.7 INVESCO Asia111.5 - -231/170 190.3 214.3 -10.4 107 113.9 192.2 303.0 453.4 111.2 189.6 303.5 0.7367 7 20 13 19 7 11 23 4.4405.6 JPMorgan Asian193.5 - -159/115 121.5 130.7 -5.7 107 108.4 201.2 324.6 333.2 102.8 186.4 291.0 0.9165 -1 20 7 17 18 15 24 13.3275.7 Pacific Assets125.0 - -201/146 157.0 157.8 0.5 100 103.2 216.5 374.8 744.5 105.3 207.2 346.7 0.7123 2 31 12 17 10 3 25 19.6544.2 MPacific Horizon160.0 - -192/154 164.5 184.8 -9.8 111 107.1 177.2 303.7 426.7 104.6 177.9 301.0 0.9344 7 27 14 18 10 7 17 14.9373.2 Schroder AsiaPacific168.8 - -339/274 302.0 347.8 -12.5 100 94.4 160.8 275.8 708.5 100.9 174.9 278.3 1.5105 4 16 16 10 12 2 40 25.1581.9 Scottish Oriental Smaller Companies306.5 - -


NAV GearingCompany


Total return on £100TA YenJap OTC/JapanJapanUKJapanCash/Non

ExposureRegion2 section1 sectionEquitiesBondsJapan FI

Companies which have at least 80% of their assets in Japanese securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

JAPAN

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS225/155 184.5 205.0 -8.9 124 84.0 117.8 211.6 232.3 87.4 115.2 195.0 -157 7 0 0 87 0 6 100 -217.9 Baillie Gifford Japan189.0 - -231/174 183.5 210.4 -12.8 109 80.6 94.1 143.0 135.7 82.8 92.1 135.9 1.5400 0 0 0 85 0 15 100 0.0131.0 JPMorgan Japanese184.0 - -

70/45 50.3 52.0 -1.9 100 80.0 - - - 74.3 - - -45 - - - - - - - -- Melchior Japan51.5 - -57/50 51.5 57.5 -9.2 101 92.1 125.1 177.1 178.6 93.3 120.6 161.1 -53 1 0 0 99 0 0 100 -158.5 Perpetual Japanese53.0 - -

102/77 88.3 100.4 -11.9 119 88.3 105.7 160.2 178.8 90.1 110.2 159.8 -150 2 0 0 98 0 0 99 -175.4 Schroder Japan Growth88.8 - -CONVENTIONAL SIZE WEIGHTED AVERAGE 83.1 101.9 157.9 147.5 84.8 100.5 149.9 142.1806 - -112-10.9 2 0 0 89 0 9 100


20

NAV GearingCompany


Total return on £100TA YenJap OTC/JapanJapanUKJapanCash/Non

ExposureRegion2 section1 sectionEquitiesBondsJapan FI

Companies which have at least 80% of their assets invested in Japanese smaller company securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

JAPANESE SMALLER COMPANIES

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS1084/649 784.3 - - - 73.7 70.4 174.9 339.8 - - - 0.0- - - - - - - - -- $Atlantis Japan Growth804.6 - -186/117 137.5 151.4 -8.4 119 74.7 88.7 159.5 263.0 75.6 84.1 145.7 -56 4 0 0 65 10 21 100 -223.3 Baillie Gifford Shin Nippon140.0 - -

68/47 60.0 67.0 -10.1 124 89.9 87.3 167.4 211.4 90.4 83.0 157.6 -79 2 0 0 89 4 5 100 -195.5 Fidelity Japanese Values60.5 - -226/167 171.0 190.1 -9.0 110 77.0 76.7 123.6 189.1 76.9 73.2 115.2 0.082 2 0 0 80 6 12 100 -163.4 JPMorgan Fleming Japanese Smaller Cos175.0 - -111/70 68.8 - - - 63.5 80.6 145.7 337.2 - - - -- - - - - - - - -- $Prospect Japan Fund71.9 - -


NAV GearingCompany


Total return on £100OtherSwitzerNetherGermanyFranceUKCash &

landlandsFixed Int.

Companies which have at least 80% of their assets in European securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

EUROPE

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS188/164 170.3 182.8 -6.1 101 96.5 164.3 - - 96.4 165.0 - 1.6213 0 0 15 19 11 15 40 -- TBlackRock Greater Europe173.0 - -242/219 239.0 264.8 -9.4 100 104.6 170.1 250.1 - 105.0 165.9 225.6 1.566 2 14 24 25 2 21 12 9.2- TCharter European241.0 - -

1388/1213 1382.0 1477.7 -6.5 113 101.1 165.0 290.0 371.8 102.9 171.3 278.1 1.1933 8 0 13 17 5 10 47 59.0407.4 Fidelity European Values1386.0 - -827/700 770.0 860.0 -10.5 100 94.1 165.8 236.0 159.7 93.9 160.4 210.5 0.2436 0 0 11 15 7 10 57 0.0170.0 Foreign & Colonial Eurotrust775.0 - -661/580 628.0 664.1 -4.7 103 99.6 180.6 259.0 208.7 99.2 168.6 228.4 1.3213 0 0 21 19 9 17 34 21.7214.5 TGartmore European633.0 - -558/450 527.0 590.9 -10.5 100 96.1 163.9 255.5 234.8 102.5 170.1 243.1 1.4137 3 0 22 26 2 17 30 24.6239.7 THenderson EuroTrust531.0 - -186/150 162.0 185.3 -12.4 108 89.7 116.5 212.1 132.5 94.8 123.3 187.0 2.951 69 1 4 3 3 4 16 0.0147.5 TInvesco Perpetual European Absolute162.5 - -251/201 233.5 252.3 -7.4 125 95.7 171.6 270.0 190.4 94.5 163.6 230.2 2.9437 13 0 19 13 5 9 41 57.6195.470 TJPMorgan European Growth234.3 - -120/96 101.5 111.5 -8.7 126 88.1 - - - 89.3 - - 4.687 17 24 12 11 3 4 29 --71 TJPMorgan European Income102.0 - -

233/187 217.5 230.6 -4.9 130 99.1 168.7 317.8 - 103.6 170.9 280.4 -246 6 15 33 6 9 7 24 -- Jupiter European Opportunities221.0 - -245/206 224.5 246.1 -8.5 100 98.0 183.9 341.4 - 102.2 188.0 290.3 0.873 12 26 3 13 9 6 31 10.4- sSR Europe226.0 - -


NAV GearingCompany


Total return on £100OtherSwitzerNetherGermanyFranceUKCash &

landlandsFixed Int.

Companies which have at least 80% of their assets invested in European smaller company securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

EUROPEAN SMALLER COMPANIES

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS1113/750 854.0 932.5 -7.9 114 83.1 172.9 348.6 306.0 87.0 168.4 287.4 0.0176 0 0 2 8 3 19 68 -274.8 TEuropean Assets864.0 - -839/599 722.0 842.5 -13.8 100 86.6 196.0 406.7 356.3 88.1 190.8 360.2 -412 5 0 13 9 16 9 48 -365.9 TJPMorgan European Fledgeling726.0 - -453/322 381.0 423.9 -9.5 108 85.5 - - - 89.7 - - 1.278 10 10 5 7 10 1 57 -- TMontanaro European Smaller Companies386.0 - -509/410 460.0 510.6 -9.4 103 91.6 184.3 397.5 195.2 90.6 183.9 351.0 0.6384 -3 0 13 12 10 5 63 6.7214.1 TR European Growth462.8 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 87.8 186.1 391.4 249.5 89.0 183.5 342.3 258.91051 - 0.3102-10.9 2 1 11 10 11 9 58


21

NAV GearingCompany


Total return on £100OtherMiddleAfricaEuropeAsiaLatinCash &

EastSub-SaharaAmericaFixed Int.

Companies which have at least 80% of their assets in global emerging market securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

GLOBAL EMERGING MARKETS

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS471/388 466.0 507.8 -8.2 100 120.4 238.0 416.8 - 118.2 229.4 400.3 0.4401 3 22 42 22 6 4 1 0.0- F MAdvance Developing Markets473.0 - -

1003/980 970.0 - - - - - - - - - - -- - - - - - - - --12 FAshmore Global Opportunities (Chpt 14)1000.0 - -780/720 758.9 - - - - - - - - - - -- - - - - - - - --13 E FAshmore Global Opportunities Euro (Chpt 14)770.6 - -507/481 478.2 - - - - - - - - - - -- - - - - - - - --14 $ FAshmore Global Opportunities USD (Chpt 14)483.3 - -485/404 483.0 528.5 -8.6 100 118.1 246.6 493.9 432.4 116.6 234.5 442.7 0.4583 5 32 34 2 11 6 10 0.0382.3 JPMorgan Emerging Markets486.8 - -480/351 447.0 498.4 -10.3 100 127.5 255.5 414.1 467.6 126.2 236.5 381.9 0.82356 2 27 45 25 1 0 0 9.1414.2 Templeton Emerging Markets448.0 - -182/152 165.5 167.8 -1.2 121 112.0 - - - 111.9 - - 3.6467 1 17 36 28 0 0 18 --127 w sUtilico Emerging Markets (AIM)166.0 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 123.9 252.2 424.8 - 122.7 235.4 392.3 -3807 5.2 0.9102-8.9 2 26 42 22 3 1 4

NAV GearingCompany


Total return on £100OtherTurkeyRussiaPolandHungaryCzechCash &

RepublicFixed Int.

Companies which have at least 80% of their assets in European emerging market securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

EUROPEAN EMERGING MARKETS

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS1020/735 1020.0 1125.7 -9.4 100 138.9 287.0 502.6 1025.1 134.9 287.7 493.7 0.1453 2 6 0 10 64 8 10 -14.6952.6 TBaring Emerging Europe1025.0 - -402/328 380.0 428.9 -10.2 109 115.4 234.2 459.7 529.2 116.8 240.5 425.7 -273 4 0 0 6 64 17 9 -472.2 TEastern European390.0 - -


NAV GearingCompany


Total return on £100OtherMexicoColumChileBrazilArgenCash &

biatinaFixed Int.

Companies which have at least 80% of their assets in Latin American securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

LATIN AMERICA

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS645/450 636.0 658.5 -2.0 100 138.9 342.1 721.5 629.3 137.3 307.0 619.6 0.8315 0 4 73 3 1 18 1 67.7520.2 PBlackRock Latin American645.0 - -



22

NAV GearingCompany


Total return on £100USUSCont.EurCont.EurUKUKCash &

unlistedlistedunlistedlistedunlistedlistedFixed Int.

Companies which have a significant portion of the company's portfolio invested in the securities of unquoted companies.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

PRIVATE EQUITY

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS2230/1790 2130.0 - - - 98.3 161.5 274.9 371.7 - - - 3.0- - - - - - - - 10.2- x ICandover2137.0 - -

494/365 360.0 - - - 78.0 107.8 182.4 189.8 - - - 2.8- - - - - - - - -4.7- Dunedin Enterprise370.0 - -1772/1575 1620.0 - - - 92.9 166.8 297.8 258.9 - - - -- - - - - - - - -- Electra Private Equity1637.0 - -

49/13 13.8 - - - 175.6 362.6 600.1 - - - - 8.6- - - - - - - - -14.8-50 oF&C Private Equity A15.0 - -200/166 199.0 - - - 114.5 209.6 282.0 - - - - 0.8- - - - - - - - -6.4-51 F oF&C Private Equity B200.0 - -480/425 439.0 - - - 99.2 164.7 235.0 182.5 - - - 2.0- - - - - - - - 15.9- Graphite Enterprise449.0 - -890/783 880.0 - - - 106.0 185.1 388.9 469.7 - - - 3.3- - - - - - - - 19.3- HgCapital900.0 - -130/87 126.0 - - - 141.8 185.5 413.8 315.5 - - - 3.1- - - - - - - - 9.9- FMithras133.0 - -

311/256 255.0 - - - - - - - - - - 0.3- - - - - - - - -- MNew Star Private Equity257.0 - -228/195 193.0 - - - 92.4 95.5 126.1 193.2 - - - 3.8- - - - - - - - 9.6- Northern Investors200.0 - -925/828 825.0 - - - 89.5 129.9 193.6 273.9 - - - -- - - - - - - - --96 FPantheon International Participations830.0 - -723/545 580.4 - - - 80.7 - - - - - - 2.7- - - - - - - - --97 E xPartners Group Global Opportunities (AIM)585.9 - -117/69 80.0 - - - 72.7 69.9 141.0 89.2 - - - -- - - - - - - - --102 Prelude Trust85.0 - -

590/489 562.3 - - - 107.9 - - - - - - 8.3- - - - - - - - -- E MPrincess Private Equity Holding578.0 - -170/142 140.0 181.9 -21.8 100 84.4 131.1 154.0 - 106.7 151.9 132.4 0.078 35 0 0 0 0 0 65 -- F IPrivate Equity Investor144.5 - -268/218 217.0 - - - 82.7 180.0 294.1 - - - - 1.7- - - - - - - - 46.4- F oStandard Life European Private Equity220.0 - -939/719 719.0 - - - 77.2 113.9 165.9 396.7 - - - 1.0- - - - - - - - 0.0- F oSVG Capital719.5 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 90.2 146.0 244.0 277.0 - - - -78 6.4 2.0-- - - - - - - -

SPLIT CAPITAL ORDINARY INCOME SHARES29/20 18.5 - - - 98.1 61.1 74.2 - - - 12.7- - - - - - - - -13.6-1 Aberdeen Development Capital21.0 - -

171/113 129.0 - - - 82.7 106.8 178.3 - - - 10.0- - - - - - - - 21.1- IJZ Equity Partners133.0 - -ORDINARY INCOME SIZE WEIGHTED AVERAGE - - - - - - - -- - --- - - - - - - -


23

NAV GearingCompany




Companies whose policy is to invest in Hedge Funds.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

HEDGE FUNDS

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS140/123 138.0 - - - 112.8 136.3 - - - - - -- - - - - - - - --7 FAbsolute Return Trust139.0 - -

81/79 77.8 - - - - - - - - - - -- - - - - - - - --8 E FAbsolute Return Trust Euro shares79.4 - -118/100 105.0 - - - 95.6 - - - - - - 3.7- - - - - - - - -- FAcenciA Debt Strategies (Chpt 14)107.5 - -148/131 130.0 - - - 92.1 115.2 144.5 185.3 - - - -- - - - - - - - -- FAlternative Investment Strategies130.8 - -

1026/1026 1026.0 - - - - - - -- - - - - - - - --19 MBH Global1050.0 - -814/814 806.0 - - - - - - -- - - - - - - - --20 E MBH Global Euro821.8 - -524/524 518.7 - - - - - - -- - - - - - - - --21 $ MBH Global USD528.3 - -

1468/1039 1390.0 - - - 132.5 - - - - - - -- - - - - - - - --22 MBH Macro1400.0 - -1123/694 1081.3 - - - 154.8 - - - - - - -- - - - - - - - --23 E MBH Macro Euro1085.2 - -739/517 711.0 - - - 138.4 - - - - - - -- - - - - - - - --24 $ MBH Macro USD718.5 - -101/81 82.8 - - - - - - - - - - -- - - - - - - - -- FF&C Event Driven85.8 - -105/96 94.5 - - - 91.6 - - - - - - -- - - - - - - - -- MGottex Market Neutral96.3 - -

141/105 122.0 130.2 -4.4 100 119.1 - - - 117.4 - - -30 3 97 0 0 0 0 0 --61 F TInvesco Perpetual Select Hedge Fund127.0 - -105/98 96.0 - - - 95.6 - - - - - - -- - - - - - - - --74 JPMorgan Progressive Multi-Strategy (AIM)100.0 - -

120/106 116.8 - - - 110.4 - - - - - - -- - - - - - - - -- F MKGR Absolute Return117.8 - -1100/988 1000.0 - - - 94.5 - - - - - - -- - - - - - - - --88 MW TOPS (Euronext)1040.0 - -804/698 800.5 - - - 113.5 - - - - - - -- - - - - - - - --89 EMW TOPS Euro (Euronext)804.5 - -528/488 516.6 - - - 99.6 - - - - - - -- - - - - - - - --90 $MW TOPS USD (Euronext)527.8 - -115/104 105.5 - - - 102.4 - - - - - - 4.7- - - - - - - - --115 FSignet Global Fixed Income Strategies107.0 - -

88/71 79.4 - - - 118.6 - - - - - - 4.8- - - - - - - - --116 E FSignet Global Fixed Income Strategies Euro81.8 - -55/51 51.1 - - - 102.7 - - - - - - 4.8- - - - - - - - --117 $ FSignet Global Fixed Income Strategies USD53.1 - -

121/113 114.0 - - - 101.1 115.2 - - - - - -- - - - - - - - -- FTapestry116.5 - -CONVENTIONAL SIZE WEIGHTED AVERAGE 112.6 122.8 - - - - - -30 - 0.4-- - - - - - - -

NAV GearingCompany




Companies whose policy is to invest in one or two countries in Europe.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

COUNTRY SPECIALISTS: EUROPE

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS973/720 741.0 857.0 -12.5 100 77.2 132.0 315.0 356.1 84.8 155.2 306.3 0.1111 6 3 91 0 0 0 0 10.8351.3 Gartmore Irish Growth759.0 - -828/509 828.0 895.9 -7.6 109 162.8 435.2 675.5 1874.7 160.4 421.6 654.9 0.0547 16 0 0 0 0 0 84 -1555.4 JPMorgan Russian Securities834.0 - -

57/52 53.6 - - - 101.0 - - - - - - -- - - - - - - - --103 $ xProsperity Russia Domestic (AIM)54.1 - -73/59 71.9 - - - 125.1 - - - - - - -- - - - - - - - --104 $ xProsperity Voskhod (AIM)74.4 - -

556/532 526.3 - - - 96.0 - - - - - - 0.0- - - - - - - - -- w $Ukraine Opportunity541.4 - -CONVENTIONAL SIZE WEIGHTED AVERAGE 123.3 - - - - - - -657 - 0.0-- - - - - - - -

NAV GearingCompany




Companies whose policy is to invest in one or two countries in Asia Pacific.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

COUNTRY SPECIALISTS: ASIA PACIFIC

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS195/156 183.5 193.1 -3.8 107 109.2 176.9 331.0 485.3 111.4 164.3 269.6 1.637 -1 0 0 0 0 101 0 16.5504.1 Aberdeen New Thai188.0 - -160/92 120.0 128.0 -5.3 108 131.9 198.6 291.2 304.2 119.7 205.2 301.9 0.397 2 0 0 0 0 98 0 0.0261.9 s TJPMorgan Chinese122.5 - -

452/322 360.3 363.0 -0.8 100 111.9 224.8 646.2 814.1 101.4 223.6 545.8 -373 3 0 0 0 0 97 0 -655.5 TJPMorgan Indian362.8 - -166/138 148.0 167.2 -10.9 100 103.5 154.6 - - 103.6 171.9 - -89 1 0 0 0 0 99 0 -- wNew India150.0 - -202/119 117.4 - - - 66.6 147.4 - - - - - 0.0- - - - - - - - --129 $ xVietnam Opportunity (AIM)119.9 - -



24

Property NAV Gearing

Company1yr 5yr3yr 10yr 1yr 3yr 5yr 10yr

grth yldTotal return on £100

OtherOtherJapanNorthCont.UKCash &


Companies whose policy is to principally invest in property securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

PROPERTY SECURITIES

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS113/65 69.5 82.8 -14.9 125 66.4 - - - 73.7 - - 6.739 6 11 19 31 2 21 10 -- Henderson Global Property Companies71.5 - -

243/168 168.3 205.1 -18.0 106 70.9 127.5 278.6 428.8 73.6 134.2 268.2 3.7565 9 51 40 0 0 0 0 19.9450.3121 DTR Property169.0 - -104/81 80.5 100.8 -20.1 106 - - - - - - - 1.9137 14 43 43 0 0 0 0 --122 DTR Property Sigma81.3 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE - - - - - - - -741 - 3.5107-18.2 10 47 39 2 0 1 1

NAV GearingCompany




Companies whose policy is to invest in property in the UK.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

PROPERTY DIRECT - UK

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS131/91 91.0 - - - 74.5 96.8 - - - - - 6.5- - - - - - - - -- MF&C Commercial Property92.3 - -112/67 65.3 - - - 64.2 - - - - - - 9.4- - - - - - - - -- MING UK Real Estate Income66.5 - -125/60 59.5 - - - 52.6 66.1 - - - - - 11.2- - - - - - - - -- Invista Foundation Property60.3 - -119/78 79.8 - - - 73.4 84.2 - - - - - 8.4- - - - - - - - -- Standard Life Investments Property Income80.0 - -93/70 70.0 - - - 82.0 - - - - - - 7.5- - - - - - - - -- UK Commercial Property70.3 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 71.7 88.3 - - - - - -- - 7.8-- - - - - - - -

NAV GearingCompany




Companies whose policy is to invest in property in Europe.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

PROPERTY DIRECT - EUROPE

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS120/61 60.0 - - - 54.4 - - - - - - 10.7- - - - - - - - -- Kenmore European Industrial62.0 - -


NAV GearingCompany




Companies whose policy it is to invest in a specialist sector of the property market.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

PROPERTY SPECIALIST

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS73/59 58.0 - - - 83.1 - - - - - - -- - - - - - - - --29 xCamper & Nicholsons Marina Investments (AIM)60.0 - -

116/79 105.5 - - - 98.1 - - - - - - 7.1- - - - - - - - --110 x oRaven Russia (AIM)105.8 - -78/65 63.8 - - - 83.2 - - - - - - -- - - - - - - - --131 $ xVinaland (AIM)65.8 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 91.2 - - - - - - -- - --- - - - - - - -


25

Sector SpecialistNAV Gearing

Company1yr 5yr3yr 10yr 1yr 3yr 5yr 10yr

grth yldTotal return on £100

OtherOtherJapanNorthCont.UKCash &


Companies whose policy is to invest in biotechnology and/or life sciences securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: BIOTECHNOLOGY/LIFE SCIENCES

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS116/97 99.0 111.3 -10.6 100 86.1 107.0 163.1 92.1 90.1 113.0 133.6 -66 4 3 3 90 0 0 0 -115.1 Biotech Growth100.0 - -

503/457 465.0 504.2 -7.3 100 93.5 103.0 113.6 291.0 93.2 111.5 113.6 0.6232 1 2 10 80 7 0 0 18.2282.0 w TFinsbury Worldwide Pharmaceutical470.0 - -158/113 115.5 136.3 -14.5 100 74.0 118.6 157.4 175.2 84.8 120.6 138.2 -96 7 12 5 69 0 6 1 -150.2 International Biotechnology117.5 - -


NAV GearingCompany




Companies whose policy is to invest in Canadian income trusts.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: CANADIAN INCOME TRUSTS

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS95/80 85.0 - - - 99.9 - - - - - - 8.1- - - - - - - - -- MMiddlefield Canadian Income Trusts89.0 - -


NAV GearingCompany




Companies whose policy is to invest in commodities and natural resources securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: COMMODITIES AND NATURAL RESOURCES

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS184/124 182.5 183.9 0.1 107 151.5 - - - 141.3 - - 2.9140 2 0 33 30 0 13 22 -- TBlackRock Commodities Income184.0 - -745/568 745.0 878.3 -15.2 100 130.6 353.6 637.8 1284.7 140.5 359.7 630.8 0.41596 0 18 4 15 0 13 50 12.81327.9 w TBlackRock World Mining750.5 - -

57/0 56.2 - - - - - - - - - - -- - - - - - - - -- $ MCeres Agriculture57.7 - -CONVENTIONAL SIZE WEIGHTED AVERAGE - - - - - - - -1736 - --- - - - - - - -

NAV GearingCompany




Companies whose policy is to invest in with-profits endowment policies or life assurance policies.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: ENDOWMENT POLICIES

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS118/107 109.0 - - - 93.6 133.9 147.3 - - - - -- - - - - - - - -- Allianz Dresdner Endowment Policy 2010112.0 - -143/133 141.0 - - - 106.7 142.2 147.7 120.4 - - - -- - - - - - - - -- Allianz Dresdner Second Endowment 2009145.5 - -160/141 157.0 - - - 113.9 158.4 192.8 137.9 - - - -- - - - - - - - -- Life Offices Opportunities163.0 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 105.5 145.6 162.9 - - - - -- - --- - - - - - - -


26

NAV GearingCompany




Companies whose policy is to invest in environmental and alternative energy securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: ENVIRONMENTAL

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS77/59 75.8 75.4 1.8 100 115.0 304.0 487.3 - 116.7 260.3 390.4 -184 6 7 41 40 0 1 5 -- BlackRock New Energy76.8 - -

133/115 129.5 131.2 0.6 100 100.6 183.4 308.2 - 104.6 172.4 239.8 0.3405 5 16 29 41 5 4 0 -- wImpax Environmental Markets132.0 - -128/108 112.0 121.1 -6.2 100 88.8 - - - 97.4 - - -57 7 32 17 37 5 0 2 -- w TJupiter Green115.0 - -115/103 114.0 - - - - - - - - - - -- - - - - - - - --79 w x oLudgate Environmental (AIM)115.0 - -

CONVENTIONAL SIZE WEIGHTED AVERAGE 104.5 - - - 108.1 - - -646 - -1000.4 5 15 31 40 4 3 2

SPLIT CAPITAL ORDINARY INCOME SHARES96/86 94.0 - - - - - - 2.1- - - - - - - - -- Premier Renewable Energy97.0 - -

ORDINARY INCOME SIZE WEIGHTED AVERAGE - - - - - - - -- - --- - - - - - - -

NAV GearingCompany




Companies whose policy is to invest in the financial services securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: FINANCIALS

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS117/98 115.0 143.9 -18.7 114 107.3 275.5 400.6 298.0 108.3 207.1 248.9 5.132 2 20 33 45 0 0 0 8.4208.4 IAsset Management119.0 - -

174/112 110.0 151.0 -25.8 142 67.2 150.0 240.9 - 69.4 169.2 245.6 0.035 31 2 67 0 0 0 0 -- TBlue Planet European Financials114.0 - -240/152 147.0 221.4 -31.6 173 67.8 133.1 192.5 176.6 71.2 150.4 195.2 0.058 35 2 52 0 0 0 11 -201.5 w TBlue Planet Financials Growth & Income156.0 - -197/119 115.0 161.6 -26.4 126 64.3 158.4 203.4 188.6 67.2 170.7 226.6 0.029 18 1 63 0 0 0 18 -199.1 Blue Planet Worldwide Financials123.0 - -


NAV GearingCompany




Companies whose policy is to invest in forestry and timber related investments and securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: FORESTRY & TIMBER

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS111/101 100.0 - - - 94.8 - - - - - - -- - - - - - - - --28 Cambium Global Timberland (AIM)102.0 - -

55/49 54.1 - - - 100.1 - - - - - - -- - - - - - - - -- $ MPhaunos Timber55.7 - -CONVENTIONAL SIZE WEIGHTED AVERAGE - - - - - - - -- - --- - - - - - - -

NAV GearingCompany




Companies whose policy it is to invest in infrastructure investments.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: INFRASTRUCTURE

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS113/102 110.5 - - - 105.5 - - - - - - 5.3- - - - - - - - --15 MBabcock & Brown112.5 - -102/101 100.0 - - - - - - -- - - - - - - - --16 MBabcock & Brown C shares101.0 - -



27

NAV GearingCompany




Companies whose policy is to invest in liquidity funds.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: LIQUIDITY FUNDS

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS100/95 98.0 101.0 -2.0 100 105.6 - - - 104.4 - - 4.422 18 82 0 0 0 0 0 --62 TInvesco Perpetual Select Managed Liquidity100.0 - -101/99 98.0 100.1 -0.1 101 104.2 112.3 - - 104.8 113.8 - 4.125 100 0 0 0 0 0 0 --67 JPMorgan Elect Managed Cash102.0 - -


NAV GearingCompany




Companies whose policy is to invest in litigation and arbitration cases, claims and disputes.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: LITIGATION

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS109/108 107.0 93.4 16.1 100 - - - - - - - 0.075 0 0 0 100 0 0 0 --76 xJuridica Investments (AIM)110.0 - -


NAV GearingCompany



PAcificAmericaEuropeFixed Int

Companies whose policy is to invest in mezzanine finance and senior debt.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: MEZZANINE FINANCE

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS76/61 60.5 - - - 80.6 - - - - - - 12.2- - - - - - - - --9 EACP Mezzanine (AIM)62.1 - -


NAV GearingCompany




Companies whose policy is to invest in securitised debt instruments.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: SECURITISED DEBT

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS456/377 372.0 348.4 8.5 935 91.2 80.7 - - 93.9 78.9 - 10.01009 100 0 0 0 0 0 0 -- Prodesse384.0 - -


NAV GearingCompany




Companies whose policy is to invest in small media, communication & IT companies' securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: SMALL MEDIA, COMMS & IT COS

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS416/277 305.0 377.5 -17.4 115 76.6 99.6 137.4 159.7 79.4 106.3 152.1 0.2373 17 53 3 19 0 8 0 10.8177.4 IHerald312.0 - -



28

NAV GearingCompany




Companies whose policy is to invest in technology, media, telecommunications securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: TECH MEDIA & TELECOMM

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS231/178 200.0 237.9 -14.9 108 89.1 111.9 156.4 173.1 96.0 115.4 156.6 -339 9 8 11 60 4 7 1 -182.6 Polar Capital Technology202.5 - -256/210 232.0 255.5 -8.4 100 102.2 117.0 152.4 192.6 106.2 113.8 132.6 -60 2 1 2 87 0 8 0 -179.3 sRCM Technology236.0 - -


NAV GearingCompany




Companies whose policy is to invest in utility and utility related securities.

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: UTILITIES

(pence)%

Div.offer/buy


low


Portfolio spread %

SPLIT CAPITAL CAPITAL SHARES808/638 710.0 858.6 -15.9 468 92.6 366.8 2949.0 103.7 288.9 1091.3 -760 2 16 38 28 6 6 4 --40 Ecofin Water & Power Opportunities735.0 - -


SPLIT CAPITAL ORDINARY INCOME SHARES193/172 176.0 209.3 -14.9 - 95.6 - - - -760 2 16 38 28 6 6 4 --39 Ecofin Water & Power Opportunities180.0 - -236/187 199.0 241.6 -17.0 160 94.2 192.6 102.4 190.8 - 3.570 11 25 31 13 0 19 1 1.0- Premier Energy & Water202.0 - -318/233 242.0 282.2 -13.0 181 77.4 162.2 - - 90.5 175.2 - 1.0467 0 51 15 1 0 29 4 -- w T MUtilico249.0 - -

ORDINARY INCOME SIZE WEIGHTED AVERAGE 89.2 - - - - - - -1296 - ---14.3 2 29 29 17 4 15 4

NAV GearingCompany




Companies whose policy is to invest in Zero Dividend Preference shares or equivalent instruments (non-income producing).

currentbid/sell

high/low

Totalassets

£m % p.a.

5yr div.

SECTOR SPECIALIST: ZERO DIVIDEND

(pence)%

Div.offer/buy


low


Portfolio spread %

CONVENTIONAL AND PACKAGE UNITS104/87 95.5 101.5 -4.9 100 96.3 - - - 94.8 - - -34 6 87 0 0 7 0 0 -- TInvestec Capital Accumulator97.5 - -74/72 72.0 73.3 -5.5 105 101.0 128.8 508.6 - 106.6 140.4 368.5 -- 22 78 0 0 0 0 0 --131 F MZero Preference Growth Pkg Unit75.5 - -


SPLIT CAPITAL CAPITAL SHARES5/3 3.0 3.9 -11.4 1047 - - - -12 22 78 0 0 0 0 0 -- F MZero Preference Growth3.8 - -



29

Venture Capital TrustsVCTs are a form of closed-ended fund that were introduced by the 1995 Finance Act to help provide finance for small UK businesses to develop. By adhering to the VCTs rules of investing in unquoted and AIM/PLUS listed companies VCTs are able to offer tax benefits to investors. Pre-qualifying VCTs are those that are not required to hold 70% in qualifying investments. A VCT must hold at least 70% by value of its investments in qualifying holdings by the end of the company’s accounting period beginning no more than 3 years after launch.

NAV GearingCompany

1yr 5yr3yr 10yr 1yr 3yr 5yr 10yrdist. yldUSUSCont. Eur.Cont. Eur.UKUKCash &

UnlistedListedUnlistedListedUnlistedListedFixed Int.

Companies whose policy is to invest in a range of qualifying investments in different sectors.

currentbid/sell

high/low

Totalassets

£m yld %

3yr avg.

VCT GENERALIST

(pence)%

Distoffer/buy

avg. high/Discount/Premium %Price (pence) S

ymbol

lowLaunch

date

Total Return on £100Share price NAV

Portfolio spread %

74/52 56.0 - - - 83.1 91.4 81.0 - - - - 8.4- - - - - - - - 4.7-3 Aberdeen Growth Opportunities VCT57.0 - - 12-01

96/70 68.0 - - - 76.4 78.0 - - - - - 5.0- - - - - - - - 3.3-4 Aberdeen Growth Opportunities VCT 272.5 - - 02-05

53/39 37.0 - - - 90.6 95.9 80.3 - - - - 10.4- - - - - - - - 5.9- Aberdeen Growth VCT I40.0 - - 04-01

57/42 41.0 - - - 85.2 101.7 115.1 - - - - 13.7- - - - - - - - 12.2- Aberdeen Income & Growth VCT44.0 - - 04-00

92/53 48.0 - - - 59.2 58.3 70.3 - - - - 2.8- - - - - - - - 3.7-10 Acuity VCT58.0 - - 01-02

108/77 67.0 - - - 83.3 80.9 - - - - - 2.0- - - - - - - - 0.9- Acuity VCT 287.0 - - 12-04

98/75 74.0 83.1 -8.0 100 89.6 121.4 183.8 187.3 95.0 117.2 175.9 16.355 28 25 47 0 0 0 0 13.0176.0 T oBaronsmead VCT79.0 - - 11-95

103/94 93.0 101.6 -7.0 100 98.9 122.7 168.9 182.7 93.9 118.9 162.4 14.362 30 27 43 0 0 0 0 7.5189.0 TBaronsmead VCT 296.0 - - 04-98

117/105 103.0 115.1 -9.2 100 95.4 127.8 160.1 - 94.5 127.4 158.4 7.263 33 24 43 0 0 0 0 6.0- TBaronsmead VCT 3106.0 - - 01-01

114/100 98.0 110.1 -9.7 100 93.4 125.4 144.1 - 94.3 127.8 148.4 7.035 26 25 49 0 0 0 0 5.6-17 TBaronsmead VCT 4101.0 - - 12-01

92/83 90.5 - - - 106.9 150.0 272.0 157.3 - - - 5.5- - - - - - - - 5.6- British Smaller Companies VCT92.5 - - 12-95

90/76 76.0 - - - 96.9 103.4 147.8 - - - - 9.6- - - - - - - - 6.3- Close Brothers Development VCT80.0 - - 01-99

90/83 82.0 - - - 106.5 126.6 182.6 143.5 - - - 6.0- - - - - - - - 5.5- Close Brothers Protected VCT85.0 - - 04-97

118/100 98.0 - - - 97.9 110.8 144.7 295.6 - - - 10.0- - - - - - - - 7.8- Close Brothers VCT102.0 - - 04-96

90/78 75.0 - - - 89.6 85.1 - - - - - 4.5- - - - - - - - 3.5- Close Income & Growth VCT80.0 - - 10-04

106/98 96.0 - - - 98.0 115.5 199.9 - - - - 8.1- - - - - - - - 7.9-35 Close Technology & General VCT101.0 - - 01-01

90/80 75.0 - - - 92.8 86.3 - - - - - 5.0- - - - - - - - 2.6- Core VCT I84.0 - - 04-05

41/38 36.5 - - - 105.1 127.8 120.9 69.2 - - - 8.7- - - - - - - - 3.1- Crown Place VCT39.5 - - 04-98

86/79 74.0 - - - 93.5 81.2 - - - - - 2.5- - - - - - - - 1.7- LDowning Protected VCT II84.0 - - 04-05

86/78 73.0 - - - 92.3 80.2 - - - - - 2.6- - - - - - - - 1.8- LDowning Protected VCT III83.0 - - 04-05

110/90 80.0 - - - 94.3 103.0 - - - - - 3.3- - - - - - - - 4.4- Eclipse VCT100.0 - - 08-04

105/87 85.0 - - - 101.1 100.3 - - - - - 8.4- - - - - - - - 3.7- Eclipse VCT 2105.0 - - 03-05

80/69 72.0 - - - 109.5 175.0 219.7 135.1 - - - 6.5- - - - - - - - 5.8-45 Elderstreet VCT82.0 - - 04-97

95/80 75.0 - - - 85.8 85.4 - - - - - 1.9- - - - - - - - 2.7-46 Elderstreet VCT C shares85.0 - - 04-05

80/40 36.0 - - - 66.2 66.8 93.3 67.1 - - - 6.0- - - - - - - - 4.6-47 Enterprise VCT55.0 - - 12-96

38/28 26.0 - - - 88.9 50.4 71.0 37.3 - - - 3.6- - - - - - - - 2.6- Guinness Flight VCT30.0 - - 04-96

91/87 89.0 - - - 102.3 121.3 166.3 - - - - 5.5- - - - - - - - 3.7-57 Income & Growth VCT92.0 - - 11-00

80/66 77.0 - - - 107.9 138.9 156.3 - - - - 7.8- - - - - - - - 10.9-85 Matrix Income & Growth 2 VCT82.0 - - 07-00

100/100 95.0 - - - 101.5 - - - - - - 1.8- - - - - - - - 1.1-86 Matrix Income & Growth 2 VCT C shares105.0 - - 12-05

109/92 103.5 - - - 116.9 126.8 125.0 - - - - 1.9- - - - - - - - 1.2- Matrix Income & Growth 4 VCT107.5 - - 03-99

102/90 88.0 - - - 100.4 95.7 - - - - - 2.7- - - - - - - - 1.8- Matrix Income & Growth VCT91.0 - - 10-04

103/94 92.0 - - - 94.0 98.7 - - - - - 1.1- - - - - - - - 2.0-91 Neptune-Calculus Income & Growth VCT96.0 - - 02-05

83/75 75.0 - - - 110.1 121.7 129.7 - - - - 7.8- - - - - - - - 7.3- Northern 2 VCT78.0 - - 04-99

88/84 85.0 - - - 104.1 112.1 109.3 - - - - 9.4- - - - - - - - 3.6- Northern 3 VCT88.0 - - 12-01

76/60 67.0 - - - 102.4 125.2 183.3 156.6 - - - 13.2- - - - - - - - 12.2-94 Northern Venture Trust VCT69.0 - - 11-95

130/93 90.0 - - - 125.2 207.1 271.2 - - - - 25.8- - - - - - - - 26.1-105 ProVen Growth and Income VCT100.0 - - 05-01

87/77 72.0 - - - 96.1 - - - - - - 3.9- - - - - - - - --106 ProVen Growth and Income VCT C shares82.0 - - 01-06

96/73 69.0 - - - 152.7 223.9 333.9 - - - - 48.0- - - - - - - - 32.6-107 ProVen VCT79.0 - - 04-00

110/101 96.0 - - - 97.6 103.4 - - - - - 1.5- - - - - - - - 0.8- LPuma VCT106.0 - - 04-05

110/101 96.0 - - - 97.6 - - - - - - 1.5- - - - - - - - 0.9- LPuma VCT II106.0 - - 06-05

CONVENTIONAL SIZE WEIGHTED AVERAGE 97.1 111.6 152.0 141.8 94.4 122.5 161.1 -214 6.7 8.7100-8.3 30 25 45 0 0 0 0

31 May 2008Prepared by Fundamental Data Limited on behalf of AIC Information Services Limited for information purposes only (www.FundData.com tel: 020 7627-7300) 30

NAV GearingCompany



Companies whose policy is to invest in a range of qualifying investments in different sectors.

currentbid/sell

high/low

Totalassets

£m yld %

3yr avg.

VCT GENERALIST

(pence)%

Distoffer/buy


ymbol

lowLaunch

date


Portfolio spread %

PRE-QUALIFYING VCT100/100 95.0 - - - 101.3 - - - - - - 1.3- - - - - - - - --5 Aberdeen Growth Opportunities VCT 2 S shares105.0 - - 03-07

95/85 80.0 - - - 92.7 - - - - - - 3.8- - - - - - - - --6 Aberdeen Growth Opportunities VCT C shares90.0 - - 02-06

95/89 79.0 - - - 94.5 - - - - - - 0.8- - - - - - - - -- Apollo VCT 199.0 - - 10-06

95/89 79.0 - - - 94.5 - - - - - - 0.8- - - - - - - - -- Apollo VCT 299.0 - - 10-06

99/87 85.0 97.5 -11.2 100 90.8 - - - 103.7 - - 4.021 44 15 41 0 0 0 0 --18 Baronsmead VCT 4 C shares88.0 - - 03-06

100/100 90.0 - - - 100.7 - - - - - - 1.4- - - - - - - - -- Close Enterprise VCT110.0 - - 04-07

100/88 78.0 - - - 89.3 - - - - - - 2.8- - - - - - - - --36 Close Technology & General VCT C shares98.0 - - 01-06

90/64 60.0 - - - 73.3 - - - - - - 3.1- - - - - - - - -- Core VCT II68.0 - - 01-06

90/61 58.0 - - - 69.4 - - - - - - 3.3- - - - - - - - -- Core VCT III63.0 - - 03-06

100/90 80.0 - - - 90.0 - - - - - - 0.6- - - - - - - - -- Core VCT IV99.0 - - 03-07

100/90 80.0 - - - 90.0 - - - - - - 0.6- - - - - - - - -- Core VCT V99.0 - - 04-07

89/89 79.0 - - - 102.8 - - - - - - 2.8- - - - - - - - -- LDowning Protected VCT IV99.0 - - 01-06

100/100 80.0 - - - - - - - - - - 1.5- - - - - - - - --37 V LDowning Protected VCT IX120.0 - - 04-08

89/87 77.0 - - - 100.5 - - - - - - 2.9- - - - - - - - -- LDowning Protected VCT V97.0 - - 02-06

90/85 75.0 - - - 94.4 - - - - - - 2.1- - - - - - - - -- LDowning Protected VCT VI95.0 - - 03-07

90/90 80.0 - - - 100.0 - - - - - - 1.9- - - - - - - - -- LDowning Protected VCT VII100.0 - - 04-07

100/100 90.0 - - - - - - - - - - -- - - - - - - - --38 V LDowning Protected VCT VIII110.0 - - 12-07

97/80 74.0 - - - 89.1 - - - - - - 1.8- - - - - - - - -- Eclipse VCT 394.0 - - 10-05

97/80 74.0 - - - 89.1 - - - - - - 1.8- - - - - - - - -- Eclipse VCT 494.0 - - 10-05

100/100 95.0 - - - - - - - - - - -- - - - - - - - --58 Income & Growth VCT S shares105.0 - - 02-08

88/85 85.0 - - - 105.3 - - - - - - 2.9- - - - - - - - -- Matrix Income & Growth 3 VCT88.0 - - 01-06

99/88 86.0 - - - 89.8 - - - - - - 1.1- - - - - - - - --92 Neptune-Calculus Income & Growth VCT C shares90.0 - - 02-06

86/83 80.0 - - - 97.7 - - - - - - 2.4- - - - - - - - --95 Northern Venture Trust VCT C shares85.0 - - 01-06

95/84 74.0 - - - 90.0 - - - - - - 1.8- - - - - - - - -- Octopus Protected VCT94.0 - - 10-06

100/78 73.0 - - - 80.4 - - - - - - 5.8- - - - - - - - --108 ProVen VCT C shares83.0 - - 03-07

CONVENTIONAL SIZE WEIGHTED AVERAGE 91.6 - - - - - - -21 - 2.2-- - - - - - - -


NAV GearingCompany



Companies whose policy is to invest in a range of qualifying companies listed, or about to be listed, on AIM or on any other exchange where the securities are treated as unquoted.

currentbid/sell

high/low

Totalassets

£m yld %

3yr avg.

VCT AIM QUOTED

(pence)%

Distoffer/buy


ymbol

lowLaunch

date


Portfolio spread %

60/44 42.0 - - - 79.0 85.5 156.0 74.7 - - - 11.4- - - - - - - - 6.3- AIM Distribution Trust VCT46.0 - - 04-96

88/47 62.0 70.3 -4.7 100 87.9 84.9 112.8 - 84.1 87.1 123.8 6.029 17 76 7 0 0 0 0 5.2- <Artemis AIM VCT72.0 - - 02-01

90/59 77.0 87.7 -10.5 100 96.7 79.0 - - 90.3 97.7 - 2.834 7 77 16 0 0 0 0 1.6- Artemis AIM VCT 280.0 - - 12-04

69/36 34.0 57.5 -38.2 100 55.2 77.8 98.9 - 75.3 105.8 123.3 8.412 5 88 7 0 0 0 0 4.6- Bluehone AIM VCT37.0 - - 12-98

84/47 45.0 71.5 -35.0 100 59.1 71.7 78.9 - 75.7 93.3 106.7 7.527 2 87 11 0 0 0 0 4.6-25 Bluehone AIM VCT 248.0 - - 12-00

60/34 32.0 39.1 -13.1 100 83.7 106.4 203.6 - 86.5 111.9 139.2 32.43 25 75 0 0 0 0 0 18.7-32 TClose Second AIM VCT36.0 - - 04-01

102/50 47.0 63.3 -21.8 100 53.2 57.6 - - 63.9 77.8 - 14.116 11 89 0 0 0 0 0 4.3- Framlington AIM VCT52.0 - - 12-04

98/44 42.0 68.3 -32.7 100 50.9 56.1 - - 65.5 77.2 - 10.930 3 97 0 0 0 0 0 5.9- Invesco Perpetual AiM VCT50.0 - - 08-04

104/78 77.0 - - - 81.0 94.5 - - - - - 6.3- - - - - - - - 3.3-77 Keydata AIM VCT82.0 - - 10-04

125/80 80.0 94.1 -9.7 100 72.4 93.2 - - 71.3 111.5 - 9.130 3 82 15 0 0 0 0 5.3-93 VNoble AIM VCT90.0 - - 03-05

58/41 39.0 - - - 77.7 79.2 97.3 - - - - 7.4- - - - - - - - 4.6- Northern AIM VCT42.0 - - 01-01

64/49 47.0 - - - 85.5 91.1 102.5 110.8 - - - 6.2- - - - - - - - 4.9-98 Pennine AIM VCT50.0 - - 04-96

84/63 57.0 - - - 76.0 65.8 - - - - - 1.6- - - - - - - - 1.5- Pennine AIM VCT 569.0 - - 02-05

75/45 40.0 - - - 71.3 72.4 64.7 - - - - 7.8- - - - - - - - 7.9- Pennine Downing AIM VCT 250.0 - - 05-01

108/68 68.0 - - - 77.9 77.5 93.1 - - - - 16.4- - - - - - - - 6.7-100 Phoenix VCT78.0 - - 01-03

110/73 68.0 - - - 70.8 78.7 - - - - - 8.2- - - - - - - - 2.2-101 Phoenix VCT C shares78.0 - - 03-05

75/56 55.0 - - - 86.7 121.0 107.1 - - - - 12.2- - - - - - - - 7.0- Rensburg AIM VCT60.0 - - 06-99

92/59 64.0 72.9 -10.1 100 79.8 90.5 104.8 - 76.8 88.1 108.7 6.132 22 69 9 0 0 0 0 2.4- Singer & Friedlander AIM 3 VCT67.0 - - 02-01

96/55 53.0 69.1 -21.1 100 60.4 76.1 113.0 - 69.3 87.6 114.1 23.022 14 83 3 0 0 0 0 9.9-122 Unicorn AIM VCT56.0 - - 11-01

113/78 76.0 99.2 -21.3 100 73.1 84.3 - - 81.5 112.9 - 6.423 2 96 2 0 0 0 0 1.9-123 Unicorn AIM VCT II80.0 - - 01-05

116/78 76.0 89.2 -13.2 100 70.7 89.9 - - 77.6 100.7 - 12.913 3 92 5 0 0 0 0 4.9-125 Unicorn AIM VCT Series 2 shares79.0 - - 02-04

CONVENTIONAL SIZE WEIGHTED AVERAGE 72.8 79.6 102.2 - 75.9 92.4 115.3 -272 4.8 8.9100-17.0 9 84 8 0 0 0 0

PRE-QUALIFYING VCT105/82 72.0 - - - 89.6 - - - - - - 1.8- - - - - - - - -- Acuity VCT 392.0 - - 12-05

100/78 68.0 - - - 78.4 - - - - - - -- - - - - - - - --11 Acuity VCT C shares88.0 - - 03-07

98/81 81.0 91.2 -9.5 100 88.6 - - - 88.8 - - 4.825 55 45 0 0 0 0 0 -- Baronsmead AIM VCT84.0 - - 03-06

92/92 87.0 87.2 5.6 100 101.1 - - - 82.3 - - 1.13 19 4 77 0 0 0 0 --26 Bluehone AIM VCT 2 C shares97.0 - - 02-06

95/88 78.0 86.5 1.7 100 95.7 - - - 87.7 - - 2.36 32 68 0 0 0 0 0 --30 Close IHT AIM VCT A98.0 - - 01-06

95/88 78.0 86.5 1.7 100 95.7 - - - 87.7 - - 2.315 32 68 0 0 0 0 0 --31 Close IHT AIM VCT B98.0 - - 01-06

100/77 72.0 88.4 -12.9 100 78.8 - - - 90.6 - - 2.97 47 53 0 0 0 0 0 --33 Close Second AIM VCT C shares82.0 - - 03-06

100/77 72.0 88.4 -12.9 100 78.8 - - - 90.6 - - 2.911 47 53 0 0 0 0 0 --34 Close Second AIM VCT D shares82.0 - - 03-06

101/78 76.0 72.4 7.8 100 81.6 - - - 73.8 - - 5.822 40 60 0 0 0 0 0 -- Framlington AIM VCT 280.0 - - 12-05

95/81 76.0 - - - 86.1 - - - - - - 1.9- - - - - - - - --78 Keydata AIM VCT C shares85.0 - - 01-06

84/74 64.0 - - - 89.5 - - - - - - 1.7- - - - - - - - -- Pennine AIM VCT 684.0 - - 12-05

100/83 78.0 - - - 83.0 - - - - - - 1.2- - - - - - - - --99 Pennine AIM VCT D shares88.0 - - 03-07

95/79 74.0 88.2 -10.4 100 84.2 - - - 84.2 - - 1.311 6 94 0 0 0 0 0 --124 Unicorn AIM VCT II C shares84.0 - - 01-06

100/78 73.0 90.2 -13.6 100 78.5 - - - 96.8 - - 0.64 31 69 0 0 0 0 0 --126 Unicorn AIM VCT Series 3 shares83.0 - - 04-07

CONVENTIONAL SIZE WEIGHTED AVERAGE 86.5 - - - 84.4 - - -105 - 2.8100-3.3 39 59 2 0 0 0 0

NAV GearingCompany



Companies whose policy is to invest in healthcare and biotechnology companies.

currentbid/sell

high/low

Totalassets

£m yld %

3yr avg.

VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY

(pence)%

Distoffer/buy


ymbol

lowLaunch

date


Portfolio spread %

100/90 94.0 - - - 110.0 140.7 209.5 180.3 - - - 5.0- - - - - - - - 8.7- Downing Protected VCT I104.0 - - 01-97

73/46 60.0 76.4 -14.9 100 98.4 90.8 96.0 - 91.8 92.0 99.0 2.315 35 15 48 2 0 0 0 4.4- Noble Health Fund VCT70.0 - - 03-01



NAV GearingCompany



Companies whose policy is to invest in environmental and alternative energy companies.

currentbid/sell

high/low

Totalassets

£m yld %

3yr avg.

VCT SPECIALIST: ENVIRONMENTAL

(pence)%

Distoffer/buy


ymbol

lowLaunch

date


Portfolio spread %

90/70 77.0 - - - 91.1 84.0 - - - - - 4.4- - - - - - - - 2.8- Ventus VCT81.0 - - 03-05


PRE-QUALIFYING VCT100/80 77.0 - - - 83.6 - - - - - - 2.9- - - - - - - - -- Ventus 2 VCT87.0 - - 03-06

100/80 77.0 - - - 82.6 - - - - - - 3.0- - - - - - - - -- Ventus 3 VCT85.0 - - 03-06


NAV GearingCompany



Companies whose policy is to invest in media, leisure and events companies.

currentbid/sell

high/low

Totalassets

£m yld %

3yr avg.

VCT SPECIALIST: MEDIA, LEISURE & EVENTS

(pence)%

Distoffer/buy


ymbol

lowLaunch

date


Portfolio spread %

93/67 62.0 - - - 75.3 65.7 - - - - - -- - - - - - - - -- LIngenious Music VCT72.0 - - 04-05


PRE-QUALIFYING VCT100/90 80.0 - - - 90.0 - - - - - - 6.7- - - - - - - - --41 Edge Performance VCT100.0 - - 04-06

100/100 80.0 - - - 100.0 - - - - - - -- - - - - - - - --42 Edge Performance VCT C shares120.0 - - 03-07

100/100 - - - - - - - - - - -- - - - - - - - --43 VEdge Performance VCT D shares- - 04-08

100/90 80.0 - - - 90.0 - - - - - - -- - - - - - - - -- Ingenious Live VCT 1100.0 - - 04-07

100/90 80.0 - - - 90.0 - - - - - - -- - - - - - - - -- Ingenious Live VCT 2100.0 - - 04-07

100/75 70.0 - - - 75.0 - - - - - - -- - - - - - - - -- LIngenious Music VCT 280.0 - - 02-06

CONVENTIONAL SIZE WEIGHTED AVERAGE 85.8 - - - - - - -- - --- - - - - - - -

NAV GearingCompany



Companies whose policy is to invest in technology companies.

currentbid/sell

high/low

Totalassets

£m yld %

3yr avg.

VCT SPECIALIST: TECHNOLOGY

(pence)%

Distoffer/buy


ymbol

lowLaunch

date


Portfolio spread %

52/41 47.0 - - - 101.2 79.2 153.6 - - - - 6.1- - - - - - - - 4.1- British Smaller Technology Companies VCT 251.0 - - 04-01

90/80 78.0 - - - 93.5 84.7 - - - - - 6.3- - - - - - - - 2.1-52 Foresight 2 VCT81.0 - - 12-04

96/80 86.0 - - - 122.0 115.8 136.3 35.6 - - - 11.4- - - - - - - - 4.6-54 Foresight 3 VCT89.0 - - 04-96

92/87 90.0 - - - 111.8 114.9 100.1 129.5 - - - 5.5- - - - - - - - 4.7- Foresight 4 VCT93.0 - - 03-98

59/39 37.0 - - - 85.3 55.0 96.9 - - - - 13.0- - - - - - - - 3.7- Foresight VCT40.0 - - 11-99

35/23 13.0 - - - 68.7 82.6 67.6 43.1 - - - 36.5- - - - - - - - 7.5- Quester VCT33.0 - - 04-96

CONVENTIONAL SIZE WEIGHTED AVERAGE 91.7 81.5 104.9 59.0 - - - -- 4.1 15.1-- - - - - - - -

PRE-QUALIFYING VCT100/82 77.0 - - - 82.0 - - - - - - -- - - - - - - - --53 Foresight 2 VCT C shares87.0 - - 01-07



Split CapitalsSplit Capitals are investment companies which have more than one type of share, each of which carries different entitlements to participate in income and capital returns. At least one class of share of a split is likely to have a limited life with a fixed winding up date. Conventional shares which have similar characteristics to ordinary income shares are classified as Highly Geared Ordinary and are included in the Split Capitals section. Depending on the value of the Total Assets of the company, any shares in the split structure may be exposed, or nearly exposed, to gearing and/or expenses.

Totalassets(£m)

Cash /

cash

equiv

UK Equity Int.Equities

SC Inc

Shares

SC Ord Inc Other, SC

& ICs

BondsPortfolio spread % Company Class of share AIC

classificationNumber of

sharesDividend

payment dates Wind-up

date1yr 3yr 5yr

Shareholder funds total return £100

Portfolio

Sharesx IC(£m)

DebtcoverDebt Assets

per share (£m)

yld

7,857,000 ZDP 2010 Zero -Aberdeen Development Capital7,857,000ZDP 2012 Zero

35,719,000 Nov Jan May AugOrdinary Income Ord Inc-

Long-term capital and income appreciation from development capital in private UK companies.24,500,000 Aug Feb 31/12/2011Income Inc 4.2Aberforth Geared Capital & Income

115.0 10,500,0000-2 0 102 0 0 0 31/12/2011 70.7Capital 136.7Cap 288.034.9 3.3056.8

A high and growing level of income returns and geared capital growth by investing in a diversified portfolio of small UK quoted companies.32,423,253 Aug Nov Feb Jun 31/03/2009Income Inc 2.6Ecofin Water & Power Opportunities

182,552,352 Aug Nov Feb JunOrdinary Income Ord Inc-

759.8 18,958,54301 1 16 82 0 0 09/03/1931 107.5Capital 165.9Cap 243.6187.7 4.05161.7

High dividends and long-term capital growth through utility investments in developed markets.15,166,618 31/05/2011Zero Div Pref. Zero 5.4>Edinburgh New Income

39.4 20,519,05609 0 91 0 0 0 Feb May Aug Nov 31/05/2011 83.1Ordinary Income Ord Inc0.0 -21.3

Income and capital growth through investments in UK quoted equities.39,134,832 Jul Aug Nov Mar 30/09/2008Income Inc 4.8DFramlington Income & Capital

100.2 24,830,091012 0 88 0 0 0 30/09/2008 77.2Capital 125.0Cap 201.132.8 3.0654.0

To produce above average capital growth for the capital shareholder and above average income for the income shareholder.19,610,250 27/10/2011Zero Div Pref. Zero 6.5>Invesco Perpetual Recovery 2011

35.9 16,044,75005 0 95 0 0 0 Feb May Aug Nov 27/10/2011 78.9Ordinary Income Ord Inc0.0 -13.1

Capital & income growth from UK quoted equities and fixed income securities offering recovery prospects.8,400,000 20/03/2009Zero Div Pref. Zero 4.7MInvestec High Income

45.4 28,000,00076 5 79 0 1 2 May Aug Nov Feb 20/03/2009 76.9Ordinary Income 123.5Ord Inc 225.714.6 3.1115.5

Invests in UK equities, high yielding securities and corporate bonds.46,037,200 28/02/2018Zero Div Pref. Zero 3.9JPMorgan Income & Capital

112.6 62,054,78206 5 89 0 0 0 Jul Oct Jan Apr 28/02/2018Ordinary Income Ord Inc0.0 -65.8

Income and capital growth by investing mainly in UK equities and investment grade fixed interest securities through a split capital structure.62,617,803 Mar Jun Sep Dec 30/11/2016Income Inc 5.1>JPMorgan Income & Growth

86.1 63,677,78100 0 100 0 0 0 30/11/2016 75.9Capital Cap14.4 5.997.0

Income & capital growth from high yielding investments.62,822,084 30/10/2009Zero Div Pref. Zero 5.0Jupiter Second Enhanced Income

74.1 62,822,084023 3 71 3 0 0 Mar Jun Sep Dec 30/10/2009 81.5Geared Income 107.7Ord Inc0.0 -26.4

Income and capital growth from a portfolio of UK listed equities, equity related securities and fixed interest.45,700,000 24/06/2009Zero Div Pref. Zero -IJZ Equity Partners97,529,000 Dec JulOrdinary Income Ord Inc-

Significant yield and capital growth by investing in mezzanine and equities (common and preferred stock).171,401,000 08/03/2011Zero Div Pref. Zero -M&G Equity171,401,000 Dec Mar Jun Sep 08/03/2011Income Inc

171,401,000 08/03/2011Capital Cap-

Above average rate of capital appreciation and income growth from UK stocks and increasing dividend potential.53,552,179 17/03/2017Zero Div Pref. Zero 4.9M&G High Income53,552,179 Nov Feb May Aug 17/03/2017Income Inc

53,552,179 17/03/2017Capital Cap-

Above average & increasing income & capital growth from UK stocks.


34

Totalassets(£m)

Cash /

cash

equiv

UK Equity Int.Equities

SC Inc

Shares

SC Ord Inc Other, SC

& ICs

BondsPortfolio spread % Company Class of share AIC

classificationNumber of

sharesDividend

payment dates Wind-up

date1yr 3yr 5yr

Shareholder funds total return £100

Portfolio

Sharesx IC(£m)

DebtcoverDebt Assets

per share (£m)

yld

53,552,179 Nov Feb May Aug 17/03/2017Geared Unit Ord Inc 4.9M&G High Income Geared Unit-

Above average & increasing income & capital growth from UK stocks.193,419,000 31/03/2009Zero Div Pref. Zero -M&G Recovery236,004,000 Nov Feb May Aug 31/03/2009Ordinary Income Ord Inc-

Income & capital growth from FTSE 350 equities and corporate bonds.19,143,433 31/12/2010Zero Div Pref. Zero 3.5Premier Energy & Water

69.9 18,143,433011 0 25 64 0 0 Mar Jun Sep Dec 31/12/2010 104.0Ordinary Income 159.2Ord Inc0.0 -43.8

High income and capital growth by investing primarily in equities issued by utility and regulated infrastructure companies.1,223,000 31/12/2010Zero Div Pref. Zero -Premier Renewable Energy

13,116,000 Jul Feb 31/12/2010Ordinary Income Ord Inc-

Invests in companies that generate power from renewable energy sources or significantly invest in renewable energy.200,000 Sep Mar 25/07/2011Preference Inc -IRights & Issues

2,460,000 Sep Mar 25/07/2011Income Inc

1,640,000 Jan MarCapital Ord Inc-

Capital & income growth from mainly UK small & medium sized companies.13,039,100 14/09/2008Zero Div Pref. Zero 4.5>Royal London UK Equity & Income30,000,000 Jan Apr Jul Oct 14/09/2021Income Annuity Inc

119.7 70,000,000042 18 37 0 0 3 Jan Apr Jul Oct 90.4Ordinary Income 155.8Ord Inc 228.050.1 2.3922.9

Income & capital growth from FTSE 100, FTSE Mid-Cap, FTSE Small-Cap, geared ords and incs from splits and closed end funds and bonds.20,317,060 Jan Sep 30/04/2009Income Inc 2.5Smaller Companies Value Trust

46.8 20,317,06006 0 94 0 0 0 30/04/2009 70.2Capital 122.0Cap 197.88.1 5.7626.8

Income and capital growth from smaller UK listed companies.45,486,200 31/10/20122012 ZDPs Zero 2.2w T MUtilico37,500,000 31/10/20142014 ZDPs Zero

37,500,000 31/10/20162016 ZDPs Zero

466.7 91,118,323200 0 51 29 0 0 Oct Apr 107.0Ordinary Income 151.1Ord Inc69.4 6.72257.2

Long term capital appreciation by investing predominantly in infrastructure, utility and related companies, principally in developed countries.14,209,498 09/08/2008Zero Div Pref. Zero 1.1F MZero Preference Growth

12.1 30,000,000686 16 0 0 0 10 09/08/2008 101.4Growth 122.4Cap 410.10.6 21.311.2

Capital growth from ZDPs and fixed interest securities.2084 5 2 49 39 0 0 SIZE WEIGHTED AVERAGES 95.0 145.3 235.15


35

ZERO DIVIDEND PREFERENCE SHARESA zero dividend preference share is designed to deliver a predetermined rate of capital growth. Although the value may be predetermined, this is not a guaranteed return. The entitlements of the zero dividend preference share are after any loan stock or prior ranking preference share. For more Terminal Asset Value (TAV) and redemption yield data please visit www.aicstats.co.uk

Split Capital Share Classes

(pence)

CompanyMarketcap£m

Price (pence)bid/sell

(pence)Years-months price

(pence)

Equity red yld % p.a.

cover

Equity hurdle rates %p.a.1)Share 2)Red

NAV Share price total return on £1001 yr 3 yr 5 yr

cover1) Share 2)Total Debt

price priceto wind-up3)Wipe

outentitlement

Current

red.price0%

CurrentPC %of TA

-2.5% 2.5%TAV 0%

grth(pence)

offer/buy

Red yld% p.a.

(pence)

Asset cover at wind-upRed

5 60.0 - Aberdeen Development Capital ZDP 2010- - - -- 111.9 - - - - -- - -- --68.0

5 57.0 - Aberdeen Development Capital ZDP 2012- - - -- 111.0 - - - - -- - -- --63.0

11 114.0 - Aberdeen Development Capital ZDP Unit- - - -- 2 112.9 - - - - -- - -- --132.0

18 117.0 119.1 Edinburgh New Income ZDPs141.8 6.0 1.80 -19.33-0 102.1 - - 1.77 -24.7 -119.1 6.0 06.0 6.0141.8121.0

23 113.8 115.9 Invesco Perpetual Recovery 2011 ZDPs141.4 6.1 1.29 -7.03-5 104.3 - - 1.26 -12.7 -115.9 6.1 06.1 6.1141.4117.0

15 182.5 182.8 Investec High Income ZDPs195.5 - - -0-10 104.9 120.4 254.2 - - -182.8 - 32- --183.0

47 101.0 101.7 JPMorgan Income & Capital ZDPs192.1 6.6 1.23 -2.39-9 - - - 1.24 -9.6 -101.7 6.6 06.6 6.6192.1104.5

48 75.8 76.0 Jupiter Second Enhanced Income ZDPs84.1 7.0 1.40 -27.41-5 105.9 119.5 - 1.37 -34.8 -76.0 7.0 07.0 7.084.177.3

91 199.0 - JZ Equity Partners ZDPs215.9 - - -1-1 106.7 118.2 148.7 - - -- - -- --201.0

128 73.8 - M&G Equity ZDPs100.0 - - -2-10 95.8 114.2 174.3 - - -- - -- --75.3

33 61.0 - M&G High Income ZDPs122.8 - - -8-10 92.6 107.3 170.5 - - -- - -- --63.5

102 52.3 - M&G Recovery ZDPs55.5 - - -0-10 107.7 120.6 154.0 - - -- - -- --53.0

27 137.8 136.3 Premier Energy & Water ZDPs162.4 6.1 2.25 -31.12-7 101.8 117.5 - 2.23 -36.5 -136.3 6.1 06.1 6.1162.4140.5

4 333.0 - Premier Renewable Energy ZDPs392.0 - - -2-7 - - - - - -- - -- --338.0

23 173.5 175.6 Royal London UK Equity & Income ZDPs179.9 - - -0-4 107.2 123.9 230.6 - - -175.6 - 42- --177.0

62 135.0 131.7 Utilico 2012 ZDPs177.5 6.2 4.91 -30.04-5 108.2 117.5 - 4.90 -34.1 -94.2131.7 6.2 166.2 6.2177.5137.0

41 108.5 107.0 Utilico 2014 ZDPs167.6 6.9 5.02 -17.16-5 - - - 5.02 -20.1 -30.0107.0 6.9 296.9 6.9167.6110.0

39 102.3 107.0 Utilico 2016 ZDPs192.8 7.7 3.50 -8.98-5 - - - 3.49 -11.8 -17.1107.0 7.7 387.7 7.7192.8103.8

10 72.0 73.3 Zero Preference Growth ZDPs75.0 - - -0-3 107.4 132.7 494.9 - - -73.3 - 11- --74.0

732 6.7 2.32103.5 117.4 171.5SIZE WEIGHTED AVERAGES 2.316.66.6 6.6


36

INCOME SHARESIncome shares have various entitlements to income with various predetermined entitlements to capital. The entitlements of the income share are after any loan stock or prior ranking preference share. For more analytics on Terminal Asset Value (TAV) and redemption yield data please see www.aicstats.co.uk

Market Capiltilisation (£m)

Companyyld

0% 5% 10%7.5%

Marketcap£m

Price (pence)bid/sell

Div.(pps)

Years-months

Equity red yld ( % p.a. )assuming annual grth rates of

3yr div.grth(%p.a)

Asset cover at wind-up Equity hurdle rates %p.a. 2)Wipe

out

Redprice(pence)(%)

1yr 5yr3yr2.5%

1)Sharecover

2)Total Debtcover

Div

-2.5%1)Redpriceto wind-up

TAV 0 %grth

(pence)

NAV(pence)offer/

buy

Share price total return on £100

29 118.3 11.00 9.2 3-7 100.0 Aberforth Geared Capital & Income 5.4 6.4 7.0 7.6 8.5 1.81 -15.1105.7 136.7 199.9 5.9 3.014.9 -25.7104.895.2120.3

33 100.5 8.80 8.7 0-10 100.0 Ecofin Water & Power Opportunities - - - - 2.4 - -105.8 122.6 206.3 - -- --97.1102.0

14 34.0 7.90 22.4 0-4 30.0 Framlington Income & Capital - - - - 7.3 - -109.8 132.4 195.5 - -- --34.436.5

59 93.0 6.20 6.6 8-6 103.4 JPMorgan Income & Growth 7.8 9.1 9.9 10.7- 1.08 -0.995.9 - - 8.4 1.105.5 -18.7103.4103.494.0

31 17.5 5.60 30.7 2-10 0.1 M&G Equity - - - - 6.2 - -116.5 157.0 219.9 - -- ---18.8

34 62.0 6.50 10.3 8-10 70.0 M&G High Income - - - - 7.0 - -89.1 132.1 175.2 - -- ---64.0

- 93.7 5.50 5.9 3-2 100.0 Rights & Issues Preference - - - - 0.0 - -111 105.9 118.7 120.6 - -- ---93.7

20 760.0 48.50 6.0 3-2 29.1 Rights & Issues - - - - 6.2 - -110 79.6 125.9 210.8 - -- ---855.0

23 75.0 8.50 11.3 13-4 75.0 Royal London UK Equity & Income Income Annuity 12.5 13.5 14.1 14.8 0.0 1.51 -99.9113 108.7 143.5 174.1 13.0 1.6712.1 -78.079.375.0

12 60.0 7.25 11.8 0-11 60.0 Smaller Companies Value Trust - - - - 15.5 - -109.4 128.9 157.0 - -- --58.663.0

255 SIZE WEIGHTED AVERAGES12.1 8.1 9.3 10.0 10.78.74.6 100.7 134.6 197.1 0.710.876.7

CAPITAL SHARESThe capital share is the share that is entitled (unless otherwise stated) to all the surplus assets on wind-up after repayment of any prior ranking charges. For more Terminal Asset Value (TAV) and redemption yield data please visit www.aicstats.co.uk

0% 5% 7.5% 10%Company

Marketcap£ m

bid/sell

(pence)Discount/Premium %current

Years-monthsto wind-up

Equity red yld (%p.a.)assuming annual grth rates of

Equity hurdle rates % p.a.2) Wipeout

NAV Share price total return on £1001yr 5yr3yr

2.5%-2.5%1) Share

price

Gearing TAV 0 %

grth(pence)

offer/buy

avg. high/

Price (pence)

low

Aberforth Geared Capital & Income45 415.0 540.7 -21.6 3-7 3.5 14.5 19.5 24.3 -1.79.266.8 190.6 446.3 -2.6 -15.1203 480.2433.0 - -

Ecofin Water & Power Opportunities137 710.0 858.6 -15.9 0-10 - - - - --92.6 366.8 2949.0 - -479 -735.0 - - 40

Framlington Income & Capital51 202.0 216.4 -5.5 0-4 - - - - --73.5 148.5 389.5 - -186 -207.0 - -

JPMorgan Income & Growth13 18.5 10.9 80.7 8-6 -8.3 17.6 24.0 29.4 0.88.941.8 - - -100.0 -0.91236 9.521.0 - -

M&G Equity21 11.3 - - 2-10 - - - - --46.2 87.5 119.5 - -- -13.3 - -

M&G High Income6 9.0 - - 8-10 - - - - --39.3 157.1 231.6 - -1180 -12.8 - -

Smaller Companies Value Trust23 109.0 131.8 -13.5 0-11 - - - - --60.0 139.9 300.0 - -175 -118.8 - -

Zero Preference Growth1 3.0 3.9 -11.4 0-3 - - - - --70.7 105.6 389.9 - -1047 -3.8 - -

297 -10.0 71.5 231.9 664.7SIZE WEIGHTED AVERAGES381


37

ORDINARY INCOME SHARESAn ordinary income share is a share designed to give shareholders a highly geared return both in terms of income and capital. Not all ordinary income shares have a fixed wind-up date, these are listed seperately. These undated shares tend to have a 'normal' split structure but only the prior ranking shares and debt are dated. For more analytics on Terminal Asset Value (TAV) and redemption yield data please see www.aicstats.co.uk

Company 0% 5% 7.5% 10%

Marketcap

£mbid/sell

NAV Discount/Premium %current

Div.( pps) yld

(%)

Years-

months

Equity red yld (%p.a)assuming annual grth rates of

3 yr div.grth

p.a.%

Equity hurdle rate % p.a.

2) Wipeout

(pence)Dated Shares

2.5%

Share price total return on £100

1yr 5yr3yr

Div.

-2.5%to wind-up1) Share

price

Gearing TAV 0 %

grth(pence)

offer/buy

avg. high/Price (pence)

low

19 87.0 104.0 -13.0 7.7 Edinburgh New Income3-0 6.6 16.3 20.8 25.3- -18.77.00 69.5 - - 11.51.5 1.0185 83.494.0 - -

13 79.0 81.8 -0.3 7.4 Invesco Perpetual Recovery 20113-5 -5.3 10.1 16.6 22.6- -6.86.00 68.8 - - 2.9-15.1 4.0273 48.484.0 - -

14 47.0 55.3 -10.5 13.1 Investec High Income0-10 - - - - 0.0 -6.50 58.9 118.3 451.3 -- -293 -52.0 - -

60 95.0 106.1 -8.5 5.2 JPMorgan Income & Capital9-9 -2.4 8.9 13.0 16.6- -2.35.00 - - - 4.0-13.3 3.5171 32.199.0 - -

23 35.0 42.0 -13.1 11.0 Jupiter Second Enhanced Income1-5 4.1 16.9 23.2 29.4 15.4 -26.74.00 60.0 109.6 - 10.5-2.5 2.1281 32.637.8 - -

39 68.5 - - 8.8 M&G High Income Geared Unit8-10 - - - -- -6.50 81 - - - -- -166 -78.5 - -

56 22.3 - - 13.3 M&G Recovery0-10 - - - - 6.3 -3.15 70.9 114.1 216.0 -- -- -25.3 - -

36 199.0 241.6 -17.0 3.5 Premier Energy & Water2-7 5.2 13.3 17.2 21.1 1.7 -30.67.10 94.2 192.6 - 9.31.0 -1.5160 210.2202.0 - -

13 94.0 - - 2.1 Premier Renewable Energy2-7 - - - -- -2.00 - - - -- -- -97.0 - -

234 8.1 1.3 12.2 16.8 21.271.3 127.3 243.4 7.13.3 SIZE-WEIGHTED AVERAGES -6.5203-11.0

Company 0% 5% 7.5% 10%

Marketcap

£m

bid/

sell

NAV Discount/Premium %current

Div.( pps) yld

(%)

assuming annual grth rates of3 yr div.

grth

p.a.%

Equity hurdle rate % p.a.

2) Wipeout

(pence)2.5%

Share price total return £1001yr 5yr3yr

Div.

-2.5%1) Share

price

Gearing TAV 0 %grth

(pence)offer/buy

avg. high/Undated Shares Equity internal rate of returnYears-months

to redof prior charges

Price (pence)

low

7 18.5 - - 12.7 Aberdeen Development Capital - - - - -2.50 1 98.1 61.1 74.4 - 0.0 - -- -21.0 - -

325 176.0 209.3 -14.9 2.8 Ecofin Water & Power Opportunities0-10 - - - - -5.00 39 95.6 - - - 0.0 - -141 -180.0 - -

126 129.0 - - 10.0 JZ Equity Partners1-1 - - - - -13.00 82.7 106.8 178.3 - 7.4 - -- -133.0 - -

46 2660.0 - - 2.5 Rights & Issues3-2 - - - - -70.98 112 72.2 124.6 224.2 - 6.9 - -- -2905.0 - -

14 19.5 32.8 -39.0 0.0 Royal London UK Equity & Income0-4 - - - - -0.00 114 72.8 249.4 1022.5 -- - -522 -20.5 - -

224 242.0 282.2 -13.0 1.0 Utilico4-5 -4.8 4.9 8.3 12.4 -12.72.50 77.4 162.2 - 0.2 9.6 -10.4 2.3181 194.4249.0 - -

742 -14.8 86.0 126.74.6 SIZE-WEIGHTED AVERAGES170 - 3.5 182.6


38

Warrants and Subscription SharesWarrants give the holder the right, but not the obligation, to purchase shares at a fixed price at a date in the future, as stated in the subscription terms below. Subscription shares have the same characteristics as warrants but are qualifying investments for the stocks and shares component of an ISA.

WarrantCompany Subscription terms

Number ofwarrants in

issue

Warrantpricepence

Shareprice

pence

Warrantpremium

Warrantgearing

%

'Cheap'/'dear'

Theoreticalvalue

Historicvolatility

Impliedvolatility

Sharetype

Aberdeen Asian Income 22,000,000 1.0 share @ 120.00p from 31 May 2010 - 31 May 2013 21.25 116.25 21.5 5.5 81.7 24.9 21.3 -WarrantAberdeen Asian Smaller Companies 4,620,356 1.0 share @ 100.00p from 30 Nov 1997 - 30 Nov 2010 198.25 300.75 -0.8 1.5 93.4 199.1 22.7 -WarrantBlackRock World Mining 8,947,605 1 share @478p in Feb 2008, @565p in Feb 2009 204.50 745.00 3.3 3.6 98.6 181.1 31.1 3.5WarrantBlue Planet Financials Growth & Income 252,430 10.0 shares @ 1000.00p from 31 Jul 1997 - 31 Jul 2010 925.00 151.50 621.1 1.6 - - 16.6 100.0WarrantDunedin Smaller Companies 8,529,027 1.0 share @ 170.00p from 28 Feb 2007 - 28 Feb 2012 9.50 119.00 50.8 12.5 150.3 2.9 15.6 19.0SubscriptionFinsbury Worldwide Pharmaceutical 10,758,680 1.0 share @ 464.00p from 31 Jul 2005 - 31 Jul 2009 36.00 467.50 7.0 13.0 92.5 38.5 15.6 10.2WarrantHenderson Opportunities 1,641,547 1.0 share @ 936.00p from 15 Feb 2009 - 15 Feb 2014 39.50 474.00 105.8 12.0 181.1 3.0 12.1 22.4SubscriptionImpax Environmental Markets 19,763,321 1.0 share @ 96.00p from 15 Jun 2006 - 15 Jun 2010 43.00 132.00 5.3 3.1 107.3 39.6 29.9 25.6WarrantJPMorgan Chinese 14,136,407 1.0 share @ 131.00p from 15 May 2009 - 15 May 2013 25.25 121.25 28.9 4.8 81.6 29.4 39.0 15.8SubscriptionJupiter Green 8,476,624 1.0 share @ 100.00p from 31 Jul 2007 - 31 Jul 2011 28.25 113.50 13.0 4.0 94.3 28.7 6.6 -WarrantLudgate Environmental (AIM) 6,684,000 1.0 share @ 150.00p from 30 Jun 2008 - 30 Jun 2011 21.50 114.50 49.8 5.3 548.1 0.6 3.3 33.3WarrantMarwyn Value Investors (AIM) 23,259,000 1.0 share @ 115.00p from 18 Apr 2008 - 30 Sep 2010 Exercise daily. 18.50 91.50 45.9 4.9 - - 9.1 43.6WarrantMidas Income & Growth 1,934,411 1.0 share @ 100.00p from 31 Aug 1998 - 31 Aug 2010 43.50 138.50 3.6 3.2 93.5 46.0 10.7 -WarrantNew India 12,782,390 1.0 share @ 100.00p from 30 Jun 1995 - 31 Jul 2010 59.50 149.00 7.0 2.5 104.1 53.2 17.1 27.9WarrantPerpetual Income & Growth 17,767,024 1.0 share @ 218.94p from 31 Aug 2006 - 02 Sep 2013 49.50 224.00 19.8 4.5 87.7 56.8 21.7 -SubscriptionRCM Technology 4,765,631 1.0 share @ 267.00p from 10 Apr 2008 - 10 Apr 2012 30.00 234.00 26.9 7.8 83.1 41.4 11.6 12.5SubscriptionSR Europe 5,937,927 1.0 share @ 244.00p from 24 Apr 2008 - 24 Apr 2012 36.75 225.25 24.6 6.1 104.9 33.8 8.8 12.5SubscriptionStandard Life UK Smaller Companies 2,897,510 1.0 share @ 100.00p from 30 Sep 1994 - 30 Sep 2008 23.50 123.00 0.4 5.2 91.5 24.6 12.6 1.1WarrantUkraine Opportunity 1,204,000 1.0 share @ $10.00 from 30 Apr 2007 - 30 Apr 2012 129.04 533.85 19.0 4.1 93.4 2.4 3.3 0.8WarrantUtilico 3,589,815 1.0 Ord Inc share @ 315.00p from 31 Oct 2007 - 30 Apr 2012 87.50 245.50 64.0 2.8 261.0 18.2 9.5 51.3WarrantUtilico Emerging Markets (AIM) 32,537,259 1.0 share @ 100.00p from 31 Jan 2006 - 31 Jul 2010 74.50 165.75 5.3 2.2 104.9 69.1 15.1 33.5WarrantUtilico Emerging Markets (AIM) 9,219,100 1.0 share @ 100.00p from 13 Mar 2008 - 31 Jul 2010 - - - - -Subscription

31 January 200Prepared by Fundamental Data Limited on behalf of AIC Information Services Limited for information purposes only (www.FundData.com tel: 020 7627-7300) 31 May 2008

39

Investment Schemes (Share Plans)Charges shown may not be comprehensive and cover purchase/sale only and do not include stamp duty or VAT or the management costs of the underlying investment. This table is intended only as a guide to the Investment Schemes which are available. Full details of the individual schemes must be obtained before entering into any transactions. Free factsheets on Investment Schemes available, visit www.theaic.co.uk or Private Investors call 0800 707 707, Advisers call 020 7282 5577.

Manager or CompanyMinimum Monthly Minimum Dividend Purchase Charges Adviser Commission Other FeaturesRegular Savings Lump Sum Reinvestment Details

AXA Framlington Investment Management £50 (£25 per share)

£500 (£250 per share)

Initial: Nil. Annual: Nil. Purchase: Nil. Sale: Nil. Transfer Out: 1% (min £20). Switch: Nil.

Statements issued twice a year. Annual & Interim reports.

Investors can agree up to 3% to be deducted from investment to pay adviser.

Yes Monthly: DD on 6th, invested next dealing day following 5 working days clearance. Lump Sums: Next dealing day, usually the Monday following clearance funds.

Tel: 0845 777 5511

Broker Tel: 0845 766 0184

Aberdeen Asset Managers £100 £250 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: £10. Transfer Out: £35. Switch: £10.

Share exchange facility. Statements issued twice a year. Annual & Interim reports.

Investors can agree up to 3% be deducted from investment to pay adviser.

Yes Monthly: DD on 15th. Lump Sums: Daily.Tel: 0500 00 00 40

Broker Tel: 0500 00 00 40

Alliance Trust Savings £50 £50 Initial: Nil. Annual: Nil. Purchase: £2.50 - £15 (plus 0.2%) Sale: £15 - £30 (plus 0.2%). Transfer Out: N/a. Switch: N/a.

Alliance Trust, all other investment companies, UK listed shares, fixed interest securities, OEICs, unit trusts, ETFs plus cash deposit facility. Share exchange facility.

N/aYes Weekly (default), daily (on request).Tel: 08000 326 323

Broker Tel: 08000 326 323

Allianz Global Investors (RCM) (through Alliance Trust Savings)

£50 £50 Initial: Nil. Annual: Nil. Purchase: £2.50-£15 (plus 0.2%). Sale: £15-£30 (plus 0.2%). Transfer Out: N/a. Switch: N/a.

UK listed shares, fixed interest securities, OEICs, unit trusts, ETFs plus cash deposit facility. Share exchange facility.

N/aYes Weekly (default), daily (on request).

Tel: 08000 326 323

Broker Tel: 08000 326 323

Artemis Investment Management £500 £6,000 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: Nil. Transfer Out: £25. Switch: N/a.

Statements issued twice a year. Annual & Interim reports. Designation of account available for children.

Investors should agree with their adviser an amount to be paid which will be deducted from their subscription before investment.

Yes Weekly.Tel: 0800 092 2051

Broker Tel: 0800 092 2051

Asset Value Investors £50 £250 Initial: Nil: Annual: Nil. Purchase: Nil. Sale: tel: £15 (min), online: £11.95. Transfer Out: N/a. Switch: N/a.

Statements issued twice a year. Share exchange facility.

N/aYes Monthly: DD on 15th. Lump Sums: Daily.Tel: 0845 850 01 81

Broker Tel: 0845 850 01 81

Baillie Gifford Savings Management £30 £250 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: £22. Transfer Out: £32.50. Switch: £22 (First switch in any 12 month period is free).

Non-certificated plan. Gift facility. Annual & Interim reports. Statements issued twice a year.


Yes Monthly: DD on 1st or 15th, invested on next dealing day. Cleared funds are dealt with Tuesdays and Fridays.Tel: 0800 917 2112

Broker Tel: 0800 917 4752

Baring Asset Management £50 £250 Inital: Nil. Annual: Nil. Purchase: 0.2% (Lump Sums: £20) Sale: 0.2%. (Lump Sums: £20). Transfer Out: N/a. Swicth: N/a.

Statements issued twice a year. Non-certificated plan.Investors can agree up to 3% be deducted from investment to pay adviser.

Yes Monthly: DD on 20th. Lump Sums: Weekly.Tel: 0845 082 2479

Broker Tel: 0845 082 2479

BlackRock Investment Management (UK) £50 £1,000 Initial: Nil. Annual: Nil. Purchase: 1.25%. Sale: 1.25%. Transfer Out: 1.25%. Switch: 1.25%.

Gift facility which includes children. Statements issued twice a year.

N/aYes Monthly: DD on 25th, invested same day. Lump Sums: invested same day.Tel: 0800 44 55 22

Broker Tel: 0800 44 55 22

Blue Planet Investment Management £50 £250 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: £25. Transfer Out: £6. Switch: Nil.

Gift facility. Statements issued twice a year.N/aYes Monthly: DD on 5th, invested on 15th. Lump Sums & Gifts: received by Friday invested by following Friday.Tel: 0131 466 6666

Broker Tel: 0131 466 6666

Bluehone Investors (through F&C) £50 £500 (top up £250)

Initial: Nil. Annual: Nil. Purchase: 0.2%. Sale: 0.2%. Transfer Out: 0.2%. Switch: 0.2%.

Online Service and online application: www.fandc.com. Statements issued twice a year.


Yes Daily.Tel: 0800 136 420

Broker Tel: 0845 799 2299

Caledonia Investments plc (through Capita IRG Trustees)

£50 £500 (top up £250)

Initial: Nil. Annual: Nil. Purchase: 0.5% (Monthly: min £1.50. Lump Sum: min £15) Sale: 1% (min £15). Transfer Out: £15. Switch: N/a.

Declaration of trust available for investing for children. Statements issued twice a year. Annual & Interim reports.

N/aYes Monthly: DD on 2nd, invested on or around 10th. Lump Sums: < £5,000 next weekly dealing day; > £5,000 third business day after receipt.Tel: 0870 162 3122

Broker Tel: 0870 162 3122


40


Dunedin (through Aberdeen) £100 £250 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: £10. Transfer Out: £35. Switch:. £10.




Broker Tel: 0500 00 00 40

Edinburgh Partners £150 £1,000 Initial: £30. Annual: £25. Purchase: 0.5%. Sale: £5-£60. Transfer Out: N/a. Switch: N/a.

Annual reports. Statements issued twice a year (April/October)

N/aYes Monthly: DD on 15th. Lump Sums: Daily.Tel: 0845 850 0181

Broker Tel: 0845 850 0181

F&C Management £50 £500 (top up £250)




Yes Daily.Tel: 0845 600 3030

Broker Tel: 0845 799 2299

Fidelity Investments £50 £1,000 (top up £250)

Initial: Nil. Annual: Nil. Purchase: Nil. Sale: Nil. Transfer Out: Nil. Swicth: Nil.

Statements issued twice a year.Investors can agree up to 3% be deducted from investment to pay adviser.

Yes Daily.Tel: 0800 4141 10

Broker Tel: 0800 4141 10

Franklin Templeton Investments £50 £250 (top up £50)

Initial: Nil. Annual: Nil. Purchase: 1% (min £1.50). Sale: £10.85. Transfer Out: N/a. Switch: N/a.

Gift facility. Statements issued twice a year.Investors can agree up to 3% be deducted from investment to pay adviser.

Yes Monthly: DD on 5th, invested by 15th. Lump Sums: By Friday of week following receipt.Tel: 0800 305 306

Broker Tel: 0800 305 306

Gartmore Investment Management £50 £1,000 Initial: Nil. Annual: Nil. Purchase: 1%. Sale: Nil. Transfer Out: N/a. Switch 1% of repurchase only.


Yes Monthly: money cleared by 20th invested 25th. Lump Sums: Daily.Tel: 0800 289 336

Broker Tel: 0800 212 433

Graphite Capital Management (through F&C) £50 £500 (top up £250)




Yes Daily.Tel: 0845 600 3030

Broker Tel: 0845 600 1868

Henderson Global Investors Nil Nil Initial: Nil. Annual: Nil. Purchase: £15 (£9.95 online). Sale: £15 (£9.95 online). Transfer Out: N/a. Switch: Nil.

Share exchange facility. Statements issued twice a year. Separate charges for non-HMITs.

N/aYes (not units)

Dealing account - Regular Savings via DD: £1 per month.Tel: 0845 712 5432

Broker Tel: 0845 712 5432

Ingot Capital Management (through F&C) £50 £500 (top up £250)




Yes Daily.Tel: 0845 600 3030

Broker Tel: 0845 600 1868

Investec Investment Management £50 £250 (top up £100)

Initial: Nil. Annual: Nil. Purchase: Nil. Sale: Nil. Transfer Out: Nil. Switch: N/a.


Yes Monthly: Money cleared by 15th. Lump Sums: Weekly on Wednesday after money cleared.Tel: 020 7597 1800

Broker Tel: 020 7597 1900

JPMorgan Asset Management £50 £500 (top up £100)

Initial: Nil. Annual: Nil. Purchase: 1% (max £50). Sale: 1% (max £50). Transfer Out: N/a. Switch: 1% (max £50).

Investors can't invest directly in Elect Managed Cash. Non-certificated plan. Statements issued twice a year.


Yes Monthly: DD on 15th, invested after 5 business days. Lump Sums: Daily.Tel: 0800 40 30 30

Broker Tel: 0800 18 19 25

Jupiter Asset Management £50 £500 Initial: Nil. Annual: Nil. Purchase: 1% (max £100) Sale: 1% (min £10, max £100). Transfer Out: N/a. Switch: Nil.

Statements issued twice a year. Annual and Interim reports.


Yes Monthly: DD on 9th, invested on Thursday on or around 21st. Lump Sums: Daily.Tel: 0845 30 60 100

Broker Tel: 0845 30 60 100

Martin Currie (through Alliance Trust Savings)

£50 £50 Initial: Nil. Annual: Nil. Purchase: £2.50 - £15 (plus 0.2%) Sale: £15 - £30 (plus 0.2%). Transfer Out: N/a. Switch: N/a.

UK listed shares, fixed interest securities, OEICs, unit trusts, EFTs plus cash deposit facility. Share exchange facility.

N/aYes Weekly (default), daily (on request).

Tel: 08000 326 323

Broker Tel: 08000 326 323

Montanaro Investment Managers (through F&C)

£50 £500 (top up £250)




Yes Daily.

Tel: 0845 600 3030

Broker Tel: 0845 799 2299


41


NVM Private Equity (through Aberdeen) £100 £250 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: £10. Transfer Out: £35. Switch: £10.




Broker Tel: 0500 00 00 40

New City Investment (through Aberdeen) £100 £250 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: £10. Transfer Out: £35. Switch: £10.




Broker Tel: 0500 00 00 40

OLIM (Value & Income Trust Savings Scheme)

£30 £250 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: £10. Transfer Out: Nil. Switch: £10.



Yes Monthly: DD on 15th. Lump Sums: Daily.

Tel: 0500 00 00 40

Broker Tel: 0500 00 00 40

Pantheon International Participations £50 £1,000 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: Nil. Transfer Out: N/a. Switch: N/a.

Gift facility. Statements within 3 days of any purchase. Statements issued twice a year.

N/aYes Monthly: DD received 3 business days before 25th inevsted on 25th. Lump Sums: < £1,000 25th, > £1,000 Fridays.Tel: 0870 162 3100

Broker Tel: 0870 162 3100

Personal Assets Trust £500 £5,000 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: Nil. Transfer Out: N/a. Switch: N/a.

N/aYes Monthly: DD collected on 20th and invested by 28th. Lump sums: Dealing twice weekly on Wednesdays and Fridays as soon as practicable following receipt.

Tel: 0131 225 9995

Broker Tel: 0131 225 9995

Polar Capital (through BNP Paribas) £50 £500 Initial: Nil. Annual: Nil. Purchase: 1% (min £1.25). Sale: 1% (min £1.25). Transfer Out: 1% (min £1.25). Switch: 1% (min (£1.25).


Yes Monthly: DD on 25th, Lump Sums: within 5 business days of receipt.Tel: 0845 358 1109

Broker Tel: 0845 358 1109

Premier Asset Management £50 £2,000 Initial: 3%. Annual: 0.75%. Purchase: 0.5%. Sale: 0.5%. Transfer Out: N/a. Switch: N/a.

Share exchange facility. Statements issued four times a year.

Investors can agree up to 3% be deducted from investment to pay adviser. 0.5% trail.

Yes Weekly.Tel: 0845 130 1122

Broker Tel: 0845 130 1122

Progressive Asset Management (through Jarvis Investment Management)

£25 £250 Initial: Nil. Annual: Nil. Purchase: 1% (Lump Sum: £9.50). Sale: 1% (Lump Sum: £9.50). Transfer Out: £25. Switch: N/a.

Statements issued twice a year.N/aYes Monthly: DD on 1st. Lump Sums: Daily.

Tel: 01892 510 515

Broker Tel: 01892 510 515

RIT Capital Partners £20 £250 Initial: Nil. Annual: Nil. Purchase: 0.5%. Sale: 0.5%. Transfer Out: 0.5%. Swicth: N/a.

Statements issued twice a year (May/November).N/aYes Regular Savings: next Dealing Day after the 10th business day of every month, after the payment is received. Lump Sums: next Dealing Day after cheque is received.

Tel: 0131 525 9819

Broker Tel: 0131 525 9819

SL Capital Partners (through Standard Life Savings)

£50 £500 Initial: 1.25%. Annual: Nil. Purchase: Nil. Sale: Nil. Transfer Out: N/a. Switch: N/a.


Yes Monthly: DD on 1st, invested after 5 business days.

Tel: 0845 60 24 247

Broker Tel: 0845 60 24 247

SV Life Sciences (through Schroder Investment Management)

£50 £1,000 (top up £500)

Initial: Nil. Annual: Nil. Purchase: Nil. Sale: 1%. Transfer Out: N/a. Switch: 1%.


Yes Monthly: DD on 1st, invested by the 8th. Lump Sums: Daily.

Tel: 0800 616 608

Broker Tel: 0800 616 608

SVG Advisers (through Schroder Investment Management)

£50 £1,000 (top up £500)

Initial: Nil. Annual: Nil. Purchase: Nil Sale: 1%. Transfer Out: N/a. Switch: 1%.


Yes Monthly: DD on 1st, invested by the 8th. Lump Sums: Daily.

Tel: 0800 616 608

Broker Tel: 0800 616 608

SVM Asset Management £50 (£25 per share)

£200 (top up £100)

Initial: Nil. Annual: Nil. Purchase: Nil. Sale: £30. Transfer Out: £30. Switch: £25 (one free switch per annum).

Gift facility. Statements issued twice a year.Investors can agree up to 3% be deducted from investment to pay adviser. 0.5% trail.

Yes Monthly: DD on 1st, invested on next available dealing day. Lump Sums: Daily.Tel: 0131 226 7660

Broker Tel: 0800 019 9110


42


Schroder Investment Management £50 £1,000 (top up £500)

Initial: Nil. Annual: Nil. Purchase: Nil. Sale: 1%. Transfer Out: N/a. Switch: 1%.


Yes Monthly: DD on 1st, invested by the 8th. Lump Sums: Daily.Tel: 0800 616 608

Broker Tel: 0800 616 608

Scottish Investment Trust plc (Plan Manager: SIT Savings)

£25 £250 Initial: Nil. Annual: Nil. Purchase: Nil. Sale: £10. Transfer Out: £30. Switch: N/a.

N/aYes Daily.

Tel: 0131 225 7781

Broker Tel: 0131 225 7781

Standard Life Savings £50 £500 Initial: 1.25%. Annual: Nil. Purchase: Nil. Sale: Nil. Transfer Out: N/a. Switch: N/a.


Yes Monthly: DD on 1st, invested after 5 business days.Tel: 0845 60 24 247

Broker Tel: 0845 60 24 247

Taube Hodson Stonex Partners (through BNP Paribas)

£50 £500 Initial: Nil. Annual: Nil. Purchase: 1% (min £1.25). Sale: 1% (min £1.25). Transfer Out: 1% (min £1.25). Swicth: 1% (min £1.25).


Yes Monthly & Quarterly: DD on or around 15th, invested on or around 25th.

Tel: 0845 358 1113

Broker Tel: 0845 358 1113

Thames River Capital (through BNP Paribas) £50 £500 Initial: Nil. Annual: Nil. Purachse: 1% (min £1.25). Sale: 1% (min £1.25). Transfer Out: 1% (min £1.25). Switch: 1% (min £1.25).


Yes Monthly & Quarterly: DD on or around 15th, invested on or around 25th.Tel: 0845 358 1113

Broker Tel: 0845 358 1113

Witan £50 £500 Initial: Nil. Annual: Nil. Purchase: 1% (online: £15). Sale: 1% (online: £15). Transfer Out: £20. Switch: N/a.

Statements issued twice a year.Investors can agree up to 3% be deducted from investment to pay adviser. Up to 0.5% renewal commission.

Yes Daily.Tel: 0800 082 81 80

Broker Tel: 0800 011 20 15

Witan Investment Services £50 £500 Initial: Nil. Annual: Nil. Purchase: 1% (online: £15). Sale: 1% (online: £15). Transfer Out: £20. Switch: N/a.

Statements issued twice a year.Investors can agree up to 3% be deducted from investment to pay adviser. Up to 0.5% renewal commission.

Yes Daily.Tel: 0800 082 81 80

Broker Tel: 0800 011 20 15


43

Individual Savings Accounts (ISAs)Charges shown may not be comprehensive and do not include stamp duty, VAT or the management costs of the underlying investment. Up to £7,200 can be invested in ISAs each year. Please note that this information is provisional and does not include any information in respect of whether the company does or does not meet the CAT standard. Free factsheet on ISAs is available, visit www.theaic.co.uk or Private Investors call 0800 707 707, Advisers call 020 7282-5577. All AIC Member shares are eligible for an ISA investment with the exception of those marked with X in the Index.

Manager or Company OtherMinimum Monthly Advisers CommissionFeaturesChargesChargesRegular Savings

MinimumLump Sum

Initial AnnualCharges

Other

Purchase: Nil. Sale: £15. Transfer Out: £35. Switch: £10.

hare exchange facility. Optional dividend reinvestment. Statements issued twice a year. Annual & Interim reports.


£100 £24Nil£1,000Aberdeen Asset ManagersTel: 0500 00 00 40Broker Tel: 0500 00 00 40

Purchase: £2.50 - £15 (plus 0.2%) Sale: £15 - £30 (plus 0.2%). Transfer Out: N/a. Switch: N/a.

UK listed shares, fixed interest securities, OEICs, unit trusts, ETFs, cash deposit facility.

N/a£50 NilNil£50Alliance Trust SavingsTel: 08000 326 323Broker Tel: 08000 326 323

Purchase: £2.50 - £15 (plus 0.2%). Sale: £15 - £30 (plus 0.2%). Transfer Out: N/a. Switch: N/a.

UK listed shares, fixed interest securities, OEICs, unit trusts, ETFs, cash deposit facility.

N/a£50 NilNil£50Allianz Global Investors (RCM) (through Alliance Trust Savings)Tel: 08000 326 323Broker Tel: 08000 326 323

Purchase: Nil. Sale: tel: £15 (min), online: £11.95. Transfer Out: N/a. Switch: N/a.

Statements issued twice a year. Share exchange facility.N/a£100 0.5%£30£1,000Asset Value InvestorsTel: 0845 850 01 81Broker Tel: 0845 850 01 81

Purchase: Nil. Sale: Nil. Transfer Out: £30. Switch: £20 (first switch in any 12 month period free).


£100 £30Nil£2,000 (£1,000 per trust)

Baillie Gifford Savings ManagementTel: 0800 917 2112Broker Tel: 0800 917 4752

Purchase: 0.2%. Sale: 0.2% (Lump Sums: £20). Transfer Out: N/a. Switch: 0.25%.


£250 NilNil£3,000Baring Asset ManagementTel: 0845 082 2479Broker Tel: 0845 082 2479

Purchase: 1.25%. Sale: 1.25%. Transfer Out: 1.25% (min £250). Switch: 1.25%.

Statements issued twice a year.N/a£50 0.5%Nil£1,000BlackRock Investment Management (UK)Tel: 0800 44 55 22Broker Tel: 0800 44 55 22

Purchase: Nil. Sale: Nil. Transfer Out: N/a. Switch: Nil.

Transfer in facility. Online Service and online ISA applicaton:www.fandc.com/isa. Statements issued twice a year.


£50 £60Nil£500Bluehone Investors (through F&C)Tel: 0800 136 420Broker Tel: 0845 799 2299

Purchase: 0.5% (Min: £1.50 monthly,£15 Lump sum). Sale: 1% (min £15). Transfer Out: £40 Switch: N/a.

Dividend reinvestment. Annual & Interim reports.Investors can agree up to 3% be deducted from investment to pay adviser.

£50 Monthly Savings: £20, Lump Sums:

£15.

Nil£500 (top up £250)

Caledonia Investments plc (through Capita Financial Managers)Tel: 020 7556 8800Broker Tel: 020 7556 8800

Purchase: Nil. Sale: £15. Transfer Out: Nil. Switch: £10.

Share exchange facility. Optional dividend reinvestment. Statements issued twice a year. Annual and Interim reports.


£100 £24Nil£1,000Dunedin (through Aberdeen)Tel: 0500 00 00 40Broker Tel: 0500 00 00 40

Purchase: 0.5%. Sale: £5-£60. Transfer Out: N/a. Switch: N/a.

Annual reports . Statements issued twice a year (April/October). Dividend reinvestment.

N/a£150 £30£30£1,000Edinburgh PartnersTel: 0845 850 0181Broker Tel: 0845 850 0181


44


MinimumLump Sum


Other


Transfer in facility. Online Service and online ISA application: www.fandc.com/isa. Statements issued twice a year.


£50 £60Nil£500F&C ManagementTel: 0800 136 420Broker Tel: 0845 799 2299

Purchase: Nil. Sale: Nil. Transfer Out: N/a. Switch: max 0.25%.

Also available: 5 in 1 ISA - All 5 Investment Companies in 1 ISA - Min £1,000 lump sum or £100 monthly. Statements issued twice a year.

Investors can agree up to 3% initial commission, and 0.5% trail for Edinburgh IT only.

£50 Edinburgh IT: 0.5%. Other: Nil

Standard: 3.5%. Online: 1.25%

£1,000 (top up £250)

Fidelity InvestmentsTel: 0800 4141 10Broker Tel: 0800 4141 81

Purchase: Nil. Sale: Nil. Transfer Out: £50. Switch: 1%.

Transfer in facility.Investors can agree up to 3% be deducted from investment to pay adviser. 0.5% renewal.

£150 0.5%Nil£1,000Gartmore Investment ManagementTel: 0800 289 336Broker Tel: 0800 212 433




£50 £60Nil£500Graphite Capital Management (through F&C)Tel: 0800 136 420Broker Tel: 0845 799 2299

Purchase: £15 (£9.95 online). Sale: £15 (£9.95 online). Transfers Out: N/a. Switch: Nil.

Share exchange facility. Statements issued twice a year. Henderson Managed Investment Trusts and other investment trusts (separate charges for non-HMITs).

N/a£50 £25Nil£50Henderson Global InvestorsTel: 0845 712 5432Broker Tel: 0845 712 5432




£50 £60Nil£500Ingot Capital Management (through F&C)Tel: 0800 136 420Broker Tel: 0845 799 2299

Purchase: 1% (max £50). Sale: 1% (max £50). Transfer Out: N/a. Switch: 1% (max £50).

Investors can't invest directly in Elect Managed Cash.Investors can agree up to 3% be deducted from investment to pay adviser. 0.5% trail.

£100 £25 (1% for IFA Clients)

Nil£1,000 (top up £100)

JPMorgan Asset ManagementTel: 0800 40 30 30Broker Tel: 0800 18 19 25

Purchase: 1% (max £100). Sale: 1% (min £10, max £100). Transfer Out: N/a. Switch: 1%.

Dividend reinvestment.Investors can agree up to 3% be deducted from investment to pay adviser.

£125 0.5%1%£1,000Jupiter Asset ManagementTel: 0845 30 60 100Broker Tel: 0845 30 60 100

Purchase: 1% (max £100). Sale: 1% (max £100). Transfer Out: N/a. Swicth: N/a.

Dividend reinvestment.N/a£50 0.4% (min £25, max £200)

charged half yearly in January

& July

Nil£1,000Law Debenture Corporation plc (administered by NatWest)Tel: 020 7606 5451Broker Tel: 020 7606 5451

Purchase: Nil. Sale: Nil. Transfer Out: N/a. Switch: N/a.

N/a£10 M&G Equity: 0.75% (+perf

related fee). M&G High Income:

1.25%

Nil£500M&G Financial ServicesTel: 0800 390 390Broker Tel: 0800 328 3191

Purchase: Nil. Sale: Nil. Transfer Out: Nil. Switch: Nil.

N/a£10 1.25%Nil£500M&G Financial Services (M&G Recovery Trust ISA)Tel: 0800 390 390Broker Tel: 0800 328 3191

Purchase: £2.50 - £15 (plus 0.2%). Sale: £15 - £30 (plus 0.2%) Transfer Out: N/a. Switch: N/a.

UK listed shares, fixed interest securities, OEICs, unit trusts, EFTs, cash deposit facility.

N/a£50 NilNil£50Martin Currie (through Alliance Trust Savings)Tel: 08000 326 323Broker Tel: 08000 326 323


45


MinimumLump Sum


Other




£50 £60Nil£500Montanaro Investment Managers (through F&C)Tel: 0800 136 420Broker Tel: 0845 799 2299


Share exchange facility. Optional dividend reinvestment. Statements issued twice a year. Annual and Interim reports.

Investors can agree up to 3% be deducted from investment to pay adviser. 0.5% renewal.

£100 £24Nil£1,000NVM Private Equity (through Aberdeen)Tel: 0500 00 00 40Broker Tel: 0500 00 00 40


Share exchange facility. Optional dividend reinvestment. Statements issued twice a year. Annual and interim reports.

Investors can agree up to 3% be deducted from investments to pay adviser.

£100 £24Nil£1,000New City Investment (through Aberdeen)Tel: 0500 00 00 40Broker Tel: 0500 00 00 40

Purchase: Nil. Sale: £15. Transfer Out: N/a. Switch: N/a.

N/a£50 £24Nil£1,000OLIM (Value & Income Trust ISA)Tel: 020 7439 4400Broker Tel: 020 7439 4400


N/a£580 NilNil£7,000Personal Assets TrustTel: 0131 225 9995Broker Tel: 0131 225 9995

Purchase: 1%. Sale: 1%. Transfer Out: N/a. Switch: N/a.


£50 1.25% If Self Select: £30

Nil£2,000 (top up £500)

Polar Capital (through BNP Paribas)Tel: 0845 358 1109Broker Tel: 0845 358 1109

Purchase: £30. Sale: £30. Transfer Out: N/a. Switch: N/a.

Statements issued twice a year.N/a£50 £501% (min £50)£1,000Premier Asset ManagementTel: 0845 605 6363Broker Tel: 0845 605 6363

Purchase: £9.50 (Monthly: Nil). Sale: £9.50. Transfer Out: N/a. Switch: N/a.

Statements and valuations issued twice a year.N/a£25 1% (max £50)Nil£250Progressive Asset Management (through Jarvis Investment Management)Tel: 01892 510 515Broker Tel: 01892 510 515


Dividend reinvestment.Investors can agree up to 3% be deducted from invetment to pay adviser.

£50 Nil1.25%£500SL Capital Partners (through Standard Life Savings)Tel: 0845 60 24 247Broker Tel: 0845 60 24 247

Purchase: Nil. Sale: 0.5%. Transfer Out: N/a. Switch: 1%.

Statements issued twice a year. Dividend reinvestment.N/a£50 0.5%Nil£1,000SV Life Sciences (through Schroder Investment Management)Tel: 0800 718 777Broker Tel: 0800 718 777


Statements twice a year. Dividend reinvestment.N/a£50 0.5%Nil£1,000SVG Advisers (through Schroder Investment ManagementTel: 0800 718 777Broker Tel: 0800 718 777

Purchase: Nil. Sale: £30. Transfer Out: £30. Switch: £25 (one free switch per annum).

Dividend reinvestment.Investors can agree up to 3% be deducted from investment to pay adviser. 0.5% trail.

£50 (£25 per trust)

NilNil£1,000 (£200 per trust)

SVM Asset ManagementTel: 0131 226 7660Broker Tel: 0800 019 9110


46


MinimumLump Sum


Other


Dividend reinvestment. Statements issued twice a year.N/a£50 0.5%Nil£1,000Schroder Investment ManagementTel: 0800 718 777Broker Tel: 0800 718 777

Purchase: Nil. Sale: Nil. Transfer Out: £30. Switch: N/a.

Dividend reinvestment. Statements issued twice a year.N/a£50 0.6% (max £30)Nil£500Scottish Investment Trust plc - The SIT ISA (Plan Manager:SIT Savings)Tel: 0131 225 7781Broker Tel: 0131 225 7781


Dividend reinvestment.Investors can agree up to 3% be deducted from investment to pay adviser.

£50 Nil1.25%£500Standard Life SavingsTel: 0845 60 24 247Broker Tel: 0845 60 24 247

Purchase: 1%. Sale: 1%. Transfer Out: N/a. Switch: Nil.


£100 £30Nil£2,000 (top up £500)

Taube Hodson Stonex Partners (through BNP Paribas)Tel: 0845 358 1113Broker Tel: 0845 358 1113

Purchase: 1%. Sale: 1%. Transfer Out: N/a. Switch: Nil.


£100 £30Nil£2,000 (top up £500)

Thames River Capital (through BNP Paribas)Tel: 0845 358 1113Broker Tel: 0845 358 1113

Purchase: 1%. Sale: 1%. Transfer Out: N/a. Switch: 1%.

Share exchange facility.Investors can agree up to 3% be deducted from investment to pay adviser. 0.5% trail.

£50 £301% (min £1.25)£2,000WitanTel: 0800 082 81 80Broker Tel: 0800 082 81 80

Purchase: 1%. Sale: 1%. Transfer Out: N/a. Switch: 1%.


£50 £301% (min £1.25)£2,000Witan Investment ServicesTel: 0800 082 81 80Broker Tel: 0800 082 81 80


47

Children's Investment SchemesCharges shown may not be comprehensive and cover purchase/sale only and do not include stamp duty or VAT or the management costs of the underlying investment. This table is intended only as a guide to the Children's Investment Schemes which are available. Full details of the individual schemes must be obtained before entering into any transactions. Free factsheets on Children's Investment Schemes available, visit www.theaic.co.uk or Private Investors call 0800 707 707, Advisers call 020 7282 5577 .

Manager or CompanyMinimum Monthly Minimum Dividend Purchase Initial/Annual Other Charges Adviser Commission Other FeaturesRegular Savings Lump Sum Reinvestment ChargesDetails

Aberdeen Asset Managers £30 £150 Purchase: Nil. Sale: £10. Transfer Out: £30. Switch: £10

Share exchange facility. Statements issued twice a year.


Yes Monthly: DD on 15th. Lump Sums: Daily. Initial: Nil. Annual: NilTel: 0500 00 00 40

Broker Tel: 0500 00 00 40

Alliance Trust Savings £50 £50 Purchase: Online: £12.50. By telephone or post: Weekly £7.50, Daily £15. Sale: Online: £12.50. By telephone or post: Weekly £15, Daily £30. Transfer Out: £15. Switch: Normal sale/purchase charges.

Alliance Trust, all other investment companies, UK listed shares, fixed interest securities, OEICs, unit trusts, ETFs plus cash deposit facility. Share Exchange. Deal online, by telephone or post. Statements issued quarterly.

N/aYes Daily or weekly. Online real time dealing available.

Initial: Nil. Annual: NilTel: 08000 326 323

Broker Tel: 08000 326 323

Baillie Gifford Savings Management £30 £250 Purchase: Nil. Sale: £20. Transfer Out: N/a. Switch: First free in any 12 month period, £20 thereafter.


Yes Cleared funds are dealt with Tuesdays and Fridays.

Initial: Nil. Annual: NilTel: 0800 917 2112

Broker Tel: 0800 917 4752

Bluehone Investors (through F&C) £25 £250 Purchase: 0.2%. Sale: 0.2%. Transfer Out: £12. Switch: Normal sale/purchase charges. (CTF - 2 free switches per annum, £25 thereafter).

Designated or bare trust option. Statements issued twice a year. Online account management. Child Trust Fund available. Visit www.fandc.com for further details on CTF.

Investors can agree up to 3% be deducted from investment to pay adviser. Nil for CTF.

Yes Daily Initial: Nil. Annual: NilTel: 0800 136 420

Broker Tel: 0800 136 420

Dunedin (through Aberdeen) £30 £150 Purchase: Nil. Sale: £10. Transfer Out: £30. Switch: £10.



Yes Monthly: DD on 15th. Lump Sums: Daily. Initial: Nil. Annual: NilTel: 0500 00 00 40

Broker Tel: 0500 00 00 40

F&C Management (including Child Trust Fund)

£25 £250 Purchase: 0.2%. Sale: 0.2%. Transfer Out: £12. Switch: Normal sale/purchase charges. (CTF - 2 free switches per annum, £25 thereafter).



Yes Daily Initial: Nil. Annual: Nil

Tel: 0800 136 420

Broker Tel: 0800 136 420

Graphite Capital Management (through F&C) £25 £250 Purchase: 0.2%. Sale: 0.2%. Transfer Out: £12. Switch: Normal sale/purchase charges. (CTF - 2 free switches per annum, £25 thereafter).



Yes Daily Initial: Nil. Annual: NilTel: 0800 136 420

Broker Tel: 0800 136 420

JPMorgan Asset Management £50 £500 (top up £100)

Purchase: 1% (max £50). Sale: 1% (max £50). Transfer Out: £10. Switch: 1% (max £50).

Investors can't invest directly in Elect Managed Cash. Non-certificated plan. Statements issued twice a year.


Yes Monthly: DD on 15th, invested after 5 business days. Lump Sums: Daily.

Initial: Nil. Annual: NilTel: 0800 40 30 30

Broker Tel: 0800 18 19 25

NVM Private Equity (through Aberdeen) £30 £150 Purchase: Nil. Sale: £10. Transfer Out: £30. Switch: £10



Yes Monthly: DD on 15th. Lump sums: Daily. Initial: Nil. Annual: NilTel: 0500 00 00 40

Broker Tel: 0500 00 00 40

New City Investment (through Aberdeen) £30 £150 Purchase: Nil. Sale: £10. Transfer Out: £30. Switch: £10



Yes Monthly: DD on 15th. Lump Sums: Daily Initial: Nil. Annual: Nil.Tel: 0500 00 00 40

Broker Tel: 0500 00 00 40

SVM Asset Management £25 £200 Purchase: Nil. Sale: £30. Transfer Out: £30. Switch: £25 (one free switch per annum).

Statements issued twice a year. Application forms are available on the website: www.svmonline.co.uk


Yes Weekly Initial: Nil. Annual: NilTel: 0131 226 7660

Broker Tel: 0845 0358 1108


48

Manager or CompanyMinimum Monthly Minimum Dividend Purchase Initial/Annual Other Charges Adviser Commission Other FeaturesRegular Savings Lump Sum Reinvestment ChargesDetails

Scottish Investment Trust plc (Plan Manager: SIT Savings)

£25 £250 Purchase: Nil. Sale: £10. Transfer Out: Nil. Switch: N/a

Statements issued twice a year. Application forms are available on the website: www.sit.co.uk

N/aYes Daily Initial: Nil. Annual: Nil

Tel: 0131 225 7781

Broker Tel: 0131 225 7781

Witan £25 £100 Purchase: 1%. Sale: 1%. Transfer Out: N/a. Switch: N/a.

Statements issued twice a year. Bare Trust available. Child Trust Fund available. Visit www.jumpsavings.com for further details.


Yes Daily Initial: Nil. Annual: NilTel: 0800 082 81 80

Broker Tel: 0800 082 81 80


49

Pension Schemes

Company or Manager Other FeaturesMinimum MonthlyRegular Savings

MinimumLump Sum Charges Charges

Advisers

Commission

Charges shown may not be a comprehensive and cover purchase/sale only and do not include stamp duty or VAT or the management costs of the underlying investment. Full details on the scheme must be obtained before entering into any business transaction.

Initial Annual Other Charges

£50 £1,000 (single), £500 (annual)

£100 Plan Management Fee: 0.25% every six months. Plan Admin Fee: £50

Purchase: Nil. Sale: Nil. Transfer Out: Nil. Switch: £15.

Can be initial fee, premium based fee or fund based renewal fee. Amounts vary according to amount agreed with adviser.

Aberdeen Asset Managers

Tel: 0800 137 079

Broker Tel: 0800 137 079

£50 £50 Nil Nil Purchase: £2.50 - £15 (plus 0.2%). Sale: £15 - £30 (plus 0.2%). Transfer Out: N/a. Switch: N/a.

N/aAlliance Trust Savings Alliance Trust, all other investment companies, UK listed shares, fixed interest securities, OEICs, unit trusts, ETF's plus cash deposit facility. Income drawdown facility.

Tel: 08000 326 323

Broker Tel: 08000 326 323

£50 £1,000 (single), £500 (annual)



Can be initial fee, premium based fee or fund based renewal fee. Amounts vary according to amount agreed with adviser

Dunedin (through Aberdeen)

Tel: 0800 137 079

Broker Tel: 0800 137 079

£50 £1,000 £100 Plan Management Fee: 0.25% every six months. Plan Admin Fee: £50

Purchase: 0.2%. Sale: 0.2%. Transfer Out: N/a. Switch: £15.

N/aF&C Management Email: f&[email protected] Six trusts available for investment. Statements issued every six months.Tel: 0845 600 3030

Broker Tel: 0845 799 2299

£50 £1,000 £100 Plan Management Fee: 0.25% every six months. Plan Admin Fee: £50

Purchase: 0.2%. Sale: 0.2%. Transfer Out: N/a. Switch: £15.

N/aGraphite Capital Management (through F&C) Email: f&[email protected]. Statements issued every six months.

Tel: 0845 600 3030

Broker Tel: 0845 799 2299

£100 £1,000 Nil Nil Purchase: 0.3% (max £50). Sale: 0.3% (max £50). Transfer Out: N/a. Switch: 0.3% (max £50).

An initial commission payment of up to 3% may be taken from your investment and 0.25% on the total value of the account may be paid to your adviser half yearly.

JPMorgan Asset Management

Tel: 0800 41 31 76

Broker Tel: 0800 41 31 76

£50 £1,000 (single), £500 (annual)



Can be initial fee, premium based fee or fund based renewal fee. Amounts vary according to amount agreed with adviser.

NVM Private Equity (through Aberdeen)

Tel: 0800 137 079

Broker Tel: 0800 137 079

£150 £1,000 Nil £75-£150 Purchase: £0-£60. Sale: £0-£60. Transfer Out: £75 (plus £15 per investment). Switch: N/a.

N/aThe SIT SIPP (through AJ Bell) The Scottish Investment Trust, all other investment companies, UK listed shares, AIM stocks, OEICs, unit trusts, ETFs, gilts, fixed and convertible bonds, CDIs. Income drawdown facility.

Tel: 08457 22 55 25

Broker Tel: 08457 22 55 25


50

Management InformationManager Address Contact Companies under Management

Aberdeen Asset [email protected]

VCT: 0845 300 2830 0131 528 400040 Princes Street Edinburgh EH2 2BYwww.invtrusts.co.uk

Aberdeen All Asia Aberdeen Asian Income Aberdeen Asian Smaller Companies

Aberdeen Development Capital Aberdeen Growth Opportunities VCT Aberdeen Growth Opportunities VCT 2

Aberdeen Growth Opportunities VCT 2 S shares Aberdeen Growth Opportunities VCT C shares Aberdeen Growth VCT I

Aberdeen Income & Growth VCT Aberdeen New Dawn Aberdeen New Thai

Dunedin Income Growth Dunedin Smaller Companies Edinburgh Dragon

Edinburgh New Income Edinburgh US Tracker Glasgow Income

Guinness Flight VCT Murray Income Murray International

New India Shires Income Shires Smaller Companies

Aberforth Partners [email protected]

Angus McCallum 0131 220 073314 Melville Street Edinburgh EH3 7NSwww.aberforth.co.uk

Aberforth Geared Capital & Income Aberforth Smaller Companies

ACP [email protected]

0844 800 4530Ordnance House 31 Pier RoadSt Helier, Jersey JE4 8PWwww.acpcapital.com

ACP Mezzanine (AIM)

Acuity Capital [email protected]

Nick Ross 020 7306 3985Paternoster House 65 St Paul's ChurchyardLondon EC4M 8ABwww.acuitycapital.co.uk

Acuity VCT Acuity VCT 2 Acuity VCT 3

Acuity VCT C shares

Alliance [email protected]

Kelly O'Donnell 01382 201 700Meadow House 64 Reform StreetDundee DD1 1TJwww.alliancetrust.co.uk

Alliance Trust

Allianz Global Investors (RCM)[email protected]

Investor Services 020 7065 1407155 Bishopsgate London EC2M 3ADwww.allianzgi.co.uk

Allianz Dresdner Endowment Policy 2010 Allianz Dresdner Second Endowment 2009 British Portfolio Trust

Brunner Charter European Merchants

RCM Technology

Artemis Investment [email protected]

Billy Aitken 0131 225 730042 Melville Street Edinburgh EH3 7HAwww.artemisonline.com

Artemis AIM VCT Artemis AIM VCT 2 Artemis Alpha

Ashmore Investment [email protected]

Client Relationship Management 020 3077 600061 Aldwych London WC2B 4AEwww.ashmoregroup.com

Ashmore Global Opportunities (Chpt 14) Ashmore Global Opportunities Euro (Chpt 14) Ashmore Global Opportunities USD (Chpt 14)

Asset Management Investment [email protected]

Bharat Bhagani 020 7618 904432 Ludgate Hill London EC4M 7DRwww.amicplc.com

Asset Management

Asset Value Investors [email protected]

020 7647 2900Bennet House 54 St James's StreetLondon SW1A 1JTwww.assetvalueinvestors.com

British Empire Securities & General

[email protected]

Juliet Forbes 020 7638 9192PO Box 208 Bermuda House, St Julians AvenueSt Peter Port GY1 3NFwww.atlantis-investment.com

Atlantis Japan Growth

AXA Framlington Investment [email protected] [email protected]

Customer Services 0845 777 5511155 Bishopsgate London EC2M 3XJ

www.axaframlington.com

Framlington AIM VCT Framlington AIM VCT 2 Framlington Income & Capital

Framlington Innovative Growth Throgmorton Trust

Babcock & Brown Investment Management

020 7203 730015th Floor 5 Aldermanbury SquareLondon EC2V 7HRwww.babcockbrown.com

Babcock & Brown Babcock & Brown C shares


51

Manager Address Contact Companies under Management

Baillie [email protected]

Gordon Caulfield 0800 917 2112Calton Square 1 Greenside RowEdinburgh EH1 3ANwww.bailliegifford.com

Baillie Gifford Japan Baillie Gifford Shin Nippon Edinburgh Worldwide

Mid Wynd International Monks Pacific Horizon

Scottish American Scottish Mortgage

Baring Asset [email protected]

Mike Nokes 020 7982 1260155 Bishopsgate London EC2M 3XYwww.baring-asset.com

Baring Emerging Europe

BDT [email protected]

James Du Boulay 020 7659 130052 Jermyn Street London SW1Y 6LXwww.bdtinvest.com

Establishment Investment Trust

[email protected]

020 7845 782039 Earlham Street London WC2H 9LTwww.beringea.com

ProVen Growth and Income VCT ProVen Growth and Income VCT C shares ProVen VCT

ProVen VCT C shares

BlackRock Investment Management (UK)[email protected]

Investor Services 0800 445 52233 King William Street London EC4R 9ASwww.blackrock.co.uk/its

BlackRock Commodities Income BlackRock Greater Europe BlackRock Latin American

BlackRock New Energy BlackRock Smaller Companies BlackRock World Mining

Blue Planet Investment [email protected]

Campbell Macleod 0131 466 6666Greenside House 25 Greenside PlaceEdinburgh EH1 3AAwww.blueplanet.eu

Blue Planet European Financials Blue Planet Financials Growth & Income Blue Planet Worldwide Financials

Bluehone Investors [email protected]

Investor Services Team 0800 136 42048/54 Moorgate London EC2R 6EJwww.bluehone.com

Active Capital Bluehone AIM VCT Bluehone AIM VCT 2

Bluehone AIM VCT 2 C shares

Brevan Howard Offshore Management [email protected]

Harry Rouillard 01481 745 315PO Box 309 George TownCayman Islands KY1-1104www.bhmacro.com

BH Global BH Global Euro BH Global USD

BH Macro BH Macro Euro BH Macro USD

British & [email protected]

General Enquiries 020 7201 3100Wessex House 1 Chesham StreetLondon SW1X 8ND

British & American

Calculus [email protected]

John Glencross 020 7493 494011 Lees Place London W1K 6LNwww.calculuscapital.com

Neptune-Calculus Income & Growth VCT Neptune-Calculus Income & Growth VCT C shares

Caledonia Investments [email protected]

General Enquiries 020 7802 8080Cayzer House 30 Buckingham GateLondon SW1E 6NNwww.caledonia.com

Caledonia

Candover [email protected]

Helen Walsh/Alistair Peel 020 7489 984820 Old Bailey London EC4M 7LNwww.candover.com

Candover

Cayenne Asset [email protected]

Len Gayler/James Hart 020 7233 889923 Buckingham Gate London SW1E 6LBwww.thecayennetrust.com

Cayenne Trust

CG Asset [email protected]

Peter Spiller 020 7131 474325 Moorgate London EC2R 6AYwww.capitalgearingtrust.com

Capital Gearing

Chelverton Asset [email protected]

William van Heesewijk 01225 483 03011 George Street Bath BA1 2EHwww.chelvertonam.com

Small Companies Dividend

Climate Change [email protected]

Charles Conner 020 7290 704049 Grosvenor Street London W1K 3HPwww.climatechangecapital.com

Ventus 2 VCT Ventus 3 VCT Ventus VCT


52


Close Fund [email protected]

Spencer Wells 01481 710 607PO Box 105, Trafalgar Court Admiral ParkSt Peter Port GY1 3EPwww.aisinvest.com

Alternative Investment Strategies

Close [email protected]

Patrick Reeve 020 7422 783010 Crown Place London EC2A 4FTwww.closeventures.co.uk

Close Brothers Development VCT Close Brothers Protected VCT Close Brothers VCT

Close Enterprise VCT Close IHT AIM VCT A Close IHT AIM VCT B

Close Income & Growth VCT Close Second AIM VCT Close Second AIM VCT C shares

Close Second AIM VCT D shares Close Technology & General VCT Close Technology & General VCT C shares

Crown Place VCT

Core Capital [email protected]

Stephen Edwards 020 7317 0155103 Baker Street London W1U 6LNwww.core-cap.com

Core VCT I Core VCT II Core VCT III

Core VCT IV Core VCT V

CP Cogent Asset [email protected]

David Landis +1 214 871 5400100 Crescent Court Suite 500Dallas TX75201www.cambiumfunds.com

Cambium Global Timberland (AIM)

Dalton Strategic Partnership [email protected]

Rupert Mahon 020 7367 5400Third Floor Princes Court7 Princes Street EC2R 8AQwww.daltonsp.com

Melchior Japan

DFJ [email protected]

Peter Keen 01954 288 090Sycamore Studios New RoadCambridge CB4 5PJwww.dfjesprit.com

Prelude Trust

Discretionary Unit Fund [email protected]

Simon Knott 020 7415 4130No.1 Poultry London EC2R 8JR

Rights & Issues

Downing Protected [email protected]

Grant Whitehouse 020 7416 778069 Eccleston Square London SW1V 1PJwww.downingcf.co.uk

Downing Protected VCT I Downing Protected VCT II Downing Protected VCT III

Downing Protected VCT IV Downing Protected VCT IX Downing Protected VCT V

Downing Protected VCT VI Downing Protected VCT VII Downing Protected VCT VIII

Dunedin Capital [email protected]

Graeme Murray 0131 225 669910 George Street Edinburgh EH2 2DWwww.dunedin.com

Dunedin Enterprise

Ecofin Fund [email protected]

John Murray 020 7451 2929Burdett House 15 Buckingham StreetLondon WC2N 6DUwww.ecofin.co.uk

Ecofin Water & Power Opportunities

Edge Investment [email protected]

Kate Glick 020 7317 1300Second Floor 1 Marylebone High StreetLondon W1U 4LZwww.edgeperformancevct.com

Edge Performance VCT Edge Performance VCT C shares Edge Performance VCT D shares

Edinburgh [email protected]

Kenneth Greig 0131 270 380012 Charlotte Square Edinburgh EH2 4DJwww.edinburghpartners.com

Anglo & Overseas EP Global Opportunities

Elderstreet [email protected]

Barnaby Terry 020 7831 508832 Bedford Row London WC1R 4HEwww.elderstreet.com

Elderstreet VCT Elderstreet VCT C shares

Electra [email protected]

Hugh Mumford 020 7214 4200Paternoster House 65 St Paul's ChurchyardLondon EC4M 8ABwww.electrapartners.com

Electra Private Equity


53


F&C [email protected] [email protected]

Investor Services Team 0845 600 303080 George Street Edinburgh EH2 3BU

www.fandc.com 0800 136 420

British Assets European Assets F&C Capital & Income

F&C Commercial Property F&C Event Driven F&C Global Smaller Companies

F&C Managed Portfolio Growth F&C Managed Portfolio Income F&C Private Equity A

F&C Private Equity B F&C UK Select F&C US Smaller Companies

Foreign & Colonial Foreign & Colonial Eurotrust Investors Capital A

Investors Capital B Pacific Assets

Fabien Pictet & [email protected]

Erica Watt 020 7647 910034 Brook Street London W1K 5DNwww.fpictet.com

Ukraine Opportunity

Fauchier [email protected]

Anthony Brooke 020 7009 910072 Welbeck Street London W1G 0AYwww.fauchierpartners.com

Absolute Return Trust Absolute Return Trust Euro shares

Fidelity Investments [email protected]

Nicola Phillips 0800 4141 61Oakhill House 130 Tonbridge RoadHildenborough TN11 9DZwww.fidelity.co.uk/its

Edinburgh Investment Fidelity Asian Values Fidelity European Values

Fidelity Japanese Values Fidelity Special Values

First State [email protected]

General Enquiries 0131 525 887723 St Andrew Square Edinburgh EH2 1BBwww.firststate.co.uk

Scottish Oriental Smaller Companies

Fixed Income Discount [email protected]

Nick Henderson 020 7269 71141211 Avenue of the Americas Suite 2902New York 10036www.prodesse.co.uk

Prodesse

Foresight [email protected]

Gary Fraser 01732 471 800ECA Court 24-26 South ParkSevenoaks TN13 1DUwww.foresightgroup.eu

Enterprise VCT Foresight 2 VCT Foresight 2 VCT C shares

Foresight 3 VCT Foresight 4 VCT Foresight VCT

FourWinds Capital [email protected]

Rochelle Hall +1 617 399 009517 Hill Street London www.fourwindscm.com

Ceres Agriculture Phaunos Timber

Franklin Templeton [email protected]

Client Dealer Services 0800 305 306The Adelphi Building 1-11 John Adam StreetLondon WC2N 6HTwww.franklintempleton.co.uk

Templeton Emerging Markets

Frostrow Capital [email protected]

Grant Challis 0203 008491025 Southampton Buildings London WC2A 1ALwww.frostrow.com

Biotech Growth Finsbury Growth & Income Finsbury Worldwide Pharmaceutical

Gartmore Investment [email protected] [email protected]

Investor Services 0800 289 3368 Fenchurch Place London EC3M 4PB

www.gartmore.com 0800 212 433

Gartmore European Gartmore Fledgling Gartmore Global

Gartmore Growth Opportunities Gartmore Irish Growth Gartmore Smaller Companies

Gottex Fund [email protected]

Andrew Crawford +41 21 612 002648 Avenue de Rhodanie 1007 LausanneSwitzerland www.gottexfunds.com

Gottex Market Neutral

Graphite Capital [email protected] [email protected]

General Enquiries 0800 136 4204th Floor Berkeley Square House Berkeley SquareLondon W1J 6BQwww.fandc.com

Graphite Enterprise

Gresham [email protected]

020 7456 960036 Elder Street London E1 6BTwww.greshamhouse.com

Gresham House


54


Hansa Capital Partners [email protected]

Peter Gardner/Brian Birch 020 7647 575050 Curzon Street London W1J 7UWwww.hansagrp.com

Hansa Trust ('A' Ord) Hansa Trust (Ord)

Hargreave Hale [email protected]

020 7009 4900Accurist House 44 Baker StreetLondon W1U 7ALwww.hargreave-hale.co.uk

Keydata AIM VCT Keydata AIM VCT C shares

Henderson Global [email protected]

Client Services 0845 712 54324 Broadgate London EC2M 2DAwww.itshenderson.com

Bankers City of London Henderson Diversified Income

Henderson EuroTrust Henderson Far East Income Henderson Global Property Companies

Henderson High Income Henderson Opportunities Henderson Smaller Companies

Henderson TR Pacific Lowland TR European Growth

Herald Investment [email protected] [email protected]

Nick Broadhead 020 7553 630010/11 Charterhouse Square London EC1M 6EEwww.heralduk.com

Herald

[email protected] [email protected]

Stephen Bough 020 7089 78942 More London RiversideLondon SE1 2AP

www.hgcapitaltrust.net

HgCapital

iimia [email protected]

John Hockin 01392 475 90023 Cathedral Yard Exeter EX1 1HBwww.iimia.co.uk

iimia Investment Trust

Impax Asset [email protected]

Bruce Jenkyn-Jones 020 7434 1122Broughton House 6-8 Sackville StreetLondon W1S 3DGwww.impax.co.uk

Impax Environmental Markets

Independent Investment [email protected]

Vivien Keighren 0131 220 416711 Charlotte Square Edinburgh EH2 4DR

Independent Investment Trust

ING Real Estate Investment Management (UK) Limited

020 7767 56006th Floor 60 London WallLondon EC2M 5TQwww.ingrealestate.com

ING UK Real Estate Income

Ingenious [email protected]

Duncan Reid 020 7319 400015 Golden Square London W1F 9JGwww.ingeniousmedia.co.uk

Ingenious Live VCT 1 Ingenious Live VCT 2 Ingenious Music VCT

Ingenious Music VCT 2

Ingot Capital Management (Eclectic)

[email protected]

Clint Tuckey 01245 398950c/o Phoenix Administration Services Springfield Lodge,Colchester RoadChelmsford CM2 5PWwww.ingotcm.com

Eclectic

Ingot Capital Management (Utilico)[email protected]

Charles Jillings 01372 271486P.O. Box 208 EpsomSurrey KT18 7YFwww.utilico.bm

Utilico Utilico Emerging Markets (AIM)

INVESCO Asset [email protected] [email protected]

Ravinder Azad 020 7065 389730 Finsbury Square London EC2A 1AG

www.invescoperpetual.co.uk/investmenttrusts

City Merchants High Yield INVESCO Asia INVESCO English & International

INVESCO Income Growth INVESCO Leveraged High Yield Invesco Perpetual AiM VCT

Invesco Perpetual European Absolute Invesco Perpetual Recovery 2011 Invesco Perpetual Select Global Equity

Invesco Perpetual Select Hedge Fund Invesco Perpetual Select Managed Liquidity Invesco Perpetual Select UK Equity

Invesco Perpetual UK Smaller Companies Keystone Perpetual Income & Growth

Perpetual Japanese

Investec Investment [email protected]

Investor Services 020 7597 18002 Gresham Street London EC2V 7QPwww.investecfunds.co.uk

Investec Capital Accumulator Investec High Income Temple Bar


55


Invista Real Estate Investment [email protected]

Richard Cotton 020 7588 2828Exchequer Court 33 St Mary AxeLondon EC3A 8AAwww.ifpt.co.uk

Invista Foundation Property

ISIS EP [email protected]

Fiona Dane 020 7506 16502nd Floor 100 Wood StreetLondon EC2V 7ANwww.baronsmeadvcts.co.uk

Baronsmead AIM VCT Baronsmead VCT Baronsmead VCT 2

Baronsmead VCT 3 Baronsmead VCT 4 Baronsmead VCT 4 C shares

Jordan / Zalaznick [email protected]

Peter Neal 020 7491 363317a Curzon Street London W1J 5HSwww.jzep.co.uk

JZ Equity Partners

JPMorgan Asset [email protected] [email protected]

General Enquiries 0800 40 30 30Finsbury Dials 20 Finsbury StreetLondon EC2Y 9AQ

www.jpmorganinvestmenttrusts.co.uk

JPMorgan American JPMorgan Asian JPMorgan Chinese

JPMorgan Claverhouse JPMorgan Elect Managed Cash JPMorgan Elect Managed Growth

JPMorgan Elect Managed Income JPMorgan Emerging Markets JPMorgan European Fledgeling

JPMorgan European Growth JPMorgan European Income JPMorgan Fleming Japanese Smaller Cos

JPMorgan Income & Capital JPMorgan Income & Growth JPMorgan Indian

JPMorgan Japanese JPMorgan Mid Cap JPMorgan Overseas

JPMorgan Progressive Multi-Strategy (AIM) JPMorgan Russian Securities JPMorgan Smaller Companies

JPMorgan US Discovery Mercantile

Jupiter Asset [email protected]

Richard Pavry 020 7314 48221 Grosvenor Place London SW1X 7JJwww.jupiteronline.co.uk

Jupiter European Opportunities Jupiter Green Jupiter Primadona Growth

Jupiter Second Enhanced Income

Juridica [email protected]

Peter Radford 01481 701 623Bordeaux Court Les Echelons, St Peter PortGuernsey GY1 6AWwww.juridica.co.uk

Juridica Investments (AIM)

Kenmore Financial [email protected]

Rob Brook 020 7629 448033 Castle Street Edinburgh EH2 3DNwww.kenmoreeifund.com

Kenmore European Industrial

Kleinwort [email protected]

Andrew Le Prevost 01481 719 530Dorey Court, Admiral Park St Peter PortGuernsey GY1 3BGwww.kbci.com

KGR Absolute Return Middlefield Canadian Income Trusts Tapestry

Knox D'Arcy Investment Management

020 7495 220211 St James's Place London SW1A 1NPwww.eagletinvestmenttrust.co.uk

Eaglet

Law Debenture Corporation [email protected]

General Enquiries 020 7606 54515th Floor 100 Wood StreetLondon EC2V 7EXwww.lawdeb.co.uk

Law Debenture Corporation

Lazard Asset [email protected]

David Bliss 020 7448 208150 Stratton Street London W1J 8LLwww.lazard.com

World Trust Fund

LGV [email protected]

Dean McDougall 020 3124 2900One Coleman Street London EC2R 5AAwww.lgvcapital.com

Mithras

London & St [email protected]

Jenny Sculley 01892 824 445Woodside Maistone rd, Colts HillPembury TN2L 4ALwww.londonandstlawrence.com

London & St Lawrence

Ludgate [email protected]

020 7621 577080 Cannon Street London EC4N 6HLwww.ludgate.com

Ludgate Environmental (AIM)


56


M&G Guernsey [email protected]

Jonathan McClelland 0800 390 390Dorey Court Admiral Park, St Peter PortGuernsey GY1 3BGwww.mandg.co.uk

M&G Recovery

M&G Investment Management [email protected]

Jonathan McClelland 0800 390 390Laurence Pountney Hill London EC4R 0HHwww.mandg.co.uk

M&G Equity M&G High Income

Marina Management

01329 227 470Cams Hall Cams HillFareham PO16 8ABwww.cnmarinas.com

Camper & Nicholsons Marina Investments (AIM)

Mars Asset Management

James Barstow 020 7410 0025Audrey House Ely PlaceLondon EC1N 6SN

Aurora

Marshall Wace [email protected] or [email protected]

Anthony Barber/Greg Saffer 020 7316 2280The Adelphi, 13th Floor 1/11 John Adam StreetLondon WC2N 6HT

www.mwtops.eu

MW TOPS (Euronext) MW TOPS Euro (Euronext) MW TOPS USD (Euronext)

Martin Currie Investment [email protected]

Investor Services 0808 100 2125Saltire Court 20 Castle TerraceEdinburgh EH1 2ESwww.martincurrie.com/investmenttrust

Martin Currie Pacific Martin Currie Portfolio Securities Trust of Scotland

Marwyn Investment [email protected]

01481 751 000PO Box 119 Martello Court, Admiral ParkSt Peter Port GY1 3HBwww.marwynvalue.com

Marwyn Value Investors (AIM)

Matrix Private Equity [email protected]

Mark Wignall 020 7925 3300One Jermyn Street London SW1Y 4UHwww.matrixgroup.co.uk

Income & Growth VCT Income & Growth VCT S shares Matrix Income & Growth 2 VCT

Matrix Income & Growth 2 VCT C shares Matrix Income & Growth 3 VCT Matrix Income & Growth 4 VCT

Matrix Income & Growth VCT

Midas Capital Partners [email protected]

Peter Gartside 0151 906 2450Martins Building Water StreetLiverpool L2 3SPwww.midascapital.co.uk

Midas Income & Growth

Montanaro Investment [email protected]

Investor Services Team 0845 600 303080 George Street Edinburgh EH2 3BUwww.montanaro.co.uk

Montanaro European Smaller Companies Montanaro UK Smaller Companies

New City Investment [email protected]

Richard Lockwood 020 7201 53655th Floor 33 Grosvenor PlaceLondon SW1X 7HYwww.ncim.co.uk

New City High Yield

New Star Asset [email protected]

020 7225 92001 Knightsbridge Green London SW1X 7NEwww.newstaram.com

New Star Private Equity

Noble Fund [email protected]

Shane Elliott 020 7763 2311120 Old Broad Street London EC2N 1ARwww.noblegp.com

Noble AIM VCT Noble Health Fund VCT

North Atlantic Value [email protected]

020 7747 5678Ground Floor, Ryder Court 14 Ryder StreetLondon SW1Y 6QBwww.navalue.co.uk

North Atlantic Smaller Companies

NVM Private [email protected]

Christopher Mellor 0191 244 6000Northumberland House Princess SquareNewcastle upon Tyne NE1 8ERwww.nvm.co.uk

Northern 2 VCT Northern 3 VCT Northern AIM VCT

Northern Investors Northern Venture Trust VCT Northern Venture Trust VCT C shares


57


Octopus [email protected]

Chris Hulatt 020 7710 28048 Angel Court London EC2R 7HPwww.octopusinvestments.com

Apollo VCT 1 Apollo VCT 2 Eclipse VCT

Eclipse VCT 2 Eclipse VCT 3 Eclipse VCT 4

Octopus Protected VCT Phoenix VCT Phoenix VCT C shares

OLIM

[email protected]

Angela Lascelles/Matthew Oakeshott 020 7439 4400

Pollen House 10/12 Cork Street

London W1S 3NPwww.olim.co.uk

Value and Income

Pantheon [email protected]

Lewis Aldridge 0207 484 6200Norfolk House 31 St James's SquareLondon SW1Y 4JRwww.pipplc.com

Pantheon International Participations

Partners Group [email protected]

Kenneth Ball 01481 730 946P.O. Box 477, Tudor House St Peter PortGuernsey GY1 1BTwww.pg-globalopportunities.net

Partners Group Global Opportunities (AIM)

Personal Assets [email protected]

Steven Budge 0131 225 999510 St Colme Street Edinburgh EH3 6AA

Personal Assets

Pictet Asset Management (UK)[email protected]

Daniel Sear 020 7847 5000Moor House 120 London WallLondon EC2Y 5ETwww.teetplc.com

Eastern European

Polar Capital [email protected]

Kate Haslett 020 7227 27094 Matthew Parker Street London SW1H 9NPwww.polarcapitaltechnologytrust.co.uk

Polar Capital Technology

Premier Asset [email protected]

01483 400 400Eastgate Court High StreetGuildford GU1 3DEwww.premierfunds.co.uk

Premier Energy & Water Premier Renewable Energy Zero Preference Growth

Princess Management

Ken Ball 01481 730 946Third Floor Le BordageSt Peter Port GY1 1BTwww.princess-privateequity.net

Princess Private Equity Holding

Principle Capital [email protected]

James Peggie 020 7240 32229 Savoy Street London WC2E 7ERwww.princapital.com

Principle Capital

Private Equity Investor

[email protected]

Peter Dicks 020 7563 1630c/o Capita Sinclair Henderson Limited Beaufort House, 51 New North RoadExeter EX4 4EPwww.peiplc.com

Private Equity Investor

Progressive Asset [email protected]

Carlos Horner 020 7566 5580145-157 St John Street London EC1V 4RUwww.pro-asset.com

Advance Developing Markets Advance UK

Prospect Asset [email protected]

Cheri Nakamura +1 808 396 70776700 Kalanianaole Hwy. Suite 122 HonoluluHawaii 96825www.prospectjapan.com

Prospect Japan Fund

Prosperity Capital Management

020 7299 69502nd Floor 6 Cavendish SquareLondon W1G 0PDwww.prosperitycapital.com

Prosperity Russia Domestic (AIM) Prosperity Voskhod (AIM)

Rathbone Investment [email protected]

Tom Evans 0151 236 6666Port of Liverpool Building Pier HeadLiverpool L3 1NWwww.albanyinvestmenttrust.com

AIM Distribution Trust VCT Albany Pennine AIM VCT

Pennine AIM VCT 5 Pennine AIM VCT 6 Pennine AIM VCT D shares

Pennine Downing AIM VCT 2


58


Raven Russia Property [email protected]

Adrian Baker 020 7235 0422P.O. Box 671 Regency Court, Glategny EsplanadeSt Peter Port GY1 3STwww.ravenmount.co.uk

Raven Russia (AIM)

RENN Capital [email protected]

Kathryn Semon +1 214 891 82948080 North Central Express Way Suite 210 / LB59Dallas 75206-1857www.rencapital.com

Renaissance US Growth

Rensburg Sheppards Investment [email protected]

0113 245 4488Quayside House Canal WharfLeeds LS11 5PUwww.rensburgsheppards.co.uk

Rensburg AIM VCT

Resolution Asset [email protected]

Investor Support 01481 745 001PO Box 255, Trafalgar Court Les BanquesSt Peter Port GY1 3QLwww.resolutionasset.com/propertytrust

UK Commercial Property

RIT Capital [email protected]

Chris Wise 020 7493 811127 St James's Place London SW1A 1NRwww.ritcap.co.uk

RIT Capital Partners

Royal London Asset [email protected]

Victoria Muir 020 7506 675855 Gracechurch Street London EC3V OUFwww.rlam.co.uk

Royal London UK Equity & Income

Saltus Partners [email protected]

Jon Macintosh 020 7290 940318 Dering Street London W1S 1AQwww.saltus.co.uk

AcenciA Debt Strategies (Chpt 14)

Schroder Investment [email protected]

Investor Services 020 7658 600031 Gresham Street London EC2V 7QAwww.schroders.co.uk 0800 718 777

Schroder AsiaPacific Schroder Income Growth Schroder Japan Growth

Schroder Oriental Income Schroder UK Growth Schroder UK Mid & Small Cap

Scottish Investment [email protected]

Alan Jamieson 0131 225 77816 Albyn Place Edinburgh EH2 4NLwww.sit.co.uk 0800 42 44 22

Scottish Investment Trust

Scottish Widows Investment [email protected]

Helen Jones 020 7203 3190Edinburgh One Morrison StreetEdinburgh EH3 8BEwww.swip.com

Smaller Companies Value Trust UK Select Trust

Shore Capital Asset [email protected]

Alex Borelli/ Guy Peters 020 7408 4050Bond Street House 14 Clifford StreetLondon W1S 4JUwww.shorecap.co.uk

Puma VCT Puma VCT II

Signet Capital [email protected]

020 7968 4040Buchanan House 3 St James's SquareLondon SW1Y 4JUwww.signetmanagement.com

Signet Global Fixed Income Strategies Signet Global Fixed Income Strategies Euro Signet Global Fixed Income Strategies USD

Singer & Friedlander Investment [email protected]

020 3205 5900One Hanover Street London W1S 1AXwww.kaupthingsingers.co.uk/vct

Singer & Friedlander AIM 3 VCT

SL Capital Partners

0131 245 00551 George Street Edinburgh EH2 2LLwww.slcapitalpartners.co.uk

Standard Life European Private Equity

Sloane Robinson [email protected]

Marketing 020 7929 277120 St Dunstan's Hill London EC3R 8NDwww.sreit.co.uk

SR Europe

SPARK [email protected]

020 7851 77774th Floor 33 Glasshouse StreetLondon W1B 5DGwww.sparkventures.com

Quester VCT


59


Standard Life Investments

Customer Information Team 0845 60 24 2471 George Street Edinburgh EH2 2LLwww.standardlifeinvestments.co.uk

Standard Life Equity Income Standard Life Investments Property Income Standard Life UK Smaller Companies

SV Life [email protected]

Andy Smith/ Kate Bigham 020 7421 707071 Kingsway London WC2B 6STwww.internationalbiotrust.com

International Biotechnology

SVG Advisers [email protected]

Alice Kain 020 7010 8900111 Strand London WC2R 0AGwww.svgcapital.com

SVG Capital

SVG Investment [email protected]

Alice Kain 020 7010 8900111 Strand London WC2R 0AGwww.strategicequitycapital.com

Strategic Equity Capital

SVM Asset [email protected] [email protected]

Sonia Irvine 0131 226 76607 Castle Street Edinburgh EH2 3AH

www.svmonline.co.uk 0800 019 9110

Life Offices Opportunities SVM UK Active

Taube Hodson Stonex [email protected]

Gillian Goddard 020 7659 4251Cassini House, 1st Floor 57-59 St James's StreetLondon SW1A 1LDwww.electricandgeneral.com

Electric & General

Thames River Capital (UK)[email protected]

General Enquiries 020 7360 120051 Berkeley Square London W1J 5BBwww.thamesriver.co.uk

TR Property TR Property Sigma

Unicorn Asset Management

[email protected]

Chris Hutchinson 020 7253 0889First Floor Office, Preachers Court The Charterhouse,Charterhouse SquareLondon EC1M 6AUwww.unicornam.com

Unicorn AIM VCT Unicorn AIM VCT II Unicorn AIM VCT II C shares

Unicorn AIM VCT Series 2 shares Unicorn AIM VCT Series 3 shares

VinaCapital Investment Management

[email protected]

Investor Relations +84 8821 993017th Floor SunWah Tower 115 Nguyen Gue BoulevardVietnam www.vinacapital.com

Vietnam Opportunity (AIM) Vinaland (AIM)

[email protected]

James Frost 0800 082 81 804 Broadgate London EC2M 2DAwww.witan.com

Witan

Witan Investment [email protected]

James Frost 0800 082 81 804 Broadgate London EC2M 2DAwww.witan.com

Witan Pacific

YFM Private [email protected]

0113 294 5050Saint Martins House 210-212 Chapeltown RoadLeeds LS7 4HZwww.yorkshirefundmanagers.co.uk

British Smaller Companies VCT British Smaller Technology Companies VCT 2


60

FootnotesFoot Company Notenote

Foot Company Notenote

1 At the EGM held on 03/08/07 proposals to return capital to shareholders over the coming months were approved. Please contact company for further details.

Aberdeen Development Capital

2 Unit comprised 1 ZDP 2010 and 1 ZDP 2012Aberdeen Development Capital ZDP Unit

3 Aberdeen Growth Opportunities VCT has 2 classes of share - ordinary and C shares.Aberdeen Growth Opportunities VCT

4 Aberdeen Growth Opportunities VCT 2 has 2 classes of share - ordinary and S shares.Aberdeen Growth Opportunities VCT 2

5 Aberdeen Growth Opportunities VCT 2 has 2 classes of share - ordinary and S shares.Aberdeen Growth Opportunities VCT 2 S shares

6 Aberdeen Growth Opportunities VCT has 2 classes of share - ordinary and C shares.Aberdeen Growth Opportunities VCT C shares

7 Absolute Return Trust has 2 classes of share - GBP and Euro shares.Absolute Return Trust

8 Absolute Return Trust has 2 classes of share - GBP and Euro shares.Absolute Return Trust Euro shares

9 The Companys shares trade on the Alternative Investment Market (AIM).ACP Mezzanine (AIM)

10 Acuity VCT has 2 classes of share - ordinary and C shares.Acuity VCT

11 Acuity VCT has 2 classes of share - ordinary and C shares.Acuity VCT C shares

12 Ashmore Global Opportunities has 3 classes of share - GBP, USD and Euro shares.Ashmore Global Opportunities (Chpt 14)

13 Ashmore Global Opportunities has 3 classes of share - GBP, USD and Euro shares.Ashmore Global Opportunities Euro (Chpt 14)

14 Ashmore Global Opportunities has 3 classes of share - GBP, USD and Euro shares.Ashmore Global Opportunities USD (Chpt 14)

15 Babcock & Brown has 2 classes of share - ordinary and C shares.Babcock & Brown

16 Babcock & Brown has 2 classes of share - ordinary and C shares.Babcock & Brown C shares

17 Baronsmead VCT 4 has 2 classes of share - ordinary and C shares.Baronsmead VCT 4

18 Baronsmead VCT 4 has 2 classes of share - ordinary and C shares.Baronsmead VCT 4 C shares

19 BH Global has 3 classes of share - GBP, USD and Euro shares.BH Global

20 BH Global has 3 classes of share - GBP, USD and Euro shares.BH Global Euro

21 BH Global has 3 classes of share - GBP, USD and Euro shares.BH Global USD

22 BH Macro has 3 classes of share - GBP, USD and Euro shares. Shareholders in either of the three share classes are able to convert some or all of their shares into the other classes on a quarterly basis from 31 July 2007.

BH Macro


BH Macro Euro


BH Macro USD

25 Bluehone AIM VCT 2 has 2 classes of share - ordinary and C shares.Bluehone AIM VCT 2

26 Bluehone AIM VCT 2 has 2 classes of share - ordinary and C shares.Bluehone AIM VCT 2 C shares

27 Converted to Investment Trust status 1 April 2003. NAV history is not available prior to this date.Caledonia

28 The Companys shares trade on the Alternative Investment Market (AIM).Cambium Global Timberland (AIM)

29 The Companys shares trade on the Alternative Investment Market (AIM).Camper & Nicholsons Marina Investments (AIM)

30 Close IHT AIM VCT has 2 classes of share - A and B shares.Close IHT AIM VCT A

31 Close IHT AIM VCT has 2 classes of share - A and B shares.Close IHT AIM VCT B

32 Close Second AIM VCT has 3 classes of share - ordinary, C and D shares.Close Second AIM VCT

33 Close Second AIM VCT has 3 classes of share - ordinary, C and D shares.Close Second AIM VCT C shares

34 Close Second AIM VCT has 3 classes of share - ordinary, C and D shares.Close Second AIM VCT D shares

35 Close Technology & General VCT has 2 classes of share - ordinary and C shares.Close Technology & General VCT

36 Close Technology & General VCT has 2 classes of share - ordinary and C shares.Close Technology & General VCT C shares

37 Open until 30/06/2008.Downing Protected VCT IX

38 Open until 30/06/2008.Downing Protected VCT VIII

39 The Ordinary Income shares are entitled to 61.04% of the surplus assets on liquidation.Ecofin Water & Power Opportunities

40 The Capital share is entitled to 38.56% of the surplus assets on liquidation.Ecofin Water & Power Opportunities

41 Edge Performance VCT has 3 classes of share - ordinary, C shares and D shares.Edge Performance VCT

42 Edge Performance VCT has 3 classes of share - ordinary, C shares and D shares.Edge Performance VCT C shares

43 Edge Performance VCT has 3 classes of share - ordinary, C shares and D shares. Offer open until 27/06/08.Edge Performance VCT D shares

44 Unit comprised 1 ZDP 3 Ordinary SharesEdinburgh New Income Units

45 Elderstreet VCT has 2 classes of share - ordinary and C shares.Elderstreet VCT

46 Elderstreet VCT has 2 classes of share - ordinary and C shares.Elderstreet VCT C shares

47 The Board have announced a possible merge with Foresight 3 VCT. Contact the company for more details.Enterprise VCT

48 F&C Managed Portfolio consists of 2 classes of shares: growth and income. Shareholders can convert into the other share class annually from Oct 2009.

F&C Managed Portfolio Growth

49 F&C Managed Portfolio consists of 2 classes of shares: growth and income. Shareholders can convert into the other share class annually from Oct 2009.

F&C Managed Portfolio Income

50 F&C Private Equity consists of 2 classes of share; A (realisation) shares and B (continuation) shares.F&C Private Equity A

51 F&C Private Equity consists of 2 classes of share; A (realisation) shares and B (continuation) shares.F&C Private Equity B

52 Foresight 2 VCT has 2 classes of share - ordinary and C shares.Foresight 2 VCT

53 Foresight 2 VCT has 2 classes of share - ordinary and C shares.Foresight 2 VCT C shares

54 The Board have announced a possible merge with Enterprise VCT. Contact the company for more details.Foresight 3 VCT

55 Hansa Trust has 2 classes of share - ordinary and A ordinary (non voting).Hansa Trust ('A' Ord)

56 Hansa Trust has 2 classes of share - ordinary and A ordinary (non voting).Hansa Trust (Ord)

57 Income & Growth VCT has 2 classes of share - ordinary and S shares.Income & Growth VCT

58 Income & Growth VCT has 2 classes of share - ordinary and S shares.Income & Growth VCT S shares

59 Unit comprised of 11 ZDP 9 Ordinary sharesInvesco Perpetual Recovery 2011 Pkg Unit

60 INVESCO Perpetual Select consists of 4 classes of share: Global Equity, Hedge Fund, Managed Liquidity and UK Equity. Shareholders in all classes can convert some or all of their shares into the other classes on a 6 monthly basis from 01/11/07.

Invesco Perpetual Select Global Equity


Invesco Perpetual Select Hedge Fund

62 INVESCO Perpetual Select consists of 4 classes of share: Global Equity, Hedge Fund, Managed Liquidity and UK Equity. Shareholders in all classes can to convert some or all of their shares into the other classes on a 6 monthly basis from 01/11/07.

Invesco Perpetual Select Managed Liquidity


Invesco Perpetual Select UK Equity

64 Investors Capital has 2 classes of share - A and B shares. Both classes have the same rights except that A shares receive dividends and B shares a capital equivalent. A unit comprised of 3 A shares and 1 B share is also in issue.

Investors Capital A

65 Investors Capital has 2 classes of share - A and B. Both classes have the same rights except A shares receive dividends, B shares a capital equivalent. The capital entitlement for B shares is not included in the dividend yield. A unit also in issue.

Investors Capital B

66 Unit comprised of 3 A shares and 1 B share. The capital entitlement for B shares is not included in the dividend yield figures.

Investors Capital Unit

67 JPMorgan Elect consists of 3 classes of shares: growth, income and cash. Shareholders in either of the 3 classes of shares are able to convert some or all of their shares into the other classes on a six monthly basis from 31 May 2004.

JPMorgan Elect Managed Cash


JPMorgan Elect Managed Growth


JPMorgan Elect Managed Income

70 JPMorgan European consists of 2 classes of shares: growth and income. Shareholders in either of the 2 classes of shares are able to convert some or all of their shares into the other classes on a six monthly basis from 15 Sept 2006.

JPMorgan European Growth

71 JPMorgan European consists of 2 classes of shares: growth and income. Shareholders in either of the 2 classes of shares are able to convert some or all of their shares into the other classes on a six monthly basis from 15 Sept 2006.

JPMorgan European Income

72 Unit comprised 2 Ordinary Income Shares and 1 ZDP.JPMorgan Income & Capital Pkg Units

73 Unit comprised of 1 Income Share 1 Capital ShareJPMorgan Income & Growth Pkg Unit

74 The Companys shares trade on the Alternative Investment Market (AIM).JPMorgan Progressive Multi-Strategy (AIM)

75 Unit comprised of 1 ZDP 1 Capital shareJupiter Second Enhanced Pkg Unit

76 The Companys shares trade on the Alternative Investment Market (AIM).Juridica Investments (AIM)

77 Keydata AIM VCT has 2 classes of share - ordinary and C shares.Keydata AIM VCT

78 Keydata AIM VCT has 2 classes of share - ordinary and C shares.Keydata AIM VCT C shares

79 The Companys shares trade on the Alternative Investment Market (AIM). The portfolio may primarily consist of unquoted securities.

Ludgate Environmental (AIM)

80 Unit comprised of 1 ZDP 1 Income share 1 Capital shareM&G Equity Package Unit

81 Unit comprised of 1 Income share 1 Capital shareM&G High Income Geared Unit

82 Unit comprised 1 ZDP 1 Income share 1 Capital shareM&G High Income Package Unit

83 Unit comprised of 1 ZDP 2 Ordinary Income SharesM&G Recovery Package Unit

84 The Companys shares trade on the Alternative Investment Market (AIM).Marwyn Value Investors (AIM)

85 Matrix Income & Growth 2 VCT has 2 classes of share - ordinary and C shares.Matrix Income & Growth 2 VCT

86 Matrix Income & Growth 2 VCT has 2 classes of share - ordinary and C shares.Matrix Income & Growth 2 VCT C shares

87 Murray International has 2 classes of share - Ordinary and B shares. Both classes have the same rights, except that ordinary shares receive dividends and the B shares are entitled to receive their dividends by means of capitalisation issue.

Murray International

88 MW TOPS has 3 classes of share - GBP, USD and Euro shares. The Companys shares trade on Euronext.MW TOPS (Euronext)

89 MW TOPS has 3 classes of share - GBP, USD and Euro shares. The Companys shares trade on Euronext.MW TOPS Euro (Euronext)

90 MW TOPS has 3 classes of share - GBP, USD and Euro shares. The Companys shares trade on Euronext.MW TOPS USD (Euronext)

91 Neptune-Calculus Income & Growth VCT has 2 classes of share - ordinary and C shares.Neptune-Calculus Income & Growth VCT

92 Neptune-Calculus Income & Growth VCT has 2 classes of share - ordinary and C shares.Neptune-Calculus Income & Growth VCT C shares

93 Open until 20/12/2008.Noble AIM VCT

94 Northern Venture Trust VCT has 2 classes of share - ordinary and C shares.Northern Venture Trust VCT

95 Northern Venture Trust VCT has 2 classes of share - ordinary and C shares.Northern Venture Trust VCT C shares

96 Pantheon has 2 share classes - ordinary & non-voting redeemable (R) shares. The (R) shares, which have the same NAV and are entitled to dividends pari passu with the ordinary share, are redeemable at NAV.

Pantheon International Participations

Prepared by Fundamental Data Limited on behalf of AIC Information Services Limited for information purposes only (www.FundData.com tel: 020 7627-7300 ) 31 May 2008 61



97 The Companys shares trade on the Alternative Investment Market (AIM).Partners Group Global Opportunities (AIM)

98 Pennine AIM VCT has 2 classes of share - ordinary and D shares.Pennine AIM VCT

99 Pennine AIM VCT has 2 classes of share - ordinary and D shares.Pennine AIM VCT D shares

100 Phoenix VCT has 2 classes of share - ordinary and C shares.Phoenix VCT

101 Phoenix VCT has 2 classes of share - ordinary and C shares.Phoenix VCT C shares

102 The Companys shares were suspended on 12/06/08.Prelude Trust

103 The Companys shares trade on the Alternative Investment Market (AIM).Prosperity Russia Domestic (AIM)

104 The Companys shares trade on the Alternative Investment Market (AIM).Prosperity Voskhod (AIM)

105 ProVen Growth and Income VCT has 2 classes of share - ordinary and C shares.ProVen Growth and Income VCT

106 ProVen Growth and Income VCT has 2 classes of share - ordinary and C shares.ProVen Growth and Income VCT C shares

107 ProVen VCT has 2 classes of share - ordinary and C shares.ProVen VCT

108 ProVen VCT has 2 classes of share - ordinary and C shares.ProVen VCT C shares

109 The Companys shares trade on the Alternative Investment Market (AIM).Raven Russia (AIM)

110 Income share receives 25% of the surplus assets on liquidation.Rights & Issues

111 The current price for this share is not available as the share is not trading regularly. The price and price related data is based on the latest available information.

Rights & Issues

112 Receives 75% of the surplus assets on liquidation.Rights & Issues

113 With agreement from the company, the price for the income share has been set to NAV because the share is not trading regularly. All price related data items are calculated on this basis.


114 The Board have announced that they propose to bring forward the liquidation of the Company to 12/09/08. Contact the Company for more information.


115 Signet Global Fixed Income Strategies has 3 classes of share - GBP, USD and Euro shares.Signet Global Fixed Income Strategies

116 Signet Global Fixed Income Strategies has 3 classes of share - GBP, USD and Euro shares.Signet Global Fixed Income Strategies Euro

117 Signet Global Fixed Income Strategies has 3 classes of share - GBP, USD and Euro shares.Signet Global Fixed Income Strategies USD

118 Unit comprised of 1 Income share 1 Capital shareSmaller Companies Value Unit

119 The Board has announced proposals to appoint BlackRock as the companys manager, and to amend the companys investment policy. Contact the company for more details.

Throgmorton Trust

120 TR Property consists of 2 classes of share - ordinary and Sigma shares.TR Property

121 TR Property consists of 2 classes of share - ordinary and Sigma shares.TR Property Sigma

122 Unicorn AIM VCT has 3 classes of share - ordinary, series 2 and series 3 shares.Unicorn AIM VCT

123 Unicorn AIM VCT II has 2 classes of share - ordinary and C shares.Unicorn AIM VCT II

124 Unicorn AIM VCT II has 2 classes of share - ordinary and C shares.Unicorn AIM VCT II C shares

125 Unicorn AIM VCT has 3 classes of share - ordinary, series 2 and series 3 shares.Unicorn AIM VCT Series 2 shares

126 Unicorn AIM VCT has 3 classes of share - ordinary, series 2 and series 3 shares.Unicorn AIM VCT Series 3 shares

127 The Companys shares trade on the Alternative Investment Market (AIM).Utilico Emerging Markets (AIM)

128 33% is invested in property holdings as reported in the AIC MIR 31/05/2008Value and Income

129 The Companys shares trade on the Alternative Investment Market (AIM)Vietnam Opportunity (AIM)

130 The Companys shares trade on the Alternative Investment Market (AIM)Vinaland (AIM)

131 Unit comprised of 1 ZDP 1 Capital ShareZero Preference Growth Pkg Unit

Prepared by Fundamental Data Limited on behalf of AIC Information Services Limited for information purposes only (www.FundData.com tel: 020 7627-7300 ) 31 May 2008 62

AIC Stats - Explanatory notes All asset related information is based on actual (non-estimated) data. The asset related data contained is based on information supplied by AIC Member companies, published initially through the Monthly Information Release (MIR). If companies have not provided data to the AIC no asset related information will be published. The MIR is available on www.theaic.co.uk, in the statistics publications area. Share price information, dividends and the underlying information used to calculate the splits analytics is based on a combination of information provided by AIC Member companies and sourced by Fundamental Data. If you require a more comprehensive explanation please contact the AIC, details are provided on the back cover. Transaction costs and important notes: The costs of buying and selling investment company shares will depend on the amount invested and the market-maker’s spread, which can vary according to the liquidity of the company’s shares. Other costs include stamp duty of 0.5% on every purchase, in addition to commission charged by stockbrokers or an IFA, if used, or the costs of buying and selling through a management group retail product such as an Investment Scheme or ISA, if used. Because of these variables it is difficult to state any meaningful “average” transaction cost for investment company shares. AIC share price performance figures are therefore calculated on a mid-market to mid-market basis, making no allowances for transaction costs. The reader must take note of this when making comparisons with the performance of other collective investments. The term total return is used to indicate the return of capital and income, with income reinvested. Averages do not include those figures which are non-calculable or blank. Note that the potential for asset growth/decline of the company as a whole is affected by the type of assets held. For Split Capitals changes in the composition of the underlying portfolio such as % holdings in equity and non-equity will affect the value of the equity only analytics. All data is close of business on the last working day of the month unless other wise stated. The higher the gearing, the greater the potential risk and reward. AIC sector averages The performance comparison pages display the total and average values for all sectors as displayed in the AIC Sector and Split Capital section. 1. Total assets: the sum of assets within each sector 2. Gearing and discount: the weighted averages for all sectors, size weighted by current shareholder funds and the market capital respectively. 3. Share price total return: the average weighted performance figures illustrate the theoretical average share price return on £100 assuming any net income was reinvested, size weighted by the starting market capital of each company – see note 2 and 7. 4. NAV total return: the average weighted performance figures illustrate the theoretical average NAV return on £100 assuming any net income received was reinvested, size weighted by the starting shareholder funds of each company - see note 8. 5. 5year dividend growth and dividend yield %, VCTs: 3year average distribution yield and distribution yield %: the weighted average for all sectors, size weighted by the current market capital of each company (see 9). Indices A table detailing the performance, over various timeframes, of Market related indices. Index of AIC Member investment companies A list of all AIC Members with key information and details and, if indicated, the company is included in the management group wrapper schemes. - Symbols: ($, E) shares are dollar or Euro denominated (figures are sterling adjusted). (C) convertibles in issue, this may affect the level of gearing - see gearing. (D) geared, or partly geared, by a debenture. (F) investment policy is a fund of funds policy (for Private Equity and Hedge Funds this is commonly investments in other private equity and hedge funds, whereas for the other sectors this commonly means it is a fund of investment companies). (I) ‘self managed’ (or the manager – company relationship is symbiotic). (L) VCT has a limited life. (M) stated investment policy, under Chpt 15 rule, not to limit investments in other investment companies to a minimum of 15% of total assets (or no announcement to the contrary). VCTs, Chpt 14 and AIM companies are not listed under Chpt 15 and therefore will not have a symbol. (N) geared, or partly geared, by an index-linked prior charge. (o) has management options in place (P) geared, or partly geared, by a preference share. (R) dividends have been reduced within the current financial year. (s) subscription shares in issue (see warrants). (T) shares are being held in treasury (V) VCT is currently raising additional funds (status is open) (w) warrants in issue. (x) company does not qualify as an ISA investment. (*) portfolio spread figures are one month in arrears. (>) fair value NAV (published NAV) is greater than the par value NAV performance NAV) by 3% or more. (<) fair value NAV (published NAV) is smaller than the par value NAV by 3% or more.

- Winding-up option: relates to the ability of shareholders to vote on whether the company should be wound up or in some cases continued. This may be a given date or arise due to a policy set by the Company (e.g. a discount control strategy). Further information should be obtained from the company concerned. - Non-section 842: indicates a company not approved under S842 or S842AA. Whilst companies approved under Section 842 of the Income and Corporation Taxes Act 1988 are exempt from tax on the capital gains realised within their funds, readers should check the tax situation of offshore companies and also the possible tax implications that affect offshore shares held in an ISA/Pension by contacting the companies concerned. Section 842AA refers to companies which are approved Venture Capital Trusts (VCT) - Domicile: country in which the Company is incorporated. UK: United Kingdom, GUE: Guernsey, NET: Netherlands and LUX: Luxembourg. - Exchange: indicates the exchange on which the shares are listed. Where a company is listed on more than one exchange, both will be shown. E.g.: MAIN/NZ. MAIN: shares listed on the Official List of the UK Listing Authority on the LSE Main Market, AIM: Alternative Investment Market, ENA: Euronext, NZ: New Zealand Exchange, CI: Channel Island Exchange and ISE: Irish Stock Exchange. - LSE trading platforms: The LSE (London Stock Exchange) supports a variety of trading platforms. SETS is for FTSE All Share Index constituents as well as ETFs, ETCs, and a number of AIM securities. SETSqx is for less liquid securities (than on SETS). SEAQ is for the Fixed Interest market and AIM securities that are not traded on either SETS or SETSqx. ITBB offers access to trading international securities. EQS is a quote driven market-making platform that supports all EU liquid securities to enable pre-trade pan-European transparency obligations. ITR (European Trade Reporting) is a pan-European service to enable post-trade reporting transparency obligations. AIC sectors Companies are classified within sectors broadly based upon their investment policies. The ordinary income shares and capital shares of Split Capitals are included in the company’s relevant AIC sector (see Split Capitals) 1. Total assets (£m): the total fair value of all assets held, less current liabilities (short term loans used for investment purposes are not deducted), before deducting prior charges (including listed investments at their fair value price and unlisted investments at directors’ valuation). Current year income account items are included. It the data has not been provided to the AIC no data will be published. 2. Price (pence): high/low: the highest and lowest closing mid-market share price recorded over the previous twelve months (or less if the share has not been trading for 12 months). bid/sell is the price offered in the market to buy shares from an investor, also referred to as the selling price. offer/buy is the price offered in the market at which shares are offered to investors also referred to as the buying price. The mid-market price which is the average of the two figures is used to calculate the discount, yield, analytics and the share price performance data. Some investment companies securities trade on SETs (see Index). Securities which trade on SETs have one official closing price; this price is used to calculate the price related data. The bid / offer prices for these securities are the best bid / best offer prices at close, which is approx. 16h30. 3. NAV per share (Net Asset Value): There is no statutory requirement for a company to release a calculated NAV per share. NAVs are supplied voluntarily to the AIC according to AIC provided guidelines. These guidelines may, in some instances, differ from the NAVs released to the market and those in the individual company accounts. NAVs are not published in not provided to the AIC by the company. The NAV is shareholder funds, both capital and income, expressed as an amount per ordinary share. Shareholder funds are the net value of total assets (see1) having deducted prior charges at their fair value. Convertibles are converted and warrants and options are exercised, if dilution would occur (i.e. when the NAV per share is greater than the exercise price). Treasury shares are valued at mid-market price when the shares are trading at below NAV unless there is a restriction in place which prevents the shares being issued at a value below NAV. Valuing shares in treasury on a mid-price basis may differ from the re-issuance policies of individual

companies. Income for the current financial year is included (dividends are deducted from the income value on the day that shares go ex-dividend). 4. Discount (-)/Premium %: the difference between the mid-market share price and NAV per share, expressed as a % of the NAV per share. Where the share price is higher than the NAV, the share stands at a premium and displayed as a positive value. There are 3 columns. Current: current month end value; Average: based on the previous 12 months. (Blank this month as the data is not currently available). High/low figure: the highest and lowest value over the previous 12 months. The figures consist of month-end data only. If the company launched less than 12 months ago the figures shown will represent the shorter period. If the discount has been incalculable within the previous 12 months, the figure will be represented by a dash. Decimal data from 0.5 is rounded down. (Blank this month as the data is not currently available). 5. Gearing: Gearing indicates the company has one or more borrowings and/or prior ranking classes of shares. These are known as “prior charges” because they rank before the shares in their entitlement to capital and/or income. Gearing illustrates the effect that the current prior charges may have on the value of the shareholder funds if the total assets were to rise or fall. A figure of 115 means that the shareholder funds are 15% geared and indicates the extra amount by which the shareholder funds would rise or fall if the total assets were to rise or fall. A figure of 100 means there is no gearing. A value under Cash & Fixed Interest indicates that the company is not fully invested and therefore the actual gearing could be less than the figure shown. Future capital entitlements of any prior ranking charges are not considered. Certain prior charges are “index–linked” This means that their value is determined at any time by the performance of a particular index such as the FTSE All-Share Index. The gearing works in a similar way as described above, except that the value of the prior charges, rather than being fixed, will fluctuate in line with the index to which they are linked, although if the portfolio moves in line with the index then there is effectively no gearing. It is only if the portfolio outperforms the index that there is positive gearing, if it underperforms the index then the effective gearing is negative. The symbol ++ indicates that the gearing cannot be calculated. 6. Portfolio Spread %: the percentage of total assets (held as specified in the column headings. Analysis is by country of listing. However there are some exceptions, these being: (1) Investments in collective investments analysis are by underlying geographical allocation (2) Hong Kong Red Chips and H-Shares are classified as ‘China’. Unless otherwise shown unquoted investments are by country of registration. Fixed interest (bonds) exclude convertibles and unlisted fixed interest securities held as part of a package of investments. 7. Share Price Total Return: the theoretical return to the investor from £100 invested at the beginning of each period specified, on a mid-market to mid-market basis, assuming that all dividends received were reinvested in the shares of the company on the last day of the month the shares were quoted ex-dividend. 8. NAV Total Return: the theoretical total return on shareholders funds per share, reflecting the change in value of the NAV per share assuming dividends paid to shareholders were reinvested in the NAV on the last trading day of the month the shares were quoted ex-dividend. It is assumed that the managers started with £100 at the beginning of each period. The NAV basis is as in note 3 except prior charges are deducted at their par value (or final redemption value) and current year income is excluded. Performance figures are not calculable for shares which have 0 values. 9. (VCTs see 11a) 5 Yr div growth %p.a.: div growth over the past 5 yrs annualised to give a compound % rate per year. Special dividends are excluded. 10. (VCTs see 11b) Div yield %: annual divs as currently declared or forecast by the directors of the company, as a % of the current market price. Special dividends are excluded. 11a. 3yr avg dist. yield %: Annual dividend distributions (income and capital) as a % of the average annual price over the previous 3 financial years. 11b. Dist. yield %: Previous financial year annual dividend distributions (income and capital) as a percentage of the current mid-market share price.

Split Capitals (See Transaction Costs and Important Notes) 1. Total assets (£m): see note 1, AIC Sector. 2. Assets per share (£m): The current total value of assets attributable to the share class. The assets per share plus the debt equal the total assets (unless otherwise indicated). Revenue items for the current financial year have been excluded. 3. Debt (£m): Unless otherwise indicated, the total redemption value of all prior charges ranking before the equity capital. This does not include the share entitlements. Debt is not adjusted to reflect available total assets. 4. Debt cover: Total Assets divided by Debt. See notes 1 & 2 5. Cash / cash equivalent and portfolio spread %: see note 6, AIC Sector. 6. Class of Share: the name given to the share by the individual companies, listed in order of priority of capital repayment upon wind up 7. AIC classification: the share type classification. See 5 above. 8. Number of shares/amount of stock: the number of shares in issue at the date specified. 9. Wind-up date: details of the date(s) on which the share redeems or the company proposes shareholders will vote whether to wind-up the company. 10. Shareholder funds total return: the theoretical total return on £100 invested in the NAV of each class of share and assuming that any net dividends paid to shareholders were reinvested in the relevant underlying NAV on the day the shares were quoted ex-dividend. 11. Portfolio yield: the expected revenue, over the next twelve months from the specified month end as a percentage of the total assets at the specified month end. 12. Company objective: A short description of the company’s objective. Zero Dividend Preference Shares (ZDPs) 1. Market capitalisation: current share price multiplied by the number of shares 2. Share price: see note 2, AIC Sector. 3. NAV: the NAV that applies to the share. 4. Current entitlement: the predetermined entitlement attributable to the share at the specific month end. When there are sufficient assets to provide ‘current entitlement’ slight differences in the figures published between the current entitlement and the NAV, supplied by members, may be due to rounding or slight variances in the number of days used in the entitlement methodology. In some cases shares ranking after the ZDPs in terms of capital are entitled to revenue reserves which are included in the Total Assets figure. This may result in the NAV shown for the ZDP being lower than the current entitlement and shares ranking after the ZDP having a positive capital value. 5. Years-months to wind-up: the number of years & months until the share is due to wind up wound-up, e.g. 9-4 means 9 years & 4 months. 6. Redemption price: the predetermined capital entitlement per share at wind-up. (Although the value may be predetermined, this is not a guaranteed value). 7. Share price total return: see note 7, AIC Sector 8: TAV 0% per share (pence): the estimated Terminal Asset Value of the share in pence at the end of the life of the share based on the assumption that the total assets of the company, adjusted for future capital charges (see 11) grow at the rate shown. Any growth is based on growing the equity portion of the portfolio, holding cash and fixed interest constant. (see www.aicstats.co.uk for more information). The calculation of the TAV includes the assumption that any undistributed revenue reserves are not paid out until the end of the life. Therefore the TAV may include any revenue reserves and may be higher than the redemption price. AICStats.co.uk has TAV % growth figures (-25. to 7.5%), in which case only the equity portion of the portfolio is adjusted. 9. RY % p.a. red price: the annual percentage return until wind-up on the current market price, to the predetermined redemption value of the share. 10. Equity redemption yield %p.a.: the return on the share, expressed as an annual percentage, assuming the share is bought at the current price, held until wind-up, and that the total assets of the company adjusted for any future capital charges (see 11) grow at the annual rates quoted. The growth is based on growing the equity portion of the portfolio, holding cash and fixed interest holdings constant. Note that the potential for asset growth/decline is affected by the type of assets held. If there are insufficient assets to cover the stated redemption price entitlement the entitlement will be reduced to what can be paid at redemption.

These figures can only offer benchmark indications of possible returns, as future growth rates cannot be known. 11. Asset cover at wind-up: 1) Share cover: the ratio by which the shareholder’s redemption value is currently covered by those assets of the company available at wind-up. Assets available at wind-up have been adjusted for prior charges (see note 5, AIC Sector) and any known future capital charges. Future capital charges include interest charges and management fees charged to the capital account over the remaining life of the share and a wind-up cost of 1% of the total assets. The use of a 1% wind-up cost is a notional amount and will vary from company to company. 2) Total debt cover: the ratio by which the shareholder’s redemption value and prior charges and all future capital charges (see 11 above) are covered by the total assets (any prior charges that wind up before redemption are deducted from the assets). 12. Equity hurdle rates: 1) Share Price: indicates the required annual growth rate of the equity portion (cash, fixed interest and income share holdings are excluded) of the total assets if there are to be sufficient assets to offset all prior charges and future capital charges (see 11 above) and repay the shareholders the current share price. 2) Redemption Price: indicates the required annual growth rate of the equity portion of the total assets if there are to be sufficient assets to offset all prior charges and future capital charges (see 11 above) and repay the shareholders the predetermined redemption value. 3) Wipe-Out: indicates the required annual growth rate of the equity portion of the total assets if there are to be sufficient assets to offset all prior charges and future capital charges (see 11 above) and assuming the share has a zero terminal asset value. 13. Current PC % of TA: the current value of any prior ranking charges including prior ranking share types (excluding future capital charges see note 11) as a percentage of the total assets. This indicates the % of current total assets attributable to current prior charge values (if any). Income Shares 1. Market capitalisation: see note 1, ZDPs. 2. Share price: see note 2, AIC Sector. 3. NAV: the NAV that applies to the share. 4. Dividend: the total dividend from the Company’s latest financial year unless more recent information is available or a forecast has been made by the Directors. 5. Dividend yield: see note 10, AIC Sector. 6. Years -months to wind-up: see note 5, ZDPs. 7. Redemption price: see note 6, ZDPs. 8. Share price total return: see note 7, AIC Sector 9. Equity redemption yield % p.a.: the total return on the share, expressed as an annual percentage, assuming the share is bought at the current price, held until wind-up, and that the total assets of the company (adjusted for any future capital charges see 11) and the expected dividend stream payable grow at the annual rates quoted. These redemption yields are based on growing the equity portion of the portfolio, holding cash and fixed interest holdings constant. These figures can only offer benchmark indications of possible returns, as future growth rates cannot be known. No account is taken of Capital Gains Tax or Income Tax. The dividends used on these calculations are as defined note 10, AIC Sector although they may contain Fundamental Data estimates. 10. Three year div growth: as per note 9, AIC Sector. 11. Asset cover: see 11 ZDP 12. Equity hurdle rates: see 12 ZDP Capital Shares 1. Market capitalisation: see note 1, ZDP. 2. Share price: see note 2, AIC Sector. 3. NAV: the current NAV after deducting the current entitlements of all prior charges ranking before the capital share. This should not be taken as an indication of the NAV at redemption. 4. Discount (-)/Premium: see note 4, AIC Sector. 5. Gearing: see note 5 AIC Sector 6. Years-months to wind-up: see note 5, ZDP. 7. Share price total return: see note 7, AIC Sector 8. Equity redemption yield % p.a.: the total return on the share, expressed as an annual percentage, assuming the share is bought at the current price, held until wind-up, and that the total assets of the company (adjusted for any future capital charges) grow at the annual rates quoted. These redemption yields are

based on growing the equity portion of the portfolio, holding cash and fixed interest holdings constant. These figures can only offer benchmark indications of possible returns, as future growth rates cannot be known. No account is taken of Capital Gains Tax or Income Tax. 9. Equity hurdle rate: see 12 ZDP Ordinary Income Shares Dated Shares 1. Market capitalisation: see note 1, ZDP 2. Share price: see note 2, AIC Sector. 3. NAV: See note 3, Capital Shares. This should not be taken as an indication of the NAV at redemption. 4. Discount (-) /Premium: see note 4, AIC Sector. 5. Gearing: see note 5, AIC Sector 6. Dividend: see note 3, Income Shares. 7. Dividend yield: see note 10, AIC Sector. 8. Years-months to wind-up: see note 5, ZDP. 9. Share price total return: see note 7, AIC Sector 10. Equity redemption yield % p.a.: the total return on the share, expressed as an annual percentage, assuming the share is bought at the current price, held until wind-up, and that the total assets of the company (adjusted for any future capital charges) and the expected dividend stream payable grow at the annual rates quoted. These redemption yields are based on growing the equity portion of the portfolio, holding cash and fixed interest holdings constant. These figures can only offer benchmark indications of possible returns, as future growth rates cannot be known. No account is taken of Capital Gains Tax or Income Tax. The dividends used on these calculations are as defined note 10, AIC Sector although they may contain Fundamental Data estimates. 11. Three year dividend growth: dividend over the past three years, annualised to give a compound percentage rate per year. This excludes special dividend payments. 12. Equity hurdle rate: see 12 ZDP Undated Shares (all columns are defined as listed in the above Dated Shares except those listed below) 13. Years-months to redemption of prior charges: the number of years and months left until the redemption of the prior charges as listed in the Split Capital Index .e.g. 9-4 means 9 years and 4 months. 14. Equity internal rate of return: This is an undated share. See above note 10 and note 8 Income Shares Warrants and subscription shares (analytics based on Fundamental Data models) 1. Number of warrants in issue 2. Subscription terms: details of the warrants exercise terms. 3. Warrant price: mid-market price at close of business on the date specified. 4. Share Price: mid-market price of the share into which the warrant may be exercised, at close of business on the date specified. 5. Warrant premium: the difference between the current warrant price when added to the exercise price and the current share price expressed as a percentage of the current share price. 6. Warrant gearing: share price divided by the warrant price. 7. ‘Cheap’/’Dear’ shows the value of the current warrant price compared to the theoretical value, simply > 100 is ‘dear’ < 100 is ‘cheap’. Ratio is from dividing the warrant price by the theoretical value and multiplying by the warrant model’s Delta. Use caution in interpreting these values as they are affect by current market volatility. 8. Theoretical value of the warrant based on the current share price. The model gives an estimate of the binomial model value and uses as input the exercise price, share price, historic volatility, interest rate, share dividends, warrant dividends and time to expiry 9. Historical Volatility: 3 month volatility of the underlying share price 10. Implied volatility: volatility attributed to the underlying share by the market. The volatility level needs to be plugged into the model to make the model’s theoretical value equal the current warrant price. In some cases this will be 0, which implies that no value of volatility will allow the model to come up with the current market price of the warrant. Wrapper Schemes Details of the various wrapper schemes available. Please note full terms and conditions and charges of the schemes must be obtained directly from the company.

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