Half-yearly Report
10 July 2008
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc
Half yearly announcement of results in respect of the six months
ended 31 May 2008
- Company's NAV rose by 18.7% and share price by 25.5% on a total return
basis.
- Dividends declared in respect of the period amounted to 2.625 pence per
share.
- Revenue return per share amounted to 3.99 pence for the period.
For further information please contact:
Jonathan Ruck Keene, Managing Director Investment Trusts - 020 7743 2178
Richard Davis, Fund Manager - 020 7743 2668
Emma Phillips, Media & Communications - 020 7743 2922
BlackRock Investment Management (UK) Limited
Or
William Clutterbuck - 020 7379 5151
The Maitland Consultancy
The Chairman, Alan Hodson, comments:
Performance
I am pleased to report that despite the increased volatility in equity
markets, commodities and commodity related companies have generally continued
to perform well. Against this background, the Company's net asset value
("NAV") increased by 18.7% and the share price rose by 25.5% in the six months
to 31 May 2008. Since the launch of the Company in December 2005 the NAV has
increased by 105.2% and the share price by 101.6% (all percentages in sterling
terms with income reinvested).
Revenue return and dividends
As stated in previous reports, it is the Company's intention to pay four
quarterly dividends. It is the Company's aim to pay dividends amounting to at
least 5.25 pence per share in total for the year ending 30 November 2008(1)
(2007: target of 4.50 pence). Revenue return per share for the period was 3.99
pence (period to 31 May 2007: 3.11 pence) which exceeded the target of 2.625
pence by a comfortable margin. The first quarterly dividend of 1.3125 pence
per share was paid on 25 April 2008 and the second quarterly dividend of
1.3125 pence per share will be paid on 25 July 2008 to Shareholders on the
register on 27 June 2008 (2007: three interim dividends of 1.125 pence per
share and a fourth interim dividend of 1.875 pence per share). After provision
for the second interim dividend, revenue reserves carried forward amount to
3.41 pence per share.
Company Name
At a General Meeting held on 21 April 2008, shareholders resolved to change
the Company's name to BlackRock Commodities Income Investment Trust plc. The
change of name was effective from 25 April 2008. As explained in the circular
to shareholders posted in March, the change follows the merger of Merrill
Lynch Investment Managers with BlackRock and a full product rebrand. I am
pleased to report that the Manager has borne all costs associated with
changing the Company's name and continues to invest in the BlackRock brand.
Investment Objectives and Policy
At the General Meeting held on 21 April 2008 shareholders also voted in favour
of amending the Company's investment objectives by deleting the word "yield"
from the objective which had been to "achieve an annual dividend yield target
and, over the long term, capital growth by investing primarily in securities
operating in the mining and energy sector." Approval was also given to amend
the investment policy in order that the Company may invest in derivatives,
including options and futures, up to a maximum of 30% of the Company and the
subsidiary's assets at the time of investment, both for efficient portfolio
management and in order to enhance portfolio returns.
Tender Offer
The Directors of the Company have the discretion to make semi-annual tender
offers in February and August of each year at the prevailing NAV, less 2%, for
up to 20% of the Company's issued share capital. The Board announced on 20
June 2008 that it had consulted its broker UBS regarding the possible
forthcoming tender offer as at 31 August 2008 and concluded that it was not in
the interests of shareholders to implement that tender offer having considered
the average discount in the financial year to date and investor appetite for a
tender at this time.
The Board will continue to monitor the level at which the shares trade
relative to net asset value.
Gearing
The Company operates a flexible gearing policy which depends on prevailing
market conditions. The maximum gearing used during the period was 10.1% and at
31 May 2008 gearing was 7.9%.
VAT
As noted in the annual report, following the success of the AIC and JP Morgan
Claverhouse Investment Trust plc case against HM Revenue & Customs ("HMRC"),
investment trusts are no longer subject to VAT on management fees. The
Managers has submitted claims to recover from HMRC all relevant amounts, and
will pay these across as soon as any repayment is received from HMRC. At
present the Board is in negotiations with the manager over the exact basis of
any repayments due, it is not considered prudent to recognise a contingent
asset in respect of any amounts recoverable at this stage. Total irrecoverable
VAT incurred by the Company is estimated at £110,000, so the sums involved are
not material to the Company's NAV.
Prospects
The aggregate global economic growth rate has so far remained robust, despite
slowdowns in the US and Europe. Much of this can be attributed to the emerging
markets, many of which are beneficiaries rather than victims of the commodity
boom. When combined with continuing supply constraints, the outlook for the
profitability of companies in the mining and energy sectors remains
encouraging.
(1) This is a target and should not be interpreted as a profit forecast.
Interim Management Report and Responsibility Statement
The Chairman's Statement and the Investment Manager's Report give details of
the important events which have occurred during the period and their impact on
the financial statements.
Principal risks and uncertainties
The principal risks faced by the Company can be divided into various areas as
follows:
- Performance;
- Income/dividend;
- Regulatory;
- Operational; and
- Financial.
The Board reported on the principal risks and uncertainties faced by the
Company in the Annual Report and Accounts for the year ended 30 November 2007.
A detailed explanation can be found on pages 16 and 17 of the Annual Report
and Accounts which is available on the website maintained by the Investment
Manager, BlackRock Investment Management (UK) Limited, at
www.blackrock.co.uk/its.
In the view of the Board, there have not been any changes to the fundamental
nature of these risks since the previous report and these principal risks and
uncertainties are equally applicable to the remaining six months of the
financial year as they were to the six months under review.
Related party transactions
The Investment Manager is regarded as a related party and details of the
management fees payable are set out in note 3.
Directors' responsibility statement
The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority
require the Directors to confirm their responsibilities in relation to the
preparation and publication of the Interim Management Report and Financial
Statements.
The Directors confirm to the best of their knowledge that:
- the condensed set of financial statements contained within the half yearly
financial report has been prepared in accordance with International Accounting
Standard 34 `Interim Financial Reporting'; and
- the interim management report together with the Chairman's Statement and
Investment Manager's Report, include a fair review of the information required
by 4.2.7R and 4.2.8R of the FSA's Disclosure and Transparency Rules.
The half yearly financial report was approved by the Board on 10 July 2008 and
the above responsibility statement was signed on its behalf by the Chairman.
Commenting upon performance and the outlook for the Company, Richard Davis of
BlackRock Investment Management (UK) Limited, the Investment Manager, notes:
Commodity Market Overview
For the six month period ended 31 May 2008 the Company's NAV and share price
rose by 18.7% and 25.5% respectively. Over the same period, the HSBC Global
Mining Index and the MSCI World Energy Index rose by 14.6% and 19.9%
respectively, while the FTSE All-Share Index fell by 4.2%. (All percentages
are in sterling terms with income reinvested.)
Commodity markets have performed well during the period under review, with
only four of the seventeen commodities listed in the table below, registering
negative returns. Their resilience in the face of a barrage of bearish
commentary, such as the possibility of the US economy lurching into recession,
has surprised many investors. Yet the supply/demand fundamentals for most
commodities are positive. Demand from non-OECD countries, notably China,
remains firm with convincing evidence of a decoupling from the US economy. In
aluminium, for example, US consumption fell 9.3% in 2007, whilst global demand
increased by 9.2%, largely due to significant growth in China. A similar
picture has emerged in the copper market where global demand increased 4.3% in
2007 despite a 5.3% fall in US consumption. So far this year, supply-side
problems have been a powerful theme in the commodity markets. A combination of
power shortages in some of the major producing regions, strikes, start-up
delays and infrastructure bottlenecks have all curtailed supply. Meanwhile,
inventories in most commodities are below long term averages.
Not for the first time during this commodity cycle, it has been argued that
the rises in prices have become disconnected from supply/demand fundamentals
and that the commodity "bubble", driven by what are loosely referred to as
speculators, is about to burst. The performance of the bulk commodities such
as iron ore, coal and potash (a fertilizer commodity) is noteworthy in the
context of market dynamics. These are non-exchange traded commodities and are
inaccessible to speculative money. Their price moves are, therefore, the
direct result of supply and demand. Speculators, in our view, do not drive the
trend in commodity prices although they do increase the volatility of price
moves.
30 November 31 May %
Commodity 2007 2008 Change
Base Metals (US$/mt)
Aluminium 2,465 2,883 16.9
Copper 6,956 8,105 16.5
Lead 3,048 1,940 -36.4
Nickel 26,408 22,128 -16.2
Tin 16,988 21,150 24.5
Zinc 2,530 1,979 -21.8
Precious Metals (US$/oz)
Gold 782.7 888.3 13.5
Silver 14.2 16.9 18.4
Platinum 1,440.0 2,008.0 39.4
Palladium 349.0 430.0 23.2
Energy
Oil (WTI) (US$/Bbl) 88.7 127.4 43.6
Natural Gas (US$/MMBTU) 7.28 11.5 57.7
Uranium (US$/lb) 93.0 60.0 -35.5
Bulk Commodities
Iron ore (Carajas fines, USc/dmtu) 80.4 137.5 71.0
Coking coal (US$/mt) 96.0 300.0 213.0
Thermal coal (US$/mt) 56.0 125.0 125.0
Potash (Std. Muriate, US$/st) 252.0 487.0 93.3
Equity Indices (US$)
HSBC Global Mining Index (US$) 743.6 812.2 9.2
HSBC Global Mining Index (£) 361.6 411.0 13.7
MSCI World Energy Index (US$) 284.3 323.8 13.9
MSCI World Energy Index (£) 138.3 163.9 18.5
Source: Datastream. All figures are on a capital only basis.
In the base metal's sector, tin's performance continues to be impressive with
the metal making a new all time high of US$25,500/tonne in mid-May. The key
driver has been the ongoing restructuring of the Indonesian tin industry.
Indonesia is the world's second largest producer of tin, accounting for
roughly one third of global mine production. Since October 2006, the
authorities have brought in stricter regulations on mines and smelters and on
the procurement of tin concentrate. Other proposals being considered may limit
total Indonesian output to 100,000 tonnes per annum, roughly 10% below their
current levels of production. A downtrend in London Metal Exchange ("LME")
inventories has also been supportive. The portfolio has one tin stock, Minsur,
which is based in Peru. Aluminium and copper made more modest gains during the
period. Copper, of all the base metals is the most exposed to the US housing
market where the US consumes around 15% of global supply, of which one third
is used in the residential construction market. However, the assumption that
prices would plummet in line with weaker construction activity proved
ill-founded as demand growth in developing markets was enough to offset
weakness in the US. With demand estimates being understated, supply forecasts
were too optimistic. Data from the International Copper Study Group showed
that global mine production fell year-on-year for five consecutive months
since October 2007. The aluminium market has also been tighter. Aluminium
production is highly energy intensive, so power shortages have significantly
impacted output. This has been particularly acute in China where power to
aluminium facilities was cut following severe storms in the early part of this
year. The key driver of aluminium demand remains the rising intensity of use
in emerging economies. Meanwhile consumer inventories of copper and aluminium
in the US and China are at relatively low levels. Aluminium is currently the
portfolio's biggest "pure play" bet in the base metal sector. Our largest
position is Alcoa, which is one of the Company's top ten holdings. Our copper
holdings include Freeport McMoran, Grupo Mexico and Southern Copper.
Nickel and zinc prices were weaker during the period under review. In the
nickel market, last year's record prices of US$50,000/tonne were followed by a
period of de-stocking and a build in LME inventories. Disappointing demand
from the stainless steel industry where US production remains particularly
weak, has also weighed on sentiment and prices. Zinc fundamentals have
deteriorated somewhat with supply growth accelerating into the latter half of
2008, although the potential size of any surplus has been cut following
weather related supply disruptions in China. Zinc's sister metal, lead, was
the worst performer during the period, having been the top performer last
year. Demand for lead is expected to weaken as western economies slow and
three new projects could potentially increase mine supply by around 10%. The
Company has two zinc holdings in Nystar and Zinifex, both of which also
produce lead as a by-product. Our nickel holdings include Eramet and PT
International Nickel Indonesia ("PT Inco"). The latter has been an excellent
dividend payer.
In the bulk commodities market, iron ore prices enjoyed a sixth successive
annual price increase. Driven by strong demand from China, the iron ore market
is in undersupply. This followed increases of 19.0% and 9.5% for the 2006 and
2007 contracts respectively. Vale, the Brazilian producer, negotiated price
rises of between 65% and 71% for the year commencing April 2008. In June, Rio
Tinto reached agreement with all its Asian customers with increases of 79.9%
and 96.5% for fines and lump from Pilbara, Western Australia. The better
uplift in lump prices reflects the escalation in power costs for Asia's steel
mills. Lump ore requires less energy than fines to process. Supply-side issues
resulted in significant increases in prices in both the metallurgical and
thermal coal markets during the period under review. Metallurgical coal
production in the Bowen Basin in Queensland, Australia, was severely impacted
by floods in January and February this year. It is estimated that between 15
and 20 million tonnes of coal production has been lost, of which
three-quarters is metallurgical coal. (To put this into perspective, the
global seaborne metallurgical coal market in 2007 totalled 239 million
tonnes). It is thought that production will not be back to normal levels until
at least 2009. As a result, 2008 contract prices for hard coking coal were
struck at US$300/tonne, an increase of more than 200% over 2007 levels.
In the thermal coal market, supply/demand fundamentals looked reasonably
robust at the start of the year against a backdrop of strong demand growth in
Asia and Europe. However, in the March quarter there were two major supply
disruptions, severe winter storms in China and power outages in South Africa,
that had profound implications for 2008 contract pricing. In response to the
storms in China and the low level of coal stocks held by power utilities, a
temporary ban was placed on coal exports. The situation in South Africa will
have a longer term impact on the market. The power outages are the result of
stockpile mismanagement and general underinvestment by ESKOM, the state power
utility. It is estimated that coal exports will be reduced for the next four
years as ESKOM rebuilds its stockpiles. Elsewhere, supply was interrupted by
the floods in Queensland's Bowen Basin, where around one quarter of output is
thermal coal. Heavy rains also impacted Indonesian supply, while Vietnam
reduced exports of anthracite in order to build stockpiles for new domestic
consumption. Thermal coal contracts for 2008 have been set at US$125/tonne, up
125% from the previous year. The portfolio is well exposed to the bulk
commodities through investments in the diversified mining companies such as
BHP Billiton, Rio Tinto, Vale and Straits Resources. We also have investments
in coal companies Bumi Resources, China Shenhua Energy and Straits Asia
Resources.
Precious metals were firmer across the board during the period under review.
In January gold prices surpassed their previous high of US$850/oz, recorded
some 28 years earlier. Prices then moved quickly on to surpass both the
US$900/oz and US$1,000/oz levels to peak at US$1,030/oz by mid-March. (While
this is a new high in nominal terms, it remains some way short of the 1980
inflation adjusted peak of over US$2,000/oz). The metal continues to be
supported by investment demand, which itself has been driven by a host of
factors including stockmarket volatility, weakness in the US Dollar and
concerns about inflation. In terms of supply, global mine production is at
best stagnant despite the increase in metal price. Gold prices retreated back
to US$888/oz by the end of May as central banks adopted a more hawkish stance.
The expectation of interest rate rises in an attempt to combat inflation
pushed the metal lower as investors unwound US Dollar hedge trades. Jewellery
demand in the March quarter was also crimped by the scale and rapidity of
bullion's move. The possibility of gold sales by the IMF is essentially
already priced into the market. These sales, which require US Congressional
approval, would be carried out as part of the Central Bank Gold Agreement,
which limits gold sales to 500 tonnes per annum. Platinum also reached new
highs during the period, breaching the US$2,000/oz level for the first time.
The metal's peak of US$2,290/oz is also a new inflation-adjusted record.
Supply/demand dynamics for the metal remain strong. The impact of power
disruptions in South Africa on commodity output is most acute in platinum
where 75% of the world's primary platinum supply is produced. In terms of
demand, much of the metal's industrial usage is relatively price inelastic.
Tighter environmental legislation in Europe is positively impacting demand for
platinum from manufacturers of diesel autocatalysts. Above ground stocks of
platinum are also at historically low levels.
Oil was one of the best performing commodities during the period, with prices
reaching new highs in both nominal and real terms. In May, spot prices
averaged US$125/Bbl, which is US$23/Bbl more than the previous inflation
adjusted high recorded in April 1980. With crude surging 33% to US$127/Bbl in
the first five months of 2008, many investors have argued that the move has
been driven entirely by speculators and that demand destruction at this level
will quickly result in a significant retracement of prices. However, contrary
to what many investors believe, the market has been considerably tighter than
predicted. At the start of 2008, the growth in non-OPEC supply was estimated
at around 1 million barrels per day. By the end of May, that number had been
revised down to between 0.6 and 0.7 million barrels per day. A key factor in
this change has been Russia's decline in output. After a long period of
sustained growth, Russian production has fallen year-on-year in each of the
first five months of 2008. Elsewhere, output from Mexico and the UK sector of
the North Sea has also deteriorated. Oil demand remains strong from non-OECD
countries, notably China, India and the Middle East. Much of China's
incremental demand has been made up of diesel. Following the disruptions to
coal supply earlier this year, China has turned to diesel driven generators as
a back-up to the main power grid. The Company's exposure to the energy markets
is principally through the integrated oil companies, such as StatoilHydro,
Chevron, Eni, Total and Occidental. In the UK, we have added to our holding in
BP.
Uranium prices fell back to US$60/lb during the period. Prices have been under
pressure since mid-2007 when the US Department of Energy released its data on
inventories, which saw many utilities leave the market in anticipation of
lower prices. Prices appear to have stabilised at current levels, with
utilities sufficiently stocked and producers unwilling to sell below US$60/lb.
The long term outlook appears robust. Thirty three new nuclear reactors are
under construction with another 91 at the planning stage. Currently, there are
currently 433 reactors in operation. UEX is the Company's only uranium
holding.
In terms of mergers and acquisitions activity in the commodity sector, the key
events centred around Rio Tinto. In November, BHP Billiton confirmed that it
had made an unsolicited approach to acquire Rio Tinto, offering three BHP
shares for every Rio Tinto share held. On 6 February, BHP then made a formal
offer, at an improved ratio of 3.4 BHP shares for every Rio Tinto share held.
Rio Tinto's board unanimously rejected the bid, claiming it significantly
undervalued the company. One week prior to BHP's revised bid, Chinalco
(Aluminium Corporation of China) and Alcoa jointly purchased a 12% stake in
the UK listed shares of Rio Tinto which represents 9% of the company's entire
issued capital. The £60 per share price paid represented a 21% premium to
Rio's share price prior to the announcement. Chinalco and Alcoa stated it was
not their intention to make a bid for Rio Tinto. The transaction is seen as an
attempt to block BHP's acquisition of Rio Tinto. BHP believes that regulatory
approvals will be in place in the second half of 2008. At the time of writing
the board of Rio Tinto remains unchanged in its view that the offer should be
rejected.
In March, Xstrata and Vale failed to agree merger terms, then in June, Vale's
senior management announced their intention to raise additional capital of
US$15 billion. Part of the proceeds will be used to make strategic
acquisitions, although the company made it clear that it was not currently
negotiating any acquisitions. Alcoa and Freeport McMoran were bid up on the
news in the belief that one or other could be a potential target. In
Australia, Zinifex and Oxiana agreed to merge their businesses, to create a
diversified base and precious metals mining company. The merger is expected to
be completed by July. Last year, Zinifex and Umicore, a Belgian company,
combined their smelting and alloying assets to create Nyrstar.
Portfolio
The portfolio is largely invested in established producing companies within
the mining and energy sectors, with little exposure to exploration and
development companies. At 31 May 2008, the Company held 62 holdings, with
approximately 40% of assets invested in diversified mining and integrated oil
companies. A brief description of the portfolio's top 10 holdings, which make
up 36.4% of net assets, is also provided.
During the period we purchased a holding in K+S, a German fertilizer producer.
The stock has benefited from rising grain prices, which resulted in increased
demand for fertilizer. Our long term view on the agricultural sector is
positive, driven by a growing population and the growth of the biofuels
industry. Another important driver is rising incomes in some of the more
populous parts of the world, such as China. As living standards rise, dietary
patterns shift as people bring more protein into their diets. This has
profound implications for the agricultural industry. To produce one unit of
beef for example, requires between 7 and 8 units of feed, such as corn. These
factors will benefit fertilizer demand as farmers strive to increase crop
yields. While the Manager intends to add companies within the agricultural
sector to the portfolio going forward the portfolio will continue to be
predominantly invested in mining and energy equities, in line with the
Company's objectives. The agricultural stocks will increase the
diversification of the portfolio, as well as increasing our list of potential
dividend payers. Given the rising profitability of these companies our view is
that dividend growth will be a feature of the sector going forward.
Income
The Manager is pleased to report that the Group generated revenue of £4.2
million in the period, a rise of 18.4% compared with the previous interim period.
The increase was driven by higher levels of option premium income, and continuing
strong dividend receipts from underlying investment holdings. After the
deduction of operating expenses and finance costs, the net income of £2.8
million for the period amply covers the first and second interim dividend
payments of £1.8 million with the surplus of £1.0 million being taken to the
Group's revenue reserve.
Outlook
The long term outlook for the commodity sector is positive. Demand growth
should remain strong, driven by economic growth and rising intensity of use in
emerging economies such as China and India. It is worth noting that
infrastructure investment and the growth of domestic consumption are the key
components of Chinese GDP. Exports to the US are a relatively minor component
of China's growth. We believe that although a US recession will undoubtedly
have negative implications for the global economy, it should not be enough to
derail it. Meanwhile, supply growth is likely to be constrained by a multitude
of factors including limited exploration success, cost escalation and
shortages of equipment and labour. Geopolitical issues are also intensifying
in various parts of the world casting doubt over the security of supply in
some commodities. Commodity equities, in our opinion continue to offer good
value. While the stockmarket remains sceptical about the long term outlook for
commodity markets, equities are discounting sometimes significant falls in
commodity prices going forward.
The Company's investment strategy remains unchanged, focusing on producing
companies with quality assets which are cash generative. We will also target
companies with a record of returning cash to shareholders. Our exposure to
companies at the exploration or development stage will be minimal. We expect
the market to remain volatile as a result of so many uncertainties regarding
the direction of financial markets.
Our aim is to "look through" the volatility with a view to relatively long
term investments. We could also take appropriate action through the options
market in order to monetise any extreme volatility in the market. We also
believe that mergers and acquisition activity will be an important theme and
we will be mindful of this in our investment decisions.
Ten Largest Investments:
BHP Billiton - 5.0% (2007: 5.1%) is the world's largest diversified natural
resources company, formed in 2001 following the merger of UK's Billiton and
Australia's BHP. The company is a major producer of aluminium, iron ore,
copper, thermal and metallurgical coal, manganese, uranium, nickel, silver and
titanium minerals. The company also has significant interests in oil, gas,
liquefied natural gas and diamonds. In February, BHP Billiton launched a
formal bid for Rio Tinto. While the approach was quickly rejected by Rio
Tinto, BHP Billiton intends to pursue the potential transaction, which if
successful would be one of the largest ever corporate takeovers.
Rio Tinto - 4.4% (2007: 5.4%) is the world's third largest mining company. The
company has interests in aluminium, copper, diamonds, energy products, gold,
industrial minerals (borates, titanium dioxide, salt and talc), and iron ore.
In February, the board of Rio Tinto rejected a formal offer for the company
made by BHP Billiton. The bid was made following the purchase of a 12% stake
in Rio Tinto plc by Alcoa and Chinalco.
Vale - 4.3% (2007: 4.4%) in November 2007, CVRD changed its name to Vale.
Based in Brazil, the company is the second largest mining company in the world
and the largest producer of iron ore. The company has significant interests in
other commodities including aluminium, coal, copper and gold. Since the 2006
acquisition of Inco, Vale is also a leading producer of nickel. In addition to
its mining interests, Vale owns and operates transport infrastructure. The
potential merger of Vale with UK listed Xstrata was abandoned this year.
StatoilHydro - 4.0% (2007: 5.2%) was established in October 2007 following the
merger of Statoil with Norsk Hydro's oil and gas assets and is the leading
operator on the Norwegian continental shelf. The company is one of the world's
leading suppliers of gas and the largest supplier of petroleum products in
Scandinavia. StatoilHydro is also a world leader in the use of deepwater
technology and in carbon capture and storage.
Chevron - 3.8% (2007: 3.4%) is one the world's largest integrated energy
companies with operations in more than 180 countries. One of the six "super
major" oil companies, Chevron is active in every aspect of the oil and gas
industry including exploration and production, refining, marketing and
transportation, chemicals manufacturing and sales, geothermal and power
generation.
Eni - 3.8% (2007: 3.3%) is an integrated energy company based in Italy. The
company engages in oil and gas exploration and production, refining and
marketing and the generation and sale of electricity. In Italy, the company is
the leader in the marketing of refined products under its Agip brand. Eni also
operates in the transport, distribution and sale of natural gas and is active
in the petrochemical, oilfield service and engineering industries.
Total - 3.2% (2007: 3.5%) is one of the largest publicly traded integrated oil
and gas companies in the world. The company's key production regions are the
North Sea, Africa and the Middle East. Total is Western Europe's leader in
refining and marketing and one of the world's major traders of crude oil and
refined products. Total also produces petrochemical and fertilizer products
and has interests in coal mining and the power generation sector.
Alcoa - 3.0% (2007: 3.1%) is the world's leader in alumina production and the
third largest producer of aluminium. Headquarted in the USA, Alcoa is also
active in other businesses including packaging and consumer products,
fastening systems, precision castings and electrical distribution systems for
cars and trucks. In February, Alcoa, in partnership with Chinalco (Aluminium
Corporation of China), acquired a 12% interest in the UK listed shares of Rio
Tinto.
Impala Platinum - 2.5% (2007: 2.4%) is listed on the Johannesburg Stock
Exchange and is one of the leading producers of Platinum Group Metals ("PGM")
in the world. The company's mining and refining operations are principally
located on one of the most important PGM deposits in the world, the Bushveld
Complex in South Africa. Impala is also a major shareholder in Aquarius
Platinum.
Eramet - 2.4% (2007: 1.4%) is headquartered in France, Eramet is the sixth
largest producer of nickel in the world and the second largest producer of
high grade manganese ore. In the alloys business, Eramet is one of the world's
leading producers of high performance specialty steels and superalloys. In
April, Eramet increased its exposure to the manganese alloys business with the
acquisition of Tinfos, a Norwegian company. Tinfos is a producer of silicon
manganese, titanium dioxide and pig iron.
Investments as at 31 May 2008
Main Market
geographic value % of
exposure £'000 investments
Integrated Oil
StatoilHydro Europe 5,498 4.0
Chevron Global 5,249 3.8
Eni Europe 5,153 3.8
Total Global 4,411 3.2
Occidental Petroleum USA 3,247 2.4
BP Global 3,040 2.2
Conocophillips USA 2,531 1.8
Exxon Mobil Global 1,902 1.4
Marathon Oil USA 1,297 1.0
Petrol Brasileiros Latin
America 714 0.5
Repsol put option 19/06/08 Global (11) -
------- -----
33,031 24.1
------- -----
Diversified
BHP Billiton Global 6,890 5.0
Rio Tinto Global 6,055 4.4
Vale†Latin
America 5,846 4.3
Straits Resources Australia 2,676 1.9
Sterlite Industries Asia 1,789 1.3
Xstrata Global 598 0.4
Xstrata call option 20/06/08 Global (15) -
Rio Tinto call option 18/07/08 Global (20) -
------- -----
23,819 17.3
------- -----
Exploration & Production
Anadarko Petroleum USA 2,839 2.1
Peyto Energy Trust Canada 2,562 1.9
Niko Resources Asia 2,462 1.8
CNOOC China 2,239 1.6
Encana Canada 2,051 1.5
Nexen Asia 1,946 1.4
XTO Energy USA 1,929 1.4
Denbury Resources USA 1,889 1.4
Crescent Point Energy Trust Units Canada 1,563 1.1
------- -----
19,480 14.2
------- -----
Aluminium
Alcoa USA 4,101 3.0
Norsk Hydro Europe 2,808 2.0
Alumina Australia 2,794 2.0
------- -----
9,703 7.0
------- -----
Oil Services
SBM Offshore Europe 3,010 2.2
KBR USA 2,367 1.7
Schlumberger USA 1,839 1.3
Precision Drilling Trust Canada 1,284 0.9
------- -----
8,500 6.1
------- -----
Gold
Goldcorp Canada 1,726 1.3
Peter Hambro Mining Ltd 7% 19/10/12 Russia 1,373 1.0
Jaguar Mining 10.5% 23/03/12* Latin
America 1,322 1.0
Peter Hambro Mining Group 7.125%
Convertible Bonds 11/08/10 Russia 889 0.6
Barrick Gold Canada 713 0.5
Jaguar Mining Latin
America 376 0.3
High River Gold 8% Convertible Bonds Africa
31/12/11* 336 0.2
Yamana put option 21/06/08 USA (13) -
Goldcorp put option 21/06/08 Canada (13) -
Agnico-Eagle put option 21/06/08 USA (17) -
Newmont put option 21/06/08 USA (18) -
------- -----
6,674 4.9
------- -----
Platinum
Impala Platinum South Africa 3,445 2.5
Anglo Platinum South Africa 1,668 1.2
Johnson Matthey Europe 1,511 1.1
------- -----
6,624 4.8
------- -----
Nickel
Eramet Europe 3,295 2.4
International Nickel Indonesia Asia 1,988 1.4
Minara Resources Australia 1,027 0.8
------- -----
6,310 4.6
------- -----
Copper
Freeport McMoran Copper & Gold†Asia 2,634 1.9
Grupo Mexico Latin
America 1,320 1.0
Southern Copper Latin
America 974 0.7
Katanga Mining 14% S/Nts 30/11/13 Africa 528 0.4
Katanga Mining Convertible Warrants 20/11/11 Africa 135 0.1
------- -----
5,591 4.1
------- -----
Coal
Straits Asia Resources Asia 3,028 2.2
China Shenhua Energy China 1,354 1.0
Bumi Resources Asia 1,195 0.9
------- -----
5,577 4.1
------- -----
Zinc
Nyrstar Europe 3,232 2.4
Zinifex Australia 2,289 1.7
------- -----
5,521 4.1
------- -----
Tin
Minsur Latin
America 1,599 1.2
------- -----
1,599 1.2
------- -----
Other
K&S Europe 1,422 1.0
Enbridge Income Fund Trust Canada 881 0.6
UEX Canada 806 0.6
Valero Energy USA 771 0.6
Iluka Resources Australia 557 0.4
Harry Winston Diamond Canada 451 0.3
------- -----
4,888 3.5
------- -----
Portfolio 137,317 100.0
------- -----
†Ordinary and preference shares
* Unquoted investments at Directors' valuation
All investments are in ordinary shares unless otherwise stated.
The total number of holdings as at 31 May 2008 was 62 (30 November 2007: 59)
The total number of open options as at 31 May 2008 was 7 (30
November 2007: 5)
The negative valuations in respect of options held represent the notional cost
of repurchasing the contracts at market prices as at 31 May 2008.
CONSOLIDATED INCOME STATEMENT
for the six months ended 31 May 2008
Capital
Revenue Return Total
return £'000 £'000 £'000
__________________________________ ________________________________ _______________________________
Six months Six months Six months Six months Six months Six months
ended ended Year to ended ended Year to ended ended Year to
Notes 31.05.08 31.05.07 30.11.07 31.05.08 31.05.07 30.11.07 31.05.08 31.05.07 30.11.07
(unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited)
Income from
investments
held
at fair
value
through
profit or
loss 2 2,570 2,810 4,832 - - - 2,570 2,810 4,832
Other
income 2 1,607 717 2,232 - - - 1,607 717 2,232
----- ----- ----- ---- ---- ---- ----- ----- -----
Total
revenue 4,177 3,527 7,064 - - - 4,177 3,527 7,064
----- ----- ----- ---- ---- ---- ----- ----- -----
Gains on
investments
held at
fair value
through
profit or
loss - - - 18,120 20,933 37,690 18,120 20,933 37,690
----- ----- ----- ------ ------ ------ ------ ------ ------
4,177 3,527 7,064 18,120 20,933 37,690 22,297 24,460 44,754
----- ----- ----- ------ ------ ------ ------ ------ ------
Expenses
Investment
management
fees 3 (174) (143) (305) (522) (429) (913) (696) (572) (1,218)
Other
expenses 4 (96) (4) (69) - - - (96) (4) (69)
---- ---- ---- ---- ---- ---- ---- ---- ----
Total
operating
expenses (270) (147) (374) (522) (429) (913) (792) (576) (1,287)
---- ---- ---- ---- ---- ---- ---- ---- -----
Profit
before
finance
costs
and
taxation 3,907 3,380 6,690 17,598 20,504 36,777 21,505 23,884 43,467
Finance
costs (70) (83) (135) (191) (225) (369) (261) (308) (504)
----- ----- ----- ------ ------ ------ ------ ------ ------
Profit
before
taxation 3,837 3,297 6,555 17,407 20,279 36,408 21,244 23,576 42,963
----- ----- ----- ------ ------ ------ ------ ------ ------
Taxation (1,039) (948) (1,874) 209 196 385 (830) (752) (1,489)
----- ----- ----- ------ ------ ------ ------ ------ ------
Profit for
the period 6 2,798 2,349 4,681 17,616 20,475 36,793 20,414 22,824 41,474
===== ===== ===== ====== ====== ====== ====== ====== ======
Earnings
per
ordinary
share 6 3.99p 3.11p 6.31p 25.10p 27.08p 49.60p 29.09p 30.19p 55.91p
===== ===== ===== ====== ====== ====== ====== ====== ======
The total column of this statement represents the Group's Income Statement,
prepared in accordance with International Financial Reporting Standards. The
supplementary revenue and capital return columns are both prepared under
guidance published by the Association of Investment Companies. All items in
the above statement derive from continuing operations. No operations were
acquired or discontinued during the period. All income is attributable to the
equity shareholders of BlackRock Commodities Income Investment Trust plc.
There are no minority interests.
Details of dividends paid and proposed at the balance sheet date are given in
note 5.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordinary Share Capital Capital
share premium Special reserve - reserve - Revenue
capital account reserve realised unrealised reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
For the six months ended
31 May 2008 (unaudited)
At 30 November 2007 756 737 64,987 18,321 22,437 2,780 110,018
Profit for the period - - - 5,565 12,051 2,798 20,414
Shares sold from treasury - 486 1,555 - - - 2,041
Share sale costs - - (7) - - - (7)
Dividends paid - - - - - (2,234) (2,234)
--- ----- ------ ------ ------ ----- -------
At 31 May 2008 756 1,223 66,535 23,886 34,488 3,344 130,232
--- ----- ------ ------ ------ ----- -------
Ordinary Share Capital Capital
share premium Special reserve - reserve - Revenue
capital account reserve realised unrealised reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
For the six months ended
31 May 2007 (unaudited)
At 30 November 2006 756 737 72,750 304 3,661 1,576 79,784
Launch costs written back - 15 - - - - 15
Profit for the period - - - 4,849 15,626 2,349 22,824
Dividends paid - - - - - (1,843) (1,843)
--- --- ------ ----- ------ ----- -------
At 31 May 2007 756 752 72,750 5,153 19,287 2,082 100,780
--- --- ------ ----- ------ ----- -------
Ordinary Share Capital Capital
share premium Special reserve - reserve - Revenue
capital account reserve realised unrealised reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
For the year ended
30 November 2007 (audited)
At 30 November 2006 756 737 72,750 304 3,661 1,576 79,784
Profit for the year - - - 18,017 18,776 4,681 41,474
Shares purchased - - (7,684) - - - (7,684)
Share purchase costs - - (79) - - - (79)
Dividends paid - - - - - (3,477) (3,477)
--- --- ------ ------ ------ ----- -------
At 30 November 2007 756 737 64,987 18,321 22,437 2,780 110,018
--- --- ------ ------ ------ ----- -------
The transaction costs incurred on the acquisition and disposal of investments
are included within the capital reserve. Purchases and sale costs amounted to
£25,000 and £21,000 respectively for the six months ended 31 May 2008 (period
ended 31 May 2007: £92,000 and £75,000; year ended 30 November 2007: £147,000
and £131,000).
CONSOLIDATED BALANCE SHEET
as at 31 May 2008
31 May 31 May 30 November
2008 2007 2007
£'000 £'000 £'000
Note (unaudited) (unaudited) (audited)
Non current assets
Investments held at fair value through
profit or loss 137,317 107,343 112,861
------- ------- -------
Current assets
Other receivables 1,019 910 1,438
Cash and cash equivalents 3,212 1,049 1,694
------- ------- -------
4,231 1,959 3,132
------- ------- -------
Total assets 141,548 109,302 115,993
------- ------- -------
Current liabilities
Other payables (1,009) (1,038) (1,969)
Bank overdrafts (10,307) (7,484) (4,006)
------- ------- -------
(11,316) (8,522) (5,975)
------- ------- -------
Net assets 130,232 100,780 110,018
======= ======= =======
Equity attributable to equity holders
Ordinary share capital 756 756 756
Share premium account 1,223 752 737
Special reserve 66,535 72,750 64,987
Capital reserve 58,374 24,440 40,758
Revenue reserve 3,344 2,082 2,780
------- ------- -------
Total equity 130,232 100,780 110,018
======= ======= =======
Net asset value per ordinary share 6 183.92p 133.31p 158.05p
======= ======= =======
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 May 2008
Six months Six months Year
ended ended ended
31 May 31 May 30 November
2008 2007 2007
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Net cash (outflow)/inflow from operating
activities before interest and
taxation (4,625) (2,131) 11,442
------ ------ -------
Financing activities
Shares sold from treasury/(repurchased) 2,034 - (7,778)
Equity dividends paid (2,234) (1,843) (3,477)
------ ------ -------
Net cash outflow from financing activities (200) (1,843) (11,255)
------ ------ -------
(Decrease)/increase in cash and cash
equivalents (4,825) (3,974) 187
Effect of foreign exchange rate changes 42 (44) (82)
------ ------ -------
Change in cash and cash equivalents (4,783) (4,018) 105
Cash and cash equivalents at start
of period (2,312) (2,417) (2,417)
------ ------ -------
Cash and cash equivalents at end
of period (7,095) (6,435) (2,312)
====== ====== =======
Comprised of:
Cash at bank 3,212 1,049 1,694
Bank overdraft (10,307) (7,484) (4,006)
------ ------ -------
(7,095) (6,435) (2,312)
====== ====== =======
RECONCILIATION OF NET INCOME BEFORE TAXATION TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
Six months Six months Year
ended ended ended
31 May 31 May 30 November
2008 2007 2007
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Profit before taxation 21,244 23,576 42,963
Gains on investments held at fair value through
profit or loss including transaction costs (18,120) (20,933) (37,690)
Decrease/(increase) in other receivables 204 (408) (214)
Increase/(decrease) in other payables 53 (49) (167)
Decrease in amounts due from brokers 264 2,787 2,227
Decrease in amounts due to brokers (824) (1,236) (412)
Net (purchases)/sales of investments held at fair
value through profit or loss (6,378) (5,247) 6,021
Taxation paid (798) (509) (947)
Taxation on investment income included within
gross income (270) (112) (339)
------ ------ ------
Net cash (outflow)/inflow from operating
activities (4,625) (2,131) 11,442
====== ====== ======
Notes to the financial statements
1. Principal activity
The principal activity of the Company is that of an investment trust company
within the meaning of section 842 of the Income and Corporation Taxes Act
1988.
The principal activity of the subsidiary undertaking, BlackRock Commodities
Securities Income Company Limited, formerly Merrill Lynch Commodities
Securities Income Company Limited, is investment dealing.
Basis of Preparation
The half yearly financial information has been prepared using the same
accounting policies as set out in the Company's Report and Accounts for the
year ended 30 November 2007 and in accordance with IAS 34. The taxation charge
has been calculated by applying an estimate of the annual effective taxation
rate to any profit for the period.
2. Income
Six months
Six months ended ended Year ended
31 May 2008 31 May 2007 30 November 2007
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Investment income:
Overseas listed dividends 2,099 2,619 4,320
Fixed interest 200 54 204
UK listed dividends 271 137 308
----- ----- -----
2,570 2,810 4,832
----- ----- -----
Other income:
Deposit interest 52 57 105
Option premium and stock lending income 1,555 660 2,127
----- ----- -----
1,607 717 2,232
----- ----- -----
Total income 4,177 3,527 7,064
----- ----- -----
3. Investment management fees Six months Six months
ended ended Year ended
31 May 2008 31 May 2007 30 November 2007
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Revenue:
Investment management fees 174 136 290
VAT - 7 15
---- ---- -----
174 143 305
---- ---- -----
Capital:
Investment management fees 522 408 869
VAT - 21 44
---- ---- -----
522 429 913
---- ---- -----
Total:
Investment management fees 696 544 1,159
VAT - 28 59
---- ---- -----
696 572 1,218
---- ---- -----
The investment management fee is levied at a rate of 1.1% of gross assets per
annum based on the gross assets on the last day of each quarter, and is
allocated 25% to the revenue account and 75% to the capital account.
Following the success of the AIC and JPMorgan Claverhouse Investment Trust plc
case against HM Revenue & Customs, investment trusts are no longer subject to
VAT on management fees.
4. Other Expenses
Six months Six months
ended ended Year ended
31 May 2008 31 May 2007 30 November 2007
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Custody fee 9 (72) (63)
Auditors remuneration:
- audit services 10 6 18
- non audit services 5 5 5
Directors' emoluments 30 25 57
Other administrative costs 42 40 52
---- ---- -----
96 4 69
---- ---- -----
An amount of £70,000 has been credited against operating expenses for the six
months ended 31 May 2007 relating to the release of an overprovision for
custody fees for the period ended 30 November 2006.
5. Dividends
Ordinary dividends on equity shares are analysed below:
Six months Six months
ended ended Year ended
31 May 2008 31 May 2007 30 November 2007
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
First interim dividend for the period
ended 29 February 2008 - 1.3125p (2007: 1.125p) 929 851 851
Second interim dividend for the period
ended 31 May 2008 - 1.3125p (2007: 1.125p) 929 851 851
Third interim dividend for the period
ended 31 August 2007 - 1.125p (2006: 1.0625p) - - 783
Fourth interim dividend for the period
ended 30 November 2007 - 1.875p (2006: 1.3125p) - - 1,305
---- ---- ----
1,858 1,702 3,790
===== ===== =====
A first interim dividend for the period ended 29 February 2008 of £929,390
(1.3125p per ordinary share) was paid on 25 April 2008 to shareholders on the
register at 28 March 2008. A second interim dividend of £929,390 (1.3125p per
ordinary share) is proposed and will be paid on 25 July 2008 to shareholders
on the register at 27 June 2008. This dividend has not been accrued in the
financial statements for the period ended 31 May 2008, as under IFRS, interim
dividends are not recognised until paid. Dividends are debited directly to
reserves.
The third and fourth interim dividends will be declared in September 2008 and
December 2008 respectively.
6. Consolidated earnings per ordinary share and net asset value
per share
Six months Six months
ended ended Year ended
31 May 2008 31 May 2007 30 November 2007
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Net revenue return attributable to ordinary
shareholders (£'000) 2,798 2,349 4,681
Net capital return attributable to ordinary
shareholders (£'000) 17,616 20,475 36,793
------- ------- -------
Total earnings attributable to ordinary
shareholders (£'000) 20,414 22,824 41,474
------- ------- -------
Equity shareholders funds (£'000) 130,232 100,780 110,018
------- ------- -------
The weighted average number of ordinary shares
in issue during the period, on which the return
per ordinary share was calculated, was: 70,181,154 75,600,000 74,172,404
The actual number of ordinary shares in issue at
the end of theperiod on which the net asset value
was calculated, was:
70,810,662 75,600,000 69,610,662
The number of ordinary shares in issue including
treasury shares at the period/year end was: 75,600,000 75,600,000 75,600,000
Revenue return per share 3.99p 3.11p 6.31p
Capital return per share 25.10p 27.08p 49.60p
------- ------- -------
Total return per share 29.09p 30.19p 55.91p
------- ------- -------
Net asset value per share 183.92p 133.31p 158.05p
Share price 184.00p 124.50p 149.75p
======= ======= =======
7. Ordinary share capital
Ordinary Treasury Total Nominal
shares shares shares shares
(nominal) (nominal) (nominal) £'000
Authorised share capital comprised:
Ordinary shares of 1p each 505,000,000 - 505,000,000 5,050
----------- ---------- ----------- -----
Allotted, issued and fully paid:
Shares in issue at 30 November 2007 69,610,662 5,989,338 75,600,000 756
Shares issued out of treasury 1,200,000 (1,200,000) - -
----------- ---------- ----------- -----
70,810,662 4,789,338 75,600,000 756
----------- ---------- ----------- -----
During the period the Company sold 1,200,000 shares from treasury at a premium
to net asset value for a total consideration of £2,041,000.
8. Publication of non-statutory accounts
The financial information contained in this half yearly financial report does
not constitute statutory accounts as defined in section 435 of the Companies
Act 2006. The financial information for the six months ended 31 May 2008 and
31 May 2007 has not been audited.
The information for the year ended 30 November 2007 has been extracted from
the latest published audited financial statements, which have been filed with
the Registrar of Companies. The report of the Auditors on those accounts
contained no qualification or statement under sections 498(2) or (3) of the
Companies Act 2006.
9. Annual results
The Board expects to announce the annual results for the year ended 30
November 2008, as prepared under IFRS in mid January 2009. Copies of the
preliminary announcement can be obtained from the Secretary on 020 7743 3000.
The annual report should be available at the beginning of February 2009, with
the Annual General Meeting being held in March 2009.
10. Copies of the half yearly financial report will be posted to shareholders
by 23 July 2008. Copies will also be available to the public from the
Company's registered office at 33 King William Street, London EC4R 9AS, and on
BlackRock Investment Management's website at www.blackrock.co.uk/its.
10 July 2008
33 King William Street
London EC4R 9AS
Independent Review Report
to BlackRock Commodities Income Investment Trust plc
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half yearly financial report for the six month period ended
31 May 2008 which comprises the Consolidated Income Statement, Consolidated
Statement of Changes in Equity, Consolidated Balance Sheet, Consolidated Cash
Flow Statement, Reconciliation of the Net Income before Tax to Net Cash Flow
from Operating Activities, and the related notes 1 to 8. We have read the
other information contained in the half yearly financial report and considered
whether it contains any apparent misstatements or material inconsistencies
with the condensed set of financial statements.
This report is made solely to the Company in accordance with guidance
contained in ISRE 2410 (UK and Ireland) "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity" issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our
work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The half yearly financial report, is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
half yearly financial report in accordance with the Listing Rules of the
Financial Services Authority.
As disclosed in note 1, the annual financial statements of the Company are
prepared in accordance with International Financial Reporting Standards
("IFRS") as adopted by the European Union. The condensed set of financial
statements included in this half yearly financial report has been prepared in
accordance with the Accounting Standards Board Statement "Half Yearly
Financial Reports".
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half yearly financial report based on our
review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half yearly
financial report for the six month period ended 31 May 2008 is not prepared,
in all material respects, in accordance with the Accounting Standards Board
Statement "Half Yearly Financial Reports" and the Disclosure and Transparency
Rules of the United Kingdom's Financial Services Authority.
Ernst & Young LLP
London
10 July 2008
END
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