Half-yearly Report

7 August 2007 MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC Interim announcement of results in respect of the six months ended 30 June 2007 - The Company's net asset value per share increased by 26.0% and its benchmark, the MSCI EM Latin American Index, by 27.0% (both in US dollar terms on a total return basis). - The Company's share price increased by 24.8% (in US dollar terms on a total return basis). - Basic earnings per share amounted to 5.61 cents for the period (six months to 30 June 2006: 5.47 cents). - The Directors have declared an interim dividend of 2.50 cents per share, (in line with the interim dividend paid for the period to 30 June 2006 of 2.50 cents), payable on 28 September 2007 to shareholders on the register on 17 August 2007. For further information please contact: Peter Burnell, Chairman - 01434 632292 Jonathan Ruck Keene, Managing - 020 7743 2178 Director Investment Trusts Nigel Webb, Director Media & - 020 7743 5938 Communications BlackRock Investment Management (UK) Limited or William Clutterbuck - 020 7379 5151 The Maitland Consultancy The Chairman, Peter Burnell, comments: Performance "Latin American equity markets have continued to deliver strong absolute returns with the Company's net asset value (NAV) ending the period at 978.39 cents per share (equivalent to 487.63 pence per share), giving a total return of 26.0% over the period. In comparison the benchmark index returned 27.0% (US dollar terms) over the same period whilst the share price rose to 467.5 pence per share, a rise of 21.7% in sterling terms and 24.8% in US dollar terms on a total return basis. The relative underperformance was due mainly to underweighting in Mexico. The discount/premium ranged between a discount of 7.3% and a premium of 2.2% over the period and stands at a discount of 2.1% at the date of this report. Since the end of the review period the NAV has decreased by 2.1% compared to a fall of 2.9% in the benchmark index (all in US dollar terms). Gearing "The Board's policy is to make tactical use of gearing when markets are deemed to be significantly over or undervalued. The Company has a committed loan facility for US$25 million together with an uncommitted facility for US$25 million providing total facilities of US$50 million. The Company did not have any gearing in place during the period under review. Dividends "Dividend income in the period resulted in revenue returns of 5.61 cents per share (2006: 5.47 cents per share). The Board is pleased to declare an interim dividend of 2.50 cents per share (2006: 2.5 cents per share) which will be paid on 28 September 2007 to shareholders on the register on 17 August 2007 (ex-dividend date 15 August 2007). Management Fee "It was announced on 28 June 2007 that having taken financial advice from Cenkos Securities plc, the Board had recently reviewed the basis of remuneration of the Manager and agreed a revised management fee basis. The new arrangements took effect from 1 July 2007. "Revised basic management fee: The Manager was previously entitled to a fee of 1% per annum (plus VAT) of NAV, paid quarterly in arrears. This has been reduced to 0.85% per annum (plus VAT) of NAV. "New performance fee: The Manager is now entitled to a performance fee equal to 10% of any outperformance of the NAV per share (on a US dollar total return basis) over the MSCI Emerging Markets Latin American Index (on a US dollar total return basis) plus a hurdle of 1.0%. The amount of performance fee payable in any one year will be capped at 1.0% of NAV. For the first six month period running from 1 July 2007 to 31 December 2007, the cap will be pro-rated accordingly. However, any performance fee will only be paid to the extent that the cumulative performance since 1 July 2007 is ahead of the MSCI EM Latin American Index (on a US dollar total return basis). Tender Offer "The Board also consulted Cenkos regarding the tender offer and it was announced on 24 July 2007 that, given the strong performance since the last tender offer, the Board had concluded that it would not exercise its discretion to implement a tender offer on this occasion. "The Board will continue to monitor the share rating closely and expects to implement share repurchases in the market if the discount to NAV remains at a level above 2 per cent on a consistent basis, being the level at which the tender offer price has been implemented in the past. Prospects "Despite the recent volatility in global equity markets the outlook for Latin America remains attractive with the Brazilian market in particular expected to benefit from the virtuous circle of improving domestic credit quality and falling local interest rates. Equity valuations relative to other regions are undemanding and the fundamentals are more robust than during the 1990s." Commenting upon performance and the outlook for the Company, Will Landers of BlackRock Investment Management (UK) Limited, the Investment Manager, notes: Latin American Market Overview During the first six months of 2007, the Company's NAV increased by 26.0% and the share price by 24.8%. By comparison, the MSCI EM Latin American Index posted a return of 27.0%, placing Latin America again among the best performing regions in the world. While the overweight in Brazil provided positive attribution due to an overweight position in consumer and metals & mining stocks, the underweight position in a number of large capitalisation Mexican stocks in the wireline and cement sectors were the main detractors from performance during the period. (All performance figures are in US dollar terms, with income reinvested). Performance in US dollar terms and comparative valuations % YTD USD P/E Ratio 2007 P/E Ratio 2008 MSCI Argentina 4.4 13.3 13.3 MSCI Brazil 31.4 11.6 10.5 MSCI Chile 28.5 21.9 20.6 MSCI Colombia 11.1 n/a n/a MSCI Mexico 19.7 17.3 15.2 MSCI Peru 66.9 n/a n/a MSCI EM Latin America 27.0 13.4 12.1 MSCI EMEA 9.0 12.6 11.5 MSCI Emerging Asia 18.5 15.3 13.0 MSCI EMF 17.6 14.0 12.3 Sources: MSCI,Bloomberg, UBS Pactual; P/E ratios 2007 and 2008 from UBS Pactual estimates as of 29/06/07. "Despite the strong performance over the first six months of 2007, the market saw periods of increased volatility. From 22 February to 5 March, the market had a sharp 12.5% correction, sparked by concerns over China's economic growth being impacted by the Chinese government's attempt to control local equity markets. This was short-lived and from 5 March to 29 June the MSCI Emerging Markets Latin American Index posted a 34.2% appreciation, spurred on by sustained earnings growth throughout the region, a continuation of mostly strong commodity prices and some country specific events that helped to drive certain local markets higher. Brazil "Among the large and liquid markets in the region, Brazil had the strongest return, with a 31.4% appreciation in US dollar terms for the first-half of the year. This return was aided by the continued appreciation of the Real against the US dollar with the Real appreciating 9.5% during the period. The surprising event is that during the period, Brazil's trade surplus continued to remain strong and had actually reached new heights in recent months, with growth coming as much from price appreciation as from volume growth. Exporters continue to adjust their cost structures to the reality of a strong currency, which is unlikely to weaken in the foreseeable future. "The market was also driven by the continuation of the Banco Central's interest rates reduction process. During the period, there were four rate cuts totalling 125 basis points which brought the reference Selic rate to 12.0%. Given the Banco Central's goal of 4.5% inflation and inflation forecasts of 3.7% for 2007 and 4.0% for 2008, there is still plenty of room for the Banco Central to continue cutting interest rates during the second-half of 2007 and into 2008. "Earnings growth continued to be robust and consensus earnings forecasts were increased to reflect faster economic growth given falling interest rates, low inflation, and a strengthening currency. Many Brazilian companies sanctioned capital expenditure during the first-half, with the second-half of 2007 promising to remain very busy as well. The market is further boosted by the high level of liquidity. Mexico "In Mexico, the market posted a strong return of 19.7% despite signs that the economy was starting to suffer from the economic slowdown in the United States. Companies providing goods and services to consumers have begun to see poorer results during the first-quarter earnings period and this is likely to continue into the second quarter. "Remittances from the US also showed signs of slowing down, being blamed for some of the consumer slowdown in Mexico. Despite showing some weakness during the first quarter of the year, the Peso finished the period flat compared with the 2006 year end level. "Undoubtedly, a major contributing factor towards Mexico's strong equity market performance was President Calderon's ability to work with Congress in moving Mexico's reform agenda forward. Early in the first quarter Congress approved social security reform for public servants and in June the government announced the beginnings of fiscal reform that could generate in excess of 1.5% of GDP in additional revenues, reducing the budget's strong reliance on oil revenues. Moreover, Mexican pension funds had their equity limits increased from 15% to 30%, providing further support for local equities. Chile "The Chilean market posted a 28.5% return for the period, slightly outperforming the region's average, supported by a strong economic performance and a strong recovery in copper prices. Copper had fallen by approximately 25% from the end of November 2006 to the end of January 2007, but recovered almost 50% from then until the end of June, reaching a new all-time high of US$3.78/lb in May 2007. Chile continues to rank among the most expensive markets in the world with a 2007 estimated P/E ratio of 21.9 times, despite expectations that local pension funds will soon be able to increase their weightings in foreign equities. Panama "The Panamanian economy continues to perform well and we have exposure to it via its main airline, CoPa Airlines. Colombia "Colombia, having implemented capital controls aimed at slowing down the appreciation in the value of the Peso, underperformed with an 11.1% return. The combination of capital controls and low liquidity have restricted our ability and willingness to increase our exposure to the market. Peru "Following the major rebound in commodity prices, Peru is ranked among the best performing markets in the world with a 66.9% return. Given increased participation of local pension funds, valuations are at the top of the Latin American range while liquidity remains relatively low. We currently have no exposure to the Peruvian market. Argentina/Venezuela "Argentina and Venezuela, both with their unorthodox fiscal and monetary policies, were laggards posting low single digit returns during the period. We have virtually no exposure to either of these local markets, with our Argentinean exposure limited to Tenaris, a global oil services provider listed in Luxembourg. Portfolio "During the first-half of 2007, the portfolio turnover was about 18%. In general terms, the Company's exposure in Brazil was increased to approximately 65% of total investments, representing a 10% overweight position relative to the MSCI EM Latin American Index and an approximate 300 basis points increase compared with the position held at year-end 2006. This was accomplished by increasing exposure to the homebuilding sector, financial services and electric utilities sectors, while taking profits in some consumer stocks and reducing exposure to oil. The Company participated in seven IPOs in Brazil during the period - all but one listed on the Novo Mercado of the Bovespa (which has the highest corporate governance level) - increasing our exposure to homebuilders, financial services, industrials and logistics sectors. "In Mexico, the Company exposure was reduced by approximately 150 basis points to a short 27% given our concerns regarding the consumer slowdown in the region. The relative underweight position actually fell by approximately 100 basis points to 2.3% due to the May rebalancing and a reduction in Mexico's overall weighting. We took profits in some consumer and infrastructure stocks, re-entering the Mexican financial sector given continued strength in loan growth. "Other markets remained relatively unchanged during the period, however the portfolio exposure to Argentine and Chilean corporates was reduced in order to fund the increase in the Brazilian portfolio. "Gearing remained at zero during the first-half of the year as we did not find an opportune time to reintroduce leverage. Outlook "Notwithstanding the subprime led market volatility, our outlook for Latin American equities remains positive. Latin America in general, and Brazil specifically, remain the most attractive equity markets in the world, with low double digit P/E ratios and earnings growth forecast to exceed 20% in 2007 and in the teens for 2008. Brazilian equities should continue their re-rating given the increased weighting of non-commodity stocks in the market, the positive impact of the Banco Central easing process, and the eventual upgrade of Brazilian sovereign debt to investment grade. The Mexican and Chilean markets are trading closer to fair value overall, but we continue to find attractive investment opportunities, with significant upside." Ten Largest Holdings Cia Vale Rio Doce - 11.3% (2006: 9.6%) following the acquisition of Canada's Inco, CVRD is one of the world's leading producers of nickel, controlling a majority of nickel projects expected to come on-stream over the next five years. As a result, CVRD is now one of the world's leading producers in two attractive minerals - iron ore and nickel. The announcement of a 9.5% price increase for iron ore in 2007 reinforces the strong position enjoyed by iron ore producers given continued strong demand. America Movil - 9.9% (2006: 9.8%) is Latin America's leading provider of wireless communications. The company expect to continue posting strong double digit subscriber growth in 2007 while improving overall operating margins given economies of scale from its large existing subscriber base. Petroleo Brasileiro - 8.3% (2006: 12.5%) Petrobrás represents one of the most attractive energy stocks in all emerging markets. The company continues to invest heavily in increasing its production, utilising free cash flow generated from elevated oil prices to guarantee future production growth. The company's shares continue to trade at lower multiples than other emerging markets' oil companies despite its investment track record, production growth and superior corporate governance. Banco Bradesco - 6.2% (2006: 6.8%) is Brazil's leading private sector bank is in an advantageous position to benefit from the strong demand for credit in the region. The company has been undergoing a process of improving profitability levels over the past two years and its shares are expected to continue rerating during 2007. Usiminas - 4.5% (2006: 2.2%) Brazil's largest steel producer is enjoying growth of higher value-added products to the domestic Brazilian market due to growing demand from automobile and white goods manufacturers. Ambev Cia De Bebidas - 3.0% (2006: 3.0%) is Brazil's leading beverages company with operations throughout the Americas. The company is well positioned to benefit from the expected growth in the domestic economy while also growing and improving profitability levels at its operations elsewhere. Grupo Televisa - 2.9% (2006: 3.5%) Mexico's leading broadcaster has several catalysts that should result in strong stock performance in 2007. These include the company's launching of a national lottery, growth in its parlor gambling business, consolidation of its cable industry, and definition regarding the use of proceeds from its stake in recently acquired Univision in the US. Cemex - 2.8% (2006: 0.7%) one of the top three global producers of cement in the world, enjoying growth in emerging markets and strong pricing in the US from public works; currently in the process of assimilating the recently acquired Rinker of Australia. Unibanco - 2.6% (2006: 2.7%) Brazil's third largest private bank is a leader in consumer financing and continues to enjoy higher margins from an ongoing cost rationalisation program. All America Latina Logistica - 2.0% (2006: 1.9%) is Brazil's largest operator of railroads, controlling the cargo network for the South and Southeast areas dominated by agribusiness. The company is also in the process of revitalising the recently acquired Southeast network. All percentages reflect the value of the holding as a percentage of total investments. Percentages in brackets represent the value of the holding at 31 December 2006. INCOME STATEMENT for the six months ended 30 June 2007 Revenue return US$'000 Capital return US$'000 Total US$'000 Six Six Six Six Six Six months months Year months months Year months months Year ended ended ended ended ended ended ended ended ended 30.06.07 30.06.06 31.12.06 30.06.07 30.06.06 31.12.06 30.06.07 30.06.06 31.12.06 Notes (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) Gains on investments held at fair value through profit or loss - - - 94,656 55,274 152,026 94,656 55,274 152,026 Exchange (losses)/gains - (2) - 108 (307) (282) 108 (309) (282) Income from investments held at fair value through profit or loss 2 4,902 6,805 10,224 - - - 4,902 6,805 10,224 Other income 2 25 48 96 - - - 25 48 96 Investment management fees 3 (442) (683) (1,072) (1,326) (2,050) (3,216) (1,768) (2,733) (4,288) Operating expenses 4 (667) (707) (1,306) (18) (15) (36) (685) (722) (1,342) -------- -------- -------- --------- --------- --------- --------- --------- --------- Net return before finance costs and taxation 3,818 5,461 7,942 93,420 52,902 148,492 97,238 58,363 156,434 Finance costs (15) (51) (204) (43) (152) (611) (58) (203) (815) -------- -------- -------- --------- --------- --------- --------- --------- --------- Return on ordinary activities before taxation 3,803 5,410 7,738 93,377 52,750 147,881 97,180 58,160 155,619 Taxation on ordinary activities (1,123) (1,621) (2,406) 411 661 769 (712) (960) (1,637) -------- -------- -------- --------- --------- --------- --------- --------- --------- Return on ordinary activities after taxation 2,680 3,789 5,332 93,788 53,411 148,650 96,468 57,200 153,982 -------- -------- -------- --------- --------- --------- --------- --------- --------- Return per ordinary share - (cents) 7 5.61 5.47 8.81 196.25 77.05 245.60 201.86 82.52 254.41 ====== ====== ====== ====== ====== ====== ====== ====== ====== The total column of this statement represents the Income Statement of the Company. The supplementary revenue and capital return columns are both prepared under guidance published by the Association of Investment Companies. The Company had no recognised gains or losses other than those disclosed in the Income Statement and the Reconciliation of Movements in Shareholders' Funds. All items in the above statement derive from continuing operations. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Share Capital Non- Capital Capital Share premium redemption Special distributable reserve - reserve - Revenue capital account reserve reserve reserve realised unrealised reserve Total US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 For the six months ended 30 June 2007 (unaudited) At 31 December 2006 4,779 11,655 4,207 - 4,356 213,110 130,248 5,851 374,206 Return for the period - - - - - 30,609 63,179 2,680 96,468 Dividends paid(a) - - - - - - - (3,106) (3,106) -------- --------- -------- -------- -------- ----------- ----------- -------- ----------- At 30 June 2007 4,779 11,655 4,207 - 4,356 243,719 193,427 5,425 467,568 -------- --------- -------- -------- -------- ----------- ----------- -------- ----------- For the six months ended 30 June 2006 (unaudited) At 31 December 2005 7,413 11,655 1,573 32,837 4,356 210,799 127,892 6,727 403,252 Return for the period - - - - - 115,348 (61,937) 3,789 57,200 Shares repurchased and cancelled (1,852) - 1,852 (32,837) - (95,291) - - (128,128) Dividends paid(b) - - - - - - - (4,819) (4,819) -------- --------- -------- -------- -------- ---------- ---------- -------- ---------- At 30 June 2006 5,561 11,655 3,425 - 4,356 230,856 65,955 5,697 327,505 -------- --------- -------- -------- -------- ---------- ---------- -------- ---------- For the year ended 31 December 2006 (audited) At 31 December 2005 7,413 11,655 1,573 32,837 4,356 210,799 127,892 6,727 403,252 Return for the year - - - - - 146,294 2,356 5,332 153,982 Shares repurchased and cancelled (2,634) - 2,634 (32,837) - (143,983) - - (176,820) Dividends paid(c) - - - - - - - (6,208) (6,208) -------- --------- -------- -------- -------- ----------- ---------- -------- ---------- At 31 December 2006 4,779 11,655 4,207 - 4,356 213,110 130,248 5,851 374,206 -------- --------- -------- -------- -------- ----------- ---------- -------- ---------- The transaction costs incurred on the acquisition and disposal of investments are included within the capital reserve. Purchases and sales costs amounted to US$114,000 and US$155,000 respectively for the six months ended 30 June 2007 (six months ended 30 June 2006: US$496,000 and US$630,000; year ended 31 December 2006: US$378,000 and US$653,000). (a) Second interim dividend in respect of the year ended 31 December 2006 of 6.50 cents per share declared on 15 February 2007 and paid on 27 March 2007. (b) Second interim dividend in respect of the year ended 31 December 2005 of 6.50 cents per share declared on 10 April 2006 and paid on 19 May 2006. (c) First interim dividend in respect of the year ended 31 December 2006 of 2.50 cents per share declared on 8 August 2006 and paid on 12 September 2006 and the second interim dividend in respect of the year ended 31 December 2005 of 6.50 cents per share declared on 10 April 2006 and paid on 19 May 2006. BALANCE SHEET as at 30 June 2007 30 June 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) Note US$'000 US$'000 US$'000 Fixed assets Investments at fair value through profit or 469,684 345,674 376,782 loss ---------- ---------- ---------- Current assets Debtors 639 4,587 3,286 Cash at bank 2,264 6,171 - ---------- ---------- ---------- 2,903 10,758 3,286 Creditors - amounts falling due within one year Bank overdrafts - - (2,321) Bank loans - (20,000) - Other creditors (4,995) (8,903) (3,517) ---------- ---------- ---------- (4,995) (28,903) (5,838) ---------- ---------- ---------- Net current liabilities (2,092) (18,145) (2,552) ---------- ---------- ---------- Total assets less current liabilities 467,592 327,529 374,230 Creditors - amounts falling due after more than one year Non equity redeemable shares (24) (24) (24) ----------- ---------- ---------- Net assets 467,568 327,505 374,206 ======= ======= ======= Capital and reserves Share capital 4,779 5,561 4,779 Share premium account 11,655 11,655 11,655 Capital redemption reserve 4,207 3,425 4,207 Non distributable reserve 4,356 4,356 4,356 Capital reserve - realised 243,719 230,856 213,110 Capital reserve - unrealised 193,427 65,955 130,248 Revenue reserve 5,425 5,697 5,851 ---------- ---------- ---------- Total equity shareholders' funds 467,568 327,505 374,206 ====== ====== ======= Net asset value per ordinary share - 7 978.39 588.95 783.03 (cents) ====== ====== ======= CASH FLOW STATEMENT for the six months ended 30 June 2007 Six months Six months Ended ended Year ended 30 June 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) US$'000 US$'000 US$'000 Net cash inflow from operating activities 3,007 5,779 6,018 Returns on investment and servicing of finance (48) (81) (819) Taxation paid (392) (858) (1,049) Capital expenditure and financial investment Purchase of investments (92,243) (236,434) (311,035) Proceeds from the sale of investments 97,295 345,664 483,082 Capital expenses (21) (11) (34) --------- --------- --------- Net cash inflow from capital expenditure and financial Investment 5,031 109,219 172,013 --------- --------- --------- Equity dividends paid (3,106) (4,819) (6,208) --------- --------- --------- Net cash inflow before financing 4,492 109,240 169,955 --------- --------- --------- Financing Net loans drawndown - 20,000 - Repurchase of ordinary shares (15) (127,342) (176,576) --------- --------- --------- Net cash outflow from financing (15) (107,342) (176,576) --------- --------- --------- Increase/(decrease) in cash in the period 4,477 1,898 (6,621) ===== ===== ===== RECONCILIATION OF NET RETURN BEFORE FINANCE COSTS AND TAXATION TO NET CASH FLOW FROM OPERATING ACTIVITIES Six months Six months Ended ended Year ended 30 June 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) US$'000 US$'000 US$'000 Net return before finance costs and taxation 97,238 58,363 156,434 Gains on investments held at fair value through profit or loss (94,656) (55,274) (152,026) Exchange (gains)/losses (108) 309 282 Non-operating expenses of a capital nature 18 15 36 Decrease in debtors 920 1,547 373 (Decrease)/increase in creditors (346) 1,058 1,158 Scrip dividends (59) (239) (239) --------- --------- --------- Net cash inflow from operating activities 3,007 5,779 6,018 --------- --------- --------- Notes to the Interim Report 1. Principal activity and basis of preparation The Company conducts its business so as to qualify as an investment trust company within the meaning of section 842 of the Income and Corporation Taxes Act 1988. The interim financial statements have been prepared on the basis of the accounting policies set out in the Company's financial statements at 31 December 2006. 2. Income Six months Six months Ended ended Year ended 30 June 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) US$'000 US$'000 US$'000 Income from investments: Overseas dividends 4,843 6,566 9,985 Scrip dividends 59 239 239 --------- --------- --------- 4,902 6,805 10,224 --------- --------- --------- Other income: Interest on cash and short term deposits 25 48 96 --------- --------- --------- Total 4,927 6,853 10,320 --------- --------- --------- 3. Investment management fees The investment management fee has been calculated at 0.8% per annum (plus VAT) on the NAV up to 23 May 2007 and thereafter at 1% per annum up to 30 June 2007. From 1 July 2007, the Investment Manager is entitled to a basic fee of 0.85% per annum (plus VAT where applicable) on the NAV. The Investment Manager is also entitled to a performance fee equal to 10% of any outperformance of the NAV per share against the benchmark (in US dollar terms on a total return basis) plus a hurdle of 1%. The performance is capped at 1% of NAV. 4. Operating expenses Six months Six months Ended ended Year ended 30 June 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) US$'000 US$'000 US$'000 Custody fee 179 210 318 Directors' fees 144 129 353 Other administration costs 344 368 635 ------- ------ ------- 667 707 1,306 ------- ------ ------- 5. Dividend The interim dividend of 2.50 cents per share will be paid on 28 September 2007 to shareholders on the register as at 17 August 2007. The total cost of the dividend, based on 47,789,753 shares in issue (30 June 2006: 55,608,059 shares; 31 December 2006, 47,789,753 shares) is US$1,195,000 (30 June 2006: US$1,390,000; 31 December 2006: US$3,106,000). 6. Share capital Issued and Authorised fully paid nominal nominal Number US$'000 Number US$'000 Ordinary shares of 10 cents each: Balance as at 31 December 2006 and 30 June 2007 110,000,000 11,000 47,789,753 4,779 7. Net asset value and return per ordinary share Six months Six months Year ended ended ended 30 June 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) Net revenue return attributable to ordinary shareholders (US$'000) 2,680 3,789 5,332 Net capital return attributable to ordinary shareholders (US$'000) 93,788 53,411 148,650 ----------- ---------- ---------- Net total return attributable to ordinary shareholders (US$'000) 96,468 57,200 153,982 ----------- ---------- ---------- Equity shareholders' funds (US$'000) 467,568 327,505 374,206 ----------- ---------- ---------- The weighted average number of ordinary shares in issue during each period, on which the return per ordinary share was calculated, was: 47,789,753 69,323,529 60,524,468 The actual number of ordinary shares in issue at the end of each period, on which the net asset value was calculated, was: 47,789,753 55,608,059 47,789,753 Revenue return per share - (cents) 5.61 5.47 8.81 Capital return per share - (cents) 196.25 77.05 245.60 --------- --------- --------- Total return per share - (cents) 201.86 82.52 254.41 --------- --------- --------- Net asset value per share - (cents) 978.39 588.95 783.03 Share price * 938.00 563.20 758.40 --------- --------- --------- * The Company's share price is quoted in sterling and the above price represents the US dollar equivalent. 8. Publication of non-statutory accounts The financial information contained in this interim report does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the six months ended 30 June 2007 and 30 June 2006 has not been audited. The information for the year ended 31 December 2006 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 237(2) or (3) of the Companies Act 1985. 9. Annual results The Board expects to announce the annual results for the year ended 31 December 2007 in February 2008. Copies of the preliminary announcement can be obtained from the Secretary on 020 7743 3000. The annual report should be available in March 2008. 10. Copies of the interim report will be posted to shareholders as soon as practicable. Copies will also be available to the public from the Company's registered office at 33 King William Street, London EC4R 9AS. 7 August 2007 33 King William Street London EC4R 9AS

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