Annual Financial Report

EP GLOBAL OPPORTUNITIES TRUST PLC ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2013 The full Annual Report and Financial Statements can be accessed via the Company's website at www.epgot.com or by contacting the Company Secretary by telephone on 0131 270 3800. HIGHLIGHTS * At 31 December 2013, our net asset value per share was 233.6p, giving a total return for the twelve months of 29.9 per cent. * Our net asset value total return since launch just over ten years ago on 15 December 2003 was 164.5 per cent. * Our revenue return was 2.7p per share. The Board is pleased to recommend a dividend of 2.7p per share. * The share price closed the year at 230.0p which was a discount of 1.5 per cent to the net asset value per share. * We continued our policy of buying in shares with a view to maintaining the share price at close to the net asset value per share. During 2013, we bought in 1.9 million shares at a cost of Â£3.8 million. * The ongoing charges ratio was 1.1 per cent in 2013. * During 2013 we renewed the Â£10 million borrowing facility with Scotiabank Europe plc. At the year end, the equivalent of Â£3.7 million in Japanese yen had been drawn down, which represented 3.3 per cent of Shareholders' funds. FINANCIAL SUMMARY Results for year 31 December 31 December Change 2013 2012 Shareholders' funds Â£112,580,000 Â£91,766,000 22.7% Net asset value per ordinary share ("NAV") 233.6p 183.1p 27.6% Share price 230.0p 175.5p 31.1% Share price discount to NAV 1.5% 4.2% Revenue return per ordinary 2.7p 3.9p (30.8)% share* Dividend per ordinary share 2.7p** 3.9p (30.8)% * Based on the weighted average number of shares in issue during the year excluding own shares held in treasury. ** Proposed final dividend for the year. Year to Year to 31 December 2013 31 December 2012 Ordinary share Ordinary share Year's high/low Share price - high 230.0p 181.8p - low 175.5p 152.0p NAV - high 234.9p 190.4p - low 186.3p 158.6p Share price discount to NAV - high 0.7% 1.9% - low 7.4% 10.0% Cost of running the Company Ongoing charges* 1.1% 1.1% * Based on total expenses, excluding finance costs and certain non-recurring items for the year and average monthly net asset value. PORTFOLIO OF INVESTMENTS as at 31 December 2013 % of Net Company Sector Country Valuation Assets Â£'000 Equity investments 20 largest equity investments PostNL Industrials Netherlands 4,054 3.6 Terex Industrials United States 3,774 3.3 Sumitomo Mitsui Financials Japan 3,689 3.3 Bridgestone Consumer Goods Japan 3,578 3.2 KDDI Telecommunications Japan 3,355 3.0 Microsoft Technology United States 3,333 3.0 Vodafone Telecommunications United 3,233 2.9 Kingdom Indra Sistemas Technology Spain 3,210 2.9 A.P. Moller-Maersk Industrials Denmark 3,183 2.8 Piaggio Consumer Goods Italy 3,150 2.8 Google Technology United States 3,100 2.7 Tyco International Industrials United States 3,087 2.7 Qualcomm Technology United States 3,084 2.7 Panasonic Consumer Goods Japan 2,931 2.6 Dainippon Screen Technology Japan 2,924 2.6 BG Oil & Gas United 2,906 2.6 Kingdom Intesa Sanpaulo Financials Italy 2,903 2.6 SanDisk Technology United States 2,881 2.6 Genting Singapore Consumer Services Singapore 2,872 2.5 Toyota Consumer Goods Japan 2,835 2.5 Total - 20 largest equity investments 64,082 56.9 Other equity investments Sugi Consumer Services Japan 2,826 2.5 Mitsubishi Industrials Japan 2,820 2.5 Hutchison Whampoa Industrials Hong Kong 2,809 2.5 ABB Industrials Switzerland 2,806 2.5 Osram Licht Consumer Goods Germany 2,798 2.5 Fresenius Medical Care Health Care Germany 2,778 2.5 ENI Oil & Gas Italy 2,748 2.4 Yamaha Motor Consumer Goods Japan 2,679 2.4 DBS Financials Singapore 2,650 2.3 Japan Tobacco Consumer Goods Japan 2,625 2.3 HSBC Financials United 2,443 2.2 Kingdom Orange Telecommunications France 2,351 2.1 Misawa Homes Consumer Goods Japan 2,316 2.1 Swire Pacific Industrials Hong Kong 2,305 2.0 KPN Telecommunications Netherlands 2,287 2.0 Samsung Electronics Consumer Goods South Korea 2,278 2.0 Toshiba Industrials Japan 2,262 2.0 Gazprom Oil & Gas Russia 2,225 2.0 Edinburgh Partners Financials - unlisted United 1,450 1.3 Kingdom Bank Mandiri Financials Indonesia 1,278 1.1 Edinburgh Partners Financials - OEIC Ireland 1,217 1.1 Prospect Fund AstraZeneca Health Care United 863 0.8 Kingdom Prince Frog Consumer Goods China 547 0.5 International Total - 43 equity investments 115,443 102.5 Cash less net liabilities (2,863) (2.5) Net assets 112,580 100.0 The geographic distribution is based on each investment's principal stock exchange listing, except in instances where this would not give a proper indication of where its activities predominate. Of the ten largest portfolio investments as at 31 December 2013, the valuations at the previous year end, 31 December 2012, were Microsoft Â£2,726,000; Indra Sistemas Â£2,608,000; Sumitomo Mitsui Â£2,585,000; Bridgestone Â£2,476,000; A.P. Moller-Maersk Â£2,450,000; and Vodafone Â£2,107,000. PostNL, Terex, KDDI and Piaggio were new purchases in the year ended 31 December 2013. DISTRIBUTION OF INVESTMENTS as at 31 December 2013 (& of investments) % of Sector distribution investments Industrials 23.3 Consumer Goods 22.3 Technology 16.1 Financials 11.3 Telecommunications 9.8 Oil & Gas 6.7 Consumer Services 4.9 Health Care 3.2 Financials (unlisted) 1.3 Financials (OEIC) 1.1 100.0 % of Geographical distribution investments Europe 30.9 Japan 30.2 United States 16.6 Asia Pacific 12.7 United Kingdom 9.6 100.0 The figures detailed in the geographical distribution table represent the Company's exposure to these countries or regional areas. The geographic distribution is based on each investment's principal stock exchange listing, except in instances where this would not give a proper indication of where its activities predominate. STRATEGIC REPORT The Strategic Report has been prepared in accordance with Section 414A of the Companies Act 2006 (the "Act"). Its purpose is to inform members of the Company and help them assess how the Directors have performed their legal duty under Section 172 of the Act to promote the success of the Company. CHAIRMAN'S STATEMENT Results At 31 December 2013, our net asset value per share ("NAV") was 233.6p, giving a total return for the twelve months of 29.9 per cent. This is an excellent result both in absolute terms and relative to the FTSE All-World Index, which had a total return of 21.0 per cent. The total return for the FTSE All-Share Index was 20.8 per cent. Your Board has never set a formal benchmark against which we measure the investment performance of the Company. This is to give our Investment Manager, Edinburgh Partners, complete discretion to invest only in shares that its research shows to represent good value without consideration of the constituents of any index. We believe that this will give a better long-term investment performance. Your Company has now been in existence for ten years, having been launched on 15 December 2003. The NAV total return since then to the end of 2013 was 164.5 per cent. It is encouraging to note that, over the same period, the sterling total return for the FTSE All-World Index was 135.8 per cent and for the FTSE All-Share Index was 138.1 per cent. The share price closed the year at 230.0p, an increase of 31.1 per cent over the price at the end of 2012. At the year end, the share price was at a discount of 1.5 per cent to the NAV. We continued our policy of buying in shares with a view to maintaining the share price at close to the NAV. During the year, we bought in 1.9 million shares and virtually all these buy ins were done in the first half of the year. In the second half of the year, demand for the shares increased in line with the strong investment performance. As a result, we only bought in 25,000 shares while maintaining the share price close to NAV. Our heavy weighting in Japanese shares was a major factor in the investment performance. The Japanese equity market suffered in the aftermath of the tsunami in early 2011. However, our Investment Manager's conviction about the exceptional value available in many Japanese shares was finally rewarded in 2013. Indeed, the level of investment in Japan was increased in the early part of the year, funded by reducing the investment in the UK and in the rest of Asia. We also benefitted from placing greater emphasis on companies in the US and Continental Europe than those in the UK and other Asian markets. In the second half of the year, we started to take some profits in Japan as a number of share prices had risen to levels that no longer represented good value. The money raised was reinvested in Continental Europe where many shares still offered value. By the year end, the percentage held in Europe ex UK was slightly greater than the amount held in Japan. The distribution by geographical sector is detailed above. Stock market performance Equity markets started 2013 on a strong note with the upward momentum continuing until the second half of May. Concerns that the US Federal Reserve was considering reducing the size of its quantitative easing, the stimulative financial policy of buying in US government bonds, combined with fears of a less robust Chinese economy led to profit taking. Bond and equity markets came under pressure and Asian and other emerging markets were particularly affected. Overall, the setback in equity markets was relatively brief but many individual country indices fell by 10 per cent or more. By late June 2013, share prices began to recover, helped by comments from the US Federal Reserve that any reduction in quantitative easing would be delayed. Continental European markets were particularly firm in the latter half of the year as concerns about the euro began to dissipate and bond yields in southern European countries fell back from crisis levels. The best performing major market in local currency terms was Japan, where the Topix Index was up 54.4 per cent. However, a weak yen reduced this to a gain of 24.7 per cent when adjusted into sterling. This is similar to the 24.0 per cent sterling return achieved by the FTSE All-World Europe ex UK Index. The US S&P Composite Index provided an even greater total return of 29.9 per cent when measured in sterling. By contrast, the FTSE All-World Asia ex Japan Index struggled to recover its losses of May and June and achieved a sterling total return of only 1.3 per cent for the year. Gearing We continue to maintain a modest amount of potential gearing with a multi-currency facility in place to borrow up to Â£10 million. At the year end, we had drawn down the equivalent of Â£3.7 million in Japanese yen, which represented 3.3 per cent of Shareholders' funds. Revenue account and dividend The revenue per share for the year was 2.7p. This compares with 3.9p per share in the previous year. This decline in income is a result of reducing holdings in some higher yielding shares that had performed well but had become expensive and replacing them with shares of companies with more cyclical growth, which are more attractively valued but have lower yields. We have always taken the view that we want the selection of shares held to be based entirely on where our Investment Manager finds the best value rather than on achieving a particular level of dividend. Had we continued to hold the higher yielding shares, the capital gain achieved would have been lower. The Board is recommending a dividend of 2.7p per share compared to 3.9p last year. Subject to approval by Shareholders at the Annual General Meeting, the dividend will be paid on 30 May 2014. The Board Richard Burns will retire from your Board at this year's Annual General Meeting. He has served as a Director since the launch of the Company. His many years of investment experience and, in particular, his understanding of investment trusts due to being on a number of investment trust boards and having managed a trust himself, have been of immense value to the Board. I have greatly appreciated his input and advice. It is the Board's intention to appoint a new Director in due course. The Board's policy on the appointment of Directors is explained in the corporate governance statement in the full Annual Report and Financial Statements. Re-issue of shares held in treasury Shares that are bought back under the Company's buy back policy, as detailed above in the Results section, are placed into treasury with a view to being reissued at a later date. As at the date of this report, 16,306,917 shares are held in treasury. Under the Listing Rules, an investment company can sell treasury shares at a price that is at a discount to the NAV if this is approved by the Shareholders. Your Board has carefully considered the conditions for selling treasury shares and the benefits that this can provide to Shareholders. The Board is therefore proposing a resolution at the forthcoming Annual General Meeting that would allow the Company to issue shares held in treasury at a weighted average discount of not more than 2 per cent to the prevailing NAV. In addition, any sales of treasury shares would not result in a dilution of the Company's NAV, as at the date of the issue, of greater than 0.2 per cent in aggregate between annual general meetings. The Board believes that this should help improve liquidity in the Company's shares and that the effect of dilution on existing Shareholders' interests would be minimal. Changes to the Annual Report You will note that there have been some changes to your Company's Annual Report this year. These are the result of new narrative reporting requirements that have now come into effect. There is now a Strategic Report, which contains many of the disclosures previously contained within the Business Review section of the Directors' Report, and a new Directors' Remuneration Report. In relation to the latter, Shareholders will be asked to vote on both the Directors' Remuneration Policy and the Directors' Remuneration Report at the forthcoming Annual General Meeting. Alternative Investment Fund Managers' Directive ("AIFMD") AIFMD was conceived to address a perceived regulatory gap to protect investors and intended to provide a harmonised regulatory and supervisory framework throughout the European Union for regulating Alternative Investment Funds. Although it was principally aimed at private equity and hedge funds, investment trusts are also required to comply. AIFMD was implemented by the UK on 22 July 2013, with existing investment companies, such as EP Global Opportunities Trust plc, having until 22 July 2014 to comply fully with the requirements. The Company is in the process of making the necessary arrangements to comply with this legislation. This will include the appointment of a depositary, in addition to having a custodian, to provide additional security over the Company's assets. Outlook The financial markets ended the year on a firm note, as the outlook for economic growth had become increasingly positive. The optimism was tempered somewhat by concerns about a moderating rate of growth in China and the level of debt in some Chinese financial companies. A setback in equity prices in early 2014 was a reminder that there remain considerable imbalances in the global economy. After such good gains in share prices in the developed markets, many shares are looking expensive and so are vulnerable to profit taking. However, we believe it is still possible to identify shares that represent good long-term value. Your Company remains fully invested with a small amount of gearing in place. Teddy Tulloch Chairman 7 March 2014 INVESTMENT MANAGER'S REPORT The Company's net asset value total return per share for 2013 was 29.9 per cent. The rise in global equity markets paralleled the shift in sentiment away from fears of financial collapse towards signs of returning economic stability and growth. We had considered for some time that investor attention would eventually turn away from the problems of the past and begin to consider the future economic outlook. For this to occur it was necessary that the financial system was viewed as both sufficiently robust to support recovery and underpinned by the authorities such that it could weather potential upsets. The Cypriot banking crisis of early 2013 was a test case for market confidence. Despite losses for depositors and bondholders and the initiation of capital controls, the European banking system did not suffer from the levels of volatility witnessed in previous years when capital or sovereign debt fears were elevated. As the concerns over the future stability of the euro receded, share prices in Europe generally began to recover and the premium being paid for those companies perceived to be the `safest' began to diminish. Conversely, companies which were viewed as either more cyclical, such as the Danish shipping company, A.P. Moller-Maersk, or threatened as a consequence of being based in one of the peripheral economies, such as Indra Sistemas, the Spanish IT company, performed very strongly. In Japan, where the Company has a significant exposure, the stockmarket rally, fuelled by Mr Abe's election as Prime Minister in late 2012, continued apace. Companies that had been squeezed almost out of existence by a severely uncompetitive exchange rate began to reveal some of their underlying profit potential, as the yen was devalued. Whilst the rise in share prices produced by the expectation of improved profits was partially offset by the impact of the currency decline, the total return in sterling terms to the Company was still very positive. In last year's Annual Report, we highlighted Panasonic as an example of a company severely affected by the strong yen, reporting that the company had been forced to write off yen 355 billion in impairments and charges. It is pleasing to report that, since then, the Panasonic holding has been one of the strongest performers in the Company's portfolio. Management has moved aggressively to dispose of unprofitable businesses and has continued to improve the efficiency of retained businesses. The combination of the current restructuring and the historic changes, whose impact had been hidden by the adverse exchange rate, had resulted in an out-of-favour company with huge underlying potential. Whilst some of this undervaluation has been realised by the 134 per cent appreciation in its share price in local currency over the period, we consider that it is still not yet expensive. Whilst the appreciation in our Japanese holdings caused some positions such as Seven and I and Fujitsu to be trimmed or sold, we did find additional opportunities during the year. One such opportunity was the telecoms company, KDDI, which has been slowly enhancing its fixed line telecommunication and content capability. Historically, fixed line telecommunication has been a drag on profitability and, as such, investor attention tended to focus on the mobile only companies within the telecoms sector. However, in the 4G world where browsing and content is critical, it is the fixed line carriers with fibre capability who will increasingly hold the dominant positions. KDDI is the only significant fixed line content and mobile telecoms company in Japan and is, therefore, exceptionally well placed competitively. Although the share price has been strong, the ability of KDDI to provide content, fixed and mobile bundled offerings provides it with substantial advantages for the future which are not yet fully reflected in its share price. On a similar theme, the Dutch telecoms company, KPN, was added to the portfolio after the attempt by American Movil to acquire the company failed. The share price fell sharply to a point where the ability to offer a full range of services, combined with the restructuring of the business, was not fully recognised. Additionally, regulation in Europe is in a state of flux, and the EU recognises that infrastructure provision has been hampered by the lack of investment and scale, a direct result of the regulatory framework. It is highly likely that we will see rationalisation within the European telecoms sector and that this will extend to the subscale fixed and mobile carriers, just as it has already between the cable companies. The Company had invested in the Chinese childcare products company, Prince Frog International. The share price performed strongly during 2013 and moved beyond a valuation justified by our view of its growth prospects. As a consequence we progressively reduced our holding. As we were selling our final tranche of shares an aggressive short-selling asset manager published a report questioning the company's historic revenue accounting. The company rebutted the allegations, but the share price fell sharply, leaving us with a small residual position at the year end which has since been sold. Our US exposure remains relatively low and it decreased over the year with the sales of Cisco Systems, Applied Materials and Illinois Tool Works, all of which had performed well. Our basic stance remains the same. Whilst we can still find some undervalued stocks in most cases our analysis highlights that only with an unprecedented sustaining of historically peak operating margins, could companies be considered reasonable value. This assumption is very dangerous and it is rare that peak operating margins can be maintained. Thus, whilst US equities continued to perform well during 2013, we do not believe this will continue indefinitely. Another area worth highlighting is that of emerging markets. For a number of years we have struggled to find undervalued stocks in emerging markets. To a degree this is still the case, but with recent falls, some value is beginning to emerge. Our approach has been to initiate positions where appropriate but with very tight limits on the acquisition price. In this regard, we have begun to purchase Bank Mandiri. This is an Indonesian bank that the Company had previously invested in when sentiment had been extremely negative following the Asian banking crisis of the late 1990s. The investment case is slightly different this time. Rather than being about investing in an underappreciated turn-round stock, on this occasion it is about investing in a bank where investor sentiment is negative over fears that the US Federal Reserve tapering programme will drain investor liquidity from Asian markets. In summary, our view is that markets are now at least fairly valued and, in the case of the US, substantially more than fairly valued. On the other hand, we expect that in developed markets short-term interest rates will stay low for some considerable time and that, as a consequence, we will see a prolonged period of low but stable economic growth. We therefore expect that equities will continue to provide reasonable returns and our principal fear is that share prices could run too far ahead. In previous periods when this has happened, we have been very comfortable in raising the Company's liquidity level and we would anticipate doing this again should valuations overshoot. Dr Sandy Nairn Edinburgh Partners 7 March 2014 OTHER STATUTORY INFORMATION Objective The investment objective of the Company is to provide Shareholders with an attractive real long-term total return by investing globally in undervalued securities. The portfolio is managed without reference to the composition of any stock market index. Strategy and business model Investment policy The Company invests in a focused portfolio of approximately 30 to 40 securities of issuers throughout the world, predominantly in quoted equities. The Company may also invest in unquoted securities, which are not anticipated to exceed 10 per cent of the Company's total assets at the time of investment (excluding shares held in Edinburgh Partners). No investment in the Company's portfolio may exceed 15 per cent of the Company's total assets at the time of investment. The Company has the ability to invest in other investment companies or funds but will invest no more than 15 per cent of its gross assets in other listed investment companies (including investment trusts). The Company may also invest a substantial portion of its assets in debt instruments, cash or cash equivalents when the Investment Manager believes market or economic conditions make equity investment unattractive or while seeking appropriate investment opportunities for the portfolio or to maintain liquidity. In addition, the Company may purchase derivatives for the purposes of efficient portfolio management. It is intended that, from time to time, when deemed appropriate, the Company will borrow for investment purposes up to the equivalent of 25 per cent of its total assets. By contrast, the Company's portfolio may from time to time have substantial holdings of debt instruments, cash or short-term deposits. The investment objective and policy are intended to distinguish the Company from other investment vehicles which have relatively narrow investment objectives and which are thus constrained in their decision making and asset allocation. The objective and policy allow the Company to be constrained in its investment selection only by valuation and to be pragmatic in portfolio construction by only investing in securities which the Investment Manager considers to be undervalued on an absolute basis. Investment strategy The Company's portfolio is managed without reference to any stock market index. Investments are selected for the portfolio only after extensive research by the Investment Manager. The process through which an equity must pass in order to be included in the portfolio is rigorous. Only a security where the Investment Manager believes that the price will be significantly higher in the future will pass the selection process. The key to successful stock selection is to identify the long-term value of a company's shares and to have the patience to hold the shares until that value is appreciated by other investors. Identifying long-term value involves detailed analysis of a company's earning prospects over a five-year time horizon. Further details of the investment strategy can be found in the Chairman's Statement and the Investment Manager's Report above. The Company's Investment Manager is Edinburgh Partners which is an independent specialist investment manager focusing exclusively on achieving returns for investors based on global investment analysis of the highest quality. The Edinburgh Partners investment team includes experienced investment professionals with strong investment performance records who believe rigorous fundamental research allied to patience is the basis of long-term investment success. Each of the investment professionals has specific responsibilities for sector and regional research in addition to their fund management role. Details of the Investment Management Agreement are set out below. Business and status of the Company The Company is registered as a public limited company and is an investment company within the terms of section 833 of the Act. The Company has received approval from HM Revenue & Customs ("HMRC") as an authorised investment trust under sections 1158 and 1159 of the Corporation Tax Act 2010. This approval is subject to there being no subsequent enquiry under corporation tax self assessment and to there being no subsequent serious breaches of the regulations. The Company has been approved as an investment trust for all years since its inception in 2003. In the opinion of the Directors, the Company is directing its affairs so as to enable it to continue to qualify for such approval. The Company's shares are listed on the premium segment of the Official List of the UK Listing Authority and traded on the main market of the London Stock Exchange. Portfolio analysis A detailed review of how the Company's assets have been invested is contained in the Investment Manager's Report above. A list of all the Company's investments is contained in the Portfolio of Investments above. At 31 December 2013, the Company held 43 investments, excluding cash and other net assets, with the largest representing 3.6 per cent of net assets, thus ensuring that the Company has a suitable spread of investment risk. A sector and geographical distribution of investments is shown above. Results and dividend The results for the year are set out in the Income Statement and in the Reconciliation of Movements in Shareholders' Funds below. For the year ended 31 December 2013, the net revenue return attributable to Shareholders was Â£1.3 million (2012: Â£2.1 million) and the net capital return attributable to Shareholders was Â£25.2 million (2012: Â£6.6 million). Total Shareholders' funds increased by 22.7% to Â£112.6 million (2012: Â£91.8 million). A final dividend for the year ended 31 December 2013 of 2.7p per ordinary share (2012: 3.9p) has been recommended by the Board. Subject to Shareholder approval, this dividend will be payable on 30 May 2014 to Shareholders on the register at the close of business on 9 May 2014. The ex-dividend date will be 7 May 2014. Key performance indicators At each Board meeting, the Directors consider a number of performance measures to assess the Company's success in achieving its objective. The key performance indicators used to measure progress and performance of the Company over time are established industry measures and are as follows: Net asset value In the year to 31 December 2013, the net asset value per share increased by 27.6 per cent from 183.1p to 233.6p. After taking account of dividends paid in the year of 3.9p, the net asset value total return was 29.9 per cent. This compares with the total return of 21.0 per cent from the FTSE All-World Index, adjusted to sterling. The net asset value total return since the launch of the Company on 15 December 2003 to 31 December 2013 was 164.5 per cent. This was an outperformance against the total return of 135.8 per cent from the FTSE All-World Index, adjusted to sterling. Share price In the year to 31 December 2013, the Company's share price increased by 31.1 per cent from 175.5p to 230.0p. The share price total return, taking account of the 3.9p dividend paid in the year, was 33.6 per cent. Share price discount to net asset value per share The share price discount to net asset value per share narrowed from 4.2 per cent to 1.5 per cent in the year to 31 December 2013. Revenue return per ordinary share There was a decrease in the revenue per share in the year to 31 December 2013 of 30.8 per cent from 3.9p to 2.7p. Dividend per ordinary share The Directors are recommending a final dividend of 2.7p per ordinary share. This represents a 30.8 per cent decrease on the prior year dividend of 3.9p. As detailed in the Chairman's Statement above, the Board has always taken the view that the investments to be held in the portfolio should be entirely on where the Investment Manager finds the best value rather than on achieving a particular level of dividend. Ongoing charges The ongoing charges ratio was 1.1 per cent (2012: 1.1 per cent) in the year to 31 December 2013. The longer-term records of the key performance indicators are shown in the Performance Record below. Investment Management Agreement The Company's investments are managed by Edinburgh Partners under an Investment Management Agreement dated 16 April 2008, as amended pursuant to the terms of a letter of agreement between the Company and Edinburgh Partners dated 3 February 2011. The Investment Manager receives a management fee of 0.75 per cent per annum (payable quarterly in arrears) of the average month-end market capitalisation up to Â£100 million and 0.65 per cent of the average month-end market capitalisation above this figure of the issued ordinary shares (excluding treasury shares) during the relevant calendar quarter, plus an administration fee (Â£120,000 for the year ended 31 December 2013) payable quarterly in arrears and adjusted annually in line with changes in the Retail Price Index. The administration fee now incorporates a number of costs previously paid directly by the Company to an external service provider. The Company also pays the Investment Manager Â£25,000 per annum in respect of marketing related services. The Company has an investment in the Edinburgh Partners Prospect Fund which is managed by Edinburgh Partners, as detailed above and below. In respect of the Company's investment in the Edinburgh Partners Prospect Fund, no investment management fee was charged by Edinburgh Partners to the Edinburgh Partners Prospect Fund during the year ended 31 December 2013. The Investment Management Agreement may be terminated by either party giving twelve months' written notice. No additional compensation is payable to Edinburgh Partners on the termination of the Investment Management Agreement other than the fees payable during the notice period. Continuing appointment of the Investment Manager The Board keeps the performance of the Investment Manager under continual review. The Board, through delegation to the Audit and Management Engagement Committee (the "Committee"), has considered the performance of the Investment Manager and the terms of its engagement. It is the opinion of the Directors that the continuing appointment of Edinburgh Partners on the terms agreed is in the interests of Shareholders as a whole. This is because the investment performance since the launch of the Company is good relative to that of the markets in which the Company invests and because the remuneration of the Investment Manager is fair both in absolute terms and compared to that of managers of comparable investment companies. The Directors believe that by paying the investment management fee calculated on a market capitalisation basis, rather than a percentage of assets basis, the interests of the Investment Manager are more closely aligned with those of Shareholders. Principal risks and uncertainties The Board considers that the following are the principal risks associated with investing in the Company: investment and strategy risk, discount volatility risk, market risk, liquidity risk, credit risk, interest rate risk, foreign currency risk, gearing risk, regulatory risk, operational risk and financial risk. An explanation of these risks and how they are managed and the policy and practice with regards to financial instruments are contained in note 19 below. The Board, through delegation to the Committee, undertakes an annual assessment and review of all the risks stated above and in note 19 of the Financial Statements below, together with a review of any new risks which may have arisen during the year. These risks are formalised within the Company's risk assessment matrix. Main trends and future development A review of the main features of the year ended 31 December 2013 and the outlook for the coming year can be found in the Chairman's Statement and the Investment Manager's Report above. The Board's main focus is on the investment return and approach, attention is paid to the integrity and success of the investment approach and on factors which may have an impact on this approach. The Company's Financial Statements have been prepared in compliance with Financial Reporting Standard ("FRS") 102 as detailed in the Notes to the Financial Statements below. Human rights, employees and community issues The Board recognises the requirement under Section 414C of the Act to detail information about human rights, employees and community issues; including information about any policies it has in relation to these matters and the effectiveness of these policies. These requirements do not apply to the Company as it has no employees, all the Directors are non-executive and it has outsourced all its functions to third party service providers; the Company has therefore not reported further in respect of these provisions. Gender diversity The Board of Directors of the Company comprised of four male Directors during, and at the end of, the year to 31 December 2013. Social, environmental and ethical policy The Company seeks to invest in companies that are well managed, with high standards of corporate governance. The Board believes this creates the proper conditions to enhance long-term value for Shareholders. The Company adopts a positive approach to corporate governance and engagement with companies in which it invests. In pursuit of the above objective, the Board believes that proxy voting is an important part of the corporate governance process and considers seriously its obligation to manage the voting rights of companies in which it is invested, for which it has delegated responsibility to the Investment Manager. It is the policy of the Company to vote, as far as is practicable, at all shareholder meetings of investee companies. The Company follows the relevant applicable regulatory and legislative requirements in the UK, with the guiding principles being to make proxy voting decisions which favour proposals that will lead to maximising Shareholder value while avoiding any conflicts of interest. To this end, voting decisions are taken on a case-by-case basis, with the key issues on which the Investment Manager focuses being corporate governance, including disclosure and transparency, board composition and independence, control structures, remuneration and social and environmental issues. The day-to-day management of the Company's business has been delegated to the Company's Investment Manager, Edinburgh Partners, which has an Environmental, SRI and Corporate Governance ("ESG") policy in place. The ESG policy statement, which can be found on the website at www.edinburghpartners.com, describes the manner in which the principles of the UK Stewardship Code are incorporated within the investment process. The assessment of the quality of investee companies in relation to environmental considerations, socially responsible investment and corporate governance is embedded in the Investment Manager's stock selection process. Teddy Tulloch Chairman 7 March 2014 EXTRACTS FROM THE DIRECTORS' REPORT Share capital At 31 December 2013, the Company's issued share capital comprised 64,509,642 ordinary shares, of which 16,306,917 ordinary shares were held in treasury. At general meetings of the Company, one vote is attached to each ordinary share in issue. Own shares held in treasury do not carry voting rights. The total voting rights of the Company at 31 December 2013 were 48,202,725 ordinary shares. Issue of shares On 11 October 2005, the Company applied for a block listing of 1,300,000 ordinary shares. As at 31 December 2013, and at the date of this report a balance of 745,830 shares may be issued under this block listing. No shares were issued during the year. Purchase of shares During the year ended 31 December 2013, the Company purchased in the market 1,925,000 ordinary shares (with a nominal value of Â£19,250) for treasury, at a total cost of Â£3,786,000. This represented 2.98 per cent of the issued share capital at 31 December 2012. During the year ended 31 December 2013, no shares were purchased for cancellation. The total number of own shares held in treasury as at 31 December 2013, including those shares bought back in prior accounting periods, totalled 16,306,917 ordinary shares. The Board has not set a limit on the number of shares that can be held in treasury at any one time. The maximum number of own shares held in treasury during the year was 16,306,917 ordinary shares (with a nominal value of Â£163,069) representing 25.28 per cent of the issued share capital at the time they were held in treasury. Sale of shares from treasury No shares were sold from treasury during the year ended 31 December 2013. Going concern The Company's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report above. In addition, notes 19 and 20 to the Financial Statements include the Company's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its risk exposure. The Company's principal risks are investment and strategy risk, discount volatility risk, market risk, liquidity risk, credit risk, interest rate risk, foreign currency risk, gearing risk, regulatory risk, operational risk and financial risk. The Company's assets consist principally of a diversified portfolio of listed equity shares, which in most circumstances are realisable within a short period of time and exceed its liabilities by a significant amount. The Company has a Â£10 million secured multi-currency revolving credit facility with Scotiabank Europe PLC. As at 31 December 2013, Â£3.7 million had been drawn down under this facility, as detailed in note 12 below. After due consideration, the Directors have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the Financial Statements. MANAGEMENT REPORT AND STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RELATION TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS Management report Listed companies are required by the Financial Conduct Authority's Disclosure and Transparency Rules (the "Rules") to include a management report within their annual report and financial statements. The information required to be included in the management report for the purpose of these Rules is included in the Strategic Report, including the Chairman's Statement and the Investment Manager's Report, above. Therefore no separate management report has been included. Statement of Directors' responsibilities in relation to the Annual Report and Financial Statements The Directors are responsible for preparing the Annual Report, the Directors' Remuneration Report and Financial Statements in accordance with applicable law and regulations. Company law requires the Directors to prepare Financial Statements for each financial period. Under that law, they have elected to prepare the Financial Statements in accordance with UK Accounting Standards. Under company law, the Directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these Financial Statements, the Directors are required to: â— select suitable accounting policies and then apply them consistently; â— make judgements and estimates that are reasonable and prudent; â— state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and â— prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its Financial Statements comply with the Act and include the information required by the Listing Rules of the Financial Conduct Authority. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors' Report, Directors' Remuneration Report and Corporate Governance Statement that comply with that law and those regulations. The Directors, to the best of their knowledge, state that: â— the Financial Statements, prepared in accordance with UK Accounting Standards, give a true and fair view of the assets, liabilities, financial position and profit of the Company; â— the Strategic Report and the Directors' Report include a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that it faces; and â— the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for Shareholders to assess the Company's performance, business model and strategy. The Directors confirm that, so far as they are each aware, there is no relevant audit information of which the Company's Auditor is unaware; and each Director has taken all the steps that ought to have been taken as a Director to make himself aware of any relevant audit information and to establish that the Company's Auditor is aware of that information. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. On behalf of the Board Teddy Tulloch Chairman 7 March 2014 NON-STATUTORY ACCOUNTS The financial information set out below does not constitute the Company's statutory accounts for the years ended 31 December 2012 and 31 December 2013 but is derived from those accounts. Statutory accounts for the year ended 31 December 2012 have been delivered to the Registrar of Companies, and those for the year ended 31 December 2013 will be delivered in due course. The Auditor has reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the Auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under Section 498 (2) or (3) of the Act. The text of the Auditor's report can be found in the Company's full Annual Report and Financial Statements at www.epgot.com. INCOME STATEMENT for the year ended 31 December 2013 2013 2012 Revenue Capital Revenue Revenue Capital Total Note Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Gains on investments 8 - 24,716 24,716 - 6,089 6,089 at fair value Foreign exchange - 448 448 - 487 487 gains on capital items Income 2 2,711 - 2,711 3,379 - 3,379 Investment management 3 (757) - (757) (660) - (660) fee Other expenses 4 (391) - (391) (351) - (351) Net return before 1,563 25,164 26,727 2,368 6,576 8,944 finance costs and taxation Finance costs Interest payable and (77) - (77) (97) - (97) related charges Net return before 1,486 25,164 26,650 2,271 6,576 8,847 taxation Taxation 5 (154) - (154) (189) - (189) Net return after 1,332 25,164 26,496 2,082 6,576 8,658 taxation pence pence pence pence pence pence Return per ordinary 7 2.7 51.7 54.4 3.9 12.3 16.2 share All revenue and capital items in the above statement derive from continuing operations. The total column of this statement is the profit and loss account of the Company. The revenue and capital columns are prepared under guidance published by the AIC. A separate Statement of Other Comprehensive Income has not been prepared as all such gains and losses are included in the Income Statement. Dividend information A final dividend for the year ended 31 December 2013 of 2.7p per ordinary share (2012: 3.9p) has been recommended by the Board. Subject to Shareholder approval, this dividend will be payable on 30 May 2014 to Shareholders on the register at the close of business on 9 May 2014. The ex-dividend date will be 7 May 2014. Based on 48,202,725 ordinary shares, being the number of ordinary shares in issue (excluding shares held in treasury) on 7 March 2014, the date of this report, the total dividend payment will amount to Â£1,301,000. Dividends are accounted for in the period in which they are paid. Further information on dividend distributions can be found in note 6 of these Financial Statements. The notes form part of these Financial Statements. BALANCE SHEET as at 31 December 2013 2013 2012 Note Â£'000 Â£'000 Fixed asset investments Investments at fair value through 8 115,443 94,466 profit or loss Current assets Debtors 10 121 214 Cash at bank and short-term deposits 1,079 2,165 1,200 2,379 Creditors - amounts falling due within one year Creditors 11 372 769 Loans 12 3,691 4,310 4,063 5,079 Net current liabilities (2,863) (2,700) Net assets 112,580 91,766 Capital and reserves Called-up share capital 13 645 645 Capital redemption reserve 14 14 Special reserve 68,829 72,615 Capital reserve 40,376 15,212 Revenue reserve 2,716 3,280 Total Shareholders' funds 112,580 91,766 pence pence Net asset value per ordinary share 15 233.6 183.1 These Financial Statements were approved and authorised for issue by the Board of Directors of EP Global Opportunities Trust plc on 7 March 2014 and were signed on its behalf by: Teddy Tulloch Chairman Registered in Scotland No. 259207 The notes form part of these Financial Statements. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the year ended 31 December 2013 Capital Share redemption Special Capital Revenue capital reserve reserve reserve reserve Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Year ended 31 December 2013 At 31 December 2012 645 14 72,615 15,212 3,280 91,766 Share purchases for treasury - - (3,786) - - (3,786) Net return after taxation - - - 25,164 1,332 26,496 for the year Dividends paid - - - - (1,896) (1,896) At 31 December 2013 645 14 68,829 40,376 2,716 112,580 Year ended 31 December 2012 At 31 December 2011 645 14 82,321 8,636 3,476 95,092 Share purchases for treasury - - (9,706) - - (9,706) Net return after taxation - - - 6,576 2,082 8,658 for the year Dividends paid - - - - (2,278) (2,278) At 31 December 2012 645 14 72,615 15,212 3,280 91,766 The notes form part of these Financial Statements. CASH FLOW STATEMENT for the year ended 31 December 2013 2013 2012 Note Â£'000 Â£'000 Operating activities Investment income received 2,811 3,472 Investment management fees paid (719) (667) Administration fees paid (111) (78) Other expenses paid (280) (225) Net cash inflow from operating activities 16 (1,701) 2,502 Servicing of finance (79) (94) Taxation (154) (192) Capital expenditure and financial investment Purchases of investments (49,800) (35,857) Sales of investments 53,571 46,690 Exchange (losses)/gains on settlement (42) 78 Net cash inflow from investing activities 3,729 10,911 Net cash inflow before equity dividend and 5,197 13,127 financing Equity dividend paid 6 (1,896) (2,278) Financing Shares purchased for treasury (4,259) (9,476) Net cash outflow from financing (4,259) (9,476) (Decrease)/increase in cash 17 (958) 1,373 The notes form part of these financial statements. NOTES TO THE FINANCIAL STATEMENTS at 31 December 2013 1. Accounting policies Statement of compliance EP Global Opportunities Trust plc is a company incorporated in Scotland. The Company is registered as a public limited company and is an investment company within the terms of section 833 of the Act. The registered office is detailed below. The nature of the Company's operations and its principal activities are set out in the Strategic Report above. The Company's Financial Statements have been prepared in compliance with Financial Reporting Standard ("FRS") 102 as it applies to the Financial Statements of the Company for the year ended 31 December 2013. On 19 June 2013, the Company invested Â£1.0 million in Edinburgh Partners Prospect Fund ("Prospect Fund"), a sub fund of Edinburgh Partners Opportunities Fund plc, an Irish domiciled open-ended investment company, which is authorised by the Central Bank of Ireland and registered in the UK with the Financial Conduct Authority. The Prospect Fund is managed by the Company's Investment Manager, Edinburgh Partners, and has an investment objective to provide an attractive real long-term total return by investing globally in undervalued securities. The Prospect Fund will invest in companies primarily outwith the largest 500 companies by market capitalisation of the MSCI All Countries World Index. Investing in the Prospect Fund will allow the Company to gain access to a diversified range of companies globally with a lower market capitalisation than the Company would consider investing in directly. The Company's investment, at the time of purchase, 31 December 2013 and the date of this report, represents a 52 per cent shareholding in the Prospect Fund. Based on the Company's accounting policies adopted for the year ended 31 December 2012, the investment in the Prospect Fund would represent a controlling interest and would require consolidation within the Company's financial statements. The Company has early adopted FRS 102, which was issued in March 2013. FRS 102 provides an exemption to consolidate the controlling interest where the controlling interest represents an investment held exclusively with a view to subsequent resale as part of an investment portfolio. As a consequence of the early adoption of FRS 102, as at 31 December 2013, the investment in the Prospect Fund is held in the Company's portfolio of investments and is measured at fair value with changes in fair value recognised in the Income Statement. The Company transitioned to FRS 102 as at 1 January 2013. The transition to FRS 102 has had no impact on the previous reported financial position and financial performance. The Financial Statements are prepared on a going concern basis and in accordance with the Act and with the AIC Statement of Recommended Practice issued in January 2009 relating to the Financial Statements of Investment Trust Companies and Venture Capital Trusts ("SORP"). Where presentational guidance set out in the SORP is consistent with FRS 102, the Directors have sought to prepare the Financial Statements on a consistent basis compliant with the recommendations of the SORP. All of the Company's activities are continuing. Segmental reporting The Directors are of the opinion that the Company is engaged in a single segment of business, being investment business. The Company primarily invests in listed companies. Income recognition Dividend and other investment income is included as revenue on the ex-dividend date, the date the Company's right to receive payment is established. Deposit interest and underwriting commission receivable is included on an accruals basis. Dividends are accounted for on the basis of income actually receivable, without adjustment for the tax credit attaching to the dividends. Dividends from overseas companies are shown gross of withholding tax. Management expenses and finance costs All management expenses and finance costs are accounted for on an accruals basis. All operating expenses and finance costs are charged through the revenue account in the Income Statement except costs that are incidental to the acquisition or disposal of investments, which are charged to the capital account in the Income Statement. Finance costs are debited using the effective interest rate method. Transaction costs are included within the gains and losses on investment sales, as disclosed in the Income Statement. Investments The Company has chosen to early adopt in full the provisions of Sections 11 and 12 in FRS 102 relating to financial instruments and represents a change to the previous accounting policy. However, as all the financial instruments held by the Company are considered to be `Basic Financial Instruments' as defined in Section 11 of FRS 102, the Company does not hold any complex financial instruments and therefore there is no impact on the Financial Statements and accounting treatments as a result. All investments held by the Company are classified as `fair value through profit or loss'. Investments are initially recognised at cost, being the fair value of the consideration given. After initial recognition, investments are measured at fair value, with changes in the fair value of investments and impairment of investments recognised in the Income Statement and allocated to capital. Realised gains and losses on investments sold are calculated as the difference between sales proceeds and cost. For investments actively traded in organised financial markets, fair value is generally determined by reference to Stock Exchange quoted market bid prices at the close of business on the Balance Sheet date, without adjustment for transaction costs necessary to realise the asset. Unlisted investments will be valued by the Directors at fair value, using the guidelines on valuation published by the International Private Equity and Venture Capital Association ("IPEVC Valuation Guidelines"). This represents the Directors' view of the amount for which an asset could be exchanged between knowledgeable willing parties in an arm's length transaction. This does not assume that the underlying business is saleable at the reporting date or that its current shareholders have any intention to sell their holding in the near future. Foreign currency The Financial Statements have been prepared in sterling, rounded to the nearest Â£'000, which is the functional and reporting currency of the Company. Sterling is the currency of the primary economic environment in which the Company operates. Transactions denominated in foreign currencies are converted to sterling at the actual exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year end are reported at the rate of exchange at the Balance Sheet date. Any gain or loss arising from a change in exchange rate subsequent to the date of the transaction is included as an exchange gain or loss in the capital reserve or the revenue account depending on whether the gain or loss is of a capital or revenue nature. Taxation The charge for taxation is based on the net revenue for the year and takes into account taxation deferred or accelerated because of timing differences between the treatment of certain items for accounting and taxation purposes. Full provision for deferred taxation is made under the liability method, without discounting, on all timing differences between taxable profits and total comprehensive income that have arisen but not been reversed by the Balance Sheet date, unless such provision is not permitted by FRS 102. Deferred tax assets are only recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the Financial Statements which are capable of reversal in one or more subsequent periods. Cash and cash equivalents Cash and cash equivalents in the Balance Sheet comprise cash at bank and short-term deposits with an original maturity date of three months or less. Short-term debtors and creditors Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other operating expenses. Dividends payable to Shareholders Final dividends are recognised as a liability in the period in which they have been approved by Shareholders in a general meeting. Interim dividends are recognised as a liability in the period in which they have been declared and paid. Loans All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the sterling present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. The effective interest rate amortisation is included in finance revenue in the Income Statement. Loans are revalued to the sterling equivalent using exchange rates at the appropriate date, with the gain or loss being recognised in the capital reserve. Borrowings that are payable within one year shall be measured at the undiscounted amount of the cash or other consideration expected to be paid. Own shares held in treasury From time to time the Company buys back shares and holds them in treasury for potential sale at a later date or for cancellation. The consideration paid and received for these shares is accounted for in Shareholders' funds and, in accordance with the SORP, the cost has been allocated to the Company's special reserve. The cost of shares re-issued from treasury is calculated by taking the average cost of shares held in treasury at the time of re-issue. Any difference between the proceeds from shares sold from treasury and the average cost is taken to share premium. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires the Company to make judgements, estimates and assumptions that affect amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that the actual outcomes could differ from those estimates, possibly significantly. The judgements relate to the unlisted investment where there is no appropriate market price. Reserves Capital reserve The following are accounted for in this reserve: â€¢ gains and losses on the realisation of investments; â€¢ realised exchange differences of a capital nature; â€¢ net movement arising from changes in the fair value of investments that can be readily converted to cash without accepting adverse terms; and â€¢ expenses, together with related taxation effect, charged to this account in accordance with the above policies. Share premium This reserve records the amount above the nominal value received for shares sold, less transaction costs. Special reserve The special reserve was created by a reduction in the share premium account by order of the High Court. It can be used for the repurchase of the Company's ordinary shares. In accordance with the SORP, the consideration paid for shares bought into and held in treasury is shown as a deduction from the special reserve. Capital redemption reserve The capital redemption reserve accounts for amounts by which the issued capital is diminished through the repurchase of the Company's own shares. 2. Income 2013 2012 Â£'000 Â£'000 Income from investments UK net dividend income* 588 802 Overseas dividend income 2,122 2,571 Liquidity fund income 1 6 2,711 3,379 Total income comprises Dividends 2,711 3,379 2,711 3,379 * Includes income of Â£214,000 (2012: Â£214,000) from the unlisted investment in Edinburgh Partners. 3. Investment management fee 2013 2012 Â£'000 Â£'000 Investment management fee 757 660 The investment management fee is paid quarterly in arrears, at the rate of 0.75 per cent per annum of the market capitalisation of the issued ordinary shares (excluding treasury shares) of the Company up to Â£100,000,000 and at a rate of 0.65 per cent per annum of the market capitalisation which exceeds this amount. At 31 December 2013, there was Â£202,000 outstanding (2012: Â£164,000). In addition, the Investment Manager received an administration fee of Â£120,000 as detailed in note 4 (2012: Â£79,000). At 31 December 2013, there was Â£30,000 outstanding (2012: Â£20,000). The administration fee now incorporates a number of costs previously paid directly by the Company to an external service provider. In addition to the investment management fee, in the year ended 31 December 2013, the Investment Manager received Â£25,000 (2012: Â£25,000) for marketing related services. At 31 December 2013, there was Â£6,000 outstanding (2012: Â£6,000) in relation to marketing related services. This cost is included in other expenses as detailed in note 4 of these Financial Statements. 4. Other expenses 2013 2012 Â£'000 Â£'000 Administration fees 120 79 Auditor's remuneration (excluding VAT) for: Audit 18 18 Taxation services - Advisory 6 6 Directors' remuneration 73 89 Other 174 159 391 351 5. Taxation a) Analysis of charge in year 2013 2012 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Current tax Overseas tax suffered 154 - 154 189 - 189 154 - 154 189 - 189 b) The current taxation charge for the year ended 31 December 2013 is lower than the theoretical rate of corporation tax in the UK of 23.25 per cent (2012: 24.5 per cent)(NB The standard rate of corporation tax was 24 per cent from 1 April 2012 and 23 per cent from 1 April 2013. Previously it had been 26 per cent from 1 April 2011). The differences are explained below: 2013 2012 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Net return before 1,486 25,164 26,650 2,271 6,576 8,847 taxation Theoretical tax at UK 346 5,851 6,197 556 1,611 2,167 corporation tax rate of 23.25 per cent (2012: 24.5 per cent) Effects of: - UK dividends that are (137) - (137) (196) - (196) not taxable - Foreign dividends that (433) - (433) (523) - (523) are not taxable - Non-taxable investment - (5,851) (5,851) - (1,611) (1,611) (gains)/losses - Unrelieved excess 224 - 224 163 - 163 expenses - Disallowable expenses (1) - (1) - - - - Double tax relief 1 - 1 - - - - Overseas tax suffered 154 - 154 189 - 189 154 - 154 189 - 189 At 31 December 2013, the Company had unrelieved losses of Â£2,272,000 (31 December 2012: Â£1,275,000). It is unlikely that the Company will generate sufficient taxable income in the future to use these expenses to reduce future tax charges and therefore no deferred tax asset has been recognised. In addition, due to the Company's status as an investment trust and the intention to continue meeting the conditions required to obtain approval as an investment trust in the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments. 6. Dividends 2013 2012 Â£'000 Â£'000 Declared and paid 2012 final dividend of 3.9p per ordinary share paid in May 2013 (2011: final dividend of 4.2p paid in May 2012) 1,896 2,278 1,896 2,278 Net revenue return after taxation 1,332 2,082 Proposed 2013 final dividend of 2.7p (2012: final dividend of 3.9p) 1,301 1,937 per ordinary share 1,301 1,937 The Directors recommend a final dividend for the year of 2.7p per ordinary share (2012: final dividend of 3.9p). Subject to approval by Shareholders at the Annual General Meeting to be held on 16 April 2014, this dividend will be payable on 30 May 2014 to Shareholders on the register at the close of business on 9 May 2014. The ex-dividend date will be 7 May 2014. Based on 48,202,725 ordinary shares, being the number of ordinary shares in issue (excluding shares held in treasury) at 7 March 2014, the date of this report, the total dividend payment will amount to Â£1,301,000. 7. Return per ordinary share 2013 2012 Net Ordinary Per Net Ordinary Per return shares* share return shares* share Â£'000 pence Â£'000 pence Revenue return after 1,332 48,688,710 2.7 2,082 53,395,020 3.9 taxation Capital return after 25,164 48,688,710 51.7 6,576 53,395,020 12.3 taxation Total return 26,496 48,688,710 54.4 8,658 53,395,020 16.2 * Weighted average number of ordinary shares, excluding shares held in treasury, in issue during the year. 8. Investments 2013 2012 Â£'000 Â£'000 Listed investments 113,993 93,016 Unlisted investments 1,450 1,450 115,443 94,466 2013 2012 Unlisted Listed Total Total Â£'000 Â£'000 Â£'000 Â£'000 Analysis of investment portfolio movements Opening book cost 214 94,756 94,970 107,756 Opening investment holding gains/ 1,236 (1,740) (504) (9,206) (losses) Opening valuation 1,450 93,016 94,466 98,550 Movements in the year: Purchases at cost - 49,832 49,832 35,850 Sales - proceeds - (53,571) (53,571) (46,023) - realised gains/(losses) on sales - 10,619 10,619 (2,613) Increase in investment holding gains - 14,097 14,097 8,702 Closing valuation 1,450 113,993 115,443 94,466 Closing book cost 214 101,636 101,850 94,970 Closing investment holding gains/ 1,236 12,357 13,593 (504) (losses) Closing valuation 1,450 113,993 115,443 94,466 Within the listed investments detailed above, there is included the Company's investment in the Edinburgh Partners Prospect Fund, a sub-fund of an Irish domiciled open-ended investment company listed on the Dublin Stock Exchange as detailed in note 1, which was valued at Â£1,217,000 at 31 December 2013. At 30 September 2013, the most recent year end of the Edinburgh Partners Prospect Fund, the aggregate amount of capital and reserves was US$3,425,000. The profit from 18 June 2013, the launch date of the Edinburgh Partners Prospect Fund, to 30 September 2013 was US$300,000. The unlisted investment detailed above is the 71,294 (2012: 71,294) shares in Edinburgh Partners. 2013 2012 Unlisted Listed Total Total Â£'000 Â£'000 Â£'000 Â£'000 Analysis of capital gains and losses Realised gains/(losses) on sales - 10,619 10,619 (2,613) Increase in investment holding gains - 14,097 14,097 8,702 Gains on investments - 24,716 24,716 6,089 Fair value hierarchy In accordance with FRS 102, the Company must disclose the fair value hierarchy of financial instruments. All of the Company's financial instruments fall into level a, being valued at quoted prices in active markets, except its investment in Edinburgh Partners Limited which falls into level c and is fair valued using an unquoted price that is derived from inputs that are not based on observable market data by using recognised valuation methodologies, in accordance with IPEVC Valuation Guidelines. A reconciliation of the fair value movements of level c investments is shown in the unlisted column of the table above. Transaction costs During the year the Company incurred transaction costs of Â£82,000 (2012: Â£59,000) and Â£71,000 (2012: Â£64,000) on purchases and sales of investments respectively. These amounts are included in gains on investments at fair value, as disclosed in the Income Statement above. 9. Significant holdings The Company had no holdings of 3 per cent or more of the share capital of any portfolio companies. 10. Debtors 2013 2012 Â£'000 Â£'000 Dividends receivable 87 187 Prepayments and accrued income 25 16 Taxation recoverable 9 11 121 214 11. Creditors: amounts falling due within one year 2013 2012 Â£'000 Â£'000 Due to brokers 32 - Other creditors and accruals 340 769 372 769 12. Loans 2013 2012 Â£'000 Â£'000 Revolving credit facility - Japanese yen 3,691 2,526 - US dollar - 1,784 3,691 4,310 The Company has a Â£10,000,000 secured multi-currency revolving credit facility with Scotiabank Europe PLC. As at 31 December 2013 Â£3,691,000 (2012: Â£4,310,000) had been drawn down under this facility. Interest on any amounts drawn down under this facility were chargeable at a margin of 1.10 (2012: 1.10) per cent per annum above the British Bankers' Association Interest Settlement Rate at the time of draw down. The principal financial covenants of the facility are that the adjusted asset coverage shall not be less than 4:1 and net assets shall not fall below Â£25,000,000. The Company has entered into a security deed with Scotiabank Europe PLC, whereby Scotiabank Europe PLC has a full title guarantee and continuing security to the assets of the Company for the discharge of its liabilities. The financial covenants were met in the year ended 31 December 2013. The facility was extended for a further year on 10 January 2014 at a margin of 0.85 per cent per annum above the British Bankers' Association Interest Settlement Rate at the time of draw down. 13. Share capital Number Number of shares 2013 of shares 2012 Ordinary 1p Â£'000 Ordinary 1p Â£'000 Allotted, called up and fully paid: At 1 January 64,509,642 645 64,509,642 645 At 31 December 64,509,642 645 64,509,642 645 Duration of the Company The Company does not have a termination date or the requirement for any periodic continuation vote. 14. Own shares held in treasury Details of own shares purchased for and sold from treasury are shown below: 2013 2012 Number of Number of shares shares At 1 January 14,381,917 8,541,917 Shares purchased for treasury 1,925,000 5,840,000 At 31 December 16,306,917 14,381,917 During the year ended 31 December 2013, 1,925,000 shares (2012: 5,840,000) were purchased for treasury at a cost of Â£3,786,000 (2012: Â£9,706,000). No shares were sold from treasury (2012: nil). 15. Net asset value per ordinary share The net asset value per ordinary share, calculated in accordance with the Articles of Association, is as follows: 2013 2012 pence pence Ordinary share 233.6 183.1 The net asset value per ordinary share is based on net assets of Â£112,580,000 (2012: Â£91,766,000) and on 48,202,725 (2012: 50,127,725) ordinary shares, being the number of ordinary shares, excluding shares held in treasury, in issue at the year end. 16. Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities 2013 2012 Â£'000 Â£'000 Net return before finance costs and taxation 26,727 8,944 Net (gains) on capital items (25,164) (6,576) Increase in creditors 47 37 Decrease in debtors and accrued income 91 97 Net cash inflow from operating activities 1,701 2,502 17. Reconciliation of net cash flow to movement in net debt 2013 2012 Â£'000 Â£'000 (Decrease)/increase in cash for the year (958) 1,373 Realised exchange gains 491 409 (467) 1,782 Net debt at 1 January (2,145) (3,927) Net debt at 31 December (2,612) (2,145) At Exchange At 1 January Cash (losses)/ 31 December 2013 flows gains 2013 Â£'000 Â£'000 Â£'000 Â£'000 Cash at bank 2,165 (958) (128) 1,079 Loans (4,310) - 619 (3,691) (2,145) (958) 491 (2,612) At Exchange At 1 January Cash (losses)/ 31 December 2012 flows gains 2012 Â£'000 Â£'000 Â£'000 Â£'000 Cash at bank 908 1,373 (116) 2,165 Loans (4,835) - 525 (4,310) (3,927) 1,373 409 (2,145) 18. Analysis of financial assets and liabilities Interest rate and currency profile The interest rate and currency profile of the Company's financial assets and liabilities were: 2013 2012 Cash Cash No flow No flow interest interest interest interest rate rate risk rate rate risk exposure exposure Total exposure exposure Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Equity shares US dollar 22,701 - 22,701 22,233 - 22,233 Japanese yen 34,839 - 34,839 21,947 - 21,947 Euro 26,279 - 26,279 13,817 - 13,817 Sterling 10,895 - 10,895 12,207 - 12,207 Hong Kong dollar 5,661 - 5,661 9,595 - 9,595 Singapore dollar 5,522 - 5,522 6,830 - 6,830 South Korean won 2,278 - 2,278 2,915 - 2,915 Swiss franc 2,807 - 2,807 2,472 - 2,472 Danish krone 3,183 - 3,183 2,450 - 2,450 Indonesian rupee 1,278 - 1,278 - - - Cash at bank and short-term deposits US dollar - 1,044 1,044 - 56 56 Sterling - 35 35 - 2,109 2,109 Debtors US dollar - - - 2 - 2 Japanese yen 38 - 38 74 - 74 Euro 5 - 5 7 - 7 Sterling 74 - 74 86 - 86 Singapore dollar - - - 41 - 41 Norwegian krone 4 - 4 4 - 4 Short-term creditors US dollar - - - (6) - (6) Japanese yen (10) - (10) (7) - (7) Sterling (330) - (330) (756) - (756) Indonesian rupee (32) - (32) - - - Loans US dollar - - - - (1,784) (1,784) Japanese yen - (3,691) (3,691) - (2,526) (2,526) 115,192 (2,612) 112,580 93,911 (2,145) 91,766 At 31 December 2013, the Company had no financial liabilities other than the short-term creditors and loans as stated above (2012: Â£nil). All financial assets and liabilities of the Company are held at fair value. 19. Risk analysis Risks The principal risks the Company faces are: - Investment and strategy risk - Discount volatility risk - Market risk - Liquidity risk - Credit risk - Interest rate risk - Foreign currency risk - Gearing risk - Regulatory risk - Operational risk - Financial risk The Investment Manager monitors the financial risks affecting the Company on an ongoing basis within the policies and guidelines determined by the Board. The Directors receive financial information, which is used to identify and monitor risk, quarterly. The Company may enter into derivative contracts to manage risk but has not done so to date. A description of the principal risks the Company faces is detailed below. Investment and strategy risk There can be no guarantee that the objective of the Company will be achieved. The Investment Manager meets regularly with the Board to discuss the portfolio performance and strategy. The Board receives quarterly reports from the Investment Manager detailing all portfolio transactions and any other significant changes in the market or stock outlooks. Discount volatility risk The Board recognises that it is in the long-term interests of Shareholders to reduce discount volatility and believes that the prime driver of discounts over the longer term is investment performance. The Company is permitted to employ gearing, a process whereby funds are borrowed principally for the purpose of purchasing securities should the Board feel that it is appropriate to do so. The use of gearing can magnify discount volatility. The Board actively monitors the discount at which the Company's shares trade, and is committed to using its powers to allot or repurchase the Company's ordinary shares with a view to maintaining the middle market price at which the shares trade at close to the net asset value most recently published by the Company (taking into account the effect on the net asset value per ordinary share of any rights to which the shares are trading ex-dividend). The Board's commitment to allot or repurchase ordinary shares is subject to it being satisfied that any offer to allot or purchase shares is in the best interests of Shareholders of the Company as a whole, the Board having the requisite authority pursuant to the Articles of Association and relevant legislation to allot or purchase shares, and all other applicable legislative and regulatory provisions. During the year ended 31 December 2013 the Company bought back 1,925,000 (2012: 5,840,000) ordinary shares into treasury. During the year ended 31 December 2013 the Company sold nil (2012: nil) ordinary shares from treasury. Market risk The Company is exposed to market risk due to fluctuations in the market prices of its investments. Market risk arises mainly from uncertainty about future prices of financial instruments used in the Company's business. It represents the potential loss the Company might suffer through holding market positions in the face of price movements. The Investment Manager monitors the prices of financial instruments held by the Company on an ongoing basis. The Investment Manager actively monitors market and economic data and reports to the Board, which considers investment policy on a regular basis. The net asset value per ordinary share of the Company is issued daily to the London Stock Exchange and is also available on the Company's website www.epgot.com. Details of the Company's investment portfolio as at 31 December 2013 are disclosed above. If the investment portfolio valuation fell by 1 per cent from the amount detailed in the Financial Statements as at 31 December 2013 it would have the effect, with all other variables held constant, of reducing the total return before taxation and therefore net assets by Â£1,154,000 (2012: Â£945,000). An increase of 1 per cent in the investment portfolio valuation would have an equal and opposite effect on the total return before taxation and net assets. Liquidity risk The Company's policy with regard to liquidity is to ensure continuity of funding. Short-term flexibility is achieved through cash management. The Company's assets comprise mainly of readily realisable securities which can be sold freely to meet funding requirements if necessary. Securities listed on a recognised stock exchange have been valued at bid prices and exchange rates ruling at the close of business on 31 December 2013. In certain circumstances, the market prices at which investments are valued may not represent the realisable value of those investments, taking into account both the size of the Company's holding and the frequency with which such investments are traded. Credit risk Credit risk is the risk of financial loss to the Company if the contractual party to a financial instrument fails to meet its contractual obligations. The carrying amounts of financial assets best represent the maximum credit risk exposure at the Balance Sheet date. The Company's listed investments are held on its behalf by The Bank of New York Mellon acting as the Company's custodian. Bankruptcy or insolvency of the custodian may cause the Company's rights with respect to securities held by the custodian to be delayed. The Board monitors the Company's risk by reviewing the custodian's internal controls reports. Investment transactions are carried out with a large number of brokers whose creditworthiness is reviewed by the Investment Manager. Transactions are ordinarily undertaken on a delivery versus payment basis whereby the Company's custodian bank ensures that the counterparty to any transaction entered into by the Company has delivered on its obligations before any transfer of cash or securities away from the Company is completed. Cash is only held at banks and in money market funds that have been identified by the Board as reputable and of high credit quality. The maximum exposure to credit risk as at 31 December 2013 was Â£116,643,000 (2012: Â£96,845,000). The calculation is based on the Company's credit risk exposure as at 31 December 2013 and this may not be representative of the year as a whole. None of the Company's assets are past due or impaired. Interest rate risk The Company's assets and liabilities, excluding short-term debtors and creditors, may comprise financial instruments which include investments in fixed interest securities. Details of the Company's interest rate exposure as at 31 December 2013 are disclosed in note 18 of these Financial Statements. The majority of the Company's assets were non-interest bearing as at 31 December 2013. Surplus cash is invested in liquidity funds. The Company has a Â£10,000,000 secured multi-currency revolving credit facility with Scotiabank Europe PLC. As at 31 December 2013, Â£3,691,000 (2012: Â£ 4,310,000) had been drawn down incurring an average interest rate of 1.2512 (2012: 1.4164) per cent per annum. If interest rates had reduced by 0.25 per cent (2012: 0.25 per cent) from those obtained as at 31 December 2013 it would have the effect, with all other variables held constant, of increasing the total return before taxation and therefore net assets on an annualised basis by Â£7,000 (2012: increasing the total return before taxation and net assets by Â£5,000 on an annualised basis). If there had been an increase in interest rates of 0.25 per cent (2012: 0.25 per cent) there would have been an equal and opposite effect in the total return before taxation and net assets. The calculations are based on cash at bank, short-term deposits and the revolving credit facility as at 31 December 2013 and these may not be representative of the year as a whole. The maturity profile of the Company's financial liabilities is as follows: As at As at 31 December 31 December 2013 2012 Â£'000 Â£'000 In one year or less 3,691 4,323 In more than one, but not more than two years - - In more than two, but not more than five years - - 3,691 4,323 Foreign currency risk The base currency of the Company is sterling. The international nature of the Company's investment activities gives rise to a currency risk which is inherent in the performance of its overseas investments. The Company's overseas income is also subject to currency fluctuations. It is not the Company's policy to hedge this risk on a continuous basis. Details of the Company's foreign currency risk exposure as at 31 December 2013 are disclosed in note 18 of these Financial Statements. If sterling had strengthened by 1 per cent against all other currencies on 31 December 2013, with all other variables held constant, it would have the effect of reducing the total return before taxation and net assets by Â£1,019,000 (2012: Â£781,000). If sterling had weakened by 1 per cent against all other currencies there would have been an equal and opposite effect on the total return before taxation and net assets. Gearing risk Gearing is used to enhance long-term returns to Shareholders. The Company is permitted to employ gearing should the Board feel it appropriate to do so up to a maximum of 25 per cent of total assets. The use of gearing is likely to lead to volatility in the net asset value per ordinary share, meaning that a relatively small movement either down or up in the value of the Company's total investments may result in a magnified movement in the same direction of the net asset value per ordinary share. The greater the level of gearing, the greater the level of risk and likely fluctuation in the share price. The Company's gearing, which is a secured multi-currency revolving credit facility, is disclosed in note 12 above. At the year end the Company's gearing was 3.3 per cent (2012: 4.7 per cent). As a result of entering into this facility, the Company is exposed to interest rate risk due to fluctuations in the prevailing market rates. Regulatory risk Failure to qualify under the terms of sections 1158 and 1159 of the Corporation Tax Act 2010 may lead to the Company being subject to capital gains tax. A breach of the rules of the UK Listing Authority may result in censure by the Financial Conduct Authority and/or the Company's suspension from listing. The Board has agreed service levels with the Company Secretary and Investment Manager which include active and regular review of compliance with these requirements. These checks are reviewed at each Board Meeting. Operational risk There are a number of operational risks associated with the fact that third parties undertake the Company's administration and custody. The main risk is that third parties may fail to ensure that statutory requirements such as Companies Act and UK Listing Authority requirements are met. The Board regularly receives and reviews management information on third parties which the Company Secretary compiles. In addition, each of the third parties provides a copy of its report on internal controls (ISAE 3402, SSAE 16, SAS 70 or equivalent) to the Board each year. Financial risk Inappropriate accounting policies or failure to comply with current or new accounting standards may lead to a breach of regulations. The Investment Manager employs independent administrators to prepare all financial statements and meets with the independent auditor at least once a year to discuss all financial matters including appropriate accounting polices. The Company is a member of the AIC, a trade body intended to promote investment trusts which also develops best practice for all of its members. The Board undertakes an annual assessment and review of all the risks stated above together with a review of any new risks which may have arisen during the year. These risks are formalised within the Company's risk assessment matrix. 20. Capital management policies The Company's objective is to provide Shareholders with an attractive real long-term total return by investing globally in undervalued securities. The portfolio is managed without reference to the comparison of any stock market index. In pursuing this objective, the Board has a responsibility for ensuring the Company's ability to continue as a going concern. This involves the ability to: issue and buyback share capital within limits set by the Shareholders in general meeting; borrow monies in the short and long term; and pay dividends to Shareholders out of current year revenue earnings as well as out of brought forward revenue reserves. The Company's capital comprises: 2013 2012 Â£'000 Â£'000 Called-up share capital 645 645 Capital redemption reserve 14 14 Special reserve 68,829 72,615 Capital reserve 40,376 15,212 Revenue reserve 2,716 3,280 Total Shareholders' funds 112,580 91,766 The Company's objectives for managing capital are the same as the previous year and have been complied with throughout the year. 21. Transactions with the Investment Manager Information with respect to transactions with the Investment Manager is provided in note 3 of these Financial Statements and in the Strategic Report above. Information with respect to income received on the unlisted investment held by the Company in Edinburgh Partners is provided in note 2 of these Financial Statements. PERFORMANCE RECORD Net asset Share Revenue value price Share price return Dividend per per discount to per per Ongoing Shareholders' ordinary ordinary net asset ordinary ordinary charges funds share share value share share ratio(3) Year ended 31 December 2004(1) Â£26.1m 116.4p 110.5p 5.1% 0.6p 0.4p 1.7%(4) 2005 Â£52.2m 156.2p 154.5p 1.1% 1.1p 0.8p 1.5%(4) 2006 Â£58.8m 172.8p 170.0p 1.6% 2.1p 1.8p 1.2%(4) 2007 Â£57.7m 177.2p 160.0p 9.7% 2.7p 2.3p 1.1%(4) 2008 Â£46.4m 150.4p 132.5p 11.9% 3.9p 3.1p 1.1%(4) 2009 Â£50.7m 175.9p 172.0p 2.2% 2.7p 2.4p 1.0%(4,5) 2010 Â£51.6m 188.2p 186.8p 0.7% 3.2p 2.8p 1.3%(4) 2011 Â£95.1m 169.9p 167.0p 1.7% 5.0p 4.2p 0.8%(6) 2012 Â£91.8m 183.1p 175.5p 4.2% 3.9p 3.9p 1.1% 2013 Â£112.6m 233.6p 230.0p 1.5% 2.7p 2.7p(2) 1.1% (1) Period 13 November 2003 to 31 December 2004. The Company commenced operations on the admission of its shares to listing on the London Stock exchange on 15 December 2003. (2) Proposed final dividend for the year (3) Ongoing charges based on total expenses, excluding finance costs and certain non-recurring items for the average monthly net asset value. (4) Total expense ratio based on total expenses for the year and average monthly net asset value. (5) Total expense ratio 1.3 per cent in 2009 excluding VAT refund. (6) The total expense ratio would have been 1.0 per cent if investment management fees of Â£236,000 had not been waived as a consequence of the merger with Anglo & Overseas Plc. ANNUAL GENERAL MEETING The Company's Annual General Meeting will be held at The Caledonian Hotel, Princes Street, Edinburgh EH1 2AB on Wednesday, 16 April 2014 at 12.00 noon. DIRECTORS Teddy Tulloch (Chairman) Richard Burns David Hough Giles Weaver All of the Directors are non-executive and independent of the Investment Manager. INVESTMENT MANAGER Edinburgh Partners Limited 27-31 Melville Street Edinburgh EH3 7JF National Storage Mechanism A copy of the full Annual Report and Financial Statements will shortly be submitted to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at: www.morningstar.co.uk/uk/NSM Enquiries: Sandy Nairn Kenneth Greig Edinburgh Partners Limited Tel: 0131 270 3800 The Company's registered office address is: 27-31 Melville Street Edinburgh EH3 7JF t (or any other website) is incorporated into, or forms part of, this announcement.

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