Half-yearly Report

EP GLOBAL OPPORTUNITIES TRUST PLC HALF YEARLY REPORT Six months ended 30 June 2013 The Directors announce the unaudited Half Yearly Report for the period from 1 January 2013 to 30 June 2013 as follows: Copies of the Half Yearly Report can be obtained from the following websites: www.epgot.com and www.edinburghpartners.com. FINANCIAL SUMMARY 30 June 2013 31 December 2012 Change Shareholders' funds Â£101,996,000 Â£91,766,000 11.1% Net asset value per ordinary share ("NAV") 211.4p 183.1p 15.5% Share price per ordinary share 200.5p 175.5p 14.2% Share price discount to NAV 5.2% 4.2% 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. 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 Limited). 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. CHAIRMAN'S STATEMENT Results During the six months to 30 June 2013 our net asset value per share increased by 15.5 per cent to 211.4p. This was a particularly encouraging performance as our investments in Japan began to bear fruit. The net asset value per share total return for the six months was 17.6 per cent. This result compares with a total return for the FTSE All-Share Index of 8.5 per cent, while the FTSE All-World Index total return was 13.9 per cent. The share price increased by 14.2 per cent to 200.5p. The discount of the share price to the net asset value per share was 5.2 per cent at the end of June. We continued to buy-in shares with the objective of maintaining the share price at close to the net asset value. In the first six months of 2013, we bought in 1.9 million shares at small discounts to the net asset value per share. Stock market and investment performance Share prices started 2013 on a strong note and, in general, the upwards momentum continued until the second half of May. Concerns that the US Federal Reserve might start to rein in its quantitative easing, the stimulative financial policy of buying-in US government bonds, and fears of a less robust Chinese economy, led to profit-taking with bond and equity markets coming under pressure. Asian and other emerging equity markets were particularly affected, with the FTSE All-World Asia Pacific ex Japan Index surrendering almost all its earlier gains. The best performances of the major country indices were those of Japan and the US. Currencies were more volatile than usual, with the Japanese yen being very weak and the US dollar particularly strong. Sterling gained against the yen by 7.2 per cent but fell by 6.7 per cent versus the US dollar and 5.4 per cent versus the euro. The strong dollar boosted the total return of the US S&P Composite Index from 13.8 per cent in US dollar terms to 22.0 per cent when measured in sterling. The Japanese Topix Index still achieved a 24.4 per cent total return in sterling terms despite the weakness in the yen. The FTSE All-World European ex UK Index performed more in line with the UK equity market, providing a sterling total return of 10.2 per cent. Our results benefited from the emphasis on Japan and the US. The performance of the Japanese shareholdings had held back performance from 2010 when the percentage of the Company's investment portfolio in Japan was first raised to over 20 per cent. The timing was unfortunate as the devastating earthquake and tsunami struck in March 2011. However, the patience of our Investment Manager and the conviction that Japanese equities represented outstanding value are now being rewarded. Although the other Asian markets had a relatively disappointing six months, the holding that provided the largest uplift to our net asset value over the six month period was Prince Frog International, a Chinese retailer of children's care products. Despite the dramatic recovery in Japanese share prices from November 2012, the market was so depressed that there still appeared to be good value in many Japanese shares. As a consequence, further additions were made in Japan and, at the end of June 2013, the geographical exposure to Japan had been increased to 36.9 per cent of the Company's investment portfolio. This was funded by a reduction in the exposure to the rest of Asia from 20.5 per cent at the end of 2012 to 14.1 per cent and to the UK from 12.9 per cent to 6.2 per cent. Revenue account The income statement below shows revenue per share of 2.1p for the first six months of 2013. This compares to 2.7p over the same period last year. The principal reason for the lower revenue is the increased investment in Japanese equities where the dividend yields are much lower than the yields on the UK and Asian shares which were sold. This may result in lower revenue per share for the full year. Your Board does not wish the investment policy to be restricted by income account considerations but believes that our Investment Manager's well-defined investment philosophy focusing on value will produce a better total return over the longer term. Outlook Equities have risen considerably since share prices bottomed out in early 2009 during the darkest days of the financial crisis. Shares have climbed a wall of worry, with prices moving higher as worries receded. There have been numerous setbacks as concerns have reappeared, and with each setback there has been no shortage of financial commentators predicting another financial meltdown. It is not surprising that against such a background investors have tended increasingly to put their faith in companies with stable growth prospects. As a consequence, the share prices of many such quality companies now look fully valued. It does not mean that their share prices cannot appreciate further, but they may disappoint over the longer term. We have steadily reduced our holdings in such companies. There is growing optimism about the economic outlook, particularly in the US, even if the rate of growth is more moderate than it has been historically. Investor focus has been shifting back to companies that have good long-term growth prospects but whose earnings progression is more cyclical. The share prices of many such companies still have upside potential but with recent gains our optimism has to be slightly more tempered. The rebalancing of the global economy will occur over an extended period and this will continue to be punctuated by swings in investor sentiment. Such volatility will inevitably create more investment opportunities. We believe that investing in shares offering long-term value will continue, in due course, to be rewarded. Teddy Tulloch Chairman 27 August 2013 DISTRIBUTION OF INVESTMENTS as at 30 June 2013 (% of investments) Sector distribution Sector % Consumer Goods 23.3 Technology 21.9 Industrials 21.3 Financials 12.6 Consumer Services 9.5 Telecommunications 7.2 Oil & Gas 4.2 100.0 Geographical distribution Geographical area % Japan 36.9 United States 22.1 Europe 20.7 Asia Pacific 14.1 United Kingdom 6.2 100.0 The figures detailed in the geographical distribution table represent the Company's equity exposure to these countries or regional areas. The geographical 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. As at 30 June 2013, the Company was marginally geared with investments equivalent to 103.5% of Shareholders' funds. The gearing was financed by borrowings in Japanese yen. PORTFOLIO OF INVESTMENTS as at 30 June 2013 % of Net Company Sector Country Valuation Assets Â£'000 Equity investments Sumitomo Mitsui Financials Japan 3,577 3.5 Bridgestone Consumer Goods Japan 3,505 3.4 Microsoft Technology US 3,359 3.3 Google Technology US 3,243 3.2 Japan Tobacco Consumer Goods Japan 3,113 3.1 KDDI Telecommunications Japan 3,090 3.0 Toyota Motor Consumer Goods Japan 3,061 3.0 Sugi Consumer Services Japan 2,875 2.8 Deutsche Post Industrials Germany 2,853 2.8 SanDisk Technology US 2,725 2.7 Johnson Controls Consumer Goods US 2,704 2.7 Indra Sistemas Technology Spain 2,700 2.7 Yamaha Motor Consumer Goods Japan 2,689 2.6 Tyco International Industrials US 2,687 2.6 Prince Frog International Consumer Goods China 2,672 2.6 Toshiba Industrials Japan 2,667 2.6 Fujitsu Technology Japan 2,659 2.6 DBS Financials Singapore 2,619 2.6 Swire Pacific Industrials Hong Kong 2,595 2.5 Vodafone Telecommunications UK 2,563 2.5 Total - 20 largest equity investments 57,956 56.8 Other equity investments 47,578 46.7 Total equity investments 105,534 103.5 Cash less net liabilities (3,538) (3.5) Net assets 101,996 100.0 The geographical 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. DIRECTORS' STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES The important events that have occurred during the period under review and the key factors influencing the financial statements are set out in the Chairman's Statement above. Factors that could impact the remaining six months of the financial year are also detailed in the Chairman's Statement. Additional risk factors are set out below. The Directors consider that the principal risks facing the Company are substantially unchanged since the date of the Annual Report for the year ended 31 December 2012 and continue to be as set out in that report on pages 43 to 46. Risks faced by the Company include, but are not limited to, 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. DIRECTORS' STATEMENT OF RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS The Directors confirm that to the best of their knowledge: - the condensed set of financial statements, prepared in accordance with the Statement on Half Yearly Financial Reports issued by the UK Accounting Standards Board, gives a true and fair view of the assets, liabilities, financial position and profit of the Company; and - this Half Yearly Report includes a fair review of the information required by: (a) 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and (b) 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so. There were no related party transactions during the period. Under the AIC Statement of Recommended Practice issued in January 2009, the Investment Manager is not considered to be a related party of the Company. This Half Yearly Report was approved by the Board of Directors on 27 August 2013 and the above responsibility statement was signed on its behalf by Teddy Tulloch, Chairman. INCOME STATEMENT (UNAUDITED) for the six months to 30 June 2013 Six months Six months Year to to 30 June 2013 to 30 June 2012 31 December 2012 Revenue Capital Total Revenue Capital Total Revenue Capital Total Note Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Gains on investments at fair value through profit or loss 3 - 14,635 14,635 - 659 659 - 6,089 6,089 Foreign exchange gains on capital items - 111 111 - 132 132 - 487 487 Income 2 1,718 - 1,718 2,109 - 2,109 3,379 - 3,379 Investment management fee (357) - (357) (338) - (338) (660) - (660) Other expenses (193) - (193) (165) - (165) (351) - (351) Net return before finance costs and taxation 1,168 14,746 15,914 1,606 791 2,397 2,368 6,576 8,944 Finance costs Interest payable and similar charges (41) - (41) (51) - (51) (97) - (97) Net return before taxation 1,127 14,746 15,873 1,555 791 2,346 2,271 6,576 8,847 Taxation 4 (71) - (71) (105) - (105) (189) - (189) Net return after taxation 1,056 14,746 15,802 1,450 791 2,241 2,082 6,576 8,658 pence pence pence pence pence pence pence pence pence Return per ordinary share 5 2.1 30.0 32.1 2.7 1.4 4.1 3.9 12.3 16.2 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 return columns are prepared in accordance with guidance issued by the Association of Investment Companies ("AIC"). A separate Statement of Total Recognised Gains and Losses has not been prepared as all such gains and losses are included in the Income Statement. BALANCE SHEET (UNAUDITED) as at 30 June 2013 30 June 30 June 31 December 2013 2012 2012 Note Â£'000 Â£'000 Â£'000 Fixed asset investments Investments at fair value through profit or loss 105,534 91,172 94,466 Current assets Debtors 1,918 295 214 Cash at bank and short-term deposits 1,209 4,548 2,165 3,127 4,843 2,379 Creditors: amounts falling due within one year Creditors 2,399 409 769 Loans 4,266 4,686 4,310 6,665 5,095 5,079 Net current liabilities (3,538) (252) (2,700) Net assets 101,996 90,920 91,766 Capital and reserves Called-up share capital 645 645 645 Capital redemption reserve 14 14 14 Special reserve 68,939 78,186 72,615 Capital reserve 29,959 9,427 15,212 Revenue reserve 2,439 2,648 3,280 Total Shareholders' funds 101,996 90,920 91,766 pence pence pence Net asset value per ordinary share 6 211.4 170.0 183.1 STATEMENT OF CASH FLOW (UNAUDITED) for the six months to 30 June 2013 Six months to Six months to Year to 30 June 2013 30 June 2012 31 December 2012 Note Â£'000 Â£'000 Â£'000 Operating activities Investment income received 1,691 2,133 3,472 Investment management fees paid (334) (347) (667) VAT and interest on secretarial fees recovered - 2 - Administration fees paid (51) (41) (78) Other expenses paid (179) (120) (225) Net cash inflow from operating activities 7 1,127 1,627 2,502 Servicing of finance (42) (47) (94) Taxation Taxation paid (73) (107) (192) Capital expenditure and financial investment Purchases of investments (19,056) (18,575) (35,857) Sales of investments 23,066 27,298 46,690 Exchange gains on settlement 16 17 78 Net cash inflow from investing activities 4,026 8,740 10,911 Net cash inflow before equity dividend paid and financing 5,038 10,213 13,127 Equity dividend paid (1,896) (2,278) (2,278) Financing Ordinary shares purchased and held in treasury (4,149) (4,259) (9,476) Net cash outflow from financing (4,149) (4,259) (9,476) (Decrease)/increase in cash 8 (1,007) 3,676 1,373 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED) for the six months to 30 June 2013 Six months to Six months to Year to 30 June 2013 30 June 2012 31 December 2012 Â£'000 Â£'000 Â£'000 Opening Shareholders' funds 91,766 95,092 95,092 Net return after taxation 15,802 2,241 8,658 Dividends paid (1,896) (2,278) (2,278) Share purchases for treasury (3,676) (4,135) (9,706) Closing Shareholders' funds 101,996 90,920 91,766 NOTES TO THE FINANCIAL STATEMENTS for the six months to 30 June 2013 1. Accounting policies a) Accounting convention The financial statements are prepared in accordance with the Accounting Standards Board's Statement on Half Yearly Financial Reports, UK Generally Accepted Accounting Practice 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. b) Financial information The financial information contained in this report does not constitute full statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six months to 30 June 2013 and 30 June 2012 has not been audited or reviewed by the Company's Auditors pursuant to the Auditing Practices Board guidance on such reviews. The information for the year ended 31 December 2012 has been extracted from the latest published audited Annual Report and Financial Statements, which have been filed with the Registrar of Companies. The report of the Auditors on those financial statements contained no qualification or statement under Sections 498(2) or (3) of the Companies Act 2006. On 19 June 2013, the Company invested Â£1.0m 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 Limited, 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, 30 June 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. However, for the Annual Report and Financial Statements for the year ending 31 December 2013, the Company intends to adopt Financial Reporting Standard ("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 a consequence of the adoption of FRS 102, as at 30 June 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. Adoption of FRS 102 will not materially impact the Company's financial statements and the accounting policies set out in note 1 of the Annual Report and Financial Statements for the year ended 31 December 2012 will remain substantially unchanged. c) Going concern The Company has considerable financial resources and as a consequence, the Directors believe that the Company is well placed to manage its business risks successfully. After making enquiries, the Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Half Yearly Report. 2. Income Six months to Six months to Year to 30 June 2013 30 June 2012 31 December 2012 Â£'000 Â£'000 Â£'000 Income from investments UK net dividend income 495 582 802 Overseas dividend income 1,223 1,524 2,571 Interest on liquidity funds - 3 6 1,718 2,109 3,379 Income comprises Dividends 1,718 2,109 3,379 3. Gains/(losses) on investments Six months to Six months to Year to 30 June 2013 30 June 2012 31 December 2012 Â£'000 Â£'000 Â£'000 Realised gains/(losses) on sales 5,308 (6,376) (2,613) Changes in fair value of investments 9,327 7,035 8,702 14,635 659 6,089 4. Taxation The taxation charge for the six months to 30 June 2013 is Â£71,000 (six months to 30 June 2012: Â£105,000; year to 31 December 2012: Â£189,000). The taxation charge comprises a corporation tax charge for the six months to 30 June 2013 of Â£nil (six months to 30 June 2012: Â£nil; year to 31 December 2012: Â£nil) and irrecoverable withholding tax suffered of Â£71,000 (six months to 30 June 2012: Â£105,000; year to 31 December 2012: Â£189,000). 5. Return per ordinary share Six months to Six months to Year to 30 June 2013 30 June 2012 31 December 2012 Net Per Net Per Net Per return share return share return share Â£'000 pence Â£'000 pence Â£'000 pence Revenue return after taxation 1,056 2.1 1,450 2.7 2,082 3.9 Capital return after taxation 14,746 30.0 791 1.4 6,576 12.3 Total return 15,802 32.1 2,241 4.1 8,658 16.2 The returns per share for the six months to 30 June 2013 are based on 49,161,622 shares (six months to 30 June 2012: 54,725,009 shares; year to 31 December 2012: 53,395,020 shares) being the weighted average number of ordinary shares, excluding shares held in treasury, in issue during the period. 6. Net asset value per ordinary share and share capital The net asset value per ordinary share is based on net assets at 30 June 2013 of Â£101,996,000 (30 June 2012: Â£90,920,000; 31 December 2012: Â£91,766,000) and on 48,252,725 ordinary shares (30 June 2012: 53,492,725; 31 December 2012: 50,127,725) being the number of ordinary shares, excluding shares held in treasury, at the period end. Net asset values calculated include current period revenue. A total of 1,875,000 ordinary shares were repurchased for treasury at a cost of Â£3,676,000 during the six months to 30 June 2013. As a result of the transactions detailed above, there were 64,509,642 ordinary shares in issue as at 30 June 2013, of which 16,256,917 ordinary shares were held in treasury. 7. Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities Six months to Six months to Year to 30 June 2013 30 June 2012 31 December 2012 Â£'000 Â£'000 Â£'000 Net return before finance costs and taxation 15,914 2,397 8,944 Net gains on capital items (14,746) (791) (6,576) Increase in creditors 3 7 37 (Increase)/decrease in debtors and accrued income (44) 14 97 Net cash inflow from operating activities 1,127 1,627 2,502 8. Reconciliation of net cash flow to movement in net debt Six months to Six months to Year to 30 June 2013 30 June 2012 31 December 2012 Â£'000 Â£'000 Â£'000 (Decrease)/increase in cash (1,007) 3,676 1,373 Realised exchange gains 95 113 409 (912) 3,789 1,782 Net debt at start of period (2,145) (3,927) (3,927) Net debt at end of period (3,057) (138) (2,145) SHAREHOLDER INFORMATION Investing in the Company The Company's ordinary shares are traded on the London Stock Exchange and can be bought or sold through a stockbroker or financial adviser. The ordinary shares are eligible for inclusion in ISAs, Junior ISAs and SIPPs. These are available through Alliance Trust Savings, who also offer the opportunity to invest in the Company through a Dealing Account. Further information is available on the Company's website: www.epgot.com or by telephone on 01382 573737. Frequency of net asset value publication The Company's ordinary share net asset value is released daily to the London Stock Exchange and published on the Company's website: www.epgot.com and on the Edinburgh Partners' website: www.edinburghpartners.com. Share price and sources of other information The Company's ordinary share price is quoted daily in the Financial Times and the Daily Telegraph. Previous day closing price, daily net asset value and other portfolio information is published on the Company's website: www.epgot.com and on the Edinburgh Partners' website: www.edinburghpartners.com. Other useful information on investment trusts, such as prices, net asset values and company announcements, can be found on the websites of the London Stock Exchange: www.londonstockexchange.com and the AIC: www.theaic.co.uk. Share register enquiries The register for the ordinary shares is maintained by Computershare Investor Services PLC. In the event of queries regarding your holding, please contact the Registrar on 0870 889 4069 or email web.queries@computershare.co.uk. Changes of name and/or address must be notified in writing to the Registrar, at the address shown on the inside back cover. You can check your shareholding and find practical help on transferring shares or updating your details at www.investorcentre.co.uk. Key dates Company's year end 31 December Annual results announced March Annual General Meeting April Annual dividend paid May Company's half year end 30 June Half yearly results announced August In accordance with the Disclosure and Transparency Rules, the Company will be releasing Interim Management Statements for the quarters ending 31 March and 30 September. These will be released to the London Stock Exchange and may be viewed on the Company's website: www.epgot.com and on the Edinburgh Partners' website: www.edinburghpartners.com. This document is not a recommendation, offer or invitation to buy, sell or hold ordinary shares of the Company. If you wish to deal in the ordinary shares of the Company, you may wish to contact an authorised professional investment adviser. Risk factors An investment in the Company should be regarded as long term and is only suitable for investors who are capable of evaluating the risks and merits of such investment and who have sufficient resources to bear any loss which might result from such investment. The market value of, and the income derived from, the ordinary shares can fluctuate. The Company's share price may go down as well as up. Past performance is not a guide to future performance. There is no guarantee that the market price of the ordinary shares will fully reflect their underlying net asset value. Fluctuations in exchange rates will affect the value of overseas investments held by the Company. Investors may not get back the full value of their investment. There can be no guarantee that the investment objective of the Company will be met. The levels of, and reliefs from, taxation may change. The principal risks facing the Company relating to its investment activities were set out in detail in the Annual Report for the year ended 31 December 2012, with an explanation of the risks and how they are managed detailed in note 19, and continue to be as set out in that report. These 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. In particular, it should be noted that the Company does not have any benchmark. The Investment Manager is free to invest in securities on a global basis which it considers to be undervalued on an absolute basis. This policy is designed to permit the Investment Manager a large degree of freedom in share selection and as such, investment results are dependent on the success or failure of the Investment Manager in correctly identifying undervalued securities. This Half Yearly Report contains "forward looking statements" with respect to the Company's plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward looking statements involve risk and uncertainty because they relate to future events that are beyond the Company's control. As a result, the Company's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Company's forward looking statements. The Company undertakes no obligation to update the forward looking statements contained within this Half Yearly Report or any other forward looking statements it makes. The Company is a public company. It is registered in Scotland and its shares are traded on the London Stock Exchange. The Company is not regulated or authorised by the Financial Conduct Authority. Employees of Edinburgh Partners Limited may (subject to applicable laws and regulations) hold shares in the Company and may buy, sell or offer to deal in the Company's shares from time to time. DIRECTORS AND ADVISERS Directors (all Teddy Tulloch (Chairman) non-executive) Richard Burns David Hough Giles Weaver Secretary and Registered Kenneth J Greig Office 27-31 Melville Street Edinburgh EH3 7JF Investment Manager Edinburgh Partners Limited 27-31 Melville Street Edinburgh EH3 7JF Auditor Ernst & Young LLP Ten George Street Edinburgh EH2 2DZ Registrar and Transfer Computershare Investor Services PLC Office The Pavilions Bridgwater Road Bristol BS99 6ZZ Solicitor and Sponsor Dickson Minto W.S. 16 Charlotte Square Edinburgh EH2 4DF Custodian and Banker The Bank of New York Mellon One Canada Square Canary Wharf London E14 5AL Banker Scotiabank Europe PLC 6th Floor 201 Bishopsgate London EC2M 3NS Registered in Scotland No. 259207 An investment company as defined under Section 833 of the Companies Act 2006 The Company is a member of the Association of Investment Companies

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