Half-yearly Report

Keystone Investment Trust plc Half-Yearly Financial Report Announcement for the Six Months to 31 March 2013 Performance Statistics SIX MONTHS SIX MONTHS YEAR ENDED 31 MAR 31 MAR 30 SEPT 2013 2012 2012 Total Return (capital growth with income reinvested) % % % Net asset value (NAV) per share: - debt at par +21.3 +10.8 +15.8 - debt at fair value +22.5 +10.7 +14.0 Share price (mid-market) +16.2 +10.8 +21.0 FTSE All-Share Index +14.5 +15.0 +17.2 Source: Thomson Reuters Datastream SIX MONTHS SIX MONTHS YEAR ENDED 31 MAR 31 MAR 30 SEPT 2013 2012 2012 Capital Return % % % NAV per share: - debt at par +17.9 +7.3 +11.3 - debt at fair value +18.8 +7.1 +9.5 Share price +13.5 +7.9 +16.1 FTSE All-Share Index +12.7 +13.1 +13.0 Discount/(premium) of share price to net asset value per share: - debt at par 7.2 7.1 3.6 - debt at fair value 3.9 4.4 (0.6) Gearing - gross 14.7 18.1 17.4 - net 8.5 8.5 8.5 SIX MONTHS SIX MONTHS 31 MAR 31 MAR % Revenue 2013 2012 CHANGE Revenue return per ordinary share 26.6p 21.4p 24.3 Interim dividend per ordinary share 18.0p 18.0p - . INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT Chairman's Statement Performance The Company's shares gave a total return of 16.2% to shareholders over the six months from 30 September 2012 to 31 March 2013. From the perspective of the underlying net asset value (NAV) per ordinary share, the total return was 21.3%. These compare with a total return by the Company's benchmark for performance measuring purposes, the FTSE All-Share Index, of 14.5% (all these figures are with income reinvested). On 31 March 2013, the discount of the share price relative to NAV (debt at par) was 7.2% and relative to NAV (debt at fair value) was 3.9%. As I mentioned in the annual financial report, at the beginning of the period the share price was at a premium to NAV (debt at fair value) and we took the opportunity to issue 75,000 shares in October to meet demand. 1 January 2013 represented the 10th anniversary of Mark Barnett taking over the management of the Company's portfolio. Over the 10 years, a period during which the market was subject to a number of substantial setbacks and recoveries, the Company's NAV total return was 218.3% compared with 131.7% for the benchmark FTSE All-Share Index. The share price total return was 291.2% (all 10-year figures sourced from Thomson Reuters Datastream). It is an excellent result and one which Mark has produced with great care, attention to detail and a sound knowledge of every business in which he invests. I would like to record how thankful we are, on behalf of all shareholders, for the performance he has produced for us and we hope that such outstanding results will continue to be produced for shareholders in the future. Gearing and Investment Guidelines Equity exposure ranged from approximately 106% to 110% of net assets in the period and stood at 108.5% at 31 March 2013 (108.5% at 30 September 2012). During the period the gearing limits set by the Board were unchanged, requiring that the Manager must make no net purchases if equity exposure was more than 110% of net assets, and must make sales if (as a result of market movements) equity exposure rose to more than 115% of net assets. Dividend The Board has declared an interim dividend of 18p per ordinary share which will be paid on 28 June 2013 to shareholders on the register on 31 May 2013. The shares will be marked ex-dividend on 29 May 2013. Beatrice Hollond Chairman 14 May 2013 . Manager's Report Market Review Fuelled by on-going monetary stimulus, UK equities have continued to perform strongly into 2013 - both the FTSE 100 and the FTSE All-Share indices have delivered 10 consecutive months of positive returns following Mario Draghi's statement that he would do "whatever it takes" to save the euro. The market hit a five year high towards the end of the period, largely prepared to ignore the inconclusive result of the Italian elections, the Cypriot banking rescue, on-going profit forecast downgrades and further disappointing news on the UK economy. The latter saw further downgrades to 2013 GDP forecasts in the Chancellor's budget. Portfolio Strategy & Review The portfolio's performance over the six months exceeded that of the benchmark FTSE All-Share Index and benefited from strong performances from a broad spread of the portfolio's investments. Amongst these, the most significant individual positive impact came from the holding in Thomas Cook. The stock market has become persuaded in the scope for new management to turn around this previously ailing business, which retains a strong brand and market position, customer loyalty and pan European distribution. The portfolio's holdings in Roche and Novartis provided a strongly positive impact on performance. This came partly on the back of the strength of the Swiss franc against sterling and an improved stock market appreciation of the sector's strengths, but also as Roche, in particular, continues to lead the industry in terms of drug discovery and innovation. Results from BT Group underlined why this company is expected to continue to deliver good profit and dividend growth. While headline profits were slightly ahead of expectations, the stock market focused on the announcement of a new group-wide restructuring programme. The current management team has very effectively reduced the cost-base in recent years and the latest announcement opens a path for the next wave of efficiencies. The Reckitt Benckiser share price benefited from a strong operational performance and news that it had outbid Bayer to purchase Schiff Nutrition, a deal which gives it access to the fast growing vitamins and nutrition supplements market. Reckitt Benckiser has an excellent track record of creating value through acquisitions and this is a highly fragmented but well regulated market, with scope for growth in both emerging and developed markets. The portfolio's performance also benefited, relative to the FTSE All-Share Index, from its zero weighting in the mining sector. This is a sector which has performed well in previous market rallies, but has underperformed during this one as a combination of falling metal prices and rising production costs has led to sharp downgrades to profit forecasts across the sector. There were relatively few detractors from performance. BG Group's shares fell sharply on the news last October that it had reduced production growth forecasts. The holding in the company has subsequently been disposed of. There was also disappointing news from Chemring. Carlyle called off its discussions about a possible takeover of the company and Chemring issued a significant profit warning and a decline in its order book. However, with a new management team now in place, long-term value should now be realised from the high quality businesses within the company. Vodafone reduced its forecasts for revenue growth on the back of on-going weakness in its core southern European markets and announced a share buy-back rather than the hoped for passing-on of its dividend from Verizon as a special dividend. The company's ability to generate pricing power from data services is not assured while the cash flow cover of the dividend has fallen to uncomfortably low levels. Hence the Company's holding in the shares has been sold. In terms of portfolio activity, as outlined above, the holdings in BG Group and Vodafone were disposed of along with the investments in Filtrona, Wm Morrison, Regus and Tate & Lyle. New investments were made in Legal & General, London Stock Exchange, Rolls-Royce and Sherborne Investors. Outlook The continued strong performance of the UK stock market has created a sense of optimism towards an imminent economic recovery and a growing belief in a multi-year equity bull market. However, this market rise has been notable for several important characteristics, namely significant increases in monetary stimulus and liquidity along with steadily declining profit expectations. The market's rise is not underpinned by fundamental corporate profit growth and hence the multiple of earnings that buyers have been prepared to pay has risen over the past year. The historic price to earnings multiple for the UK market is now in line with the average of the past 40 years, signifying that the market, on average, is fairly valued. However, a scenario in which rising prices driven by quantitative easing accompanied by weaker fundamentals as a result of lower profit forecasts should prompt a pause for thought, if not concern. Given this combination, and in the absence of improving fundamentals, the market may struggle to see further significant gains. Concerns remain about the challenging macro-economic outlook and ability for companies to grow revenues consistently and the portfolio strategy therefore remains largely unchanged from the recent past. The strong preference is for companies that have proven ability to grow revenues, profits and free cash flow in this low growth world, coupled with management teams that are fully cognisant of the need to deliver sustainable long term dividend growth. It is this type of investment opportunity that forms the majority of the portfolio and will continue to offer the best combination to deliver good risk adjusted returns over the long term. Mark Barnett Fund Manager 14 May 2013 . Related Parties and Transactions with the Manager Invesco Asset Management Limited (IAML), a wholly owned subsidiary of Invesco Limited, acts as Manager and Company Secretary to the Company. Details of IAML's services and fee arrangements and fees paid to Directors are disclosed in the 2012 annual financial report, which is available on the Manager's website at www.invescoperpetual.co.uk/investmenttrusts. Principal Risks and Uncertainties The principal risk factors relating to the Company can be summarised as: Investment Objective - the Company may not achieve its published objective. Market Risk - a fall in the stock market as a whole will affect the performance of the portfolio and individual investments. Investment Risk - the active fund management approach employed can result in a portfolio that looks and behaves differently to the benchmark index. Foreign Exchange Risk - the Company has some non-sterling denominated investments and is therefore subject to foreign exchange risk. Shares - share price is affected by market sentiment, supply and demand, and dividends declared as well as portfolio performance. Bond Holdings - fixed interest securities are subject to credit, liquidity, duration and interest rate risks. Gearing - borrowing will amplify the effect on shareholders' funds of portfolio gains and losses. Regulatory - whilst compliance with rules and regulations is closely monitored, breaches could affect returns to shareholders. Reliance on Third Party Service Providers - failure by any service provider to carry out its obligations to the Company could have a materially detrimental impact on the operations of the Company and affect the ability of the Company to successfully pursue its investment policy. A detailed explanation of these principal risks and uncertainties can be found on pages 17 and 18 of the 2012 annual financial report, which is available on the Manager's website. In the view of the Board, these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review. Going Concern This half-yearly financial report has been prepared on a going concern basis. The Directors consider this is the appropriate basis as they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being taken as 12 months after the date of this report. In considering this, the Directors took into account the diversified portfolio of readily realisable securities which can be used to meet short-term funding commitments, and the ability of the Company to meet all of its liabilities, including the debentures, and ongoing expenses. The Directors also considered the revenue forecasts for the year and future dividend payments in concluding on the going concern basis. . DIRECTORS' RESPONSIBILITY STATEMENT in respect of the preparation of the half-yearly financial report. The Directors are responsible for preparing the half-yearly financial report using accounting policies consistent with applicable law and UK Accounting Standards. The Directors confirm that to the best of their knowledge: the condensed set of financial statements contained within this half-yearly financial report have been prepared in accordance with the Accounting Standards Board's Statement 'Half-Yearly Financial Report'; the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R of the FCA's Disclosure and Transparency Rules; and theinterim management report includes a fair review of the information required on related party transactions. The half-yearly financial report has not been audited or reviewed by the Company's auditors. Signed on behalf of the Board of Directors. Beatrice Hollond Chairman 14 May 2013 . INVESTMENTS BY SECTOR AT 31 MARCH 2013 UK listed ordinary shares unless otherwise stated MARKET VALUE % OF SECTOR/COMPANY £'000 PORTFOLIO Basic Materials HaloSource I 430 0.2 Coalfield Resources (formerly UK Coal) 72 - 502 0.2 Consumer Goods Imperial Tobacco 11,190 4.8 British American Tobacco 11,189 4.8 Reynolds American - US Common Stock 10,810 4.6 Reckitt Benckiser 6,768 2.9 39,957 17.1 Consumer Services Thomas Cook 6,930 3.0 Reed Elsevier 4,882 2.1 Compass 4,547 1.9 Carnival 4,280 1.8 Ladbrokes 4,200 1.8 Brown (N) 3,241 1.4 Hibu 15 - Mirada 3 - 28,098 12.0 Financials Hiscox 5,863 2.5 Provident Financial 5,100 2.2 Amlin 4,710 2.0 Beazley 4,701 2.0 Legal & General 3,802 1.6 A J BELL - Unquoted 3,600 1.5 Workspace 3,209 1.4 London Stock Exchange 2,595 1.1 Lancashire 2,247 1.0 Doric Nimrod Air Two - Preference Shares 1,586 0.7 Fusion IP 1,451 0.6 Sherborne Investors Guernsey B - A Shares 1,372 0.6 Imperial Innovations 1,351 0.6 Damille Investments II 1,290 0.5 Macau Property Opportunities Fund 580 0.2 Altus Resource Capital 484 0.2 Damille Investments 352 0.2 Impax Asian Environmental Markets - Subscription Shares 10 - 44,303 18.9 Healthcare AstraZeneca 11,653 5.0 Roche - Swiss Common Stock 10,569 4.5 Novartis - Swiss Common Stock 10,392 4.5 GlaxoSmithKline 9,406 4.0 BTG 3,659 1.6 Napo Pharmaceuticals - Unquoted 2,870 1.2 Lombard Medical Technologies 2,391 1.0 Vectura 1,224 0.5 PuriCore 1,170 0.5 XCounter - Swedish Common Stock 347 0.2 XTL Biopharmaceuticals - ADR 108 - 53,789 23.0 Industrials BAE Systems 8,186 3.5 Capita 5,740 2.5 Babcock International 4,402 1.9 Rentokil Initial 3,836 1.6 Serco 3,456 1.5 Rolls-Royce 2,276 1.0 HomeServe 1,707 0.7 Chemring 1,283 0.5 Nexeon - B Shares- Unquoted 497} - Preference C Shares- Unquoted 400} 0.4 - Ordinary Shares - Unquoted 4} 31,787 13.6 Telecommunications BT 13,835 5.9 TalkTalk Telecom 4,403 1.9 KCOM 4,253 1.8 22,491 9.6 Utilities Drax 4,644 2.0 Centrica 4,206 1.8 SSE 3,774 1.6 Barclays Bank - Nuclear Power Notes 28 Feb 2019 416 0.2 13,040 5.6 Total Investments 233,967 100.00 . CONDENSED INCOME STATEMENT YEAR SIX MONTHS TO SIX MONTHS TO ENDED 31 MARCH 2013 31 MARCH 2012 30 SEPT 2012 REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL TOTAL NOTE £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 35,273 35,273 - 14,429 14,429 21,056 Gains on certificates of deposit - - - - 9 9 11 Foreign exchange (losses)/gains 2 - (30) (30) - 82 82 84 Income: UK dividends 3,007 - 3,007 2,798 - 2,798 6,792 Overseas dividends 1,338 - 1,338 644 - 644 982 UK unfranked investment interest - - - 89 - 89 128 Scrip dividends 6 - 6 9 - 9 23 Deposit interest 1 - 1 6 - 6 8 Investment management and 3 (188) (868) (1,056) (155) (676) (831) (1,606) performance fees Other expenses (159) - (159) (158) - (158) (316) Net return before finance costs and 4,005 34,375 38,380 3,233 13,844 17,077 27,162 taxation Finance costs Interest payable (274) (822) (1,096) (274) (821) (1,095) (2,191) Loss on debenture stock buy back 4 - (6) (6) - - - Distributions in respect of (6) - (6) (6) - (6) (12) non-equity shares Return on ordinary activities 3,725 33,547 37,272 2,953 13,023 15,976 24,959 before taxation Tax on ordinary activities 5 (149) - (149) (96) - (96) (138) Return on ordinary activities after 3,576 33,547 37,123 2,857 13,023 15,880 24,821 taxation Return per ordinary share Basic 6 26.6p 249.6p 276.2p 21.4p 97.4p 118.8p 185.7p The total column of this statement represents the Company's profit and loss account prepared in accordance with UK Accounting Standards. The supplementary revenue and capital columns are presented for information purposes in accordance with the Statement of Recommended Practice issued by the Association of Investment Companies. All items in the above statement derive from continuing operations and the Company has no other gains or losses and therefore no statement of total recognised gains or losses is presented. No operations were acquired or discontinued in the period. . CONDENSED BALANCE SHEET Registered number 538179 AT AT AT 31 MARCH 31 MARCH 30 SEPTEMBER 2013 2012 2012 NOTE £'000 £'000 £'000 Fixed Assets Investments held at fair value through profit or loss 233,967 192,485 199,259 Current assets Certificates of deposit - 13,998 - Amounts due from brokers 1,545 10 130 Prepayments and accrued income 1,263 887 732 Overseas witholding tax recoverable 332 112 123 Cash and cash funds 13,472 2,288 15,934 16,612 17,295 16,919 Creditors: amounts falling due within one year Amounts due to brokers (367) (320) - Unrealised loss on forward currency contracts 2 - (4) (3) Accruals and deferred income (1,168) (1,107) (1,155) (1,535) (1,431) (1,158) Net current assets 15,077 15,864 15,761 Total assets less current liabilities 249,044 208,349 215,020 Creditors: amounts falling due after more than one year Debenture stock 4 (31,626) (31,633) (31,645) Cumulative preference shares (250) (250) (250) Provision 3 (349) (210) (322) Net assets 216,819 176,256 182,803 Capital and reserves Called up share capital 6,722 6,685 6,685 Share premium 2,214 1,258 1,258 Capital redemption reserve 466 466 466 Capital reserve 199,435 160,656 165,888 Revenue reserve 7,982 7,191 8,506 Shareholders' funds 216,819 176,256 182,803 Net asset value per share Basic 7 1612.8p 1318.4p 1367.4p . CONDENSED CASH FLOW STATEMENT SIX SIX YEAR TO MONTHS MONTHS 30 TO 31 TO 31 SEPTEMBER MARCH MARCH 2012 2013 2012 £'000 £'000 £'000 Total return before finance costs and taxation 38,380 17,077 27,162 Adjustment for gains on investments and certificates of deposit (35,273) (14,438) (21,067) Cash (outflow)/inflow from forward currency contracts (3) 87 86 Scrip dividends (16) (9) (23) (Increase)/decrease in debtors (740) (131) 13 Increase in creditors and provisions 40 228 388 Tax on overseas dividends (149) (96) (138) Cash inflow from operating activities 2,239 2,718 6,421 Servicing of finance (1,090) (1,090) (2,180) Capital expenditure and financial investment Purchases of investments and certificates of deposit (25,979) (70,086) (123,333) Proceeds from sale of investments and certificates of deposit 25,512 71,182 137,856 Equity dividend paid - note 9 (4,100) (3,877) (6,271) Net cash (outflow)/inflow before management of liquid resources (3,418) (1,153) 12,493 and financing Management of liquid resources 1,670 - (15,000) Financing Buy back of debenture stock (37) - - Net proceeds from shares issued 993 - - Decrease in cash in the period (792) (1,153) (2,507) Cashflow from movement in liquid resources (1,670) - 15,000 Debenture stock non-cash movement (12) (11) (23) Movement in net debt in the period (2,474) (1,164) 12,470 Net debt at beginning of period (15,961) (28,431) (28,431) Reduction in debenture stock liability 31 - - Net debt at period end (18,404) (29,595) (15,961) Analysis of changes in net debt Brought forward: Cash and cash funds 15,934 3,441 3,441 Debenture stock (31,645) (31,622) (31,622) Cumulative preference shares (250) (250) (250) Net debt brought forward (15,961) (28,431) (28,431) Movements in the period: Cash (outflow)/inflow from cash funds and short term deposits (2,462) (1,153) 12,493 Reduction in debenture stock liability 31 - - Debenture stock non-cash movement (12) (11) (23) Net debt at period end (18,404) (29,595) (15,961) . CONDENSED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS CAPITAL SHARE SHARE REDEMPTION CAPITAL REVENUE CAPITAL PREMIUM RESERVE RESERVE RESERVE TOTAL £'000 £'000 £'000 £'000 £'000 £'000 For the six months ended 31 March 2013 At 30 September 2012 6,685 1,258 466 165,888 8,506 182,803 Dividends paid - note 9 - - - - (4,100) (4,100) Issue of ordinary shares - note 8 37 956 - - - 993 Net return on ordinary activities - - - 33,547 3,576 37,123 At 31 March 2013 6,722 2,214 466 199,435 7,982 216,819 For the six months ended 31 March 2012 At 30 September 2011 6,685 1,258 466 147,633 8,211 164,253 Dividends paid - note 9 - - - - (3,877) (3,877) Net return on ordinary activities - - - 13,023 2,857 15,880 At 31 March 2012 6,685 1,258 466 160,656 7,191 176,256 For the year ended 30 September 2012 At 30 September 2011 6,685 1,258 466 147,633 8,211 164,253 Dividends paid - note 9 - - - - (6,271) (6,271) Net return on ordinary activities - - - 18,255 6,566 24,821 At 30 September 2012 6,685 1,258 466 165,888 8,506 182,803 . NOTES TO THE CONDENSED FINANCIAL STATEMENTS 1. Accounting Policies The condensed financial statements have been prepared using the same accounting policies as those adopted in the annual financial report for the year ended 30 September 2012. 2. Forward Currency Contracts The equity portfolio includes £32,226,000 (31 March 2012: £19,111,000; 30 September 2012: £24,943,000) of equities denominated in currencies other than pounds sterling. In order to manage the currency risk, the Manager has hedged part of the currency exposure into sterling through the use of forward foreign exchange contracts. These foreign exchange contracts are designated as fair value hedges through profit or loss. 3. Base Management Fee, Finance Costs and Performance Fee The base management fee and finance costs are allocated 75% to capital and 25% to revenue. The base management fee rate is 0.2% of the ten day average mid-market capital of the Company at each quarter end date. Up to 31 December 2012, a performance-related fee was due after the end of the calendar year if the Company's annualised total return over the previous three years was greater than the annualised return of the FTSE All-Share (Total Return) Index over the same period, plus 2%. For the accounting year to 30 September 2013, the period element of the performance fee has been revised so that current and future performance fee calculation periods are coterminous with the Company's September year end. As a consequence, for this year only, the performance fee is based on a shorter period of two years and nine months to 30 September 2013 with a pro-rated fee for the period 1 January to 30 September 2013. Thereafter the performance fee will revert to a three year calculation period, on the historical basis, but to 30 September each year. SIX MONTHS TO SIX MONTHS TO YEAR TO 31 MAR 2013 31 MAR 2012 30 SEPT 2012 £'000 £'000 £'000 Provision brought forward 322 - - Fee earned/paid (277) - - Charge for the period 304 210 322 Provision carried forward 349 210 322 4. Debenture Stock The Company's structured debt at the period end is as follows: 31 MAR 2013 31 MAR 2012 30 SEPT 2012 £'000 £'000 £'000 7.75% debenture stock 2020 7,000 7,000 7,000 6.5% debenture stock 2023 24,968 25,000 25,000 Total 31,968 32,000 32,000 Discount and issue expense on debenture stock (342) (367) (355) 31,626 31,633 31,645 On 8 February 2013, £31,700 of 6.5% Debenture Stock 2023 was repurchased and cancelled for £38,000 including accrued interest. 5. Tax The tax effect of expenditure is allocated between capital and revenue on the same basis as the particular item to which it relates, using the Company's effective rate of tax for the accounting period. 6. Basis of Returns SIX MONTHS SIX MONTHS YEAR TO TO TO 30 SEPT 31 MAR 2013 31 MAR 2012 2012 Returns after tax: Revenue £3,576,000 £2,857,000 £6,566,000 Capital £33,547,000 £13,023,000 £18,255,000 Total £37,123,000 £15,880,000 £24,821,000 Weighted average number of ordinary shares in issue during 13,441,739 13,368,799 13,368,799 the period 7. Basis of Net Asset Value per Ordinary Share AT AT AT 31 MAR 2013 31 MAR 2012 30 SEPT 2012 Shareholders' funds £216,819,000 £176,256,000 £182,803,000 Ordinary shares in issue at period end 13,443,799 13,368,799 13,368,799 8. Movements in Called up Share Capital SIX MONTHS TO SIX MONTHS TO YEAR TO 31 MAR 2013 31 MAR 2012 30 SEPT 2012 £'000 £'000 £'000 Number of ordinary 50p shares: Brought forward 13,368,799 13,368,799 13,368,799 Issued in period 75,000 - - In issue at period end 13,443,799 13,368,799 13,368,799 The average share price of shares issued in the six months to 31 March 2013 was 1341.67p. 9. Dividends Paid SIX MONTHS TO SIX MONTHS TO YEAR TO 31 MAR 2013 31 MAR 2012 30 SEPT 2012 £'000 £'000 £'000 Second interim 30.5p (2012 final: 29p) 4,100 3,877 3,877 Interim 18p - - 2,406 Return of unclaimed dividends from previous years - - (12) Total paid 4,100 3,877 6,271 The interim dividend of 18p will be paid on 28 June 2013 to shareholders on the register on 31 May 2013. Last year the interim dividend of 18p was paid on 29 June 2012 to shareholders on the register on 1 June 2012 10. Investment Trust Status It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company within the meaning of section 1159 of the Corporation Tax Act 2010. 11. Status of Half-Yearly Financial Report The financial information contained in this half-yearly financial report, which has not been reviewed or audited by the independent auditors, does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial information for the half-years ended 31 March 2012 and 31 March 2013 has not been audited. The figures and financial information for the year ended 30 September 2012 are extracted and abridged from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and include the Report of the Independent Auditors, which was unqualified and did not include a statement under section 498 of the Companies Act 2006. . By order of the Board Invesco Asset Management Limited Company Secretary 14 May 2013

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