Annual Financial Report

RNS Number : 1474C

Standard Life Equity Income Tst PLC

09 November 2009

 



STANDARD LIFE EQUITY INCOME TRUST PLC

ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2009

1.    CHAIRMAN'S STATEMENT

Income and Dividends

Earnings per ordinary share were 12.75p in respect of the financial year ended 30 September 2009, representing an increase of 1.1% compared with 12.61p in the previous year. However, earnings would have fallen by 5.0% without the VAT refund which contributed 0.91p per share to the revenue account (detailed below). Income from investments fell by 9.6% during the year principally due to lower dividends from banks and other financial companies. Management fees were lower, reflecting lower stock market levels. The Board continues to monitor expenses carefully. Overall the total expense ratio was 0.3% (0.8%) again benefiting from the VAT refund. Excluding this refund the TER figure would have been 1.0% (0.9%).

Your Board is recommending an increase of 7.0% in the final dividend per ordinary share to 8.40p, to bring total dividends for the year to 11.55p per ordinary share. If approved, total dividends will therefore have increased by 5.0% for the year ended 30 September 2009 compared with a decrease in the Retail Prices Index of 1.4%. The strong revenue reserve that the Company has built up in previous years has enabled the Board to recommend this increase in the final dividend despite the reduction in dividend income received during the year. The Company has revenue reserves at 30 September 2009 of £6.1m representing dividend cover of 1.4 (2008: 1.3).

VAT on Investment Management Fees

As reported at the interim stage, a VAT repayment of £609,000 was received in March 2009, being reimbursement by the former manager for the period 2001-2005. This refund has been allocated between revenue and capital consistent with the Company's accounting policy at the time of the original payment of VAT. Further repayments of VAT in respect of earlier periods remain under negotiation with HMRC and our former manager for the period since the Company's inception in 1991 to 1996. 

The Board has also supported the PwC legal action against HMRC to try and recover any VAT on management fees not covered by claims by both the current and former manager particularly for the period 1996 to 2001. The Board believes that the cost of supporting this case is small compared with the benefit of a successful outcome albeit the conclusion of the case is not likely to occur for several years.

Performance

For the year ended 30 September 2009, your Company's net asset value increased by 6.8% compared with a rise of 6.1% for the FTSE All-Share Index and a fall of 0.3% for the FTSE 350 High Yield Index. A rise in the net asset value of 6.8%, helped by our gearing position, seems reasonable when compared to the return from bank deposits, but there was extreme volatility in stock markets during the reporting period with the FTSE All-Share Index reaching a low of 1781.64 on 3 March 2009 before recovering 49.2% to reach a high of 2658.01 on 18 September 2009.

The Company ranked fifth out of 21 peers in the UK Growth & Income sector based on net asset value total return over the year ended 30 September 2009 (Source Cazenove).

The long term performance of your Company against its peers has been consistently good as the table below illustrates:

SLEIT ranking
One year	5/21
Three year	2/20
Five year	4/18

The Company's share price increased by 5.2% over the financial year and the discount widened slightly to 6.4%.

The Manager's Report which follows provides further information on the UK economy and equity market as well as a review of the portfolio of investments and activity during the financial year.

Gearing

As explained at the interim stage your Company did not utilise its borrowing facility at all in the first half of the financial year when the UK stock market fell by over 20%. The net cash position of 4% was reduced in March 2009 to a fully invested position, and in April 2009 gearing was increased to 5%. The Company took advantage of a number of attractively priced rights issues that offered good dividend yields. As company news flow continued to improve, and the Manager had greater confidence in the economic environment, the gearing level was further increased towards 10% with borrowings at the year end of £9m drawn down at a then interest rate of 0.8232%.

Share Buy Backs

The Company did not buy back any shares in the period. The Board continues to review the level of the Company's discount on an ongoing basis. The renewal of the Company's powers to buy back shares into treasury will be sought at the Annual General Meeting. 

Proposed European Directive 

The Board is monitoring the draft European Directive on Alternative Investment Fund Managers. It seems very strange for European regulators to react to the systemic risk caused by the collapse of the banking sector by proposing to regulate investment trusts (amongst other investment entities) and their managers, since both are already subject to comprehensive supervision and regulation. However this is certainly possible.

The Board and the Manager fully support the action and lobbying undertaken by the AIC to convince the relevant authorities simply to amend existing regulations, or at least allow investment trusts to carry on providing cost effective professional investment vehicles for investors be they institutional or private.

Outlook

Markets have recovered very strongly in the second half of our year, in response to the actions taken by governments globally. In addition low interest rates, and company profitability being generally ahead of forecast, have led to an improvement in investors' appetite for risk. A continued rebound depends on the recovery becoming self-sustaining as economies wean themselves off policy stimulus and the credit system eventually becomes more normal. 

The Board believes that shareholders should continue to be well served by the Company's positions in large and cyclical stocks that are set to emerge from the recession with strong market positions, as well as in solid defensive businesses that may have been overlooked by the market in the recent rally. The Manager's focus on robust businesses with dependable cash flows and dividends should continue to provide good protection for the revenue account. 

The Company has also built up significant revenue reserves, providing further protection to shareholders' dividend payout. Your Board remains confident of providing attractive long term returns.

Charles Wood OBE

Chairman

6 November 2009

2.     MANAGER'S REPORT

Market Review

The twelve months under review were particularly turbulent for investors in UK equities. The market was extremely volatile towards the end of 2008 and into 2009, as the collapse of several financial institutions and the onset of global economic recession severely shook investor confidence. However, from mid-March onwards, the UK equity market rose sharply, as investors became increasingly optimistic over the prospect of economic recovery and some stability returned to the financial system.

The start of the period was characterised by heavy market losses as the financial crisis came to a head. The demise of Lehman Brothers in September 2008 triggered a collapse in confidence in the global banking sector, which led to unprecedented levels of direct intervention by authorities around the world. The UK government implemented a multi-billion rescue plan that effectively led to its taking a large stake in several banks. This had little effect on investors' pessimistic mood however, and the market continued to move inexorably lower as the UK economy slipped towards recession. Rising unemployment, severe job cuts across a range of industries and the demise of several well-known names on the UK high street prompted the Bank of England to cut interest rates to 0.5%, their lowest ever level, and to implement a policy of quantitative easing. 

Against this background, investors became increasingly risk averse and sought shelter in what they perceived to be safe assets, irrespective of price and underlying fundamentals. As a result, defensive sectors within the UK equity market, such as pharmaceuticals, tobacco and beverages, performed strongly, while cyclical and consumer-related sectors were aggressively sold off. Volatility among equities was further exacerbated by technical factors, such as forced selling by leveraged investors, including hedge funds, who sold liquid assets to meet fund redemptions. 

This environment continued until March, when the market changed direction as investor confidence returned, driven by the belief that the worst may be over. The optimistic mood among investors increased into the summer, helped by a reassuring corporate earnings season where results were generally not as bad as initially feared. Companies were also able successfully to raise capital in the market, mostly to repair distressed balance sheets but also in some cases to fund future growth. Economic newsflow began to improve later in the period, with manufacturing data stabilising and the consumer proved resilient. While significant headwinds remained, not least from the still fragile financial system, concerns over wholesale economic and banking sector collapse dissipated and investor focus belatedly began to shift towards the prospect of economic recovery. 

As investor confidence returned, so too did the appetite for risk. The 'flight to safety' that characterised the market in the first half of the period reversed, resulting in significant sector rotation. Cyclical sectors sensitive to changes in the economic outlook, such as industrials, travel & leisure and general retailers, returned to favour and recorded significant gains. Conversely, defensive sectors lagged behind as investors sought better value elsewhere in the market.

Performance

For the year to 30 September 2009, the Company's net asset value (capital return only) rose by 6.93%, outperforming the FTSE All-Share Index which rose by 6.08% (source: Thomson Datastream). Over the reporting period, the discount to net asset value (capital only, not including current year income) has increased from 4.8% to 6.4% but the share price rose from 241p to 253.5p.

Relative Performance Attribution*	%
Stock selection	-0.22
Gearing	+1.58
Interest	-0.10
Other including net income	-0.46
Total	+0.80

* based upon statutory NAV (including income) Source: Standard Life Investments

The largest positive contribution towards performance came from mining stock Rio Tinto. We held an underweight position in the company towards the end of 2008, which was beneficial as BHP Billiton pulled out of a bid, sending the share price lower. However, we began to increase our holding in 2009, which was helpful as commodity prices rose on the back of an improving demand outlook. In this environment, our holding in Xstrata also performed well, although an underweight holding in BHP Billiton was negative.

The oil & gas sector also benefited from rising commodity prices and our holding in BP made a positive contribution towards performance as a result. Tullow Oil was another stock that boosted performance over the year, as the company made several significant discoveries. Elsewhere, cyclical stocks that were exposed to economic recovery were among the Company's strongest performers. For example, companies such as Invensys, Melrose and Fenner all gained over the period. Kitchen supplier Galiform also gained as its first-half results revealed an improvement in its gross profit margin.

On the downside, our positions in the banking sector generally detracted from performance. Having dented returns at the start of the period, we sold several of our holdings in the sector. While this proved the correct decision into 2009 as banks continued to suffer extensive volatility, concerns over capital adequacy subsequently reduced given extensive government support. In this environment, the share price of several banks started to improve, which meant our underweight positions in Barclays, HSBC and Standard Chartered had a negative impact.

Regarding income, many analysts have forecast that UK dividends will fall by 15% during 2009. Against this background the Company's proposed 5% increase in the total dividend to 11.55p per share is a good result. 

Activity

As the market environment deteriorated towards the end of 2008 and into 2009, we sought to protect the Company from underperforming areas. For example, concerns over the banking sector led us to sell Royal Bank of Scotland, Lloyds Banking Group and Barclays.

As conditions improved from mid-March onwards, we began to invest in cyclical stocks which were positioned to benefit from economic and market recovery. For example, in the retail sector, we invested in Next, which maintained a strong balance sheet, and HMV, which was a main beneficiary of the collapse of Zavvi and Woolworths. Later in the period, we bought Debenhams, which was trading well, and DSG International, where store refits had a positive effect. 

In the industrials sector, purchases included Fenner and Melrose, which were attractively valued compared to their peers and offered good yields. Auto components manufacturer GKN was another purchase that benefited from economic recovery, as car scrappage schemes led to increased auto sales. Meanwhile, in the financial sector, we bought Brewin Dolphin, as its wealth management division performed consistently strongly and its investment banking division was expected to benefit from a pick-up in activity. We also purchased private equity firm 3i, as it saw a steady improvement in market conditions.

Sales during the second half of the period included water company Severn Trent, as a tougher-than-expected OFWAT review is likely to lead to dividend cuts and equity fund raisings. We also sold consumer packaging firm Rexam, as the company was subject to downgrades following a rights issue and a dividend cut, and Scottish & Southern Energy, due to the potential for downgrades given weak power prices. Software company Micro Focus was another sale, due to the unexpected departure of its chief executive. 

Gearing within the Company rose from a small cash position at the start of the year to around 10% by the year end. We took the decision to increase gearing as greater confidence in the economic environment and improving company newsflow led to a number of stock-specific investment opportunities. 

Outlook

Despite the sharp rise in UK equities since mid-March, we believe that the market can make further progress, as earnings forecasts increase, investor risk appetite returns and the economic recovery becomes self-sustaining as countries wean themselves off policy stimuli. While the case for UK equities is now less clear cut following the re-rating of various early cyclical sectors, there is still value in large parts of the market, including some of the larger stocks by market capitalisation. Our Focus on Change approach to investment leaves us well positioned to take advantage of individual stock opportunities as they arise.

Karen Robertson

Standard Life Investments Limited

6 November 2009

3.    RESULTS & DIVIDENDS

At 30 September 2009	%
Total Return
Net asset value per ordinary share	11.73%
FTSE All-Share Index	10.80%

At 30 September	2009	2008	% change
Capital Return
Net asset value per ordinary share (including net revenue)	280.3p	262.5p	6.8
Net asset value per ordinary share (excluding net revenue)	270.7p	253.1p	7.0
Ordinary share price (mid market)	253.5p	241.0p	5.2
Discount of share price to net asset value (including net revenue)	9.6%	8.2%	n/a
Discount of share price to net asset value (excluding net revenue)	6.4%	4.8%	n/a
FTSE All-Share Index	2,634.8	2,483.7	6.1

At 30 September	2009	2008	% change
Total assets	£115.7m	£99.9m	15.8
Total shareholders' funds	£106.3m	£99.6m	6.8
Total expense ratio (AIC method)	1.0%	0.9%	n/a
Revenue return per ordinary share	12.75p	12.61p	1.1
Dividend yield	4.6%	4.6%	n/a
Total dividends for the year (net)	11.55p	11.00p	5.0
Ordinary shares in issue (with voting rights)	37,930,579	37,930,579	-

4.    STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT
       AND ACCOUNTS

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK Accounting Standards. The financial statements are required by law to 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:

-    select suitable accounting policies and then apply them consistently;

-    make judgments and estimates that are reasonable and prudent; and

-    state whether applicable UK Accounting Standards have been followed, subject to any material
     departures disclosed and explained in the financial statements.

The Directors are responsible for keeping adequate accounting records that 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 Companies Act 2006. 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 Directors' Report, Directors' Remuneration Report and Corporate Governance Statement that comply with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's webpage hosted by the Manager. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors' Responsibility Statement

Each Director confirms, to the best of their knowledge, that:

-    the Financial Statements have been prepared in accordance with UK Accounting Standards, give a true 
     and fair view of the assets, liabilities, financial position and profit; and that

-    the Directors' Report includes 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 the 
     Company faces.

For and on behalf of the Board of Standard Life Equity Income Trust PLC

Charles Wood, OBE

Chairman

6 November 2009

BUSINESS REVIEW

In conjunction with the Chairman's Statement and Manager's Report, this Business Review is intended to provide information about the Company's business and its results for the year.

Incorporation and Listing

The Company was incorporated as a public limited company on 24 September 1991 and its Ordinary shares were listed on the London Stock Exchange on 14 November 1991.

Status and Principal Activity

The Company is an investment company within the meaning of Section 833 of the Companies Act 2006 and carries on business as an investment trust. The Company is a member of the Association of Investment Companies. The Company has been approved by HM Revenue & Customs as an investment trust for the purposes of Section 842 of the Income and Corporation Taxes Act 1988 for the year ended 30 September 2008. The Directors are of the opinion, under advice, that the Company has conducted its affairs for the year ended 30 September 2009 so as to be able to continue to obtain approval as an investment trust under Section 842 of the Income and Corporation Taxes Act 1988 for that year. The Company intends to manage its affairs so as to be a qualifying investment for inclusion in the stocks and shares component of an Individual Savings Account and it is the Directors' intention that the Company should continue to be a qualifying investment.

Investment Objective

The Company's investment objective is to provide shareholders with an above average income from their equity investment while also providing real growth in capital and income.

Investment Policy

The Directors intend to achieve the investment objective by investing in a diversified portfolio consisting mainly of quoted UK equities which will normally comprise between 50 and 70 individual equity holdings. 

In order to reduce risk in the Company without compromising flexibility:

-    no holding within the portfolio will exceed 10% of aggregate net assets; and

-    the top ten holdings within the portfolio will not exceed 50% of net assets. 

Convertible preference shares, convertible loan stocks, gilts and corporate bonds may make up the balance of the portfolio.

The Directors have set parameters of between 95% and 115% for the level of gearing that can be employed. The maximum level of borrowings will therefore represent 15% of net assets and the maximum cash position will be equivalent to 5% of net assets. The Directors have delegated responsibility to the Manager for the operation of the gearing level within the above parameters.

The Manager's investment process combines asset allocation, stock selection, portfolio construction, risk management and dealing. The investment process is research-intensive and is driven by the Manager's distinctive `Focus on Change' which recognises that different factors drive individual stocks and markets at different times in the cycle. This flexible, but disciplined investment process ensures that the Manager has the opportunity to perform in different market conditions.

Performance

In the year ended 30 September 2009, the Company's net asset value (capital, including income) rose by of 6.8% which is considered satisfactory by the Directors in the context of the 6.1% rise in the FTSE All-Share Index. Further details on future trends and factors that may impact on the future performance of the Company are included in the Chairman's Statement and Manager's Report.

Results and Dividends

Details of the Company's results are shown in the Financial Highlights shown earlier.

The total revenue return attributable to ordinary shareholders for the year ended 30 September 2009 amounted to £4,836,000 (2008 - £4,782,000). An interim dividend of 3.15p per share was paid to eligible shareholders on 24 June 2009 (2008 - 3.15p) and the Directors are now recommending to shareholders that a final dividend per share of 8.40p (2008 - 7.85p) be paid on 18 December 2009 to shareholders on the share register as at the close of business on 20 November 2009. The ex-dividend date is 18 November 2009. Details of the dividends paid during the year ended 30 September 2009 may be found in Note 7 to the Financial Statements.

An outline of the Company's performance, market background, investment activity and portfolio strategy during the year under review, as well as the Manager's investment outlook, is provided in the Manager's Report shown earlier.

Monitoring Performance - Key Performance Indicators

The key performance indicators (KPIs) shown below have been identified by the Directors for determining the progress of the Company and a record of these measures, with comparatives, is disclosed in the Financial Highlights shown earlier.

-    Net asset value (capital return) relative to the Company's benchmark (FTSE All-Share Index)

-    Share price (capital return)

-    Discount to net asset value

At each Board meeting, the Directors consider a number of performance measures, including the KPIs, to assess the Company's success in achieving its investment objective.

Principal Risks and Uncertainties

The Directors regularly review the principal risks which they have identified and the Directors have set out delegated controls designed to manage those risks. Key risks within investment and strategy, for example inappropriate stock selection or gearing, are managed through investment policy, guidelines and restrictions and by the process of oversight at each Board meeting.

The principal risks and uncertainties which give rise to specific risks which are associated with the Company, as identified by the Directors, are as follows:

-    Objective and Strategy risk: the Company and its investment objective become unattractive to investors. 
      The Directors review regularly the Company's investment objective and investment policy in the light of 
      investor sentiment and monitor closely whether the Company should continue in its present form. The 
     Directors, through the Manager, hold regular discussions with major shareholders. A resolution to 
     continue the Company in its present form is put to shareholders at every fifth Annual General Meeting 
     ("AGM") and was last passed by shareholders at the AGM held on 20 December 2006.

-    Shareholder Profile risk: activist shareholders, whose interests are not consistent with the long-term 
     objectives of the Company, may be attracted on to the shareholder register. The Manager provides a 
     shareholder analysis to the Directors at every meeting for their consideration of any action required in 
     addition to regular reporting by the Company's stockbroker.

-    Resource risk: in common with most investment trusts, the Company has no employees. The Company 
     therefore relies upon services provided by third parties. This particularly includes Manager, to whom 
     responsibility for the management of the Company has been delegated under an investment management 
     agreement. The Directors review the performance of the Manager on a regular basis.

-    Investment and market risk: The Company is exposed to the effect of variations in share prices due to 
     the nature of its business. A fall in the value of its investment portfolio will have an adverse effect on the 
     value of shareholders' funds. 

-    Capital structure and gearing risk: The Company's capital structure at 30 September 2009 consisted of 
     equity share capital comprising Ordinary shares and debt in the form of a revolving credit facility with 
     Lloyds TSB Bank plc for up to £20m. In rising markets, the effect of the borrowings would be beneficial 
     but in falling markets the gearing effect would adversely affect returns to shareholders. The Manager is 
     able to increase or decrease the gearing level by repaying or drawing down periodically from the bank 
     facility subject to Directors' overall restrictions on gearing. The bank facility is subject to regular 
     monitoring by Lloyds TSB Bank plc and covenants are supplied monthly to the bank by the Company.

-    Income and dividend risk: In view of the Company's investment objective, to provide for shareholders an
     above average income from their equity investment, the Manager is required to strike a balance more in 
     favour of income return over capital growth. The Directors have adopted an accounting policy which 
     permits 70% of the aggregate of the finance costs and investment management fees to be charged to the 
     capital account within the Income Statement as opposed to the revenue account. This policy is reviewed 
     regularly by the Directors in light of the expected long term split of returns between income and capital. 

    The Directors receive frequent updates as to the progress made by the Manager towards the
     achievement of the income requirements of the Company's investment objective.

-    Regulatory risk: The Company operates in a complex regulatory environment and faces a number of 
     regulatory risks. A breach of Section 842 of the Income and Corporation Taxes Act 1988 would result in 
    the Company being subject to capital gains tax on any portfolio investment gains. Breaches of other 
    regulations, including the UKLA Listing Rules or the UKLA Disclosure and Transparency Rules, could 
    lead to a number of detrimental outcomes and reputational damage. Breaches of controls by service 
    providers such as the Manager and Company Secretary could also lead to reputational damage or loss.

The Directors have adopted a robust framework of controls which is designed to monitor the principal risks facing the Company and to provide a monitoring system to enable the Directors to mitigate these risks as far as possible

-    Financial instruments and derivatives risk: further information relating to these risks may be found in 
    Note 16.

  INCOME STATEMENT 

for the year ended 30 September 2009 

		2009			2008
	Notes	Revenue  £'000	Capital  £'000	Total  £'000	Revenue  £'000	Capital  £'000	Total £'000
Net gains/(losses) on	9	-	6,246	6,246	-	(32,659)	(32,659)
investments at fair value
through profit and loss
Income	2	4,922	-	4,922	5,479	-	5,479
Investment management fee	3	(183)	(428)	(611)	(235)	(547)	(782)
VAT recoverable on investment management fees	3	348	261	609	61	143	204
Administrative expenses	4	(240)	-	(240)	(311)	-	(311)
		_______	_______	_______	_______	_______	_______
Net return before finance		4,847	6,079	10,926	4,994	(33,063)	(28,069)
costs and taxation
Finance costs	5	(7)	(17)	(24)	(199)	(458)	(657)
		_______	_______	_______	_______	_______	_______
Return on ordinary		4,840	6,062	10,902	4,795	(33,521)	(28,726)
activities before taxation
Taxation	6	(4)	-	(4)	(13)	-	(13)
		_______	_______	_______	_______	_______	_______
Return on ordinary
activities after taxation		4,836	6,062	10,898	4,782	(33,521)	(28,739)
		_______	_______	_______	_______	_______	_______
Return per ordinary share	8	12.75p	15.98p	28.73p	12.61p	(88.38p)	(75.77p)
		_______	_______	_______	_______	_______	_______

The total column of this statement represents the profit and loss account of the Company.

A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement.

No operations were acquired or discontinued in the year.

All revenue and capital items in the above statement derive from continuing operations.

The accompanying notes are an integral part of the financial statements.

  BALANCE SHEET

as at 30 September 2009 

		2009		2008
	Notes	£'000	£'000	£'000	£'000
fixed ASSETS
Investments designated at fair value through profit or loss	9		114,186		95,255
CURRENT ASSETS
Debtors	10	812		931
AAA Money Market funds		737		3,635
Cash and short term deposits		8		50
		_______		_______
		1,557		4,616
		_______		_______
Creditors: Amounts falling
due within one year
Bank loan	11	(9,000)		-
Other creditors	11	(441)		(298)
		_______		_______
		(9,441)		(298)
		_______		_______
NET CURRENT (LIABILITIES)/ASSETS			(7,884)		4,318
			_______		_______
NET ASSETS			106,302		99,573
			_______		_______
CAPITAL AND RESERVES
Called-up share capital	12		9,935		9,935
Share premium account			20,373		20,373
Capital redemption reserve			12,615		12,615
Capital reserve			57,240		51,178
Revenue reserve			6,139		5,472
			_______		_______
EQUITY SHAREHOLDERS' FUNDS			106,302		99,573
			_______		_______
NET ASSET VALUE PER ORDINARY SHARE	13		280.25p		262.51p
			_______		_______

  RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

For the year ended  30 September 2009	Notes	Share  capital £'000	Share premium account £'000		Capital redemption reserve  £'000		Capital reserve £'000	Revenue reserve £'000	Total  £'000
Balance at 30 September 2008		9,935	20,373		12,615		51,178	5,472	99,573
Return on ordinary activities after taxation		-	-		-		6,062	4,836	10,898
Dividends paid	7	-	-		-		-	(4,169)	(4,169)
		_______	_______		_______		_______	_______	_______
BALANCE AT 30 SEPTEMBER 2009		9,935	20,373		12,615		57,240	6,139	106,302
		_______	_______		_______		_______	_______	_______
For the year ended  30 September 2008
	Notes	Share  capital £'000	Share premium account £'000	Capital redemption reserve  £'000		Capital reserve £'000		Revenue reserve £'000	Total  £'000
Balance at 30 September 2007		9,935	20,373	12,615		84,699		4,711	132,333
Return on ordinary activities after taxation		-	-	-		(33,521)		4,782	(28,739)
Dividends paid	7	-	-	-		-		(4,021)	(4,021)
		_______	_______	_______		_______		_______	_______
BALANCE AT 30 SEPTEMBER 2008		9,935	20,373	12,615		51,178		5,472	99,573
		_______	_______	_______		_______		_______	_______

The revenue reserve represents the amount of the Company's reserves distributable by way of dividend.

  CASHFLOW STATEMENT

Year ended 30 September 2009 

		2009		2008
	Notes	£'000	£'000	£'000	£'000
NET CASH INFLOW FROM OPERATING ACTIVITIES	14		4,754		4,980
NET CASH OUTFLOW FROM SERVICING OF FINANCE			(21)		(795)
FINANCIAL INVESTMENT
Purchases of investments		(50,796)		(45,067)
Sales of investments		38,292		57,825
		________		________
NET CASH (OUTFLOW)/INFLOW
FROM FINANCIAL INVESTMENT			(12,504)		12,758
EQUITY DIVIDENDS PAID			(4,169)		(4,021)
			________		________
			(11,940)		12,922
MANAGEMENT OF LIQUID RESOURCES
Purchase of AAA Money Market funds		(35,475)		(44,281)
Sale of AAA Money Market funds		38,373		44,359
		________		________
NET CASH INFLOW FROM MANAGEMENT
OF LIQUID RESOURCES			2,898		78
			________		________
NET CASH (OUTFLOW)/INFLOW BEFORE FINANCING			(9,042)		13,000
FINANCING
Drawdown/(Repayment) of loan		9,000		(13,000)
		________		________
NET CASH INFLOW/(OUTFLOW) FROM FINANCING			9,000		(13,000)
			________		________
DECREASE IN CASH			(42)		-
			________		________
RECONCILIATION OF NET CASH FLOW TO  MOVEMENTS IN NET DEBT
Decrease in cash as above		(42)		-
Net change in liquid resources		(2,898)		(78)
(Drawdown)/Repayment of loan		(9,000)		13,000
		________		________
MOVEMENT IN NET DEBT IN YEAR			(11,940)		12,922
Opening net funds/(debt)			3,685		(9,237)
			________		________
CLOSING NET (DEBT)/FUNDS	15		(8,255)		3,685
			________		________

  NOTES TO FINANCIAL STATEMENTS:

For the year ended 30 September 2009

1.       Accounting policies

(a)    Basis of accounting - The financial statements have been prepared in accordance with the applicable UK Accounting Standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (issued in January 2009 and adopted early). The early adoption of the January 2009 SORP had no effect on the financial statements of the Company, other than:

-    the requirement to separately disclose capital reserves that relate to the revaluation of investments
     held at the reporting date. Gains/losses arising from the change in fair value of financial assets can 
     be disclosed with realised gains/losses in a single Capital reserve.

-    the requirement to present tax reconciliations based on the total column of the Income Statement 
     rather than the revenue column as was previously recommended. The reconciliation is disclosed in 
     note 6.

     They have also been prepared on the assumption that approval as an investment trust will continue to be
     granted. The financial statements have been prepared on a going concern basis. 

     All values are rounded to the nearest thousand pounds (£'000) except where indicated otherwise.

(b)  Valuation of fixed asset investments - The Company's business is investing in financial assets with a
       view to profiting from their total return in the form of income and capital growth. This portfolio of financial
       assets is managed and its performance evaluated on a fair value basis, in accordance with a documented
       investment strategy, and information about the portfolio is provided internally on that basis to the
       Company's Board of Directors. Accordingly, upon initial recognition the Company designates the
       investments 'at fair value through profit or loss'. They are included initially at fair value, which is taken to
       be their cost (excluding expenses incidental to the acquisition which are written off in the Income
       Statement, and allocated to 'capital' at the time of acquisition). Subsequent to initial recognition,
       investments are valued at fair value through profit or loss. For listed investments, this is deemed to be bid
       market prices or closing prices for SETS stocks sourced from the London Stock Exchange. SETS is the
       London Stock Exchange electronic trading service covering most of the market including all FTSE 100
       constituents and most liquid FTSE 250 along with some other securities.

       Gains and losses arising from changes in fair value are included in net profit or loss for the period as a
       capital item in the Income Statement and are ultimately recognised in the capital reserve.

(c)   AAA Money Market funds - AAA Money Market funds are used by the Company to provide
       additional short term liquidity. As they are not listed on a recognised exchange and due to their short term
       nature, they are recognised in the financial statements as a current asset and are included at fair value
       through profit or loss.

(d)   Income - Income from equity investments (other than special dividends), including taxes deducted at
       source, is included in revenue by reference to the date on which the investment is quoted ex-dividend.
       Special dividends are credited to revenue or capital according to the circumstances. Foreign income is
       converted at the exchange rate applicable at the time of receipt. Interest receivable on short term deposits
       is accounted for on an accruals basis. 

         (e)    Expenses and interest payable - Expenses are accounted for on an accruals basis. Expenses are
                  charged to capital when they are incurred in connection with the maintenance or enhancement of the value
                  of investments. In this respect, the investment management fee and relevant finance costs are allocated
                  between revenue and capital in line with the Board's expectation of returns from the Company's
                  investments over the long term in the form of revenue and capital respectively (see notes 3 and 5)

                  Transaction costs incurred on the purchase and disposal of investments are recognised as a capital item in
                  the Income Statement.

(f)    Dividends payable - In accordance with FRS21, dividends that are declared and approved by the
        Company after the Balance Sheet date are not recognised as a liability of the Company at the Balance
        Sheet date.  Only the revenue reserve is distributable by way of dividend. 

(g)    Capital reserves - Gains or losses on realisation of investments and changes in fair values of 
        investments are included within the capital reserve. The capital element of the management fee along
        with any associated irrecoverable VAT and relevant finance costs are charged to this reserve. Any
        associated tax relief is also credited to this reserve.

(h)    Taxation - Deferred taxation is recognised in respect of all timing differences that have originated but
        not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay
        more or a right to pay less tax in future have occurred at the Balance Sheet date measured on an
        undiscounted basis and based on enacted tax rates. This is subject to deferred tax assets only being
        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 can be deducted. Timing differences are differences arising
        between the Company's taxable profits and its results as stated in the accounts which are capable of
        reversal in one or more subsequent periods.

        Owing to the Company's status as an investment trust company, and the intention to continue meeting the
        conditions required to obtain approval 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. 

        (i)      Foreign currency - Overseas monetary assets and liabilities are converted into Sterling at the rate of
                  exchange ruling at the Balance Sheet date. Transactions during the year involving foreign currencies are
                  converted at the rate of exchange ruling at the transaction date. Any gain or loss arising from a change in
                  exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the
                  Income Statement.

2.	Income	2009 £'000	2008 £'000
	Income from investments
	Franked investment income	4,731	5,021
	Unfranked investment income	92	275
	Scrip dividends	-	38
		________	________
		4,823	5,334
		________	________
	Other income
	AAA Money Market interest	72	135
	Bank interest	-	7
	Interest from HMRC	21	-
	Underwriting commission	6	3
		________	________
		99	145
		________	________
	Total income	4,922	5,479
		________	________

3.	Investment management fee	2009  £'000	2008  £'000
	Investment management fee	611	782
	Charged to capital reserve	(428)	(547)
		________	________
		183	235
		________	________

The Company has an agreement with Standard Life (Corporate Funds) Limited for the provision of management services. The contract is terminable by either party on not less than six months notice.

The fee is based on 0.65% of total assets, payable quarterly in arrears and is chargeable 30% to revenue and 70% to capital (see note 1(e)).

On 5 November 2007, the European Court of Justice ruled that management fees on investment trusts should be exempt from VAT.  

Deutsche Asset Management (UK) Limited, the former Investment Manager, has refunded £609,000 (excluding simple interest) to the Company for VAT charged on investment management fees for the period 2001 to 2005 (date of termination) and this has been included in these financial statements. This repayment has been allocated between revenue and capital in line with the accounting policy of the Company for the periods in which the VAT was charged. The reclaim for previous periods is at present uncertain and the Company has taken no account in these financial statements of any such repayment. Interest of £21,000 on the repaid VAT was recognised in the current year.

A refund of £204,000 of VAT was made to the Company by Standard Life (Corporate Funds) Limited in the year to 30 September 2008. This repayment was allocated 30% to revenue and 70% to capital in line with the accounting policy of the Company for the periods in which the VAT was charged.

4.	Administrative expenses	2009  £'000	2008 £'000
	Directors' fees	75	85
	Fees payable to the Company's auditor (excluding VAT):
	- for the audit of the annual financial statements	17	18
	Professional fees	7	58
	Other expenses	141	150
		________	________
		240	311
		________	________

With the exception of fees payable to the Company's auditor, irrecoverable VAT has been included under the relevant expense line above. Irrecoverable VAT on fees payable to the Company's auditor is included within other expenses.

5.	Finance costs	2009 £'000	2008 £'000
	On bank loans and overdrafts:
	Charged to revenue	7	199
	Charged to capital	17	458
		________	________
		24	657
		________	________

6.	Taxation	2009  £'000	2008  £'000
	(a)    Analysis of charge for the year
	Overseas withholding tax	4	13
		________	________
	(b)    Factors affecting current tax charge for the year
	A reconciliation of the Company's current tax charge is set out below:
	Total return on ordinary activities before taxation	10,902	(28,726)
		________	________
	Return on ordinary activities at the UK standard rate of
	corporation tax 28% (2008 - 29%)	3,053	(8,331)
	Effects of:
	(Gains)/losses on investments not taxable	(1,749)	9,471
	Non-taxable income	(1,332)	(1,496)
	Excess management expenses and loan relationship debit expenses	57	356
	Double tax relief utilised	(29)	-
	Overseas withholding tax	4	13
		________	________
	Current revenue tax charge for the year	4	13
		________	________

7.	Dividends on Ordinary shares	2009  £'000	2008  £'000
	Amounts recognised as distributions to equity holders in the year:
	Final dividend for 2008 of 7.85p per share (2007 - 7.45p)	2,978	2,826
	Interim dividend for 2009 of 3.15p per share (2008 - 3.15p)	1,195	1,195
	Return of unclaimed dividends	(4)	-
		________	________
		4,169	4,021
		________	________

The proposed final dividend for 2009 is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.

We set out below the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of Section 842 of the Income and Corporation Taxes Act 1988 are considered. The revenue available for distribution by way of dividend for the year is £4,836,000 (2008 - £4,782,000).

	Interim dividend for 2009 of 3.15p per share (2008 - 3.15p)	1,195	1,195
	Proposed final dividend for 2009 of 8.40p per share (2008 - 7.85p)	3,186	2,978
		4,381	4,173

8.    Return per ordinary share

The returns per Ordinary share have been based on the following figures: 

		2009		2008
	Return per ordinary share	£'000	p	£'000	p
	Revenue return	4,836	12.75	4,782	12.61
	Capital return	6,062	15.98	(33,521)	(88.38)
		________	________	________	________
	Total return	10,898	28.73	(28,739)	(75.77)
		________	________	________	________
	Weighted average number of Ordinary shares in issue*	37,930,579 _____________		37,930,579 _____________

* Calculated excluding shares held in treasury.

9.	Investments	2009 £'000	2008 £'000
	Fair value through profit or loss
	Opening book cost	114,414	125,077
	Opening fair value (losses)/gains on investments held	(19,159)	15,941
		________	________
		95,255	141,018
	Opening fair value
	Movements in the year:
	Purchases at cost	50,900	45,108
	Sales    - proceeds	(38,215)	(58,212)
	- realised (losses)/gains on sales	(17,447)	2,441
	Current year fair value gains/(losses) on investments held	23,693	(35,100)
		________	________
	Closing fair value	114,186	95,255
		________	________
	Closing book cost	109,652	114,414
	Closing fair value gains/(losses) on investments held	4,534	(19,159)
		________	________
	Closing fair value	114,186	95,255
		________	________
	Gains/(losses) on investments held at fair value through profit or loss
	(Losses)/gains on sales	(17,447)	2,441
	Increase/(decrease) in fair value gains on investments held	23,693	(35,100)
		________	________
		6,246	(32,659)
		________	________

Transaction costs

During the year, expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains and losses on investments in the Income Statement. The total costs were as follows:

	Purchases	307	268
	Sales	54	86
		________	________
	Total	361	354
		________	________

10.	Debtors: amounts falling due within one year	2009  £'000	2008 £'000
	Amounts due from brokers	310	387
	Net dividends and interest receivable	482	522
	Other debtors	20	22
		________	________
		812	931
		________	________

11.	Creditors: amounts falling due within one year	2009 £'000	2008 £'000
	Bank loan	9,000	-
	Amounts due to brokers	145	41
	Investment management fee payable	189	163
	Sundry creditors	107	94
		________	________
		9,441	298
		________	________

As at 30 September 2009, the Company had drawn down £9.0 million (2008 - nil) of the £20 million loan facility arranged with Lloyds TSB at an interest rate of 0.8232% per annum maturing on 12 October 2009. Subsequent to the year end, the loan was rolled over from 12 October 2009 to 12 November 2009 at an interest rate of 0.8332%.

		30 September 2009		30 September 2008
12.	Called up share capital	Number	£'000	Number	£'000
	Authorised:
	Ordinary shares of 25p each	148,000,000	37,000	148,000,000	37,000
	Issued and fully paid:	____________	________	___________	________
	Ordinary shares of 25p each	37,930,579	9,483	37,930,579	9,483
	Treasury shares	1,807,328	452	1,807,328	452
		____________	________	___________	________
		39,737,907	9,935	39,737,907	9,935
		____________	________	___________	________

Of the above shares in issue the movements in the ordinary shares held in treasury are as follows:

	Balance brought and carried forward	1,807,328	452	1,807,328	452
		____________	________	___________	________

There were no shares repurchased during the year. The total shares held in treasury is 1,807,328. Shares held in treasury represents 4.5% of the Company's total issued share capital at 30 September 2009 (2008 - 4.5%).

13.    Net asset value

The net asset value per share and the net asset value attributable to the Ordinary shares at the year end calculated in accordance with the Articles of Association were as follows:

		2009	2008
	Total shareholders' funds	£106,302,000	£99,573,000
	Number of Ordinary shares in issue at year end*	37,930,579	37,930,579
	Net asset value per share	280.25p	262.51p
	* Excludes shares in issue held in treasury.

14.	Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities	2009 £'000	2008 £'000
	Net returns before finance costs and taxation	10,926	(28,069)
	Adjustments for:
	Net (gains)/losses on investments at fair value	(6,246)	32,659
	Decrease in accrued income	40	339
	Decrease in other debtors	1	-
	Increase in other creditors	37	65
	Net overseas tax paid	(4)	(14)
		________	________
	Net cash inflow from operating activities	4,754	4,980
		________	________

15.	Analysis of changes in net debt	At 30 September 2008 £'000	Cashflow £'000	At 30 September 2009 £'000
	Cash at bank and in hand	50	(42)	8
	AAA money market funds	3,635	(2,898)	737
	Bank loan	-	(9,000)	(9,000)
		________	________	________
	Net funds	3,685	(11,940)	(8,255)
		________	________	________

16.    Financial instruments

Risk management

The Company's financial instruments comprise securities and other investments, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income. The Company also has the ability to enter into derivative transactions for the purpose of managing currency and market risks arising from the Company's activities.

The main risks the Company faces from its financial instruments are (i) market risk (comprising interest rate risk and other price risk), (ii) liquidity risk and (iii) credit risk.

The Board regularly reviews and agrees policies for managing each of these risks. The Manager's policies for managing these risks are summarised below and have been applied throughout the year. The numerical disclosures exclude short-term debtors and creditors.

(i)    Market risk

The fair value or future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices.

This market risk comprises two elements - interest rate risk and other price risk.

Interest rate risk

Interest rate movements may affect:

-    the fair value of the investments in fixed interest rate securities;

-    the level of income receivable on cash deposits;

-    interest payable on the Company's variable rate borrowings.

The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions. 

It is the Company's policy to increase its exposure to equity market risk through the judicious use of borrowings. When borrowed funds are invested in equities, the effect is to magnify the impact on shareholders' funds of changes - both positive and negative - in the value of the portfolio.

Interest rate profile

The interest rate risk profile of the portfolio of financial assets and liabilities at the Balance Sheet date was as follows:

As at 30 September 2009	Weighted average period for which  rate is fixed  Years	Weighted average Interest rate  %	Fixed  rate  £'000	Floating  rate  £'000
Assets
AAA Money Market funds	-	0.45	-	737
Cash deposits	-	0.05	-	8
	________	________	________	________
Total assets	-	0.45	-	745
	________	________	________	________
Liabilities
Bank loans	0.1	0.82	9,000	-
	________	________	________	________
Total liabilities	0.1	0.82	9,000	-
	________	________	________	________
As at 30 September 2008
Assets
AAA Money Market funds	-	5.40	-	3,635
Cash deposits	-	1.96	-	50
	________	________	________	________
Total assets	-	5.35	-	3,685
	________	________	________	________
Liabilities
Bank loans	-	-	-	-
	________	________	________	________
Total liabilities	-	-	-	-
	________	________	________	________

The weighted average interest rate is based on the current yield of each asset, weighted by its market value. The weighted average interest rate on bank loans is based on the interest rate payable, weighted by the total value of the loans. 

The floating rate assets consist of AAA Money Market Funds and cash deposits on call earning interest at prevailing market rates.

All financial liabilities are measured at amortised cost.

Maturity profile

The Company did not hold any assets at 30 September 2009 or 30 September 2008 that had a maturity date. As detailed in note 11, the loan drawn down at the year end had a maturity date of 12 October 2009 (2008 - nil borrowings).

Interest rate sensitivity

The sensitivity analyses below have been determined based on the exposure to interest rates at the Balance Sheet date and with the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have floating rates.

If interest rates had been 100 basis points higher or lower and all other variables were held constant, the Company's:

-    profit for the year ended 30 September 2009 would increase/decrease by £83,000 (2008 - increase/decrease by £37,000). This is mainly attributable to the Company's exposure to interest rates on its fixed rate borrowings and floating rate cash balances.

Other price risk

Other price risks (ie changes in market prices other than those arising from interest rate or currency risk) may affect the value of the quoted investments.

It is the Board's policy to hold an appropriate spread of investments in the portfolio in order to reduce the risk arising from factors specific to a particular sector. The allocation of assets and the stock selection process, both act to reduce market risk. The Manager actively monitors market prices throughout the year and reports to the Board, which meets regularly in order to review investment strategy. The investments held by the Company are listed on the London Stock Exchange.

Other price risk sensitivity

If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return attributable to ordinary shareholders and equity for the year ended 30 September 2009 would have increased/decreased by £11,419,000 (2008 - increase/decrease of £9,526,000). This is based on the Company's equity portfolio held at each year end.

(ii)    Liquidity risk

This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. 

Liquidity risk is not considered to be significant as the Company's assets comprise mainly readily realisable securities, which can be sold to meet funding commitments if necessary. Short-term flexibility is achieved through the use of loan and overdraft facilities (note 11).

(iii)    Credit risk

This is failure of the counter party to a transaction to discharge its obligations under that transaction that could result in the Company suffering a loss.

The risk is not significant, and is managed as follows:

-    where the investment manager makes an investment in a bond, corporate or otherwise, the credit rating of the issuer is taken into account so as to minimise the risk to the Company of default;

-    investment transactions are carried out with a large number of brokers, whose credit-standing and credit rating is reviewed periodically by the investment manager, and limits are set on the amount that may be due from any one broker;

-    cash and money invested in AAA money market funds are held only with reputable banks with high quality external credit enhancements.

None of the Company's financial assets are secured by collateral or other credit enhancements.

Credit risk exposure

In summary, compared to the amount in the Balance Sheet, the maximum exposure to credit risk at 30 September was as follows:

	2009		2008
	Balance Sheet  £'000	Maximum exposure £'000	Balance  Sheet £'000	Maximum exposure £'000
Non-current assets
Investments designated at fair value through profit or loss	114,186	114,186	95,255	95,255
Current assets
Debtors	812	812	931	931
AAA Money Market funds	737	737	3,635	3,635
Cash and short term deposits	8	8	50	50
	________	________	________	________
	115,743	115,743	99,871	99,871
	________	________	________	________

None of the Company's financial assets is past due or impaired.

Fair values of financial assets and financial liabilities

The fair value of borrowings has been calculated at £9,001,000 as at 30 September 2009 compared to an accounts value in the financial statements of £9,000,000 (note 11). The fair value of each loan is determined by aggregating the expected future cash flows for that loan discounted at a rate comprising the borrower's margin plus an average of market rates applicable to loans of a similar period of time and currency. All other assets and liabilities of the Company are included in the Balance Sheet at fair value.

17.    Capital management policies and procedures

The Company's capital management objectives are:

-    to ensure that the Company will be able to continue as a going concern; and

-    to maximise the income and capital return to its equity shareholders through an appropriate balance of equity capital and debt. The Board normally seeks to limit gearing to 15% of net assets. 

At the year end the Company had gearing of 8.5% of net assets (2008 - net cash).

The Board monitors and reviews the broad structure of the Company's capital on an ongoing basis. This review includes the nature and planned level of gearing, which takes account of the Manager's views on the market and the extent to which revenue in excess of that which is required to be distributed should be retained.

The Company's objectives, policies and processed for managing capital are unchanged from the preceding accounting period.

Additional Notes to Annual Financial Report

The Annual General Meeting will be held on 16 December 2009 at 11.00 a.m. at J.P.Morgan Cazenove's offices, 20 Moorgate, London, EC2R 6DA.

The Annual Financial Report Announcement is not the Company's statutory accounts. The above results for the year ended 30 September 2009 are an abridged version of the Company's full accounts, which have been approved and audited with an unqualified report. The 2008 and 2009 statutory accounts received unqualified reports from the Company's auditors and did not include any reference to matters to which the auditors drew attention by way of emphasis without qualifying the reports, and did not contain a statement under s.498 of the Companies Act 2006. The financial information for 2008 is derived from the statutory accounts for 2008 which have been delivered to the Registrar of Companies. The 2009 accounts will be filed with the Registrar of Companies in due course.

The Annual Report will be posted to shareholders in November 2009 and additional copies will be available from the Manager (Investor Helpline - Tel. [phone]) or by download from the Company's webpage (www.standardlifeinvestments.co.uk/its).

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.

For Standard Life Equity Income Trust PLC

Aberdeen Asset Management PLC, Secretary

END

 

END

 

 

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