Interim Results - Amendment

Standard Life Invs Property Inc Tst 30 August 2006 Standard Life Investments Property Income Trust Limited 30 August 2006 Revised Financial Interim Results The interim results announcement made on the 24th August 2006 at 17.19 under RNS no. 0916I stated in the financial summary that the IFRS Net Asset Value per share was 126.0p when the correct value should have been 125.2p. The other sections of the report, including the Income Statement and Balance Sheet, were correctly stated. A revised financial interim results announcement is shown below. Standard Life Investment Property Income Trust Limited Interim Report and Financial Statements 1 Jan 2006 to 30 June 2006 Objective To provide shareholders with an attractive level of income together with the prospect of income and capital growth from investing in a diversified UK commercial property portfolio. Financial Summary 30 June 2006 31 December 2005 % Change Price per share 133.0p 118.1p 12.6% Value of property portfolio* £218.1m £202.3 7.9% Gearing** 41.3% 43.4% n/a IFRS Net Asset Value per share *** 125.2p 113.6p 10.2% Published IFRS Net Asset Value per share **** 130.2p 116.5p 11.8% * Valued on an open market value basis in accordance with the RICS Appraisal and Valuation Standards. ** Gearing: (Bank borrowings and redeemable preference shares) / (Market value of properties and cash held for re-investment). *** Calculated under International Financial Reporting Standards. **** Calculated under International Financial Reporting Standards and adjusted to include an accrued dividend in respect of the last quarter and to exclude deferred taxation. Chairman's Statement I am pleased to report that the first half of 2006 has continued the strong growth shown by your Company since inception in December 2003. The Net Asset Value of the Company has grown by 11.8% over the first six months of 2006 and the Company's dividends of 3.315 pence per share for the first half of the year have been paid to shareholders. This includes an increased dividend of 1.69 pence per share for the quarter to 30 June 2006 representing an increase of 4% on the previous quarter. The UK commercial property market continues to deliver exceptional returns, with total returns, as measured by the IPD Monthly Index, registering some 9.7% over the first half of 2006. Compared to both bonds and equities, commercial property continues to rank favourably, both in absolute and relative terms. The UK gilt market delivered 1.7% over the corresponding period while the UK equity market registered total returns of 6.1%, further emphasising the stability and strength of the UK property market in recent periods. Performance was once again primarily attributable to increasing capital values across the portfolio, as well as the continued benefits of financial gearing in a strong market. The theme of strong capital growth, principally driven by the persistent weight of money attempting to invest in the asset class, continues to drive the market. Debt costs have increased in the early part of 2006, and although commercial property initial yields have fallen to levels such that debt backed buyers are now being priced out of the market, strong investment demand from equity backed investors, both in the UK and from overseas, continues to provide strong competition for better quality stock. The potential introduction of UK REITs in 2007 is also expected to contribute to institutional demand for quality property stock as new issuance of REITs and their purchase by retail investors in the UK is expected to drive demand for property assets. Despite this highly competitive market, the Company has acquired one new property over the reporting period and in line with previous reporting periods, the profile of this property complements that of the existing property portfolio in terms of tenant quality and lease length. The Company continues to look at innovative ways to increase the size of the portfolio to drive future diversification. The office sector, and the Central London office market in particular, has continued to show signs of a sustainable recovery in occupational demand. Rental growth in the sector is beginning to gather pace, as tenants increasingly have to compete for the best quality available space as vacancy levels continue to drop. The industrial sector continues to perform steadily, albeit unspectacularly, with yields still the most attractive of the three main sectors. The retail sector still shows signs of a muddle through scenario, as UK retail sales continue to grow positively, albeit below long term trend growth rates of circa 3%, and well below the 6% or 7% levels witnessed a couple of years ago. The UK housing market is now showing steady growth and the effect on retail sales has been marked as consumers are releasing less equity from their principal asset in order to acquire 'big ticket' items. However, there remain pockets of growth in the retail sector, primarily in the better quality and better located retail warehouse sector, and your Company will continue to concentrate on these areas. The Company remains well positioned to benefit from the expected divergence of sector performance, given its relatively high exposure to the office and industrial sectors The outlook for commercial property markets overall remains broadly positive, as sustained and accelerating economic growth underpins corporate demand for commercial space. However, it must be noted that expectations are that the impressive performance over the past two years will not continue, as the relentless upward pressure on capital values begins to dissipate in poorer quality stock and less favourable sectors. That said, the Company's property portfolio is well placed to continue to produce attractive and steady absolute investment returns to its shareholders. David Moore Chairman of the Board 24 August 2006 Investment Manager's Report UK Property Market Following a marginally slower start to the year, the second quarter of 2006 saw a renewed acceleration in returns from the UK commercial property market. The IPD Monthly Index measured total returns of 21% for the year to end June, driven primarily by capital value growth of just under 15% over the year. Against this backdrop, the UK property sector's yield margin over debt rates reversed in Q2 for the first time in 6yrs. The upward shift in UK interest rates worked against a further decline in property income yields. At 4.9%, property initial yields are now at their lowest ever level recorded by IPD and offer less than 0.2% over the 'risk free' rate, i.e. 10 year government bonds. The acceleration in prices in the UK listed property market in the first quarter, buoyed by the news of more flexible than anticipated UK REITs, was partially reversed in quarter two as the volatility of broader equity markets took its toll on property stocks. Although the underlying direct market fundamentals remained little changed over the period, investor nerves on inflationary pressures and the future course of interest rates led to sharp swings in prices and sentiment. On average UK listed property prices ended the quarter 4% down, taking back some of the 17% increase in the first quarter. Although still high by historical standards, returns from the retail property sector flattened out in the 2nd quarter of the year. For the year to end June total returns measured 21% - in line with annual returns to March. Within retail, retail warehouses remain the strongest segment and, with returns at 23.2% p.a. in June, are the only retail format currently outperforming the All Property average. As with retail, in recent months industrial sector returns of just under 20% p.a. have kept pace with their level in the first quarter. Returns from the office market moved further into the lead in recent months with the strength in investor demand for Central London office investments driving a further acceleration in prices and a compression in valuation yields. The rental recovery in the capital is firmly on course, led by the West End and Midtown but also backed up by fairly consistent improvement in the City. Investment Manager's Report continued Portfolio Valuation The investment portfolio has increased in value by £15.76m over the reporting period, including £4.52m from new investments. Capital value increases and growth in central London office rental values have been the main drivers of the uplift in capital value. At the end of June 2006, the investment portfolio was valued at £218.1m and had an average unexpired lease term of 9.5 years, assuming all lease breaks occur. Investment Activity We have invested £4.71m (including costs) during the reporting period, representing approximately half of the proceeds from the disposal of Green Lane, Walsall. A modern office building and converted coach house in the centre of Weybridge has been acquired representing a net initial yield of 6%. The entire property is let to Alliance Unichem plc until March 2015 and the property has a large car park which offers opportunities to add value in the medium term. We are confident the remaining sale proceeds will be fully invested by Q3 2006. Asset Management We have completed 2 new lettings in the first half of 2006. At the Courtyard in St Albans, we have let Unit B1 on a 5 year lease at £26,655pa. We have also let the Ground Floor Shop Unit at Wellington House to Maplin Electronics Ltd at a rent of £140,000 p.a. for a period of 10 years incorporating a rent review in year 5. As a result of our letting activity, the portfolio void level stands at 0.2% of total portfolio rents at the end of June 2006 and has been maintained at less than 0.5% for the entire reporting period. We have also completed one lease renewal and settled two rent reviews, increasing the portfolio income by £88,710 p.a. There have been no tenant defaults over the reporting period and the overall default rate on the portfolio since launch has amounted to 0.053%, well below the IPD default rate of 1.2%. Gearing The Gearing level at 30 June 2006 stood at 41.3% of the market value of investment properties. Investment Outlook We anticipate less favourable returns from the UK property market over the next few years than we have enjoyed in the years since 2004. Despite interest rates increasing, pricing some debt backed buyers out of the market, we expect the market to become increasingly expensive. Weight of money remains strong in the UK although, at this stage, it looks likely that last year was the peak in investment into the market. Within the UK we continue to favour office and industrial property, rather than retail, as the predicted divergence in sector returns becomes increasingly evident during the remainder of this year. In 2006, the UK market looks likely to comfortably achieve high double digit returns for a third successive year. Thereafter slowing capital growth suggests lower single digit returns for investors in UK property over the next few years. Property Investments as at 30 June 2006 Name (Sector) Town Capital Value £ Clough Road (Retail) Kingston upon 20-22m Hull Wellington House (Office) London 18-20m Hollywood Green (Leisure) London 16-18m Drakes Way (Industrial) Swindon 8-10m 2-4 Bucknall Street (Office) London 8-10m Solution Hall (Office) Welwyn Garden 8-10m City Wellesley House (Office) Harlow 8-10m Whitebear Yard (Office) London 8-10m The Axys (Office) Nantgarw 8-10m Chancellors Place (Office) Chelmsford 8-10m Century Plaza (High Street Retail) Edgware 8-10m Bathgate Retail Park (Retail Warehouse) Bathgate 8-10m Interfleet House (Office) Derby 6-8m The Courtyard (Office) St Albans 6-8m Farah Unit, Crittal Road (Distribution Witham 4-6m Warehouse) Phase II, Telelink (Office) Swansea 4-6m Pity Hey Place (Industrial) Skelmersdale 4-6m Crown Farm (Industrial) Mansfield 4-6m Esporta (Leisure) Chislehurst 4-6m Viscount Way (Office) Swindon 4-6m 31/32 Queen Square (Office) Bristol 4-6m De Ville Court (Office) Weybridge 4-6m Coal Road (Industrial) Leeds 2-4m Wardley Industrial Estate (Retail Warehouse) Manchester 2-4m Halfords (Retail Warehouse) Paisley 2-4m Gemini Court (Industrial) Port Talbot 2-4m Eurolink Normanton (Industrial) Leeds 2-4m Easter Park (Industrial) Bolton 2-4m Lister House (Office) Leeds 2-4m Unit 14 Interlink Park (Industrial) Bardon 2-4m Portrack Lane (Industrial) Stockton on Tees 1-2m Standard Life Investments Property Income Trust Limited Unaudited Consolidated Income Statement for the period ended 30 June 2006 Restated 01-Jan-06 to 01-Jan-05 to 30-Jun-06 30-Jun-05 Note £ £ Income Unrealised gain arising on adjustment to fair value of investment properties 11,048,950 6,839,904 Rental income 7,125,791 6,065,091 ----------------------------- Total income and fair value gains 18,174,741 12,904,995 ----------------------------- Expenditure Investment management fees 3 (917,033) (729,282) Head lease payments (140,346) (141,203) Valuation fees (39,681) (34,562) Other direct property costs (129,382) (101,958) Directors' fees and subsistence (41,166) (37,448) Other administration expenses (115,880) (49,361) ----------------------------- (1,383,488) (1,093,814) ------------------------------ Operating profit 16,791,253 11,811,181 Finance costs - net Interest payable (2,601,462) (1,986,011) Interest receivable 210,415 128,631 ------------------------------ (2,391,047) (1,857,380) ------------------------------ Profit for the period before tax 14,400,206 9,953,801 ------------------------------ Taxation 4 (2,425,256) (1,359,867) ------------------------------ Profit for the period 11,974,950 8,593,934 ============================== Earnings per share for the period attributable to the equity holders of the company Basic and diluted 11.97 8.59 pence pence (restated) All items in the above income statement derive from continuing operations. Standard Life Investments Property Income Trust Limited Unaudited Consolidated Balance Sheet as at 30 June 2006 30-Jun-06 31-Dec-05 Note £ £ ASSETS Non-current assets Freehold investment 5 181,811,603 168,194,233 properties Leasehold investment 5 41,651,276 39,105,163 properties ------------------------------ 223,462,879 207,299,396 ------------------------------ Current assets Trade and other 2,265,737 2,134,473 receivables Cash and cash 9,205,810 13,711,633 equivalents ------------------------------ 11,471,547 15,846,106 ------------------------------ ------------------------------ Total assets 234,934,426 223,145,502 ============================== EQUITY Equity capital and reserves attributable to Company's equity holders Share capital 1,000,000 1,000,000 Retained earnings (4,455,693) (2,334,373) Capital reserves 33,625,466 19,734,918 Other distributable 95,003,939 95,206,619 reserves ------------------------------ Total equity 125,173,712 113,607,164 ------------------------------ Liabilities Non-current liabilities Interest rate swap 182,313 3,023,911 Bank borrowings 84,432,692 84,432,692 Redeemable preference 6,958,686 6,756,006 shares Leasehold obligations 5,491,276 5,085,163 Taxation 6,871,553 4,446,297 ------------------------------ 103,936,520 103,744,069 ------------------------------ Current liabilities Trade and other payables 5,824,194 5,794,269 ------------------------------ Total liabilities 109,760,714 109,538,338 ------------------------------ Total equity and 234,934,426 223,145,502 liabilities ============================== Approved by the board of directors on 24 August 2006 David Moore John Hallam Director Director Standard Life Investments Property Income Trust Limited Unaudited Consolidated Statement of Changes in Equity for the period ended 30 June 2005 Share Retained Capital Other Total equity capital earnings reserves distributable reserves Note £ £ £ £ £ Opening balance 1 January 2005 1,000,000 702,259 5,214,861 96,692,892 103,610,012 Movement on revaluation of interest rate swap (4,918,163) (4,918,163) Profit for the period 9,953,801 9,953,801 Transfer between reserves 1,295,066 (1,295,066) Unrealised gain on adjustment to fair value of investment properties (6,839,904) 6,839,904 Dividends 6 (3,250,000) (3,250,000) Balance at 30 June 2005 -------------------------------------------------------------------- as previously reported 1,000,000 1,861,222 7,136,602 95,397,826 105,395,650 ==================================================================== Prior period adjustment: Taxation 4 (1,359,867) (1,359,867) -------------------------------------------------------------------- Balance at 30 June 2005 1,000,000 501,355 7,136,602 95,397,826 104,035,783 ==================================================================== Standard Life Investments Property Income Trust Limited Unaudited Consolidated Statement of Changes in Equity for the period ended 30 June 2006 Share Retained Capital Other Total equity capital earnings reserves distributable reserves Note £ £ £ £ £ Opening balance 1 January 2006 1,000,000 (2,334,373) 19,734,918 95,206,619 113,607,164 Movement on revaluation of interest rate swap 2,841,598 2,841,598 Profit for the period 11,974,950 11,974,950 Transfer between reserves 202,680 (202,680) Unrealised gain on adjustment to fair value of investment properties 5 (11,048,950) 11,048,950 Dividends 6 (3,250,000) (3,250,000) --------------------------------------------------------------------- Balance at 30 June 2006 1,000,000 (4,455,693) 33,625,466 95,003,939 125,173,712 ===================================================================== Standard Life Investments Property Income Trust Limited Unaudited Consolidated Cash Flow Statement for the period ended 30 June 2006 01-Jan-06 to 01-Jan-05 to 30-Jun-06 30-Jun-05 Note £ £ Cash flows from operating activities Cash generated from operations 7 5,648,465 6,509,086 Interest paid (2,398,783) (1,794,803) ------------------------- Net cash generated from operating activities 3,249,682 4,714,283 ------------------------- Cash flows from investing activities Purchase of investment properties 5 (4,715,920) (5,832,905) Interest received 210,415 128,631 ------------------------- Net cash used in investing activities (4,505,505) (5,704,274) ------------------------- Cash flows from financing activities Dividends paid 6 (3,250,000) (3,250,000) Proceeds from bank borrowings 2,822,305 ------------------------- Net cash used from financing activities (3,250,000) (427,695) ------------------------- Net decrease in cash and cash equivalents in the period (4,505,823) (1,417,686) ========================= Cash and cash equivalents at beginning of period 13,711,633 7,577,113 ------------------------- Cash and cash equivalents at end of period 9,205,810 6,159,427 ========================= Standard Life Investments Property Income Trust Limited Notes to the Consolidated Financial Statements for the period ended 30 June 2006 1. General information Standard Life Investments Property Income Trust Limited ('the Company') and its subsidiaries (together the 'Group') carry on the business of property investment through a portfolio of freehold and leasehold investment properties located in the United Kingdom. The Company is a limited liability company incorporated and domiciled in Guernsey, Channel Islands. The Company has its primary listing on the London Stock Exchange with a secondary listing on the Channel Islands Stock Exchange. These unaudited consolidated financial statements have been approved for issue by the Board of Directors on 24 August 2006. The address of the registered office is Trafalgar Court, Les Banques, St Peter Port, Guernsey. 2. Accounting policies Basis of preparation The unaudited consolidated financial statements of the Group have been prepared in accordance with IAS 34 on Interim Financial Reporting, and all applicable requirements of Guernsey Company Law. They do not contain all the information required for full annual statements and should be read in conjunction with the audited consolidated financial statements of the Company for the year ending 31 December 2005. The same accounting policies and methods of computation are followed in these interim financial statements as compared with the audited consolidated financial statements prepared for the year ending 31 December 2005. Deferred Tax The comparative unaudited consolidated income statement has been restated to account for a change in the method by which deferred tax is calculated. This brings the comparative statement into line with the method of calculation applied in the financial statements for the year ending 31 December 2005. This adjustment has resulted in £1,359,867 more deferred tax being shown as an expense in the income statement for the period ending 30 June 2005. 3 RELATED PARTY DISCLOSURES Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. Redeemable preference shares On 29 December 2003 the Company issued 6,000,000 25p redeemable zero dividend preference shares for £6,000,000 to The Standard Life Assurance Company. These shares have a nominal value of £1,500,000 and are redeemable by the Company at a price of £1.7908. These shares do not carry any voting rights. Ordinary share capital Standard Life Assurance Company has held 21,769,609 of the issued ordinary shares throughout the period on behalf of its Unit Linked Property Funds (year ended December 2005: 21,769,609). Directors The Directors each hold the following number of Ordinary Shares in the Company: 30 Jun 06 31 Dec 05 David Moore 15,000 15,000 Richard Barfield 15,000 15,000 John Hallam 15,000 15,000 Shelagh Mason 15,000 15,000 Paul Orchard-Lisle 25,000 25,000 No Director has any interest in any transactions which are or were unusual in their nature or conditions or significant to the business of the Group and which were effected by any member of the Group since its date of incorporation. Total fees relating to the directors in the period under review were £41,166 (period ended 30 June 2005: £37,448), being £40,000 (period ended 30 June 2005: £36,000) in respect of emoluments and £1,166 (period ended 30 June 2005: £1,448) in respect of subsistence. Investment Manager On 19 December 2003 Standard Life Investments (Corporate Funds) Limited ('the Investment Manager') was appointed as investment manager to manage the property assets of the Group. Under the terms of the Investment Management Agreement the Investment Manager is entitled to receive a fee at the annual rate of 0.85% of the total assets (less any amounts drawn down under the facility agreement but not yet invested in property assets), payable quarterly in arrears. Total fees charged for the period ended 30 June 2006 amounted to £917,033 (period ended 30 June 2005: £729,282). The amount due and payable at period end amounted to £463,388 (period ended 30 June 2005: £nil). 4 TAXATION Deferred tax Restated 30-Jun-06 30-Jun-05 £ £ Accumulated unrealised gains at period end 33,456,002 10,660,621 Accumulated Schedule A loss at period end (2,221,670) (1,905,380) ---------------------------------- 31,234,332 8,755,241 ---------------------------------- Deferred tax liability at period end at 22% 6,871,553 1,926,153 ================================== Deferred tax liability at start of period - 1 January 4,446,297 566,286 ---------------------------------- Movement on deferred tax liability during period 2,425,256 1,359,867 ================================== At the balance sheet date provision has been made for deferred income on all temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, regardless of whether or not those temporary differences are expected to reverse. 5 FREEHOLD AND LEASEHOLD INVESTMENT PROPERTIES 30-Jun-06 30-Jun-06 30-Jun-06 Freehold Leasehold Total £ £ £ Market value as at 31 December 2005 168,285,000 34,020,000 202,305,000 Capital expenditure 4,705,814 2,606 4,708,420 Unrealised gain arising on adjustment to fair value of investment properties 8,911,556 2,137,394 11,048,950 Movement in adjustment for lease incentives 2,630 - 2,630 ---------------------------------------- Market value at 30 June 2006 181,905,000 36,160,000 218,065,000 ---------------------------------------- Adjustment for lease incentives (93,397) - (93,397) Discounted present value of minimum lease payments - 5,491,276 5,491,276 ---------------------------------------- Fair value at 30 June 2006 181,811,603 41,651,276 223,462,879 ---------------------------------------- 31-Dec-05 31-Dec-05 31-Dec-05 Freehold Leasehold Total £ £ £ Market value as at 31 December 2004 138,946,422 25,020,000 163,966,422 Capital expenditure 21,722,416 5,986,515 27,708,931 Carrying value of disposed property (8,354,719) - (8,354,719) Unrealised gain arising on adjustment to fair value of investment properties 15,970,881 3,013,485 18,984,367 ---------------------------------------- Market value at 31 December 2005 168,285,000 34,020,000 202,305,000 ---------------------------------------- Adjustment for lease incentives (90,767) - (90,767) Discounted present value of minimum lease payments - 5,085,163 5,085,163 ---------------------------------------- Fair value at 31 December 2005 168,194,233 39,105,163 207,299,396 ---------------------------------------- Investment properties were revalued at the period end by DTZ Debenham Tie Leung Limited, Chartered Surveyors on the basis of the market value for existing use. The market values of leasehold investment properties have been adjusted to reflect the discounted present value of minimum lease payments to reflect their fair value in accordance with IFRS. The market value for existing use provided by DTZ Debenham Tie Leung Limited at the period end was £218,065,000 (year ended December 2005: £202,305,000). 6 DIVIDENDS The interim dividends paid to date in 2006 are as follows (period ended 30 June 2005: £3,250,000): £1,625,000 (1.625p per ordinary share) paid in February relating to the quarter ending 31 December 2005 £1,625,000 (1.625p per ordinary share) paid in May relating to the quarter ending 31 March 2006 £3,250,000 A further interim dividend of 1.690p per share in respect of the quarter to 30 June 2006 was approved in August 2006. These consolidated financial statements do not reflect this dividend, however, the published net asset value does. 7 CASH GENERATED FROM OPERATIONS Restated 01-Jan-06 to 01-Jan-05 to 30-Jun-06 30-Jun-05 £ £ Profit for the period 11,974,950 8,593,934 Movement in debtors (131,264) 1,121,479 Movement in creditors 37,425 416,330 Interest payable 2,601,463 1,986,011 Interest receivable (210,415) (128,631) Unrealised gain arising on adjustment to fair value of investment properties (11,048,950) (6,839,904) Movement in deferred tax provision 2,425,256 1,359,867 ---------------------------- Cash generated from operations 5,648,465 6,509,086 ============================ 8 SEGMENTAL REPORTING The group is organised into four main business segments determined in accordance with the type of investment property: Retail - Mainly shops and retail warehouse parks Office - Mainly in large cities Industrial - distribution warehouses and industrial units Other - Leisure centres and Cinema complex's Segmental analysis by business segment 01 Jan 06 to 30 Jun 06 Retail Office Industrial Other Total £ £ £ £ £ Rental income 2,105,489 2,225,013 2,145,877 649,412 7,125,791 Unrealised gain arising on adjustment to fair value of investment properties 1,940,000 6,191,242 2,137,708 780,000 11,048,950 Property related expenditure (27,399) (216,255) (54,796) (10,959) (309,409) --------------------------------------------------------------- Segment result 4,018,090 8,200,000 4,228,789 1,418,453 17,865,332 Non-property related expenditure (1,074,079) ----------- Operating profit 16,791,253 Finance costs - net (2,391,047) ----------- Profit for the period before taxation 14,400,206 =========== There were no transactions between the business segments. Property related expenditure relates to head lease payments, valuation fees and other direct property costs. 01 Jan 05 to 30 Jun 05 Retail Office Industrial Other Total £ £ £ £ £ Revenue 926,523 3,220,233 1,239,767 678,568 6,065,091 Unrealised gain arising on adjustment to fair value of investment properties 2,004,092 2,114,634 1,657,600 1,063,578 6,839,904 Property related expenditure (18,499) (192,710) (28,953) (3,000) (243,162) --------------------------------------------------------------- Segment result 2,912,116 5,142,157 2,868,414 1,739,146 12,661,833 Non-property related expenditure (850,652) --------- Operating profit 11,811,181 Finance costs - net (1,857,380) --------- Profit for the period before taxation 9,953,801 ========= There were no transactions between the business segments. Property related expenditure relates to head lease payments, valuation fees and other direct property costs. Standard Life Investments Property Income Trust Limited Directors and Company Information Directors David Christopher Moore (Chairman) Richard Arthur Barfield John Edward Hallam Shelagh Yvonne Mason Paul David Orchard-Lisle CBE Registered Office Trafalgar Court Les Banques St. Peter Port Guernsey Administrator, Secretary and Registrar Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St. Peter Port Guernsey Registered Number 41352 Investment Manager Standard Life Investments (Corporate Funds) Limited One George Street Edinburgh EH2 2LL Independent Auditors PricewaterhouseCoopers CI LLP National Westminster House Le Truchot St. Peter Port Guernsey GY1 4ND Solicitors Dickson Minto W.S. 16 Charlotte Square Edinburgh EH2 4DF Principal Banker The Royal Bank of Scotland plc 135 Bishopsgate London EC2M 3UR Property Valuer DTZ Debenham Tie Leung Limited 1 Curzon Street London W1A 5PZ Standard Life Investments Limited, tel. 0131 225 2345, is a company registered in Scotland (no. SC 123321) Registered Office 1 George Street Edinburgh EH2 2LL. The Standard Life Investments Group includes Standard Life Investments (Mutual Funds) Limited, SLTM Limited, Standard Life Investments (Corporate Funds) Limited and Standard Life Investments (Private Equity) Limited. Standard Life Investments Limited acts as Investment Manager for The Standard Life Assurance Limited and Standard Life Pension Funds Limited. Standard Life Investments may record and monitor telephone calls to help improve customer service. All companies are authorised and regulated by the Financial Services Authority. (c)2006 Standard Life Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Tel: 01481 745439 Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock Exchange

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