Final Results

Bankers Investment Trust PLC 11 January 2008 Page 1 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 HIGHLIGHTS * NAV per share rose by 13.0% compared to a rise of 10.5% for the Company's Benchmark Index * 8% dividend increase for the year making a total of 10.24p per share * Forecast dividend for 2008 to rise by 8% Extracts from the Chairman's Statement: I am pleased to report a significant increase in both the net asset value and dividend over the year to 31 October 2007. The net asset value per share grew by 13% and the total dividend per share has been increased 8% above last year's distribution. This performance reflects another year of surpassing the return on our benchmark and growing the dividend at a rate considerably faster than the rise in the Retail Prices Index. Performance Investment markets, both equities and bonds, have experienced one of their most turbulent periods for some years. In March and August share and bond prices fell sharply. Although the markets recovered from each of these setbacks, confidence has been fragile. The final few months of our year have seen very unusual conditions in credit markets which have spilled over and impacted equity markets in general and bank shares in particular. Against this background it is creditable that the Manager has been to able grow the Company's net asset value by 13% which exceeds the benchmark by 2.5%. Therefore for the second consecutive year a performance fee was awarded. This is a good example of how the Manager's rewards are being directly matched to the best interests of shareholders. An investment theme that has developed this year has been a renewed preference among investors for growth stocks, which are perceived to offer a safer passage through the expected slowdown in economic activity. Our value based investment style should have struggled in this environment but an increased degree of pragmatism by our Manager and the avoidance of the worst performing sectors have produced a solid performance in most regions; most notably in the US and Pacific (ex Japan) where stock picking has been well rewarded, delivering returns of 8.3% and 12.9% above their respective market indices. - MORE - Page 2 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 Despite our value based investment approach not being the favoured style in most markets, many of our positions reached a level where valuations appeared full and profit upgrades were unlikely. As a result, sales exceeded purchases in the portfolio over the year. Overall the gearing has been reduced to end the year at 2%. The strong run in markets to the end of October prompted us to reduce investments, particularly in the UK and Europe. Our outlook has become increasingly cautious, as the liquidity crisis crippled financial markets and the risk that it would spill over into the real economy increased. Given the problems created in the US by very high levels of default amongst sub-prime borrowers, it is impressive how well the US stock market has performed. Technology and other companies with considerable overseas sales have been the best performing investments, being beneficiaries of a continued weakness in the US dollar. At one point the dollar hit $2.10 to the pound; sadly this weakness has reduced the return to the Company from our holdings of US equities. However, it is very pleasing to see a strong performance from our US investments relative to the US stock market indices. For three years now we have avoided the very largest stocks and sought to add value by investing in smaller, more nimble companies. This year we finally captured a strong return on these investments. Our limited exposure to US financials helped to avoid the worst performing sectors of the market, while solid profits were made in oil and gas related companies. We allocated marginally more investment to the region over the year but our concern that further depreciation of the US dollar could dilute returns stopped us making a more major commitment. European markets shrugged off a dull economic background and once again posted very good returns. Underlying the overall performance there was quite a disparity by country and sector. Germany comfortably outperformed all others, as tax reforms and outsourcing to Eastern Europe had positive effects. By sector, financials were the weakest, as they have been globally, but the outstanding sector was telecommunications. Improving balance sheets, the take-up of broadband services and the continued growth in mobile data have driven strong upgrades of profits for integrated telecommunication companies. Our own performance this year in Europe has been relatively disappointing but it comes after exceeding the benchmark consistently in recent years. Rather than picking bad investments, we have missed out on the best performing investments such as the telecom companies mentioned previously. The UK portfolio remained our largest but over the year we sold just under £22m of investments there. The UK stock market is one of the most global and it was the international oil and mining companies listed in London that performed exceptionally well over the year. Domestically, the UK consumer has been struggling with high real interest rates and an increasing tax burden, resulting in consumer spending being dull at best. Almost all the consumer-facing companies have been poor performers, especially house builders and high street retailers. The banking sector has been equally tough, with the very public troubles at Northern Rock leading to sharp falls of mortgage bank share prices. Few sectors have performed well in the UK and this narrow breadth in the market has meant fewer opportunities for stock picking. For these reasons we have favoured redistributing assets and increasing our weighting overseas. - MORE - Page 3 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 Japan has experienced yet another disappointing year where the early hope of improving economic development fizzled out. The domestic economy continues to show areas of strength but the consumer is still reluctant to borrow and increase spending. As the country has none of the sub-prime mortgage or financial liquidity issues affecting western markets, it was very disappointing to see the Japanese stock market fall in line with others during the autumn setback, and overall it was consistently the poorest performer of the main markets. Revenue and Dividends For the fourth consecutive year the growth in the Company's revenue return per ordinary share has exceeded 10%. Dividend growth has again been strong in all our major investment regions. Profit growth is being translated into higher dividend payments to shareholders, as managements recognise a balance in terms of returning excess profits via share buybacks and dividends. There has also been an increase in special dividends, where companies make exceptional payments to shareholders. As these tend to be one-off by their nature, we do not factor them into the calculations when setting the Company's level of distributions. Asian companies have been most notable for their increase in dividends and the greater investment we have made in this region has benefited the revenue return this year. Although the profit outlook is more clouded next year, we expect that, with companies distributing on average 40% of their profit as dividends, there will be scope for this payout ratio to increase. We anticipate next year's growth in revenue to return to the 5% - 10% range, compared to this year's 11.7%. Given the healthy revenue return this year and a positive outlook for next year, we are recommending a final dividend of 2.60p, making a total of 10.24p, an increase of 8% for the year. The Company has now increased the annual distribution to shareholders for 41 consecutive years and dividends have comfortably outstripped the increase in the Retail Price Index (RPI) over the last ten years. The impact of the current lower level of gearing will mildly reduce the coming year's revenue return, but we still expect some growth in 2008. At this early stage, we are forecasting a minimum rise in the total dividend per share of a further 8%. Board Changes James Morley will not be seeking re-election at the AGM having joined the Board in 1994 and having served as Chairman of the Audit Committee for the last three years. It is always a shame when a director, who has been such a contributor over so many years, decides to step down. We will miss James' incisive questions and financial wisdom and on behalf of the Board we wish him every success in the future. We are fortunate to have on the Board David Thomas, who has huge experience in the financial world as an actuary and investment professional. David has served on the Audit Committee for three years and has agreed to succeed James as its Chairman following the AGM. It is the Board's intention to commence a search during the year for a new director to maintain a good balance of skills within the Board for the future. - MORE - Page 4 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 VAT on Fund Management Fees In June the European Court of Justice delivered a favourable decision in a long running case on whether management fees paid by Investment Trust companies should be exempt from VAT. Since then HM Revenue & Customs (HMRC) has confirmed that it will be withdrawing from defending the appeal and that all future fund management fees will be exempt from VAT. As a result, individual Trusts will be able to reclaim some of the VAT paid in previous years. However, HMRC has indicated that it may take a year or more before refunds are agreed. We have included in these accounts only the amount which we estimate is most likely to be recovered. Further details are shown in note 4 on page 12. Outlook Share prices have risen to record levels in many markets this year and in western markets have approached the peaks last seen in 1999. This resilience of markets in the face of worsening economic projections is encouraging but we must be aware that investor confidence can be brittle. The credit crunch currently affecting year end liquidity is requiring unprecedented central bank cooperation to restart the basic function of interbank lending and it is not clear when the banking industry might return to business as usual. As in recent years the focus remains on the US consumer, as spending and borrowing by Americans still accounts for a significant proportion of global trade. It is inconceivable that the growth in China and emerging markets will not be impacted should US demand falter. We have reduced the Company's gearing to a neutral position which provides a good vantage point to access future opportunities. Our distribution of assets is also fairly conservative - though a threat but also an opportunity would be a significant weakening in the exchange rate of sterling. With half our assets overseas we will benefit from a downward move in sterling and we could take further advantage were we to move more assets abroad. The degree of our success would depend very much on our timing. Share valuations, at least outside emerging markets, are not stretched but investors lack confidence in the forward projections of corporate profits. Lower interest rates and a normalised banking environment are minimum requirements in order to restore confidence. As always in volatile and uncertain times investment opportunities will occur and our value based investment process is ideally suited to accessing these turning points. A rigorous investment process combined with a flexible gearing position means the Company is well positioned to capitalise on any change in market sentiment. - MORE - Page 5 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 For further information contact: Alex Crooke Richard Brewster Fund Manager Chairman The Bankers Investment Trust PLC The Bankers Investment Trust PLC Telephone: 020 7818 4447 Telephone: 020 7818 4233 James de Sausmarez Sarah Gibbons-Cook Director of Investment Trusts Investor Relations and PR Manager Henderson Global Investors Henderson Global Investors Telephone: 020 7818 3349 Telephone: 020 7818 3198 - MORE - Page 6 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 FINANCIAL HIGHLIGHTS 31 October 31 October % 2007 2006 Change Consolidated Assets Total assets less current liabilities (£'000) 596,020 540,363 +10.3 Net asset value per ordinary share 500.1p 442.5p +13.0 Ordinary share mid-market price 439.0p 385.5p +13.9 Discount (share price to net asset value) 12.2% 12.9% Consolidated Revenue Gross revenue (£'000) 16,437 14,972 +9.8 Revenue earnings per ordinary share 11.32p 10.13p +11.7 Dividends paid/payable per share 10.24p 9.48p +8.0 Indices (capital return) FTSE All-Share Index 3,454.12 3,140.47 +10.0 S&P 500 Composite Index 1,549.38 1,377.94 +3.2 # FTSE World Europe (ex UK) Index (£) 439.31 374.90 +17.2 TOPIX (Tokyo First Section Index) 1,620.07 1,617.42 -6.6 # FTSE World (ex UK) Index (£) 341.41 307.76 +10.9 Composite index (capital return) 50/50 FTSE All-Share/ FTSE World Index (ex UK) (£) 220.90 200.00 * +10.5 Total Expense Ratio (including performance fee and 0.71% 0.60% excluding VAT) Retail Prices Index 208.90 200.40 +4.2 # £ adjusted *rebased as at 31 October 2006 - MORE - Page 7 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 CONSOLIDATED INCOME STATEMENT for the year ended 31 October 2007 Year ended 31 October 2007 Year ended 31 October 2006 Revenue Capital Revenue Capital return return Total return return Total Notes £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments held at fair value through profit or loss - 66,505 66,505 - 89,095 89,095 Investment income 2 15,943 - 15,943 14,713 - 14,713 Other operating income 3 494 - 494 259 - 259 --------- --------- --------- --------- --------- --------- Total income 16,437 66,505 82,942 14,972 89,095 104,067 --------- --------- --------- --------- --------- --------- Expenses Management fees 4 (619) (1,884) (2,503) (929) (1,457) (2,386) Other expenses (566) - (566) (632) - (632) --------- --------- --------- --------- --------- --------- Profit before finance costs and taxation 15,252 64,621 79,873 13,411 87,638 101,049 Finance costs (699) (1,632) (2,331) (838) (1,956) (2,794) --------- --------- --------- --------- --------- --------- Profit before taxation 14,553 62,989 77,542 12,573 85,682 98,255 Taxation 5 (1,475) 897 (578) (673) 129 (544) --------- --------- --------- --------- --------- --------- Profits attributable to equity shareholders 13,078 63,886 76,964 11,900 85,811 97,711 ===== ===== ===== ===== ===== ===== Earnings per ordinary share 6 11.32p 55.29p 66.61p 10.13p 73.04p 83.17p The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS as adopted by the European Union. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity shareholders of The Bankers Investment Trust PLC. There are no minority interests. - MORE - Page 8 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 CONSOLIDATED AND PARENT COMPANY STATEMENT OF CHANGES IN EQUITY for the year ended 31 October 2007 Called up Share Capital Other share premium redemption capital Revenue Consolidated year ended 31 October capital account reserve reserves reserve Total 2007 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 October 2006 29,115 452 11,095 448,547 26,154 515,363 Buy back of 2,285,576 ordinary shares (571) - 571 (9,630) - (9,630) Net profit from ordinary activities after tax - - - 63,886 13,078 76,964 Ordinary dividends paid - - - - (11,677) (11,677) ---------- ---------- ---------- ---------- ---------- ---------- Balance at 31 October 2007 28,544 452 11,666 502,803 27,555 571,020 ====== ====== ====== ====== ====== ====== Called up Share Capital Other share premium redemption capital Revenue Consolidated year ended 31 October capital account reserve reserves reserve Total 2006 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 October 2005 29,640 452 10,570 370,327 24,634 435,623 Buy back of 2,100,229 ordinary shares (525) - 525 (7,591) - (7,591) Net profit from ordinary activities after tax - - - 85,811 11,900 97,711 Ordinary dividends paid - - - - (10,380) (10,380) ---------- ---------- ---------- ---------- ---------- ---------- Balance at 31 October 2006 29,115 452 11,095 448,547 26,154 515,363 ====== ====== ====== ====== ====== ====== Called up Share Capital Other share premium redemption capital Revenue Company year ended 31 October capital account reserve reserves reserve Total 2007 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 October 2006 29,115 452 11,095 449,453 25,248 515,363 Buy back of 2,285,576 ordinary shares (571) - 571 (9,630) - (9,630) Net profit from ordinary activities after tax - - - 63,886 13,078 76,964 Ordinary dividends paid - - - - (11,677) (11,677) ---------- ---------- ---------- ---------- ---------- ---------- Balance at 31 October 2007 28,544 452 11,666 503,709 26,649 571,020 ====== ====== ====== ====== ====== ====== Called up Share Capital Other share premium redemption capital Revenue capital account reserve reserves reserve Total Company year ended 31 October 2006 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 October 2005 29,640 452 10,570 371,173 23,788 435,623 Buy back of 2,100,229 ordinary shares (525) - 525 (7,591) - (7,591) Net profit from ordinary activities after tax - - - 85,871 11,840 97,711 Ordinary dividends paid - - - - (10,380) (10,380) ---------- ---------- ---------- ---------- ---------- ---------- Balance at 31 October 2006 29,115 452 11,095 449,453 25,248 515,363 ====== ====== ====== ====== ====== ====== - MORE - Page 9 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 CONSOLIDATED AND PARENT COMPANY BALANCE SHEETS at 31 October 2007 Consolidated Consolidated Company Company 2007 2006 2007 2006 £'000 £'000 £'000 £'000 Non-current assets Investments held at fair value through profit or loss 582,724 537,557 583,630 538,463 ---------- ---------- ---------- ---------- Current assets Other receivables 5,575 1,115 5,575 1,115 Cash and cash equivalents 10,660 2,936 10,656 2,932 ---------- ---------- ---------- ---------- 16,235 4,051 16,231 4,047 ---------- ---------- ---------- ---------- Total assets 598,959 541,608 599,861 542,510 ---------- ---------- ---------- ---------- Current liabilities Other payables (2,939) (1,232) (3,841) (2,134) Bank loans and overdrafts - (13) - (13) ---------- ---------- ---------- ---------- (2,939) (1,245) (3,841) (2,147) ---------- ---------- ---------- ---------- Total assets less current liabilities 596,020 540,363 596,020 540,363 Non-current liabilities Debenture stocks (25,000) (25,000) (25,000) (25,000) ---------- ---------- ---------- ---------- Net assets 571,020 515,363 571,020 515,363 ====== ====== ====== ====== Equity attributable to equity shareholders Called up share capital 28,544 29,115 28,544 29,115 Share premium account 452 452 452 452 Capital redemption reserve 11,666 11,095 11,666 11,095 Retained earnings: Other capital reserves 502,803 448,547 503,709 449,453 Revenue reserve 27,555 26,154 26,649 25,248 ---------- ---------- ---------- ---------- Total equity 571,020 515,363 571,020 515,363 ====== ====== ====== ====== Net asset value per ordinary share (pence) (Note 7) 500.1p 442.5p 500.1p 442.5p ====== ====== ====== ====== - MORE - Page 10 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 CONSOLIDATED AND PARENT COMPANY CASH FLOW STATEMENTS for the year ended 31 October 2007 Consolidated Company Consolidated Company Reconciliation of operating revenue to net cash 2007 2007 2006 2006 inflow from operating activities £'000 £'000 £'000 £'000 Net profit before tax 77,542 77,542 98,255 98,255 Add back interest paid 2,332 2,332 2,819 2,819 Less: gains on investments held at fair value through profit or loss (66,505) (66,505) (89,095) (89,170) Net sales of trading stock - - 144 - (Increase)/decrease in accrued income (912) (912) 94 94 (Increase)/decrease in other debtors (2,103) (2,103) 24 24 Increase in other creditors 824 824 383 383 Net sales of investments 21,816 21,816 24,793 24,793 (Increase)/decrease in sales for settlement debtor (1,327) (1,327) 52 52 Increase/(decrease) in purchase for settlement 806 806 (1,015) (1,015) creditor Scrip dividends included in investment income (39) (39) (74) (74) ---------- ---------- ---------- ---------- Net cash inflow from operating activities before interest and taxation 32,434 32,434 36,380 36,161 Interest paid (2,332) (2,332) (2,819) (2,819) Taxation on investment income (696) (696) (472) (472) ---------- ---------- ---------- ---------- Net cash inflow from operating activities 29,406 29,406 33,089 32,870 Financing activities Equity dividends paid (11,677) (11,677) (10,380) (10,380) Purchase of ordinary shares (9,553) (9,553) (7,643) (7,643) Repayment of loans - - (13,458) (13,458) Repurchase of debenture stock - - (1,300) (1,300) Amounts received from subsidiary undertaking - - - 948 ---------- ---------- ---------- ---------- Net cash used in financing (21,230) (21,230) (32,781) (31,833) ---------- ---------- ---------- ---------- Increase in cash 8,176 8,176 308 1,037 Cash and cash equivalents at start of year 2,923 2,919 2,594 1,861 Exchange movements (439) (439) 21 21 ---------- ---------- ---------- ---------- Cash and cash equivalents at end of year 10,660 10,656 2,923 2,919 ====== ====== ====== ====== - MORE - Page 11 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 NOTES: 1. Accounting Policies The financial statements have been prepared on the basis of the accounting policies set out in the Group's financial statements for the year ended 31 October 2006. 2007 2006 2. Investment Income £'000 £'000 UK dividend income: Listed 9,446 9,491 Listed special dividends 247 165 -------- --------- 9,693 9,656 ===== ===== Unfranked: Listed investments: Dividend income 5,969 4,867 Special dividends 235 82 Interest income 7 34 Scrip dividends 39 74 -------- --------- 6,250 5,057 -------- --------- 15,943 14,713 ===== ===== Analysis of investment income by geographical region: UK 10,060 9,901 Europe (ex UK) 2,515 2,192 North America 864 902 Japan 694 480 Pacific (ex Japan) 1,285 945 Emerging Markets 525 293 --------- --------- 15,943 14,713 ===== ===== 2007 2006 3. Other Operating Income £'000 £'000 Dealing profits - 60 Bank interest 298 135 Stock lending fees 190 38 Underwriting commission 6 26 -------- --------- 494 259 ===== ===== - MORE - Page 12 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 Revenue Capital Revenue Capital Return Return Total Return Return Total 2007 2007 2007 2006 2006 2006 4. Management Fees £'000 £'000 £'000 £'000 £'000 £'000 Investment management 229 536 765 198 462 660 Accounting, secretarial and administration 765 - 765 660 - 660 Irrecoverable VAT thereon 101 54 155 71 36 107 Performance fee - 1,785 1,785 - 880 880 Irrecoverable VAT thereon - 11 11 - 79 79 Write back of VAT (476) (502) (978) - - - ------- ------- ------- ------- ------- ------- 619 1,884 2,503 929 1,457 2,386 ==== ==== ==== ==== ==== ==== Following the European Court of Justice decision in respect of the JPMorgan Claverhouse VAT case, HMRC accepted that the service of managing Investment Trust Companies is VAT exempt and has acknowledged liability to pay claims. Based on this some of the VAT suffered by the Company in the period 1 October 2000 to date has been written back in accordance with an agreement reached between the Investment Manager and the Company. The write back has been allocated between revenue return and capital return based on how the amounts were charged in previous years. Revenue Capital Revenue Capital Return Return Total Return Return Total 2007 2007 2007 2006 2006 2006 5. Taxation £'000 £'000 £'000 £'000 £'000 £'000 Analysis of the charge for the year UK Corporation tax at 30% (2006: 30%) 530 - 530 483 - 483 Double taxation relief (530) - (530) (483) - (483) Overseas tax reclaimable (188) - (188) (135) - (135) Tax relief on capitalised expenses 897 (897) - 129 (129) - Prior year adjustment - - - (8) - (8) ------- ------- ------- ------- ------- ------- 709 (897) (188) (14) (129) (143) Overseas tax suffered 766 - 766 687 - 687 ------- ------- ------- ------- ------- ------- Taxation 1,475 (897) 578 673 (129) 544 ==== ==== ==== ==== ==== ==== - MORE - Page 13 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 6. Earnings per Ordinary Share The total earnings per ordinary share is based on the net earnings attributable to the ordinary shares of £76,964,000 (2006: £97,711,000) and on 115,549,347 ordinary shares (2006: 117,477,166) being the weighted average number of shares in issue during the year. The total earnings can be further analysed as follows: 2007 2006 £'000 £'000 Revenue earnings 13,078 11,900 Capital earnings 63,886 85,811 --------- --------- Profit for the year 76,964 97,711 ===== ===== Weighted average number of ordinary shares 115,549,347 117,477,166 --------------- ---------------- Revenue earnings per ordinary share 11.32p 10.13p Capital earnings per ordinary share 55.29p 73.04p --------- --------- Earnings per ordinary share 66.61p 83.17p ===== ===== The Company does not have any dilutive securities, therefore basic and dilutive earnings are the same. 7. Net Asset Value per Ordinary Share The net asset value per ordinary share is based on net assets attributable to ordinary shares of £571,020,000 (2006: £515,363,000) and on the 114,175,564 ordinary shares in issue at 31 October 2007 (2006: 116,461,140). 8. Preliminary Results The unaudited preliminary results for the year ended 31 October 2007 have been extracted from the latest Group accounts and do not constitute statutory accounts for the purpose of Section 240 of the Companies Act 1985. These accounts have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them. 9. 2006 Report and Accounts The figures and financial information for the year ended 31 October 2006 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under Section 240 of the Companies Act 1985. 10. 2007 Report and Accounts Copies of the Report and Accounts will be posted to shareholders by the end of January 2008 and will thereafter be available from the Secretary at 4 Broadgate, London EC2M 2DA. The Annual General Meeting will be held at the Chartered Accountants' Hall, 1 Moorgate Place, London EC2R 6EA on Wednesday 27 February 2008 at 12 noon. 11. Dividend A final dividend of 2.60p per ordinary share will be paid, if approved by shareholders at the AGM, on 29 February 2008 to shareholders on the register on 25 January 2008. The Company's shares go ex- dividend on 23 January 2008. - MORE - Page 14 of 14 THE BANKERS INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 October 2007 LARGEST INVESTMENTS at 31 October 2007 The 25 largest investments (convertibles and all classes of equity in any one company being treated as one investment) were as follows: Valuation Sales Appreciation/ Valuation 2006 Purchases Proceeds (depreciation) 2007 Rank (2006) £'000 £'000 £'000 £'000 £'000 1 (1) BP 21,167 3,926 - 1,845 26,938 2 (2) HSBC 15,109 1,871 - (623) 16,357 3 (7) Vodafone 7,815 - - 3,126 10,941 4 (3) Royal Bank of Scotland 12,814 - - (2,184) 10,630 5 (5) Royal Dutch Shell 9,330 - - 1,078 10,408 6 (23) Petroleo Brasileiros 4,188 - - 4,073 8,261 7 (4) GlaxoSmithKline 11,508 - (2,739) (1,069) 7,700 8 (*) Aviva 3,887 3,468 - 212 7,567 9 (6) Barclays 8,738 - - (1,279) 7,459 10 (10) British American Tobacco 5,816 - - 1,632 7,448 11 (8) Lloyds TSB 7,385 - - (185) 7,200 12 (25) Rolls-Royce 3,896 2,107 - 718 6,721 13 (20) BHP Billiton 4,266 - (1,024) 2,837 6,079 14 (*) Xstrata - 6,093 - (61) 6,032 15 (14) Tesco 4,840 - - 1,162 6,002 16 (18) BG 4,381 - - 1,223 5,604 17 (*) Hunting 3,750 - - 1,770 5,520 18 (16) Man Group 4,685 - (213) 949 5,421 19 (17) Mitsubushi UFJ Financial 4,507 2,446 - (1,598) 5,355 20 (9) BT 6,832 - (2,396) 780 5,216 21 (21) ICAP 4,250 - - 635 4,885 22 (22) Fresenius 4,205 - - 677 4,882 23 (*) Richemont 3,632 - - 1,165 4,797 24 (12) Irish Life & Permanent 5,024 - - (749) 4,275 25 (*) Deutsche Post 3,680 492 - 38 4,210 ---------- ---------- ---------- ---------- ---------- 165,705 20,403 (6,372) 16,172 195,908 ====== ====== ====== ====== ====== These investments total 33.6% of the portfolio. (*) Not in the top 25 largest investments last year. DISTRIBUTION OF ASSETS AND LIABILITIES at 31 October 2007 Currency exposure Current Total assets Total of operational Equities Convertibles assets liabilities assets £'000 £'000 £'000 £'000 % £'000 £'000 % United Kingdom 302,525 49 13,752 316,326 52.8 (27,378) 288,948 50.6 Europe 87,283 - 359 87,642 14.6 - 87,642 15.3 North America 72,750 - 979 73,729 12.3 (561) 73,168 12.8 Japan 53,759 - 299 54,058 9.0 - 54,058 9.5 Pacific (ex Japan) 48,505 - 846 49,351 8.3 - 49,351 8.7 Emerging Markets 17,853 - - 17,853 3.0 - 17,853 3.1 ----------- ----------- --------- ----------- ------- ----------- ----------- ------- Total 582,675 49 16,235 598,959 100.0 (27,939) 571,020 100.0 ====== ====== ===== ====== ==== ====== ====== ==== Percentage 102.0% 0.0% 2.9% 104.9% (4.9%) 100.0% Expense debtors and creditors have been allocated to sterling for the purposes of this table. - ENDS - This information is provided by RNS The company news service from the London Stock Exchange

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