Final Results

JUPITER GREEN INVESTMENT TRUST PLC Preliminary announcement of the audited results for the year ended 31 March 2008. CHAIRMAN'S STATEMENT It gives me great pleasure to present your Company's audited financial statements for the period ended 31 March 2008. During the period under review your Company's total assets increased form £31.6 million to £52.7 million. This increase was partly a consequence of the successful C Share issue by the Company in the summer of 2007 combined with a new issue of Ordinary shares to the London Stock Exchange at a modest premium to Net Asset Value on 4 April 2007. A total of 20,249,074 new ordinary Shares and 3,503,003 Warrants were issued during the period under review. With the emergence of a credit crunch in Western financial markets, and its knock-on effects on the US economy, your Company faced more difficult stock market conditions than the previous period. However, the growth in concern about environmental issues, both in the UK and abroad, continued to benefit your Company. The diluted Net Asset Value of the Company's Ordinary shares (which is the Net Asset Value that would apply to the Ordinary shares in the event that all Warrants in issue were to be exercised), fell by 3.3 per cent. to 111.95p during the period under review, whilst their middle market price fell by 8.9 per cent. to 108p. The undiluted Net Asset Value per Ordinary share fell by 3.9 per cent. to 114.05p. This compares favourably with a fall in the Company's composite benchmark index of 7.4 per cent. over the same period. The middle market price of the Warrants fell by 18.0 per cent. to 33.00p. The Company's composite benchmark index is weighted to reflect the proportions of the Company's total assets which are managed by Jupiter Asset Management Limited (measured against the FTSE Global Small Cap ex US index, which returned -6.0 per cent. for the period) and by Winslow Management Company, LLC (measured against the Russell 2500 Growth Index in the USA, which returned -12.1 per cent. for the period). As at 9 June 2008, the last practicable date prior to publication of this Report, your Company's total assets had decreased to £55.744 million and the diluted Net Asset Value per Ordinary share excluding income and expenses increased to 118.23p. This represents an increase in the Net Asset Value per Ordinary share since 31 March of 5.6 per cent., which compares with an increase in the Company's composite benchmark index of 4.2 per cent. over the same period. New Interim Management Statements Under the Listing Rules of the London Stock Exchange, all listed companies are now required to publish quarterly `Interim Management Statements' to shareholders. Your Company's statements will include a report from the Investment Manager; an updated Net Asset Value for the Company's shares together with historical performance statistics relative to the Company's benchmark index; a list of the Company's ten largest portfolio holdings; the level of gearing and details of any major investment changes which have taken place during the quarter under review. The Company's Interim Management Statements will be announced to the London Stock Exchange through the Regulatory News Service and will also be published on the Investment Manager's website, www.jupiteronline.co.uk. Much of this information is also included in the Company's monthly fact sheets, which are available by email or post on request from the Company Secretary. It is to be hoped that shareholders will find such information useful in monitoring their investment in the Company. Share Buy Back Powers At the AGM your Board is seeking to renew its powers to buy back shares for cancellation or holding in treasury. This can be a useful tool for enhancing the Net Asset Value of the Ordinary shares. The repurchase of shares will only be undertaken after taking into consideration the interests of both classes of the Company's shares at the time that the opportunity arises. VAT Recovery Following a ruling by the European Court of Justice, HM Revenue and Customs has recently accepted that VAT will no longer be charged on investment management fees. For the Company it should also be possible to recover some of the VAT paid in the past on management fees. However, the amount repayable is subject to a number of legal and procedural considerations which currently are under review by the Directors. Approximately two thirds of any recovery of VAT will be treated as distributable revenues, with the balance treated as a capital receipt which will be reflected in the Company's published net asset values when agreement has been reached on the amounts involved. The total amount recoverable is currently estimated at not less than 0.1p per Ordinary Share. Companies Act 2006 and New Articles of Association It is proposed that the Company adopts new Articles of Association in order to comply with the provisions of the Companies Act 2006 that have been brought into effect already and those that will be effective from 1 October 2008. The new Act is being introduced in stages and is expected to be fully enacted by 1 October 2009. More details on the proposed changes to the Articles are given in the Directors' Report. Outlook The Company continues to adhere to the investment philosophy adopted at time of launch. The increasing response to environmental issues, in particular climate change, by businesses, politicians and consumers is broadening the opportunities for investment in this important area. The Manager's Review details several salient market and portfolio themes of the period and I commend it to you. While macro-economic concerns have gained prominence in recent months, it is increasingly recognised that finding solutions to environmental problems is firmly in the interests of economic sustainability. In general, times of economic uncertainty present challenges for the allocation of investment capital, but the will to find solutions to the world's most pressing environmental threats continues unabated. The Directors believe that your Company's positioning in these increasingly vital environmental areas should provide good long-term growth for shareholders. It is therefore satisfying that your Company continues to provide an opportunity to invest in businesses proactively seeking environmental solutions. Perry K O Crosthwaite Chairman 20 June 2008 MANAGER'S REVIEW Performance Review For the 12 months ended 31 March 2008 the total return for the Company is -3.9 per cent. compared to a return of -7.4 per cent. for the Company's composite index. Since launch, the total return for the Company is 17.5 per cent. compared to a return of 9.7 per cent. for the composite index.* Market and Policy Review The Company lost ground in what was a turbulent year for equity markets. Increasing nervousness about the depth of the financial crisis among Western banks and the contraction of the US economy resulted in erratic market activity. Following heavy subprime-related losses, liquidity dried up in the credit markets and banks tightened commercial and retail lending. While central banks' action to combat the financial crisis, particularly in the US, has been aggressive, investor sentiment remained fragile. One consequence of increased investor nervousness was the broad rotation out of small and mid sized companies, which are the main investment areas for the Company, into larger caps due to their perceived safety. This had an adverse effect on the Company's performance during the year, although the Company performed well against its composite benchmark. The six key investment themes for the Trust are clean energy, water management, green transport, waste management, environmental services and sustainable living. Several holdings from the clean energy theme made good contributions to performance over the year. Wind power companies Vestas Wind Systems, Nordex and Gamesa added value on the back of expanding global demand for this cost competitive alternative energy, particularly from China. Meanwhile, a bid for Novera Energy, which has wind, waste and hydro power assets, led to a marked rise in its stock price. In the water management theme, Japan's Kurita Water, a water desalinisation company was a strong contributor. As water becomes an increasingly scarce commodity due to the demands of burgeoning populations and industrialisation, desalinisation is growing in importance. Elsewhere, environmental services company Pure Technology made notable progress. The largest detractor from the Company during the year was sustainable living holding Cranswick. News that higher raw material costs are squeezing margins saw the stock rerated by the market early in 2008. The top line growth outlook for Cranswick remains intact and we maintain our conviction in the holding given the track record of the company's management team. Weakness in green transport holdings Go-Ahead, FirstGroup and National Express also dragged on the Company's overall performance. Increasing fuel costs and slower economic conditions are overhanging the short-term outlook for this sector. The performance of the US portion of the portfolio, which is managed by Winslow, was subdued by very poor sentiment in the US stock market and a falling US dollar, but there were some notable highlights. From the waste management theme, LKQ Corp** continued to impress the market with solid earnings. The company recycles auto parts and has generally stable earnings as it receives some of its income from insurance claims. Meanwhile, from the clean energy theme, an improving political climate and the prospect of larger scale use of thin film solar technology buoyed First Solar**. Although the stock market has faced severe headwinds during the period, there were several highlights from a green perspective that strengthen the long-term investment prospects for the Company. Climate change has become a key priority for the G8, for example, and the UN Climate Change Conference in Bali saw unprecedented representation by member states and produced a road map for a binding deal to succeed the Kyoto Protocol. We have also seen business leaders of major global companies collaborating to lobby governments and develop their own targets on emissions. In the Bali Communiqué on Climate Change, some 150 companies called for an ambitious legally-binding UN agreement that includes tough CO2 emission reduction targets guided by science. Meanwhile, the CBI Climate Change Task Force has released a plan for a low carbon British economy by 2030. Investment Outlook The Federal Reserve's aggressive stance is providing some relief to investors. However, stock markets are expected to remain volatile while the US economy continues to slow and credit conditions remain tight. We therefore remain cautiously positioned and retain some cash on deposit. Given the strong legislative environment for the green sector, the current downturn is increasingly presenting opportunities to invest in attractively valued companies with robust business models, proven earnings streams and good long-term growth prospects. Moreover, the outlook for many holdings remains positive as they are operationally quite strong and balance sheets are in good shape. We are therefore optimistic about the longer-term outlook for the Trust. Charlie Thomas Jupiter Asset Management Limited 20 June 2008 *Source: Jupiter Asset Management. FTSE Global Small Cap ex US index and the Russell 2500 Growth Index, rebalanced to reflect the proportion of total assets managed by Jupiter and Winslow respectively. ** Positions held in the Winslow Management Company, LLP portfolio. All other positions mentioned are held directly within the portfolio managed by Jupiter Asset Management Limited INCOME STATEMENT for the year ended 31 March 2008 Year ended 31 March 2008 Period ended 31 March 2007 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments at fair value - (2,673) (2,673) - 6,475 6,475 Foreign exchange loss - (162) (162) - (409) (409) Income 873 - 873 322 - 322 ______ _____ _____ ______ _____ _____ Total Income 873 (2,835) (1,962) 322 6,066 6,388 ______ _____ _____ ______ _____ _____ Investment management fee (466) - (466) (224) - (224) Investment performance fee - - - - (207) (207) Other expenses (341) - (341) (269) - (269) ______ _____ _____ ______ _____ _____ Total expenses (807) - (807) (493) (207) (700) ______ _____ _____ ______ _____ _____ Return on ordinary activities before (171) 5,859 5,688 taxation 66 (2,835) (2,769) Taxation (20) - (20) (8) - (8) ______ _____ _____ ______ _____ _____ Net return after taxation 46 (2,835) (2,789) (179) 5,859 5,680 ______ _____ _____ ______ _____ _____ Return per Ordinary share (p) 0.13 (8.03) (7.90) (0.69) 22.54 21.85 The total column of this statement is the income statement of the Company, prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance produced by the Association of Investment Companies. All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. All income is attributable to the equity holders of Jupiter Green Investment Trust Plc. There are no minority interests. BALANCE SHEET at 31 March 2008 2008 2007 £'000 £'000 Non current assets Investments held at fair value through profit or 52,008 30,374 loss _______ _______ Current assets Prepayments and accrued income 122 35 Sales awaiting settlement 331 - Cash and cash equivalents 362 2,009 _______ _______ 815 2,044 _______ _______ Total assets 52,823 32,418 _______ _______ Current liabilities Accruals (89) (301) Purchases awaiting settlement - (438) _______ _______ (89) (739) _______ _______ Total assets less current liabilities 52,734 31,679 ======= ======= Capital and reserves Called up share capital 46 27 Share premium 26,075 1,680 Redemption reserve 224 - Special reserve 24,292 24,292 Retained earnings 2,097 5,680 _______ _______ Total equity shareholders' funds 52,734 31,679 ======= ======= Net Asset Value per Ordinary share 114.14p 118.70p Diluted Net Asset Value per Ordinary share 111.95p 115.75p STATEMENT OF CHANGES IN EQUITY for the year ended 31 March 2008 Share Share Special Redemption Retained Capital Premium Reserve Reserve Earnings Total £'000 £'000 £'000 £'000 £'000 £'000 For the year ended 31 March 2008 Balance at 31 March 2007 27 1,680 24,292 - 5,680 31,679 Net profit for the year - - - - (2,789) (2,789) Ordinary shares issued 20 25,009 - 223 - 25,252 Cost of Ordinary shares issued - (614) - - - (614) Ordinary shares cancelled (1) - - 1 (794) (794) ______ _____ _____ _____ _______ _______ Balance at 31 March 2008 46 26,075 24,292 224 2,097 52,734 ______ _____ _____ _____ _______ _______ Share Share Special Retained Capital Premium Reserve Earnings Total £'000 £'000 £'000 £'000 £'000 For the period ended 31 March 2007 Net profit for the period - - - 5,680 5,680 Ordinary shares issued 27 26,700 - - 26,727 Cost of Ordinary shares issued - (728) - - (728) Cancellation of share premium - (24,292) 24,292 - - ______ _____ _____ _______ _______ Balance at 31 March 2007 27 1,680 24,292 5,680 31,679 ______ _____ _____ _______ _______ CASH FLOW STATEMENT for the year ended 31 March 2008 Year ended Period ended 31 March 2008 31 March 2007 £'000 £'000 Cash flows from operating activities Investment income received 549 215 Deposit interest received 247 80 Investment management fee paid (466) (198) Performance fee paid (207) - Realised loss on foreign currency (79) (409) Other cash expenses (356) (209) _______ _______ Cash generated from operations (312) (521) Taxation (20) (8) _______ _______ Net cash outflow from operating activities (332) (529) _______ _______ Cash flows from investing activities Purchases of investments (45,605) (39,879) Sales of investments 20,446 16,418 _______ _______ Net cash outflow from investing activities (25,159) (23,461) _______ _______ Cash flows from financing activities Shares issued 25,252 26,727 Share issue expenses paid (614) (728) Shares cancelled (794) - _______ _______ Net cash inflow from financing activities 23,844 25,999 _______ _______ (Decrease) / increase in cash (1,647) 2,009 Change in cash and cash equivalents Cash and cash equivalents at start of year 2,009 - _______ _______ Cash and cash equivalents at end of year 362 2,009 _______ _______ NOTES: 1. Income Year ended Period ended 31 March 2008 31 March 2007 £'000 £'000 Income from investments: Dividends from UK companies 372 191 UK Bond Interest 93 - Dividends from overseas companies 162 50 627 241 Other income: Deposit interest 246 81 873 322 Income from investments is derived: Listed on the UK Stock Exchange 465 191 Listed overseas 162 50 627 241 2 Reconciliation of net cash outflow from operating activities 2008 2007 £'000 £'000 Net return before finance costs and taxation (2,769) 5,688 Loss/(gain) on investments 2,673 (6,475) Increase in prepayments and accrued income (87) (35) (Decrease) / increase in accruals and other creditors (212) 301 Foreign exchange loss 83 - ____ ____ Net cash outflow from operating activities (312) (521) 3 Related parties Mr Hillgarth is a director of Jupiter Investment Management Group Limited whose subsidiaries Jupiter Asset Management Limited and Jupiter Administration Services Limited receive investment management and administration fees pursuant to the agreements described below. Jupiter Asset Management Limited is contracted to provide investment management services to the Company (subject to termination by not less than twelve months' notice by either party) for a fee payable monthly, of one twelfth of 0.85 per cent. of the net assets of the Company after deduction of the value of any Jupiter managed investments. The fee payable for the year ended 31 March 2008 was £439,356 (Period ended 31 March 2007: £191,240) with £37,281 (2007: £22,471) outstanding at the year end. Jupiter Asset Management Limited is also entitled to an investment performance fee which is based on the outperformance of the Net Asset Value per Ordinary Share over the total return on the Benchmark Index in an accounting year. Any performance fee payable will equal the time weighted average number of Ordinary shares in issue during the period multiplied by 15 per cent. of the amount by which the increase in the Net Asset Value per Ordinary Share (plus any dividends per Ordinary Share paid or payable and any accrual for unpaid performance fees for the period) exceeds the total return on the Benchmark Index. The performance fee will only be payable if the Net Asset Value per Ordinary Share (adjusted as described above) exceeds the highest of (i) the Net Asset Value per Ordinary Share on the last business day of the previous performance period; (ii) the Net Asset Value per Ordinary share on the last day of a performance period in respect of which a performance fee was last paid: and (iii) 100p. The total amount of management fees and any performance fee payable in respect of one accounting period is limited to 1.75 per cent. of the Net Asset Value of the Company on the last business day of the relevant performance period. On inception, the Benchmark Index comprised 30 per cent. of the Russell 2500 Growth Index (the Winslow benchmark index) and 70 per cent. of the FTSE Global Small Cap ex US Index. The proportion of the Winslow benchmark index comprised in the Benchmark Index is adjusted on the first business day of each month to reflect the proportion of the Company's assets on the last business day of the previous month which were allocated by the Investment Manager to the Investment Advisor. No performance fee was payable for the year ended 31 March 2008 (Period ended 31 March 2007: £176,838.). Jupiter Administration Services Limited is contracted to provide secretarial, accounting and administrative services to the Company for an annual fee of £75,469 (exclusive of Value Added Tax) (2007: £75,000) adjusted each year in line with the Consumer Prices Index which is payable half yearly in advance. The Company has invested from time to time in funds managed by Jupiter International Company PLC or its subsidiaries. The only such holding as at 31 March 2008 was Alon Technology Ventures representing 0.1 per cent. of total investments. All transactions with related parties are undertaken on an arms length basis. 4. Risks and Uncertainties The risks and uncertainties are detailed in note 11 to the accounts on pages 48 to 51 of the Report and Accounts for the year to 31 March 2008 as is an explanation of how they are managed. Principally, the risks to the Company are market price movements, interest rates, liquidity risk, and credit risk. Risks associated with the discount to Net Asset Value, and loss of investment trust status are assessed by the Board at each Board meeting. 5. DIRECTORS' RESPONSIBILITIES FOR THE ACCOUNTS The Companies Act 1985 requires the Directors to prepare accounts for each financial period which give a true and fair view of the state of affairs of the Company at the end of the financial period and of the revenue for that period. In preparing these accounts, the Directors are required to: (i) select suitable accounting policies and then apply them consistently; (ii) make judgements and estimates that are reasonable and prudent; and (iii)state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts. The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the accounts comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each Director is aware at the time the report is approved, there is no relevant audit information of which the auditors are unaware and that each Director has taken all reasonable steps to make themselves aware of any relevant information and to establish that the auditors are aware of that information. The Directors, who are listed on page 6 of the Report and Accounts for the year to 31 March 2008, confirm to the best of their knowledge that: (i) the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and (ii) the Management Report includes a fair view 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. On behalf of the Board Perry Crosthwaite Chairman 20 June 2008 The preliminary announcement is prepared on the same basis as set out in the statutory accounts for the year ended 31 March 2008. The financial statements for the year ended 31 March 2008 were approved by the Board of Directors on 20 June 2008. The above financial information does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 March 2008 including an unqualified audit report and containing no statements under S237(2) or (3) of the Companies Act 1985 will be delivered to the Registrar of Companies in due course. The annual report will be sent to all registered shareholders and copies may be obtained from the registered office of the Company at 1 Grosvenor Place, London, SW1X 7JJ. The Annual General Meeting of the Company is scheduled to take place at 11.30 a.m. on 11 September 2008 at the Company's registered office. By order of the Board Jupiter Asset Management Limited Secretaries Enquiries: Richard Pavry Jupiter Asset Management Limited 020 7412 0703

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