The unaudited consolidated net asset value of the Ordinary shares of the Company at the close of business on 13 March 2015 was as follows:
With debentures at par value: 272.88 pence per share
The debentures at fair value: 255.34 pence per share
The net asset value published is on a cum‑income basis (calculated using income and expenditure estimates). The fair value of debentures is calculated by using the yield of UK Treasury Bonds of an equal duration plus 2.5% risk premium. The Board sees this mechanism as transparent, market related and consistent with best practice.
16 March 2015
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