Final Results

Aberdeen Grwth Opp VCT2 PLC 28 February 2008 Aberdeen Growth Opportunities VCT 2 PLC Preliminary Announcement I am pleased to report on a year of further consolidation and progress for your company. Among the highlights are: • £5m raised in the S Share issue • Qualifying threshold of 70% achieved in Ordinary Share Pool • Total Return on Ordinary shares stable at 112.9p per share (pps) at year end, fractionally down 1.1% over the year • NAV of Ordinary shares at year end of 104.9pps • NAV of S shares 97.2pps at year end up from 95.0p immediately after launch, an increase of 2.3% • Strong level of new investment activity; 12 new private equity investments completed for Ordinary Share pool, 9 for S share • One successful exit from an unlisted company during the year generating a gain of 3.2p per Ordinary share • Net realised gains from AIM stocks of 1.5p per Ordinary share for the year • Dividends proposed of 1.5p per Ordinary share and 1.25p per S Share S Share issue The Company successfully raised £5 million in the S Share issue, increasing the size of the overall capital base by approximately 60% without a corresponding increase in costs. This means that the cost base will be defrayed over a larger fund size thereby improving the efficiency of the Company. VCT Qualifying Status I am also pleased to report that during the year the Company achieved the 70% qualifying investment hurdle which it was required to do to maintain approval as a VCT. The Company must continue to exceed the threshold at all times in the future subject to certain exemptions in particular circumstances. The Manager is well placed through its regional network of offices to provide a suitable flow of quality investment opportunities to ensure that actual investment levels allow your company to significantly exceed this minimum level. Performance The Total Return per Ordinary Share at 31 December 2007 was 112.9pps, a decrease of 1.1% over the equivalent figure at December 2006, while for the S Share pool it was 97.2pps compared with 95.0pps immediately after launch, an increase of 2.3%. The full year position of the Ordinary share has fallen back from the advance achieved at the half year due to a reduction in the value of the AIM portfolio, which largely reflects the 13.7% decline in the AIM market in the second half of the year. The Net Asset Value (NAV) per Ordinary share at 31 December 2007, before payment of a dividend in respect of the year then ended, was 104.9p compared with 112.2p at 31 December 2006; however dividends totalling 6.0p had been paid during the year which effectively reduced the opening NAV by that amount. The NAV per S Share at 31 December 2007 was 97.2p which has increased by 2.2p since deduction of the launch expenses. The effect of paying the proposed dividends of 1.5p per share on the Original pool and 1.25p on the S Shares will be to reduce the NAVs to 103.4p and 95.95p respectively. The most important measure for a VCT is the total return being the long term record of revenue and capital gains dividend payments plus the current NAV. In the short term, the NAV on its own is a less important measure of the performance as the underlying investments are long-term in nature and not readily realisable. Dividend policy It was stated in the Company's Prospectus that in the early years dividends, if any, would be small until such times as capital realisations occurred. Due to the exceptional gains achieved in 2006, the Board declared dividends on the Ordinary shares totalling 6.0p which were paid during 2007. The Board is now recommending the payment of a final dividend of 1.5p per Ordinary share and 1.25p per S Share, both to be paid on 30 April 2008 to shareholders on the register on 28 March 2008. The Board intends to pay regular dividends from realised gains and hopes that the level of payment will be increased over time but this cannot be guaranteed. All dividends are of course paid tax free to shareholders and a net dividend of 6.0p is equivalent to a yield of 10.0% to a higher rate taxpayer; if the initial tax relief of 40% is taken into account the effective annual yield rises to 16.7%. Since the Company's launch, Ordinary shareholders will have received 9.5p per share in tax free dividends after receipt of the final dividend. Investment Strategy The strategy for both the Ordinary share pool and the S Share pool remains to build a diversified portfolio of unlisted and AIM investments which offer excellent growth prospects and therefore the opportunity for capital gains in the medium and longer term while maintaining VCT qualifying status. The Company does not currently utilise gearing in making its investments but the Board considers that it may be appropriate in due course to take advantage on a selective basis of its ability to borrow up to 10% of Net Asset Value in pursuit of the investment strategy. Dividend Re-investment The Board suspended the operation of the dividend re-investment scheme following the changes made in recent Budgets to the VCT regulations in so far as the operation of such schemes might be affected by those changes. Once HMRC had clarified the situation, the Board examined the practicalities of introducing a dividend re-investment scheme for Shareholders who wished to increase their holdings in the Company and decided that Shareholders could gain access to the Company's shares on better terms in the current market through their own brokers. In addition, it is unlikely that there will be sufficient S Ordinary shares available in the market to enable the envisaged dividend reinvestment scheme to operate until after the end of the five year minimum holding period. Whilst there are generally no S Ordinary shares available at present, a limited number of Ordinary shares is currently available for purchase in the market. Shareholders acquiring shares in the market will not qualify for front-end tax relief but, provided the purchase is within the £200,000 a year limit, all dividends received, out of capital or income, are free of tax for a higher rate taxpayer. Portfolio Developments There was one successful exit from the Ordinary share unlisted portfolio during the course of the year resulting in a gain of £251,000, equivalent to 3.2p per share. Strong progress was made in the continued establishment of a diversified portfolio of private company investments with 12 new investments made by the Ordinary Share pool and 9 made by the S Shares. Pleasingly, early performance across this new portfolio of private company assets is generally very good, offering the prospect of future growth and profit potential if this can be sustained. The sale of the investment in EIG (Investments) was successfully completed in January 2007 approximately 15 months after first investing realising £502,000 during the reporting period compared to the cost of the investment of £251,000. In addition to the realised gains mentioned above details of which can be found in the table below, unrealised losses compared to valuations at December 2006 totalling £250,000 arose on the Ordinary share portfolio of investments. In the unlisted portfolio, unrealised gains on Countcar (£71,000), Cyclotech (£47,000), Homelux Nenplas (£61,000), ID Support Services (£125,000) and Money Plus (£80,000), reflecting improving prospects for those companies, were offset by reductions in the value of Riverdale Publishing (£267,000) and Oled-T (£177,000). The uplifts in the values of Countcar, Cyclotech and ID Support Services apply to the S share pool albeit at lower levels. On the AIM portfolios, realised gains amounting to 1.5p per Ordinary share and 0.1p per S Share were also achieved over the year. Further details of all of these disposals are given in a table below. For the Ordinary shareholders, unrealised gains on Axeon (£78,000) and Litcomp (£50,000) were offset by reductions in the market values of Imprint (£79,000) and Worthington Nicholls (£204,000). For the S shareholders, the most significant item was again Worthington Nicholls, which fell in value by £43,000. The AIM Market performed well in the first half achieving an increase of 15% in the FTSE AIM All-share index. Since then, however, stocks markets generally have declined and the FTSE AIM All-share index has given up all of that increase to finish the year 0.5% below its starting point and since then has continued to decline as credit crises and fears of recession have gripped the markets. For the full year, the Ordinary share AIM portfolio saw a reduction in value of 2.1% and the S Share pool a reduction of 11.4% compared to a reduction in the FTSE AIM All-share index of 0.5% over the year. This reflects the fact that, with a launch date of April 2007, the S share pool began to invest at a point when markets became less stable and turned down. In context, the bulk of the assets held by both the Ordinary Pool and the S Shares are in well managed, growing private companies which are immune to short term quoted market pricing movements, and where performance remains generally encouraging. The Manager will continue to focus on the market for private equity transactions, seeking to invest in well priced and yielding assets in an attempt to drive future growth in the level of Total Return. Investment Activity During the year ended 31 December 2007, twelve new unlisted and sixteen AIM investments were completed and a total of £6.07 million was invested of which £4.6 million was from the Original pool and £1.5 million was from the S Share pool. At the year end, the portfolio stood at 56 unlisted and AIM investments at a total cost of £9.0 million. Since 31 December 2007, two further new investments have been made at a cost of £300,000. The following new investments have been completed during the year. Investment Date Activity Investment cost Website £'000 S Share Original Pool pool Unlisted Adler & Allan Jun-07 Handling and disposal 150 75 www.adlerandallan.co.uk of liquid waste Camwatch Mar-07 Provider of CCTV 211 www.cctv-monitoring.net monitoring and installation services Silkwater May-07 Provider of services to 249 99 www.cyclotech.com Holdings the energy sector (trading as Cyclotech) Darwen Group Sep-07 Bus manufacturer and 149 100 www.elcb.co.uk low emission technology group Energy Services Nov-07 Provider of services to 248 99 Investment Co the energy sector Funeral Mar-07 Operator of funeral 298 124 Services directors Partnership ID Support Mar-07 CCTV security and air 204 50 www.id-group.co.uk Services conditioning systems Lime Mar-07 Company set up to 199 Investments acquire branded premium-end or niche food and beverage businesses Martel Jan-07 Manufacturer of 224 www.martelinstruments.com Instruments compact, handheld printers and display devices Money Plus Dec-07 Provider of debt 25 125 www.chiltern.uk.com management services to individuals Steminic Apr-07 Provider of industrial 184 85 www.msis.uk.com (trading as MS cleaning and waste Industrial management services to Services) the oil and industrial sectors Oliver Kay Jan-07 Supplier of fresh 209 www.oliverkayproduce.co.uk Holdings produce to the on-trade catering industry in the UK Riverdale Apr-07 Publisher of greeting 174 www.riverdalepublishing.co.uk Publishing cards Transys Dec-07 Engineering Services to 249 149 www.transysprojects.ltd.uk Holdings the rail industry Other 99 38 Total Unlisted 2,872 944 investment AIM/PLUS Avanti Apr-07 Provides satellite 69 www.avanti-communications.com Communications telecommunications services in Europe using leased satellite capacity Bglobal Apr-07 Provider of automatic 52 25 www.bglobalmetering.com meter reading and meter management) of electricity and gas meters Concateno Jun-07 Provider of services 91 51 www.concateno.com for the testing of employees for drugs and alcohol Craneware Sep-07 Provider of billing and 150 49 www.craneware.com auditing software for use in the US healthcare market DM Apr-07 Direct marketing group 100 50 www.dmplc.com specialising in gathering consumer data for use in direct marketing campaigns Essentially Jul-07 Sports marketing, media 135 49 www.essentiallygroup.com Group management and professional services group Expansys Apr-07 Seller of mobile and 100 25 www.expansys.com wireless technology products over the internet Formation Group Jun-07 Provider of wealth 50 50 www.formationgroupplc.com management and related professional services Melorio Oct-07 UK provider of onsite 148 90 www.melorio.com assessment and training within the construction industry Mount Jun-07 Manufacturer, stockist 172 49 www.mountengineering.com Engineering and distributor of engineering products for oil, gas, power, water and general industrial markets Plastics Dec-07 Manufacturer of plastic 197 50 www.plasticscapital.com Capital parts Pressure Jun-07 Niche designer and 148 www.pressuretrechnologies.co.uk Technologies manufacturer of high pressure seamless steel gas cylinders for global energy and defence market Smart Identity Sep-07 Software developer of 72 www.smartidentity.co.uk identity management solutions St Helen's Jun-07 Provider of corporate 26 www.sthelenscapital.com Capital advisory services. Universe Group Apr-07 Provider of managed 100 www.universe-group.co.uk services and payment solutions to the petrol retail sector Worthington May-07 Installation and 47 www.worthington-nicholls.co.uk Nicholls maintenance of air conditioning units in the hotel and retail markets Other 81 28 Total AIM/PLUS 1,691 563 investment Total 4,563 1,507 Aberdeen Growth Opportunities VCT 2 has co-invested with Aberdeen Development Capital, Aberdeen Growth VCT I, Aberdeen Growth Opportunities VCT, Talisman First Venture Capital Trust, Aberdeen Income and Growth VCT and Guinness Flight Venture Capital Trust in some or all of the above transactions and is expected to continue to do so with these as well as other clients of the Manager. The advantage is that, together, the funds are able to underwrite a wider range and size of transaction than would be the case on a stand alone basis. Outlook There has been a strong flow of new unlisted investments over the course of the year. The new investments are generally trading well and should form the basis of successful realisations in future periods, although it is too early to predict the quantum and timing of those realisations. The Manager continues to be extremely selective in the choice of AIM investments; these holdings are generally acquired with a shorter term investment horizon than unlisted holdings and will continue to be actively traded where early profits are available. There is a continual need to re-invest following the realisation of successful investments. The Company is well placed to achieve this given the Manager's extensive network and local relationships throughout the UK from which investments can be sourced. The pipeline of new private company investments remains healthy, with significant merger and acquisition activity currently in evidence on the back of impending changes in Capital Gains Tax legislation, which is motivating some owners of private companies to sell their businesses now in order to avoid potentially higher future tax liabilities. Conversely, opportunities to invest in the AIM market are currently reduced; recent volatility has seen fewer new IPOs in the early part of 2008 and we expect this trend to continue for the immediate future. Overall, the level of new investment activity remains very positive with a significant number of new transactions in process across the Manager's network of UK offices. This activity will help further build the unlisted portfolio held by your company throughout 2008 and beyond. Realisations during the financial year The following table shows all sales from the investment portfolio made by the Company during the year: Ordinary Share Pool S Share Pool Date first Complete/ Cost of Sales Realised Cost of Sales Realised invested Partial shares Proceeds Gain/ shares Proceeds Gain/ Exit disposed Loss disposed Loss of of £'000 £'000 £'000 £'000 £'000 £'000 Unlisted EIG (Investments) 2005 Complete 251 502 251 Other 251 502 251 AIM AT Communications 2005 Partial 121 137 16 Avanti Screenmedia 2005 Complete 78 79 1 Bglobal 2007 Complete 52 57 5 25 27 2 Eleco 2006 Complete 99 115 16 Expansys 2007 Partial 68 82 14 17 20 3 Hambledon Mining 2006 Partial 21 46 25 MTI Wireless Edge 2006 Complete 41 52 11 Pressure 2007 Partial 53 70 17 Technologies Velosi 2006 Complete 100 128 28 Worthington Nicholls 2006 Partial 8 26 18 Other 149 121 (28) 6 8 2 790 913 123 48 55 7 Total 1,041 1,415 374 48 55 7 ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC INCOME STATEMENT For the year ended 31 December 2007 Ordinary Shares S Ordinary Shares TOTAL Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/gains on investments - (120) (120) - 69 69 - (51) (51) Income from investments 334 - 334 145 - 145 479 - 479 Other income 28 - 28 27 - 27 55 - 55 Investment management fees (37) (148) (185) (14) (56) (70) (51) (204) (255) Other expenses (155) - (155) (64) - (64) (219) - (219) Profit/(loss) on ordinary 170 (268) (98) 94 13 107 264 (255) (9) activities before taxation Tax on ordinary activities (29) 29 - (17) 17 - (46) 46 - Profit/(loss) on ordinary 141 (239) (98) 77 30 107 218 (209) (9) activities after taxation Earnings per share (pence) 1.8 (3.1) (1.3) 1.8 0.7 2.5 3.6 (2.4) 1.2 A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement. All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. The total column of this statement is the Profit and Loss Account of the Company. Reconciliation of movements in Shareholders' Funds For the year ended 31 December 2007 Ordinary S Ordinary TOTAL Shares Shares £'000 £'000 £'000 Opening Shareholders' funds 8,789 - 8,789 Total (loss)/profit for year (98) 107 9 Net proceeds of issue of shares 4,724 - 4,724 Dividends paid - revenue (39) - (39) Dividends paid - capital (431) - (431) Closing Shareholders' funds 8,221 4,831 13,052 ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC INCOME STATEMENT For the year ended 31 December 2006 Ordinary Shares S Ordinary Shares TOTAL Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments 1,304 1,304 - - 1,304 1,304 - Income from investments 309 - 309 - - - 309 - 309 Other income 17 - 17 - - - 17 - 17 Investment management fees (21) (84) (105) - - - (21) (84) (105) Other expenses (213) - (213) - - - (213) - (213) Profit on ordinary activities before taxation 92 1,220 1,312 - - - 92 1,220 1,312 Tax on ordinary activities (14) 14 - - - - (14) 14 - Profit on ordinary activities after taxation 78 1,234 1,312 - - - 78 1,234 1,312 Earnings per share (pence) 1.0 15.7 16.7 - - - 1.0 15.7 16.7 A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement. All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. The total column of this statement is the Profit and Loss Account of the Company. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS For the year ended 31 December 2006 Ordinary Shares S Ordinary Shares TOTAL £'000 £'000 £'000 Opening Shareholders' funds 7,634 - 7,634 Total profit for year 1,312 - 1,312 Dividends paid - capital (157) - (157) Closing Shareholders' funds 8,789 - 8,789 ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC BALANCE SHEET As at 31 December 2007 31 December 2007 31 December 2006 Ordinary S Ordinary Ordinary S Ordinary Shares Shares Total Shares Shares Total £'000 £'000 £'000 £'000 £'000 £'000 Investments at fair value through profit or loss 7,714 4,494 12,208 8,109 - 8,109 Current assets Debtors 152 72 224 263 - 263 Cash and overnight deposits 444 307 751 503 - 503 596 379 975 766 - 766 Creditors: amounts falling due within one year (89) (42) (131) (86) - (86) Net current assets 507 337 844 680 - 680 Total net assets 8,221 4,831 13,052 8,789 - 8,789 Capital and reserves Called up share capital 784 497 1,281 784 - 784 Share premium - 4,227 4,227 - - - Distributable reserve 6,660 - 6,660 6,660 - 6,660 Capital reserves - realised 965 (32) 933 1,121 - 1,121 Capital reserves - unrealised (388) 62 (326) 126 - 126 Revenue reserve 200 77 277 98 - 98 Net assets attributable to Ordinary Shareholders 8,221 4,831 13,052 8,789 - 8,789 Net asset value per ordinary share (pence) 104.9 97.2 112.2 - ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC CASH FLOW STATEMENT For the year ended 31 December 2007 Year to 31 December 2007 Year to 31 December 2006 Ordinary S Ordinary Ordinary S Ordinary Shares Shares Total Shares Shares Total £'000 £'000 £'000 £'000 £'000 £'000 Operating activities Investment income received 297 56 353 245 - 245 Deposit interest received 36 25 61 15 - 15 Investment management fees paid (183) (51) (234) (81) - (81) Secretarial fees paid (48) (13) (61) (61) - (61) Cash paid to and on behalf of Directors (39) (12) (51) (93) - (93) Other cash payments (63) (18) (81) (93) - (93) Net cash inflow/(outflow) from operating activities - (13) (13) (68) (68) Taxation Corporation tax - - - - - - Financial investment Purchase of investments (6,407) (4,459) (10,866) (3,288) - (3,288) Sale of investments 6,818 55 6,873 3,615 - 3,615 Net cash inflow/(outflow) from financial investment 411 (4,404) (3,993) 327 - 327 Equity dividends paid (470) - (470) (157) - (157) Net cash (outflow)/inflow before financing (59) (4,417) (4,476) 102 - 102 Financing Issue of ordinary shares - 4,972 4,972 - - - Expense of share issue - (248) (248) - - - Net cash inflow from financing - 4,724 4,724 - - - (Decrease)/increase in cash (59) 307 248 102 - 102 ABERDEEN GROWTH OPPORTUNITIES VCT 2 SUMMARY OF INVESTMENT CHANGES - ORDINARY SHARES For the year ended 31 December 2007 Valuation Net investment Appreciation Valuation 31 December 2006 (disinvestment) (depreciation) 31 December 2007 £'000 % £'000 £'000 £'000 % Unlisted investments Equities 734 8.4 256 71 1,061 12.9 Preference 67 0.8 (35) (1) 31 0.4 Loan stocks 916 10.4 2,149 (123) 2,942 35.8 1,717 19.6 2,370 (53) 4,034 49.1 AIM investments Equities 2,369 27.0 778 (64) 3,083 37.5 Listed investments Fixed income 2,983 33.9 (2,399) (584) - Unit Trusts 1,040 11.8 (1,024) 581 597 7.3 Total investments 8,109 92.3 (275) (120) 7,714 93.9 Other net assets 680 7.7 (173) - 507 6.1 Total Assets 8,789 100.0 (448) (120) 8,221 100.0 ABERDEEN GROWTH OPPORTUNITIES VCT 2 SUMMARY OF INVESTMENT CHANGES - S ORDINARY SHARES For the period ended 31 December 2007 Valuation Net investment Appreciation Valuation 31 December 2006 (disinvestment) (depreciation) 31 December 2007 £'000 % £'000 £'000 £'000 % Unlisted investments Equities - - 128 108 236 4.9 Preference - - 4 - 4 0.1 Loan stocks - - 812 - 812 16.8 - - 944 108 1,052 21.8 AIM investments Equities - - 508 (58) 450 9.3 Listed investments Fixed income - - 2,973 19 2,992 61.9 Unit Trusts - - - - - - Total investments - - 4,425 69 4,494 93.0 Other net assets - - 337 - 337 7.0 Total Assets - - 4,762 69 4,831 100.0 INVESTMENT PORTFOLIO SUMMARY As at 31 December 2007 Investment Name Ordinary S % of % of Shares Ordinary equity equity Shares held held by other clients Valuation Cost % of Valuation Cost % of total total assets assets Unlisted Nature Of Business Investments Homelux Nenplas Manufacturer of 376 199 4.6% - - - 3.4% 41.6% Limited plastic tiling trims and related products Money Plus Debt management 330 250 4.0% 125 125 2.7% 5.9% 33.1% Group Limited services to individuals ID Support Provider of CCTV 329 204 4.0% 80 50 1.8% 2.7% 29.4% Services security and air Holdings Ltd conditioning systems Funeral Operator of funeral 298 298 3.6% 124 124 2.7% 3.0% 25.0% Services directors Partnership Limited Silkwater Provider of 296 249 3.6% 118 99 2.5% 4.8% 14.0% Holdings services to the (trading as energy sector Cyclotech) Transys Provider of 285 249 3.5% 171 149 3.6% 4.6% 65.0% Holdings engineering Limited services to the rail industry Energy Services Provider of 248 248 3.0% 99 99 2.1% 13.3% 68.2% Investment services to the Company (ESIC) energy sector Limited Martel Manufacturer of 224 224 2.7% - - - 3.2% 30.2% Instruments compact, handheld Holdings printers and Limited display devices Camwatch Provider of CCTV 211 211 2.6% - - - 4.0% 39.5% Limited monitoring and installation services Oliver Kay Supplier of fresh 209 209 2.5% - - - 1.3% 18.7% Holdings produce to the Limited on-trade catering industry in the UK Lime Company set up to 199 199 2.4% - - - 7.6% 72.4% Investments acquire branded Limited premium-end or niche food and beverage businesses Steminic Provider of 184 184 2.2% 84 84 1.8% 4.5% 40.0% (trading as MS industrial cleaning Industrial and waste Services Ltd) management services to the oil and industrial sectors Adler & Allan Provider of liquid 150 150 1.8% 75 75 1.7% 1.0% 38.6% Holdings waste handling and Limited disposal services Darwen Group Bus manufacturer 149 149 1.8% 100 100 2.2% 7.0% 15.1% plc and low emission technology group Essential Developer of video 122 162 1.5% - - - 9.5% 39.9% Viewing Systems streaming software Limited Buildstore Provider of 105 105 1.3% - - - 0.6% 7.1% Limited services to self build homeowners Enpure Holdings Provider of process 100 100 1.2% - - - 0.4% 79.2% Limited engineering and project management services Riverdale Publisher of 81 265 1.0% - - - 3.2% 40.9% Publishing greeting cards Limited Countcar Provider of tool, 77 6 1.0% 43 3 - 2.0% 24.6% plant hire and hydraulic products and services to the oil and gas industry Others 61 447 0.8% 33 36 0.7% 4,034 4,108 49.1% 1052 944 21.8% AIM/PLUS Concateno plc Provider of 212 176 2.6% 43 50 0.9% 0.4% 1.1% services for the testing of employees for drugs and alcohol Software Radio Provider of 210 138 2.6% - - - 0.4% 2.2% Technology PLC wireless technology products and services Litcomp plc National supplier 185 100 2.3% - - - - 4.9% of medical reports in support of legal actions Plastics Manufacturer of 171 197 2.1% 44 50 0.9% 0.9% 2.0% Capital Plc plastic parts Axeon plc Developer of 170 106 2.1% - - - 0.4% 3.2% semiconductor intellectual property specifically geared to the automotive industry Hambledon Exploration and 168 94 2.0% - - - 0.2% 0.1% Mining PLC mining of precious metals in Kazakhstan Craneware plc Provider of billing 166 143 2.0% 54 49 1.1% 0.9% 0.6% and auditing software for use in the US healthcare market Mount Manufacturer, 163 172 2.0% 46 49 1.0% 1.3% 1.1% Engineering plc stockist and distributor of engineering products for oil, gas, power, water and general industrial markets Amazing Leisure and hotel 158 151 1.9% - - 0.0% 0.5% 1.7% Holdings PLC developer Melorio Plc UK provider of 155 148 1.9% 94 90 1.9% 0.8% 0.3% onsite assessment and training within the construction industry Pressure Niche designer and 124 95 1.5% - - - 0.6% Technologies manufacturer of PLC high pressure seamless steel gas cylinders for global energy and defence market Work Group PLC Provider of 124 151 1.5% - - - 0.7% 2.6% recruitment services Essentially Sports marketing, 118 135 1.4% 43 49 0.9% 1.0% 0.6% Group PLC media management and professional services group Datong PLC Producer of devices 118 151 1.4% - - - 0.9% 1.1% that enable government intelligence and defence agencies to covertly track vehicles and mobile phones DM PLC Direct marketing 90 94 1.1% 45 47 0.9% 0.6% 0.0% group specialising in gathering consumer data for use in direct marketing campaigns Universe Group Provider of managed 89 100 1.1% - - - 1.2% 1.4% PLC services and payment solutions to the petrol retail sector Neutrahealth Manufacturer and 78 89 0.9% - - - 0.6% 1.3% plc distributor of nutraceutical products Smart Identity Software developer 74 72 0.9% - - - 9.6% 17.1% plc of identity management solutions System C Information 65 150 0.8% - - - 0.3% 1.0% Healthcare plc services and IT systems to the healthcare sector in England Avanti Provides satellite 60 69 0.7% - - - 0.1% 1.3% Communications telecommunications Group Plc services in Europe using leased satellite capacity Hasgrove plc Provider of 54 49 0.7% - - - 0.2% 1.8% communication services in public relations, public affairs, graphic design, advertising and on-line marketing Imprint PLC Provider of 50 152 0.6% - - - 0.1% 0.4% recruitment services Gold Frost Producer of kosher 47 85 0.6% - - - 0.5% 0.9% Limited food products Formation Group Provider of wealth 46 49 0.6% 46 50 1.0% 0.2% 0.2% PLC management and related professional services St Helen's Provider of 40 25 0.5% - - - 0.6% 4.2% Capital PLC corporate advisory services Individual Restaurant operator 37 45 0.5% - - - 0.1% 1.1% Restaurant Company plc Worthington Installation and 27 107 0.3% - - - 0.2% 1.3% Nicholls Group maintenance of air PLC conditioning units in the hotel and retail markets eXpansys PLC Seller of mobile 25 31 0.3% - - - 0.1% 0.2% and wireless technology products over the internet Others 59 332 0.6% 35 81 0.7% 3,083 3,406 37.5% 450 515 9.3% Listed Fixed Income Treasury 5% 07/ 1,500 1,499 31.0% 03/08 Treasury 4% 07/ 597 588 7.3% 1,492 1,474 30.9% 03/09 597 588 7.3% 2,992 2,973 61.9% Total 7,714 8,102 93.9% 4,494 4,432 93.0% This preliminary announcement is prepared on the basis of the accounting policies as stated in the previous year's financial statement. Returns per Ordinary share have been calculated using the weighted average number of shares in issue during the period of 7,835,163 (2006 - 7,835,163). The Net Asset Value per Ordinary share has been calculated using the number of shares in issue at 31 December 2007 of 7,835,163 (2006 - 7,835,163). Returns per S Ordinary share have been calculated using the weighted average number of shares in issue during the period of 4,343,413 (2006 - nil). The Net Asset Value per S Ordinary share has been calculated using the number of shares in issue at 31 December 2007 of 4,972,459 (2006 - nil). The financial information set out in the announcement does not constitute the company's statutory accounts for the years ended 31 December 2006 or 2007. The financial information for the year ended 31 December 2006 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under s237(2) or (3) Companies Act 1985. The audit of the statutory accounts for the year ended 31 December 2007 is not yet complete. These accounts will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's annual general meeting. Whilst the financial information included in this preliminary announcement has been computed in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP), this announcement does not itself contain sufficient information to comply with UK GAAP. The Company expect to publish full financial statements that comply with UK GAAP. Copies of this announcement will be available to the public at the registered office of the Company, 149 St Vincent Street, Glasgow and at the office of Aberdeen Asset Managers Limited, One Bow Churchyard, London. By Order of the Board ABERDEEN ASSET MANAGEMENT PLC SECRETARIES 28 February 2008 This information is provided by RNS The company news service from the London Stock Exchange

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