Final Results

Scottish Mortgage Inv Tst PLC 02 May 2008 SCOTTISH MORTGAGE INVESTMENT TRUST PLC Results for the year to 31 March 2008 Scottish Mortgage produced positive returns during the year in contrast to a fall in the FTSE All World Index. The longer term five year record is outstanding in absolute terms and when compared to the benchmark index. In current market conditions, the Managers continue to identify promising long term investment opportunities around the world. â€¢ One year performance. Over the year net asset value per share increased by 7.3% compared to a 3.7% fall in the benchmark index, the FTSE ALL World Index, expressed in sterling; an outperformance of 11 percentage points. The share price rose by 10.7% with the discount narrowing over the period from 10.7% to 7.9%. â€¢ Five Year Performance. Five years ago a number of changes to the way the portfolio is managed were initiated. This includes the gradual reduction of the number of investments and the wholehearted adoption of an integrated global approach where close attention is paid to individual companies but index weightings and regional allocations are ignored when constructing the portfolio. The Managers take a long term view and are primarily assessed over a five year period. Past performance is not an indicator of future performance. Five Year Total Return Performance (capital and reinvested dividends) Scottish Mortgage - Share Price 184% Scottish Mortgage - Net Asset Value 156% FTSE All World Index in sterling 83% AIC Global Growth Sector Average - Share Price 136% AIC Global Growth Sector Average - Net Asset Value 111% Over the five year period, shifting the centre of gravity of the portfolio away from UK listed companies towards overseas listed ones was beneficial. Conviction in selecting investments has been expressed and advantage taken of market volatility to increase holdings at times of share price weakness. A further important contributor to performance is the low cost base. Scottish Mortgage has a total expense ratio of 0.51%. â€¢ Dividend. A total dividend of 10.3p is recommended. This is an 8.4% increase on last year, compared with a 3.8% increase in the Retail Price Index. Scottish Mortgage has a 26 year record of dividend increases in excess of inflation. Earnings per share were unchanged at 9.8p. â€¢ Outlook. The Chairman, Sir Donald MacKay, commented that the growth of many large and rapidly developing economies including China and India remains prodigious and that the resultant transformation of economies around the world is likely to dominate markets for some time to come. On a global basis, the Managers are finding no shortage of new investment ideas and, in many cases, their enthusiasm for existing holdings is strengthening not diminishing. SCOTTISH MORTGAGE INVESTMENT TRUST PLC Scottish Mortgage Investment Trust PLC is a low cost investment trust that aims to maximise total return over the long term from a focused and actively managed portfolio of equities. It invests globally, looking for strong businesses with above-average returns. The Trust has total assets of Â£2,276 million (before deduction of debentures, long and short term borrowings of Â£440 million). Scottish Mortgage is managed by Baillie Gifford & Co, the Edinburgh based fund management group with over Â£54 billion under management and advice as at 1 May 2008. Scottish Mortgage Investment Trust PLC - Your low cost choice for global investment. 2 May 2008 - ends - For further information please contact: Robert O'Riordan, 0131 275 3181 Baillie Gifford & Co 07730 412007 Roland Cross, Director Broadgate Marketing 020 7726 6111 SCOTTISH MORTGAGE INVESTMENT TRUST PLC Chairman's Statement Over the year net asset value increased by 7.3% and the share price by 10.7%; this is in sharp contrast to the FTSE All World Index, which fell by 3.7% (all in sterling terms). This means we outperformed our benchmark by 11 percentage points. The longer term performance record is also extremely good, most notably over the past five years. It was at the start of this period that changes to the way the portfolio is managed were initiated. This includes the gradual reduction of the number of investments and the wholehearted adoption of an integrated global approach where close attention is paid to individual companies but index weightings are ignored when constructing the portfolio and regional allocations are the outcome of global stock selection. Long term performance Given the long term investment approach, performance over more than one year provides a better measure of progress. The Managers are primarily assessed over a five year period and this table gives absolute and relative figures. Scottish Mortgage Five Year Performance to 31/3/2008 Total Return (capital and reinvested dividends) Scottish Mortgage - Share Price 184% Scottish Mortgage - Net Asset Value 156% FTSE All World Index in sterling 83% AIC Global Growth Sector Average - Share Price 136% AIC Global Growth Sector Average - Net Asset Value 111% It should be remembered that past performance is not an indicator of future performance. Conditions do, and will, change. The good performance over the past five years can be attributed to a number of factors. â€¢ The Managers' early recognition of the changing shape of global economic and trade patterns, in particular the increasing relative importance of emerging markets. Shifting the centre of gravity of the portfolio away from UK listed companies towards those listed overseas has proved highly beneficial to date. â€¢ Good individual investment decisions were made. When the number of holdings was reduced a high level of conviction was expressed in determining the shape of the portfolio. Notably, profits have been run and not taken too early, especially amongst many of the larger holdings. â€¢ Market volatility was exploited. New and additional holdings have been acquired in attractive companies at times when share prices have been marked down through market nervousness. Individual investments drive performance. This year a commentary on some of the larger holdings is given in the Managers' Report. When purchased some were controversial ideas but the Board encourages the Managers to find such situations and to act decisively on their judgements. This is how our performance has been achieved. With over 70 holdings the portfolio is suitably diversified and performance is not dependent on any one company, sector or region. A further important contributor to performance is the low cost base. Scottish Mortgage's total expense ratio for the past year was 0.51%. Lower costs mean higher returns for shareholders, particularly when compounded over long periods. Conversely, high management levies eat into capital and jeopardise future returns. The Board and Managers remain determined that Scottish Mortgage's cost advantage be maintained for the benefit of all shareholders. Dividend and Earnings The overall level of earnings per share was unchanged at 9.8p. Paying growing dividends to shareholders is important and the Board has recommended a final dividend of 5.3p which, if approved, will bring the total for the year to 10.3p, an 8.4% increase on last year. The inflation rate over the period as measured by the Retail Price Index was 3.8%. As the dividend payment exceeds earnings this year, the balance will be met from the substantial revenue reserve. The fall in earnings was anticipated and a revenue reserve has been built up over time and exists precisely for this purpose. After the dividend payment, the revenue reserve will stand at 20p per share. Over time we think it probable that the growth in earnings from the portfolio will exceed the UK inflation rate and that earnings will rise back to the level of the dividend. Borrowings Over the year the net borrowings increased as opportunities were taken in volatile markets to borrow in order to increase holdings or take new ones. Borrowings are a mixture of bank loans, drawn in different currencies where there are underlying investments, and the listed sterling debentures. Potential gearing with the debentures valued at par is currently 124% of shareholders' funds. After cash and the fixed interest holdings are offset, equity gearing stands at 118%. In the coming year, the Managers are likely to continue to maintain, or even increase gearing levels, as opportunities are identified. Discount, buybacks and marketing During the period the discount (measured with debt at market value) narrowed both in absolute terms, from 10.7% to 7.9%, and also relative to the AIC Global Growth Sector. Narrowing the discount over time and reducing volatility remain important aims. Share buybacks during the year totalled 7.5m shares or 2.7% of issued share capital at the start of the period. Against the general trend, there was a net positive investment flow into the various Baillie Gifford run plans and a number of new shareholders, including some institutional ones, joined the main register. Scottish Mortgage won two awards during the year: the What Investment 'Generalist Investment Trust of the Year' award and the Investment Trust Magazine 'Best Global Trust' award. The Managers undertook a number of initiatives to ensure effective communication with shareholders including improving the website so that shares can be bought on-line and enabling holders within the Baillie Gifford plans to view valuations on-line. If you hold shares in your own name, as opposed to in a nominee name, you will also be able to benefit from a dividend re-investment plan which the Company's registrars are introducing. It will allow you to re-invest your dividend directly into Scottish Mortgage shares. The marketing initiatives will be continued vigorously in the coming year. Electronic Communications One resolution that you are being asked to vote on at the AGM is to enable the Company to extend the use of electronic communications to shareholders. Disseminating reports electronically saves consumption of resources and reduces cost. If this resolution is approved, shareholders will still be able to elect to receive written communications through the post if they prefer. This initiative is one of a number that the Board and the Managers are taking to modernise and improve communications with shareholders and potential shareholders. I encourage you to visit the Scottish Mortgage pages of the Managers' website: www.bailliegifford.com. AGM The AGM will be held on Thursday 26 June 2008 in Edinburgh. I hope you will be able to come and meet the Board. The Manager will give a presentation on the investments. VAT HM Revenue and Customs have accepted a European Court of Justice ruling that investment trust management fees should be exempt from VAT. As a result there will be a recovery of VAT that has already been paid in previous years. The Managers are discussing with HMRC the extent and date of the repayment. As the amount is still uncertain and, in the context of the size of the Trust, it will not be material, the contingent asset has not been recognised in this set of accounts. Outlook The growth of many large and rapidly developing economies including China and India remains prodigious. The resultant transformation of economies around the world is likely to dominate markets for some time to come. The speed, scale and impact of this transformation has been greater than many expected. The financial crisis in Western markets is, in part, a consequence of abundant availability of capital from these new sources. After a period of exuberant lending and investment, credit has now dried up and trust between Western financial institutions evaporated. The US Federal Reserve Bank took swift and decisive action to address the unusual position by cutting interest rates and by being willing to provide central credit support to financial institutions. Many companies around the world which have less, or little, direct exposure to the financial storm, continue to report favourable trading conditions. Strong demand from rapidly growing economies for a number of resources, primary materials and equipment looks likely to persist and prices may remain high. On a global basis the Managers are finding no shortage of new investment ideas. Indeed, in many cases, their enthusiasm for the existing holdings is strengthening not diminishing. Sir Donald MacKay Chairman SCOTTISH MORTGAGE INVESTMENT TRUST PLC The following is the unaudited preliminary statement for the year to 31 March 2008 which was approved by the Board on 1 May 2008. The Board of Scottish Mortgage Investment Trust PLC is recommending to the Annual General Meeting of the Company to be held on 26 June 2008 the payment of a final dividend of 5.30p (5.00p last year) per ordinary share making 10.30p (9.50p last year) for the year ended 31 March 2008. INCOME STATEMENT (unaudited) For the year ended For the year ended 31 March 2008 31 March 2007 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Gains on investments - 159,406 159,406 - 53,001 53,001 Currency (losses)/gains - (36,613) (36,613) - 5,083 5,083 Income (note 2) 49,575 - 49,575 45,522 - 45,522 Investment management fee (3,875) (3,875) (7,750) (3,462) (3,462) (6,924) Other administrative expenses (2,068) - (2,068) (1,731) - (1,731) Net return before finance costs and taxation 43,632 118,918 162,550 40,329 54,622 94,951 Finance costs of borrowings (10,025) (10,025) (20,050) (8,452) (8,452) (16,904) Net return on ordinary activities before taxation 33,607 108,893 142,500 31,877 46,170 78,047 Tax on ordinary activities (6,564) 3,908 (2,656) (4,060) 2,650 (1,410) Net return on ordinary activities after taxation 27,043 112,801 139,844 27,817 48,820 76,637 Net return per ordinary share (note 3) 9.79p 40.82p 50.61p 9.80p 17.19p 26.99p The total column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement. SCOTTISH MORTGAGE INVESTMENT TRUST PLC BALANCE SHEET (unaudited) At 31 March At 31 March 2008 2007 Â£'000 Â£'000 FIXED ASSETS Investments held at fair value through profit or loss 2,259,474 2,031,907 CURRENT ASSETS Debtors 20,026 25,037 Cash and short term deposits 13,030 19,165 33,056 44,202 CREDITORS Amounts falling due within one year (note 5) (126,435) (104,749) NET CURRENT LIABILITIES (93,379) (60,547) TOTAL ASSETS LESS CURRENT LIABILITIES 2,166,095 1,971,360 CREDITORS Amounts falling due after more than one year (note 5) (329,651) (201,495) 1,836,444 1,769,865 CAPITAL AND RESERVES Called-up share capital 68,497 70,365 Capital redemption reserve 21,683 19,815 Capital reserve - realised 1,712,759 1,067,888 Capital reserve - unrealised (36,430) 541,179 Revenue reserve 69,935 70,618 EQUITY SHAREHOLDERS' FUNDS 1,836,444 1,769,865 NET ASSET VALUE PER ORDINARY SHARE 651.4p 607.1p (After deducting borrowings at fair value) (note 6) NET ASSET VALUE PER ORDINARY SHARE 672.5p 631.0p (After deducting borrowings at par) ORDINARY SHARES IN ISSUE (note 7) 273,989,897 281,461,176 SCOTTISH MORTGAGE INVESTMENT TRUST PLC RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) For the year ended 31 March 2008 Capital Capital Capital Revenue Total Share redemption reserve - reserve - reserve shareholders' capital reserve realised unrealised funds Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Shareholders' funds at 1 April 2007 70,365 19,815 1,067,888 541,179 70,618 1,769,865 Transfer between reserves* - - 535,237 (535,237) - - Net return on ordinary activities after taxation - - 155,173 (42,372) 27,043 139,844 Shares bought back + (1,868) 1,868 (45,539) - - (45,539) Dividends paid during the year# - - - - (27,726) (27,726) Shareholders' funds at 31 March 2008 68,497 21,683 1,712,759 (36,430) 69,935 1,836,444 *With effect from 1 April 2007, changes in fair value of investments which are readily convertible to cash, without accepting adverse terms, at the balance sheet date are included in realised, rather than unrealised, capital reserves. The balances on both reserves at 1 April 2007 have been amended by a reserve transfer to reflect this change. For the year ended 31 March 2007 Capital Capital Capital Revenue Total Share redemption reserve - reserve - reserve shareholders' capital reserve realised unrealised funds Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Shareholders' funds at 1 April 2006 72,019 18,161 892,063 702,315 68,795 1,753,353 Net return on ordinary activities after taxation - - 209,956 (161,136) 27,817 76,637 Shares bought back + (1,654) 1,654 (34,131) - - (34,131) Dividends paid during the year# - - - - (25,994) (25,994) Shareholders' funds at 31 March 2007 70,365 19,815 1,067,888 541,179 70,618 1,769,865 + See note 7 # See note 4 SCOTTISH MORTGAGE INVESTMENT TRUST PLC SUMMARISED CASH FLOW STATEMENT (unaudited) For the year ended For the year ended 31 March 2008 31 March 2007 Â£'000 Â£'000 Â£'000 Â£'000 Net cash inflow from operating Activities 36,358 40,741 NET CASH OUTFLOW FROM SERVICING OF FINANCE (18,708) (16,570) TAXATION Income tax paid (10) (15) Overseas tax incurred (2,560) (1,407) TOTAL TAX PAID (2,570) (1,422) FINANCIAL INVESTMENT Acquisitions of investments (783,355) (688,970) Disposals of investments 707,926 673,837 Realised currency loss (1,051) (2,293) Net cash outflow from financial investment (76,480) (17,426) EQUITY DIVIDENDS PAID (note 4) (27,726) (25,994) NET CASH OUTFLOW BEFORE FINANCING (89,126) (20,671) FINANCING Shares bought back (45,539) (34,131) Bank loans repaid (72,480) (99,145) Bank loans drawn down 201,010 150,462 NET CASH INFLOW FROM FINANCING 82,991 17,186 DECREASE IN CASH (6,135) (3,485) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Decrease in cash in the period (6,135) (3,485) Increase in bank loans (128,530) (51,317) Exchange movement on bank loans (35,562) 7,376 Other non-cash changes 115 100 MOVEMENT IN NET DEBT IN THE YEAR (170,112) (47,326) NET DEBT AT 1 APRIL (256,485) (209,159) NET DEBT AT 31 MARCH (426,597) (256,485) RECONCILIATION OF NET RETURN BEFORE FINANCE COSTS AND TAXATION TO NET CASH INFLOW FROM OPERATING ACTIVITIES Net return on ordinary activities before finance costs and 162,550 94,951 taxation Gains on investments - securities (159,406) (53,001) Currency losses/(gains) 36,613 (5,083) Amortisation of fixed income book cost 43 (26) Decrease/(increase) in accrued income 636 (298) (Increase) in debtors (114) (15) (Decrease)/increase in creditors (3,964) 4,213 NET CASH INFLOW FROM OPERATING ACTIVITIES 36,358 40,741 SCOTTISH MORTGAGE INVESTMENT TRUST PLC DISTRIBUTION OF ASSETS (unaudited) At 31 March 2008 At 31 March 2007 % % Equities: United Kingdom 11.0 24.8 Continental Europe 28.5 16.0 North America 24.4 23.9 Japan 3.9 3.2 Asia Pacific 8.8 11.8 Emerging Markets 18.8 15.8 Total equities 95.4 95.5 Sterling denominated bonds 0.8 0.4 Euro denominated bonds 0.2 0.8 US$ denominated bonds 0.1 0.2 Brazilian real denominated bonds 2.8 2.4 Net liquid assets 0.7 0.7 Total assets (before deduction of loans and debentures) 100.0 100.0 SCOTTISH MORTGAGE INVESTMENT TRUST PLC THIRTY LARGEST EQUITY HOLDINGS AND EQUITY PERFORMANCE at 31 March 2008 (unaudited) Fair Fair value Performance + Contribution value 31 31 March % of to absolute March 2008 total Absolute Relative performance 2007 Name Business Â£'000 assets % % % Â£'000 CVRD (or Vale) Iron ore and nickel mining 101,078 4.4 86.0 88.7 2.9 58,188 Atlas Copco Engineering 99,392 4.4 21.8 23.5 1.0 55,919 Petrobras Oil producer 96,399 4.2 91.4 94.1 3.0 72,913 Porsche Automobiles 90,222 4.0 20.6 22.3 0.5 35,543 Gazprom Gas producer 85,750 3.8 21.1 22.8 0.5 62,715 Sandvik Engineering 81,970 3.6 2.2 3.7 0.3 55,596 Vestas Windsystems Wind power systems 77,204 3.4 95.4 98.2 1.6 17,440 eBay Internet trading 69,684 3.1 (11.2) (9.9) (0.2) 68,697 company Amazon.com Online retailer 61,714 2.7 76.6 79.1 1.2 26,466 EOG Resources Oil and gas producer 53,374 2.3 66.6 69.0 1.0 32,094 Canon Printers, copiers and cameras 52,407 2.3 (13.1) (11.9) (0.3) 44,206 Norilsk Nickel Diversified mining 51,066 2.3 50.0 52.1 0.8 28,179 China Mobile Mobile telecommunications 46,371 2.0 65.2 67.6 0.7 21,536 Deere Farm machinery 44,777 2.0 47.2 49.3 0.6 19,590 Standard Chartered Banking 44,238 1.9 20.4 22.1 0.4 37,610 Schlumberger Oil services 43,723 1.9 25.3 27.1 0.5 35,189 Monsanto Seed and agricultural chemicals 41,336 1.8 101.5 104.4 1.0 20,724 Unicredito Banking 35,607 1.6 (34.1)* (30.8)* (0.8) - Italiano Swisscom Fixed line telecommunications 33,035 1.4 (0.8)* 6.3* - - Reed Elsevier Publisher 31,629 1.4 8.7 10.2 0.2 34,145 Berkshire Hathaway Insurance 31,437 1.4 21.3 23.0 0.3 25,839 Richemont Luxury goods 28,335 1.2 (0.6)* (2.0)* - - UBS Banking 27,449 1.2 (50.1) (49.4) (1.3) 24,767 Samsung Electronics Electronics 26,892 1.2 4.8 6.3 0.1 42,572 manufacturer Xstrata Iron ore and nickel mining 26,657 1.2 (7.5)* (7.0)* (0.2) - Q-cells Solar energy 26,363 1.1 54.2 56.4 0.3 12,599 production First Solar Solar energy 26,061 1.1 7.0* 17.1* 0.2 - technology Tesco Food retailer 25,143 1.1 (13.6) (12.3) (0.2) 40,911 Walgreen Pharmacy chain 24,116 1.1 (17.3) (16.1) (0.1) 21,043 Rockwell Industrial automation Automation providers 23,076 1.0 (3.6) (2.2) - 20,732 1,506,505 66.1 915,213 + Absolute and relative performance has been calculated on a total return basis over the period 1 April 2007 to 31 March 2008. Absolute performance is in sterling terms; relative performance is against the benchmark: FTSE All World Index (in sterling terms). * Figures relate to part-period returns where the equity has been purchased during the period. Source: Baillie Gifford & Co/StatPro Past performance is no guarantee of future performance. SCOTTISH MORTGAGE INVESTMENT TRUST PLC NOTES 1. The financial statements for the year to 31 March 2008 have been prepared on the basis of the accounting policies set out in the Company's Annual Financial Statements at 31 March 2007. With effect from 1 April 2007, changes in fair value of investments which are readily convertible to cash, without accepting adverse terms, at the balance sheet date are included in realised, rather than unrealised capital reserves. The balances on both reserves at 1 April 2007 have been amended by a reserve transfer to reflect this change. The Directors consider the Company's functional currency to be sterling as the Company's shareholders are predominantly based in the UK and the Company is subject to the UK's regulatory environment. 2008 2007 Â£'000 Â£'000 2. Income Income from investments and interest receivable 49,505 45,472 Other income 70 50 49,575 45,522 2008 2007 Â£'000 Â£'000 3. Net return per ordinary share Revenue return 27,043 27,817 Capital return 112,801 48,820 Total return 139,844 76,637 Weighted average number of ordinary shares in issue 276,364,832 283,953,088 Net return per ordinary share figures are based on the above totals of revenue and capital and the weighted average number of ordinary shares in issue during each period. There are no dilutive or potentially dilutive shares in issue. 2008 2007 2008 2007 Â£'000 Â£'000 4. Ordinary Dividends Amounts recognised as distributions in the period: Previous year's final (paid 4 July 2007) 5.00p 4.65p 13,984 13,222 Interim (paid 23 November 2007) 5.00p 4.50p 13,742 12,772 10.00p 9.15p 27,726 25,994 We also set out below the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of section 842 of the Income and Corporation Taxes Act 1988 are considered. The revenue available for distribution by way of dividend for the year is Â£27,043,000 (2007 - Â£27,817,000). Dividends paid and proposed in the period: Interim dividend per ordinary share (paid 23 November 2007) 5.00p 4.50p 13,742 12,772 Proposed final dividend per ordinary share (payable 2 July 2008) 5.30p 5.00p 14,521 14,073 Adjustment to the previous year's final dividend re shares bought back (89) (173) 10.30p 9.50p 28,174 26,672 SCOTTISH MORTGAGE INVESTMENT TRUST PLC NOTES (Ctd) 4. Ordinary Dividends (ctd) The final dividend was declared after the period end date and has therefore not been included as a liability in the balance sheet. If approved the final dividend will be paid on 2 July 2008 to all shareholders on the register at the close of business on 6 June 2008. The ex-dividend date is 4 June 2008. 5. The bank loans falling due within one year comprise Y8,230 million, CHF35.5 million and US$100 million (31 March 2007 - Y13,740 million and CHF35.5 million). The bank loans falling due in more than one year comprise â‚¬73 million, Y8,500 million, US$30 million and CHF121 million drawn down under facilities which are repayable June 2009 and June 2010 (31 March 2007 - â‚¬73 million). During the period bank loans of Y13,740 were repaid and bank loans of Y16,730 million, US$130 million and CHF121 million were drawn down. 6. The fair value of borrowings at 31 March 2008 was Â£491,372,000 (2007 - Â£336,735,000). Net asset value per share (after deducting borrowings at fair value) was 651.4p (2007 - 607.1p). 2008 2007 Number Number 7. Share capital: Ordinary shares of 25p each Allotted, called-up and fully paid 273,989,897 281,461,176 Treasury shares 10,356,279 2,885,000 The Company's authority permits it to hold shares bought back 'in treasury'. Such treasury shares may be subsequently either sold for cash (at, or at a premium to, net asset value per ordinary share) or cancelled. In the year to 31 March 2008 a total of 7,471,279 (2007 - 6,613,939) ordinary shares with a nominal value of Â£1,868,000 (2007 - Â£1,654,000) were bought back at a total cost of Â£45,539,000 (2007 - Â£34,131,000). At 31 March 2008 the Company had authority to buy back a further 36,908,758 ordinary shares. 8. The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 March 2008. The financial information for 2007 is derived from the statutory accounts for 2007 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2007 accounts, their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2008 are unaudited, however it is expected that the Auditors will issue an unqualified opinion. The statutory accounts for 2008 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. 9. The Report and Accounts will be available on the Managers' website www.bailliegifford.com on or around 23 May 2008. 10. None of the views expressed in this document should be construed as advice to buy or sell a particular investment. This information is provided by RNS The company news service from the London Stock Exchange

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