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ADC Zeros 2010 plc (ADC2)

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Monday 29 January, 2007

ADC Zeros 2010 plc

Interim Results

ADC Zeros 2010 plc
29 January 2007


ADC ZEROS 2010 PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS
For the period ended 30 November 2006

The six months period to 30 November 2006 has proved to be a very difficult one
for the parent company, Aberdeen Development Capital PLC, and therefore the
Group as a whole, but whilst cover has been reduced your Board remains confident
that the investment objective of achieving a final entitlement of 135.6 pence
per ZDP share will be fulfilled.

                                                                                        30 November 2006
                                                                                                      £m
Total assets less current liabilities (Group)                                                      30.62
Less prior ranking liabilities:
ZDP 2010 shares                                                                                   (9.57)
ZDP 2012 shares                                                                                   (9.57)
Cover                                                                                              11.48


John Milligan
Chairman
29 January 2007




Income Statement (unaudited)


                                           Six months ended            Period from        Period from
                                                                       19 May 2005        19 May 2005
                                           30 November 2006    to 30 November 2005     to 31 May 2006
                                                      £'000                  £'000              £'000
Interest income                                          10                     10                 21
Total revenue                                            10                     10                 21
Loan interest                                           297                    235                522
Gains/(losses) on held-at-fair-value                      -                      -                  -
investments
                                                        307                    245                543
Expenses
Management fees                                           -                      -                  -
Other operating expenses                                  -                      -                  -
Profit before finance costs and tax                     307                    245                543
Finance costs
Zero dividend preference shares                       (297)                  (235)              (522)
Profit before taxation                                   10                     10                 21
Taxation                                                (2)                      -                (4)
Profit after taxation                                     8                     10                 17
Earnings per Ordinary share - basic                   16.00                  20.00              34.00
(pence)



All income is attributable to the equity holders of ADC Zeros 2010 PLC.




 Balance Sheet (unaudited)


                                                          At                   At                  At

                                            30 November 2006     30 November 2005         31 May 2006
                                                       £'000                £'000               £'000

Non-current assets
Held-at-fair-value-investments                             -                  175                 175

Current assets
Cash and cash equivalents                                256                   51                  52
Trade and other receivables                            9,569                8,994               9,291
                                                       9,825                9,045               9,343

Current liabilities
Other payables                                         (181)                (175)               (179)
Net current assets                                     9,644                8,870               9,164
Total assets less current liabilities                  9,644                9,045               9,339

Non-current liabilities
Zero dividend preference shares                      (9,569)              (8,985)             (9,272)
Total net assets                                          75                   60                  67

Equity
Called up Ordinary share capital                          50                   50                  50
Revenue reserve                                           25                   10                  17
Total shareholders' funds                                 75                   60                  67

Equity shareholders' funds                                75                   60                  67

Net asset value per share (pence)
ZDP 2010                                              109.36               102.69              105.97
Ordinary                                              150.00               120.00              134.00





Statement of Changes in Equity (unaudited)



                                                               Share          Revenue
For six months ended 30 November 2006                        capital          reserve            Total
                                                               £'000            £'000            £'000
Net assets at 1 June 2006                                         50               17               67
Net profit on ordinary activities after taxation                   -                8                8
Net assets at 30 November 2006                                    50               25               75



                                                               Share          Revenue
For period 19 May 2005 to 30 November 2005                   capital          reserve            Total
                                                               £'000            £'000            £'000
Net assets at start of period                                      -                -                -
Proceeds from parent company                                      50                -               50
Net profit on ordinary activities after taxation                   -               10               10
Net assets at 30 November 2005                                    50               10               60



                                                               Share          Revenue
For period 19 May 2005 to 31 May 2006                        capital          reserve            Total
                                                               £'000            £'000            £'000
Net assets at start of period                                      -                -                -
Proceeds from parent company                                      50                -               50
Net profit on ordinary activities after taxation                   -               17               17
Net assets at 31 May 2006                                         50               17               67




Cash Flow Statement (unaudited)


                                                         Six months           Period from         Period from
                                                              ended           19 May 2005          19 May 2005
                                                   30 November 2006   to 30 November 2005       to 31 May 2006
                                                              £'000                 £'000                £'000
Operating activities
Profit before tax                                                 8                    10                   21
ZDP shares finance cost                                         297                   235                  522
Sales of investments held at fair value
through
                                                                175                     -                    -
Profit and loss
Increase in other receivables                                 (278)                 (244)                (541)
Increase in other payables                                        2                     -                    -
Net cash inflow from operating activities                       204                     1                    2

Financing activities
Equity shares issued                                              -                    50                   50
Zero dividend preference shares issued                            -                 2,147                2,147
Payment to parent company                                         -               (2,147)              (2,147)
Net cash inflow from financing activities                         -                    50                   50

Net increase in cash and cash equivalents                       204                    51                   52
Cash and cash equivalents at start of period                     52                     -                    -
Cash and cash equivalents at end of period                      256                    51                   52



Notes to the Financial Statements (unaudited)



1.              Principal activities
The principal activity of the Company is that of an investment company within
the meaning of Section 266 of the Companies Act 1988.

2.              Accounting policies

The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS). The Company financial statements have been
prepared in accordance with IFRS as adopted by the European Union and as applied
in accordance with the provisions of the Companies Act 1985. The principal
accounting policies adopted by the Company are set out below.

(a)           Basis of accounting

The accounting policies which follow set out those policies which apply in
preparing the financial statements for the period 1 June 2006 to 31 May 2007.

The financial statements are presented in Sterling, which is the currency of the
primary environment in which it operates. All values are rounded to the nearest
thousand pounds (£'000) except when otherwise indicated.

(b)           Valuation of Investments
Investments are held at cost through the Income Statement.

For financial assets acquired, the cost is the fair value of the consideration.
Subsequent to initial recognition, all listed investments are measured at their
quoted bid prices without deduction for the estimated future selling costs.

Unlisted investments are valued by the Directors at fair value having regard to
the Guidance Notes issued by the British Venture Capital Association on the
principles for the Valuation of Venture Capital Portfolios. They are valued at
cost unless subsequent financings or other circumstances indicate a different
valuation is appropriate. When a valuation is undertaken consideration is given
to the most recent information available, including the latest trading figures,
performance against forecast, management's view of prospects and the price of
any transactions in the security.

Realisable value in the short term could differ materially from the amount which
investments are included in the accounts.

(c)     Movements in fair value
Changes in the fair value of all held-at-fair-value assets are taken to the
Income Statement.

On disposal, realised gains and losses are also recognised in the Income
Statement.

(d)     Income
Dividends receivable on equity shares are brought into account on the
ex-dividend date. Dividends receivable on equity shares where no ex-dividend
date is quoted are brought into account when the Company's right to receive the
payment is established. Fixed returns on non-equity shares are recognised on a
time apportioned basis so as to reflect the effective yield on shares. Other
returns on non-equity shares are recognised when the right to the return is
established.

The fixed return on a debt security is recognised on a time apportioned basis so
as to reflect the effective yield on the debt security. Where the Company has
elected to receive its dividends in the form of additional shares rather than in
cash, then the amount of cash dividend is recognised as income. Any excess in
value of the shares received over the amounts of the cash is recognised in
capital reserves.

(e)     Expenses and interest payable
All expenses are accounted for on an accruals basis. Remuneration of the
Company's auditors is borne by the Company's parent.

(f)      Taxation
The charge for taxation is based on the taxable profits for the period. Deferred
taxation is accounted for using the balance sheet liability method. Deferred tax
liabilities are recognised for all taxable temporary differences. Deferred tax
assets are recognised to the extent it is probable that taxable profits will be
available against which is deductible temporary differences can be utilised.

(g)     Dividends payable
Dividends are recognised from the date on which they are declared ex-dividend.

(h)     Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents are
short-term, highly liquid investments that are readily convertible to known
amounts of cash and that are subject to insignificant risk of changes in value.

(i)       Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling at
the date of the transaction.

Foreign currency monetary assets and liabilities are translated into Sterling at
the rate ruling on the balance sheet date. Foreign exchange differences arising
on translation are recognised in the Income Statement.

(j)       Zero dividend preference shares
Zero dividend preference shares are treated as a liability of the Company,
calculated on the effective yield basis.


3.  Earnings per Ordinary share and net asset value per share


                                                      Six months           Period from        Period from
                                                           ended           19 May 2005        19 May 2005
                                                                                           to 31 May 2006
                                                30 November 2006   to 30 November 2005
Net revenue attributable to Ordinary                      £8,000               £10,000            £17,000
shareholders
Equity shareholders funds                                £75,000               £60,000            £67,000
Zeros dividend preference shares                      £9,569,000            £8,985,000         £9,272,000
The number of Ordinary shares in issue at
the

end of the period on which the earnings and
net asset                                                 50,000                50,000             50,000

value were calculated was:
The number of Zero dividend preference
shares in issue at the end of the period on
which net asset value was calculated was:

                                                       8,750,000             8,750,000          8,750,000
Revenue earnings per Ordinary share                       16.00p                20.00p             34.00p
Net asset value per Ordinary share                       150.00p               120.00p            134.00p
Net asset value per Zero dividend                        109.36p               102.69p            105.97p
preference share


4.        Interim Report

The financial information for the six months ended 30 November 2006 and the
period to 30 November 2005 comprises non-statutory accounts within the meaning
of Section 240 of the Companies Act 1985. The financial information for the
period ended 31 May 2006 has been abridged from published accounts that have
been delivered to the Registrar of Companies on which the report of the auditors
was unqualified. The Interim Report has been prepared on the same basis as the
Annual Report. Copies of the Interim Report will be posted to shareholders in
due course and further copies will be available from the Registered Office, 10
Queen's Terrace, Aberdeen AB10 1YG.


Aberdeen Asset Management PLC
Secretaries
29 January 2007














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