Artemis Alpha Trust PLC

Quarterly Report • Oct 31, 2015

Half-Yearly Financial Report for the six months ended 31 October 2015

Half-Yearly Financial Report

Contents

Group summary	1
Financial highlights	2
Chairman's Statement	3
Investment Manager's Review	4
Portfolio of investments	7
Portfolio analysis	10
Condensed consolidated income statement	11
Condensed consolidated balance sheet	12
Condensed consolidated statement of changes in equity	13
Condensed consolidated cash flow statement	14
Notes to the Half-Yearly Financial Report	15
Responsibility Statement of the Directors in respect of the Half-Yearly Financial Report	19
Information for shareholders	20
General information	22

Group summary

Corporate objective & policy

The objective of the Company is to achieve above average rates of total return over the longer term and to achieve a growing dividend stream. In pursuit of this objective, the Company's portfolio is actively managed by the Investment Manager and comprises largely UK equities, with selected overseas investments. The Investment Manager takes a stock-specific approach in managing the portfolio and, therefore, sector weightings are of secondary consideration. As a result of this approach the portfolio will not track any stock market index. There is no restriction on the number of investments that can be held in the portfolio.

The Company also invests in unquoted companies. The Investment Management Agreement provides that at the time of investment these investments shall represent no more than 30 per cent of net assets. For the purpose of measuring this, unquoted investments will be measured by the lower of their cost or current valuation.

In addition, the Company can invest up to 30 per cent of its net assets in hedge funds and/or other unregulated collective investment schemes. The Company will not invest more than 15 per cent of its gross assets in other investment companies listed on the main market of the London Stock Exchange.

Capital structure

The capital structure of the Company as at 31 October 2015 consisted of 42,841,142 ordinary shares of 1p each and 6,862,677 subscription shares of 1p each. The Company held 250,000 ordinary shares in treasury as at 31 October 2015.

Performance for the six months Discount during the six months ended ³¹ October ²⁰¹⁵ ended ³¹ October ²⁰¹⁵

Total returns	Six months ended 31 October 2015
Net asset value per ordinary share	(3.6)%
Ordinary share price	(4.4)%
FTSE All-Share Index	(5.7)%

Source: Artemis/Datastream.

Half-Yearly Financial Report

Financial highlights

Capital	As at 31 October 2015	As at 30 April 2015	As at 31 October 2014
Net assets Net asset value per ordinary share Ordinary share price	£134.0m 312.86p 260.63p	£139.8m 326.28p 275.00p	£145.7m 338.12p 291.00p
Gearing	3.4%	9.1%	7.9%

Returns for the period	As at 31 October 2015	As at 30 April 2015	As at 31 October 2014
Revenue earnings per ordinary share	2.01p	4.12p	1.87p
Capital (loss)/earnings per ordinary share	(13.14)p	(7.50)p	5.62p
Ongoing charges	0.9%	0.9%	1.0%

Returns from 1 June 2003 to 31 October 2015

Total returns	1 year	3 years	5 years	Since launch*
Net asset value per ordinary share	(6.5)%	3.8%	11.2%	399.2%
Ordinary share price	(9.3)%	(8.3)%	2.2%	328.8%
FTSE All-Share Index	3.0%	27.7%	41.1%	171.7%

* 1 June 2003 - the date when Artemis was appointed as Investment Manager. Source of data: Artemis/Datastream

Chairman's Statement

Performance

The last six months have been a difficult time for financial markets. The Company's net asset value fell by 3.6 per cent on a total return basis in the six months to 31 October 2015. The FTSE All-Share Index declined by 5.7 per cent over the same period. Concerns over China's economy grew, intensifying fears about the prospects for emerging markets and the global economy as a whole. In the UK, meanwhile, the optimism that followed the surprise majority in May's general election has given way to questions over the country's continued membership of the European Union.

The fall in the Company's net asset value over the period was primarily due to changes in the valuation of its unquoted investments, a number of which raised additional capital to develop their businesses. It was disappointing that several of these fundraisings were done at prices below their carrying values, leading us to mark these investments to the level at which the new capital was raised. One of these received considerable attention in the press, when it was announced that BAE Systems was investing in our portfolio company, Reaction Engines. We believe this is a significant development. Although the write-down in its valuation is painful, we believe the fundraising leaves Reaction Engines better placed to develop its rocket technology.

Gearing was reduced from 9.1 per cent of net assets at the start of the period to 3.4 per cent at 31 October 2015. The proceeds from Lynton Holding Asia were received in October, and these have been used to reduce the Company's borrowings. The percentage of the portfolio represented by unquoted companies has been reduced from 32.2 per cent to 28.2 per cent.

More details on the portfolio and performance are included in the Investment Manager's Review on page 4.

Earnings & dividends

Revenue earnings per share for the six months to 31 October 2015 were 2.01p (2014: 1.87p). As I outlined in my Chairman's Statement

earlier this year, the Board and Investment Manager have targeted a 10 per cent annual increase in the Company's dividend. With this in mind, the Board has declared a first interim dividend of 1.40p per ordinary share (2014: 1.25p). This is an increase of 12.0 per cent over the equivalent dividend last year. This will be paid on 29 January 2016 to shareholders on the register as at 29 December 2015.

Share capital

At 31 October 2015 the share price stood at a 16.7 per cent discount to net asset value, which is wider than both the Board and Investment Manager would like; this is being kept under review. During the period we saw a number of existing investors increase their holdings in the Company at the current level of discount which meant there has been no significant selling pressure on the share price. Following the period end, a small buyback of 83,000 shares was made at a discount to net asset value of 19 per cent.

Outlook

The volatility that characterised markets during the reporting period has continued since the end of October. Given the uncertainty over the global economy and wider geo-political concerns, this volatility looks set to continue. In this environment, stock-picking is even more important and should allow the fund managers to generate value for shareholders.

Communication with shareholders

The Board is always interested to hear the views of shareholders, and it was pleasing to see many of you at the annual general meeting in October 2015. The Company's contact details are set out on page 22 of this report, and further information can be found on the website – artemisalphatrust.co.uk – which is updated monthly.

Duncan Budge Chairman 16 December 2015

3

Investment Manager's Review

Performance

Over the half year under review the Company's net asset value fell by 3.6 per cent versus a fall of 5.7 per cent in the FTSE All-Share Index.

As global stock markets weakened, the portfolio benefited from its strong bias to the UK economy. Slowing growth in China sent commodity prices sharply lower, prompting falls in the share prices of mining and oil & gas companies. However, the portfolio's exposure to mining is negligible and its weighting to oil & gas is considerably lower than it was in the past.

Review

Our two core investment themes – non-bank financials (predominantly fund management businesses) and online companies – remained intact. These investments, however, had a relatively quiet six months. Instead, the Company's strongest performers were some of the smaller companies that we bought because of their attractive valuations, strong prospects for growth and excellent management teams. They included Martinco, a lettings business, and Penna Consulting, a recruitment and personnel management company.

Founded in Yeovil by the eponymous Richard Martin, Martinco has grown into one of the UK's largest lettings networks through a combination of organic and acquisitive growth. It floated just under two years ago and used the capital to grow its franchised network in a highly fragmented market. Although its estate agency business is growing, it is predominantly a lettings company with high recurring revenues and strong cash generation. Although the share price has doubled in 2015, it still has a small market share in a sector where the prospects for growth are strong and which is ripe for consolidation.

Penna Consulting has also been an excellent performer over the last six months. Its business is equally split between outplacement and recruitment. Penna is the market leader in outplacement – it has contracts to help employees who have been made redundant,

often by structural change, to find new jobs. The other side of its business is a more traditional recruitment business with customers in both the public and private sectors. It is seeing strong growth in both areas. Like Martinco, its share price has doubled over the last year but its prospects remain good.

The greatest positive contribution came from Mporium Group, which provides an e-commerce platform that allows consumers to browse, checkout and pay for goods using their smartphones. After two refinancings and the appointment of a new management team, it is on the cusp of delivering a revamped product. Other positive performances came from MJ Gleeson, a housebuilder focused on the north of England and Booker, a wholesaler and cash & carry group.

Five largest stock contributors

	Contribution
	Market	%
Mporium Group	AIM	0.9
Martinco	AIM	0.9
Penna Consulting	AIM	0.7
Oxford Nanopore Technologies	Unquoted	0.7
Powerflute	AIM	0.6

Five largest stock detractors

	Market	Contribution %
Starcount Reaction Engines	Unquoted Unquoted	(1.6) (1.2)
Physiolab Technologies	Unquoted	(0.9)
Gaming Realms Pittards	AIM AIM	(0.7) (0.7)

The continuing weakness in commodities has been negative for some of the portfolio's oil & gas holdings. As noted in previous reports, however, the Company's exposure to this sector is well below historic levels, at 7.6 per cent of the portfolio.

Elsewhere, we wrote down the carrying values of three unquoted holdings: Starcount, Reaction Engines and Physiolab Technologies and there was also one valuation uplift.

Starcount was written down following the completion of a £5 million equity raising, a large part of which came from the management (Edwina Dunn and Clive Humby). The price of the issue was a reflection of its slower-thanexpected progress in winning clients. We continue to believe that, despite the delays, Starcount is well placed to deliver substantial value in social media data for its clients.

Reaction Engines was written down to reflect the valuation implied by BAE Systems' £20 million investment, for which it received a 20 per cent stake in the company. This investment represents a positive validation of Reaction Engines' technology and will unlock further funding from the government, which was conditional on Reaction Engines partnering with a large aerospace company. So despite the write-down, this must be seen as a highly positive development.

The write-down in Physiolab Technologies, meanwhile, occurred as technical glitches delayed sales of its product, a thermal compression system. This resulted in a shortterm cash-flow problem. The valuation that the existing investors proposed seemed appropriate given the product delays. However, we remain positive about the company's potential. We believe its proprietary device, which helps to repair soft tissue through heating and cooling, is far superior to anything else on the market.

Oxford Nanopore Technologies raised further capital for the continued development of its business and this was done at a 40 per cent uplift. We also took an opportunity to realise part of this holding in the period.

Elsewhere among the Company's unquoted holdings, we received the cash from Lynton Holding Asia (reported in a prior period). For now, we have used this to reduce the Company's level of gearing.

In terms of transactions, our largest purchase was BP. We feel it is attractively priced, being one of the few oil companies that can operate profitably in an environment where oil prices remain low.

Other new investments included: Millennium & Copthorne, a hotel business trading at a substantial discount to net asset value; Majestic Wine, which after several years of lacklustre performance is being revamped under a new management team; and Helical Bar, an entrepreneurial property company that has recently redeveloped land formerly belonging to Barts Hospital. We added one new unquoted holding during the period. Oxford Sciences Innovation has been established to commercialise the intellectual property developed by the University of Oxford's mathematical, physical, life sciences and medical sciences divisions.

In terms of sales, we disposed of the majority of the Company's holding in Telford Homes after a period of strong performance. We took profits in Redcentric, 4D Pharma, Powerflute and Brewin Dolphin. We sold all of the Company's holding in Velocys.

Outlook

Some degree of uncertainty always attends investing in stocks. Without it, the risk premium that means equities tend to outperform over the long term would not exist. Current conditions, however, seem even more uncertain than usual. In part, this is because so much rests on the actions and rhetoric of central bankers; even minor shifts of tone provoke violent lurches in equity markets. After years of largely futile guesswork, the market now thinks it knows when the US Federal Reserve will start to increase interest rates. The uncertainty, however, has simply transferred to new questions: How quickly will borrowing costs rise? When will the Bank of

Investment Manager's Review (continued)

England follow? And how many euros will the European Central Bank need to (electronically) print to prevent deflation?

Another question remains: can policymakers in Beijing shift the Chinese economy away from its dependence on capital investment without provoking a slump in demand? As alluded to above, the fortunes of some of the UK's largest companies depend on the answer. Meanwhile, the prospect of a referendum on whether the UK should remain a member of the EU could yet cause violent swings in currency, bond and equity markets.

Given all this, volatility in equity markets seems likely to persist. Our response is simple but not, we hope, naive. We won't try to second-guess changes in monetary policy or engage in political psephology. Instead, we stick to stocks. The Company's portfolio has little resemblance to any benchmark and it remains a diverse selection of companies united only by their potential to

produce superior growth. Within that, there are a number of continuing thematic trends – such as our enthusiasm for asset managers and for companies exploiting new markets being opened up by the internet. More often than not, however, the growth that we anticipate will often result from factors unique to each of our holdings rather than specific macro or political events.

In the short term, the Company's performance will not be immune to gyrations in the wider UK market. Over the longer term, however, we believe the underlying financial characteristics of our holdings will count. By sticking to our stocks, we seek to generate returns on shareholders' behalf, in 2016 and beyond.

John Dodd & Adrian Paterson Fund managers Artemis Fund Managers Limited

16 December 2015

Portfolio of investments

As at 31 October 2015

		Country	Market Value	% of
Investment	Industry	of incorporation	£'000	portfolio
Polar Capital Holdings1	Financials	UK	6,787	4.9
2 Starcount	Consumer Services	Singapore	6,304	4.6
Liontrust Asset Management	Financials	UK	4,867	3.6
Metapack2	Industrials	UK	4,638	3.4
Gleeson (M.J.) Group	Consumer Goods	UK	4,410	3.2
Skyepharma	Health Care	UK	4,252	3.1
Oxford Nanopore Technologies2	Health Care	UK	4,000	2.9
Claremont Alpha2	Consumer Services	Isle of Man	3,581	2.6
Martinco1	Financials	UK	3,233	2.4
Emis Group1	Technology	UK	3,219	2.3
Top 10 investments			45,291	33.0
Reaction Engines2	Industrials	UK	3,217	2.3
Avation	Industrials	Singapore	3,206	2.3
Brewin Dolphin Holdings	Financials	UK	3,105	2.3
Gaming Realms1	Consumer Services	UK	3,024	2.2
BP	Oil & Gas	UK	2,898	2.1
Urica2,3 City of London Investment Group	Financials Financials	UK UK	2,550 2,543	1.9 1.9
Charles Stanley	Financials	UK	2,351	1.7
Penna Consulting1	Industrials	UK	2,340	1.7
Booker Group	Consumer Services	UK	2,326	1.7
Top 20 investments			72,851	53.1
GLI Finance1	Financials	Guernsey	2,325	1.7
Halley Asian Prosperity Fund	Financials	Luxembourg	2,225	1.6
Gresham Computing	Technology	UK	2,140	1.6
Pittards1	Consumer Goods	UK	2,047	1.5
Retroscreen Virology1	Health Care	UK	1,805	1.3
Ten Alps1	Consumer Services	UK	1,796	1.3
Redcentric1	Technology	UK	1,779	1.3
Helical Bar	Financials	UK	1,766	1.3
Hurricane Energy1	Oil & Gas	UK	1,746	1.3
Lamp Group2	Financials	UK	1,664	1.2
Top 30 investments			92,144	67.2
Powerflute1	Basic Materials	Finland	1,654	1.2
2 Retail Money Market	Financials	UK	1,600	1.2
Servelec Group	Technology	UK	1,585	1.2
Gama Aviation1	Industrials	UK	1,582	1.1
Charlemagne Capital 1	Financials	Cayman Islands	1,530	1.1
Mporium Group1	Technology	UK	1,505	1.1
R.E.A. Holdings3	Consumer Goods	UK	1,502	1.1
Oxford Sciences Innovation2	Financials	UK	1,500	1.1
Millennium & Copthorne	Consumer Services	UK	1,445	1.1
Dalata Hotel Group1	Consumer Services	Ireland	1,416	1.0
Top 40 investments			107,463	78.4

¹ AIM quoted investment

² Unquoted investment

³ Includes fixed interest element

Half-Yearly Financial Report

Portfolio of investments (continued)

		Country	Market Value	% of
Investment	Industry	of incorporation	£'000	portfolio
Gundaline2	Consumer Goods	Australia	1,386	1.0
Fox Marble1	Basic Materials	UK	1,380	1.0
Eden Research1	Health Care	UK	1,299	0.9
2CG Senhouse Southeast Asian
Focus Fund N+1 Singer2	Financials Financials	Luxembourg UK	1,278 1,208	0.9 0.9
Puretech Health	Financials	UK	1,159	0.8
Park Group1	Financials	UK	1,075	0.8
Orchard Funding Group1	Financials	UK	1,029	0.8
Physiolab Technologies2	Health Care	UK	1,027	0.8
Telford Homes1	Consumer Goods	UK	989	0.7
Top 50 investments			119,293	87.0
Eland Oil & Gas1	Oil & Gas	UK	956	0.7
Hardlyever2	Consumer Services	UK	871	0.6
Buried Hill Energy (Cyprus)2	Oil & Gas	Cyprus	863	0.6
Cairn Energy	Oil & Gas	UK	849	0.6
Augean1	Industrials	UK	832	0.6
Sandvine1	Technology	Canada	806	0.6
Gateley Holdings1 Maison Seven2	Industrials Consumer Services	UK UK	805 789	0.6 0.6
Ironveld1	Basic Materials	UK	748	0.6
Providence Resources1	Oil & Gas	Ireland	738	0.6
Top 60 investments			127,550	93.1
Majestic Wine1	Consumer Services	UK	674	0.5
Africa Oil	Oil & Gas	Canada	571	0.4
Randall & Quilter1	Financials	UK	570	0.4
Summit 1	Health Care	UK	556	0.4
4D Pharma1	Health Care	UK	555	0.4
Mobile Streams1	Telecommunications	UK	555	0.4
Equus Petroleum2	Oil & Gas	UK	554	0.4
Infusion 20022 Hot2go2	Industrials	UK	551	0.4
Rockhopper Exploration1	Consumer Goods Oil & Gas	UK UK	541 533	0.4 0.4
Top 70 investments			133,210	97.2
Genmark Diagnostics	Health Care	USA	447	0.3
Houseology Design Group2	Consumer Goods	UK	432	0.3
Chateau Lafite Rothschild 20092	Consumer Goods	France	342	0.2
MBA Polymers2,3	Industrials	USA	294	0.2
Chateau Lafite Rothschild 20102	Consumer Goods	France	290	0.2
African Petroleum	Oil & Gas	Australia	286	0.2
Horizon Discovery Group1	Health Care	UK	258	0.2
Rated People2	Industrials	UK	256	0.2
Duke Royalty1 Gottex Holdings	Basic Materials Financials	Guernsey Switzerland	255 221	0.2 0.2
Top 80 investments			136,291	99.4

¹ AIM quoted investment

² Unquoted investment

³ Includes fixed interest element

Investment	Industry	Country of incorporation	Market Value £'000	% of portfolio
Igas Energy1	Oil & Gas	UK	200	0.2
Lansdowne Oil & Gas1	Oil & Gas	UK	184	0.1
Niche Group2	Financials	UK	175	0.1
Parity Group	Technology	UK	134	0.1
MWB Group Holdings2,3	Financials	UK	96	0.1
MBL Group1	Consumer Services	UK	39	–
Flying Brands	Consumer Services	UK	19	–
Chateau Rieussec 20102	Consumer Goods	France	13	–
Kalina Power	Utilities	Australia	6	–
Petrohunter Energy	Oil & Gas	USA	5	–
Top 90 investments			137,162	100.0
Jubilant Energy1	Oil & Gas	Netherlands	2	–
Betex Group	Consumer Services	UK	–	–
Eastcoal	Basic Materials	Canada	–	–
Energy Equity Resources (Norway)2	Oil & Gas	UK	–	–
Leed Resources	Oil & Gas	UK	–	–
Resaca Exploitation	Oil & Gas	USA	–	–
ROK Entertainment	Consumer Services	USA	–	–
ROK Global	Consumer Services	UK	–	–
SUSD2	Financials	UK	–	–
Total investments (99 investments)			137,164	100.0

¹ AIM quoted investment

² Unquoted investment

³ Includes fixed interest element

Half-Yearly Financial Report

Portfolio analysis

Market cap analysis of the portfolio as at 31 October 2015

Market analysis of the portfolio as at 31 October 2015

Large cap – market cap equivalent to FTSE 100 companies, Mid cap – market cap equivalent to FTSE 250 companies, Small cap – market cap equivalent to companies below FTSE 250.

Industry analysis of the portfolio as at 31 October 2015

Condensed consolidated income statement

For the six months ended 31 October 2015

	Six months ended 31 October 2015 (unaudited)			Six months ended 31 October 2014 (unaudited)			Year ended 30 April 2015 (audited)
Note	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Investment income	1,342	–	1,342	1,174	–	1,174	2,415	–	2,415
Other income	14 cccccccccccccccccccccccccccccccccccccccccccccccccc	– cccccccccccccccccccccccccccccccccccccccccccccccccc	14 cccccccccccccccccccccccccccccccccccccccccccccccccc	(109) cccccccccccccccccccccccccccccccccccccccccccccccccc	– cccccccccccccccccccccccccccccccccccccccccccccccccc	(109) cccccccccccccccccccccccccccccccccccccccccccccccccc	2 cccccccccccccccccccccccccccccccccccccccccccccccccc	– cccccccccccccccccccccccccccccccccccccccccccccccccc	2 cccccccccccccccccccccccccccccccccccccccccccccccccc
Total income	1,356	–	1,356	1,065	–	1,065	2,417	–	2,417
(Losses)/gains on investments	–	(5,013)	(5,013)	–	3,126	3,126	–	(1,937)	(1,937)
(Losses)/gains on current asset investments	(183)	–	(183)	28	–	28	(63)	–	(63)
Currency losses	– cccccccccccccccccccccccccccccccccccccccccccccccccc	(39) cccccccccccccccccccccccccccccccccccccccccccccccccc	(39) cccccccccccccccccccccccccccccccccccccccccccccccccc	– cccccccccccccccccccccccccccccccccccccccccccccccccc	(2) cccccccccccccccccccccccccccccccccccccccccccccccccc	(2) cccccccccccccccccccccccccccccccccccccccccccccccccc	– cccccccccccccccccccccccccccccccccccccccccccccccccc	(4) cccccccccccccccccccccccccccccccccccccccccccccccccc	(4) cccccccccccccccccccccccccccccccccccccccccccccccccc
Total income/(loss)	1,173	(5,052)	(3,879)	1,093	3,124	4,217	2,354	(1,941)	413
Expenses
Investment management fee	(43)	(389)	(432)	(49)	(436)	(485)	(93)	(839)	(932)
Other expenses	(238) cccccccccccccccccccccccccccccccccccccccccccccccccc	(2) cccccccccccccccccccccccccccccccccccccccccccccccccc	(240) cccccccccccccccccccccccccccccccccccccccccccccccccc	(207) cccccccccccccccccccccccccccccccccccccccccccccccccc	(10) cccccccccccccccccccccccccccccccccccccccccccccccccc	(217) cccccccccccccccccccccccccccccccccccccccccccccccccc	(416) cccccccccccccccccccccccccccccccccccccccccccccccccc	(10) cccccccccccccccccccccccccccccccccccccccccccccccccc	(426) cccccccccccccccccccccccccccccccccccccccccccccccccc
Profit/(loss) before finance
costs and tax	892	(5,443)	(4,551)	837	2,678	3,515	1,845	(2,790)	(945)
Finance costs	(20) cccccccccccccccccccccccccccccccccccccccccccccccccc	(186) cccccccccccccccccccccccccccccccccccccccccccccccccc	(206) cccccccccccccccccccccccccccccccccccccccccccccccccc	(28) cccccccccccccccccccccccccccccccccccccccccccccccccc	(252) cccccccccccccccccccccccccccccccccccccccccccccccccc	(280) cccccccccccccccccccccccccccccccccccccccccccccccccc	(48) cccccccccccccccccccccccccccccccccccccccccccccccccc	(442) cccccccccccccccccccccccccccccccccccccccccccccccccc	(490) cccccccccccccccccccccccccccccccccccccccccccccccccc
Profit/(loss) before tax	872	(5,629)	(4,757)	809	2,426	3,235	1,797	(3,232)	(1,435)
Tax	(11)	–	(11)	(3)	–	(3)	(20)	–	(20)
Profit/(loss) for the period per ordinary share	861	(5,629)	(4,768)	806	2,426	3,232	1,777	(3,232)	(1,455)
Earnings/(loss) for the period 2		2.01p (13.14)p	(11.13)p	1.87p	5.62p	7.49p	4.12p	(7.50)p	(3.38)p

The total column of this statement represents the statement of comprehensive income of the Group, prepared in accordance with International Financial Reporting Standards. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations.

All income is attributable to the equity shareholders of Artemis Alpha Trust plc. There are no minority interests.

Half-Yearly Financial Report

Condensed consolidated balance sheet

As at 31 October 2015

	Note	31 October 2015 (unaudited) £'000	31 October 2014 (unaudited) £'000	30 April 2015 (audited) £'000
Non-current assets
Investments		137,164 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccvvvvvvvvvvvvvvvvv	156,492 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccvvvvvvvvvvvvvvvvvv	150,253 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccvvvvvvvvvvvvvvvvv
Current assets
Investments held by subsidiary		1,382	813	1,289
Other receivables		338	286	1,466
Cash and cash equivalents		2,048 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccvvvvvvvvvvvvvvvvv	1,050 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccvvvvvvvvvvvvvvvvvv	1,778 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccvvvvvvvvvvvvvvvvv
		3,768	2,149	4,533
Total assets		140,932	158,641	154,786
Current liabilities
Other payables		(401)	(444)	(503)
Bank loan		(6,500) ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccvvvvvvvvvvvvvvvvv	(12,500) ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccvvvvvvvvvvvvvvvvvv	(14,500) ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccvvvvvvvvvvvvvvvvv
		(6,901)	(12,944)	(15,003)
Net assets		134,031	145,697	139,783
Equity attributable to
equity holders
Share capital		500	520	503
Share premium Special reserve		645 54,598	640 55,290	644 54,598
Capital redemption reserve		90	70	87
Retained earnings – revenue		3,244	2,936	3,368
Retained earnings – capital	5	74,954	86,241	80,583
Total equity		134,031	145,697	139,783
Net asset value per ordinary
share (pence)	3	312.86p	338.12p	326.28p

Condensed consolidated statement of changes in equity

For the six months ended 31 October 2015

	Six months ended 31 October 2015 (unaudited)
	Share capital £'000	Share premium £'000	Special reserve £'000	Capital redemption reserve £'000	Retained earnings Revenue £'000	Capital £'000	Total £'000
At 1 May 2015	503	644	54,598	87	3,368	80,583	139,783
Total comprehensive income: Profit/(loss) for the period Transactions with owners recorded directly to equity:	–	–	–	–	861	(5,629)	(4,768)
Cancellation of ordinary shares from treasury	(3)	–	–	3	–	–	–
Conversion of subscription shares Dividends paid	– –	1 –	– –	– –	– (985)	– –	1 (985)
At 31 October 2015	500	645	54,598	90	3,244	74,954	134,031

	Six months ended 31 October 2014 (unaudited)
	Share capital £'000	Share premium £'000	Special reserve £'000	Capital redemption reserve £'000	Retained earnings Revenue £'000	Capital £'000	Total £'000
At 1 May 2014	539	636	55,649	51	2,994	83,815	143,684
Total comprehensive income: Profit for the period Transactions with owners recorded directly to equity:	–	–	–	–	806	2,426	3,232
Repurchase of ordinary shares into treasury	–	–	(359)	–	–	–	(359)
Cancellation of ordinary shares from treasury	(19)	–	–	19	–	–	–
Conversion of subscription shares	–	4	–	–	–	–	4
Dividends paid	–	–	–	–	(864)	–	(864)
At 31 October 2014	520	640	55,290	70	2,936	86,241	145,697

	Year ended 30 April 2015 (audited)
	Share capital £'000	Share premium £'000	Special reserve £'000	Capital redemption reserve £'000	Retained earnings Revenue £'000	Capital £'000	Total £'000
At 1 May 2014	539	636	55,649	51	2,994	83,815	143,684
Total comprehensive income: Profit/(loss) for the year Transactions with owners recorded directly to equity:	–	–	–	–	1,777	(3,232)	(1,455)
Repurchase of ordinary shares into treasury	–	–	(1,051)	–	–	–	(1,051)
Cancellation of ordinary shares from treasury	(36)	–	–	36	–	–	–
Conversion of subscription shares	–	8	–	–	–	–	8
Dividends paid	–	–	–	–	(1,403)	–	(1,403)
At 30 April 2015	503	644	54,598	87	3,368	80,583	139,783

Half-Yearly Financial Report

Condensed consolidated cash Eow statement

For the six months ended 31 October 2015

	Six months ended 31 October 2015	Six months ended 31 October 2014	Year ended 30 April 2015
	(unaudited) £'000	(unaudited) £'000	(audited) £'000
Operating activities
(Loss)/profit before tax	(4,757)	3,235	(1,435)
Interest payable Losses/(gains) on investments	206 5,013	280 (3,126)	490 1,937
Losses/(gains) on current asset
investments Currency losses	183 39	(28) 2	63 4
Decrease in other receivables	15	14	15
(Decrease)/increase in other payables	(44) cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	268 cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	263 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc
Net cash inflow from operating activities before interest and tax	655	645	1,337
Interest paid Irrecoverable overseas tax suffered	(206) (11)	(280) (3)	(490) (20)
Net cash inflow from	cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc
operating activities	438 cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	362 cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	827 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc
Investing activities
Purchase of investments Sales of investments	(23,718) 32,573	(12,580) 27,150	(31,548) 45,610
Net cash inflow from investing	cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc
activities	8,855 cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	14,570 cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	14,062 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc
Financing activities Repurchase of ordinary shares into
treasury	–	(457)	(1,149)
Conversion of subscription shares Dividends paid	1 (985)	4 (864)	8 (1,403)
Net cash outflow from financing	cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc
activities	(984) cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	(1,317) cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	(2,544) ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc
Net increase in cash and cash equivalents	8,309	13,615	12,345
Cash and cash equivalents at the	cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc
start of the period Effect of foreign exchange rate	(12,722)	(25,063)	(25,063)
changes	(39) cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	(2) cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc	(4) ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc
Cash and cash equivalents
at the end of the period Bank loan	(4,452) cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc (6,500)	(11,450) cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc (12,500)	(12,722) ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc (14,500)
Cash	2,048	1,050	1,778
	(4,452)	(11,450)	(12,722)

Notes to the half-yearly Dnancial report

1. Accounting policies

The Group's Half-Yearly Financial Report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', the provisions of the Companies Act 2006 and with the guidance set out in the Statement of Recommended Practice for Investment Trust Companies and Venture Capital Trusts ("SORP") issued by the Association of Investment Companies in November 2014.

The Half-Yearly Financial Report has been prepared under the same accounting policies as the Annual Financial Statements for the year ended 30 April 2015, with the following amendment, which had no significant impact on the net assets at the balance sheet date or the earnings for the six months ended 31 October 2015.

(a) Basis of preparation

Where presentational guidance set out in the SORP is consistent with the requirements of International Financial Reporting Standards as adopted by the European Union, the financial statements have been prepared in accordance with the SORP.

2. Earnings per ordinary share

	Six months ended 31 October 2015	Six months ended 31 October 2014	Year ended 30 April 2015
Earnings/(loss) per ordinary share is based on: Revenue earnings (£'000) Capital (loss)/earnings (£'000)	861 (5,629)	806 2,426	1,777 (3,232)
Total (loss)/earnings (£'000)	(4,768)	3,232	(1,455)
Weighted average number of ordinary shares in issue during the period (basic and diluted)	42,841,041	43,164,248	43,086,557

3. Net asset value per ordinary share

	As at 31 October 2015	As at 31 October 2014	As at 30 April 2015
Net asset value per ordinary share is based on: Net assets (£'000)	134,031	145,697	139,783
Number of shares in issue at the end of the period (basic and diluted)	42,841,142	43,089,843	42,840,877

During the period the Company did not buy back any shares into treasury (six months ended 31 October 2014: 118,200; year ended 30 April 2015: 368,200). 265 subscription shares were exercised during the period and the same number of ordinary shares were issued in respect of these (six months ended 31 October 2014: 1,258; year ended 30 April 2015: 2,292).

Half-Yearly Financial Report

Notes to the half-yearly Dnancial report (continued)

4. Dividends

	Six months ended 31 October 2015	Six months ended 31 October 2014	Year ended 30 April 2015
Second interim dividend for the year ended 30 April 2014 – 2.00p First interim dividend for the year ended	–	864	864
30 April 2015 – 1.25p Second interim dividend for the year ended	–	–	539
30 April 2015 – 2.30p	985	–	–
	985	864	1,403

A first interim dividend for the year ending 30 April 2016 of £600,000 (1.40p per ordinary share) has been declared. This will be paid on 29 January 2016 to those shareholders on the register at close of business on 29 December 2015.

5. Analysis of retained earnings – capital

	As at 31 October 2015 £'000	As at 31 October 2014 £'000	As at 30 April 2015 £'000
Retained earnings - capital (realised) Retained earnings - capital (unrealised)	86,867 (11,913)	76,830 9,411	81,264 (681)
	74,954	86,241	80,583

6. Comparative information

The financial information for the six months ended 31 October 2015 and 31 October 2014 has not been audited and does not constitute statutory financial statements as defined in Section 234 of the Companies Act 2006.

The information for the year ended 30 April 2015 has been extracted from the Audited Financial Statements for the year ended 30 April 2015. These financial statements contained an unqualified auditor's report and have been lodged with the Registrar of Companies and did not contain a statement required under Section 498 of the Companies Act 2006.

7. Principal risks and uncertainties

Pursuant to DTR 4.2.7R of the Disclosure and Transparency Rules, the principal risks faced by the Company include general market price risk, liquidity risk, regulatory and financial risks.

These risks, which have not materially changed since the Annual Report for the year ended 30 April 2015, and the way in which they are managed, are described in more detail in the Annual Report for the year ended 30 April 2015 which is available on the website artemisalphatrust.co.uk.

8. Related party transactions

There were no related party transactions during the period. The existence of an independent Board of Directors demonstrates that the Company is free to pursue its own financial and operating policies and therefore, under IAS 24: Related Party Disclosures, the Investment Manager is not considered to be a related party.

9. Valuation of investments

All investments are designated as fair value through profit or loss at initial recognition and all gains and losses arise on investments designated as fair value through profit or loss. Where investments are considered to be readily realisable for cash, the fair value gains and losses recognised in these financial statements are treated as realised. All other fair value gains and losses are treated as unrealised.

IFRS 7 'Financial Instruments: Disclosures' requires an entity to provide an analysis of investments held at fair value through profit and loss using a fair value hierarchy that reflects the significance of the inputs used in making the measurements of fair value. The hierarchy used to analyse the fair values of financial assets is set out below.

Level 1 – investments with quoted prices in an active market;

Level 2 – investments whose fair value is based directly on observable current market prices or is indirectly derived from market prices; and

Level 3 – investments whose fair value is determined using a valuation technique based on assumptions that are not supported by observable current market prices, or are not based on observable market data.

The investments held at the balance sheet date fell in to the categories, Level 1, Level 2 and Level 3. The values in these categories are summarised as part of this note. Any investments that are delisted or suspended from a stock exchange are transferred from Level 1 to Level 3.

	As at 31 October 2015 £'000	As at 31 October 2014 £'000	As at 30 April 2015 £'000
UK quoted investments (Level 1)
– UK listed	40,217	30,015	32,508
– AIM quoted	52,153	60,834	63,090
– Fixed interest	–	256	–
– Preference shares	207	299	308
Overseas quoted investments (Level 1)	2,341	3,968	2,655
Mutual funds (Level 2)	3,503	3,860	3,394
Unquoted investments (Level 3)
– Equities and warrants	34,958	53,747	44,069
– Fixed interest	2,646	2,304	3,099
– Preference shares	494	522	486
– Other	645	687	644
	137,164	156,492	150,253

The valuation of the Level 3 investments would not be significantly different had reasonably possible alternative valuation bases been applied.

Half-Yearly Financial Report

Notes to the half-yearly Dnancial report (continued)

9. Valuation of investments (continued)

Details of the movements in Level 3 assets during the six months ended 31 October 2015 are set out in the table below.

	£'000
Level 3 Opening book cost Opening fair value adjustment Opening valuation	50,234 (1,936) 48,298
Movements in the year: Purchases at cost Sales – proceeds – realised gains on sales Transfer from unquoted investments (cost) Transfer from unquoted investments (unrealised loss) Decrease/Increase in fair value adjustment	3,855 (7,808) (2,319) (1,850) 1,342 (2,776)
Closing valuation	38,742
Closing book cost Closing fair value adjustment	42,112 (3,370)
	38,742

Responsibility Statement of the Directors in respect of the Half-Yearly Financial Report

The Directors confirm that to the best of their knowledge, in respect of the Half-Yearly Financial Report for the six months ended 31 October 2015:

• the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' issued by the International Accounting Standards Board as adopted by the EU;
• having considered the expected cash flows and operational costs of the Company for the 18 months from the period end, the Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis of accounting continues to be used in the preparation of the Half-Yearly Financial Report;
• the interim management report includes a fair review of the information required by:
• (a) Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months; and a description of the principal risks and uncertainties for the remaining six months of the year); and

(b) Disclosure and Transparency Rule 4.2.8R (related party transactions).

The Half-Yearly Financial Report for the six months ended 31 October 2015 was approved by the Board and the above responsibility statement was signed on its behalf by:

For and on behalf of the Board Duncan Budge Chairman

16 December 2015

Half-Yearly Financial Report

Information for Shareholders

Buying shares in the Company

The Company's ordinary and subscription shares are traded on the London Stock Exchange and can be bought or sold through a stockbroker. The Company is a qualifying investment trust for ISA purposes.

Company numbers:

Ordinary shares

London Stock Exchange (SEDOL) number: 0435594

ISIN number: GB0004355946

Reuters code: ATS.L

Bloomberg code: ATS:LN

Subscription shares

London Stock Exchange (SEDOL) number: B5SLGR8

ISIN number: GB00B5SLGR82

Reuters code: ATSS.L

Bloomberg code: ATSS:LN

Shareholder enquiries

All administrative enquiries relating to shareholder queries concerning holdings, dividend payments, notification of change of address, loss of certificate or to be placed on a mailing list should be addressed to the Company's registrars at: Shareholder Services Department, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU or by calling 0871 664 0300 (calls cost 10 pence per minute plus network extras. Lines are open from 8.30 am to 5.30 pm, Monday to Friday).

If you would like to receive dividend payments directly into your bank account, please contact the Company's registrar at the address above.

Dividend Reinvestment Plan (the "Plan")

Shareholders are able to re-invest their cash dividends using the Plan operated by Capita Registrars. To find out more about the Plan, including the terms and conditions, please contact Capita by calling 0871 664 0300 (calls cost 10 pence per minute plus network extras. Lines are open from 8.30 am to 5.30 pm, Monday to Friday), or by email: shares@capita.co.uk, or visit capitashareportal.com.

Further information on the Company

The Company's net asset value is calculated daily and released to the London Stock Exchange. The share prices are listed in the Financial Times and also on the TrustNet website (trustnet.com). Up to date information can be found on the website (artemisalphatrust.co.uk), including a factsheet which is updated monthly. Shareholders can also contact the Chairman to express any views on the Company or to raise any questions they have using the email address

alpha.chairman@artemisfunds.com.

Subscription shares

Subscription shareholders can exercise their subscription shares at a price of 345 pence per share on 30 June and 31 December each year, up to 31 December 2017.

If you received subscription shares when they were issued in December 2010, for the purposes of UK taxation, the issue of subscription shares is treated as a reorganisation of the Company's share capital. Such reorganisations do not trigger a chargeable disposal for the purposes of the taxation of capital gains, but they do require shareholders to reallocate the base cost of their ordinary shares between their ordinary shares and subscription shares received.

Ordinary shareholders received one subscription share for each seven ordinary shares held at that time.

Information for Shareholders (continued)

At the close of business on 13 December 2010 the middle market prices of the Company's ordinary shares and subscription shares were as follows:

Ordinary shares: 308.25 pence

Subscription shares: 62.75 pence

To exercise subscription shares, in whole or in part, shareholders must complete the notice of exercise of subscription share rights on the reverse of the share certificate and lodge the relevant subscription share certificate(s) at the office of the Company's registrars during the period 28 days ending at 5.00 pm on the relevant subscription date, accompanied by a remittance for the aggregate conversion price for the ordinary shares in respect of which the subscription share rights are exercised.

Subscription shares that are in uncertificated form on the relevant subscription date shall be exercisable, in whole or in part, if (i) an uncertificated subscription notice is received on or within 28 days prior to the relevant subscription date (but not later than the latest time for input of the instruction permitted by the relevant electronic systems on that date) and (ii) a remittance for the aggregate conversion price for the ordinary shares in respect of which the subscription share rights are being exercised is received by the Company (or by such person as it may require for these purposes).

Taxation

For capital gains purposes, the cost of the Company's ordinary shares at 31 March 1982 was 13.22p per share.

AIC

The Company is a member of The Association of Investment Companies ("AIC") which publishes monthly statistics on the majority of investment trusts. Further details can be obtained by contacting the AIC on 020 7282 5555 or at its website theaic.co.uk.

Financial Advisors

The Company currently conducts its affairs so that the shares in issue can be recommended by financial advisors to ordinary retail investors in accordance with the Financial Conduct Authority's ("FCA") rules in relation to non-mainstream investment products and the Company intends to do so for the foreseeable future. The shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in an Investment Trust.

Reporting Calendar

Year End

30 April

Results Announced

Interim: December Annual: July

Dividends Payable

January and August

Annual General Meeting

September/October

Half-Yearly Financial Report

General information

Directors

D W A Budge (Chairman) J A C Ayton (appointed 26 June 2015) D J Barron B Bergin (appointed 9 July 2015) T Cross Brown A D Dalrymple (retired 1 October 2015)

Investment Manager, Alternative Investment Fund Manager and Company Secretary

Artemis Fund Managers Limited Cassini House 57 St James's Street London SW1A 1LD

Telephone: 0800 092 2051 Email: investorsupport@artemisfunds.com

The Investment Manager is authorised and regulated by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HA.

Registered Office

Cassini House 57 St James's Street London SW1A 1LD

An investment company as defined under Section 833 of the Companies Act 2006.

Registered in England Number: 253644.

Website artemisalphatrust.co.uk

Administrator

J.P. Morgan Europe Limited 25 Bank Street Canary Wharf London E14 5JP

Stockbroker

Cantor Fitzgerald Europe One America Square 17 Crosswall London EC3N 2LS

Depositary

J.P. Morgan Europe Limited 25 Bank Street Canary Wharf London E14 5JP

Auditors

KPMG LLP Saltire Court 20 Castle Terrace Edinburgh EH1 2EG

Registrars

Capita Registrars The Registry 34 Beckenham Road Beckenham Kent BR3 4TU

Bankers and custodian

JP Morgan Chase Bank NA London Branch 25 Bank Street Canary Wharf London E14 5JP

Solicitors

Dickson Minto W.S. Broadgate Tower Primrose Street London EC2A 2EW