Interim_A5_2006.qxd 24/05/ :40 Page 1. INTERIM REPORT for the six months ended 31 March 2006

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1 Interim_A5_2006.qxd 24/05/ :40 Page 1 INTERIM REPORT for the six months ended 31 March 2006

2 Interim_A5_2006.qxd 24/05/ :41 Page 2 CHAIRMAN S STATEMENT 1 PROPERTY ADVISER S REPORT 3 AUDITOR S INDEPENDENT REVIEW STATEMENT 8 CONSOLIDATED PROFIT AND LOSS ACCOUNT 9 CONSOLIDATED BALANCE SHEET 10 CONSOLIDATED CASH FLOW STATEMENT 11 NOTES TO THE FINANCIAL STATEMENTS 12 DIRECTORS AND ADVISERS 19 FINANCIAL CALENDAR IBC WOODFIELD HOUSE, TAUNTON GREAT WESTERN HOUSE, BIRKENHEAD JEFFERSON HOUSE, LEEDS OSPREY HOUSE, REDDITCH Cover image: ARMSTRONG ROAD, ACTON

3 Interim_A5_2006.qxd 24/05/ :41 Page 1 CHAIRMAN S STATEMENT The Group made good progress during the six month period, despite a very competitive market environment. Wichford acquired a further 13 properties for 127 million at an average blended yield of 6.7% and now owns a total of 59 properties. The Group s properties were valued at million at 31 March 2006, and showed a surplus of 21.1 million compared to the valuation at 30 September Fully diluted net assets were 195p per share up 13.3% from 30 September Earnings for the period were 3.1 million or 3.22p per share, an increase of 34% over the comparable period in the previous year. The Board has declared an interim dividend of 3p per share payable in June In the absence of unforeseen circumstances the Board expects to be able to recommend a final dividend of not less than 6.5p per share, making not less than 9.5p per share for the full year. When the acquisition programme is substantially complete, it is the Board s intention to balance the split of dividends between the two halves of the year. The market for institutional property with prime covenants and relatively long leases to expiry continued to be very strong during the period. The Board and the Property Adviser have continued to take a conservative view of capital growth and yield prospects on proposed acquisitions. In consequence, the number of properties acquired during the period was lower than anticipated and it seems likely that this trend will continue for the remainder of the current financial year. As a result, cash balances during the period, and the interest earned thereon, were greater than expected at 44.9 million and 1.5 million respectively. The differential between yields on properties in the provinces when compared to yields prevailing in Central London has narrowed considerably since the Company was first listed in August Moreover there is currently little rental growth outside Central London. The Board has noted that the impact of the Lyons Review has been considerably less than expected, with far fewer Government employees being relocated outside Central London than was predicted by the review. In consequence, the Board now believes, that the Company should include Central London as a potential location for future acquisitions. The Board has examined the Real Estate Investment Trusts ( REIT ) proposals announced in the Budget in March Based on the gross assets at the period end and the 2% conversion charge, the cost of converting the Company into a REIT would be over 8 million. As yet, it is not clear that comparable benefits would accrue to Shareholders from conversion, although the Board will continue to monitor the evolution of REITs. 01

4 Interim_A5_2006.qxd 24/05/ :41 Page 2 CHAIRMAN S STATEMENT continued Since the period end, Gareth Evans has resigned as a Director of the Company due to other commitments. The Board is extremely appreciative of his advice regarding the Company s development and his colleagues wish him well in the future. Michael Sheehan Chairman 17 May INTERIM REPORT 2006

5 Interim_A5_2006.qxd 24/05/ :41 Page 3 PROPERTY ADVISER S REPORT Wichford Property Management Limited ( WPML ) acts as Property Adviser to the Group. Since 30 September 2005, the Group has acquired 13 properties for a total consideration of 127 million. Details of these purchases are set out below. As a result, at 31 March 2006, Wichford owned 59 properties in a wide range of regional locations in the UK with a mixture of UK Government tenants and occupiers. Atisreal Limited, independent valuers, has undertaken a portfolio valuation at 31 March 2006 and, as a result, the value of the portfolio has risen by million since 30 September 2005, resulting in an increase in NAV of 23p per share to 195p per share. This represents an increase of 13.3% over the six month period. The Company divides its properties into two categories: the Core Portfolio and the Active Portfolio. The Core Portfolio is the main part of the Company s assets and the principal income generator. The portfolio consists of properties which have lease terms in excess of seven years. The Active Portfolio consists of properties with leases of less then seven years expiry, or a possible break date at the tenant s option and focuses on individual properties which have strong potential for value enhancement through active management. ACQUISITIONS DURING THE PERIOD Tenant/Occupier Great Oaks House, Basildon Seretary of State for the Environment Theatre Buildings, Billingham Job Centre Centenary House, Bradford HMRC Duchess Place, Edgbaston Secretary of State for the Environment Lyon House, Harrow Land Registry and HMRC The Grange, Hayes County Court Castle House, Leeds Secretary of State for the Environment 47 High Street, Paisley Job Centre Foliot House and 3, 4 & 5 Units, Secretary of State for the Plymouth Environment & Lloyds Bank Dallas Court, Salford Quays Immigration Authority Netcom House, St Asaph North Wales Policy Authority Exchange House, Watford Job Centre Sapphire House, Telford Ministry of Defence All 13 acquisitions are within the Company s targeted lot size range and rental yields on acquisition ranged from 5.3% 7.0%: the blended initial yield was 6.7%. 03

6 Interim_A5_2006.qxd 24/05/ :41 Page 4 PROPERTY ADVISER S REPORT continued CORE PORTFOLIO At 31 March 2006, the Core Portfolio (leases in excess of 7 years which are longer term investments) consisted of 45 properties totalling 1,560,111 sq ft with a gross value of million. The current rental income is 20.0 million producing a yield of 5.89% on value. The average rent per sq foot is ACTIVE PORTFOLIO The Active Portfolio consisted of 14 properties at 31 March 2006, totalling 558,299 sq ft with a gross value of 77.2 million. The average weighted unexpired lease length is circa 4.5 years and the rental income is 5.5 million, producing a yield of 6.79%. The average rent per sq foot is Within the six month period under review, three of the leases in the Active Portfolio were successfully renegotiated with the tenant and longer terms achieved. The three properties in question at Bromley, Washington and Bedford were consequently transferred into the Core Portfolio during the period. The uplift in value resulting from the renegotiations amounted to 6.4 million. Including the lease renewal of the property in Leeds, which is already in the Core portfolio, an increase in net asset value of 7p per share was achieved through active management during the period. On behalf of the Group, WPML is currently negotiating further lease extensions within the Active Portfolio. These are expected to be finalised prior to the Group s year-end, and should result in a further uplift in the net asset value. RENT REVIEWS In contrast to the growth in net asset values, which have been faster than expected, the rent reviews so far completed have not resulted in significant increases. In many towns and cities outside London there is presently very little rental growth in the office market. Demand for property by public sector occupiers has continued, but this has been insufficient to cover lack of growth in the private sector requirement for office space. During the period, six properties fell due for rent review, two were settled at nil increase, three remain outstanding and one gained an increase of 7.2%. Rental reviews are not expected to make a significant contribution to income in the year to 30 September INTERIM REPORT 2006

7 Interim_A5_2006.qxd 24/05/ :41 Page 5 PROPERTY STRATEGY During the period under review the property assets of the Company grew by over million or 56%. No disposals were made and the Board expects that further acquisitions will be made during the second half of the year. There is continuing yield compression in the commercial property market and in particular the differential between the yield on Government occupied properties in Central London and those in the regions has narrowed considerably. In addition, the move of civil servants out of London and into the regions anticipated under the Lyon s Committee review has largely failed to materialise. We believe this situation is likely to continue. In consequence, the Board has widened the investment criteria to include properties occupied by the UK Government within Central London, where we believe the potential for rental growth is greater. DEBT FINANCING During the period, advantage was taken of favourable movements in interest rates to borrow a further 80 million to fund both acquisitions made in the period and those expected to complete in the current financial year. At 31 March, Group borrowings, net of cash of 44.9 million, were million. All of the debt is fixed for the next 6.5 years at an all in cost, including margin, of 5.37%. Wichford Property Management Limited Property Adviser 17 May

8 Interim_A5_2006.qxd 24/05/ :41 Page 6 PROPERTY ADVISER S REPORT continued LOCATION OF EXISTING PORTFOLIO ABERDEEN (x2) ACTON BASILDON BEDFORD BILLINGHAM BIRKENHEAD BIRMINGHAM BIRMINGHAM (x2) BRADFORD (x2) BRIDGWATER BROMLEY CARDIFF (x2) CARLISLE CHESTER CHIPPENHAM DALKEITH DUNDEE (x2) EDGBASTON EDINBURGH GRAYS HARROW HARTLEPOOL HAYES ISLINGTON LEEDS (x2) LIVERPOOL (x2) MANCHESTER MANCHESTER, SALFORD QUAYS NORTHAMPTON NOTTINGHAM PAISLEY PETERBOROUGH PLYMOUTH READING REDCAR REDDITCH ROTHERHAM SHEFFIELD (x2) SOUTHAMPTON ST ASAPH SWANSEA SWANSEA SWINDON TAUNTON TELFORD WASHINGTON WATFORD WIGAN WOLVERHAMPTON YORK (x2) 06 INTERIM REPORT 2006

9 Interim_A5_2006.qxd 24/05/ :41 Page 7 CORE PORTFOLIO ACTIVE PORTFOLIO 07

10 Interim_A5_2006.qxd 24/05/ :41 Page 8 AUDITOR S INDEPENDENT REVIEW REPORT TO WICHFORD PLC INTRODUCTION We have been instructed by the Company to review the financial information for the six months ended 31 March 2006 set out on pages 9 to 18. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with guidance contained in Bulletin 1999/4 Review of interim financial information issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. DIRECTORS RESPONSIBILITIES The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the interim report in accordance with the AIM Rules. The Directors are also responsible for ensuring that the accounting policies and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. REVIEW WORK PERFORMED We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied, unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit and therefore provides a lower level of assurance. Accordingly we do not express an audit opinion on the financial information. REVIEW CONCLUSION On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 March RSM Robson Rhodes Chartered Accountants Douglas, Isle of Man 17 May INTERIM REPORT 2006

11 Interim_A5_2006.qxd 24/05/ :41 Page 9 CONSOLIDATED PROFIT & LOSS ACCOUNT for the six months ended 31 March 2006 Six months to 28 June 2004 to 28 June 2004 to 31 March March September Notes (unaudited) (unaudited) (restated) TURNOVER 2 10,824 7,952 17,753 Administrative expenses 3 (2,789) (1,890) (3,490) OPERATING PROFIT 8,035 6,062 14,263 Interest receivable 4 1, Interest payable 4 (6,394) (5,616) (10,483) Exceptional costs of financial restructuring (2,340) PROFIT ON ORDINARY ACTIVITIES BEFORE TAX 3, ,409 Taxation 5 (23) (22) (4) PROFIT ON ORDINARY ACTIVITIES AFTER TAX 9 3, ,405 EARNINGS PER SHARE: Basic pence CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months ended 31 March 2006 Six months to 28 June 2004 to 28 June 2004 to 31 March March September (unaudited) (unaudited) (restated) Profit for the period 3, ,405 Unrealised surplus on revaluation of investment properties 21,088 6,245 9,243 TOTAL RECOGNISED GAINS RELATING TO THE PERIOD 24,199 7,041 11,648 All activities are continuing. 09

12 Interim_A5_2006.qxd 24/05/ :41 Page 10 CONSOLIDATED BALANCE SHEET as at 31 March March March September Notes (unaudited) (unaudited) (restated) FIXED ASSETS Tangible assets Investment properties 6 418, , ,085 CURRENT ASSETS Debtors 6,519 4,173 3,378 Cash at bank 44,953 13,729 90,112 51,472 17,902 93,490 CREDITORS Amounts falling due within one year (17,421) (10,189) (9,206) NET CURRENT ASSETS 34,051 7,713 84,284 TOTAL ASSETS LESS CURRENT LIABILITIES 452, , ,369 CREDITORS Amounts falling due after more than one year (260,137) (152,117) (180,399) 192,633 66, ,970 CAPITAL AND RESERVES Called up share capital 7 9,733 4,065 9,733 Share premium account 148,883 55, ,857 Revaluation reserve 8 30,331 6,245 9,243 Profit and loss account 9 3,686 1,083 3,137 Equity shareholders funds 192,633 66, ,970 NET ASSET VALUE Basic pence per share After deducting dividends proposed and payable pence per share INTERIM REPORT 2006

13 Interim_A5_2006.qxd 24/05/ :41 Page 11 CONSOLIDATED CASH FLOW STATEMENT for the six months ended 31 March 2006 Six months to 28 June 2004 to 28 June 2004 to 31 March March September (unaudited) (unaudited) (restated) NET CASH INFLOW FROM OPERATING ACTIVITIES 14,021 10,164 16,792 RETURN ON INVESTMENT AND SERVICING OF FINANCE Interest received 1, Interest paid (6,394) (3,507) (8,577) NET OUTFLOW FROM RETURN ON INVESTMENT AND SERVICING OF FINANCE (4,901) (3,157) (7,608) CAPITAL EXPENDITURE Payments to acquire tangible fixed assets (130,546) (91,738) (108,745) ACQUISITIONS AND DISPOSALS Net cash inflow/(outflow) on acquisitions 1,049 (4,179) EQUITY DIVIDEND PAID (3,471) NET CASH OUTFLOW BEFORE FINANCING (124,897) (83,682) (103,740) FINANCING Ordinary shares issued (net of expenses) 29, ,960 Increase in debt 79,738 68,188 67,892 NET CASH INFLOW FROM FINANCING 79,738 97, ,852 (DECREASE)/INCREASE IN CASH (45,159) 13,729 90,112 11

14 Interim_A5_2006.qxd 24/05/ :41 Page 12 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES The principal accounting policies are summarised below. They have all been applied consistently throughout the period. BASIS OF ACCOUNTING The financial information has been prepared under the historical cost convention, and in accordance with applicable Isle of Man law and United Kingdom accounting standards. BASIS OF CONSOLIDATION The Group s financial information consolidates that of the Company and its subsidiary undertakings up to 31 March The results of a subsidiary undertaking acquired during the period are included from the date of acquisition. Profits or losses on intra-group transactions are eliminated in full. On acquisition of a subsidiary, all of the subsidiary s identifiable assets and liabilities which exist at the date of acquisition are recorded at their fair values at that date. Under the relevant legislation, the Directors have decided not to publish a profit and loss account for the Company only. INVESTMENT PROPERTIES Investment properties are initially recognised at cost, being the fair value of consideration given, including acquisition costs associated with the purchase of the investment property. All the Group s properties are held for long-term investment. After initial recognition, investment properties are carried at open market value and are accounted for in accordance with SSAP 19, Accounting for Investment Properties as follows: (i) (ii) investment properties are revalued semi-annually. The surplus or deficit on revaluation is transferred to the Revaluation Reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the period; and no depreciation is provided in respect of freehold/feuhold and long leasehold properties. The Directors believe that the policy of not providing depreciation is necessary in order to give a true and fair view since the current value of investment properties and changes to that value, are of primary importance rather than a calculation of systematic depreciation. Depreciation is only one of many factors reflected in the semi-annual valuation and the amount which might otherwise have been included cannot be separately identified or quantified. 12 INTERIM REPORT 2006

15 Interim_A5_2006.qxd 24/05/ :41 Page ACCOUNTING POLICIES continued PROPERTY DISPOSALS Profits or losses on disposal of a property are recognised upon the completion of a sale. RECOGNITION OF INCOME Rental income under operating leases is included in these financial statements on a receivable basis. Interest receivable on short term deposits is accounted for on an accruals basis. Insurance premiums recharged to tenants are not reflected in either income or expense. EXPENSES Expenses are incurred by the Group in relation to the establishment, constitution, administration and business of the Group. Costs incurred in the purchase of investment properties are capitalised as part of the cost of investment. Costs relating to acquisitions in progress are retained in the balance sheet and included in the cost of acquisition on completion. Costs incurred on aborted acquisitions are written off to the profit and loss account. LOAN ISSUE COSTS In accordance with FRS 26 Financial Instruments: Measurements, loans are included initially in the Financial Statements at cost, being the fair value of the consideration received, net of issue costs relating to the borrowing. After initial recognition, the loans are measured at amortised cost using the effective interest method. The amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. DERIVATIVE INSTRUMENTS The Group uses interest rate derivatives to hedge interest rate exposures on the Group s borrowings. The Group s criteria for adopting hedge accounting for interest rate swaps are: (i) (ii) the derivative instrument must be related to a liability at inception; and it must reduce the interest rate risk on the related liability by converting a variable rate to a fixed rate. 13

16 Interim_A5_2006.qxd 24/05/ :41 Page 14 NOTES TO THE FINANCIAL STATEMENTS continued 1. ACCOUNTING POLICIES continued The Group s criteria for adopting hedge accounting for interest rate caps are: (i) (ii) the derivative must be related to expected interest rate exposures based on current and anticipated borrowing capabilities; and it must reduce interest rate risk on such future borrowings as to limit the exposure to increases in interest rates. Interest differentials are recognised by accruing the net interest payable. The cost of interest rate hedges is recorded in the balance sheet against the associated borrowing and is taken to the profit and loss account over the life of the hedging relationship. If the hedge is terminated early, the gain/loss is recognised on a basis which matches the timing and accounting treatment of the hedged item. TAXATION Current tax, including UK corporation tax, UK income tax and foreign tax, is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or receive more, tax, with the following exceptions: Provision is made for tax on gains from the revaluation (and similar fair value adjustments) of fixed assets, or gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that there will be suitable taxable profits from which the underlying timing differences can be deducted. Where required deferred tax is provided, without discounting, under the liability method at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. 14 INTERIM REPORT 2006

17 Interim_A5_2006.qxd 24/05/ :41 Page TURNOVER Six months to 28 June 2004 to 28 June 2004 to 31 March March September Rental income 10,780 7,952 15,968 Other income 44 Profit on sale of properties 1,785 Total 10,824 7,952 17, ADMINISTRATION EXPENSES Six months to 28 June 2004 to 28 June 2004 to 31 March March September Property Adviser s Fees advisory fees (1,128) (701) (1,504) accrued performance fees (909) (287) (731) Property Manager s Fees (63) (70) (105) Other administration expenses (689) (832) (1,150) Total (2,789) (1,890) (3,490) 4. NET INTEREST PAYABLE Six months to 28 June 2004 to 28 June 2004 to 31 March March September Interest receivable 1, Interest payable (6,394) (5,616) (10,483) Net interest payable (4,901) (5,244) (9,514) 15

18 Interim_A5_2006.qxd 24/05/ :41 Page 16 NOTES TO THE FINANCIAL STATEMENTS continued 5. TAXATION Six months to 28 June 2004 to 28 June 2004 to 31 March March September Revenue profit for the period subject to UK Corporation tax Revenue profit for the period not subject to UK Corporation tax 3, ,395 Profit before taxation 3, ,409 UK Corporation tax on revenue profit for the period 4 4 Overseas taxation Tax on current year revenue profit for the period UK Corporation tax is provided at 30% of revenue profit for the period on UK taxable activities. 6. TANGIBLE FIXED ASSETS INVESTMENT PROPERTIES 31 March March September Investment properties 416, , ,085 Payment on account for asset in course of construction 2, , , , INTERIM REPORT 2006

19 Interim_A5_2006.qxd 24/05/ :41 Page SHARE CAPITAL Company 31 March March September 2005 AUTHORISED Ordinary Shares of 10p each number 130,000, ,000, ,000,000 Ordinary Shares of 10p each 13,000,000 10,000,000 13,000,000 ISSUED, CALLED UP AND FULLY PAID Ordinary Shares of 10p each number 97,325,697 40,645,959 97,326,660 Ordinary Shares of 10p each 9,732,570 4,064,596 9,732,666 All ordinary shares at 31 March 2006 rank for dividends for the current financial year. 8. REVALUATION RESERVE 31 March March September Opening balance 9,243 Revaluation of properties during the period 21,088 6,245 9,243 As at 31 March 30,331 6,245 9, PROFIT AND LOSS ACCOUNT 31 March March September Opening balance 3,137 Profit on ordinary activities after tax 3, ,405 Credit relating to performance fee of property adviser Deduct final dividend paid for 2005 (3,471) As at 31 March 3,686 1,083 3,137 17

20 Interim_A5_2006.qxd 24/05/ :41 Page 18 NOTES TO THE FINANCIAL STATEMENTS continued This interim statement is not the Company s statutory accounts. The statutory accounts for the period ended 30 September 2005 have been audited, approved and received an audit report which was unqualified. The statutory accounts for the period ended 30 September 2005 have been restated to reflect changes in UK GAAP since the publication of these accounts, the sole change being to exclude the final dividend which was not a liability until approved by Shareholders at the Annual General Meeting held on 30 January 2006 and has subsequently been paid. 18 INTERIM REPORT 2006

21 Interim_A5_2006.qxd 24/05/ :41 Page 19 DIRECTORS AND ADVISERS DIRECTORS M Sheehan (Non-Executive Chairman) JAB Joll (Non-Executive) I McArdle (Non-Executive and Company Secretary) P de Nicolay (Non-Executive) HR Ward (Non-Executive) PROPERTY ADVISER Wichford Property Management Limited Ground Floor Ryder Court 14 Ryder Street London SW1Y 6QB PROPERTY MANAGER Brown Cooper Marples Limited 20 Upper Grosvenor Street London W1K 7PB VALUERS Atisreal Limited 31 St James Square London SW1Y 4JR REGISTRARS Capita Corporate Registrars Plc PO Box 7117 Dublin 2 Ireland NOMINATED ADVISER AND BROKER Evolution Securities Limited 100 Wood Street London EC2V 7AN JOINT BROKER KBC Peel Hunt 111 Old Broad Street London EC2N 1PH ISLE OF MAN ADMINISTRATOR Simcocks Trust Limited Top Floor 14 Athol Street Douglas Isle of Man IM1 1JA ISLE OF MAN SOLICITORS Simcocks Advocates Limited Ridgeway House Ridgeway Street Douglas Isle of Man M99 1PY UK SOLICITORS SJ Berwin LLP 10 Queen Street Place London EC4R 1BE AUDITORS RSM Robson Rhodes PO Box Circular Road Douglas Isle of Man IM99 2BE ISLE OF MAN BANKERS The Royal Bank of Scotland International Isle of Man Branch PO Box 151 Royal Bank House 2 Victoria Street Douglas Isle of Man IM99 1NJ UK BANKERS Lehman Brothers 25 Bank Street 30th Floor London E14 5LE Bank of Scotland 38 Threadneedle Street London EC2P 2HL REGISTERED OFFICE Top Floor 14 Athol Street Douglas Isle of Man IM1 1JA Registered in Isle of Man No C 19

22 Interim_A5_2006.qxd 24/05/ :42 Page 20 FINANCIAL CALENDAR INTERIM RESULTS ANNOUNCED May 2006 FINANCIAL YEAR END 30 September 2006 PRELIMINARY RESULTS December 2006 ANNUAL GENERAL MEETING January 2007 GREGSON HOUSE, ST HELENS DELTA 900, SWINDON CHEVIOT HOUSE, WASHINGTON LORD CULLEN HOUSE, ABERDEEN 20 INTERIM REPORT 2006

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