Hansa Trust PLC Winner of Investment Trusts Magazine As at 30Th April 2006 2005 Award for Best UK Growth Trust

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Standard & Poor’s Fund Stars Hansa Trust PLC Winner of Investment Trusts magazine As at 30th April 2006 2005 Award for Best UK Growth Trust

Investment Goals, Policy and Benchmark To achieve growth of shareholder value Hansa Trust PLC invests in a portfolio of special 5 Year Total Return Performance: situations, where individual holdings or specific sectors may constitute a significant proportion of 225 the portfolio or that of the equity of the 200 companies concerned. This investment approach may produce returns which are not 17 5 replicated by movements in any market indices. Performance is measured against an absolute 15 0 benchmark derived from the three-year average rolling rate of return of the five year government 12 5 bond with interest being re-invested semi- annually, plus 2 percent. Investments are 10 0 intended to add value over the medium to longer 75 term through a non-market correlated, conviction based investment style. 50 Apr-01 Oct-01 Apr-02 Oct-02 Apr-03 Oct-03 Apr-04 Oct-04 Apr-05 Oct-05 Apr-06 Fund Managers Commentary During the month of April the Net Asset Value (including NAV (Ex Income) Benchmark income) rose by 0.63% compared with a rise of 0.54% in the benchmark. The FTSE All Share Index rose by 1.1% over the month. Liquidity is being reduced by rising bond yields, 260 making financial markets more jittery and subject to sudden shifts in sentiment. There may also be an element of "sell in May and go away" after a generally strong start to the year. 220

Performance over the month was dominated by Oil and Gas and Mining shares which have benefited from the rise in crude 18 0 oil and commodity prices. Cairn Energy, Dana Petroleum, Melrose Resources, BHP Billiton and Xstrata all put in good, 14 0 although volatile, performances. Cairn announced another oil discovery in India as well as the appointment of a CEO for Cairn Energy India, which is getting ready for flotation in the 10 0 fourth quarter of 2006 or first quarter of 2007. Melrose announced that it is taking over its 50% partner in Egypt for US$265 in a debt-funded transaction. Melrose fully 60 understands these Egyptian assets and will become operator. Goals Soccer Centres and Straight, where we hold 6.2% of the company, also performed strongly. Resolution upgraded its 20 dividend growth rate from 11% to 13% pa to 2009 with its Apr-01 Oct-01 Apr-02 Oct-02 Apr-03 Oct-03 Apr-04 Oct-04 Apr-05 Oct-05 Apr-06 final results, but the stock price weakened because no new specific acquisition was announced with the figures. On 3rd Ord.Share A Ord.Share FTSE all share May Resolution confirmed that it has entered into exclusive negotiations to acquire the entire UK and offshore life businesses of Abbey National PLC. In any transaction Significant Holdings - either those Resolution considers, the Group's previously stated commitment to a hurdle rate of a 12% internal rate of return, more than 5% of Gross Assets (inc. including synergies, will remain paramount. The market has Income) or Top Ten Holdings (%): Analysis of Assets (£m): taken this news positively because in addition to creating Ocean Wilsons Holdings 22.1 Total Investment 208.1 substantial value for shareholders, the enlarged group would be absolutely dominant in the closed fund area as well as Resolution 6.3 Net current assets/(liabs) -1.4 propelling it in to the FTSE 100 Index. Severn Trent Cairn Energy 5.9 Total assets 206.7 announced its intention to demerge Biffa, its UK integrated Hunting 4.5 Short-term borrowing 9.1 waste management business. BRIT Insurance Holdings 4.3 Net assets 197.6 We took some profits in Hargreaves after a strong Dana Petroleum 2.8 performance, and took new holdings in three IPO's. Burst Cathedral Capital + 2.8 Gearing 5.0% Media is a leading provider of comprehensive internet advertising solutions for publishers of speciality web content. Eni 2.6 Net Cash 0.0 Camco International Limited is a significant originator of Xstrata 2.5 Carbon Credits, partnering with its clients in China and Russia Raymarine 2.4 Sector Analysis (%): to source Carbon Credits. These clients are typically well- capitalised companies, such as heavy manufacturing Smaller Cap / AIM 27.7 enterprises, coal mining groups and utilities. Camco works Total 56.2 Natural Resources 25.4 together with its clients to convert Carbon Credit opportunities Strategic 22.1 into assets of value in international emissions trading markets. CAP-XX is a world leader in the design and manufacture of No. of Holdings 60 Utilities 8.5 thin form supercapacitors and energy management systems, Insurance 7.8 predominantly for portable electronic devices. + unquoted Mid Cap 6.3 The global economy appears to be in good shape, and for the Property 5.8 moment, positive corporate earnings reports seem to be Large Cap 3.0 outweighing uncertainty about the direction of US interest rates. Cheap financing has given company profits a fillip, and the ongoing growth of private equity groups is underpinning of which Unquoted 3.6 the M&A market. There are NO Listed Investment Company holdings where the investee company has a policy that does not limit them to investing less than 15% of gross assets in other listed Investment Companies (%):

Share Price on £100 (£): Ordinary ‘A’ Ordinary Fund Codes: 1 Year 165.00 161.50 Sedol No: O 0787972 – AO 0787983 3 Years 394.90 377.70 ISIN No: GB0007879228 5 Years 184.40 216.20 RIC Code: HAN.L (Ordinary) HANA.L (‘A’ Ordinary) Performance Statistics (%): Finan. 1 Yr 3 Yrs 5 Yrs Bloomberg HAN LN (Ordinary) YTD Code: HANA LN (‘A’ Ordinary) Net Asset Value (Ex Income) 1.4 46.7 182.7 93.7 Total Return on Net Asset Value (#) 1.4 48.8 194.7 107.6 Share price information is also available from FT Benchmark 0.5 6.6 20.2 35.1 Cityline by dialling the following numbers: Share Price – Ordinary 5.6 65.0 294.9 84.4 Ordinary shares 0906 003 3954 Total Return on Ordinary Shs (#) 5.6 67.4 313.9 99.3 or 0906 843 3954 Share Price – ‘A’ Ordinary 5.7 61.5 277.7 116.2 ‘A’ Ordinary shares 0906 003 3955 Total Return on ‘A’ Ordinary Shs ( #) 5.7 63.9 296.3 134.2 or 0906 843 3955

FTSE All-Share Index 0.9 28.2 62.5 7.1 Investment Routes: Total Return on FTSE All-Share (#) 1.1 32.9 81.1 28.1 Available within wrapper products: • ISA Market Data Share NAV (p) (Discount) / Gross • PEP Price (p) Ex. Income Premium (%) Yield (%) • Savings Schemes inc. MileStones Ordinary 894.5 823.23 8.7 1.1 Available outside wrapper: ‘A’ Ordinary 865.0 823.23 5.1 1.1 • Direct Dealing through investors’ own stockbroker facilities FSA - Standardised Performance Information 12 months 2001Q1 to 2002Q1 to 2003Q1 to 2004Q1 to 2005Q1 to Online investment and account management Period 2002Q1 2003Q1 2004Q1 2005Q1 2006Q1 available for wrapper products at (Bid to Bid) www.closefinsbury.com Total Return -37.23 67.32 64.14 49.73 49.73 %age – Ord Current and historic factsheets are available Total Return on our website at www.hansagrp.com -18.06 -28.81 61.43 60.77 49.63 %age –AOrd # NOTES: - Total Returns on Net Asset Value (Ex.Income) Fund Details: and Shares has been sourced from unaudited Fund Manager: John Alexander of Hansa Capital Partners LLP internal management information and from the Launch Date: 1912 (name changed to Hansa Trust in October Close WINS Investment Trusts database, and 2001) assumes that all dividends are re-invested. Investor Trust Sector: UK Growth Other than Standardised Performance Capital Structure: 8,000,000 Ordinary shares of 5p Information prices quoted are mid price and 16,000,000 ‘A’ non voting Ordinary shares of 5p performance returns are mid to mid. Year End: 31st March Dividend: Final - ex date June, payment date August Contact Details: Interim - ex date and payment date December For further information from Directors: A. Hammond-Chambers, Chairman Investment Manager & Corporate Secretary W.H. Salomon, J. Borwick, Hansa Capital Partners LLP Prof. G.E. Wood 50 Curzon Street Ownership Board of Directors and connected parties own or London are interested in 52.5% of the Ordinary shares. W1J 7UW Managers: Hansa Capital Partners LLP – authorised and Phone: 020 7647 5750 regulated by the Financial Services Authority (FSA) Fax: 020 7647 5770 Annual Management Fee: Maximum of 0.75% (payable by the Trust) Benchmark: 3 year rolling average composite of 5 year Website: www.hansagrp.com Govt.Bond Yield (with interest being re-invested semi-annually) + 2% from 1 April 2003 E-mail: hansatrustenquiry @hansacap.com FSA Investment Restriction: It is the stated policy of the Board not to limit

investments in Investment Companies to less than For Further Information on 15% of gross assets as detailed in the FSA Listing ISA, PEP, MileStones & Savings Schemes Rules Chapter 21.20 (i) Close Finsbury Asset Management Ltd ISA,PEP& Saving Scheme Administration Net Asset Value per share is calculated in accordance with the guidelines of the Association of FREEPOST NAT6184 Investment Trust Companies in that income received by the company in the period since the last annual accounts is excluded. Total net assets are stated inclusive of income received. Block C, Western House Hansa Trust PLC is a member of the Association of Investment Trust Companies. Lynchwood Business Park Peterborough PE2 6BR Risk warning The information provided here has been issued by Hansa Capital Partners LLP, Freephone 0800 169 6968 which is regulated by the Financial Services Authority. Share and performance information Helpline: Calls to this number are recorded has been compiled by Hansa Capital Partners LLP. Past performance is not necessarily a guide for monitoring purposes to future performance as market and exchange rate movements may cause the value of shares and income from them to fall as well as rise, and an investor may not get back the amount invested. Investment Trust share prices may not fully reflect underlying net asset values. The Fax: 020 7247 4722 spread on Investment Trusts typically averages 1-2% each way on the mid-market price (the price halfway between the bid and offer prices). However, investors wishing to invest in Website: www.closefinsbury.com Hansa Trust ‘A’ shares should note that the market for these shares is at times quite illiquid which leads to a large spread between the buying and the selling prices, the bid to offer spread. E-mail: [email protected] For example, for the ‘A’ shares, as at 28 April 2006 the bid to offer spread was 1.16%*. *Source: Bloomberg