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Hansa Trust Semi-Annual Report [Funds] | Gweiler | 23-Nov-07 17:25 | 07-23275-1.Aa | Sequence: 1 CHKSUM Content: 27695 Layout: 43579 Graphics: 45695 CLEAN

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Hansa Trust Semi-Annual Report [Funds] | Gweiler | 23-Nov-07 17:25 | 07-23275-1.Aa | Sequence: 1 CHKSUM Content: 27695 Layout: 43579 Graphics: 45695 CLEAN Merrill Corp - Hansa Trust Semi-Annual Report [Funds] | gweiler | 23-Nov-07 17:25 | 07-23275-1.aa | Sequence: 1 CHKSUM Content: 27695 Layout: 43579 Graphics: 45695 CLEAN HANSA TRUST PLC HALF YEARLY REPORT For the six months to 30 September 2007 JOB: 07-23275-1 CYCLE#;BL#: 4; 0 TRIM: 5.827" x 8.268" AS: Merrill London: 011-44-20-7422-6100 COMPOSITE COLORS: PANTONE 289 U, ~note-color 2 GRAPHICS: hansa_lion_ko_logo.eps V1.5 Merrill Corp - Hansa Trust Semi-Annual Report [Funds] | gweiler | 23-Nov-07 17:25 | 07-23275-1.aa | Sequence: 2 CHKSUM Content: No Content Layout: 32194 Graphics: No Graphics CLEAN JOB: 07-23275-1 CYCLE#;BL#: 4; 0 TRIM: 5.827" x 8.268" AS: Merrill London: 011-44-20-7422-6100 COMPOSITE COLORS: PANTONE 289 U, ~note-color 2 GRAPHICS: none V1.5 Merrill Corp - Hansa Trust Semi-Annual Report [Funds] | mmonson | 29-Nov-07 05:18 | 07-23275-1.ba | Sequence: 1 CHKSUM Content: 9830 Layout: 31229 Graphics: 23972 CLEAN KEY INFORMATION INVESTMENT POLICY AND BENCHMARK To achieve growth of shareholder value, Hansa absolute benchmark derived from the three-year Trust PLC invests in a portfolio of special situations, average rolling rate of return of a five year UK where individual holdings or specific sectors may government bond, plus two percent with interest constitute a significant proportion of the portfolio being re-invested semi-annually. Investments are or that of the equity of the companies concerned. intended to add value over the medium to longer This investment approach may produce returns term through a non-market correlated, conviction which are not replicated by movements in any based investment style. market index. Performance is measured against an STATISTICS 30 September 2007 31 March 2007 % change Shareholders’ Funds £248.4m £249.5m (0.4) Borrowings £750K –– Dividends – Interim 3.50p 3.50p – Final – 9.00p – Net Asset Value per Ordinary share 1,035.2p 1,039.4p (0.4) ‘A’ non-voting Ordinary share 1,035.2p 1,039.4p (0.4) Benchmark – – 3.4 Share Price Ordinary shares 1,015.0p 1,123.0p (9.6) ‘A’ non-voting Ordinary shares 1,018.0p 1,022.5p (0.4) FTSE All-Share Index 3,317 3,283 1.0 Discount/(Premium) Ordinary shares 2.0% (8.0%) – ‘A’ non-voting Ordinary shares 1.7% 1.6% – Total Return Ordinary Shares (8.9%) 34.1% – ‘A’ non-voting Ordinary shares 0.4% 26.6% – FTSE All-Share Index – Total Return 2.9% 11.5% – CAPITAL STRUCTURE The Company has 8,000,000 Ordinary shares of 5p non-voting Ordinary shares do not entitle the and 16,000,000 ‘A’ non-voting Ordinary shares of holders to vote or receive notice of meetings but in 5p each in issue. The Ordinary shareholders are all other respects they have the same rights as the entitled to one vote per Ordinary share held. The ‘A’ Company’s Ordinary shares. INTERIM DIVIDEND The Board is declaring an unchanged interim amounting to £840,000. The dividend will be paid dividend of 3.5p per share payable on both on 21 December 2007, to shareholders on the Ordinary and ‘A’ non-voting Ordinary shares register of members on 7 December 2007. 1 JOB: 07-23275-1 CYCLE#;BL#: 6; 0 TRIM: 5.827" x 8.268" AS: Merrill London: 011-44-20-7422-6100 COMPOSITE COLORS: PANTONE 289 U, ~note-color 2 GRAPHICS: hansa_lion_289_logo.eps V1.5 Merrill Corp - Hansa Trust Semi-Annual Report [Funds] | mmonson | 29-Nov-07 05:18 | 07-23275-1.ba | Sequence: 2 CHKSUM Content: 1539 Layout: 42851 Graphics: 23972 CLEAN CHAIRMAN’S STATEMENT HALF YEAR RESULTS: NAV 1,035.2p p share (-0.4%) We suffered a very small decline in the net asset index reached nearly 7,000. However, the news value in the first six months of the current year; it concerning banking problems just got worse and fell from 1,039.4p per share to 1,035.2p – a decline worse. Eventually we had the first run on a bank in of 0.4%. It came about as a consequence of a small 140 years – Northern Rock – and the momentum in decline in the value of the portfolio and the the price of stocks and shares came to an end. The payment of the final dividend (which, under the index recovered somewhat by the end of new accounting standards, relates to last year’s September leaving it marginally higher than at 31st income!), offset by the net income earned in this March 2007. period. The table below summarises the returns Our own portfolio bears very little resemblance to per ordinary and A ordinary shares: any index – rightly so, for we are paid to be different Starting net asset value: 1,039.4p and to do better thereby. John Alexander’s Final dividend -9.0p investment manager’s report, which follows this Net income earned 8.3p statement, goes into considerable detail on the Decline in the value of the portfolio -3.5p returns of the different themes that make up the Closing net asset value: 1,035.2p portfolio and of the underlying holdings. Our top three contributors to our net asset value returns As shareholders you are aware that our goal is to were Resolution plc which added 11.7p per Hansa make money – not every year, let alone every half share, Ocean Wilsons 5.9p and BHP Billiton 3.7p. year – but over the longer-term which we determine However at the other end of our attribution list as five years. We have set ourselves an appropriate were the negative returns of -6.8p per Hansa share absolute return benchmark to go with our absolute for our holding in Engel East Europe, -5.3p for return objective and that returned 3.4%. We Wolseley and -3.9p for Melrose Resources. recognise that in difficult stock markets such a benchmark will be difficult to beat. And of course we aim to beat the stock market – we compare our return with the FTSE All-share Index – and that rose by 1.0% to 3,317. It has been a bit of a roller coaster six months. It started well enough with the stock market continuing the upward trend which had started after the shake out that occurred in May and June 2006. It looked as though it would achieve its old high established at the end of 1999 when the INTERIM DIVIDEND: 3.5p per share (unchanged) The Board has declared an interim dividend of 3.5p per Ordinary and A Ordinary share – the same as last year – to be paid to shareholders on 21 December 2007. 2 JOB: 07-23275-1 CYCLE#;BL#: 6; 0 TRIM: 5.827" x 8.268" AS: Merrill London: 011-44-20-7422-6100 COMPOSITE COLORS: PANTONE 289 U, ~note-color 2 GRAPHICS: hansa_lion_289_logo.eps V1.5 Merrill Corp - Hansa Trust Semi-Annual Report [Funds] | mmonson | 29-Nov-07 05:18 | 07-23275-1.ba | Sequence: 3 CHKSUM Content: 64185 Layout: 31299 Graphics: 42308 CLEAN CHAIRMAN’S STATEMENT (continued) VALUE ADDED TAX: Shareholders will be aware that our manager, investment trust companies, HMRC has confirmed Hansa Capital Partners LLP, has been charging that it will not do so in the future. Although there management fees on which the VAT last year are still one or two issues to sort out, we have amounted to c. £200,000. Following a recent already stopped paying VAT on our management decision by the European Court of Justice that Her fee and we expect to reclaim some of the payments Majesty’s Revenue and Customs should not be made in the past. These potential repayments have levying VAT on the management fees paid by not been reflected in the half year statement. OUTLOOK: The short term outlook for equities is not as rosy as markets. This left us with borrowing capacity of it has been in recent times. The provision in the some £19 million to buy shares in the event of a United States of mortgages to a large number of serious stock market decline. However since the households who could not afford them has created period end, we have received bids for three of the a considerable problem in the banking industry – holdings in our portfolio and – as a consequence – the problem being popularly referred to as the our net cash position today stands at circa £32 “sub-prime” crisis. It may also be that there are million to back up the £20 million borrowing other loans that banks have been making in the facility. We are well positioned to take advantage of past few years that are of doubtful value, including any distressed selling that may well occur in these some of those made to hedge and private equity turbulent markets. In addition we are reviewing funds. Any time that there is a banking crisis is derivative strategies designed to provide some usually a bad time for stock markets and it is not protection to the portfolio in the event of a further unreasonable to suppose that they may decline in serious stock market decline. I hope to report to the short term. you more on this matter in the Annual Report. However, the long term outlook for equities still Central banks face the very difficult task of setting remains excellent, as companies benefit from the interest rates at an appropriate level which development of emerging economies (China, India, balances the needs of the banking industry and the etc) and from the powerful electronics revolution economies they operate in and the risk of global and its effect on productivity.
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