Half Yearly Results

EASTERN EUROPEAN PROPERTY FUND LIMITED

UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2011

HIGHLIGHTS

·; Property valued by DTZ Debenham Tie Leung at £32.2 million (30 June 2010: £28.8 million; 31 December 2010: £31.4 million).

·; Net asset value at 30 June 2011 of £22.3 million, 118.43p per Ordinary Shares (30 June 2010: £21.3 million, 109.91p per Ordinary Share; 31 December 2010 of £22.4 million, 116.97p per Ordinary Share).

·; Profit for the six months ended 30 June 2011 of £1.3 million (30 June 2010: profit of £0.2 million; year ended 31 December 2010, profit of £1.2 million), equal to earnings per share of 6.68p (30 June 2010: earnings of 0.96p; 31 December 2010: earnings of 6.11p) per Ordinary Share.

·; Gain on revaluation of investment properties (after accounting for the foreign exchange loss) of £0.5 million (30 June 2010: gain of £1.0 million; 31 December 2010: gain of £2.9 million).

·; Discount of share price to net asset value narrowed during period to 37.9% (30 June 2010: 53.1%; 31 December 2010: 50.0% ).

For further information please visit www.eepfl.com or contact:

Tom Fyson

Liberum Capital Limited

Tel: +44 203 100 2000

Bob Locker

CNC Property Fund Management Ltd

Tel: +44 1784 424 740

Keiran Gallagher / Oliver Cadogan

Pera Pera

Tel: +90 212 249 6920

CHAIRMAN'S STATEMENT

I am pleased to present the half-yearly results of the Group for the six months ended 30 June 2011.

The Bulgarian and Romanian property markets have been stagnant in 2011. The Group has not been immune to these conditions but the Group's Turkish property portfolio, which at 30 June 2011 accounted for 85% (30 June 2010: 80%, 31 December 2010: 84%) by value of the properties held, has continued to perform significantly better than its properties in Bulgaria and Romania.

Results

The Group reported a net profit for the period ended 30 June 2011 of £1.3 million (June 2010: £0.2 million), representing a profit per Ordinary Share of 6.68p (2010: 0.96p). However, the profit for the period was mainly attributable to the £1.5 million gain (June 2010: loss of £0.4 million) arising from foreign exchange differences. The gain on foreign exchange of £1.5 million within the profit and loss section of the consolidated statement of comprehensive income is largely offset by the £1.2 million loss on exchange differences arising from the translation of foreign operations, which is included within other comprehensive loss in the consolidated statement of comprehensive income. After taking into account the foreign exchange movements included within other comprehensive loss, the total comprehensive income for the period was £0.1 million (June 2010: loss of £0.1 million).

The consolidated net asset value ("NAV") at 30 June 2011 was £22.3 million, 118.43p per Ordinary Share (30 June 2010: £21.3 million, 109.91p per Ordinary Share; 31 December 2010: £22.4 million, 116.97p per Ordinary Share).

During the period ended 30 June 2011, operating expenses increased slightly from the same period in 2010, largely due to the performance fee accrual of £176,000, although this will not crystallise until a realisation event occurs. Management and administration fees were £91,000 lower in the current period, which is a result of the restructuring of the management, performance and administration fees, with effect from 1 January 2011. The Board expects operating expenses to decrease further as the Group is streamlined and divests from Bulgaria and Romania.

The share price of the Group rose by 15.0p in the period to 73.5p at 30 June 2011 (30 June 2010: 51.5p, 31 December 2010: 58.5p). The Board has tried to narrow the discount of the share price to NAV by utilising the Company's authority to buy back Ordinary Shares. During the period, the Company purchased and cancelled 355,000 Ordinary Shares at an average price of 62.0p per Ordinary Share. The discount of the share price to NAV narrowed during the period from 50.0% at 31 December 2010 to 37.9% at 30 June 2011. This discount is, however, still wider than the Board would wish and thus the Board intends to continue to exercise its powers under the share buyback scheme.

Strategy

Although progress has been made with lettings in Romania (please see the Property Manager and Adviser's report for further details), the property markets in Bulgaria and Romania continue to be weak with the result being that, despite the best efforts of the Property Manager and Investment Adviser, the Group has not yet been able to sell its properties in these countries. The Board believes that the Group will benefit from divesting from Bulgaria and Romania and focussing its resources entirely on Turkey as the Turkish property market is faring significantly better than Bulgaria's and Romania's. This will remove the overhead and administrative costs arising from operating in Romania, Bulgaria, Malta and Cyprus and reduce the overall overhead costs of the Group.

As I mentioned in the annual report and financial statements, being overly prescriptive on the timeframe could prove detrimental to the realisation process of the Bulgarian and Romanian assets. Sensitive, however, to the need to agree to disposals on terms which create value for shareholders, the Manager aims to realise such assets as soon as possible. Once these assets have been disposed of, the Board and the Manager will apply those proceeds to generate the best returns to shareholders, either through share buybacks via tender offers or through value accretive additions to the Turkish portfolio.

The continuation of the Company was originally due to be voted on at the Annual General Meeting to be held in 2013. However, to align the continuation of the Company with the scheduled repayment date of the Turkish bank loan in December 2012, at the Annual General Meeting ("AGM") held on 5 September 2011, shareholders approved a resolution whereby the continuation vote will take place at the AGM of the Company to be held in 2012.

Property

The Board is currently in Istanbul visiting the Group's Turkish properties and service providers. There has been considerable progress with the redevelopment and refurbishment of two of the Group's largest Turkish properties, since your Board was last in Turkey. During the current period, we obtained planning permission for the redevelopment of Ravuna Apartments, 401 Istiklal Street, Istanbul. Construction work has now begun on this project and is expected to be finished by the beginning of 2012, which, we hope, will significantly increase the rental and earnings potential of the building.

Property values in Bulgaria and Romania declined (in Euro terms) by 7% and 4% respectively during the period but increased in Turkey by 3% (in US$ terms and after adjusting for additions) and the Group achieved a net unrealised gain on revaluation of investment properties of £0.5 million (June 2010: gain of £1.0 million), comprising a £516,000 gain in Turkey, a £28,000 gain in Romania and a £46,000 loss in Bulgaria. Further details of the properties are disclosed in the Property Manager and Adviser's Report.

Loan Facility

The US$17.5 million loan facility that the Group's Turkish subsidiary has with HSBC Bank plc (the "Bank") contains financial and other covenants, including the requirement that the loan to value ("LTV") of the Turkish properties charged to the Bank, comprising most of the Turkish properties, would not exceed 50%. Following a review by the Bank, on 9 May 2011, due to the increase in the market values of the Turkish properties and two additional Turkish properties added as security to the Bank, the Bank agreed to release all of the restrictions on the pledged cash deposit.

Dividend

As the Group is divesting from Bulgaria and Romania and, with the proceeds, planning to invest further in Turkey and also buy back shares, the Board considers it prudent to conserve funds and does not propose an interim dividend for 2011 (2010: nil).

Outlook

The Board and its advisers believe that the remainder of 2011 will be challenging in respect of the implementation of the proposed strategy. However, the Board is confident that it will be able to manage the necessary changes effectively and in the best interests of shareholders.

Charles Parkinson

Chairman

9 September 2011

PROPERTY MANAGER AND ADVISER'S REPORT

Following the year ended 31 December 2010, trading conditions have continued to be positive in Turkey, but relatively flat in Romania and Bulgaria.

The rate of growth of the Turkish economy has outperformed that of other G20 nations and confidence is high within the country as it has experienced one of the longest periods of sustained economic growth for decades. In the first quarter of 2011, Turkish GDP increased by 3.6% and by 1.4% in the second quarter. However, concerns remain in respect of the economy overheating and that proposed constitutional reforms will hide an additional 'grab for power' by the ruling party, although the elections this year returned them once again with a substantial majority.

In Bulgaria and Romania, the economies appear to be fairly stagnant, although GDP was reported to have increased by 0.7% in the first quarter of 2011 and 0.2% in the second quarter in Romania, ending a two year contraction. Bulgaria was reported as having slow, steady growth of 0.1% in the first quarter of 2011 and 1.9% in the second quarter, but was more likely to be impacted by problems in Greece due to the proximity of both countries' banking sectors.

In property terms, the performance of the economy in Turkey is now being reflected in capital value improvement in the country, while the letting market remains steady.

In Bulgaria and Romania, the lease market remains very difficult, although slow but consistent progress is being made with the Group's property in Bucharest. For both markets, the sales position is extremely illiquid with very few potential buyers and this is having a continued dampening effect on values.

Property portfolio

During the first half of 2011, the Group made substantial progress with its key project at 401 Istiklal Street, Beyoglu, Istanbul whereby it started the renovation work to upgrade this building. In addition, the purchase of Asmali Cumba, Asmalimescit Street, Beyoglu, Istanbul in December 2010 has enabled a joint project together with the adjoining 'Yellow' Building to be conceived. Also in Istanbul, the Group is putting together proposals for a major project to upgrade the Markiz (Oriental) Passage property, which it hopes will add value in 2012.

The investment income producing properties in Istanbul remain steady and there are very few voids other than within the 'project' properties.

In Bucharest, steady progress has been made with lettings and it is currently almost 65% let. The Group believes this to be considerable progress considering the extremely difficult market conditions that have prevailed over the last two years.

In Sofia, the Group has focused on selling and whilst there has been considerable interest since 31 December 2010, potential buyers are seeking extensions to lease contracts before proceeding further with enquiries for purchases and therefore, the Group has not managed to achieve a sale to-date. The office letting market remains extremely difficult, although a three year lease agreement has been signed with a large new regional media firm.

As at 30 June 2011, the Group's external valuer, DTZ Debenham Tie Leung, has valued the properties as follows:

Current Holdings

Market Value

30 June 2011

30 June 2010

31 December 2010

£'000

£'000

£'000

Bulgaria

The Atrium, 24 George Washington Street, Sofia

Leisure/Office

2,529

3,152

2,572

------------

------------

------------

Romania

Gara Progresului Business & Logistics Centre, Gara Progresului Street, Bucharest

Industrial

2,349

2,743

2,315

------------

------------

------------

Turkey

Kadife Palas Building, 134-139 Susam Street, Cihangir, Istanbul

Leisure/Office/Residential

2,738

2,810

2,754

6th Floor, The Misir Building, Istiklal Street, Beyoglu, Istanbul

Office

2,461

2,308

2,402

Ravuna Apartments, 401 Istiklal Street, Beyoglu, Istanbul

Office/Retail

4,298

3,469

3,683

Markiz (Oriental) Passage, Istiklal Street, Beyoglu, Istanbul

Leisure/Office/Retail

12,459

10,037

12,171

Nil Passage, Istiklal Street, Beyoglu, Istanbul

Leisure/Office/Retail

1,682

1,462

1,720

Pera Residence, Asmalimescit Street, Beyoglu, Istanbul

Retail

1,277

1,372

1,313

"Yellow" Building, Asmalimescit Street, Beyoglu, Istanbul

Retail

498

254

512

Asmali Cumba, Asmalimescit Street, Beyoglu,

Istanbul

Retail

498

n/a

512

Gonul Sokak, Asmalimescit Street, Beyoglu, Istanbul

Office/Retail

511

549

525

Taka Building, Asmalimescit Street, Beyoglu, Istanbul

Retail

934

602

961

------------

------------

------------

27,356

22,863

26,553

------------

------------

------------

Total Investment Properties

32,234

28,758

31,440

------------

------------

------------

The Atrium, 24 George Washington Street, Sofia, Bulgaria

The Group is pursuing discussions with several potential buyers (local and foreign) of the property. The Group is engaged in discussions with the anchor tenant, United Bulgarian Bank, to explore opportunities to extend the current lease, which expires in February 2013 and/or extend the let area in order to add value to the property.

The Group continues to seek to lease the remaining three units on the top floors and/or to operate these units as short and long-term corporate apartment lets.

Gara Progresului Street, South Bucharest, Romania

Marketing and negotiations continue with third parties regarding the letting and sale of the property.

A twelve month lease agreement (with extensions possible up to 18 months) commencing in August 2011 has been signed with Urgent Curier srl for 3,488m² of warehousing and 926m² of offices. Urgent Curier srl is one of the top three courier companies in Romania and is the largest locally-owned courier company. The lease brings the current occupancy rate close to 65%.

Kadife Palas, Susam Street, Cihangir, Istanbul

The property remains fully let.

6th Floor, The Misir Building Istiklal Street, Beyoglu, Istanbul

The property remains fully let to the original tenants.

Ravuna Apartments, 401 Istiklal Street, Beyoglu, Istanbul

The project to upgrade this building has commenced. The refurbishment of this property should be completed by the beginning of 2012. Whilst the Group has won a number of legal cases against the former tenant, the former tenant is still trying to explore options to challenge previous court decisions.

Markiz (Oriental) Passage, Istiklal Street, Beyoglu, Istanbul

Discussions with the existing tenants are under way in respect of plans for a more substantial renovation project.

Nil Passage, Istiklal Street, Beyoglu, Istanbul

The initial letting progress has slowed as the renovation of the common areas is being held up by the intransigence of adjoining owners. The Group has reluctantly decided to proceed with legal action in order to instigate works that are necessary to comply with local health and safety requirements.

Pera Residence, Asmalimescit Street, Beyoglu Istanbul

This property remains fully let to the original tenant.

'Yellow' Building, Asmalimescit Street, Beyoglu, Istanbul

A project has now been conceived to link this property with the adjoining Asmali Cumba property to create more floor space and a more attractive property at this central location in Asmalimescit Street.

Asmali Cumba, Asmalimescit Street, Beyoglu, Istanbul

Please see above.

Gonul Sokak, Asmalimescit Street, Beyoglu, Istanbul

This property remains fully let.

Taka Building, Asmalimescit Street, Beyoglu, Istanbul

The tenant, a Chinese restaurant, is now trading successfully.

Regional Overview

Romania

The Romanian Government decided in February 2011 that an expected International Monetary Fund ("IMF") loan to partially finance the budget deficit of €6 billion would not be taken up and funds would instead be borrowed locally from the Romanian subsidiaries of local banks. The Romanian Government is hoping to raise €600 million in 2011 from secondary offerings of shares of Petrom, Transgaz and Transelectrica.

Fitch Ratings raised Romania's credit rating to investment grade for the first time since the second half of 2008.

Fitch states that there has been a material easing in Romania's downside risks for a number of reasons, including a return to economic growth, a narrowing of the current account deficit and a reduction in the budget deficit.

Romania's GDP rose 1.7% in the first quarter from a year earlier, ending a two year contraction, as demand for exports increased, according to Bloomberg. Romania, having received two EU/IMF bailouts since 2009, has plans to cut its budget deficit to less than 3% of GDP in 2011 from 6.5% in 2010 and may borrow on global markets later in 2011.

The World Bank has marginally improved it's estimation of Romania's economic growth for 2011 to 1.6% from 1.5%.

In May 2011, Romania's Central Bank increased the inflation forecast for the end of this year to 5.1% from 3.6%, which was subsequently revised to 4.6% in August 2011.

Bulgaria

Inflation is likely to remain one of the biggest problems for Bulgaria in 2011 despite the positive forecasts for the second half of the year, according to a UniCredit report.

Inflation will rise to an annual 6% in June and July because of an anticipated spike in food and fuel prices, but it is expected to ease down to 4% by the end of the year.

It is forecast that Bulgaria will achieve stable rates of economic growth over the next three years (forecasted GDP of 3.2% in 2011, before picking up to 4.8% in 2012 and 5.6% in 2013) but that might be frustrated by the effects of the potential restructuring of Greece's sovereign debt, according to Ernst & Young's Summer Eurozone Forecast.

Turkey

Turkey was reported as having stronger economic growth than China during the first quarter of 2011 and the strongest of the G20 nations.

The country has now experienced continuous growth for ten years and GDP has tripled in that period. The ruling AK Party has once again been re-elected with a substantial majority. The AK Party is now in discussions with the opposition about implementing constitutional changes to liberalise the constitution to provide greater rights to individuals and reduce the power of the existing legal and military institutions set up by the secular state. However, there remain serious concerns that Prime Minister Erdogan and his colleagues in Government will try to institute further 'power enhancement' for themselves via the proposed changes.

In economic terms, the approach has been to pursue a relaxed policy on interest rates and utilisation of policy instruments. Some commentators are concerned that this will fuel inflation and contribute to an overheating of the economy. However, the Central Bank has indicated that domestic consumption has shown signs of slowing and that external demand has remained low and has justified its approach on this basis.

Prospects

With the underlying progress being made with the improvement of the rental income at the Bulgarian and Romanian properties, it is anticipated that the potential for sales to materialise will increase as their perceived resilience in this respect improves, despite the market conditions. In Istanbul, Turkey the process of pursuing value enhancing projects will continue and revenues will be maximised wherever possible.

Bob Locker

CNC Property Fund Management Limited

Keiran Gallagher

Oliver Cadogan

Pera Pera

9 September 2011

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the six month period ended 30 June 2011 (unaudited)

1 January 2011

 to 30 June 2011

1 January 2010

 to 30 June 2010

1 January 2010

 to 31 December 2010

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

Income

Rent receivable

732

714

1,347

Bank interest receivable

7

10

21

Other income

16

8

21

------------

------------

------------

Total income

755

732

1,389

------------

------------

------------

Expenses

Management fee

(208)

(287)

(576)

Performance fee

(176)

-

-

Administration fee

(50)

(62)

(138)

Interest payable and similar charges

(172)

(166)

(348)

Other operating expenses

(381)

(363)

(744)

------------

------------

------------

Total expenses

(987)

(878)

(1,806)

------------

------------

------------

Investment gains and losses

Gain on revaluation of investment properties

498

980

2,887

------------

------------

------------

Total investment gains

498

980

2,887

------------

------------

------------

Net profit from operating activities before gains and losses on foreign currency exchange

266

834

2,470

Gain/(loss) on foreign currency exchange

1,456

(359)

(249)

------------

------------

------------

Net profit from operating activities

1,722

475

2,221

Taxation

(458)

(288)

(1,042)

------------

------------

------------

Profit for the period/year

1,264

187

1,179

Other comprehensive loss

Exchange differences arising from translation of foreign operations

(1,185)

(290)

(40)

------------

------------

------------

Total other comprehensive loss

(1,185)

(290)

(40)

------------

------------

------------

Total comprehensive income/(loss) for the period/year attributable to the Owners of the Group

79

(103)

1,139

------------

------------

------------

Earnings per share - basic and diluted

6.68p

0.96p

6.11p

------------

------------

------------

These results are unaudited and are not the Group's statutory results.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to the Owners of the Company

for the six month period ended 30 June 2011 (unaudited)

Share capital

Reserve for own shares

Distributable reserves

Foreign exchange translation reserve

Total

£'000

£'000

£'000

£'000

£'000

Net assets at 1 January 2011

198

(497)

22,312

435

22,448

Total comprehensive income/(loss) for the period

Profit for the six month period

-

-

1,264

-

1,264

Other comprehensive loss

-

-

-

(1,185)

(1,185)

Contributions by and distributions to owners

Buyback and cancellation of own shares

(4)

-

(216)

-

(220)

----------

----------

----------

----------

----------

Net assets at 30 June 2011

194

(497)

23,360

(750)

22,307

----------

----------

----------

----------

----------

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to the Owners of the Company

for the six month period ended 30 June 2010 (unaudited)

Share capital

Reserve for own shares

Distributable reserves

Foreign exchange translation reserve

Total

£'000

£'000

£'000

£'000

£'000

Net assets at 1 January 2010

200

(497)

21,237

475

21,415

Total comprehensive income/(loss) for the period

Profit for the six month period

-

-

187

-

187

Other comprehensive loss

-

-

-

(290)

(290)

----------

----------

----------

----------

----------

Net assets at 30 June 2010

200

(497)

21,424

185

21,312

----------

----------

----------

----------

----------

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to the Owners of the Company

for the year ended 31 December 2010 (audited)

Share capital

Reserve for own shares

Distributable reserves

Foreign exchange translation reserve

Total

£'000

£'000

£'000

£'000

£'000

Net assets at 1 January 2010

200

(497)

21,237

475

21,415

Total comprehensive income/(loss) for the year

Profit for the year

-

-

1,179

-

1,179

Other comprehensive loss

-

-

-

(40)

(40)

Contributions by and distributions to owners

Buyback and cancellation of own shares

(2)

-

(104)

-

(106)

----------

----------

----------

----------

----------

Net assets at 31 December 2010

198

(497)

22,312

435

22,448

----------

----------

----------

----------

----------

These results are unaudited and are not the Group's statutory results.

 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2011 (unaudited)

30 June 2011

30 June 2010

31 December 2010

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

Non-current assets

Freehold investment property

32,234

28,758

31,440

Intangible assets

11

13

12

Property, plant and equipment

27

35

31

Deferred tax assets

128

77

111

Cash pledged to bank

-

1,703

1,630

----------

----------

----------

32,400

30,586

33,224

Current assets

Trade and other receivables

555

582

456

Tax assets

3

1

3

Cash and cash equivalents

2,745

3,169

2,038

----------

----------

----------

3,303

3,752

2,497

----------

----------

----------

Total assets

35,703

34,338

35,721

----------

----------

----------

Current liabilities

Trade and other payables

(206)

(245)

(262)

Overseas corporate tax

(17)

(9)

(24)

----------

----------

----------

(223)

(254)

(286)

Non-current liabilities

Rents received in advance

(233)

(262)

(226)

Deferred tax liabilities

(1,830)

(792)

(1,531)

Other provisions and payables

(222)

(40)

(43)

Bank loan

(10,888)

(11,678)

(11,187)

----------

----------

----------

(13,173)

(12,772)

(12,987)

----------

----------

----------

Total liabilities

(13,396)

(13,026)

(13,273)

----------

----------

----------

Net assets

22,307

21,312

22,448

----------

----------

----------

Capital and reserves

Called-up share capital

194

200

198

Reserve for own shares

(497)

(497)

(497)

Distributable reserves

23,360

21,424

22,312

Foreign exchange translation reserve

(750)

185

435

----------

----------

----------

Total equity attributable to owners of the Group

22,307

21,312

22,448

----------

----------

----------

Net Asset Value per Ordinary Share

 - basic and diluted

118.43p

109.91p

116.97p

----------

----------

----------

These results are unaudited and are not the Group's statutory results.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

for the six month period ended 30 June 2011 (unaudited)

1 January 2011

 to 30 June 2011

1 January 2010

 to 30 June 2010

1 January 2010

 to 31 December 2010

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'000

Net profit from operating activities

1,722

475

2,221

Adjustments for:

Bank interest receivable

(7)

(10)

(21)

Gain on revaluation of investment properties

(498)

(980)

(2,887)

(Gain)/loss on foreign currency exchange

(1,456)

359

249

Amortisation and depreciation

3

4

7

Amortisation of bank loan fees

9

10

19

Bank loan interest payable

145

150

320

----------

----------

----------

Net cash (outflow)/inflow from operating activities before working capital changes

(82)

8

(92)

(Increase)/decrease in trade and other receivables

(117)

(32)

96

Increase in trade and other payables

264

142

112

Increase in other non-current liabilities

25

6

3

----------

----------

----------

Net cash inflow from operating activities after working capital changes

90

124

119

Interest received in the period/year

7

8

21

Interest paid in the period/year

(146)

(150)

(320)

Tax paid in the period/year

(65)

(72)

(96)

----------

----------

----------

Net cash outflow from operating activities

(114)

(90)

(276)

Investing activities

Acquisition and development of investment property

(303)

(69)

(838)

----------

----------

----------

Net cash outflow from investing activities

(303)

(69)

(838)

Financing activities

Cash pledged to bank

1,630

771

844

Purchase of own shares

(220)

-

(106)

----------

----------

----------

Net cash inflow from financing activities

1,410

771

738

----------

----------

----------

Increase/(decrease) in cash and cash equivalents

993

612

(376)

----------

----------

----------

Cash and cash equivalents at the beginning of the period/year

2,038

2,389

2,389

Increase/(decrease) in cash and cash equivalents

993

612

(376)

Foreign exchange movement

(286)

168

25

----------

----------

----------

Cash and cash equivalents at the end of the period/year

2,745

3,169

2,038

----------

----------

----------

These results are unaudited and are not the Group's statutory results.