Annual report and financial statements - NVM Private Equity Ltd.

Fifteen Largest Venture Capital InvestmentsTFB GROUP LIMITEDCost £1,000,000Valuation £2,132,000Basis of valuation Earnings multiple (based on draftunaudited financial statements for yearended 30 September 2003)Equity held 20.8%Business/location Development of software forprofessional practice administration,FarehamHistoryManagement buy-out from privateownership, May 1999, led by NVMOther NVM funds Northern Investors Company,investingNorthern 2 VCTDividends in year NilAudited financial information:Year ended 30 September 2002 2001£m £mSales 7.0 5.4Profit/(loss) before tax 0.1 (1.1)Retained profit/(loss) — (0.9)Net liabilities (0.2) (0.2)CGI INTERNATIONAL LIMITEDCost £226,000Valuation £1,969,000Basis of valuationEquity held 17.2%Business/locationHistoryEarnings multipleManufacture of fire-resistant and safetyglass, WarringtonManagement buy-out from Colebrand ofLondon, February 1999, led by DunedinCapitalAudited financial information:Year ended 31 December 2002 2001£m £mSales 8.7 7.6Profit before tax 2.1 1.8Retained profit 1.4 1.2Net assets 5.5 5.3Other NVM fundsinvestingNorthern Investors CompanyDividends in year £101,000T J BRENT LIMITEDCost £1,000,000Valuation £1,917,000Basis of valuationEquity held 8.5%Business/locationHistoryEarnings multipleSub-contract civil engineering services toutility companies, BodminManagement buy-out from PennonGroup, December 2000, led by NVMAudited financial information:Year ended 31 March 2003 2002£m £mSales 73.9 63.8Profit before tax 1.4 0.8Retained profit 0.8 0.3Net assets 1.6 1.1Other NVM fundsinvestingNorthern Investors Company,Northern 2 VCT, Northern AIM VCTDividends in year £16,000PAGE 11 Northern Venture Trust PLC Annual Report and Accounts 2003