Annual report and financial statements - NVM Private Equity Ltd.

Fifteen Largest Venture Capital InvestmentsJOHN FREDERICKS PLASTICS LIMITEDCost £995,000Valuation £1,835,000Basis of valuationEquity held 11.9%Business/locationHistoryEarnings multipleManufacture of uPVC windows, doorsand conservatories, HuddersfieldManagement buy-in from privateownership, October 2001, led by NVMAudited financial information:Period ended 31 October 2002*£mSales 22.5Profit before tax 2.1Retained profit 1.3Net assets 3.6*17 months ended 31 OctoberOther NVM fundsinvestingNorthern Investors Company,Northern 2 VCTDividends in year £14,000ALIZYME PLCCost £460,000Valuation £1,792,000Basis of valuationEquity held 0.9%Business/locationMid-market price(London Stock Exchange)Biotechnology research anddevelopment, CambridgeAudited financial information:Year ended 31 December 2002 2001£m £mSales — —Loss before tax (10.5) (7.8)Retained loss (9.8) (6.6)Net assets 4.4 14.1HistoryOther NVM fundsinvestingDividends in yearFloated on AiM in 1996; NorthernVenture Trust invested in a share placingin May 1998; moved to London StockExchange in October 2000Northern Investors Company,Northern 2 VCT, Northern 3 VCTNilDMN INSTALLATIONS LIMITEDCost £286,000Valuation £1,098,000Basis of valuationEquity held 3.4%Business/locationHistoryEarnings multipleInfrastructure installation for mobiletelephone operators, ShrivenhamManagement buy-out from privateownership, September 2001, led by NVMAudited financial information:Year ended 31 December 2002 2001*£m £mSales 19.4 3.2Profit before tax 3.9 0.6Retained profit 2.5 0.4Net assets 2.0 1.0*4 months ended 31 DecemberOther NVM fundsinvestingNorthern Investors Company,Northern 2 VCT, Northern AIM VCTDividends in year £20,000PAGE 12 Northern Venture Trust PLC Annual Report and Accounts 2003