Annual report and financial statements - NVM Private Equity Ltd.

Fifteen Largest Venture Capital InvestmentsINTERLUBE SYSTEMS LIMITEDCost £946,000Valuation £710,000Basis of valuation Cost less provisionEquity held 17.6%Business/location Centralised lubrication systems forautomotive and industrial use, PlymouthHistoryManagement buy-in/buy-out fromInvensys plc, August 2000, led by NVMOther NVM funds Northern Investors Company,investingNorthern 2 VCTDividends in year NilAudited financial information:Year ended 31 March 2003 2002£m £mSales 4.8 4.2Loss before tax (0.3) (0.5)Retained loss (0.3) (0.5)Net liabilities (1.1) (0.8)CYCLACEL LIMITEDCost £683,000Valuation £683,000Basis of valuationCostEquity held 1.1%Business/locationHistoryDiscovery and development oftherapeutics for cancer, DundeeEarly stage investment in May 1999, ledby Merlin BiosciencesAudited financial information:Year ended 31 March 2002 2001£m £mSales 0.8 —Loss before tax (8.9) (6.9)Retained loss (8.9) (6.9)Net assets/(liabilities) 22.3 (1.8)Other NVM fundsinvestingDividends in yearNorthern Investors CompanyNilCOMPUTER SOFTWARE GROUP PLCCost £331,000Valuation £649,000Basis of valuationEquity held 5.1%Business/locationHistoryMid-market price (AiM)Computer software for ticketing andaccounting applications, LondonHolding acquired through share-for-shareoffer for Chorus Application SoftwareLimited, May 2003Audited financial information:Year ended 28 February 2003 2002£m £mSales 3.6 3.0Loss before tax (1.4) (1.6)Retained loss (1.4) (1.6)Net assets 2.5 3.6Other NVM fundsinvestingDividends in yearNorthern Investors Company,Northern 2 VCTNilPAGE 15 Northern Venture Trust PLC Annual Report and Accounts 2003