New Cent.2 Regulatory News (NCA2)

Since the 31st December, 2007, the AIM market has relentlessly plotted a downward path. In the six month period to 30th June, 2008, one of your fund's largest investments, CKS, went into administration and this investment has been written off. I regret to say that the combination of these factors has led to a 22.6% decline in the net asset value per share to 72p (based on bid values of the investments).Qualifying investments as at 30th June, 2008 had risen to 55.24% of the total.Since the half year end, the Market, and in particular AIM shares, has continued to fall sharply and by the 15th September, 2008, the date on which this report was written, the net asset value of your fund on a mid market basis had slipped further to 66.7p.

Despite the demise of CKS, your fund has outperformed the FTSE AIM Index over the 6 months to the 15th September, 2008 and has outperformed that Index since the inception of the fund.Looking to the future, it may seem odd to be optimistic when there is so much doom and gloom around.However, your fund is in the main, invested in profitable companies and the ratings on many of their shares is now exceptionally low. There is very little exposure to sectors that are vulnerable to a consumer downturn, such as retailing or housebuilding. We have all heard about buying low and selling high and while the current low levels may not prove to be the bottom, I cannot help feeling that the AIM market is currently attractive to the longer term investor and that it will test it's recent highs over the next few years.As I write, a return to the high reached in July, 2007 would represent a 72.1% advance. Even over a 5 year term, this would equate to a very attractive return.The outperformance of the fund since inception is largely due to the dedication, hard work and skills of the investment team at M D Barnard & Co Ltd and I would like to thank them in this respect.

This interim financial information and the unaudited interim accounts for the six months to 30 June 2008 from which it has been extracted, are the responsibility of the directors and were approved by them on 22 September 2008, do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies.

The Company is an investment company as defined in Section 266 of the Companies Act 1985. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments, and in accordance with applicable accounting standards in the UK and with the Statement of Recommended Practice "Financial statements and investment trust companies" issued in January 2003 and revised in December 2005.

Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: 17/21 New Century Road, Laindon SS15 6AG or from Woodside Corporate Services, 4th Floor, 150-152 Fenchurch Street, London EC2M 6BB.