Long term EMB clients with "equity" interest

a2e's portfolio of investee companies with a controlling interest

Name	Turnover	Current EBIT	EBIT when acquired
Spiro Gills Ltd Sector: Coolers & Tubes	£9.2m	£0.4m	(£3.8m)
Covrad Heat Transfer Limited Sector: Heat Transfer	£28.8m	£1.6m	(£0.5m)
Quadrate Sector: SAP Software	£1.0m	£0.2m	(£0.2m)
EYS Limited/ Skill Gain Sector: Youth Training	£8.4m	£1.0m	£0.2m
WPH Ltd Sector: Water Infrastructure	£8.6m	£1.9m	£0.9m
IRL - Serk Sector: Heat Transfer	£6.2m	£0.2m	(£0.8m)
Pharmidex Ltd. Sector: Drug Discovery	£1.2m	£0.3m	£(0.1)m
PfL Centre of Excellence	£2.7m	£0.2m	£(1.1)m
Thinspace Limited	£0.6m	£0.1m	£(0.1)m
TOTAL	£66.7m	£5.9m	£(5.5m)

Retained Advisory Clients

Name	Turnover	Current EBIT	EBIT when acquired
Burdens Group Sector: Civil Engineering Products	£300m	£11.0m	£4.0m
TOTAL	£300m	£11.0m	£4.0m

Note: Our stakes in 2 investee companies were realised in July 05 and January 08, returning an IRR of 177% and 230% p.a. respectively. In one such case the realisation represented 160 times the original investment.