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Introduction I am pleased to report that the performance of both the Company s Growth and Income shares have improved significantly in the reporting period. The markets we invest in have had a buoyant year. The Benchmark return for both share classes (MSCI Europe ex UK Index in sterling terms) was up 33.5% the year under review and both of the Company s share classes comfortably outperformed the benchmark. Throughout the year, with the ongoing disruption caused by Covid-19, I am pleased to report that the operations and control environment of the Company continued to work well despite the unprecedented change to working practices.