Once again our portfolio has had a successful 4 months, regardless of geo political
problems and financial restrictions in Eastern Europe, but further changes have been made
in our quoted hotel investment holdings.

Dividend income and Capital Profits total 11% in the past four months

Investment in our private companies will be expanded as in both film/television and in
the provision of content for the media there has been a large increase in demand, with one of our film interests having opened a second facilities office in Glasgow in addition to its
main base at Battersea Studios in London.

                                        Review of Major Investments

Hotels and Catering
        ACCOR HOTELS has updated its results with the first quarter's figures to March
        showing excellent sales and REVPAR figures, ahead of the industry average.
        Following its Australian acquisition last autumn, it has acquired Movenpick
        Hotels in Switzerland with some 80 hotels and 40 in the pipeline which dovetails
       with its existing operations. There are also some smaller link-ups to develop in the
       future,and with a near £3.5 billion in surplus cash from the sale of 55% of Hotelinvest
       there is scope to acquire further strategic investments particularly in South America
       and Africa.

      INTERCONTINENTAL HOTELS (IHG)
      Latest figures are good but not up to expectations so far, although the development
      policy of creating a cheaper brand and expanding into the luxury market makes sense.
      What is odd is that they have purchased a part of Regent Hotels, a dated brand which
      never achieved its ambitions, and this week has added 13 tired and really unattractive
     hotels in the UK to their proposed luxury portfolio. Most of these properties have been
     on the market over the past 30 years and are not the hotels we can see as part of a
     luxury brand for the next generation. Accordingly we are reducing our holding in
     IHG, although we appreciate there has been an impressive increase in share price.

   N H HOTELS GROUP SA has followed last year's encouraging results with an excellent
   first quarters figures and every indication of a very successful 2018. Its portfolio of
   mid range hotels in Europe and in South America is attractive in catering for the big
   demand that already exists in this market, and we believe NH has the dedicated hotel
   management to achieve success and develop in the hospitality industry as a customer
   friendly business, similar in outlook to that of our other main investment Accor.
   We have increased our Investment in NH Hotels to reflect these views.

Building and Construction

  All our holdings continue to do well with sales / profits and dividends all ahead of last
  year. The remuneration problem at Persimmon was resolved at the AGM but was a
  perfect example of the capitalist system at its worst, and the final solution was a fudge
  which would not have happened if the large shareholders had taken responsibility for
  their investment.

FILM MEDIA. TELEVISION

  All of our companies continue to grow steadily with further investment planned to
  finance expansion in these rapidly changing markets