Ipes, our private equity fund administration business, had a successful first year following its buyout in late 2008 and forecasts further strong progress in 2010. Ipes has signed a number of important new clients and expects to complete the accreditation of a new office in Luxembourg shortly. Ipes’ success and in particular its commitment to client service has resulted in it recently winning the accolade of Administrator of the Year for 2009 in the European Venture Capital Journal awards.

Stone Group, provider of technology solutions to the education sector, has just been appointed as a listed supplier by Buying Solutions, the national procurement partner for UK public services. As one of only 12 suppliers in the UK to gain this much coveted award, this accreditation is strategically groundbreaking for Stone, enabling the company to expand into new markets and supply a vastly increased customer base going forward, with a greater focus on work with the emergency services, the NHS and councils. The strong progress at Stone was recognised recently through its inclusion in The Sunday Times Deloitte Buyout Track 100 for a second consecutive year.

Strong trading at Comtec, the travel technology company, was reflected in it too being included in The Sunday Times Deloitte Buyout Track 100. Building on its impressive position in the UK market during 2009, Comtec has also established firm foundations in Canada over the last year, acquiring an office in Toronto, signing a contract with British Columbia Ferries and reaching an agreement with the Canadian travel solutions technology provider Accovia to become the exclusive distributor of Comtec’s Travelink Tour Operating Software in the Canadian marketplace.

Comtec expects to further demonstrate its international growth credentials with the imminent announcement of a landmark contract win with a major US based travel company.

Teaching Personnel, the provider of supply staffing solutions to the schools sector in England and Wales, was RJD’s third investee company to be recognised in The Sunday Times Deloitte Buyout Track 100. Teaching Personnel continues to build its share in its market, by consistent application of its strategy of providing a high quality and flexible service in tune with the needs of its customers.

With over 50% of the RJD Partners Private Equity Fund II still to invest, RJD has the capability and appetite to back attractive deals in our chosen sectors of leisure, support services, IT services, financial services and healthcare.

We look forward to working with you in 2010.