We are pleased to report satisfactory results despite the challenging market conditions experienced throughout the financial year. The local economy has started to show signs of recovery and is supported by low inflation and interest rates. Premium has operated cautiously over the past year with regard to acquisitions and developments and has continued its programme of upgrading its properties. This has proved to be an effective strategy to grow distributions and increase capital value.

The unit price performance for the year has been extremely pleasing and reflects the market recognition of the success of Premium’s strategic direction and strong growth performance over the last few years. The year-on-year increase in the value of Premium’s linked units was 16,7% and this, together with a 116,9 cents distribution for the year, resulted in a total return to unitholders of 25,8%.

The distribution, which is based on earnings derived from the property and investment portfolio, excluding capital growth, increased by 5,2%. Premium paid an interim and final distribution per linked unit of 58,70 cents and 58,20 cents per linked unit which were paid on 22 November 2010 and 23 May 2011 respectively.