Net Asset Value(s)

    The company announces the following unaudited data relating                      
to its portfolio of investments as at 7 February 2003:                           
TOTAL ASSETS                                                          £36,150,678
TOTAL BANK DEBT                                                       £19,600,000
NET ASSETS                                                            £16,550,678
NAV ATTRIBUTABLE TO ORDINARY SHAREHOLDERS *                            £6,714,046
NAV (EX INCOME) PER ORDINARY SHARE                                         23.98p
*  As previously announced, the Company is unable to pay a dividend while the    
net assets                                                                      
attributable to ordinary shareholders are less than £7m, equivalent to 25p per   
Ordinary share.                                                                  
As at 7 February 2003, the Company is therefore unable to pay the third quarter  
dividend                                                                         
declared on 21 January 2003.  However, given the volatility in                   
equity markets, this                                                             
situation may change prior to the intended payment date.                         



END