Net Asset Value(s)

    The company announces the following unaudited data relating                 
to its portfolio of investments as at 14 February 2003:                     
TOTAL ASSETS (EXCL CURRENT YR REVENUE)                           £36,059,982
TOTAL BANK DEBT                                                  £19,600,000
                                                                 £16,459,982
LIABILITY DUE TO ZERO DIVIDEND PREFS                              £9,852,469
NET ASSETS ATTRIBUTABLE                                                     
      TO ORDINARY SHAREHOLDERS                                              
      (EXCL CURRENT YEAR REVENUE)                                 £6,607,514
NAV (EXCL CURRENT YEAR REVENUE)                                             
      PER ORDINARY SHARE                                              23.60p
As at 14 February 2003, the Company may be unable to pay in full the third  
quarterly dividend declared on 21 January 2003, due to legal restrictions. However,   
given the volatility in equity markets, this situation may change prior to the    
intended payment date.                                                      



END