Net Asset Value(s)

RNS Number:7974T
Exeter Smaller Co's Income Fund Ld
02 January 2004

Exeter Smaller Companies Income Fund Limited and ESCIF Securities Limited



Please be advised that the unaudited net asset value per share of Exeter Smaller
Companies Income Fund Limited as at 31st December, 2003 was 0.00p



The unaudited net asset value per share of ESCIF Securities Limited as at 31st
December, 2003 was 70.20p.  This net asset value includes #2,158,657 of prior
years retained revenues and #76,983 of undistributed current period revenue of
Exeter Smaller Companies Income Fund Limited.



The above net asset values were calculated using mid prices for all investments.



Top Ten Holdings (% of fund)



Holding             Trust
                      Value (#)           (%)



1,225,000          Acorn Income, Ord
             1,270,938          13.13

2,500,000          Martin Currie Enhanced, Ord
            981,250          10.14

   275,000          Hg Capital Trust, Ord
                  796,125            8.23

   125,000          North Atlantinc Smaller Companies, Ord
       779,375            8.05

1,000,000          Asset Management Investment Company, Ord
490,000            5.06

   600,000          Invesco Recovery 2005, Ord
             484,500            5.01

   200,000          Gartmore Growth Opportunities, Equity Index Loan Stock
462,000            4.77

   200,000          Framlington Innovative Growth, Ord
           437,000            4.52

   275,000          Kleinwort Capital Trust, Ord
               424,875            4.39

       3,000         New Star Asset Management
           300,000            3.10



In accordance with UKLA Listing Rule 21.20 (1) (i), the following list
represents the Company's investments, as at the 31 December 2003, in other UK
listed investment companies (including investment trusts) which themselves do
not have a stated investment policy to invest no more than 15% of their gross
assets in other UK listed companies (including investment trusts) :





   600,000          Rutland Trust, Ord
                   210,000            2.17

   250,000          Gartmore Absolute Growth & Income, Pref
       21,563           0.22

   500,000          BFS Equity Income & Bond, Inc
              7,500           0.08

   324,000          Britannic UK Income, Ord
                  3,402           0.04

1,700,000          Govett High, Ord
                      2,975           0.03





Close Fund Services Limited

As secretary


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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