RNS Number:9107W
Ptarmigan Int. Capital Trust PLC
9 January 2001

PTARMIGAN INTERNATIONAL CAPITAL TRUST PLC

Colonial First State Investments (UK) (which includes Stewart Ivory & Company
Limited), managers of Ptarmigan International Capital Trust plc (PICT)
announce that the unaudited Net Asset Value of PICT Ordinary shares as at 5th
January 2001 was 428.7p. This assumes conversion of the Convertible Bonds and
does not include any income retention for the year to-date.