The company announces the following unaudited data relating to its portfolio of 
investments as at 12 December 2003                                              
UK GAAP - mid NAV                                                               
Total assets incl all undistributed revenue  �                     45,448,958   
reserves                                                                        
Undistributed revenue reserves total         �                                  
                                                   4,473,922                    
Total assets excl all undistributed revenue  �                     40,975,036   
reserves                                                                        
Of which Cash                                �                     22,544,947   
Bank loan drawn down                         euros                 42,775,000   
Bank loan drawn down                         �                     30,038,615   
Net assets excl all undistributed revenue    �                     10,936,421   
reserves                                                                        
Net assets excl all current year             �                     15,438,707   
undistributed revenue reserves                                                  
NAV per ordinary share excl undistributed                                     p 
revenue                                            0.27                         
 ZDP NAV excl undistributed revenue                                           p 
                                                   131.13                       
Bank covenant ratio incl breakage costs                                         
                                                   0.89                         
IAS - bid NAV                                                                   
Total assets incl all undistributed revenue  �                     45,374,886   
reserves                                                                        
Undistributed revenue reserves total         �                                  
                                                   4,473,922                    
Total assets excl all undistributed revenue  �                     40,900,964   
reserves                                                                        
Of which Cash                                �                     22,544,947   
Bank loan drawn down                         euros                 42,775,000   
Bank loan drawn down                         �                     30,038,615   
Net assets excl all undistributed revenue    �                     10,862,349   
reserves                                                                        
Net assets excl all current year             �                     15,364,635   
undistributed revenue reserves                                                  
Potential breakage costs on bank loan        �                     -5,780,152   
NAV per ordinary share incl undistributed revenue                       -1.81 p 
after break costs                                                               
ZDP NAV incl undistributed revenue                                            p 
                                                   131.13                       



END