The company announces the following unaudited data relating to its portfolio of 
investments as at 19 December 2003 
                                             
UK GAAP - mid NAV                                                               
Total assets incl all undistributed revenue                �45,348,069   
reserves                                                                        
Undistributed revenue reserves total                        �4,568,414                    
Total assets excl all undistributed revenue                �40,779,655   
reserves                                                                        
Of which Cash                                              �22,556,967   
Bank loan drawn down                                  euros 42,775,000   
Bank loan drawn down                                       �29,973,384   
Net assets excl all undistributed revenue                  �10,806,271   
reserves                                                                        
Net assets excl all current year                           �15,308,557   
undistributed revenue reserves                                                  
NAV per ordinary share excl undistributed                                     
revenue                                                          0.05p                         
 ZDP NAV excl undistributed revenue                            131.35p 
                                                                          
Bank covenant ratio incl breakage costs                          0.88                         
IAS - bid NAV
                                                                   
Total assets incl all undistributed revenue               �45,274,865   
reserves                                                                        
Undistributed revenue reserves total                       �4,568,414                    
Total assets excl all undistributed revenue               �40,706,451   
reserves                                                                        
Of which Cash                                             �22,556,967   
Bank loan drawn down                                 euros 42,775,000   
Bank loan drawn down                                      �29,973,384   
Net assets excl all undistributed revenue                 �10,733,067   
reserves                                                                        
Net assets excl all current year                          �15,235,353   
undistributed revenue reserves                                                  
Potential breakage costs on bank loan                     �-5,886,117   
NAV per ordinary share incl undistributed revenue              -2.05p 
after break costs                                                               
ZDP NAV incl undistributed revenue                            131.35p 
                                                                          



END