The company announces the following unaudited data relating to its portfolio of 
investments as at 9 January 2004                                                
UK GAAP - mid NAV                                                               
Total assets incl all undistributed revenue  �                     45,273,135   
reserves                                                                        
Undistributed revenue reserves total         �                      4,568,414                    
Total assets excl all undistributed revenue  �                     40,704,721   
reserves                                                                        
Of which Cash                                �                     22,290,820   
Bank loan drawn down                         euros                 42,775,000   
Bank loan drawn down                         �                     29,752,365   
Net assets excl all undistributed revenue    �                     10,952,356   
reserves                                                                        
Net assets excl all current year             �                     15,454,642   
undistributed revenue reserves                                                  
NAV per ordinary share excl undistributed                                     p 
revenue                                            0.19                         
 ZDP NAV excl undistributed revenue                                           p 
                                                   132.00                       
Bank covenant ratio incl breakage costs                                         
                                                   0.84                         
IAS - bid NAV                                                                   
Total assets incl all undistributed revenue  �                     45,262,712   
reserves                                                                        
Undistributed revenue reserves total         �                      4,568,414                    
Total assets excl all undistributed revenue  �                     40,694,298   
reserves                                                                        
Of which Cash                                �                     22,290,820   
Bank loan drawn down                         euros                 42,775,000   
Bank loan drawn down                         �                     29,752,365   
Net assets excl all undistributed revenue    �                     10,941,933   
reserves                                                                        
Net assets excl all current year             �                     15,444,219   
undistributed revenue reserves                                                  
Potential breakage costs on bank loan        �                     -6,132,308   
NAV per ordinary share incl undistributed revenue                       -2.19 p 
after break costs                                                               
ZDP NAV incl undistributed revenue                                            p 
                                                   132.00                       



END