The value of the NAV is based on mid market prices but it may not be
possible to realise investments at mid market prices in current market
conditions.

There are no assets attributable to the zero dividend preference shares
as at 16 April 2003 but with the support of Bank of Scotland, the
company is continuing so that the zero dividend preference shareholders
are positioned to benefit from any upturn in the markets.
(For Edinburgh Fund Managers plc, Company Secretary)