Net Asset Value(s)

At the close of business on 23 May 2011, the unaudited net asset value per
ordinary share, valued on a bid price basis :

Capital only net asset value      935.36p

Net asset value including income  942.57p

The above Net Asset Values include the impact of the recovery of £328,176 of
VAT on management fees invoiced from the Company's inception in December 2002
up until 31 March 2005 , together with interest thereon of £58,129. This
recovery has to date not been recognised as an asset by the Company due to the
uncertainty of the recovery. This has resulted in an uplift of 1.15 pence to
the net asset value. The VAT recovery will be credited to the Company's revenue
and capital accounts in accordance with the Board's policy for allocation of
management fees and finance costs. This completes the recovery of the VAT on
management fees and performance fees.