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ESCIF Securities Ld (ECFZ)

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Monday 20 May, 2002

ESCIF Securities Ld

Interim Results

ESCIF Securities Ld
20 May 2002

ESCIF SECURITIES LIMITED

PRELIMINARY ANNOUNCEMENT OF THE INTERIM RESULTS

The Directors announce the unaudited interim results for the period 1 October,
2001 to 31 March, 2002 as follows:-

Principal Objective

ESCIF Securities Limited is a wholly owned subsidiary undertaking of Exeter
Smaller Companies Income & Growth Fund Limited.  The principle objective of the
Company is to provide holders of Zero Dividend Preference Shares with a
pre-determined capital return.



Statement of Operations for the period 1 October 2001 to 31 March 2002

                                                                                   01.10.01          21.09.00
                                                                                to 31.03.02       to 31.03.01
                                                                                      £'000             £'000

Pre-determined capital return                                                           422               406

Appropriation in respect of zero dividend preference shares                           (422)             (406)
Transfer to/(from) reserves                                                               -                 -
Return per zero dividend preference
 share (pence)                                                                        4.80p             4.61p


Balance Sheet as at 31 March 2002
                                                                                  31.03.02          31.03.01
                                                                                     £'000             £'000
Investments
Unsecured subordinated loan note 2007                                                8,798             8,798
Return on zero dividend preference shares                                            1,234               406
                                                                                    10,032             9,204

                                                                                     £'000             £'000
Zero dividend preference shareholders funds                                         10,032             9,204
                                                                                    10,032             9,204

Net asset value per zero dividend preference share
(pence)                                                                            114.03p           104.61p
                                                                                   
In accordance with the articles of association of ESCIF Securities Limited, the
holders of the 8,798,000 zero dividend preference shares are entitled on a
winding up to an amount equal to 100p per ZDP share as increased daily at the
compound rate as would give a final capital entitlement of 183.24p on the ZDP
repayment date, the first such increase occurring on 22 September 2000 and the
last on the date of actual payment.

The Company's Annual Report has been prepared in accordance with International
Accounting Standards.  An appropriation is taken to the Capital Reserve to
increase the amounts attributable to the zero dividend preference shares from
the net proceeds of their issue, to the expected redemption price on 30
September 2007 at a constant daily compound rate.  The total net assets
attributable to the zero dividend preference shares at 31 March 2002 calculated
in accordance with the accounting standard and shown in the Company's balance
sheet amounted to £10,032,228.

The Company is a wholly owned subsidiary of Exeter Smaller Companies Income Fund
Limited and therefore no return per ordinary share has been shown.

The financial information of the Company for the period 1 October 2001 to 31
March 2002 has also been consolidated into the results of Exeter Smaller
Companies Income Fund Limited for this period.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
                                                     

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