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Framlington Fin&Inc (FFIZ)

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Monday 23 February, 2004

Framlington Fin&Inc

Preliminary Announcement

Framlington Global Fin&Inc Secs Ltd
23 February 2004



FRAMLINGTON GLOBAL FINANCIAL & INCOME SECURITIES LIMITED

PRELIMINARY ANNOUNCEMENT OF RESULTS OF THE YEAR ENDED 30 NOVEMBER 2003

These results are issued in conjunction with those of the Company's parent,
Framlington Global Financial & Income Fund Limited, released on 23 February
2004.

Statement of Operations

for the year ended 30 November 2003

                                                                              Year to       Year to   
                                                                            30 Nov 2003   30 Nov 2002 
                                                                               £000s         £000s    

                  Accrual under originated loan to parent                   468           828         
                  Finance costs on zero dividend preference shares          (468)         (828)       
                  Movement in provision against originated loan to parent   1,051         (2,809)     


                  Net result/(loss)                                         1,051         (2,809)     


                  Return/(loss) of net assets                                                         
                       Attributable to ZDP shareholders (as per IFS)        9.95p         9.14p       
                       Available to ZDP shareholders (as per articles)      22.35p        (21.87p)    

All items in the above statement are derived from continuing operations. 
 

Balance Sheet 
as at 30 November 2003 and 30 November 2002 

                                                                                                   
                                                                                   2003      2002  
                                                                                  £000s     £000s  

                    Assets                                                                         
                    Originated loan to parent after provision                    2,846     3,798   

                    Liabilities                                                                    
                    Non-current liabilities:                                                       
                    Due to zero dividend preference shareholders                 4,604     6,607   


                    Net liabilities attributable to ordinary shareholders        (1,758)   (2,809) 


                    Represented by:                                                                
                    Ordinary share capital                                       -         -       
                    Reserves                                                     (1,758)   (2,809) 



                                                                                 (1,758)   (2,809) 

                    Net asset values per zero dividend preference share:                           
                         Attributable net assets (as per IFRS)                   121.02p   111.03p 
                         Available net assets (as per Articles of Association)   74.81p    63.82p  



ANNUAL REPORT AND ACCOUNTS  

The report and accounts of the Company for the year ended 30 November 2003 are to be published with the report and
accounts for the same period of Framlington Global Financial & Income Fund Limited, which are to be posted to
shareholders shortly. Copies will also be available from the Company's Registered Office: HSBC House, Lefebvre
Street, St Peter Port, Guernsey GY1 2JP.

This preliminary announcement, and the report and accounts for the year ended 30 November 2003, have been prepared on
the same basis as set out in the previous year's annual accounts.
 



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