COLLAR STRATEGY

On 24 December 2002, the Board announced that it had authorised the Manager to
enter into a collar option strategy with the objective of protecting the
Company's portfolio against possible significant adverse fluctuations in the
value of its investments. Accordingly, in December 2002, the Company purchased
a 12 month FTSE 100 put option which was, at that time, approximately 20 per
cent. out of the money and sold a 12 month FTSE 100 call option which was, at
that time, approximately 13 per cent. out of the money, at nil cost.

As at 10 March 2003, the Company has repurchased all of the call option. The
Company therefore has a residual open �12 million FTSE 100 put position at a
strike price of 3,198, expiring in December 2003, which continues to provide
the Company with some protection against adverse movements in the value of its
investments.

Enquiries:

David Liddell / Heather Williams 020 7597 2000

Investec Investment Management Limited



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