(a  closed-ended investment company incorporated in Guernsey with registration
 number 45805)

 Estimated Net Asset Value (Estimated NAV)

 As  at the close of  business on 21 December 2009 the  Estimated NAV per share
 was 17.31 pence.

 This  Estimated NAV has been prepared  by the Company's Investment Adviser and
 is  based on unaudited  valuations sourced from  third party brokers.  Neither
 the Company nor its Investment Adviser accept any responsibility for, and make
 no representation or warranty in respect of, the accuracy of the Estimated NAV
 provided,  and neither  is any  implied.  This  Estimated NAV  is provided for
 indicative purposes only.

 Enquiries:

 Secretary
 Kleinwort Benson (Channel Islands) Fund Services Limited
 Telephone (01481) 727111

 Date: 22nd December 2009

                                                                                

[HUG#1366712]