Net Asset Value(s)

NSF Securities Limited
02 September 2005

The directors of NSF Securities Limited today announce that the Net Asset Value
per Zero Dividend Preference Share based on mid-market prices as at 31 August
2005 was 139.46 pence.



Enquiries to:               Collins Stewart Fund Management Limited

                                 No 1 Le Truchot

                                 St Peter Port

                                 Guernsey

                                 GY1 4AE


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