Net Asset Value(s)

NSF Securities Limited
21 November 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 17 November
2005 was 141.96 pence.



Enquiries to:

Collins Stewart Fund Management Limited

No 1 Le Truchot

St Peter Port

Guernsey

GY1 4AE


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