RNS Number:5870J
Ptarmigan Int. Capital Trust PLC
03 April 2003



PTARMIGAN INTERNATIONAL CAPITAL TRUST PLC

Adam & Company Investment Management Limited, the managers of Ptarmigan
International Capital Trust (PICT) announce that the unaudited Net Asset Value
of PICT ordinary shares as at 31st March 2003 was 268.18p. This assumes
conversion of the Convertible Bonds and does not include any income retention
for the year to-date.


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