RNS Number:3102U
Property Acquisition & ManagementLd
16 January 2004

The Directors of Property Acquisition and Management Limited today announce that
the net asset values of the Ordinary Shares and Convertible Redeemable
Preference Shares at 30 September 2003 were as follows:



Basic net asset value per Ordinary Share of 108.21 pence

Pro forma basic net asset value per Ordinary Share of 118.25 pence

Fully diluted net asset value per Ordinary Share of 110.28 pence

Basic net asset value per Convertible Redeemable Preference Share of 100.00
pence.



Enquiries to:

Collins Stewart Fund Management Limited

No 1

Le Truchot

St Peter Port

Guernsey

GY1 4AE






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