RNS Number:0537U
Hedgefirst Limited
09 January 2004


HEDGEFIRST LIMITED (the "Company")

ESTIMATED NET ASSET VALUE OF SHARES

The estimated Net Asset Value of an Ordinary Share of 0.01 pence each (a
"Share") in HedgeFirst Limited is calculated as being 81.71 pence as at the
close of business on Tuesday 23 December 2003 (the "VP", being the valuation
point).

This estimated value has been calculated using the following information
supplied to the Company by Deutsche Bank AG:-

1)          An estimated level of the HedgeFirst Index of 1153.10 as at the VP;

2)          A US dollar/sterling exchange rate of 1.7659 as at the VP;

3)          A value of #89.77 as at the VP for each of the five Medium Term
Notes owned by the Company.

The above estimated Net Asset Value of a Share has been calculated using
information which, whilst being received from a reliable source, is itself
'estimated' and accordingly the Company accepts no responsibility for the
accuracy of the estimated Net Asset Value figure given, and neither is any
responsibility implied. This estimated Net Asset Value of a Share is provided
for indication purposes only.

Note: HedgeFirst Index is a registered trademark owned by Morgan Grenfell & Co.
Limited. The HedgeFirst Index is US dollar based and reflects the performance of
over 20 hedge funds.

9 January 2004

For further information contact:

J R Le Prevost

Anson Fund Managers Limited

Company Secretary Tel: Guernsey 01481 722260






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