SAR 3 - (Titon Holdings PLC)

Rights and Issues Inv Trust PLC
26 May 2005


                                                                      FORM SAR 3


Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.
A copy must also be sent to the company the shares of which are acquired.


Date of disclosure

26 May 2005


DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')


Date of acquisition

25 May 2005


Acquisition in (name of company)

TITON HOLDINGS PLC


1. Class of voting shares (eg ordinary shares)

ORDINARY


Number of shares/rights over shares acquired

           348,838   Shares                         Rights


If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights




2. Resultant total holding of voting shares (and % of total voting shares in
issue)

                                2,065,000   19.61 %


Resultant total holding of rights over shares (and % of total voting shares in
issue)

                                                                             %


Total percentage

                                                                             %


3. Party making disclosure


Discretionary Unit Fund Managers Ltd

4. (a) Name of person acquiring shares or rights over shares

Rights and Issues Investment Trust Plc 1,265,000 (12.01%)


Discretionary Unit Fund            800,000 ( 7.60%)


and, if different, beneficial owner




(b) Names of any other persons acting by agreement or understanding (see SAR 5)

Discretionary Unit Fund  and Rights and Issues Investment Trust Plc


Signed, for and on behalf of the party named in (3) above

Nariman Ghandhi


(Also print name of signatory)




Telephone and extension number

020-7415-4130


Note.   Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.


For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section.  Tel. No: 020 7638 0129.

Email:[e-mail]


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