SAR - (Merrydown)

Rights and Issues Inv Trust PLC
20 February 2003

                                                                      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



20 February 2003


DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING

SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')



Date of acquisition


20 February 2003



Acquisition in (name of company)


Merrydown Plc



1. Class of voting shares (eg ordinary shares)


Ordinary



Number of shares/rights over shares acquired


   600,000                             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)


3,955,000                                             17.5   %



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


                                                         %



Total percentage


  17.5 %



3. Party making disclosure

Rights and Issues Investment Trust Plc


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


Rights and Issues Investment Trust Plc



and, if different, beneficial owner






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


Discretionary Unit Fund



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






(Also print name of signatory)


N.D.Ghandhi



Telephone and extension number


0207-415-4130



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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