Holding in Company

SVM Ofex Fund PLC
23 October 2000


LETTER TO: COMPANY ANNOUNCEMENTS OFFICE


On the listing of the SVM OFEX Fund plc on 18 October 2000, the following
holdings comprised material interests as noted in the Prospectus:-
   

Name of registered holder                Number of shares     % of issued share 
                                                              capital

Scottish Value Management Limited        835,000              13.9%
Jupiter Asset Management                 594,000               9.9%
Scottish Value Portfolio Fund            594,000               9.9%
The Dill Faulkes Educational Trust       500,000               8.3%
Insinger Townsley                        300,000               5.0%
Scottish Friendly Assurance Society      300,000               5.0%
Scottish Mutual Investment Management    294,000               4.9%
UBS Warburg                              250,000               4.2%
Brewin Bell Lawrie                       230,000               3.8%
SP Angel & Co                            187,000               3.1%


We have also been notified that following a disposal of 350,000 Shares in the
Company by Scottish Value Management Limited, its holding is now 485,000 Shares 
representing 8.1%.


LETTER FROM: SCOTTISH VALUE MANAGEMENT LIMITED