Holding in Company

SVM Ofex Fund PLC
24 October 2000


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

SVM OFEX FUND PLC


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

SCOTTISH VALUE MANAGEMENT LIMITED


3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

BENEFICIAL INTEREST


4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

AS ABOVE


5)   Number of shares/amount of stock acquired.

-

6)   ( N/A %) of issued Class



7)   Number of shares/amount of stock disposed

100,00


8)   ( 1.6 %) of issued Class



9)   Class of security

ORDINARY SHARES


10)  Date of transaction

24 OCTOBER 2000


11)  Date company informed

24 OCTOBER 2000


12)  Total holding following this notification

385,000
               
              
13)  Total percentage holding of issued class following this notification

6.4%


14)  Any additional information

THE ISSUED SHARE CAPITAL OF SVM OFEX FUND PLC IS 6,000,000 ORDINARY SHARES


15)  Name of contact and telephone number for queries

CAROLINA VIOLA      0131 226 6699


16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification ... 24 OCTOBER 2000 ........................