Interim Results

SVM Ofex Fund PLC
26 April 2001





SCOTTISH VALUE MANAGEMENT OFEX FUND PLC

Results for the period from 4 October 2000 to 31 March 2001



KEY POINTS

  * Net asset value outperformed benchmark (FTSE Fledgling Index) by 2.8% -
    NAV decreased by 1.6% to 95.5p per share, compared to a 4.4% drop in the
    Company's benchmark index

  * Fund 45% invested - At end of March 2001, just under 45% of the funds
    raised at launch had been invested. This figure is now in excess of 50%.
  *

  * Focus on companies with scaleable business model - Careful investment in
    companies with a particular market niche has delivered good returns, such
    as Dawmed

  * Investment in key growth areas - The Fund continues to invest in key
    growth areas such as business services, IT and new media, including
    companies such as TEG Environmental and Red Squared

  * Unlisted companies - In an active private placing market, the Fund has
    been able to use its flexibility to invest in unlisted companies which
    have the potential to float, for example, Ludgate 181, Fotolec and Boxmind





Ends



For further information, please contact:

David Stevenson          Scottish Value Management       0131 226 6699

Roland Cross             Broadgate Marketing             020 7726 6111









                              SVM OFEX FUND PLC


                             CHAIRMAN'S STATEMENT

             For the period from 4 October 2000 to 31 March 2001




Over the approximately six months under review, which covers the period since
the Company's inception, the net asset value per share decreased by 1.6% to
95.5p. Over the same period, the benchmark index, the FTSE Fledgling Index,
fell by 4.4%. At the end of March, just under 45% of the funds raised at
launch had been invested. This slower than expected pace of investment has
been justified by subsequent events. Under current market conditions, the
Company's remaining cash will continue to be invested on a selective basis.


A broad spread of sectors is already represented within the portfolio. In each
case, the focus is on companies which have a scaleable business model, likely
to drive rapid turnover and profits growth. This will most likely follow from
dominance of a particular market niche, or agreements with established trade
partners which can accelerate market penetration. An example is healthcare
equipment manufacturer, Dawmed, which has 30% of the UK's installed base of
washer/disinfectors for hospital instruments. Dawmed listed on OFEX at the end
of January and the shares have since performed very strongly. Other sector
exposures include growth areas such as business services, IT and new media, as
well as selective opportunities in industrial processing technologies.
Examples include TEG Environmental, Red Squared, Interactive Agency and
Spectrum Technologies.


In an active private placing market, the Company has also been able to use its
flexibility to invest in unlisted companies which have the potential to float
within a reasonable timescale. Investment fund, Ludgate 181, specialist
lighting manufacturer, Fotolec, and academic multi-media business, Boxmind,
are examples.


Despite the fall over the period in the Company's benchmark, the OFEX market
has remained relatively robust. This pattern was reflected in the strength of
a number of holdings within the portfolio, which, together with support from
underlying cash, generated a respectable outperformance by the Company over
the period under review. Your Board is encouraged by the potential of the
portfolio investments made to date, and believes that there continue to be
attractive opportunities within the OFEX market for further investment.




Peter Dicks

Chairman

26 April 2001






SVM OFEX FUND PLC cont'd/...2

Summarised Statement of Total Return



                                                Revenue     Capital       Total
                                                  £'000       £'000       £'000
Gains on sale of investments                          -           7           7
Movement in unrealised appreciation                   -       (217)       (217)
                                               --------    --------    --------
Gains on investments                                  -       (210)       (210)

Income                                              152           -         152
Investment management fees                            -        (23)        (23)
Other expenses                                     (11)           -        (11)
                                               --------    --------    --------
Return on ordinary activities before taxation       141       (233)        (92)
Taxation                                              -           -           -
                                               --------    --------    --------
Transfer to reserves                                141       (233)        (92)
                                                  =====       =====       =====

Return per ordinary Share                         2.35p     (3.89p)     (1.54p)




Balance Sheet                                                             as at
                                                                       31 March

                                                                           2001
                                                                          £'000

Investments                                                               2,373
Net current assets                                                        3,355
                                                                    -----------
Ordinary shareholders funds                                               5,728
                                                                         ======

Net asset value per ordinary share                                       95.46p



Notes


        1.     The above results cover the period from incorporation on 4
        October 2000 to 31 March 2001. The results reflect the adoption in the
        accounts of the Statement of Recommended Practice (SORP) issued by the
        Association of Investment Trust Companies.


        2.     Returns per Ordinary Share are based on 6,000,000 shares in
        issue during the period. The number of shares in issue at 31 March
        2001 was 6,000,000.


        3.     The above figures do not constitute full accounts in terms of
        Section 240 of the Companies Act 1985. The interim report will be
        mailed to shareholders towards the end of April 2001. Copies will be
        available for inspection at 7 Castle Street, Edinburgh, the registered
        office of the Company.