SAR - SVM OFEX Fund

FORM SAR 3
Lodge with Company Announcements Office and the Takeover Panel.
A copy must also be sent to the company the shares of which are acquired.
Date of disclosure
27 September 2002                                                      
DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')
Date of acquisition
26 September 2002                                                      
Acquisition in (name of company)
SVM OFEX Fund plc                                                      
1. Class of voting shares (eg ordinary shares)
Ordinary shares                                                        
Number of shares/rights over shares acquired
500,000                    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)
1,145,000                            21 %                              
Resultant total holding of rights over shares (and % of total voting shares in issue)

Total percentage
21 %                                                                   
3. Party making disclosure
SVM OFEX Fund plc                                                      
4. (a) Name of person acquiring shares or rights over shares
Scottish Value Management Limited                                      
and, if different, beneficial owner

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

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

(Also print name of signatory)
Carolina Viola                                                         
Telephone and extension number
0131 226 6699                                                          
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.