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Undervalued Assets (SVU)

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Friday 26 September, 2003

Undervalued Assets

Purchase of Own Securities

Undervalued Assets Trust plc announces that on 26 September 2003 it purchased
for cancellation 100,000 of its Ordinary Shares in the market at a price of
111.5 pence per share.

The current issued share capital of Undervalued Assets Trust plc is 58,497,324
Ordinary Shares.


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