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Scottish Value Tst (HAST)

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Thursday 22 March, 2001

Scottish Value Tst

Merger Update

Scottish Value Trust PLC
22 March 2001

                       Scottish Value Trust plc ('SVT')

     Recommended Merger Offer (the 'Merger Offer') for Warrants and Value
                        Investment Trust plc ('WAVIT)'


            Level of Acceptances and Extension of the Merger Offer

The directors of SVT announce that by 3.00pm on 21 March 2001, being the first
closing date of the Merger Offer, SVT had received valid acceptances of the
Merger Offer in respect of 58,397,669 WAVIT Shares, representing 88.31% of
WAVIT's issued share capital.

In addition, the directors of SVT announce that SVT is extending the Merger
Offer to 3.00pm on Wednesday, 4 April 2001. WAVIT Shareholders who wish to
accept the Merger Offer but have not already done so should return their
completed Form of Acceptance as soon as possible.

Enquiries:
Scottish Value Trust plc                      Simon McClean 0131 226 6699
Warrants and Value Investment Trust plc       Senator Ross 00 353 1 2950276
Scottish Value Management Limited             Colin McLean 0131 226 6699

Notes:


        1.     Of the acceptances referred to above, valid acceptances in
        respect of 5,205,000 WAVIT Shares (representing approximately 7.87% of
        WAVIT's issued share capital) have been received from SVT Directors,
        Scottish Value Management (Ireland) Limited and Master Value Fund, a
        discretionary client of SVM, who are deemed to have been acting in
        concert with SVT, as described in the merger document dated 28
        February 2001.

        2.     The persons referred to above, who are deemed to have been
        acting in concert with SVT, held on 27 February 2001, the date prior
        to the commencement of the offer period, 5,205,000 WAVIT Shares
        (representing approximately 7.87% of WAVIT's issued share capital).

        3.     Save as disclosed herein, neither SVT nor any person deemed to
        acting in concert with SVT held any WAVIT Shares on 27 February 2001,
        the date prior to the commencement of the offer period, or have
        acquired or agreed to acquire any WAVIT Shares (or rights over WAVIT
        Shares) during the offer period.


                                             

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