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Scottish Value Tst (HAST)

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Friday 30 March, 2001

Scottish Value Tst

Merger Update

Scottish Value Trust PLC
30 March 2001

                       Scottish Value Trust plc ('SVT')

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

                      Formula Asset Values and Admission

The directors of SVT announce that the Formula Asset Value ('FAV') of a SVT
Share and a WAVIT Share were calculated as at close of business on 29 March
2001 and reviewed by the auditors to each company on 30 March 2001. The FAV of
a WAVIT Share was 63.57p per share and the FAV of a SVT Share was 203.42p.

Under the Merger Offer a holder of 1,000 WAVIT Shares will receive 312 new SVT
Shares.

The formal notice of Admission under Listing Rule 7.1 in respect of the new
SVT Shares is expected to be made on 9 April 2001 by the UK Listing Authority
and that dealings in the new SVT Shares are expected to begin at 9am on 9
April 2001.

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


                                                                                
     

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