The Board of SVM OFEX Fund plc (the "Company") notes the recent publication by
the FSA of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003. In accordance with the Company's objectives, it is the
Company's policy to invest no more than 15% of its gross assets in other listed
investment companies (including listed investment trusts).

Contact: Donald W Robertson / Carolina A Viola

SVM Asset Management Limited

0131 226 6699



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