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Friday 25 February, 2005

Asset Value Investrs

SAR - JPMorganFlemJapSmllr

Asset Value Investors Ltd
25 February 2005

                                                        FORM SAR 3


                                       Date of disclosure... 25 FEBRUARY 2005

                 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ('SARs')

                 
Date of acquisition.... 25 FEBRUARY 2005 ...................................

Acquisition in..JP MORGAN FLEMING JP SM COS-O (SEDOL 0316581) (name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares acquired      acquired, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ORDINARY SHARES           ... 375,000 ....shares    ....... N/A ...........
                              ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    15.93%                           N/A                   15.93%


(3) Party making disclosure.. ASSET VALUE INVESTORS LTD   

(4)  (a)  Name of person acquiring shares or rights over shares ......
          ......ASSET VALUE INVESTORS LTD 
          and, if different, beneficial owner....(SEE SCHEDULE BELOW) ......... 

                                         
      Registered Holder                  Number       Beneficial Holder

      Chase Nominees                     3,374,914    British Empire Securities
      BoNY Nominees                      542,289      AVI Value Fund LCC
      State Street Nominees              257,300      Carnegie Corporation
      BoNY Nominees                      216,242      AVI Global Fund
      Chase Nominees                     201,352      Rockefeller University
      Nortrust Nominees                  1,571,450    Yale University
      Euroclear Nominees Crest 56XKK     68,223       LNSI
      Mellon Nominees (UK) Ltd           83,809       Columbia

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


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

(Also print name of signatory)........ JOHN PENNINK  (CHIEF EXECUTIVE)......

Telephone and extension number........ 020 7647 2900 .......................

Note 1. 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.

Note 2: The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

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. E-mail: monitoring@disclosure.org.uk







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