Offer for Share Capital of Investment in Heritage

Artisan (UK) PLC 24 November 1999 Recommended Offer for the Entire Issued Share Capital of Investment in Heritage Plc And Additional Listing The Boards of Artisan (UK) plc ('Artisan') and Investment in Heritage Plc ('IIH') announce that they have agreed the terms of a recommended Offer for IIH to be made by Artisan. The consideration for IIH will be satisfied by the issue of 9,000,000 ordinary shares in Artisan. Pursuant to the articles and the conversion terms of the A Ordinary Shares in IIH, the exact terms of the Offer cannot be determined until the day on which the Offer becomes unconditional and will be determinable based on the market price of Artisan shares at that time. Investment in Heritage Plc is a BES residential property investment company. It's assets produce gross income of circa. £150,000 per annum. It is the intention of Artisan to liquidate these assets at the earliest opportunity and apply the proceeds raised to Artisan's own working capital requirements. The Offer is conditional on; the value of the net assets of IIH not being, when the Offer becomes unconditional, less than £1,040,000. valid acceptances being received in respect of not less than 51% in nominal value of the IIH shares to which the Offer relates; neither the proposed acquisition of IIH by Artisan nor any other matter arising from that acquisition being referred to any competition authority; admission of the Artisan shares to be issued to satisfy the Offer to trading on the Alternative Investment Market of the London Stock Exchange; the Directors of Artisan being reasonably satisfied that there has been no material adverse change in the financial position of IIH since 1 November 1999; IIH not having, before the Offer becomes unconditional, - issued or agreed to issue any additional shares of any class, or securities convertible into, or rights, warrants or options to subscribe for any shares; recommended, declared, paid or made any dividend or other distribution; entered into any transaction, contract or commitment (whether in respect of capital expenditure or otherwise) which is of an onerous or unusual nature; incurred any material indebtedness; entered into or varied the terms of any service agreement with any director of IIH; or taken any action or had any order made for its winding up, or for the appointment of a receiver, administrative receiver or administrator. The Directors of Artisan accept responsibility for the information contained in this announcement and to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. In addition today, the Company has issued a further 8,275,000 shares. These shares have been placed for cash at 12.5p each to raise £1,034,375 before expenses which the Directors intend will be used to fund, in part, the acquisitions announced in the Interim Results released on 11 November 1999. Application has been made to the Alternative Investment Market of the London Stock Exchange for the admission of the 8,275,000 new ordinary shares. The new ordinary shares will rank pari passu with the existing ordinary shares of the Company and it is anticipated that dealings will commence on 29 November 1999. Enquiries: Artisan (UK) plc 01480 436666 Stephen Dean, Chairman Mobile 0385 938 782 Seymour Pierce Ltd. 0171 648 8700 Richard Feigen/Sarah Wharry Boswell City Financial PR Ltd. 0171 583 2001 Glenda Boswell Mobile 0468 235 735