SAR - Dowding & Mills plc

FORM SAR 3 Lodge with a RIS or Newstrack if appropriate and the Takeover Panel. A copy must also be sent to the company the shares of which are acquired. Date of disclosure 15 April 2003 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs") Date of acquisition 11 April 2003 Acquisition in (name of company) Dowding & Mills Plc 1. Class of voting shares (eg ordinary shares) Ordinary shares Number of shares/rights over shares acquired 21,931,514 Shares - Rights If rights over shares acquired, as opposed to the shares themselves, specify nature of rights - 2. Resultant total holding of voting shares (and % of total voting shares in issue) 27,689,541 17.97 % Resultant total holding of rights over shares (and % of total voting shares in issue) - -% Total percentage 17.97% 3. Party making disclosure Progressive Value Management Limited 4. (a) Name of person acquiring shares or rights over shares Progressive Value Management Limited and, if different, beneficial owner Second Advance Value Realisation Company Limited - Please note that this acquisition is conditional on this company being listed on the London Stock Exchange (b) Names of any other persons acting by agreement or understanding (see SAR 5) Progressive Value Management Limited is investment manager to Advance Value Realisation Company Limited which is the beneficial owner of 5,758,027 ordinary shares in Dowding & Mills plc. Signed, for and on behalf of the party named in (3) above ANTHONY LEE (Also print name of signatory) ANTHONY LEE Telephone and extension number 020 7490 4355 Note. 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. 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. Email:monitoring@disclosure.org.uk