GSC Gs Chain Plc

RNS No 0763j
GERMAN SMALLER COMPANIES INVESTMENT TRUST PLC
15th March 1999

LETTER TO: 
German Smaller Companies Investment Trust Plc

Companies Act 1985 Section 198 disclosure notice


In compliance with Part VI of the above mentioned Act, and
subsequent to the merger of United Friendly Group plc and Refuge Group plc, I
write to inform of United Assurance Group plc's new combined shareholding in
German Companies Investment Trust plc ordinary 25p shares.

Following disposals on 10 March 1999 at a price of #1.37 per share, we now have
a holding of NIL ordinary 25p shares. This takes our % of the share capital from
4.04% to 0.00%.

Please note that we have also disposed of 320,000 Warrants to Subscribe for
ordinary 25p shares.  This represents a disposal of our entire holding of
Warrants. 

Registered Shareholder                  Sale      Holding      %

MSTC Nominees Limited                 1,600,000       0       0.00

TOTAL                                 1,600,000       0       0.00

IF YOU REQUIRE ANY FURTHER INFORMATION PLEASE DO NOT HESITATE TO CONTACT ME ON
0171 506 6611.

FROM: Chris Grove
Securities Supervisor
United Assurance Group plc


END

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