RNS Number:5740M
ISIS Asset Management PLC
20 June 2003

                                                                      FORM SAR 5

                                       Date of disclosure    20TH JUNE 2003

             DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING
                     SUBSTANTIAL DISPOSAL OF SHARES ("SARs")

                 
Date of sale    19TH JUNE 2003

Sale of   AUSTIN REED GROUP PLC (name of company)


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

    ORDINARY SHARES 25P              2,200,000 shares    .....................

                              ........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)
                                                       
    2,580,066     (     %)    ...............(    %)    8.203%


(3) Party making disclosure    ISIS ASSET MANAGEMENT

(4)  (a)  Name of person selling shares or rights over shares ..............
          and, if different, beneficial owner............................... 

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


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

(Also print name of signatory)    PETER TAYLOR

Telephone and extension number    PLEASE CONTACT NEIL ANDERSON FOR ANY QUERIES 
                                  ON 0131 465 1263


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, 
Tel. No: 020 7382 9026.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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