RNS Number:6682O
ISIS Asset Management PLC
14 August 2003


                                                      FORM SAR 5


                                       Date of disclosure      14 AUGUST 2003

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

                 
Date of sale      12TH AUGUST 2003

Sale in           INVESTORS CAPITAL TRUST 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 1P        1,100,000...... shares    .....................
                              ................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)

    44,697,999                ...............(    %)    17.79%


(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)      DOUGLAS STEWART

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
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