Rule 8.3- Belhaven Group

RNS Number:9002R
Standard Life Investments
28 September 2005

                                                                        FORM 8.3


   DEALINGS BY PERSONS WHO OWN OR CONTROL 1% OR MORE OF ANY CLASS OF RELEVANT
                                    SECURITY
              (Rule 8.3 of The City Code on Takeovers and Mergers)


Name of purchaser/vendor *                      Standard Life Investments

Company dealt in                                Belhaven Group

Relevant security dealt in                      Ord GBP0.10

If a connected EFM, name of offeree/offeror     No
with which connected

If a connected EFM, nature of connection #      No

Date of dealing                                 23 Sep 2005


DEALINGS +


Amount bought                                   Price per unit (currency must 
                                                be stated)


Amount sold                                     Price per unit (currency must 
                                                be stated)

496,232                                         GBP6.25


Resultant total amount and percentage of the    252,365             0.84%
same relevant security owned or controlled


IS A SUPPLEMENTAL FORM 8 (DERIVATIVE)/FORM 8 (OPTION) ATTACHED?           NO


Date of disclosure                              28 Sep 2005

Contact name                                    Robbie Storrie

Telephone number                                [phone]

*    Specify the owner or controller in addition to the person dealing.  The
     naming of nominees or vehicle companies is insufficient.  In the case of
     disclosure of dealings by fund managers on behalf of discretionary clients, 
     the clients need not be named.

#    See the definition of "connected fund managers and principal traders" in 
     the Definitions Section of the Code.

+    If disclosing dealings/holdings in derivatives or options, please attach     
     Supplemental Form 8 (Derivative) or Supplemental Form 8 (Option), as
     appropriate.

For details of the Code's dealing disclosure requirements, see Rule 8 and its
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.


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