Rule 8 - Property Fd Mgmt Plc

RNS Number:1699C
Merrill Lynch Investment ManagersLd
20 August 2004

                                                                    FORM 8.1/8.3


Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.  Use a
separate form for each class of securities in which dealings have been made.


Date of Disclosure

............20th August 2004..................


DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3 OF THE CITY CODE ON TAKEOVERS
AND MERGERS


Date of dealing

............19th August 2004..................


Dealing in (name of company)

............Property Fund Management plc...............


1. Class of securities (eg ordinary shares)

............5p Ordinary Shares.....................


2.

Amount                     Amount                   Price
Bought                     Sold                     Per unit

                           1,453,447                148p

3. Resultant total of the same class owned or controlled (and percentage of
class)

.....Nil....


4. Party making disclosure

.........Merrill Lynch Investment Managers Group Limited.........


5. EITHER (a) Name of purchaser / vendor (Note 1)

...............................................................


OR (b) if dealing for discretionary client(s), name of fund management
organisation

.........Merrill Lynch Investment Managers Group Limited......


6. Reason for disclosure (Note 2)

...............................................................

(a) associate of

(i)  offeror (Note 3)

XXX / NO


(ii) offeree company

XXX / NO


Specify which category or categories of associate (1-8 overleaf)

...............................................................


If category (8), explain

...............................................................


(b) Rule 8.3 (ie disclosure because of ownership or control of 1% or more of the
class of relevant securities dealt in)

XXX / NO


Signed, for and on behalf of the party named in (4) above

...............................................................


(Also print name of signatory)

......Katey Neate....................................


Telephone and Extension number

......020 7964 5641...........................



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