Rule 8.3 - UNITED CLEARING

    Trafalgar Asset Managers Ltd.

FORM 8.3

DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

(Rule 8.3 of the City Code on Takeovers and Mergers)

1. KEY INFORMATION

Name of person dealing  (Note 1)                             TRAFALGAR
                                                               ASSET
                                                              MANAGERS
                                                              LTD
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Company dealt in                                             United
                                                              Clearing
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Class of relevant security to which the dealings being       CFD
 disclosed relate (Note 2)
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Date of dealing                                              25th
                                                              January
                                                              2006
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2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)
                                                       Long     Short
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                                                  Number        Number


                                                   (%)




                                                                 (%)
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(1) Relevant securities
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(2) Derivatives (other than options)              300,440 1.68 %
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(3) Options and agreements to purchase/sell
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Total                                             300,440 1.68 %
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(b) Interests and short positions in relevant securities of the company, other
than the class dealt in (Note 3)
               Class of relevant security:                 Long Short
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                                                          NumberNumber






                                                           (%)
                                                                 (%)
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(1) Relevant securities
----------------------------------------------------------------------
(2) Derivatives (other than options)
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(3) Options and agreements to purchase/sell
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Total
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(c) Rights to subscribe (Note 3)

Class of relevant security:                                    Details
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3. DEALINGS (Note 4)

(a) Purchases and sales

Purchase/sale                                        Number of  Price
                                                      securities per
                                                                 unit
                                                                 (Note
                                                                 5)
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(b) Derivatives transactions (other than options)

Product name,                             Long/shortNumber of  Price
e.g. CFD                                   (Note 6)  securities per
                                                     (Note 7)   unit
                                                                (Note
                                                                5)
----------------------------------------------------------------------
CFD                                       LONG                 1.1475
                                                       250,000
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(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Product   Writing,    Number of  ExerciseType, e.g.ExpiryOption money
 name,     selling,    securitiesprice    American,date  paid/received
e.g. call  purchasing, to which           European        per unit
 option    varying     the option         etc.            (Note 5)
           etc.        relates
                       (Note 7)
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(ii) Exercising

Product name, e.g. call option                     Number of  Exercise
                                                    securities price
                                                               per
                                                               unit
                                                               (Note
                                                               5)
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(d) Other dealings (including new securities) (Note 4)

Nature of transaction (Note 8)                     DetailsPrice per
                                                           unit (if
                                                           applicable)
                                                           (Note 5)
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4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between
 the person disclosing and any other person relating to the voting
 rights of any relevant securities under any option referred to on
 this form or relating to the voting rights or future acquisition or
 disposal of any relevant securities to which any derivative referred
 to on this form is referenced.  If none, this should be stated.
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Is a Supplemental Form 8 attached? (Note 9) NO

Date of disclosure                                      26 January
                                                         2005
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Contact name                                            JONATHAN WARD
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Telephone number                                        0207-499-1234
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If a connected EFM, name of offeree/offeror with which
 connected
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If a connected EFM, state nature of connection (Note 10)
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Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk