BW20030730002020  20030730T094635Z UTC


( BW)(HARGREAVE-HALE-LIMITED)(GBR) Rule 8 Disclosure

    Business Editors
    UK REGULATORY NEWS

    LONDON--(BUSINESS WIRE)--July 30, 2003--

Date of disclosure: 30/07/03

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

Date of dealing: 29/07/03

Dealing in:      GB Railways Group Plc               (name of company)

(1)  Class of securities (eg ordinary shares): Ordinary Shares

(2)  Amount bought           Amount sold              Price per unit
                                                                               
     NIL                     12,500                   303 pence


(3)  Resultant total of the same class owned or controlled
     (and percentage of  class): 508476       (5.81%)

(4)  Party making disclosure: Hargreave Hale Limited

(5)  EITHER     (a)Name of purchaser/vendor (Note 1)
     OR         (b)If dealing for discretionary client(s), name of fund 
                   management organisation

..................................Hargreave Hale Limited


(6)  Reason for disclosure (Note 2)
     (a) associate of (i)  offeror (Note 3):   NO
                      (ii) offeree company :   YES                                                                                

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

     If category (8), explain...............2&6.......................

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

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

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

(Also print name of signatory): David Clueit

Telephone and extension number: 01253 621575
                                                
Note 1. Specify owner, not nominee or vehicle company. If relevant,
also identify controller of owner, eg where an owner normally acts on
instructions of a controller.

Note 2. Disclosure might be made for more than one reason; if so,
state all reasons.

Note 3. Specify which offeror if there is more than
one.

Note 4. When an arrangement exists with any offeror, with the offeree
company or with an associate of any offeror or of the offeree company
in relation to relevant securities, details of such arrangement must
be disclosed, as required by Note 6 on Rule 8.

Note 5. It may be necessary, particularly when disclosing derivative
transactions, to append a sheet to this disclosure form so that all
relevant information can be given.

Note 6. In the case of an average price bargain, each underlying trade
should be disclosed.

For full details of disclosure requirements, see Rule 8 of the Code.
If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129. E-mail:monitoring@disclosure.org.uk

   Short Name: Hargreave Hale Limited
   Category Code: DCC
   Sequence Number: 00007749
   Time of Receipt (offset from UTC): 20030730T104500+0100

    --30--ac/uk*

    CONTACT: Hargreave Hale Limited

    KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BANKING
    SOURCE: Hargreave Hale Limited

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