RNS Number:7537N
Standard Life Investments
21 July 2003

                                                                    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


21 Jul 2003



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



Date of dealing


18 Jul 2003



Dealing in (name of company)


Project Telecom



1. Class of securities (eg ordinary shares)


Ordinary GBP0.0025



2.


Amount bought                      Amount sold                        Price per unit - GBP

                                   500,000                            0.600000

                                   205,000                            0.585000



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


2,475,876                                              1.11%



4. Party making disclosure


Standard Life Investments




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






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


Standard Life Investments



6. Reason for disclosure (Note 2)






(a) associate of



(i)  offeror (Note 3)



NO



(ii) offeree company



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)



YES



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



(Also print name of signatory)


Graeme Brogan



Telephone and Extension number


0131 245 6826


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