EMM Disclosure

RNS Number:1049Z
Dresdner Klein. Wasserstein Secs Ld
25 July 2002


                                                             FORM 38.5 (SUMMARY)


Lodge with RNS and the Panel.

Use a separate form for each class of securities in which dealings have been
made.




CONNECTED EXEMPT MARKET-MAKERS:


DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS




Name of EMM:     Dresdner Kleinwort Wasserstein Securities Limited



Date of disclosure:            25 July 2002


Contact name:            Andrew French


Telephone number:            020 7475 6242




Please see attached disclosure of dealings under Rule 38.5 in the securities of
the following companies:



Budgens plc




In the case of option business or dealings in derivatives full details should be
given on a separate sheet so that the nature of the dealings can be fully
understood. For options this include the number of securities under option, the
exercise period (or in the case of exercise, the exercise date), the exercise
price and any option money paid or received.  For derivative this should
include, at least, the number of reference securities to which they relate (when
relevant), the maturity date (or if applicable the closing out date) and the
reference price.



For full details of the disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Monitoring Section of the Panel, Tel. No: 020 7638 0129.




                                   FORM 38.5



CONNECTED EXEMPT MARKET-MAKERS:

DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS



Dealing in:             Budgens plc

Class of security:            Ordinary 10p shares

Date of disclosure:            25 July 2002

Date of dealing:            24 July 2002



Name of EMM:    Dresdner Kleinwort Wasserstein Securities Limited


Name of offeree/offeror
with whom connected:            Budgens plc



Total number of securities purchased:      1,119


Highest price paid (GBP): 1.3376


Lowest price paid (GBP):     1.3376



Total number of securities sold:   100


Highest price received (GBP): 1.3424



Lowest price received (GBP): 1.3424



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