EMM Disclosure

RNS Number:4099M
Arbuthnot
17 June 2003

                                                             FORM 38.5 (SUMMARY)

Lodge with Company Announcements Office 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. ARBUTHNOT

Date of disclosure. 17 June 2003

Contact name. Richard Kemp

Telephone number 0207 002 4643

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

Ryland Group

Merivale Moore

AMENDMENT

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous disclosure was incorrect:

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

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

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

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. Ryland Group


Class of security. Ordinary

Date of dealing 16 June 2003



Name of EMM. ARBUTHNOT


Name of offeree/offeror with whom connected Ryland Group


Total number of securities purchased 13000


Highest price paid* GBP 138p


Lowest price paid* GBP  138p




Total number of securities sold.



Highest price received* GBP



Lowest price received* GBP

*Currency must be stated





















FORM 38.5

CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS


Dealing in. Merivale Moore


Class of security. Ordinary

Date of dealing 16 June 2003



Name of EMM. ARBUTHNOT


Name of offeree/offeror with whom connected Merivale Moore


Total number of securities purchased 2000


Highest price paid* GBP 167p


Lowest price paid* GBP  167p




Total number of securities sold.



Highest price received* GBP



Lowest price received* GBP

*Currency must be stated




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

EMMEAEKXFANDEFE