EMM Disclosure

RNS Number:5278R
Morgan Stanley Securities Ld(EMM)
31 October 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: Morgan Stanley Securities Limited.........

Date of disclosure: 31 October 2003..........................

Contact name: Paula Tilus...........................

Telephone number: 020 7677 3773.............................

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

Amersham Plc

Debenhams Plc

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: Amersham Plc.......................(name of company)

Class of security: Ordinary Shares..................................

Date of disclosure: 31 October 2003................................

Date of dealing: 30 October 2003....................................

Name of EMM: Morgan Stanley Securities Limited......................

Name of offeree/offeror with whom connected:  Amersham Plc (Offeree).....


Total number of securities bought: 0.........

Highest price paid*: # ....................

Lowest price paid*:  # ..................


Total number of securities sold:  340............

Highest price received*: # 7.37 ............

Lowest price received*:  # 7.37..............



Dealing in: Amersham Plc.......................

Class of security: Hedging against 'Actively Traded
Swaps'..................................

Date of disclosure:  31 October 2003................................

Date of dealing: 30 October 2003....................................

Name of EMM: Morgan Stanley Securities Limited......................

Name of offeree/offeror with whom connected:  Amersham Plc (Offeree).....


Product type short 'Actively Traded Swap' ("ATS")

Maturity Date: 5 August 2005

Writing of ATS Swap

Number of Ordinary Shares to which the ATS is referenced: 340

ATS reference price*: # 7.37..............



FORM 38.5

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


Dealing in: Debenhams Plc.......................(name of company)

Class of security: Ordinary Shares..................................

Date of disclosure: 31 October 2003................................

Date of dealing: 30 October 2003....................................

Name of EMM: Morgan Stanley Securities Limited......................

Name of offeree/offeror with whom connected:  CVC Capital Partners and Texas
Pacific Group (Offeror).....


Total number of securities bought: 250,000.....

Highest price paid*: # 4.66....................

Lowest price paid*:  # 4.66..................


Total number of securities sold: 0............

Highest price received*: # ............

Lowest price received*:  # .............



Dealing in: Debenhams Plc.......................

Class of security: Hedging against 'Actively Traded
Swaps'..................................

Date of disclosure:  31 October 2003................................

Date of dealing: 30 October 2003....................................

Name of EMM: Morgan Stanley Securities Limited......................

Name of offeree/offeror with whom connected:  CVC Capital Partners and Texas
Pacific Group (Offeror).....



Product type long 'Actively Traded Swap' ("ATS")

Maturity Date: 10 December 2004

Writing of ATS Swap

Number of Ordinary Shares to which the ATS is referenced: 250,000

ATS reference price*: # 4.66...............



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