Rule 8 - Merrydown Plc

    Hargreave Hale Limited

Date of disclosure: 17/02/05

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

Date of dealing: 26/02/05

Dealing in: Merrydown Plc (name of company)

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

(2) Amount bought             Amount sold              Price per unit
    NIL                       17,000                   165.5 pence

Executed in respect of a client induced sale.

(3) Resultant total of the same class owned or controlled (and percentage of
class): 310,000         1.4%

(4) Party making disclosure: Hargreave Hale Limited, an associate of Investec
    Bank(UK) 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 : 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:  T.Smith

(Also print name of signatory): Tracy Smith

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:[e-mail]