Rule 8 - Project Telecom

RNS Number:3837O
JP Morgan Fleming Asset Mgmnt(UK)Ld
06 August 2003


                                                                    FORM 8.1/8.3


        Lodge with Company Announcements Office (which will publicise and copy
        to the Panel).

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


     Date of disclosure 6th August 2003

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


Date of dealing     5th August 2003


Dealing in      Project Telecom Plc     (name of company)


(1) Class of securities (eg ordinary shares)       Project Telecom Ord 2.5p

(2) Amount bought


     0



   Amount Sold

   2,500,000



   Price per unit


   69 p



(3) Resultant total of the same class owned or controlled
    (and percentage of class)      8,411,977     (     3.79     %)


(4) Party making disclosure      J.P. Morgan Fleming Asset Management (UK) Ltd



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

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

                  J.P. Morgan Fleming Asset Management (UK) Ltd


(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)


     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)      Stephane Clark


Telephone and extension number      020 7325 1429


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