Rule 8 - (Project Telecom)

RNS Number:5677O
JP Morgan Fleming Asset Mgmnt(UK)Ld
12 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 12th 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     11th August 2003


Dealing in      Project Telecom     (name of company)


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

    2.5p



(2) Amount bought


     0

     Amount Sold


     1,247,133


     Price per unit


     69.05 p



(3) Resultant total of the same class owned or controlled

(and percentage of class)      5,157,744     (     2.32     %)


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


(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) 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)


     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)      Mukesh Halai


Telephone and extension number      020 7325 9925


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