RNS Number:7532T
Merrill Lynch International
31 December 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                                                 Merrill Lynch International
Date of disclosure                                           31 December 2003
Date of dealing                                             30 December 2003
Telephone number                                             020 7996 3565
Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
30 December 2003
Chelsfield Plc - Common
AMENDMENT
state which element(s) of 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 should 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 derivatives 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 disclosure requirements see Rules 8 and 38 of the Code. If in doubt contact the Monitoring
Section of the Panel, Tel. No:0207 638 0129
                                                        FORM 38.5
        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
       Dealing in                                                  Chelsfield Plc
       Class of security                                           Common
       Date of disclosure                                          31 December 2003
       Date of dealing                                             30 December 2003
       Name of EMM                                                 Merrill Lynch International
       Name of offeree/offeror with whom connected                 Chelsfield Plc




       Number of securities purchased                               124,000
       Highest price paid*                                        GBP    3.07
       Lowest price paid*                                         GBP    3.06
       Number of securities sold                                   Nil
       Highest price paid*                                         n/a
       Lowest Price Paid*                                          n/a
       *Currency must be stated


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