FORM 8.1/8.3

Lodge with an RIS and Newstrack, if appropriate, and the Takeover Panel.

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

Date of disclosure: 22/01/2004

               DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3                

                   OF THE CITY CODE ON TAKEOVERS AND MERGERS                   

Date of dealing: 21/01/04

Dealing in Inter Alliance Group PLC (name of company)

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

(2) Amount bought           Amount sold                Price per unit          
                                                                               
                            500,000                    �0.0317                 
                                                                               

(3) Resultant total of the same class owned or controlled (and percentage of
class) 18,500,000 (2.04%)

(4) Party making disclosure Dresdner Kleinwort Wasserstein Securities Limited

(5) EITHER (a) Name of purchaser/vendor (Note 1) Dresdner Kleinwort Wasserstein
Securities Limited

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

(6) Reason for disclosure (Note 2)

(a) associate of:

(i) offeror (Note 3) (please advise Yes or No) No

(ii) offeree company (please advise Yes or No) No

Specify which category or categories of associate (1-8 overleaf):

If category (8), explain: n/a

(b) Rule 8.3 (ie disclosure because of ownership or control of 1% or more of
the class of relevant securities dealt in) (please advise Yes or No) Yes

(Also print name of signatory): Clare Chatfield

Telephone and extension number: 0207 475 5890



END