RNS Number:7101S
GAM London Limited
1 December 2003

                                  Date of Disclosure   1ST DECEMBER 2003

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

Date of dealing    26TH NOVEMBER

Dealing in  CARLTON COMMUNICATIONS PLC ORD GBP 0.05        (name of company)

1)  Class of securities (eg ordinary shares)  ORDINARY SHARES

2)  Amount bought      Amount sold      Price per unit

     34,900                              2.275

PLEASE NOTE GAM LONDON LIMITED HAVE ALSO EXECUTED A CFD IN CARLTON
COMMUNICATIONS. SEE BELOW.

3)  Resultant total of the same class owned or controlled 
    (and percentage of class)   8,398,900                  (1.25%)


4) Party making disclosure       GAM LONDON LIMITED


5)  EITHER (a) Name of purchaser/vendor (Note 1)    
    OR     (b) if dealing for discretionary client(s), name of fund 
               management organisation
                                GAM LONDON LIMITED

6)  Reason for disclosure (Note 2)                                     
    (a) associate of (i) offeror (Note 3)                       YES
                    (ii) offeree company                        YES

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)  NO

Signed, for and on behalf of the party named in (4) above  N/A  

(Also print name of signatory)    STUART FOBBESTER

Telephone and extension number    0207 917 2358


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 which 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
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade 
         should be disclosed.

Note 7.  The resultant total percentage holding of the class of relevant
         security is to be calculated by reference to the percentage held and 
         in issue outside treasury.

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. Email: monitoring@disclosure.org.uk


FORM 8 ENCLOSURE

A PURCHASER OF A LONG CFD CONTRACT WILL REALIZE A GAIN IF THE PRICE OF THE 
UNDERLYING SECURITY GOES UP.  A SELLER OF A CFD CONTRACT WILL REALIZE A GAIN
IF THE PRICE OF THE UNDERLYING SECURITY GOES DOWN.

THE CFD CONTRACTS ARE OPEN-ENDED AND THERE IS NO ROLLOVER INTO NEW CONTRACTS.

CONTRACT FOR DIFFERENCES          DATE OF DISCLOSURE    1ST DECEMBER 2003

                                  GAM LONDON LIMITED

                                                NUMBER OF SHARES     REFERENCE
                                                                     (PENCE)

PRODUCT NAME                  DATE EXECUTED     BUY/SELL

LONG CFD

CARLTON COMMUNICATIONS PLC
ORD.CFD                          26-11-03      BUY 34,900            2.2773






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