FORM 38.5 (DERIVATIVE)

          DEALINGS IN DERIVATIVES BY CONNECTED EXEMPT PRINCIPAL TRADERS
              (Rule 38.5 of The City Code on Takeovers and Mergers)
                                        
                                        
Name of exempt principal trader   Lehman Brothers International (Europe)
                                  
Company dealt in                    Collins Stewart Tullet Plc

Description of all derivative       Short Total Return Swap
products disclosed on this form     
                                    

Relevant  security  to  which  the  Ordinary Shares
derivative is referenced

Name  of offeree/offeror with whom  Collins Stewart Tullet Plc
connected                           
                                    

Nature of connection #              Connected Adviser

Full details of any agreement,      None
arrangement or understanding
between the person disclosing and
any other person relating to the
voting rights or future
acquisition or disposal of any
relevant securities to which any
derivative referred to on this
form is referenced.  If none, this
should be stated.

Date of dealing                     19th August 2005


WRITING/ENTERING INTO A DERIVATIVE

Product    Transaction   Writing        Number of          Reference     Maturity
name eg    date          entering into  securities to      price         date
long CFD                (indicate as    which the          (currency
                         applicable)    derivative is      must be
                                        referenced         Stated)
                                                       
Long Contract  19/08/05    Writing        N/A              N/A              N/A  
For difference                                                

Long Total     19/08/05    Writing        N/A              N/A              N/A  
Return Swap                                                         

Short Contract 19/08/05    Writing        N/A               N/A             N/A  
For Difference                                                          

Short Total    19/08/05    Writing        3,806             6.24 to         N/A  
Return Swap                                                 6.21 (GBP)        

CLOSING OUT A DERIVATIVE

Product    Transaction   Number of securities to     Reference   Closing out
name       on date       which the derivative is     price       price
eg long                  referenced                  currency    (currency
CFD                                                  must be     must be stated
                                                     stated)    

Long Contract   19/08/05    N/A                      N/A         N/A   
for Difference                                                        

Long Total  
Return Swap     19/08/05    N/A                      N/A         N/A 
                                                                      
                                                                   
Short Total     19/08/05    N/A                      N/A         N/A   
Return Swap                                                                   

Short Contract   19/08/05    N/A                     N/A         N/A   
for Difference                                                        
                                                                 
Date of disclosure             22nd August 2005

Contact name                   Anthony Allen

Telephone number               020-7102-2094


#See the definition of "connected fund managers and principal traders" in the  Definitions Section of the Code.

For  details of the Code's dealing disclosure requirements, see Rules 8 and 38.5 and  their  Notes  which  can  be 
viewed on the  Takeover  Panel's  website  at www.thetakeoverpanel.org.uk.


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