FNET Future

RNS Number:8342D
Future Network PLC
18 May 2001


Dated: 17 May, 2001

                          THE FUTURE, NETWORK plc

                 Notification of Substantial Interest in Shares

The Future Network plc (LSE: FNET) received notification on 16 May 2001 that:

- Morgan Stanley Dean Witter & Co is interested, for the purposes of Part VI of
the Companies Act 1985 (as amended), in 36,692,578 ordinary shares in the 
capital of The Future Network plc ("the Relevant Shares"). This  interest
represents 25.6 per cent of the issued share capital of the Company and
comprises a security interest of 22.8 per cent (see below) and an additional
interest of 2.8 per cent of the issued share capital of the Company.

- Morgan Stanley & Co. Inc., a member of the Morgan Stanley Dean Witter group 
of companies, is interested, for the purposes of Part VI of the Companies
Act 1985 (as amended), in 32,725,538 of the Relevant Shares, representing  an
interest of 22.8 per cent of the issued share capital of the Company.

Of  that 22.8 per cent interest, Morgan Stanley & Co. Inc. is  interested  in
32,655,538 ordinary shares in the capital of the Company pursuant to a security
interest granted to Morgan Stanley & Co Inc. by Chris Anderson, the Chairman of
the  Company,  as  security for a loan from Morgan Stanley & Co  Inc  of  US$17
million  (seventeen million US dollars). Chris Anderson has informed the Company
that  approximately  US$7 million of that loan remains outstanding.   For
illustrative purposes, based on the closing share price of 80.5p on 17 May 2001,
and an exchange rate of US$1.00:#0.699 (being the mid-point spot exchange rate
at close of business on 17 May 2001) the outstanding loan balance is equivalent
to approximately 4.2 per cent of the issued share capital of the Company. The 
loan and security interest were entered into on 28 and 29 February 2000.

This disclosure is being given as Morgan Stanley & Co. Inc., as a US company,
is  not  an authorised credit institution within the UK or Europe. Accordingly
the interest held by Morgan Stanley & Co. Inc. is not regarded as  an  exempt
security  interest within the meaning set out in section 209 of the  Companies
Act 1985 (as amended).

Chris  Anderson remains beneficially interested in the 32,655,538 ordinary
shares in  the  capital  of the Company, subject to Morgan Stanley & Co Inc's 
security interest.  In aggregate, Chris Anderson is beneficially interested in
36,680,537 ordinary  shares in the capital of the Company, representing 25.6 per
cent of the Company's issued. share capital.

Morstan Nominees Limited is the registered holder of 34,624,522 of the Relevant
Shares.  The  identity or the registered holder(s) of the  remaining  Relevant
Shares is not known.


For more information:

Rob Day, Group Counsel
The Future Network plc                   01225 442244

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