RNS Number:7133J
Merrill Lynch International
07 April 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                                           07 April 2003
Date of dealing                                              04 April 2003
Telephone number                                             020 7996 1038
Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:
04 April 2003
Thistle Hotels Plc - Ordinary
Waste Recycling Group Plc - Common
P & O Princess Cruises Plc - Ordinary
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: 0171 638 0129
                                                       CONNECTED EXEMPT MARKET-MAKERS:
                              DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
        Dealing in                                                  Thistle Hotels Plc
        Class of security                                           Ordinary
        Date of disclosure                                          07 April 2003
        Date of dealing                                             04 April 2003
        Name of EMM                                                 Merrill Lynch International
        Name of offeree/offeror with whom connected                 Thistle Hotels Plc
        Number of securities purchased                              2,258
        Highest price paid*                                        GBP    1.17
        Lowest price paid*                                         GBP    1.17
        Number of securities sold                                   Nil
        Highest price paid*                                         n/a
        Lowest Price Paid*                                          n/a
        *Currency must be stated
                                                         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                                                  Waste Recycling Group Plc
        Class of security                                           Common
        Date of disclosure                                          07 April 2003
        Date of dealing                                             04 April 2003
        Name of EMM                                                 Merrill Lynch International
        Name of offeree/offeror with whom connected                 Terra Firma Investments (GP) 2 Limited
        Number of securities purchased                              Nil
        Highest price paid*                                         n/a
        Lowest price paid*                                          n/a
        Number of securities sold                                   12,500
        Highest price paid*                                        GBP    2.58
        Lowest price paid*                                         GBP    2.58
        *Currency must be stated
                                                                                                       Rule 38.5 (CFD)
                                      CONNECTED EXEMPT MARKET-MAKERS / EXEMPT PRINCIPAL TRADERS:
                              DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
        Dealing in Contract for Differences ("CFD") referenced to P & O Princess Cruises Plc Ordinary
        Date of Disclosure:                                              07 April 2003
        Date of Dealing                                                  04 April 2003
        Name of EMM / EPT                                                Merrill Lynch International
        Name of offeree/offeror with whom connected                      Carnival Corp
        Product Type                                                     LONG CFD
        Maturity Date                                                    30 December 2003
        Writing of CFD
        Number of Ordinary to which the CFD is referenced                Nil
        CFD Reference Price Range                                        n/a
        Closing Out of CFD
        Number of Ordinary to which the CFD is referenced                13,315
        CFD Reference Price Range                                       7.03      to    7.03      USD
              Further Disclosure should be made where necessary so that the nature of the dealings can be fully
                                                         understood
                                                         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                                                  P & O Princess Cruises Plc
        Class of security                                           Ordinary
        Date of disclosure                                          07 April 2003
        Date of dealing                                             04 April 2003
        Name of EMM                                                 Merrill Lynch International
        Name of offeree/offeror with whom connected                 Carnival Corp
        Number of securities purchased                              191,917
        Highest price paid*                                        GBP    4.51
        Lowest price paid*                                         GBP    4.36
        Number of securities sold                                   201,593
        Highest price paid*                                        GBP    4.51
        Lowest price paid*                                         GBP    4.38
        *Currency must be stated


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