RNS Number:2501I
Deutsche Bank AG London
04 March 2003

                                 EMM DISCLOSURE

                                                             FORM 38.5 (SUMMARY)

Lodge with a RIS and the Takeover 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 Deutsche Bank AG London



Date of disclosure 04/03/03




Contact name Kelly-Jade Ledwich




Telephone number 0207 545 7804




Please see attached disclosure of dealings under Rule 38.5 in the securities
of the following companies:


Thistle Hotels plc



AMENDMENT

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous 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 the disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Monitoring Section of the Panel, Tel. No: 020 7638 0129.
Email: monitoring@disclosure.org.uk

                                                                       FORM 38.5

CONNECTED EXEMPT MARKET-MAKERS:

DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in (name of company) Thistle Hotels plc




Class of security Ordinary




Date of disclosure 04/03/03




Date of dealing 03/03/03




Name of EMM Deutsche Bank AG London




Name of offeree/offeror with whom connected Thistle Hotels plc




Total number of securities purchased 873,850




Highest price paid* #1.165




Lowest price paid*#1.15




Total number of securities sold 800,000




Highest price received* #1.165




Lowest price received*#1.16384




*Currency must be stated






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