RNS Number:7413N
JP Morgan Fleming Asset Mgmnt(UK)Ld
18 July 2003
                                                                    FORM 8.1/8.3


        Lodge with Company Announcements Office (which will publicise and copy
        to the Panel).

        Use separate form for each class of securities in which dealings have
        been made.


     Date of disclosure 18th July 2003


DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3

OF THE CITY CODE ON TAKE-OVERS AND MERGERS


Date of dealing     17th July 2003


Dealing in      Project Telecom Plc     (name of company)


        (1) Class of securities (eg ordinary shares)   Project Telecom Ord 2.5p

        (2) Amount bought

     0

        Amount Sold

     86,700

       Price per unit

     56.5 p


(3) Resultant total of the same class owned or controlled

(and percentage of class)      10,911,977     (     4.92     %)


(4) Party making disclosure    J.P. Morgan Fleming Asset Management (UK) Limited


(5) EITHER     (a) Name of purchaser/vendor (Note 1)

OR      (b) If dealing for discretionary client(s), name of fund management
organisation
                  J.P. Morgan Fleming Asset Management (UK) Limited

(6) Reason for disclosure (Note 2)

     (a) associate of      (i) offeror (Note 3)           NO

                          (ii) offeree company           NO


     Specify which category or categories of associate (1-8)


     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)      YES


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

(Also print name of signatory)      Sara Moth

Telephone and extension number      020 7325 5808


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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