RNS Number:2559I
Collins Stewart Limited (EMM)
04 March 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..Collins Stewart Limited....................................

Date of disclosure..4th March 2003....................................

Contact name...Tanya Hailes................

Telephone number..0207 523 8296...........................................

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

BFS Managed Properties Limited.........................................

........................................................................

........................................................................

........................................................................

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 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 derivative
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












FORM 38.5

CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in...BFS Managed Properties Limited..........(name of company)

Class of security. Ordinary GBP 0.25...............................

Date of disclosure..4th March 2003...............................

Date of dealing..3rd March 2003..................................

Name of EMM.Collins Stewart Limited.................................

Name of offeree/offeror with whom connected.BFS Managed Properties Ltd

Total number of securities purchased. 5,000..........

Highest price paid* 9p.............................................

Lowest price paid* 9p.........................................

Total number of securities sold.........nil.......................

Highest price received*................0p.........................

Lowest price received*.................0p..........................



*Currency must be stated





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