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Friday 20 June, 2003

ING Bank N.V. London

Possible Counter-Proposal

ING Bank N.V. London Branch
20 June 2003

20th June, 2003

               Hamleys PLC ('Hamleys') - Possible Counter-Proposal

Children's Stores Holdings Limited ('Children's Stores'), the bid vehicle formed
by Tim Waterstone of Chelsea Stores Limited ('Chelsea Stores'), and its
financial partners note the making by Soldier Limited ('Soldier') of a
recommended cash offer of 205 pence per Hamleys share for the whole of the
issued and to be issued share capital of Hamleys.

Children's Stores has been in extensive discussions with the Independent
Directors of Hamleys and may make a counter-proposal to that of Soldier.

Tim Waterstone is the chairman and founder of Chelsea Stores, a private UK
children's retailer that trades under the name Daisy & Tom.  Daisy & Tom is a
lifestyle speciality retailing concept aimed at children aged 0-8 and their

It is not certain that a firm offer from Children's Stores will be forthcoming.
A further announcement from Children's Stores will be made in due course.

ING is acting as financial adviser to Children's Stores.

ING                                                    020 7767 1000
Fraser Marcus
Simon Newton

Bell Pottinger Financial                               020 7861 3232
Jonathon Brill
John Coles

The investment banking arm of ING Bank N.V., London Branch ('ING') is acting for
Children's Stores and for no one else in relation to the matters described in
this announcement and will not be responsible to anyone other than Children's
Stores for providing the protections afforded to clients of ING.

This announcement does not constitute an offer or an invitation to purchase any

                      This information is provided by RNS
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