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Friday 04 July, 2003

Soldier Limited

Revised Offer Update

Soldier Limited
04 July 2003


Not for release, publication or distribution in, into or from the United States,
Canada, Australia or Japan


                          Revised Increased Cash Offer
                                       by
                             KPMG Corporate Finance
                                  on behalf of
                          Soldier Limited ('Soldier')
                                      for
                            Hamleys plc ('Hamleys')

Further to its Revised Increased Offer announced on 3 July 2003, the board of
Soldier announces that A Holding S.A., a subsidiary of Baugur and a party acting
in concert with Soldier, purchased 2,531,264 Hamleys Shares on 3 July 2003,
representing approximately 11.0 per cent. of the entire existing issued ordinary
share capital of Hamleys, at a price of 254 pence per Hamleys Share.

As at 3.00 p.m. on 3 July 2003, valid acceptances of the Original Offer had been
received in respect of, in aggregate, 398,713 Hamleys Shares, representing
approximately 1.7 per cent. of the entire existing issued ordinary share capital
of Hamleys. This total includes a valid acceptance received from an Independent
Director in respect of 40,500 Hamleys Shares, representing approximately 0.2 per
cent. of the entire existing issued ordinary share capital of Hamleys.

Soldier has received irrevocable undertakings to accept (or to take steps within
the undertaker's power to cause acceptance of) the Revised Increased Offer from
certain Hamleys Shareholders in respect of, in aggregate, 2,845,175 Hamleys
Shares, representing approximately 12.3 per cent. of the entire existing issued
ordinary share capital of Hamleys. Of these, irrevocable undertakings in respect
of 1,752,175 Hamleys Shares will cease to be binding in the event that a higher
competing offer is made which, including any future dividend paid by Hamleys, is
equal to or greater than 267 pence in cash per Hamleys Share.  Irrevocable
undertakings in respect of 1,093,000 Hamleys Shares will cease to be binding in
the event that any higher competing offer is made.

Soldier has also received irrevocable undertakings to accept (or to take steps
within the undertaker's power to cause acceptance of) the Revised Increased
Offer from each of the Independent Directors in respect of their entire
beneficial holdings of Hamleys Shares comprising, in aggregate, 62,250 Hamleys
Shares, representing approximately 0.3 per cent. of the entire existing issued
ordinary share capital of Hamleys (an acceptance in respect of 40,500 of these
shares has already been received, as described above). These irrevocable
undertakings will lapse only in the event of the Revised Increased Offer lapsing
or being withdrawn.

In addition, by virtue of the Hamleys Management Share Exchange Agreement (which
was amended by a supplemental agreement dated 27 June 2003), Soldier has
conditionally contracted to acquire, in aggregate, 36,585 Hamleys Shares from
Hamleys Management, representing approximately 0.2 per cent. of Hamleys' entire
existing issued ordinary share capital, together with a further 439,741 Hamleys
Shares upon exercise of certain options held under the Hamleys plc Unapproved
Executive Share Option Scheme.

Prior to the Offer Period, Soldier held no Hamleys Shares and Hamleys Management
held an interest in 36,585 Hamleys Shares, representing approximately 0.2 per
cent. of the entire existing issued ordinary share capital of Hamleys.

Accordingly, Soldier and its concert parties have acquired or conditionally
contracted to acquire, received acceptances of, or undertakings to accept (or to
take steps within the undertaker's power to cause acceptance of) the Revised
Increased Offer in respect of, in aggregate, 5,833,487 Hamleys Shares currently
in issue, representing approximately 25.2 per cent. of Hamleys' entire existing
issued ordinary share capital. In addition, Soldier has conditionally contracted
to acquire 439,741 Hamleys Shares upon exercise of certain options under the
Hamleys plc Unapproved Executive Share Option Scheme.

Words and expressions defined in the Offer Document dated 19 June 2003 and set
out in the Revised Increased Offer announcement dated 3 July 2003 shall apply
for the purposes of this announcement.


Enquiries:
Gavin Anderson & Company (PR adviser to Baugur)               Tel: 020 7554 1400
Neil Bennett
Halldor Larusson

Soldier                                                       Tel: 020 7479 7313
John Watkinson

KPMG Corporate Finance (financial adviser to Soldier)         Tel: 020 7311 1000
David McCorquodale
Michael McDonagh

This announcement does not constitute an offer for, or solicitation of an offer
to buy, any securities.

KPMG Corporate Finance, a division of KPMG LLP which is authorised in the United
Kingdom by the Financial Services Authority for investment business activities,
is acting exclusively for Soldier as financial adviser in relation to the Offer
and is not acting for any other person in relation to such Offer.  KPMG
Corporate Finance will not be responsible to anyone other than Soldier for
providing the protections afforded to its clients or for providing advice in
relation to the contents of this announcement or any transaction or arrangement
referred to herein.



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