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Tuesday 29 March, 2005

Takeover Panel

Panel Stmt re: Rensburg Plc

Takeover Panel
29 March 2005

                                                                         2005/21


                                  RENSBURG PLC

                                  ('RENSBURG')

                             RATHBONE BROTHERS PLC

                                 ('RATHBONES')

Following recent representations made by the advisers to Rensburg, the Panel
Executive has been considering the application of Rule 2.4(b) of the Code to the
approach by Rathbones to Rensburg.  Following discussions with both parties'
advisers, the Panel Executive has ruled that Rathbones must, by 5pm on Monday,
11 April, either announce a firm intention to make an offer for Rensburg under
Rule 2.5 of the Code or announce that it does not intend to make an offer for
Rensburg.  No extension to this deadline will be granted, except with the
consent of the Panel Executive.  In the event that Rathbones announces that it
does not intend to make an offer for Rensburg, Rathbones and any person acting
in concert with it will, except with the consent of the Panel Executive, be
bound by the restrictions contained in Rule 2.8 of the Code for six months from
the date of such announcement.

Each of the parties has accepted this ruling.

29 March 2005

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