RNS Number:6641G
Merrill Lynch International
3 March 2000


                              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               Merrill Lynch International                         
          


Date of disclosure        March 3, 2000                                   


Contact name              Linda Blatt                                   


Telephone number          0171 772 1040                                    


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


                                                 
Racal Electronics plc                                                 
                                                 
BTP plc                                                 
                                                 
Ocean Group Plc                                                 
                                                 
Exel Plc                                                 
                                                 
                               
                                                 
                                                 
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 should 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 derivatives    
                                            
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 disclosure requirements see Rules 8 and 38 of the Code.   
                                             
If in doubt contact the Monitoring Section of the Panel,                      
                          
Tel. No: 0171 638 0129                                                 


                                     FORM 38.5                                
                

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



Dealing in                      Racal Electronics plc  (name of company)      

Class of security               Ordinary                                   

Date of disclosure              3/3/2000                                   

Date of dealing                 2/3/2000                                   

Name of EMM                     Merrill Lynch International                   
                             
                                                 
Name of offeree/offeror with whom connected  Racal Electronics plc            
        
                                                 
                                                 



Total number of securities purchased                            1,112,684     
               
                                                 
Highest price paid*                                             #4.22         
           
                                                 
Lowest price paid*                                              #4.20         
           
                                                 
                                                 
                                                 
                                                 
                                                 
Total number of securities sold                                 120,698       
             
                                                 
Highest price received*                                         #4.24         
           
                                                 
Lowest price received*                                          #4.22         
           



*Currency must be stated                                                 
                                                 
                                                 

                                    FORM 38.5                                 
               


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



Dealing in                      BTP plc   (name of company)       

Class of security               Ordinary                                   

Date of disclosure              3/3/2000                                   

Date of dealing                 2/3/2000                                   

Name of EMM                     Merrill Lynch International                   
                             

Name of offeree/offeror with whom connected BTP plc                     
                                                 
                                                 
                                                 
                                                 

Total number of securities purchased                            425           
         
                                                 
Highest price paid*                                             #5.93         
           
                                                 
Lowest price paid*                                              #5.93         
           
                                                 
                                                 
                                                 
                                                 
                                                 
Total number of securities sold                                 Nil           
         
                                                 
Highest price received*                                         n/a           
         
                                                 
Lowest price received*                                          n/a           
         



*Currency must be stated                                                 
                                                 


                                    FORM 38.5                                 
               


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



Dealing in                      Ocean Group Plc    (name of company)       

Class of security               Ordinary                                   

Date of disclosure              3/3/2000                                   

Date of dealing                 2/3/2000                                   

Name of EMM                     Merrill Lynch International                   
                             

Name of offeree/offeror with whom connected   Ocean Group Plc                 
   


                                                 
                                                 

Total number of securities purchased                            107,870       
             
                                                 
Highest price paid*                                             #11.75        
            
                                                 
Lowest price paid*                                              #11.63        
            
                                                 
                                                 
                                                 
                                                 
                                                 
Total number of securities sold                                 60,817        
            
                                                 
Highest price received*                                         #12.00        
            
                                                 
Lowest price received*                                          #11.68        
            

                                                 

*Currency must be stated                                                 
                                                 


                                     FORM 38.5                                
                


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



Dealing in                      Exel Plc  (name of company)       
                                                 
Class of security               Ordinary                                   

Date of disclosure              3/3/2000                                   

Date of dealing                 2/3/2000                                   

Name of EMM                     Merrill Lynch International                   
                             

Name of offeree/offeror with whom connected  Ocean Group Plc                  
  





Total number of securities purchased                            166,982       
             
                                                 
Highest price paid*                                             #3.205        
            
                                                 
Lowest price paid*                                              #3.13         
           
                                                 
                                                 
                                                 
                                                 
                                                 
Total number of securities sold                                 161,263       
             
                                                 
Highest price received*                                         #3.225        
            
                                                 
Lowest price received*                                          #3.192333     
               
                                                 
                                                 
                                                 
*Currency must be stated                                                 
                                                 

END                                                 


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