RNS Number:0246P
Teather & Greenwood Ld
26 August 2003

EMM DISCLOSURE

                                                             FORM 38.5 (SUMMARY)



Lodge with a RIS and the Takeover 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


TEATHER & GREENWOOD LIMITED



Date of disclosure


26 AUGUST 2003



Contact name


JASON STIMPSON



Telephone number


020 7426 7714



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


GB RAILWAYS GROUP PLC





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 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.
Email: monitoring@disclosure.org.uk


                                                                       FORM 38.5

CONNECTED EXEMPT MARKET-MAKERS:

DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS



Dealing in (name of company)


GB RAILWAYS GROUP PLC



Class of security


ORD 0.75p



Date of disclosure


26 AUGUST 2003



Date of dealing


22 AUGUST 2003



Name of EMM


TEATHER & GREENWOOD LIMITED



Name of offeree/offeror with whom connected


GB RAILWAYS GROUP PLC



Total number of securities purchased


38000



Highest price paid* (GBP)


300p



Lowest price paid*


295p



Total number of securities sold


30000



Highest price received*


301p



Lowest price received*


301p



*Currency must be stated


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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