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					                                                                                                                   Annex




Direct line: 020 7676 3784
Local fax: 020 7676 3785
Email: cp92@fsa.gov.uk


[Address]

                                                                                                          22 February 2002

                                                                                               Our Ref:

                                                                                              Your Ref:




Dear [Addressee]

PROPOSED CHANGES TO THE WAY LISTED COMPANIES DISSEMINATE
REGULATORY INFORMATION - APPROVAL OF FIVE REGULATORY
INFORMATION SERVICES

            Introduction

1.          In November 2001, the Financial Services Authority (FSA) published Policy
            Statement 92 (PS92) which stated our intention to implement our proposals to change
            the way listed companies disseminate regulatory information*.

2.          Our key proposal was to change the Listing Rules to enable listed companies to
            publish regulatory information using a choice of primary information provider
            services (PIP services) approved by us.




*
     For the purposes of this document, ‘regulatory information’ means information required to be disseminated under the
     Listing Rules, information issued by the London Stock Exchange acting as a recognised investment exchange and
     information disseminated by, or as required by, regulatory bodies (see paragraph 2.31 of Annex B to PS92)


The Financial Services Authority
25 The North Colonnade Canary Wharf London E14 5HS United Kingdom
Telephone +44 (0)20 7676 1000 Fax +44 (0)20 7676 1099
http://www.fsa.gov.uk
Registered as a Limited Company in England and Wales No 1920623. Registered Office as above
                                                                                    Page 2

3.   We stated that, to gain our approval, PIP services must meet the service criteria set
     out in Annex B to PS92. By 25 January 2002, five PIP services had met our criteria.
     The names of these services are:

     •   Business Wire Regulatory Disclosure provided by Business Wire
     •   Newslink Financial provided by Newslink
     •   PimsWire provided by Pims
     •   PR Newswire Disclose provided by PR Newswire
     •   RNS provided by the London Stock Exchange

4.   In a letter published on 25 January we proposed to include these PIP service names in
     Schedule 12 to the Listing Rules. We proposed to allow a listed company to use any
     of those services when notifying regulatory information in compliance with the
     Listing Rules.

     Summary of responses

5.   We received minimal response to the proposals set out in our letter of 25 January.

6.   There were no significant comments made regarding our proposal to publish
     Schedule 12 in the form set out in the annex to our letter of 25 January.

     Next steps

7.   Following the responses received, we intend to implement the proposals set out in our
     letter of 25 January. We will make the proposed change to Schedule 12 (set out in the
     Annex to this letter) on publishing this document and it will become effective on
     2 April 2002. At the same time, the changes to the Listing Rules made in PS92 will
     also become effective. These changes mostly involve replacing the term ‘the
     Company Announcements Office’ with ‘a Regulatory Information Service’.

     Yours sincerely,




     Tom Galforg
     Project Manager
     Information Dissemination
                                                                                                               Annex

                                                SCHEDULE 12

                         REGULATORY INFORMATION SERVICES

     Business Wire Regulatory Disclosure provided by Business Wire
     Newslink Financial provided by Newslink
     PimsWire provided by Pims
     PR Newswire Disclose provided by PR Newswire
     RNS provided by the London Stock Exchange




The above services have been included in accordance with service criteria published by the FSA in appendix 5 of the UKLA
Guidance Manual.