FORM 38.5

DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS
(Rule 38.5 of The City Code on Takeovers and Mergers)


Name of exempt principal trader:        KBC PEEL HUNT LTD
Company dealt in:       HARDY UNDERWRITING GROUP PLC
Relevant security dealt in:     ORDINARY SHARES
Name of offeree/offeror with whom connected:    HARDY UNDERWRITING GROUP PLC
Nature of connection:   FINANCIAL ADVISOR
Date of dealing:        12 JULY 2005



Total number of securities bought:      NIL
Highest price paid (currency must be stated):   � 0.00
Lowest price paid (currency must be stated):    � 0.00


Total number of securities sold:        194
Highest price paid (currency must be stated):   � 2.19
Lowest price paid (currency must  be stated):   � 2.19


















Name of exempt principal trader:        KBC PEEL HUNT LTD
Company dealt in:       PRIVATE & COMMERCIAL FINANCE GROUP PLC
Relevant security dealt in:     ORDINARY SHARES
Name of offeree/offeror with whom connected:    PRIVATE & COMMERCIAL FINANCE GROUP PLC
Nature of connection:   CONNECTED TO FINANCIAL ADVISOR
Date of dealing:        12 JULY 2005



Total number of securities bought:      NIL
Highest price paid (currency must be stated):   � 0.00
Lowest price paid (currency must be stated):    � 0.00


Total number of securities sold:        7,555
Highest price paid (currency must be stated):   � 0.22
Lowest price paid (currency must  be stated):   � 0.195
























Name of exempt principal trader:        KBC PEEL HUNT LTD
Company dealt in:       WHITTARD OF CHELSEA PLC
Relevant security dealt in:     ORDINARY SHARES
Name of offeree/offeror with whom connected:    WHITTARD OF CHELSEA PLC
Nature of connection:   FINANCIAL ADVISOR
Date of dealing:        12 JULY 2005



Total number of securities bought:      40,786
Highest price paid (currency must be stated):   � 1.22
Lowest price paid (currency must be stated):    � 1.20


Total number of securities sold:        60,997
Highest price paid (currency must be stated):   � 1.25
Lowest price paid (currency must  be stated):   � 1.215



Date of disclosure:     13 JULY 2005
Contact name:   STEVE DAVEY
Telephone number:       020 7418 8941



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