RNS Number:6438L
Goldman Sachs Equity Secs. (UK)
2 June 2000




                           EMM DISCLOSURE


                                                    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.............GOLDMAN SACHS EQUITY SECURITIES (U.K.)..........

Date of disclosure......2 JUNE 2000.....................................

Contact name............JOANNA BATES/TOM STRACHAN.......................

Telephone number........020 7774-6148...................................

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

........................FREESERVE PLC...................................

........................ZURICH ALLIED AG................................


AMENDMENT

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous disclosure was incorrect:

........................................................................

LATE BOOKINGS...........................................................

........................................................................

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 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 derivative
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



                                                          FORM 38.5

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

Dealing in...........FREESERVE PLC.................(name of company)

Class of security....WRTS 16 MAY 2001 1:1...........................

Date of disclosure...2 JUNE 2000....................................

Date of dealing......1 JUNE 2000....................................

Name of EMM..........GOLDMAN SACHS INTERNATIONAL....................


Name of offeree/offeror with whom connected.......FREESERVE PLC.....


Total number of securities purchased..................200...........

Highest price paid EUR................................4.95..........

Lowest price paid EUR.................................4.95..........

Total number of securities sold.......................- ............

Highest price received EUR............................0.00..........

Lowest price received EUR.............................0.00..........



*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...........ZURICH ALLIED AG.................(name of company)

Class of security....WRT@ CHF900 08 AUG 2000........................

Date of disclosure...2 JUNE 2000....................................

Date of dealing......31 MAY 2000....................................

Name of EMM..........GOLDMAN SACHS INTERNATIONAL....................


Name of offeree/offeror with whom connected.......ZURICH ALLIED.....


Total number of securities purchased..............90,000............

Highest price paid CHF..............................0.39............

Lowest price paid CHF...............................0.36............

Total number of securities sold...................15,000............

Highest price received CHF..........................0.38............

Lowest price received CHF...........................0.37............


* Currency must be stated

END

EMMUUUQUQUPUGRP


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