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Monday 06 August, 2001

Silverhoney PLC

Offer Update

Silverhoney PLC
6 August 2001


FOR IMMEDIATE RELEASE          6 August 2001

                  Silverhoney PLC, a wholly-owned subsidiary

                    of Pubmistress Limited ('Pubmistress')

                      increased cash offers* to acquire

              The Wolverhampton & Dudley Breweries, PLC ('W&DB')


The board of Silverhoney announces that it is posting a letter to W&DB
Shareholders today urging them to accept the excellent offer now open to them.

John Sands, Chief Executive of Pubmistress, commented: 'The key message we
have for W&DB Shareholders is why wait until 2003 for just a small proportion
of your cash - which is conditional anyway on W&DB achieving its plans - when
513 pence is on the table now? Pubmistress's offer provides excellent value in
cash and the certainty of receiving it'.

Acceptances should be received by no later than 1.00 p.m. on 13 August 2001.

The definitions contained in the offer document dated 14 June 2001 and the
revised offer document dated 30 July 2001 apply for the purposes of this


WestLB Panmure                                   020 7638 4010

Nicholas Wells

Frank Malone

Bell Pottinger Financial                         020 7353 9203

David Rydell

Luke Morton

*Each relevant Increased Offer is final and, unless it becomes or is declared
unconditional as to acceptances, will not be extended beyond 1.00 p.m. on 13
August 2001 except that Pubmistress reserves the right to revise and/or
increase and/or extend the Increased Offers in the event of a competitive
situation (as determined by the Panel) arising, or otherwise with the consent
of the Panel. If either or both of the Increased Offers become or are declared
unconditional as to acceptances, they will remain open for acceptance for not
less than 14 days from the date on which they would otherwise have expired.

WestLB Panmure, which is regulated in the United Kingdom by The Securities and
Futures Authority Limited, is acting exclusively for Silverhoney and
Pubmistress and no one else in connection with the Increased Offers and will
not be responsible to anyone other than Silverhoney and Pubmistress for
providing the protections afforded to its customers or for providing advice in
relation to the Increased Offers. The contents of this announcement have been
approved for the purposes of Section 57 of the Financial Services Act 1986.

The Increased Offers will not be made, directly or indirectly, in or into the
USA, Canada, Australia, Japan or any other jurisdiction if to do so would
constitute a violation of the relevant laws of such jurisdiction. Accordingly,
copies of this announcement are not being, and must not be, mailed or
otherwise distributed or sent in or into or from the United States, Canada,
Australia, Japan or any other such jurisdiction. The provisions referred to in
this paragraph may be waived by Silverhoney in its sole discretion as regards
specific W&DB Shareholders or generally.

The Loan Notes to be issued pursuant to the Partial Loan Note Alternative have
not been, and will not be, registered under the United States Securities Act
of 1933 (as amended) or under any relevant securities laws of any state or
district of the United States, or under the relevant securities laws of
Canada, Australia, Japan or any other jurisdiction. Accordingly, unless an
exemption under such relevant laws is available, Loan Notes may not be
offered, sold, re-sold or delivered, directly or indirectly, in, into or from
the United States, Canada, Australia or Japan or any other jurisdiction in
which an offer of Loan Notes would constitute a violation of relevant laws or
require registration thereof, or to or for the account or benefit of any US
Person (as defined in regulation S under the United States Securities Act of
1933 (as amended)) or resident of Canada, Australia or Japan or any other such

The directors of Silverhoney and Pubmistress, whose names are set out in
paragraphs 2(a) and 2(b) of Appendix V of the Original Offer Document, accept
responsibility for the information contained in this announcement, save that
the only responsibility accepted by such persons in respect of such
information relating to W&DB, which, save as otherwise stated, has been
compiled from public sources, is to ensure that such information has been
correctly and fairly reproduced and presented. Subject as aforesaid, to the
best of the knowledge and belief of such persons (who have taken all
reasonable care to ensure that such is the case), the information contained in
this announcement for which they accept responsibility is in accordance with
the facts and does not omit anything likely to affect the import of such