Holding(s) in Company

Bellway PLC
09 November 2007


TR-1:               notification of major interests in shares


1. Identity of the issuer or the underlying issuer of existing              Bellway p.l.c.
shares to which voting rights are attached:


2. Reason for notification (yes/no)

An acquisition or disposal of voting rights                                    NO

An acquisition or disposal of financial instruments 
which may result in the acquisition                                            YES
of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights                               NO

Other (please specify):______________


3. Full name of person(s) subject to the notification                       INSTOW LIMITED
obligation:


4. Full name of shareholder(s) (if different from 3.):


5. Date of the transaction (and date on which the threshold is            8TH NOVEMBER 2007
crossed or reached if different):


6. Date on which issuer notified:                                         9TH NOVEMBER 2007


7. Threshold(s) that is/are crossed or reached:                                 3%


8. Notified details:

A: Voting rights attached to shares

Class/type of   Situation previous to   Resulting situation after the triggering transaction
shares          the Triggering
                transaction

 if possible    Number of   Number of   Number of    Number of voting rights  % of voting rights
using the ISIN  Shares      Voting      shares
CODE                        Rights      Direct       Direct      Indirect     Direct       Indirect



B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial           Expiration    Exercise/ Conversion Number of voting rights    % of voting
instrument                  date            Period/ Date       that may be acquired if    rights
                                                               the instrument is
                                                               exercised/ converted.
Total Return Swap Instow    Not later      At any time up to   3,993,889                  3.48%
Limited has an existing     than 11th        11th June 2008
economic exposure in        June 2008.
relation to 3,993,889
Bellway p.l.c. shares (the
'Relevant Shares') through
a Total Return Swap (the '
TRS').  Under the terms of
the TRS, Instow Limited may
elect for physical delivery
of the Relevant Shares.


Total (A+B)
Number of voting rights                            % of voting rights
                    
3,993,889                                              3.48%


9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:









Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:


13. Additional information:                  Notification using the total voting rights figure of 114,678,350

14. Contact name:                                                    Kevin Wrightson

15. Contact telephone number:                                         0191 217 0717




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