Director Shareholding

Headlam Group PLC
26 September 2003

For immediate release



Headlam Group plc - Exercise of share options



Headlam Group plc ('Headlam') announces that on 22 September 2003 Tony Brewer,
Chief Executive, and Graham Waldron, Executive Director, exercised share options
over a total of 83,467 shares granted under the Headlam Group 1988 Approved
Executive Share Option Scheme, the dates of grant and option prices of which are
detailed below.


Name                Date of grant      Number of    Option price per Normal exercise period
                                       shares       share
    Tony Brewer      15 October 1993      15,812      139.92 pence          October 1996 to October 2003
    Tony Brewer      14 October 1994      14,516      153.30 pence          October 1997 to October 2004
    Tony Brewer       4 August 1995       37,327      132.80 pence          October 1998 to August 2005
     Sub total                            67,655
  Graham Waldron     15 October 1993      15,812      139.92 pence          October 1996 to October 2003
       Total                              83,467







Following the issue Graham Waldron transferred the beneficial interest in 15,000
shares to family members. His shareholding following the transfer increased by
812 shares to 471,667 representing 0.56% of the issued share capital.



Following the issue Tony Brewer sold on 26th September 2003, 67,655 shares
following which his beneficial shareholding in Headlam remained unchanged at
443,894 representing 0.53% of the issued share capital.











End



Released 26th September 2003




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