Holding(s) in Company

Headlam Group PLC
29 January 2004


Headlam Group plc - DISCLOSURE OF INTEREST IN SHARES

Headlam Group plc has today received the following notification in respect of
notifiable interests in the ordinary voting shares of 5p of the company.

We write to advise you that we, Schroder Investment Management Limited, have an
interest in 8,228,755 shares which are held in portfolios managed by us on a
discretionary basis for clients under investment management agreements.

Included in this figure are:-

(1)   4,994,243 shares held in (a) unit trust(s) operated and managed by
an affiliated company, Schroder Unit Trusts Limited (SUTL), and registered or to
be registered in the name of Chase Nominees Limited.

(11)  255,485 shares registered or to be registered in the name of our
wholly-owned subsidiary nominee company, Schroder Nominees Limited (Schroder
Nominees).

(111) 2,979,027 shares neither registered nor to be registered in the name
of Schroder Nominees Limited. The registration details are shown on enclosed
schedule A.

An affiliated company, Schroder Investment Management North America Inc (SIMNA
Inc), is managing (a) portfolio(s) on a similar basis holding a further 250,000
shares. These shares are registered or to be registered in the name of Chase
Nominees Limited.

We believe that we and our subsidiary and affiliated company are therefore
interested in an overall aggregate of 8,478,755 shares, representing some 10.03%
of the total number of shares in issue, namely 84,520,884.

This notification is made to you:-

(a)   in respect of our interest as investment managers,

(b)   on behalf of SIMNA Inc and SUTL in relation to the interests
      they are treated as having respectively under the Companies Act 1985 (the 
      Act), and

(c)   on behalf of Schroders plc, our holding company, which is
      treated as having an interest in all of the above shares under the Act by 
      virtue of its ownership of SIMNA Inc, SUTL and ourselves.

 The registration details enclosed on Schedule A are shown below

 Registration                                           Amount

 British Coal Staff Superannuation a/c P             1,053,103

 Chase Nominees Limited                                662,724

 Banque Nationale de Paris                              12,915

 Banque Internationale a Luxembourg                     95,300

 HSBC Global Custody Nominee (UK) Ltd a/c 771401        55,200

 Mineworkers Pension Scheme a/c R                    1,099,785

                                                     2,979,027

28 January 2004

End

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