Holding(s) in Company

Headlam Group PLC
20 April 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 8,612,072 shares which are held in portfolios managed by us on a
discretionary basis for clients under investment management agreements.

Included in this figure are:-

(i)            5,256,006 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.

(ii)           309,995 shares registered or to be registered in the name of our
wholly-owned subsidiary nominee company, Schroder Nominees Limited (Schroder
Nominees).

(iii)          3,046,071 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 Limited
(SIMNA Limited), is managing (a) portfolio(s) on a similar basis holding a
further 803,316 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 9,415,388 shares, representing some 11.07%
of the total number of shares in issue, namely 85,383,692.

This notification is made to you:-

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

(b)                 on behalf of SIMNA Ltd 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 Ltd, 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

                Chase Manhattan                                       11,452

                Banque Nationale de Paris                             17,415

                Banque Internationale a Luxembourg                   137,500

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

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

                Bermuda Trust (Far East) Limited                       2,715

                Bermuda Trust (Singapore)                              6,177


                                                                   3,046,071

20 April 2004

End


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