Holding(s) in Company

Headlam Group PLC
14 May 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.

In accordance with Sections 198-202 of the Companies Act 1985, we write on
behalf of Deutsche Bank AG to inform you that on the basis that the relevant
issued share capital of your company is 85,383,692 ordinary shares, Deutsche
Bank AG and its subsidiary companies have a notifiable interest in the shares of
10.41%. The total interest is in 8,891,455 shares registered in the names and in
the amounts as set out in the attached Schedule.

Companies within the Group acting as Fund Managers hold the shares on behalf of
a number of clients whose portfolios are managed on a discretionary basis.

Deutsche Bank AG is a corporation domiciled in Frankfurt, Germany, of which
Deutsche Bank AG London is a branch.


Held as Principal                                No of Shares

Deutsche Bank AG London                                26,524


Held in Client Portfolios

Chase Nominees                                      5,059,526
HSBC Global Custody Nominee (UK) Ltd                  268,230
Morgan Nominees                                       513,894
Nortrust Nominees                                     705,610
State Street Nominees                               2,266,972
Vidacos Nominees                                       50,699

Total                                               8,891,455



14 May 2004

End


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