Holding(s) in Company

Headlam Group PLC
28 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
11.23%. The total interest is in 9,591,078 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                                   194,277


Held in Client Portfolios

Chase Nominees                                          4,127,396
HSBC Global Custody Nominee (UK) Ltd                    1,244,000
Morgan Nominees                                           370,000
Nortrust Nominees                                         752,830
State Street Nominees                                   2,839,731
Vidacos Nominees                                           62,844

Total                                                   9,591,078



28 May 2004

End


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