Holding(s) in Company

Quintain Estates & Development PLC
22 March 2002


Letter to Quintain Estates & Development Plc

21 March 2002

Re: S.198 Companies Act 1985: as amended by The Disclosure of Interest in Shares
(Amendment) Regulations 1993

I refer to my letter informing you that Phillips & Drew Life Limited, a
subsidiary of UBS Asset Management Holding (No.2) Limited, (which is also
treated as having an interest in the above shares) had a notifiable interest in
the Company. Phillips & Drew Life Limited and UBS Asset Management Holding
(No.2) Limited wish to inform you that they no longer have a notifiable interest
in the ord 25p share capital of the Company.

Letter From  D. Oakton
             Legal & Compliance Department
             Phillips & Drew



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