Holding in Company

Whitbread PLC
9 November 2001


Letter to Whitbread Holdings
Dated 07 November 2001

Part VI Companies Act 1985

We refer to our letter of 06 November 2001 and notify you in accordance with 
Part VI Companies Act 1985 ('the Act'), that as at close of business on 06 
November 2001, HSBC Investment Bank plc no longer had a notifiable interest in 
the ordinary shares of Whitbread Holdings ('the Shares').

HSBC Investment Bank Holdings plc as HSBC Investment Bank plc's parent and HSBC 
Holdings plc, our ultimate parent company, are also no longer interested in the 
above mentioned Shares.


Letter from HSBC Investment Bank plc