Holding in Company

Yule Catto & Co PLC
27 October 2000

LETTER TO: Yule Catto & Co plc
LETTER DATED: 26 October 2000

PART VI Companies Act 1985

We hereby notify you in accordance with Part VI Companies Act 1985 ('the Act')
that HSBC Investment Bank plc was at close of business on 24 October 2000
interested in 5,870,964 ordinary shares of Yule Catto & Co plc ('the Shares').
Of these interests, 16,236 were interests of a kind described in S.208(5) of the
Act.

We further notify you that as at close of business on 25 October 2000 HSBC
Investment Bank plc no longer had a notifiable interest in the Shares.

HSBC Investment Bank Holdings plc as HSBC Investment Bank plc's parent and HSBC
Holdings plc, our ultimate parent company, were also interested, and are no
longer interested by virtue of S.203 of the Act in all of the above mentioned
Shares.

LETTER FROM: HSBC Investment Bank