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Notifiable Interest

The Company was notified on 03 December 2004 that The Trustees of The BT Pension Scheme, BriTel Fund Trustees Limited, as at 02 December 2004 had a notifiable interest in 3,395,989 ordinary shares in the Company representing 9.03 per cent of the issued share capital of that class. Of the above mentioned shares, 3,166,977 representing 8.42 per cent of the ordinary issued share capital are by virtue of its interest in the Hermes UK Small Companies Focus Fund.