Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                              
                                                                                            
                                                                                            
                                                                                            
1. Identity of the issuer or the underlying issuer                                          
of existing shares to which voting rights are                                 Bellway PLC               
attached:                                                                                 
                                                                                            
2 Reason for the notification (yes/no):                                                     
                                                                                            
An acquisition or disposal of voting rights                                           YES   
                                                                                            
An acquisition or disposal of qualifying financial instruments which may result             
in the acquisition of shares already issued to which voting rights are attached             
                                                                                            
An acquisition or disposal of instruments with similar economic effect to                   
qualifying financial instruments                                                            
                                                                                            
An event changing the breakdown of voting rights                                            
                                                                                            
Other (please                                                                               
specify):                                                                                   
                                                                                           
3. Full name of person(s) subject to the                  Polaris Capital Management, LLC         
notification obligation:                                                              
                                                                                            
4. Full name of shareholder(s)                                                              
 (if different from 3.):                                                                 
                                                                                            
5. Date of the transaction and date on                                                       
which the threshold is crossed or                                                29/11/10                    
reached:                                                                                  
                                                                                            
6. Date on which issuer notified:                                                21/12/10                    
                                                                                             
7. Threshold(s) that is/are crossed or                                                 4%                       
reached:                                                                         
                                                                                            


 

8. Notified details:                                                                                  
                                                                                                      
A: Voting rights attached to shares                                                          
                                                                                                      
Class/type of    Situation previous         Resulting situation after the triggering transaction      
shares           to the triggering                                                                    
                 transaction                                                                          
                                                                                                      
if possible      Number        Number       Number      Number of voting      % of  voting rights x   
using            of            of           of shares   rights                                        
the ISIN CODE    Shares        Voting                                                                 
                               Rights       Direct      Direct xi  Indirect   Direct       Indirect   
                                                                   xii                                
                                                                                                      
ORDINARY                                                                                                         
GB 0000904986                 4,675,259                           4,897,018                4.0526%    
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
                                                                                                      
B: Qualifying Financial Instruments                                                                   
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of financial       Expiration  Exercise/               Number of voting        % of voting       
instrument              date xiii   Conversion Period xiv   rights that may be      rights            
                                                            acquired if the                           
                                                            instrument is                             
                                                            exercised/ converted.                     
                                                                                                      
                                                                                                      
n/a                                                                                                      
                                                                                                      
                                                                                                      
C: Financial Instruments with similar economic effect to Qualifying Financial                         
Instruments                                                                                   
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of financial  Exercise    Expiration Exercise/     Number of voting rights  % of voting rights   
instrument         price       date xvii  Conversion    instrument refers to                  
                                          period xviii                                                
                                                                                                      
                                                                               Nominal      Delta   
n/a                                                                                                   
                                                                                                   
                                                                                                      
Total (A+B+C)                                                                                         
                                                                                                      
Number of voting rights                            Percentage of voting rights                        
                                                                                                      
4,897,018                                          4.0526%                                            
                                                                                                      


9. Chain of controlled undertakings through which the voting rights and/or the            
financial instruments are effectively held, if applicable: xxi                            
                                                                                          
                                                                                        
Proxy Voting:                                                                             
                                                                                          
10. Name of the proxy holder:                               Polaris Capital Management LLC
                                                                                          
11. Number of voting rights proxy holder will cease                                    N/A
to hold:                                                                                  
                                                                                          
12. Date on which proxy holder will cease to hold                                      N/A
voting rights:                                                                            
                                                                                          
                                                                                          
                                                                                          
                                                                                          
13. Additional information:                                                               
                                                                                          
                                                                           Kevin Wrightson
14. Contact name:                                                                         
                                                                                          
                                                                                          
                                                                             0191 217 0717
15. Contact telephone number:                                                             
                                                                                          


For notes on how to complete form TR-1 please see the FSA website.