Holding in Company

Quintain Estates & Development PLC
23 February 2001

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

QUINTAIN ESTATES AND DEVELOPMENT PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

CGNU PLC

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

NOTIFICATION IS IN RESPECT OF THE SHAREHOLDER MENTIONED IN (2) ABOVE

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

MORLEY FUND MANAGEMENT LIMITED (SUBSIDIARY OF CGNU PLC)

5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

82,000

8)   (0.06%) of issued Class

9)   Class of security

ORDINARY SHARES

10)  Date of transaction


11)  Date company informed

22.02.2001

12)  Total holding following this notification

11,521,208 (MATERIAL INTEREST)
               
              
13)  Total percentage holding of issued class following this notification

8.96%

14)  Any additional information

PLEASE SEE BELOW

15)  Name of contact and telephone number for queries

SUSAN MINOCHA
ASSISTANT COMPANY SECRETARY
020 7495 8968

16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification ... 23 FEBRUARY 2001 .................



Letter to:         Quintain Estates & Development Plc (The 'Company')

Letter dated:      22 February 2001

This notification supercedes our previous notification to you dated 19 February
2001.

This notification relates to issued ordinary shares of 25p each in the capital
of the Company (the 'shares') and is given in fulfillment of the obligations
imposed by sections 198 to 202 of the Companies Act 1985 (the 'Act').


1.    Notification on behalf of Morley Fund Management Limited (a               
      subsidiary of CGNU plc).

1.1   We hereby notify you on behalf of Morley Fund Management Limited that     
      immediately after the time when the obligation to make this notification  
      arose Morley Fund Management Limited had a material interest in 11,521,208
      shares.
    
1.2   The identity of the registered holders of the shares to which this        
      notification relates and the number of shares held by each of them are set
      out in the Appendix below. Morley Fund Management Limited.

2.    Aggregate holding of CGNU plc

2.1   We hereby notify you that the aggregate material holding of CGNU plc in   
      the shares is 11,521,208 giving the CGNU group a total material percentage
      interest in the shares of 8.96%.

We are only required to notify interests which are defined as material interests
when the holding is equal to 3% or more of the Company's relevant share capital.
The term material interests exclude certain categories where we do not hold a
beneficial interest, for example where the shares are held in an Authorised Unit
Trust Scheme or Open Ended Investment Company. Holdings in those categories are
therefore not included in the holding notified under this letter. 


APPENDIX:  MORLEY FUND MANAGEMENT LIMITED

REGISTERED HOLDERS                           NUMBER OF SHARES HELD

BNY Norwich Union Nominees Limited           5,015,481 (material)
Chase GA Group Nominees Limited              5,119,355 (material)
Chase GA Pension Nominees Limited              406,000 (material)
CUIM Nominee Limited                           980,372 (material)


TOTAL PERCENTAGE INTEREST OF MORLEY FUND MANAGEMENT LIMITED:       8.96%

ISSUED SHARE CAPITAL ON WHICH THIS NOTIFICATION IS BASED:    128,557,082       


APPENDIX:  CGNU PLC

REGISTERED HOLDERS                           NUMBER OF SHARES HELD

BNY Norwich Union Nominees Limited           5,015,481 (material)
Chase GA Group Nominees Limited              5,119,355 (material)
Chase GA Pension Nominees Limited              406,000 (material)
CUIM Nominee Limited                           980,372 (material)


TOTAL PERCENTAGE INTEREST OF CGNU PLC:                             8.96%

ISSUED SHARE CAPITAL ON WHICH THIS NOTIFICATION IS BASED:    128,557,082