Holding(s) in Company

Quarto Group Inc
22 January 2003


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     THE QUARTO GROUP, INC.

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     HERALD INVESTMENT TRUST 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

     IN RESPECT OF 2 ABOVE

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

     BNY (OCS) NOMINEES LIMITED

5)   Number of shares/amount of stock acquired.

     275,000

6)   (1.47%) of issued Class

7)   Number of shares/amount of stock disposed

     N/A

8)   (N/A %) of issued Class

9)   Class of security

     SHARES OF COMMON STOCK OF US$0.10 EACH

10)  Date of transaction

     17 JANUARY 2003

11)  Date company informed

     22 JANUARY 2003

12)  Total holding following this notification

     1,175,000
               
13)  Total percentage holding of issued class following this notification

     6.29%

14)  Any additional information



15)  Name of contact and telephone number for queries

     MR T A CURTHOYS - TEL: [phone]

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

     Date of Notification .......22-1-2003.............



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