Holding(s) in Company

Quarto Group Inc
21 July 2003


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     THE QUARTO GROUP, INC.

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     MORGAN NOMINEES LIMITED

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

     NON-BENEFICIAL INTEREST

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

     LIONTRUST INVESTMENT SERV. LTD (535,360 SHARES); LIONTRUST - TRUSTEES OF
     THE STAGECOACH GROUP PENSION SCHEME (59,240 SHARES); SSCSIL A/C AON UK
     EQUITY FUND/LIONTRUST/SMALL CAP (30,300 SHARES)

5)   Number of shares/amount of stock acquired.

     162,000

6)   (0.87%) 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

     16 JULY 2003 (EFFECTIVE DATE)

11)  Date company informed

     21 JULY 2003

12)  Total holding following this notification

     624,900
               
13)  Total percentage holding of issued class following this notification

     3.35%

14)  Any additional information



15)  Name of contact and telephone number for queries

     TOBY CURTHOYS [phone]

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

     Date of Notification      21 JULY 2003


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