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

       THE BANK OF NEW YORK

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.

     HERALD INVESTMENT TRUST PLC (1,275,000 SHARES); MERRILL LYNCH ASSET
     MANAGEMENT (386,059 SHARES); SUN LIFE PENSIONS MANAGEMENT LIMITED (262,650
     SHARES); PERSONAL PENSION MGT LTD (50,000 SHARES); ELY FUND MANAGERS
     LIMITED - CLIENT A/C (38,000 SHARES); OTHERS (9,500 SHARES)

5)   Number of shares/amount of stock acquired.

      209,533

6)   ( 1.12%) 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

      5 JULY 2003 TO 18 JULY 2003

11)  Date company informed

      18 JULY 2003

12)  Total holding following this notification


      2,021,209
         
13)  Total percentage holding of issued class following this notification

      10.82%

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 21/07/03





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