TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                                     
                                                                                                        
    1. Identity of the issuer or the underlying issuer      BELLWAY PLC                                 
    of existing shares to which voting rights are                                                       
    attached: ii                                                                                        
                                                                                                        
    2 Reason for the notification (please tick the appropriate box or boxes):                           
                                                                                                        
    An acquisition or disposal of voting rights                                                   x     
                                                                                                        
    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                     x     
    qualifying financial instruments                                                                    
                                                                                                        
    An event changing the breakdown of voting rights                                                    
                                                                                                        
    Other (please                                                                                       
    specify):                                                                                           
                                                                                                        
    3. Full name of person(s) subject to the        Deutsche Bank AG                                    
    notification obligation: iii                                                                        
                                                                                                        
    4. Full name of shareholder(s)                  Deutsche Bank AG, London Branch                     
     (if different from 3.):iv                                                                          
                                                                                                        
    5. Date of the transaction and date on          21/12/2016                                          
    which the threshold is crossed or                                                                   
    reached: v                                                                                          
                                                                                                        
    6. Date on which issuer notified:               23/12/2016                                          
                                                                                                        
    7. Threshold(s) that is/are crossed or          Above 5%                                            
    reached: vi, vii                                                                                    
                                                                                                        

       

    8. Notified details:                                                                                  
                                                                                                          
    A: Voting rights attached to shares viii, ix                                                          
                                                                                                          
    Class/type of    Situation previous         Resulting situation after the triggering transaction      
    shares           to the triggering                                                                    
                     transaction                                                                          
    if possible                                                                                           
    using            Number        Number       Number      Number of voting      % of  voting rights x   
    the ISIN CODE    of            of           of shares   rights                                        
                     Shares        Voting                                                                 
                                   Rights       Direct      Direct xi    Indirect Direct       Indirect   
                                                                         xii                              
                                                                                                          
    GB0000904986     Below         Below        3,768,986   3,768,986    0        3.07%        0          
                     notifiable    notifiable                                                             
                     threshold     threshold                                                              
                                                                                                          
    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.                     
                                                                                                          
    C: Financial Instruments with similar economic effect to Qualifying Financial                         
    Instruments xv, xvi                                                                                   
                                                                                                          
    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     xix, xx              
                                               period xviii                                               
                                                                                                          
    Swaps                          13-Dec-17                3,114,165                Nominal      Delta   
                                                                                                          
                                                                                     2.54%        2.54%   
                                                                                                          
    Total (A+B+C)                                                                                         
                                                                                                          
    Number of voting rights                           Percentage of voting rights                         
                                                                                                          
    6,883,151                                         5.61%                                               
                                                                                                          

       

    9. Chain of controlled undertakings through which the voting rights and/or the               
    financial instruments are effectively held, if applicable: xxi                               
                                                                                                 
    Deutsche Bank AG, London Branch - 5.61%                                                      
                                                                                                 
    Proxy Voting:                                                                                
                                                                                                 
    10. Name of the proxy holder:                                                                
                                                                                                 
    11. Number of voting rights proxy holder will cease                                          
    to hold:                                                                                     
                                                                                                 
    12. Date on which proxy holder will cease to hold                                            
    voting rights:                                                                               
                                                                                                 
                                                                                                 
    13. Additional information:                                                                  
                                                                                                 
    14. Contact name:                      Simon Scougall                                        
                                           Group General Counsel and Company Secretary           
                                                                                                 
    15. Contact telephone number:          0191 217 0717