TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Hill & Smith Holdings PLC

2. Reason for the notification (please state Yes/No):

An acquisition or disposal of voting rights: Yes

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: No

An event changing the breakdown of voting rights: No

Other (please specify): No

3. Full name of person(s) subject to the notification obligation:

JP Morgan Chase & Co

4. Full name of shareholder(s) (if different from 3):

JP Morgan Asset Management (UK) Limited

5. Date of the transaction (and date on which the threshold is crossed or  reached if different) :

1 October 2008

6. Date on which issuer notified:

2 October 2008

7. Threshold(s) that is/are crossed or reached:

5%

  

8. Notified details:

A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE	Situation previous to the Triggering transaction
Ordinary Shares	Number of shares	Number of voting Rights
GB0004270301	6,761,196	6,761,196

Resulting situation after the triggering transaction 

Class/type of shares if possible using the ISIN CODE	Number of shares	Number of voting rights		% of voting rights
Ordinary Shares		Direct	Indirect	Direct	Indirect
GB0004270301	3,769,322		3,769,322		4.98

B: Financial Instruments

Resulting situation after the triggering transaction 

Type of financial instrument	Expiration Date	Exercise/Conversion Period/ Date	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights
n/a	n/a	n/a	n/a	n/a

Total (A B)

Number of voting rights	% of voting rights
3,769,322	4.98%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable 

Total disclosable holding for JP Morgan Chase & Co.: 3,769,322 (4.98%)

Holdings by controlled undertakings of JP Morgan Chase & Co. are as follows:

JP Morgan Asset Management (UK) Limited    

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

N/A

14. Contact name:

   John Humphreys, Company Secretary, Hill & Smith Holdings PLC

15. Contact telephone number:

0121 704 7430