RNS Number:9153R
Hermes Investment Management
11 November 2003

                                                      FORM SAR 5


                                       Date of disclosure    11 NOVEMBER 2003

             DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of sale    10 NOVEMBER 2003

Sale of         VOLEX GROUP                            (name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares sold          sold, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ORDINARY SHARES           400,000         shares    .....................
                              ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

                   (15.239%)  ...............(    %)    15.239    (    %)


(3) Party making disclosure   THE TRUSTEES OF THE BT PENSION SCHEME AND HERMES
                              INVESTMENT MANAGEMENT LTD. 

(4)  (a)  Name of person selling shares or rights over shares ..............
          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)............................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory)    DAVID BRIDGES

Telephone and extension number    020 7680 2177


For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, 
Tel. No: 020 7382 9026.

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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