RNS Number:9747R
Hermes Investment Management
12 November 2003

                                                      FORM SAR 5


                                       Date of disclosure 12 NOVEMBER 2003

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

                 
Date of sale 11 NOVEMBER 03

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           ...600,000......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)

    ........(13.141%)         ...............(    %)    ....(13.141%)


(3) Party making disclosure   THE TRUSTEES OF THE BT PENSION SCHEME, HERMES 
                              INVESTMENT MANAGEMENT LTD. 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 0207 680 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.



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