13 April 2023

Headlam Group plc

(the 'Company')

Grant of awards under Deferred Bonus Plan ('DBP')

As detailed in the 2022 Annual Report and Accounts, under the DBP, one-third of any annual bonus amount awarded to Executive Directors is required to be deferred into a right to acquire ordinary shares in the Company at nil-cost.  Following payment of the annual bonus in respect of the financial year ended 31 December 2022, on 13 April 2023, the Company granted nil-cost options to the following Executive Director:

The 2023 DBP option will not vest until the second anniversary of the grant date, and is subject to a dividend equivalent in the form of shares, calculated on a re-investment basis.  The number of ordinary shares over which the option was granted was calculated based on a share price of 301.1 pence per ordinary share, being the average mid-market closing share price for the five business days prior to the grant date, as derived from the London Stock Exchange daily official list.

 Notification and public disclosure of transactions by persons discharging managerial  

 responsibilities / persons closely associated with them.