Holding(s) in Company

Caledonia Investments PLC
22 March 2004

Acquisition of an interest in shares

Caledonia Investments plc ('Caledonia') announces that on 19 March 2004 it
received notification pursuant to section 198 of the Companies Act 1985 (the '
Act') from The Cayzer Trust Company Limited ('CTC') that CTC has acquired an
interest in an additional 1,414,345 ordinary shares of 5p each in Caledonia,
representing 1.95 per cent of Caledonia's total issued ordinary share capital.

The interest, which is of the type mentioned in section 208(4)(b) of the Act,
arises from voting and pre-emption arrangements entered into on 15 March 2004 by
CTC with a minority group of CTC's shareholders (the 'Minority Group'). These
arrangements form part of the settlement terms agreed between CTC and the
Minority Group referred to in the announcement released by Caledonia on 15 March
2004 regarding its proposals for a return of funds to ordinary shareholders.

The registered holders of the above-mentioned shares, so far as is known to CTC,
are as follows:

Name of current beneficial owner                               No. of ordinary shares
Sir James Cayzer, Bt.                                          44,569
Mr. Nigel Cayzer                                               88,900
Mrs. Angela Galliers-Pratt                                     56,871
Mrs. Linda Kinvara Holder and The Hon. Mrs. Sybille Cayzer     2,699
Smith & Williamson Nominees Limited                            165,687
The Regent Trust Company Limited C A/c (Grandchildren)         5,098
The Regent Trust Company Limited C7 A/c (Grandchildren)        6,465
The Regent Trust Company Limited C7 AR A/c (VM Fund)           138,600
The Regent Trust Company Limited C7 AV A/c (VM Fund)           129,150
Mr. Michael Wood, Mr. Harry Clegg and Mr. Edward Brown         32
Lord Rotherwick                                                2,000
Mr. Michael Wood, Mr. Harry Clegg, Mr. Edward Brown and Mr.    83,333
Bruce Bossom
Mrs. Linda Kinvara Holder                                      99,016
Mrs. Verena Molson                                             4,794
Smith & Williamson Nominees Limited                            196,987
Smith & Williamson PEP                                         4,055
Smith & Williamson Nominees Limited                            2,100
Mr. Ian Molson and Mrs. Verena Molson                          2,699
CB Nominees Limited                                            10,000
Lord and Lady Rotherwick                                       15,833
Lemasco Nominees Limited R148 A/c                              18,102
Sache S.A.                                                     55,766
Smith & Williamson Nominees Limited                            105,768
Mr. Hugh Tollemache and the Hon. Mrs. Roseanne Tollemache      2,206
KB (CI) Nominees Limited (Grandchildren)                       173,615



Immediately prior to the acquisition of the above-mentioned interest, CTC was
already the beneficial and registered owner of 27,412,726 ordinary shares in
Caledonia, representing 37.75 per cent of the total issued ordinary share
capital. CTC is now therefore interested in a total of 28,827,071 ordinary
shares, representing 39.70 per cent of Caledonia's total issued ordinary share
capital.

The overall holding of the Cayzer family concert party in Caledonia, currently
49.50 per cent, is unchanged by the above.
Enquiries:

G P Denison, Company Secretary                 Tel: [phone]

22 March 2004




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