Holding(s) in Company

Caledonia Investments PLC
05 July 2004

Notification of interests in shares

Caledonia Investments plc ('Caledonia' or the 'Company') announces that,
following the completion of its elective special dividend and reduction of
capital, it has received notifications of interests in its ordinary shares
pursuant to section 198 of the Companies Act 1985 (the 'Act') as follows:

The Cayzer Trust Company Limited ('CTC') has an overall interest in 21,457,870
ordinary shares, representing 33.42% of the issued ordinary share capital. This
overall interest comprises a direct beneficial interest in 21,324,432 ordinary
shares (33.21%) and an interest arising by virtue of section 208(4)(b) of the
Act in 133,438 ordinary shares (0.21%) resulting from voting and pre-emption
arrangements agreed between CTC and a minority group of its shareholders.

Britel Fund Trustees Limited, a company controlled by the Trustees of the BT
Pension Scheme, has an interest in 4,237,485 ordinary shares, representing 6.60%
of the total issued ordinary share capital. The interest of Britel Fund Trustees
Limited includes 3,927,067 shares (6.12%) in which Hermes Focus Asset Management
Limited ('Hermes') is also interested as general partner of various partnerships
managed by Hermes SLP Limited and Lens Investors (UK) LLC. Hermes and Hermes SLP
Limited are both subsidiaries of Hermes Pensions Management Limited, which is
ultimately owned by Britel Fund Trustees Limited.

Devon County Council has an interest in 3,130,210 ordinary shares (4.88%)
arising by virtue of its being a limited partner in a fund managed by Hermes.
This interest does not represent a direct holding and is included in the
3,927,067 shares in which Hermes is interested referred to above.

Essex County Council has also notified the Company that its Pension Fund no
longer has a notifiable interest in the Company's ordinary shares. Essex County
Council's previously notifiable interest also arose as a result of its being a
limited partner in a fund managed by Hermes.


Enquiries:

G P Denison, Company Secretary                              Tel: [phone]

5 July 2004




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