Holding(s) in Company

Caledonia Investments PLC
09 September 2004

Notification of a change of interest in shares

Caledonia Investments plc ('Caledonia') announces that on 8 September 2004 it
received notification pursuant to section 198 of the Companies Act 1985 (the '
Act') from The Cayzer Trust Company Limited ('CTC') that, on 1 September 2004,
CTC entered into an unconditional agreement to purchase the 21,324,432 Caledonia
ordinary shares held by its wholly-owned subsidiary, Cayzer Limited ('CL').
These shares represent 33.26% of Caledonia's issued ordinary share capital
(excluding shares held in treasury). CTC (formerly called New CT Limited) was
incorporated to acquire the entire issued share capital of CL (formerly called
The Cayzer Trust Company Limited) as part of a scheme of arrangement undertaken
to effect the settlement terms agreed between CL and a minority group of its
shareholders (the 'Minority Group'), which were referred to in the announcement
released by Caledonia on 15 March 2004 regarding its recent elective special
dividend.

CTC is deemed by virtue of section 208(4)(b) of the Act to be interested in a
further 133,438 Caledonia ordinary shares (0.21%) as a result of voting and
pre-emption arrangements entered into between itself, CL and the Minority Group
as part of the settlement terms referred to above. Accordingly, CTC is
interested in a total of 21,457,870 Caledonia shares, representing 33.47% of the
issued ordinary share capital (excluding shares held in treasury). CL no longer
has a notifiable interest in Caledonia's ordinary share capital. The overall
holding in Caledonia of the Cayzer concert party is unaffected by the above.

The Caledonia ordinary shares in which CTC is interested are, or will be,
registered, so far as is known to CTC, as follows:

Name of registered holder                               No. of ordinary shares
The Cayzer Trust Company Limited                        21,324,432
Mrs Angela Galliers-Pratt                               56,871
Mrs Linda Kinvara Holder and The Hon. 
Mrs Sybille Cayzer                                      2,699
Lemasco Nominees Limited R148 A/c                       18,102
Sache S.A.                                              55,766


Enquiries:

G P Denison, Company Secretary                          Tel: [phone]

9 September 2004




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