Letter to shareholders

Caledonia Investments PLC
03 October 2003


Caledonia Investments plc letter to shareholders dated 3 October 2003 regarding
developments relating to proposals made by Caledonia Realisation Limited and
Cayzer Continuation Limited.

Copies of the above document have been submitted to the UK Listing Authority and
will shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel. No. (0)20 7066 1000

(Documents will normally be available for inspection within six normal business
hours of this notice being given).


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