Re New Zealand Listing

Caledonia Investments PLC
29 October 2004



Listing on the New Zealand Exchange



Caledonia Investments plc ('Caledonia') announces that the New Zealand Exchange
('NZX') has approved the listing of its ordinary shares, as an overseas listed
issuer, with effect from 1 November 2004.  This will enable investors in New
Zealand to buy and sell Caledonia's ordinary shares through NZX at a price
quoted in New Zealand dollars.



Caledonia's listing on the London Stock Exchange will be unaffected by the
above.



Commenting on the announcement, Tim Ingram, Caledonia's Chief Executive, said:



'We are very pleased to have achieved a listing in New Zealand, which is a
further step in our efforts to market Caledonia more actively to retail
investors.'



Mark Weldon, CEO of the New Zealand Exchange Limited, added:



'We are delighted that Caledonia has decided to list on the New Zealand
Exchange, taking the total number of UK domiciled investment trusts listed in
New Zealand to 15.  NZX's goal is to make it simpler for New Zealanders to
invest in shares.  Having access to international stocks makes portfolio
diversification that much easier.'



                                                                 29 October 2004





Enquiries:

Caledonia Investments plc                       020 7802 8080
    Tim Ingram, Chief Executive
    Jonathan Cartwright, Finance Director

College Hill                                    020 7457 2020
    Tony Friend
    Richard Pearson
    Angela Spain



Note to Editors



CALEDONIA INVESTMENTS - PORTFOLIO BREAKDOWN AS AT 30 SEPTEMBER 2004





SECTOR/COMPANY                       BUSINESS                                     % HOLDING    VALUE £M     %OF NET
                                                                                                             ASSETS
Financial                                                                                         232.7       27.1%
Close Brothers                       Merchant Banking                                 12.5%       124.7       14.5%
Rathbones                            Fund Management                                  11.3%        32.0        3.7%
ISIS Asset Management                Fund Management                                   6.2%        20.7        2.4%
SVB Holdings                         Insurance                                         5.3%         9.0        1.1%
Marketform*                          Insurance                                        26.8%        15.1        1.8%
Polar Capital*                       Fund Management                                  24.6%         6.2        0.7%
Oval*                                Insurance                                        34.0%        15.0        1.7%
Other                                                                                              10.0        1.2%

Leisure & Media                                                                                   147.4       17.2%
Kerzner International                Resort Operator                                  12.8%       113.4       13.2%
A G Barr                             Soft Drinks                                       9.4%        13.0        1.5%
Incisive Media                       Business Publishing                               8.8%         9.8        1.1%
The Sloane Club*                     Residential Club                                100.0%         9.2        1.1%
Other Investments                                                                                   2.0        0.2%

Property                                                                                           92.7       10.8%
Quintain Estates                     Property Holding/Development                      7.0%        41.2        4.8%
Edinmore*                            Property Trading                                  100%        11.6        1.4%
Savills                              Property Agency                                   3.8%         9.9        1.1%
Buckingham Gate*                     Caledonia's Head Office                         100.0%         9.3        1.1%
Other Investments                                                                                  20.7        2.4%

Industrial & Services                                                                             168.1       19.6%
Paladin Resources                    Oil and Gas                                       9.4%        46.2        5.4%
Offshore Logistics/Bristow           Helicopter Operator                               5.7%        25.7        3.0%
Amber*                               Speciality Chemicals                            100.0%        13.0        1.5%
Wallem*                              Shipping Services                                74.4%        16.4        1.9%
Easybox*                             Self Storage                                     99.2%        11.9        1.4%
Sterling Industries*                 Engineering                                     100.0%        10.0        1.2%
Melrose Resources                    Oil and Gas Exploration                           6.7%        15.2        1.8%
Tribal Group                         Outsourcing Services                              7.3%         9.0        1.0%
Other Investments                                                                                  20.7        2.4%

Managed General Funds                                                                             211.0       24.6%
British Empire Securities            Value focused investment trust                   19.7%        84.3        9.8%
Aberforth Partnership Fund*          LP investing in quoted smaller                   25.5%        33.0        3.8%
                                     companies
Polar Capital Funds*                 Investment Funds                                              15.7        1.8%
Eddington Capital Fund*              Investment Fund                                               15.8        1.9%
Cobepa*                              Investment Fund                                   9.9%        22.7        2.7%
Other Investments                                                                                  39.5        4.6%

Non-Categorised Investments                                                                        10.8        1.2%
Net Current Liabilities                                                                           (4.7)      (0.5)%
Total                                                                                             858.0      100.0%

*Unquoted




                      This information is provided by RNS
            The company news service from the London Stock Exchange