Unaudited NAV

Caledonia Investments PLC
07 October 2003





                    CALEDONIA INVESTMENTS PLC ('CALEDONIA')



        Unaudited net asset value ('NAV') per share at 30 September 2003





Caledonia Investments plc ('Caledonia') announces that its unaudited net asset
value ('NAV') as at 30 September 2003 was 1161 pence per share, before deduction
of an interim dividend.  The amount of the interim dividend in relation to the
year ending 31 March 2004 will be considered by the Board and announced with the
full interim results.



Tim Ingram, Chief Executive, commented: 'At the interim stage, NAV per share has
increased by 27% since last year end, and the company has achieved over 10%
outperformance in its net assets against the FTSE All Share index in the first
six months. On a total return basis, the company has outperformed its stated
benchmark of the FTSE All Share Total Return index by 60% and 75% over the five
and ten year periods respectively ended on 30 September 2003.



Caledonia's long-term investment approach continues to deliver outstanding
performance, and we shall continue to seek opportunities to invest in, and
actively manage, situations which have the potential to add value for
shareholders.'



The monthly reported NAV per share, together with performance statistics and
information on the valuation of principal investments, is available on
Caledonia's website at www.caledonia.com



7 October 2003







ENQUIRIES:



Caledonia Investments Plc                        Tel: [phone]

Tim Ingram, Chief Executive

Jonathan Cartwright, Finance Director




College Hill                                      Tel: [phone]

Tony Friend

Tom Allison


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