Sale of IMW Immobilien AG

De La Rue PLC
18 August 2003




                                 DE LA RUE PLC


                             DE LA RUE DISPOSES OF

                        SHAREHOLDING IN IMW IMMOBILIEN AG



De La Rue announces that it has today sold all of its shareholding, representing
95.7% of the issued share capital, in IMW Immobilien AG to Watermark CH AG and
Vermar Verwaltungs-und Markstudien AG for a net consideration of £6.4m in cash,
after repayment of related inter-company debt. The net carrying value of the
assets attributable to De La Rue was £8.0m.


De La Rue retained its shareholding in IMW (formerly Garny AG) following the
Company's disposal in 1998 of its physical security business Garny
Sicherheitstechnik GmbH, and in 1999 of its banking furniture business plan
object GmbH. The remaining investment in IMW represents the related property
portfolio associated with these activities.


Watermark is a real estate company based in Zug, Switzerland and Vermar is a
holding company based in Zurich, Switzerland.


                                     -ends-


For further information please contact:


Stephen King       Group Finance Director                [phone]

Mark Fearon        Head of Corporate Affairs             [phone]

Mike Smith         Brunswick                             [phone]
Jonathan Glass




18 August 2003


www.delarue.com








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