Offer Update

GPG (UK) Holdings PLC
30 April 2004


For immediate release

Not for release, publication or distribution in whole or in part in or into the
United States, Canada, Australia or Japan

30 April 2004

                             GPG (UK) HOLDINGS PLC

                                  Offer Update

GPG (UK) Holdings plc ('GPG') notes the defence document posted yesterday by De
Vere Group Plc ('De Vere') in response to GPG's Offer Document. The document
appears to GPG to contain nothing new of real significance to De Vere
shareholders considering GPG's offer. Indeed, it is striking that the Board of
De Vere continues to avoid the key issue at point, being the market's valuation
of the De Vere Hotels Division. Further, it is disappointing to observe that the
return on capital in this key division, which was an inadequate 6.75% in the
September 2000 year, has in fact fallen in the interim.

Blake Nixon, Chairman of GPG said 'Once again, De Vere has decided to side step
the key issue. It's time the Board of De Vere made up its mind up one way or the
other. Either it accepts that the stock market undervalues its main De Vere
Hotels Division, in which case GPG has the only proposal on the table for
addressing this in a timely manner, or it believes that the De Vere Hotels
Division is not undervalued in which case it should stop bleating about the
offer price.'

Definitions set out in this announcement have the same meanings as in the Offer
Document.

Strand Partners Limited, which is regulated in the United Kingdom by the
Financial Services Authority, has approved the contents of this financial
promotion and its communication by GPG for the purposes of Section 21 of the
Financial Services and Markets Act 2000.

Strand Partners Limited is acting for GPG and no-one else in connection with the
Partial Offer and will not be responsible to anyone other than GPG for providing
the protections afforded to clients of Strand Partners Limited nor for giving
advice in relation to the Partial Offer.

The directors of GPG accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the directors of GPG
(who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.

The return on capital of 6.75% for the De Vere Hotels Division for the September
2000 year (ended 1 October 2000) is calculated using the stated pre-exceptional
operating profit and net assets of the De Vere Hotels Division of £33.144m and
£491.02m respectively, which have been sourced from the annual accounts of De
Vere for the year ended 30 September 2001. This figure is compared to the return
on capital of 6.40% for the De Vere Hotels Division calculated on a moving
annual total basis using the pre-exceptional operating profit of the De Vere
Hotels Division for the 52 weeks ended 28 March 2004 of £35.828m, calculated by
reference to De Vere's interim accounts for the 6 months ended 28 March 2004 and
its annual accounts for the year ended 28 September 2003, and the net assets as
at 28 March 2004 of the De Vere Hotels Division of £559.876m, which has been
sourced from De Vere's interim accounts for the 6 months ended 28 March 2004.

The Partial Offer is not being, and will not be, made, directly or indirectly,
in or into, or by the use of the mails or any means or instrumentality
(including, without limitation, telephonically or electronically) of interstate
or foreign commerce of, or any facilities of a national securities exchange of,
the United States, Canada, Australia or Japan and the Partial Offer should not
be accepted by any such means, instrumentality or facility or from within the
United States, Canada, Australia or Japan. Doing so may render invalid any
purported acceptance. Accordingly, copies of this announcement are not being,
nor may they be, mailed or otherwise forwarded, distributed or sent in, into or
from (whether by use of the mails or any means or instrumentality (including,
without limitation, telephonically or electronically) of interstate or foreign
commerce of, or any facilities of a national securities exchange of) the United
States, Canada, Australia or Japan.

The availability of the Partial Offer to De Vere shareholders who are not
resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions. De Vere shareholders who are not resident in the United Kingdom
should inform themselves about and observe any applicable requirements.


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