Offer Update

GPG (UK) Holdings PLC
28 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

28 April 2004

                             GPG (UK) HOLDINGS PLC

                                  Offer Update

The Offer Document on behalf of GPG (UK) Holdings plc ('GPG'), which was posted
to shareholders in De Vere Group Plc ('De Vere') on 19 April 2004, included,
inter alia, a comparative table of EV/EBITDA multiples of both listed UK hotel
groups and privately acquired UK hotel groups. The figures included therein were
based on information provided by a subscription-based provider of mergers and
acquisitions data to corporate advisers and the financial community.

GPG has become aware that certain information provided in this regard contained
inaccuracies and should not be relied upon by De Vere shareholders. As a
consequence, GPG retracts the comparative EV/EBITDA table on page 5 of the Offer
Document, as well as the source information thereto which is set out in
paragraphs 7(f) and 7(g) of Appendix IV to the Offer Document.

In due course, GPG will be writing to De Vere shareholders demonstrating why it
continues to believe that the De Vere Hotels Division would be worth more as a
private business.

Definitions used in this announcement have the same meaning 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 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.




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