re De Vere Group Plc

GPG (UK) Holdings PLC
18 June 2004



For immediate release                                              18 June 2004

                             GPG (UK) Holdings plc

                             Re: De Vere Group Plc

The following is the text of a letter from Blake Nixon, Chairman of GPG (UK)
Holdings plc, being sent to shareholders in De Vere Group Plc, following the
lapsing of GPG (UK)'s Final Partial Cash Offer:

'Dear Shareholder,

Over the four years leading up to GPG's Partial Offer the De Vere Board had not
deigned to take any meaningful action to address the chronic under-valuation of
the De Vere Hotels Division. Our Partial Offer, which earlier today lapsed, was,
after careful consideration, made with the principal objective of compelling the
Board to recognise shareholders' legitimate expectations with respect to the
realisable value of their investments in De Vere. As such, the Partial Offer
represented a golden opportunity for the De Vere Board, by putting forward a
decisive proposal, to tackle, in a timely manner, this structural valuation
issue, and thereby demonstrate its genuine commitment to maximising shareholder
value. Its abject failure to do so only serves to reinforce GPG's lack of
confidence that the Board has the capacity and motivation to embrace the
proprietorial approach necessary to solve the long standing problem.

Under GPG's proposed strategy a sale of the De Vere Hotels Division would have
provided the opportunity to return to shareholders cash of some £420m or £3.70
per share. Our aim, based on such a cash return and a much enhanced growth
profile, post restructure, for the Group's shares, was to deliver this year to
De Vere investors a value equivalent to £5 per existing share. Given the Board's
rhetoric that it is confident its stated strategy will deliver substantially
greater value to shareholders than our proposal, £5 per De Vere share is,
manifestly, the near term benchmark for shareholder value against which their
'clear and dynamic' strategy will be judged. Our recent discussions with De
Vere's other major shareholders confirm they will, post offer, be closely
monitoring the Board's stewardship in this regard.

In the meantime, GPG will maintain its dialogue with the Board, fellow
shareholders, and with the various third parties (some of whom have made contact
with De Vere in the past few weeks) that have expressed to GPG keen interest in
the acquisition of the De Vere Hotels Division.

In conclusion, notwithstanding the fact that it is precluded, without the
consent of the Takeover Panel, from bidding again for De Vere for twelve months,
GPG as De Vere's largest independent shareholder, continues to be a very
interested and extremely active De Vere shareholder.'

                                    - Ends -

Enquiries:
GPG (UK) Holdings plc
Blake Nixon, Chairman                                   020 7484 3370

Weber Shandwick Square Mile                             020 7067 0700
Kevin Smith / Josh Royston




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