Exercise of Options

Teather & Greenwood Holdings PLC
3 October 2001



FOR IMMEDIATE RELEASE     3 October, 2001


               TEATHER & GREENWOOD HOLDINGS PLC ('the Company')

                             Exercise of Options

The Company announces that on 2 October 2001 it issued and allotted 15,000
ordinary shares at an exercise price of 28.3 pence per share pursuant to the
exercise of options. As a consequence, the Company has applied to the UK
Listing Authority, for these shares to be admitted to the Official List and to
trading on the London Stock Exchange.

The new ordinary shares will rank pari passu with the existing ordinary shares
of the Company and dealings and trading are expected to commence on 8 October
2001.

The Company further announces that on 3 October 2001 the Teather & Greenwood
Holdings plc Employee Benefit Trust ('EBT') purchased 15,000 shares at 76p per
share. As a consequence, the EBT is now interested in 647,000 Ordinary Shares
representing 2.29 percent of the issued share capital. The following directors
along with other members of staff are potential beneficiaries of the EBT:

Jeremy Delmar-Morgan;
Ken Ford;
Brian Rowbotham; and
Nicholas Stagg.


The Teather & Greenwood Holdings plc Employee Benefit Trust was established in
April 2000 to provide rewards and benefits in recognition of the continued
loyalty and performance of Teather & Greenwood employees.