Holding(s) in Company

Caledonia Investments PLC
02 April 2004

Reduction of an interest in shares

Caledonia Investments plc ('Caledonia' or the 'Company') announces that on 1
April 2004 it received notification pursuant to section 198 of the Companies Act
1985 (the 'Act') from The Cayzer Trust Company Limited ('CTC') that the interest
of  CTC in Caledonia which arises pursuant to voting and pre-emption
arrangements entered into on 15 March 2004 by CTC with a minority group of CTC's
shareholders (the 'Minority Group') has decreased as a result of the disposal of
452,928 shares in Caledonia by the Minority Group. These arrangements form part
of the settlement terms agreed between CTC and the Minority Group referred to in
the announcement released by Caledonia on 15 March 2004 regarding its proposals
for a return of funds to ordinary shareholders.

CTC is deemed by virtue of section 208(4)(b) of the Act to be interested in all
of the Caledonia shares to which the above voting and pre-emption arrangements
relate. Following the disposals, CTC is interested in a total of 28,372,783
shares in Caledonia (representing 39.07% of Caledonia's issued ordinary share
capital), of which 961,417 shares (representing 1.32% of Caledonia's issued
ordinary share capital) are shares remaining subject to these arrangements. All
of the shares sold by the Minority Group were acquired by other members of the
Cayzer family concert party and therefore the overall holding of the concert
party, currently 49.50%, is unchanged by these disposals.

The registered holders of the shares sold, so far as is known to CTC, were as
follows:
Name of registered holder                                      No. of ordinary shares
The Regent Trust Company Limited C A/c (Grandchildren)         5,098
The Regent Trust Company Limited C7 A/c (Grandchildren)        6,465
The Regent Trust Company Limited C7 AR A/c (VM Fund)           138,600
The Regent Trust Company Limited C7 AV A/c (VM Fund)           129,150
KB (CI) Nominees Limited (Grandchildren)                       173,615


Enquiries:

G P Denison, Company Secretary                          Tel: [phone]

2 April 2004




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