Grant of options

Conygar Investment Company PLC(The)
20 March 2006


20 March 2006

                       THE CONYGAR INVESTMENT COMPANY PLC

                                GRANT OF OPTIONS

Further to the announcement on 9 March 2006 by the board of The Conygar
Investment Company PLC ('Conygar' or the 'Company') regarding the placing of
8,927,405 new ordinary shares of 5 pence each in the Company a price of 116
pence per share, the Remuneration Committee of Conygar has granted an additional
1,400,000 options over ordinary shares in the capital of the Company to the
executive directors of the Company as follows:


1.  Options over 650,000 ordinary shares have been granted to Robert Ware, 
    Chief Executive of the Company, at a price of 118.5p per share.  The 
    options are exercisable from 15 March 2008 and will lapse on 15 March 2016.
    Mr. Ware now holds a total of 1,275,000 shares under option.

2.  Options over 425,000 ordinary shares have been granted to Peter Batchelor, 
    Finance Director, at a price of 118.5p per ordinary share. The options 
    are exercisable from 15 March 2008 and will lapse on 15 March 2016.  
    Mr. Batchelor now holds a total of 800,000 shares under option.

3.  Options over 325,000 ordinary shares have been granted to Steven Vaughan, 
    Property Director, at a price of 118.5p per ordinary share. The options 
    are exercisable from 15 March 2008 and will lapse on 15 March 2016. Mr.
    Vaughan now holds a total of 705,000 shares under option.


The options have been granted pursuant to the rules of The Conygar Investment
Company Share Option Plan and will be subject to performance criteria which will
require the annual percentage growth in the Company' share price to exceed that
of the FTSE Small Cap Index.


For further information please contact:

The Conygar Investment Company PLC

Robert Ware     - 020 7725 0360

Peter Batchelor - 020 7725 0360


The directors of Conygar accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Conygar (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.


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