Re: Cash Offer for CAT

Grainger Trust PLC
29 December 2006


29 December 2006
                               Grainger Trust plc

Recommended cash offer for The Capital Appreciation Trust (Isle of Man) plc (the
                                    'Offer')

                  Level of acceptances and extension of offer


Grainger Trust plc ('Grainger') announces that, as at 12.00 noon on 28 December
2006, being the first closing date of the Offer, valid acceptances of the Offer
had been received by Grainger Retirement Housing Limited ('GRHL'), a wholly
owned subsidiary of Grainger, in respect of 41,123,323.97 CAT Shares
(representing approximately 83.79 per cent. of the CAT Shares to which the Offer
relates).

Prior to the announcement of the Offer on 1 December 2006, the CAT Directors who
are also CAT Shareholders and certain other CAT Shareholders irrevocably
undertook to direct the Nominee to accept the Offer in respect of their
aggregate beneficial holdings of 23,798,614.59 CAT Shares (representing
approximately 48.5 per cent. of the CAT Shares to which the Offer relates).
Valid acceptances in respect of those CAT Shares have been included in the level
of valid acceptances above.

The Offer, which remains subject to the terms and conditions set out in the
Offer Document, is being extended and will remain open for acceptance until the
next closing date which will be 12.00 noon on 19 January 2007.  Any further
extensions of the Offer will be publicly announced not later than midnight on
the business day following the day on which the Offer was otherwise due to
expire (or at such later time or date as GRHL and the Board of CAT may agree).

Save where the context otherwise requires, the definitions of certain
expressions used in this announcement are contained in the Offer Document dated
1 December 2006.


Enquiries:

Grainger Trust plc
Andrew Cunningham:  0191 269 5972
Marie Glanville:  0191 269 5972

JPMorgan Cazenove
Roger Clarke:  020 7588 2828

Financial Dynamics
Stephanie Highett:  020 7831 3113
Dido Laurimore:  020 7831 3113

JPMorgan Cazenove, which is regulated in the United Kingdom by the Financial
Services Authority, is acting for GRHL in connection with the Offer and for no
one else and will not be responsible to anyone other than GRHL for providing the
protections afforded to clients of JPMorgan Cazenove, or for providing advice in
relation to the Offer or any other matter.


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