Initial Order

Caldwell Investments PLC
19 March 2004

                          CALDWELL INVESTMENTS P.L.C.


In the Chairman's Statement that accompanied the Interim Report 2003 sent to
Shareholders last September, we said that we continued to believe that the large
potential market for the NinaSun canopy would provide exciting opportunities for
the Group.


We are pleased to announce that the Marriott Group Hotel in Sao Paulo, Brazil,
after carrying out a four month trial, have placed a small initial order for
NinaSun canopies.  We have also been given permission to use the Marriott Hotel
as a location for promotional photography.   In order to further develop the
sales potential for the NinaSun canopy in South America, we will be establishing
a wholly-owned Brazilian subsidiary.


A trial order for the NinaSun canopy developed for deckchairs and wooden
furniture has been received.   These trials will be carried out early spring.


                                                                   S.J. Wootliff
                                                                        Chairman


19.03.04
SJW/CAH



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