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Peterhouse Group PLC (PHS)

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Monday 24 May, 2004

Peterhouse Group PLC

Letter to Shareholders

Peterhouse Group PLC
24 May 2004

For Immediate Release                                              24 May 2004

                              Peterhouse Group plc


Letter to Shareholders

In a letter to shareholders, posted on 21 May 2004, relating to the Babcock
International Offer ('the Offer') the Board of Peterhouse made the following
statement :

'The Board of Peterhouse confirms that it is still in an advanced stage of
negotiations with Network Rail in relation to compensation for the loss of
maintenance contracts. The Board also confirms that there has been no material
change to the level of net proceeds anticipated to be received by Peterhouse
since the Babcock International Offer ('the Offer') was announced on 22 March

'The Board of Peterhouse (other than David Jackson and Simon Foster) continue to
recommend the Offer.'

For further information, please contact :

Buchanan Communications                                            020 74665000
Isabel Podda, James Strong

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                           

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