Board Appointments

Caledonia Investments PLC
28 May 2002

                           CALEDONIA INVESTMENTS PLC

                         ANNOUNCEMENT OF BOARD CHANGES





The board of Caledonia Investments plc ('Caledonia') is pleased to announce the
appointments of a new chief executive and an additional independent
non-executive director.



Tim Ingram, until recently a main board director of Abbey National plc, is
appointed chief executive of Caledonia with effect from 10 June 2002.



Mark Davies, formerly chief executive of Gerrard Group plc, is appointed a
non-executive director with immediate effect.





Commenting on the appointments, Peter Buckley, chairman and chief executive of
Caledonia, said:



'I am delighted that Tim Ingram has agreed to join us as chief executive and I
very much look forward to working with him. His successful track record and
considerable experience will help us to continue to build and develop
Caledonia's portfolio of interests.



I am also delighted that Mark Davies has agreed to join us as an additional
independent non-executive director. He will bring with him much wisdom and
relevant experience.'





Tim Ingram said:



'I am very excited about joining Caledonia Investments with its impressive
performance record and am greatly looking forward to the challenge of building
on that strength to create more value for all shareholders.'







Enquiries:



Peter Buckley
Chairman and chief executive, Caledonia Investments plc
020 7802 8080





Bill Trelawny/Charles Vivian
Citigate Dewe Rogerson
020 7638 9571





Note:

Tim Ingram began his career in 1969 at ANZ Grindlays Bank, where he became
regional director successively for the Far East, Middle East and UK and Europe,
before joining First National Finance Corporation in 1992 as finance director.
He was appointed chief executive of FNFC within six months and was responsible
for restructuring and refinancing the loss-making business, returning it to
profit prior to negotiating its sale to Abbey National in 1995. He joined the
main board of Abbey National in 1996 and was managing director of its
Business-to-Business Division until he left the group in March 2002.



Mark Davies founded Inter Commodities (IC), a derivatives broking business, in
1972. In 1984, Gerrard & National plc (G&N) acquired a controlling interest in
GNI (formerly IC). In 1994, G&N bought Mr Davies' stake in GNI and in 1995 he
became chief executive of Gerrard Group plc (formerly G&N), a position he held
until its acquisition by Old Mutual in 2000. He was an executive director of Old
Mutual Financial Services (UK) until his retirement in April 2001, although he
remains a non-executive director. Since then he has been chairman of Thornhill
Holdings, a small, but successful, fund management business.





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