Letter to shareholders

Caledonia Investments PLC
10 September 2003

Caledonia Investments plc letter to shareholders enclosing the full text of two
press releases made on Friday 5 September 2003 regarding (i) proposals relating
to Caledonia Investments plc and The Cayzer Trust Company Limited released by
Caledonia Realisation Limited and Cayzer Continuation Limited and (ii) the
response of the Board of Caledonia thereto.



Copies of the above document have been submitted to the UK Listing Authority and
will shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel. No. (0)20 7066 1000

(Documents will normally be available for inspection within six normal business
hours of this notice being given).


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