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Caledonia Inv PLC (CLDN)

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Monday 08 July, 2002

Caledonia Inv PLC

Director Shareholding

Caledonia Investments PLC
8 July 2002

CALEDONIA INVESTMENTS PLC - GRANT OF SHARE OPTIONS

Caledonia Investments plc ('Caledonia') announces that on 5 July 2002 options
over ordinary 5p shares ('Shares') in the company were granted to executive
directors under the Caledonia Investments plc 1998 Executive Share Option Scheme
('the 1998 Scheme') at an exercise price of 782.5p per share as follows:


Executive Director                   No. of Shares over which options granted
T C W Ingram                                         83,000
Hon C W Cayzer                                       2,500
J H Cartwright                                       3,500

Under the rules of the 1998 Scheme, options may only be exercised if a
performance target has been met. The target for the above options will require
Caledonia's adjusted net asset value per share to outperform either the Retail
Price Index or the FTSE All Share Index over a consecutive three year period. In
addition, only one third of the Shares under option may be exercised within
three years of grant, the remaining two thirds becoming exercisable six years
after grant. The final date for exercise of options is ten years after date of
grant.

On the same date, Mr T C W Ingram has also been granted an option over a further
83,000 Shares at an exercise price of 782.5p on special performance related
terms. As in the case of his options granted under the 1998 Scheme, only one
third of the Shares under option will be exercisable three years after grant,
with the remaining two thirds becoming exercisable six years after grant. The
final exercise date is ten years after date of grant. Both tranches of the
special option will be subject to a stretching performance condition requiring
Caledonia's total shareholder return ('TSR') to outperform the FTSE All Share
Total Return Index ('the Index') over the measurement period. A tranche will
vest in full if Caledonia's TSR exceeds that of the Index by an average of at
least two per cent per annum over the relevant measurement period. If
Caledonia's TSR equals that of the Index, none of the tranche will be
exercisable and there will be proportionate vesting of a tranche if Caledonia's
TSR exceeds that of the Index by an average of between zero and two per cent per
annum. For the one third tranche, the performance measure will be first applied
three years after grant, with two re-test opportunities four and five years
after grant. For the two thirds tranche, the performance measure will be first
applied five years after grant, with two re-test opportunities six and seven
years after grant. If Mr Ingram remains in service until retirement at age 62,
the option will remain exercisable until ten years from grant if the performance
conditions are met. Mr Ingram must otherwise normally be in employment to be
able to exercise the option. The shares required to satisfy Mr Ingram's option
will be transferred from the Caledonia Investments Employee Share Trust. The
remaining terms of the special option are based on the rules of the 1998 Scheme.

The total number of Shares under option held by the above-mentioned executive
directors of Caledonia following the above option grants are as follows:


Executive Director              Total no. of Shares over which options granted
T C W Ingram                                         166,000
Hon C W Cayzer                                       85,100
J H Cartwright                                       122,000





Enquiries:

G P Denison

Company Secretary

Caledonia Investments plc               020 7802 8080



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