GRMP Grampian

RNS Number:0095G
Rutland Trust PLC
28 June 2001

FOR IMMEDIATE RELEASE



                              RUTLAND TRUST PLC

                   Announcement of Investment in EWM Group


        The Board of Rutland Trust announces that it has been advised by
        Rutland Fund Management, the independent manager of the Trust, that
        Rutland Trust has today committed to invest in the acquisition of EWM
        Group by Ever 1489 Limited, a newly formed company with equity finance
        from The Rutland Fund. EWM Group ("EWM") is being acquired by The
        Rutland Fund from Grampian Holdings ("Grampian") for #49m. The
        acquisition is subject to the approval of the sale of EWM by the
        Grampian shareholders.

        EWM comprises 278 retail outlets, which operate across a number of
        retail formats and locations, and related manufacturing operations. In
        the financial year ended 2 February 2001, EWM generated turnover of #
        157.3m and made a profit before interest and tax of #11.7m. Grampian
        is selling EWM because it no longer fits the strategy for the quoted
        group.

        EWM has underperformed in recent years and Rutland Fund Management
        believes that EWM's profit potential can be enhanced through more
        active and direct management by Rutland Fund Management.




                                       - ENDS -



        Enquiries:

        Michael Langdon                               020 7225 3391

        Chairman, Rutland Fund Management

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