Gresham Hotel Group plc

Tuesday, 22 June 2004

 Gresham Hotel Group plc (“Gresham”)

 The Irish Takeover Panel (the “Panel”) has decided to conduct a hearing under section 11 of the Irish Takeover Panel Act, 1997 (the ”Act”) for the purposes of further investigating whether Red Sea Hotels Limited and Whiterain International Limited, and/or parties acting in concert with them, are acting in concert (as defined in the Act) and as a consequence have acquired control (as defined in the Act) of Gresham.

The Panel wishes to emphasise that no decision has yet been taken as to whether or not any of these parties are acting in concert.

22 June, 2004