Result of Tender Offers

Peel Hldgs PLC 26 June 2000 Peel Holdings p.l.c. ('Peel' or the 'Company') Results of Tender Offers On 1 June 2000 the Company announced tender offers made by Credit Lyonnais Securities for the Company's ordinary shares at 700 pence per share and its convertible preference shares at 250 pence per share up to a maximum of £80 million. The board of Peel announces that by 3.00pm on 23 June 2000, the closing date for the tender offers, valid tenders had been received in respect of a total of 8,517,560 ordinary shares and 7,225,635 convertible preference shares, which represents 11.5 per cent. of Peel's ordinary share capital (with full voting rights) and 31.4 per cent. of Peel's convertible preference share capital in issue on 23 June 2000. Peel will subsequently purchase all ordinary shares and convertible preference shares which will be acquired by Credit Lyonnais Securities under the tender offers, subject to the Company and Credit Lyonnais Securities entering into a share buyback contract and the tender offers and the share buyback contract being approved at an extraordinary general meeting and separate class meetings of the ordinary and convertible preference shareholders of the Company to be held on 11 July 2000. The tender offers will become unconditional once such shareholder approval has been given and the buyback contract has been entered into by the Company and Credit Lyonnais Securities. Enquiries: Peter Scott, Peel Holdings p.l.c. 0161 629 8200 Richard Bailey, N M Rothschild & Sons Limited 0161 827 3800 Nick Naylor, Credit Lyonnais Securities 0207 588 4000