Directorate Change

Highcroft Investments PLC                           

                                 Board Changes                                 

The Board of Highcroft Investments PLC is pleased to announce the appointment
of Richard Stansfield to the Highcroft board as a Non-executive Director with
effect from 1 December 2002.

Mr Stansfield has spent 7 years as an Equity Partner of Smith-Wooley, a
multi-discipline practice of Chartered Surveyors with a total of 100 staff in
seven offices. Previously, he had held positions as a member of the Management
Board and as Partner in charge of the firm's commercial department.

This appointment is further evidence of the Board's stated strategy to focus on
commercial property investment.

There is no other information to be disclosed under Paragraph 6.F.2(b) to (g)
of the Listing Rules.

27 November 2002