Re Directorate

Piccadilly Growth Trust Plc
29 March 2001

                         Piccadilly Growth Trust plc



The Company announces that Mr Christopher Mills has resigned as a Director of
the Company. The Company also announces that Mr Andrzej Sobczak has been
appointed as a non-executive Director of the Company. These changes are
effective from 29 March 2001.



Mr Sobczak has over 25 years' experience in the investment industry,
encompassing analysis, fund management, sales and marketing and has managerial
and directorial experience within the sector. He has previously worked for
Hoare Govett, GEC Pension Fund, de Zoete and Bevan (later BZW), ABN Amro and
Henderson Global Investors and is currently a Director of Intelli Corporate
Finance.



Following these changes, the Company considers itself in compliance with the
recommendations of the Combined Code on Corporate Governance regarding the
independence of Directors.



29 March 2001