Directorate Change

Conygar Investment Company PLC(The)
09 June 2004



                      The Conygar Investment Company PLC
                         ('Conygar' or the 'Company')
                           Appointment of director

The board of Conygar is pleased to announce the appointment of Steven Vaughan as
a director of the Company.

Steven has been involved with the Company from the outset and has been employed
in sourcing and evaluating various transactions and opportunities. He is a
chartered surveyor and was previously a senior executive at MEPC Limited where
he was responsible for corporate development, property management and
development. In particular he was responsible for several urban regeneration
projects in both Cardiff and Liverpool. Prior to joining MEPC, Steven worked for
Greenalls plc and Development Securities plc.  He will be appointed upon the
same terms as the existing directors.

Information on Steven Vaughan required by paragraph (f) of Schedule Two of the
AIM Rules:

(i)           Steven Mark Vaughan, Age 46

(ii)          Current directorships and partnerships:

              Almura Building Products Limited
              Oxiana Property LLP
              Brattan Ball Investments LP

              Metropolitan Film Partnership LLP

              Previous directorships in the last five years:

              Carlton Healthcare Limited
              Carlton Healthcare Properties Limited
              City Link (Cardiff) Limited
              City Link (Holdings) Limited
              City Link (St Athan) Limited
              Dunestown Limited
              Fibbings Limited
              Ilkleyden Limited
              Intercity JIS Limited
              Intercity (PFI) Limited
              Intercity PFI (Liverpool) Limited
              Intercity PFI (Speke) Limited
              Intercity PFI (Wirral) Limited
              MEPC Cardiff Limited
              MEPC Cardiff Investments (E02) Limited
              MEPC Cardiff Investments (E03) Limited
              MEPC Cardiff Investments (E04) Limited
              MEPC Cardiff Investments (E18) Limited

(iii)         None

(iv)          None

(v)           None

(vi)          None

(vii)         None

(viii)        None and No



Enquiries

For further information, please contact:

The Conygar Investment Company PLC
Robert Ware                                          020 7629 6900
Peter Batchelor

Deloitte Corporate Finance
Ian Jamieson                                         020 7936 3000
Adam Hall

The directors of Conygar accept responsibility for the information contained in
this announcement.  To the best of the knowledge and belief of the directors of
Conygar (who have taken all reasonable care to ensure that such is the case) the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.




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