Acquisition

Highcroft Investment Trust PLC
2 August 2001

                        Highcroft Investment Trust plc

                        Commercial Property Investment

On 1 August 2001 a subsidiary of Highcroft Investments PLC, Rodenhurst Estates
Limited, completed the purchase for cash of a property located in Warrington,
Cheshire, at a purchase price of £1,775,000. The property comprises a public
house and adjoining retail unit let to Yates Brothers Wine Lodges Plc for a
term of 50 years from April 1997, with a 25 year break clause. Net rental
income is expected to be £134,000 p.a.

This investment is part of a continuing programme to enhance the quality of
our property portfolio.

2 August 2001