Directorate Change

Highcroft Investments PLC
06 August 2003


            Highcroft Investments PLC ('Highcroft' or 'the Company')


                        Director's retirement



Mr Criag, a non-executive Chairman of the Company, retired from the Board of
Highcroft on the 3 August 2003 upon reaching the age of seventy, as detailed
in the 2002 Report and Accounts.  As a result, he has also today ceased to be a
member of the Company's Remuneration and Audit Committees.



He had been a Director of the Company since 1993. He will be replaced by Gavin
Kingerlee who is also a non- executive director and was previously Deputy
Chairman.



The board would like to thank Mr Craig for his valuable contribution to the
Company and its Committees over the past ten years and wish him a long and happy
retirement.


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