Appointment Of A New Director: Miranda Anne Kelly

PROPERTY & CAPITAL GROUP PLC
20 October 1999

APPOINTMENT OF A NEW DIRECTOR: MIRANDA ANNE KELLY

On 20 October 1999 Miranda A Kelly was appointed as a Director.

Miranda Kelly graduated as a Solicitor at Strathclyde University and joined
Property & Capital Group in 1996. She was appointed Group Company Secretary on
2 August 1999.

The following is information on the proposed additional director of Property &
Capital Group PLC:-

1)       Miranda Anne Kelly is 29 years old.

2)       Directorships within previous five years:
Reversionary Gains I (First Nominees) Limited
Reversionary Gains I (Second Nominees) Limited
Reversionary Gains I (Third Nominees) Limited
Reversionary Gains III (First Nominees) Limited
Reversionary Gains III (Second Nominees) Limited
Reversionary Gains III (Third Nominees) Limited
Unchained Growth VI PLC
Unchained Growth VII PLC
PCG Residential Lettings (No.3) Limited
PCG Residential Lettings (No.2) Limited
PCG Residential Lettings Limited
A Priori Growth I PLC
A Priori Growth II PLC
A Priori Growth III PLC
A Priori Growth IV PLC
A Priori Growth V PLC
A Priori Growth VI PLC
A Priori Growth VII PLC
A Priori Growth VIII PLC
A Priori Growth IX PLC
Property & Capital Group PLC (temporary position only)
Mercantile Securities (Scotland) Limited
PCG Residential PLC
PCG Fulham Limited
(and other subsidiaries of Property & Capital Group PLC)

3)       Ms Kelly has no unspent convictions in relation to indictable
offences.

4)       Ms Kelly has not been the subject of any bankruptcies nor any
individual voluntary arrangements.

5)       Ms Kelly was not a Director at the time, nor within the proceeding 12
months, of any Company which has been the subject of a receivership,
compulsory liquidation, creditors voluntary liquidation, administration,
company voluntary arrangement or any composition or arrangement with its
creditors generally or any class of its creditors of any company.

6)       Ms Kelly was not a Partner at the time, nor within the proceeding 12
months, of any Partnership which has been the subject of a compulsory
liquidation, administration, or partnership of voluntary agreement.

7)       Ms Kelly was not a Partner at the time, nor within the proceeding 12
months, of any partnership of which any asset of the partnership was subject
to a receivership.

8)       Ms Kelly has never been the subject of a public criticism by
statutory or regulatory authority nor has she ever been disqualified by a
court from acting as a director of a company or from acting in the management
or conduct of the affairs of any company.