Britannic Global Income Trust

Terrace Hill Group PLC
11 October 2005



Terrace Hill Group plc ('Terrace Hill')

Britannic Global Income Trust plc ('the Company' or 'BGIT')

Undernoted below for information purposes are extracts from an announcement
released today by Britannic Global Income Trust plc in relation to the scheme of
arrangement becoming effective today. Details of the scheme of arrangement are
contained in the announcements made by BGIT on 22 July 2005 and 31 August 2005.

Terrace Hill has subsequently, for all practical purposes, acquired BGIT but not
its subsidiary, Britannic Global Income Securities plc, which is proposed to be
liquidated.

Terrace Hill intend to procure the making of applications by BGIT to the UKLA
for the cancellation of the listing of BGIT Shares on the Official List of the
UKLA and to the London Stock Exchange for the cancellation of trading in BGIT
Shares on its market for listed securities.

END

Britannic Global Income Trust plc (the 'Company')

Britannic Global Income Securities plc ('BGIS')

Further to the announcement made on 31 August 2005, the Board of the Company
announces that the scheme of arrangement under section 425 of the Companies Act
1985 (the 'Scheme') has today become effective in accordance with its terms.

Payments due to be made to the holders of ordinary shares in the Company (the
'Ordinary Shareholders') and the Company's creditors under the Scheme shall be
made within the time periods set out in the Scheme.

Those assets of the Company distributed to its subsidiary, BGIS (the
Subordinated Scheme Creditor in terms of the Scheme), under the Scheme will be
returned to ZDP Shareholders (after the payment of the Creditor Scheme
Supervisor's fee in accordance with the Scheme and after the deduction of the
ongoing/ liquidation costs of BGIS) on the date of the eventual winding up of
BGIS, not on the effective date of the Scheme. Proposals to liquidate the
Company's subsidiary, BGIS, will be put to the shareholders of BGIS at an
extraordinary general meeting of BGIS to be held at 12 noon on 30 November 2005
in accordance with the notice of that meeting which was sent to shareholders of
BGIS on 1 August 2005.

We also announce that the current directors of the Company have resigned with
immediate effect and that the resignation of the current secretary of the
Company will take effect from 5pm today, all as envisaged by the implementation
of the Scheme.  In their place, nominees of the Purchasers (as defined in the
Scheme) have been appointed - Donald Ross Macdonald has been appointed as an
executive director of the Company and Miranda Anne Kelly has been appointed as
an executive director and the secretary of the Company.

11 October 2005





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