Directors' Dealings

Terrace Hill Group PLC
15 January 2004



TERRACE HILL GROUP PLC ('the Company')



DIRECTORS' DEALINGS



The Company announces that it was notified today that the following directors
had acquired ordinary shares in the Company as follows:



1.                  Mr Nigel Turnbull, Joint Managing Director of the Company,
today purchased 30,000 Shares in the Company at a price of 26p each. Mr
Turnbull's interest in the share capital of the Company has increased from
116,000 shares (0.075%) to 146,000 Shares (0.09%).



2.                  Mr Robert Adair, Chairman of the Company, also today
purchased 50,000 Shares in the Company at a price of 26p each.  Mr Adair's
interest in the share capital of the Company has increased from 128,373,549
Shares (83.37%) to 128,423,549 Shares (83.41%).



The Shares referred to in the announcement are the issued Ordinary Shares of 2p
each in the Company.



Contact:  Alasdair Robinson, Noble & Company Limited, 0131 225 9677








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