Further re Grosvenor Offer

Terrace Hill Group PLC
30 March 2004


Further re Offer for Grosvenor Land Holdings plc ('Grosvenor')

Undernoted is a copy of a letter that has been sent to shareholders of Grosvenor


Contact:

Ross Macdonald, Joint Managing Director, Terrace Hill Group plc, 0141 332 2014


THIS ANNOUNCEMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.  If you
are in any doubt as to the action you should take about this announcement, you
should consult your stockbroker, bank manager, solicitor, accountant or other
independent financial adviser authorised under The Financial Services and
Markets Act 2000 immediately.

To the Shareholders of Grosvenor Land Holdings PLC


                                  ANNOUNCEMENT

Mandatory Recommended Cash Offer with Share Alternative by Terrace Hill Group
PLC ('Terrace Hill') for the entire issued share capital of Grosvenor Land
Holdings PLC ('Grosvenor') (not already owned or controlled by Terrace Hill and
persons acting in concert with it)

                           14 DAY NOTICE OF CLOSING

30 March 2004

As announced in our letter dated 23 March 2004, Terrace Hill (including the
Terrace Hill Concert Party holding) have received acceptances in excess of 90%
of the total Grosvenor Shares.

AS ALREADY ADVISED WE EXPECT THAT THE GROSVENOR SHARES WILL BE DELISTED ON 6
APRIL 2004.

TERRACE HILL WILL CLOSE THE OFFER ON THURSDAY 15 APRIL 2004 AT 12 NOON.  IT IS
NOT INTENDED TO ISSUE ANY FURTHER CLOSING NOTICES.


Yours faithfully



D. Ross Macdonald
Joint Managing Director

This announcement should be read in conjunction with the Offer Document dated 6
February 2004 and expressions therein shall have the same meanings in this
announcement.  The Terrace Hill Directors are responsible for the information
contained in this announcement.  To the best of their knowledge and belief (and
they have taken all reasonable care to ensure that such is the case) the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.  The
Terrace Hill Directors accept responsibility accordingly.  This announcement
has been approved for issue by Mercantile Securities (Scotland) Limited ('MSS')
for the purposes of Section 21 of the Financial Services and Markets Act 2000.
MSS, which is regulated by The Financial Services Authority, is acting for
Terrace Hill and no one else in connection with the Recommended Cash Offer and
Share Alternative and will not be responsible to any other persons for providing
the protections afforded to customers of MSS nor for giving advice in relation
to the Recommended Cash Offer and Share Alternative.

So far as the Terrace Hill Directors are aware and save as disclosed above,
there have been no material changes to any of the information set out in the
Offer Document dated 6 February 2004 and in the letters dated 9, 16 and 27
February 2004 and 8 and 23 March 2004.


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