Further re Grosvenor Offer

Terrace Hill Group PLC
04 May 2004



For immediate release                                    4 May 2004



Terrace Hill Group plc ('Terrace Hill' or 'the Group')



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



Terrace Hill announced on 23 March 2004 that they had received acceptances in
excess of 90% of the total Grosvenor Shares in respect of the Mandatory
Recommended Cash Offer with Share Alternative for Grosvenor and, on 30 March
2004, announced that they were to close the Offer on Thursday 15 April 2004 at
12 noon.



Terrace Hill has now received valid acceptances in respect of 14,456,360
Grosvenor Shares, representing 94.58% of the Grosvenor Shares to which the Offer
relates (i.e. not including the 19,274,807 Grosvenor Shares already owned or
controlled by the Terrace Hill Concert Party being 55.77% of the total Grosvenor
Shares.)



As stated in the Offer Document dated 6 February 2004, Terrace Hill intends to
exercise its right pursuant to the provisions of Sections 428 and 430F
(inclusive) of the Act to enable it to acquire compulsorily the outstanding
Grosvenor Shares to which the Offer relates now that they have received
acceptances under the Offer in respect of over 90% of the Grosvenor Shares to
which the Offer relates.



The expressions used in this announcement shall, unless the context otherwise
requires, bear the same meanings as set out in the Offer Document dated 6
February 2004. This announcement does not constitute an offer or an invitation
to purchase any securities.



For further information please contact:



Mandy Kelly, Director, Terrace Hill Group plc, 0141 332 2014


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