Further re Offer

Terrace Hill Group PLC
25 November 2003

Terrace Hill Group PLC ('the Group')
Further re Offer

This announcement is released further to the Group's announcements of 24 and 25
November 2003 relating to the cash offer ('the Offer') by Corbett Keeling
Limited on behalf of Hodgson & Faraday Property Management Services Limited ('
Hodgson & Faraday') for the Shares in Oakburn Properties plc ('Oakburn') not
already owned or controlled by Hodgson & Faraday and parties in concert with it.

The Group announces that a change of control of Oakburn such as would follow
from a declaration of unconditionality as to acceptances of the Offer by Hodgson
& Faraday for Oakburn will trigger a requirement for a mandatory offer under
rule 9 of The City Code on Takeovers and Mergers for Grosvenor Land Holdings PLC
('Grosvenor') by Oakburn and/or parties acting in concert with it, (including
the Group), in which the Group would be willing to participate.  The Group would
propose to the Panel on Takeovers and Mergers that the price be at or around
this morning's mid market share price of Grosvenor.  A further announcement will
be made in early course.


Contacts:
Ross Macdonald, Terrace Hill Group PLC - 0141 332 2014
Alasdair Robinson, Noble & Company Limited - 0131 225 9677


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