Further re Offer

Terrace Hill Group PLC
04 December 2003

Terrace Hill Group PLC ('the Group')



Further re Offer

Further to the previous announcements released by the Group regarding the cash
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 has undernoted an announcement
released by Hodgson & Faraday this afternoon.



Contacts:

Ross Macdonald, Terrace Hill Group plc - 0141 332 2014



Undernote:

Not for release, publication or distribution in or into the United States,
Canada, Australia or Japan


                          4 December 2003

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 Offer unconditional as to acceptances

The number of ordinary shares of £1 each of Oakburn ('shares') held by Hodgson &
Faraday and parties with which it is in concert before the offer period
commenced on 17 October 2003, amounted to 198,570 shares.  These shares
represent 21.08% of the number of issued shares of Oakburn.  On 16 October 2003,
Peter Blausten undertook with Hodgson & Faraday in respect of his holding of
119,285 shares, representing 12.66% of the number of issued shares, not to
accept any competing offer for Oakburn for a period of six months.

Since the commencement of the offer period, Hodgson & Faraday and parties with
which it is in concert have acquired 308,855 shares.  These shares represent
32.79% of the number of issued shares of Oakburn.  These acquisitions have been
validated in accordance with the requirements of the City Code, such that, once
the Offer is made, such acquisitions may be counted towards the acceptance
condition of the Offer.

Accordingly, the total number of shares owned by Hodgson & Faraday and parties
with which it is in concert amounts to 507,425 representing 53.87% of the total
number of issued shares of Oakburn and the Offer, when made, will be
unconditional as to acceptances.

The Offer, when made, will lapse (unless otherwise agreed with the Panel) if a
reference is made to the Competition Commission or if the European Commission
either initiates proceedings under Article 6(1)(c) of Council Regulation (EEC)
4064/89 or following a referral by a competent authority in the United Kingdom,
there is a subsequent reference to the Competition Commission before 3.00 p.m.
on the First Closing Date of the Offer.

Save as set out above, neither Hodgson & Faraday nor any person acting in
concert with it held any Oakburn Shares or rights over such shares, before 17
October 2003;  nor has any such person dealt in any Oakburn Shares (or rights
over Oakburn Shares) since 17 October 2003, the date of the commencement of the
Offer Period of Oakburn.

The offer document is expected to be despatched to Oakburn shareholders shortly.

Enquiries

Terrace Hill:                                                    Hodgson & Faraday:
Nigel Turnbull, tel:  [phone]
                                     Douglas and Simon Blausten, tel:  [phone]

Corbett Keeling:

Simon Keeling, tel:  [phone]



The directors of Hodgson & Faraday accept responsibility for the information
contained in this announcement.  To the best of the knowledge and belief of the
directors of Hodgson & Faraday (who 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 contents of this announcement have been approved for the purposes of Section
21 of the Financial Services and Markets Act 2000 by Corbett Keeling of 13 St
Swithin's Lane London EC4N 8AL which is regulated in the United Kingdom by the
Financial Services Authority.  Corbett Keeling is acting exclusively on behalf
of Hodgson & Faraday and no-one else in connection with the Offer and will not
be responsible to any person other than Hodgson & Faraday for providing the
protections afforded to clients of Corbett Keeling nor for providing advice in
relation to the Offer, the contents of this announcement or any other matter
referred to herein.

The Offer will not be made, directly or indirectly, in or into, or by use of the
mails of, the United States, Canada, Australia or Japan or by any means or
instrumentality (including, without limitation, electronic mail, facsimile
transmission, telex and telephone) of interstate or foreign commerce of, or of
any facility of a national securities exchange of the United States, Canada,
Australia or Japan.  Accordingly, copies of the Offer Document and the Form of
Acceptance will not be, and must not be, mailed or otherwise distributed or sent
in, into or from the United States, Canada, Australia or Japan and persons
receiving such documents (including custodians, nominees and trustees) must not
distribute or send them in, into or from the United States, Canada, Australia or
Japan.




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