Further re Offer for Serah

Terrace Hill Group PLC
21 January 2004

TERRACE HILL GROUP PLC ('the Group')

FURTHER RE OFFER FOR SERAH PROPERTIES PLC

The Group refers to the formal announcement earlier today of a cash offer, with
a share alternative, to acquire the entire issued and to be issued share capital
of SERAH Properties PLC ('Serah') not already owned or controlled by the Group
or parties who may be considered to be acting in concert with the Group.

As detailed therein, the Group presently controls 30.56% of the issued capital
of Serah and has received an irrevocable undertaking from the holder of a
further 27.27% of Serah's shares to accept the cash offer.

The cash offer values the whole issued share capital of Serah at approximately
£1.54 million.

Serah is a former Business Expansion Scheme company whose sole business now is
the completion of a commercial development of 10,600 sq ft of offices and
ancillary retail space at 22 King Street, Mayfair in a 50/50 joint venture with
Canada Life.

Contacts:

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

Alasdair Robinson, Noble & Company Limited, 0131 255 9677


END

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