Annual Report and Accounts

Piccadilly Growth Trust PLC                          

Report and Accounts for the year ended 30 April 2003, Circular regarding the
Annual General Meeting and Notice of Annual General.

Copies of the above documents have been submitted to the UK Listing Authority,
and

will shortly be available for inspection at the UK Listing Authority's Document

Viewing Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

Tel. No. 020 7676 1000

1 August 2003