Change in Management Personnel

Piccadilly Growth Trust PLC

The Directors of Piccadilly Growth Trust plc announce that, with effect from
January 2003, the representative of J O Hambro Capital Management Limited
(Investment Manager) responsible for the day-to-day management of the company's
portfolio will be Rod Marsden.

Mr Marsden joined J O Hambro Capital Management Limited in August 2001 and
manages the J O Hambro Capital Management European Fund. The Fund was launched
in November 2001 and has outperformed its index, the FTSE World European
excluding UK Index, in its first year since inception. Over one year, the fund
fell 13.80% compared to its benchmark, which fell by 21.30%*. The Fund is also
in the top quartile against its peers in the Lipper UK Offshore European
(excluding UK) Sector and the AUTIF European (excluding UK) Sector** over the
same period.

Prior to this, Mr Marsden worked as Head of Pan European Equities at Sanwa
Asset Management, where he managed the Sanwa European Growth Fund. Over the 5
years to 31 August 2001, the Fund returned 115.67% against the sector average
of 72.75%.

* Source: JOHCM and Bloomberg

** Source: Lipper Hindsight

*** Source: Lipper Hindsight

2 January 2003