Directorate Change

Piccadilly Growth Trust plc                          

The Company announces that, following the completion of the Scheme of
Reconstruction of KHSFC Ltd, Mrs Margaret Simmons-Hodge has today been
appointed as a non-executive Director of the Company.

Mrs Simmons-Hodge has been a director of KHSFC Ltd (previously King Harry Steam
Ferry Company Ltd) for over seven years and Chairman since 1996.

16 April 2002