Directorate Change

Piccadilly Growth Trust plc                          

On 14 July 2003 the Company announced the appointments of Mr Simon Miller, Mr
Charles Peel and Mr Andrew Umbers as non-executive Directors of the Company.

Mr Umbers, has informed the Company that he is unable to continue with his
directorship due to CSFB'S changing rules on outside directorships. It is with
sincere regret that he has therefore had to resign with immediate effect.

In relation to the appointments of Mr Peel and Mr Miller, the Company now
confirms the following:

Mr Peel is not currently a director of any other listed companies but was
formerly a director of Peel Hunt PLC prior to its merger with the KBC Group.

Mr Miller is currently a director of the following listed companies:

Goshawk Insurance Holdings PLC, Dunedin Enterprise Investment Trust PLC, Sigma
Technology Group PLC, JP Morgan Fleming Asset Management, and New Opportunities
Investment Trust PLC.

In addition, Mr Miller has been a director of the following listed companies
within the last five years:

Emess PLC, Offshore Oil & Energy Corporation, and Guardian it plc.

There are no details required to be disclosed pursuant to paragraph 6.F.2(b) to
(g) of the UKLA Listing Rules in relation to the appointment of Mr Peel.

Mr Miller was a director of Documedia Ltd which went into receivership due to
poor trading on 16 October 2001, with the exception of which, there are no
details required to be disclosed pursuant to paragraph 6.F.2(b) to (g) of the
UKLA Listing Rules in relation to the appointment of Mr Miller.

Mr Peel is interested in 760,000 Ordinary shares in the Company (representing
5.82% of the issued share capital), Mr Miller does not hold an interest in the
Company's shares.

 

28 July 2003