Change of Property Advisers

Highcroft Investments PLC

Property Advisers and valuers

The Board is pleased to announce the following appointments.

King Sturge has been appointed to manage the Group's property interests and
provide strategic advice on the property portfolio. King Sturge's Swindon-based
asset management team will have overall management responsibility for the
portfolio and their London-based investment team will advise on acquisitions
and disposals during the next phase of the expansion of the commercial property
portfolio.

In accordance with RICS requirements, the annual portfolio valuation will, from
31 December 2003 be carried out by a firm which is independent of the
management and investment advice. Jones Lang LaSalle has been appointed to
undertake these valuations.

The board is grateful to Andrews & Robertson for their contribution as advisers
over many years and are pleased that they will continue as managers of the
residential property portfolio.

03 February 2004