Directorate Change

Jetcam International Holdings Ld
15 January 2003

                                                           For immediate release
                                                              15th January, 2003

                                                                                                    
                   JETCAM Limited ('JETCAM' or 'the Company')

                               Directorate change

JETCAM announces that George Kynoch has resigned as chairman and as a director
of the Company, to concentrate on his other directorships in the UK and that Mr
Jonathan Richard Arthur Townsend has been appointed to the board of the Company
and has also been appointed chairman.  Mr Townsend, aged 60, is currently
chairman of Ringprop plc and within the last five years was a director of
Bacchino Investments Limited, Hoare Govett Limited, Severfield Rowen plc and
Palazzo Terranova Limited.



In addition, Ian Ilsley has resigned as finance director to pursue his other
business interests and the Company has appointed Mr Peter Grut FCA (Swedish) as
his replacement.



All the above board changes took effect from 13th January, 2003.



Mr Townsend was a director of Palazzo Terranova Limited ('PTL') from 13th
October, 1999 until 9th September, 2002.  PTL was a non-trading company which
issued £554,065 of unsecured loan notes and its obligations under the loan notes
were guaranteed by Palazzo Terranova SrL ('PT SrL'), a company incorporated in
Italy.  All except one of the Noteholders agreed to roll up interest payments,
pending a financial restructuring of PT SrL which is currently in progress.



The dissentient Noteholder, however, presented a petition to wind up PTL and on
9th September, 2002 the Court made a winding-up order.  PTL has no liabilities
other than the arrears of interest and the principal outstanding to the
Noteholders.  PT SrL is in a position to meet in full its obligations to the
Noteholders under the guarantee.



Mr Townsend has confirmed that there are no other matters requiring disclosure
under Schedule 2 (f) of the AIM rules.



Mr Grut, aged 64, is currently a director of the following companies or a
partner of the following partnerships (as appropriate):



B.A.S.E SAM (Monaco) (Partnership)
United International Enterprises Limited
Range Asset Management Limited
Excelsior Mining Fund



During the last five years Mr Grut has also been a director the following
companies or a partner of the following partnership (as appropriate):



JASON SAM (Monaco) (Partnership)
International Plantations Finance Limited



Mr Grut has confirmed that there are no other matters requiring disclosure under
Schedule 2 (f) of the AIM rules.




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