Acquisition of Land

Terrace Hill Group PLC
31 October 2002

TERRACE HILL GROUP PLC (the 'Company')

Land Acquisition for Development

The Company announces that, subject to planning permission, it has acquired land
at Queen Elizabeth Park, Guildford, at a price of £4.5 million for development
for mixed use as offices, foodstore, nursery, fitness club and possibly
restaurant.

Development is expected to commence early in the New Year. The fitness club is
planned to be leased for 35 years to Esporta and the foodstore and nursery sold
to Budgens and Academy Nursery respectively. The offices will be small/medium
units for sale. Total development costs are estimated at £15 million. The
development is likely to be carried out in joint venture, although the risk
factor has already been substantially reduced by the pre-let and pre-sales.

Contacts:

Ross Macdonald, Joint Managing Director, Terrace Hill Group Plc    0141 332 2014

Alasdair Robinson, Noble & Company Limited                         0131 225 9677



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