Further re Offer

Terrace Hill Group PLC
25 November 2003

Terrace Hill Group PLC ('the Group')

Further re Offer



Further to the announcements released by the Group on 24 November 2003 regarding
the cash offer by Corbett Keeling Limited on behalf of Hodgson & Faraday
Property Management Services Limited ('Hodgson & Faraday') for the Shares in
Oakburn Properties plc ('Oakburn') not already owned or controlled by Hodgson &
Faraday and parties in concert with it, the Group has undernoted an announcement
released by Hodgson & Faraday this morning.

Contacts:

Nigel Turnbull, Terrace Hill Group plc - 020 7631 1666

Ross Macdonald, Terrace Hill Group plc - 0141 332 2014

Alasdair Robinson, Noble & Company Limited - 0131 225 9677

Hugo de Salis, St Brides Media & Finance - 0207 242 4477



Undernote:

Not for release, publication or distribution in or into the United States,
Canada, Australia or Japan


                                                                  24 November
2003

CASH OFFER by Corbett Keeling Limited on behalf of Hodgson & Faraday Property
Management Services Limited ('Hodgson & Faraday') for the Shares in Oakburn
Properties plc ('Oakburn') not already owned or controlled by Hodgson & Faraday
and parties in concert with it

Correction regarding number of purchases to be counted towards acceptance
condition and shares held by Douglas Blausten

The number of ordinary shares of £1 each of Oakburn ('shares') held by Hodgson &
Faraday and parties with which it is in concert before the offer period
commenced on 17 October 2003, amounted to 198,570 shares.  These shares amount
to 22.21% of the number of issued shares of Oakburn as enlarged by the allotment
of shares pursuant to the exercise of options referred to below.

Simon Blausten, who is a concert party with Hodgson & Faraday exercised his
right to subscribe 48,000 shares at £2.70 per share on 21 October 2003 and these
shares were unconditionally allotted to him on 20 November 2003.  These shares
amount to 5.37% of the number of issued shares of Oakburn as so enlarged.
However, the number of shares held by Douglas Blausten is 99,285 and not, as
previously announced, 147,285 because 48,000 shares have not been
unconditionally allotted to him at the date of this announcement.

Hodgson & Faraday acquired 119,285 shares on 21 November 2003.  These shares
amount to 13.34% of the number of issued shares as enlarged by the allotment of
shares pursuant to the exercise of options referred to above.

Hodgson & Faraday acquired 93,570 shares on 24 November 2003;  of these shares,
12,643 were accompanied by share certificates and the balance of 80,927 are not.
  These shares amount to 1.41% and 9.05% respectively of the number of issued
shares as enlarged by the allotment of shares pursuant to the exercise of
options referred to above and when added to the existing holdings of Hodgson &
Faraday and its concert parties will give Hodgson & Faraday in aggregate 378,498
(42.34%) and not 507,425 (53.87%).

Accordingly contrary to the announcement made at 12.16 on 24 November, the offer
by Hodgson & Faraday has not become unconditional as to acceptances.  The offer
will only become unconditional as to acceptances if the transfers are validated
in accordance with the requirements of the City Code and when aggregated with
any valid acceptances received when the offer is made.

Enquiries

Terrace Hill:                                   Hodgson & Faraday:
Nigel Turnbull, tel:  [phone]             Douglas and Simon Blausten, tel:  [phone]

Corbett Keeling:
Simon Keeling, tel:  [phone]


The directors of Hodgson & Faraday accept responsibility for the information
contained in this announcement.  To the best of the knowledge and belief of the
directors of Hodgson & Faraday (who have taken all reasonable care to ensure
that such is the case), the information contained in this announcement is in
accordance with the facts and does not omit anything likely to affect the import
of such information.

The contents of this announcement have been approved for the purposes of Section
21 of the Financial Services and Markets Act 2000 by Corbett Keeling of 13 St
Swithin's Lane London EC4N 8AL which is regulated in the United Kingdom by the
Financial Services Authority.  Corbett Keeling is acting exclusively on behalf
of Hodgson & Faraday and no-one else in connection with the Offer and will not
be responsible to any person other than Hodgson & Faraday for providing the
protections afforded to clients of Corbett Keeling nor for providing advice in
relation to the Offer, the contents of this announcement or any other matter
referred to herein.

The Offer will not be made, directly or indirectly, in or into, or by use of the
mails of, the United States, Canada, Australia or Japan or by any means or
instrumentality (including, without limitation, electronic mail, facsimile
transmission, telex and telephone) of interstate or foreign commerce of, or of
any facility of a national securities exchange of the United States, Canada,
Australia or Japan.  Accordingly, copies of the Offer Document and the Form of
Acceptance will not be, and must not be, mailed or otherwise distributed or sent
in, into or from the United States, Canada, Australia or Japan and persons
receiving such documents (including custodians, nominees and trustees) must not
distribute or send them in, into or from the United States, Canada, Australia or
Japan.

END




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