Further re Share Buyback

Terrace Hill Group PLC
21 July 2004



Terrace Hill Group PLC ('the Company')


Further re Proposed Share Buy Back


The Company announced on 5 July 2004 a proposed buyback of up to 2,000,000
ordinary shares of 2p nominal value at a price of 28p per share.


As of 12 noon on 20 July 2004, the closing date for tenders and the record date
for entitlement to tender shares to the Company, tenders have been received in
respect of 1,270,022 ordinary shares.


The share buyback is conditional on approval by members at an Extraordinary
General Meeting ('EGM') to be held at 12 noon on 5 August 2004. The notice
convening the EGM was issued to shareholders on 5 July 2004. The proxy forms
received so far indicate that approval of the share buy back is likely to be
granted at the EGM.


Ross Macdonald, Joint Managing Director, said 'The buyback has again given small
shareholders the opportunity to sell shares to the Company without costs. While
it is good for continuing shareholders to see the Company buy in shares at 25%
below NAV per share, primarily I am pleased to see that the bulk of our
shareholders are holding their shares, as there has been no rush to tender to
the Company.'


A further announcement will be released following the EGM.


For further information please contact:



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


Alasdair Robinson, Noble & Company Limited       0131 225 9677



Notes to Editors:


Terrace Hill Group PLC is an AiM traded Property Group.  It has two divisions
(1) Commercial Development where the current development programme is around
£500 million, with approaching £200 million underway and £300 million projected
and (2) Residential Investment where it holds 535 units in Scotland and the
North of England.  Terrace Hill recently reported an increase of £18.986 million
(40.80%) in Net Asset Value to £65.5 million in the half year to 30 April 2004,
contributed to by a placing with institutional shareholders of £8.128 million,
and at the same time announced a doubling of dividend.


END



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