Re Exchange of Properties

Terrace Hill Group PLC
01 December 2003

TERRACE HILL GROUP PLC ('the Group')



EXCHANGE OF PROPERTIES



The Group announces that on 28 November 2003 it acquired from At.Home Nationwide
Limited ('At.Home'), a wholly owned subsidiary of Nationwide Building Society,
24 flats in Paisley and sold to At.Home 16 flats in London W4 and 12 flats in
Aberdeen, with cash equalisation to the Group. The value of the flats acquired
was £1.2 million and of the flats sold was £2.8 million.



Ross Macdonald, Joint Managing Director, commented 'We are pleased to have had
this opportunity of exchanging properties in London and Northeast Scotland for
properties near our Glasgow base. This follows our strategy of focussing our
residential property in central Scotland. We already have a satisfactory
investment in a number of flats in the same area of Paisley, which is close to
Glasgow Airport.'



Enquiries:



Ross Macdonald, Terrace Hill Group PLC, 0141 332 2014

Alasdair Robinson, Noble & Company Limited, 0131 225 9677



END


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