Trading Update

Terrace Hill Group PLC
29 November 2002

Terrace Hill Group Plc ('the Company')

Trading Update


The Company announces that in view of the moving house price market, the
directors  have decided to carry out a half-year revaluation of the residential
property portfolio at 31 October 2002.  Having taken independent advice, from
its regular surveyors, Messrs Savills, Allsop and Allied Surveyors, the
directors have applied a revaluation increase of £5.47m. This is equivalent to
15.46% of the pro forma Group net assets as shown in the re-admission document
of 20 August 2002, or 3.5p per ordinary share. The Company has very little
property in London and the South East, and is now beginning to see real
increases in some of the Scottish towns in which properties are held. During the
half year to 31 October 2002 the Company sold 139 units (including 47 in
October) providing a profit on sale, after costs, over 30 April 2002 valuations.
Net proceeds from these sales exceeded £7 million.

End

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