Tulip Holdings Ltd

Re Trace Board Change

Tulip Holdings Limited
24 August 2007

                             Tulip Holdings Limited

                       Change of Board of Trace Group plc

The Executive Directors of Trace Group plc ('Trace') and the directors of Tulip
Holdings Limited ('Tulip') announce that, following the recent acquisition of
Trace by Tulip, the Board of Trace is to be re-constituted by the addition of
four new executive directors and the removal from office of three independent,
non-executive directors, Mr Danny Chapchal, Mr Robin Woodall and Professor David

The new executive directors are Andrew Bell, Michael Flynn, John Murphy and
Connel Torley. They will be appointed with effect from 7th September 2007.

Richard Wolfe, Chief Executive of Trace, commented:

'I welcome the new directors to the Board of Trace and very much look forward to
working with them.  Each is the Managing Director of a Trace operating
subsidiary and their appointment to the main Board is due recognition of the
important contribution they have made to the Trace group to date and the
contribution we confidently expect them to make in the future.  The decision to
remove the independent non-executive directors was not taken lightly.'

There are no further disclosures required pursuant to listing rule 9.6.13.


Tulip Holdings Limited                        Telephone: +44 (0) 20 7825 1000
Richard Wolfe
Peter Stolerman

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