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Friday 15 June, 2007

Tulip Holdings Ltd

Offer Update

Tulip Holdings Limited
15 June 2007


15 June 2007

Tulip Holdings Limited


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION



                            TULIP HOLDINGS LIMITED

     CLARIFICATION STATEMENT REGARDING TULIP'S REVISED CASH OFFER BY OF 156p 
                             FOR TRACE GROUP PLC

The Tulip Directors note that the revised Microgen Offer announced on 15 June
2006 states the following:

'The Independent Directors consider it likely that the Tulip Revised Offer will
in due course lapse or be withdrawn as a result of their recommendation of the
Increased Cash Offer, which is at a premium of approximately 15.4 per cent. to
the Tulip Revised Offer.'

The Tulip Directors state that they have no intention of lapsing or withdrawing
their revised offer at 156p and expect to send the revised offer document to
shareholders shortly.

Terms used in this announcement shall have the same meaning as set out in the
Rule 2.5 Announcement announced on 15 June 2007.


Enquiries:

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

Charles Stanley Securities                  Telephone: +44 (0) 20 7149 6000
(Financial adviser to Tulip)
Russell Cook
Henry Fitzgerald-O'Connor

This Announcement does not, and is not intended to, constitute or form part of
any offer to sell, or an invitation to purchase, any securities or the
solicitation of any vote or approval in any jurisdiction.  The Revised Offer
will be made solely by means of the Tulip Offer Document, which will contain the
full terms and conditions of the Revised Offer. Trace Shareholders are advised
to read carefully the formal documentation in relation to the Revised Offer once
it has been despatched.

The availability of the Revised Offer and the release, publication or
distribution of this Announcement to persons who are not resident in the United
Kingdom may be affected by the laws of the relevant jurisdictions in which they
are located.  Persons who are not resident in the United Kingdom should inform
themselves of, and observe, any applicable requirements. Any failure to comply
with such applicable requirements may constitute a violation of the securities
laws of any such jurisdictions.  This Announcement has been prepared for the
purposes of complying with English law and the City Code and the information
disclosed may not be the same as that which would have been disclosed if this
Announcement had been prepared in accordance with the laws of jurisdictions
outside the United Kingdom.

The Revised Offer will not be made in or into any jurisdiction where to do so
would constitute a violation of the relevant laws of such jurisdiction.
Custodians, nominees and trustees should observe these restrictions and should
not send or distribute the document in or into any jurisdiction where to do so
would constitute a violation of the relevant laws of such jurisdiction.

Charles Stanley, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Tulip and no one else in
connection with the Revised Offer and will not be responsible to anyone other
than Tulip for providing the protections afforded to clients of Charles Stanley
nor for providing advice in relation to the Revised Offer, the content of this
Announcement or any matter referred to herein.


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