Offer Update

RNS Number:8953K
Property Income & Growth Fund Ld
09 May 2003


Property Income & Growth Fund Limited and BC Property Securities Limited

Offer Update

Not for release, publication, or distribution in or into the United States,
Canada, Australia or Japan.

For Immediate Release


OFFER FOR PROPERTY INCOME & GROWTH

OFFER UNCONDITIONAL AS TO ACCEPTANCES


Land Race Limited ("Land Race") announced earlier today that by 3.00pm on 8th
May 2003, valid acceptances had been received in respect of a total of
58,338,324 Ordinary Shares, representing approximately 67.05 per cent. of the
existing ordinary share capital of Property Income & Growth.


The offer document dated 3rd April 2003 expressed the offer to be conditional,
inter alia, on valid acceptances being received in respect of not less than 75
per cent. (or such lower percentage as Land Race with the consent of The Royal
Bank of Scotland may decide) in nominal value of the Ordinary Shares to which
the Offer relates. The Royal Bank of Scotland has consented to reduce this
percentage from 75 per cent. to 67 per cent. Land Race is therefore pleased to
announce that the Offer is hereby declared unconditional as to acceptances and
will remain open for acceptances until further notice.


Ordinary Shareholders who have not already accepted the Offer and wish to do so
are urged to complete and return their Forms of Acceptance as soon as possible.
The Offer and acceptances under it remain on the terms and subject to the
conditions set out in the Offer Document.

Enquiries:

Land Race Limited

David Bruce            01202 305 900


Teather & Greenwood (Financial Adviser to Land Race)

Jonathan Becher        020 7426 9000

Paul Fincham      020 7426 9000



Definitions used in the Offer Document dated 3rd April 2003 have the same
meaning when used in this announcement except where the context requires
otherwise.



The Directors of Land Race accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of the directors
of Land Race (who have taken all reasonable care to ensure that such is the
case) such information contained in this announcement is in accordance with the
facts and does not omit anything likely to affect the import of such
information.



Teather & Greenwood Limited, a company authorised and regulated by the Financial
Services Authority, is acting exclusively for Land Race Limited and no-one else
in connection with the Offer and will not be responsible to anyone other than
Land Race Limited for providing the protections afforded to clients of Teather &
Greenwood Limited nor for giving advice in relation to the Offer or any other
matter referred to herein.



The Investment Manager manages on a discretionary basis the investments of,
inter alia, Yeoman Investment Trust plc and US Growth & Income Fund Limited
which hold 5,500,000 Ordinary Shares and 2,860,000 Ordinary Shares respectively.
In addition, BC Income & Growth Fund Limited which was managed by the Investment
Manager on a discretionary basis until 13 August 2002 when it was put into
liquidation, owns 1,500,000 Ordinary Shares. Valid acceptances have been
received in respect of the Ordinary Shares held by Yeoman Investment Trust plc
and BC Income & Growth Fund Limited which are included in the total of valid
acceptances received as at 3.00pm on 8th May 2003. No irrevocable undertakings
or letters of intention had been sought from clients of the Investment Manager
or any other Ordinary Shareholders.



As at the close of business on 10th December 2002, the day prior to the
commencement of the Offer Period, and except as set out above, neither Land Race
nor any person deemed to be acting in concert with Land Race, owned or
controlled any Ordinary Shares (or rights over Ordinary Shares). Since that
date, neither Land Race nor any person acting in concert with Land Race for the
purpose of the Offer has acquired or agreed to acquire any Ordinary Shares (or
rights over Ordinary Shares) other than pursuant to the Offer.



The availability of the Offer to Property Income & Growth Shareholders who are
not resident in the United Kingdom may be affected by the laws of the relevant
jurisdiction. Ordinary Shareholders who are not resident in the United Kingdom
should inform themselves about and observe any applicable requirements.



The Offer is not being made, directly or indirectly, in or into the United
States, or by use of the mail, or by any means or instrumentality (including,
without limitation, facsimile or other electronic transmission, telex or
telephone) of interstate or foreign commerce of, or any facility of a national
securities exchange of, the United States nor is it being made directly or
indirectly in or into Canada, Australia or Japan and the Offer cannot be
accepted by any such use, means, instrumentality or facility or from or within
the United States, Canada, Australia or Japan subject to certain exceptions.
Accordingly, copies of the Form of Acceptance are not being and must not be
mailed or otherwise forwarded, distributed or sent in, into or from the United
States, Canada, Australia or Japan.


END


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