Rule 8 - Grosvenor Land

RNS Number:2772U
Terrace Hill Group PLC
15 January 2004


Terrace Hill Group PLC
15 January 2004

Date of Disclosure   15TH JANUARY 2004

               DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3
                  OF THE CITY CODE ON TAKEOVERS AND MERGERS


Date of dealing     15TH JANUARY 2004


Dealing in   GROSVENOR LAND HOLDINGS PLC                (name of company)


1)  Class of securities (eg ordinary shares)   ORDINARY SHARES


2)  Amount bought      Amount sold        Price per unit
      350,000                    -                17.75p


3)  Resultant total of the same class owned or controlled
    (and percentage of class              8,725,000             ( 25.25%)


4) Party making disclosure   TERRACE HILL GROUP PLC


5)  EITHER (a) Name of purchaser/ (Note 1)  TERRACE HILL GROUP PLC

    OR     (b) if dealing for discretionary client(s), name of fund management 
               organisation


6)  Reason for disclosure (Note 2)
    (a) associate of          (i) offeror (Note 3)                       NO
                                         (ii) offeree company            NO

Specify which category or categories of associate (1-8 overleaf)

If category (8), explain TERRACE HILL GROUP PLC IS OFFEROR FOR GROSVENOR LAND 
                         HOLDINGS PLC

(b)  Rule 8.3 (ie disclosure because of ownership or control of 1% or more of 
     the class of relevant securities dealt in)  YES

Signed, for and on behalf of the party named in (4) above  ...........
DIRECTOR

(Also print name of signatory)    MIRANDA KELLY

Telephone and extension number    0141 332 2014


Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also
         identify controller of owner, eg where an owner normally acts on
         instructions of a controller

Note 2.  Disclosure might be made for more than one reason; if so, state all
         reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company
         or which an associate of any offeror or of the offeree company
         in relation to relevant securities, details of such arrangement must
         be disclosed, as required by Note 6 on Rule 8

Note 5.  It may be necessary, particularly when disclosing derivative
         transactions, to append a sheet to this disclosure form so that
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade
         should be disclosed.

Note 7.  The resultant total percentage holding of the class of relevant
         security is to be calculated by reference to the percentage held and
         in issue outside treasury.

For full details of disclosure requirements, see Rule 8 of the Code.  If in
doubt, contact the Panel on Takeovers and Mergers, Monitoring Section, Tel. No:
020 7638 0129. Email: [e-mail]


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