Carreras Limited (CAR)- Board Movements

The Board of Directors of Carreras Gp Ltd. has announced the retirement of the Chairman of the Board, Mr. George Ashenheim with effect from March 31, 2005. Effective April 1, 2005, Mr. Christopher Burton, a current director of the Board will assume the role of Chairman following the retirement of the former chairman, Mr. George Ashenheim. The Board noted Mr. Michael McNally’s intention to retire effective June 30, 2005, and advised that in a subsequent release it will announce Mr. McNally’s successor.