STEWART & WIGHT PLC

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                                    CHAIRMAN'S STATEMENT

The valuation of the Company's portfolio as at 31 March 2012 was £13,230,000 compared with £15,380,000 a year earlier.  The fall in values is larger than anticipated in my previous statements due to significant changes in pricing in the retail property market in the last few months.  The property market still remains in a state of flux especially in relation to high street retail properties which are the major element of our portfolio.

Whilst valuations have fallen, I am pleased to report that rental income has remained fairly constant.  Property income for the year to 31 March 2012 was £1,089,970 compared with £1,142,878 in the previous year.  The slight fall was due mainly to the short-term reduction in the rent on our Doncaster property in exchange for an additional five-year term.  In September 2011, we completed the purchase of a further retail property in Northallerton which should serve to increase our rental income during the current year.  We did sell a small freehold property in Worksop where the rental was relatively low.

Administrative expenses were slightly higher than last year and financial expenses were marginally less.  An interim dividend of 7 pence per ordinary share was paid in April of this year and the board has decided to recommend a final dividend of 16 pence per share (similar to last year) payable on 12 October 2012 to holders of ordinary shares registered at close of business on 14 September 2012.

We are concerned that when leases of properties in the portfolio expire, it is likely that the tenants will require incentives and lower rents in order to remain.  However, we hope that the economy will improve and with it the rental values in the high street.  We are continuing to seek further suitable properties to add to the portfolio.

Based on the Balance Sheet, the net asset value of each ordinary share was £6.78 as at 31 March 2012 compared with £7.98 at the end of the previous year.

Finally, I would like to thank my co-directors and the Company's advisors for their support during a difficult year.

MICHAEL CONN

Chairman

 7 June 2012

Stewart & Wight PLC

Statement of comprehensive income (unaudited)

for the year ended 31 March 2012

Stewart & Wight PLC

Consolidated balance sheet (unaudited)

as at 31 March 2012

Stewart & Wight PLC

Consolidated Statement of Changes in Shareholders' Equity (unaudited)

from 1 April 2010 to 31 March 2012

Shareholders' funds include non-equity shareholders' funds of £11,630 (2011: £11,630)

Stewart & Wight PLC

Consolidated cash flow statement (unaudited)

for the year ended 31 March 2012

Stewart & Wight PLC

Notes to the accounts