Ground Rents Regulatory News (GRIO)

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER IN RESPECT OF ANY SECURITIES. IT IS NOT AND NOR IS IT INTENDED TO PROVIDE THE BASIS FOR ANY DECISION IN RESPECT OF GROUND RENTS INCOME FUND PLC ("GRIF" OR THE "COMPANY") OR OTHER EVALUATION OF ANY SECURITIES OF GRIF OR ANY OTHER ENTITY AND SHOULD NOT BE CONSIDERED AS A RECOMMENDATION THAT ANY INVESTOR SHOULD SUBSCRIBE FOR, PURCHASE OR OTHERWISE DEAL IN ANY SUCH SECURITIES. NEITHER THE ISSUE OF THIS ANNOUNCEMENT NOR ANY PART OF ITS CONTENTS CONSTITUTES AN OFFER TO SELL OR INVITATION TO PURCHASE ANY SECURITIES OF GRIF OR ANY OTHER ENTITY OR ANY PERSONS HOLDING SECURITIES OF GRIF.

23 August 2012

Ground Rents Income Fund plc ("GRIF" or the "Company")

Result of Subscription Offer and Second Admission

On 13 August 2012 the Company announced its launch and admission to the Official List of the Channel Islands Stock Exchange and to trading on the SETSqx platform of the London Stock Exchange.

The subscription offer to Braemar PCC Shareholders, as further detailed in the Company's Listing Document dated 24 July 2012, closed on 16 August 2012. At that time, the Company received valid applications in respect of 10,701,400 subscription shares (including BMAM's undertaking to subscribe for 8,441,900 subscription shares) which in aggregate represents a take up by approximately 82 per cent of Braemar PCC Shareholders.

The Company is therefore pleased to announce that application has been made for the subscription shares and the remaining 14,250,000 placing shares and warrants relating thereto to be admitted to listing on the Official List of the Channel Island Stock Exchange and to trading on the SETSqx platform of the London Stock Exchange. It is expected that admission will become effective and that dealings will commence at 8.00 a.m. (London time) on 24 August 2012.

Following second admission, the Company will have 48,242,300 ordinary shares in issue together with 9,648,460 warrants relating thereto. The Company does not hold any ordinary shares in treasury. Therefore, the Company confirms that, following first admission and second admission, the total number of voting rights in the Company will be 48,242,300.

Enquiries:

Further information on GRIF, including a copy of the Company's Listing Document, can be found on the Company's website: www.groundrentsincomefund.com