NewRiver Regulatory News (NRR)

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

New River Retail Limited

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

YES Acquisition

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify):______________

3. Full name of person(s) subject to notification obligation:

1. ASSET VALUE INVESTORS LTD

4. Full name of shareholder(s) (Registered Holders)

1. Chase Nominees - AVI Focused Fund A/C 54601

5. Date of transaction (and date on which the threshold is crossed or reached if different):

26 January 2011

6. Date on which issuer notified:

28 January 2011

7. Threshold(s) that is/are crossed or reached:

7%

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

GG00B4Z05859 754,667 754,667 1,054,667 1,054,667 0 7.11% 0%

Ordinary Shares

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

N / A

Total (A+B)

Number of voting rights

Percentage of voting rights

1,054,667

7.11%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

JPMorgan Chase Nominees acts as custodian for AVI Focused European Fund

Proxy Voting:

10. Name of proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

Asset Value Investors acts as discretionary fund manager for all shares mentioned in item 8.

14 Contact name:

Asset Value Investors Limited

Daniel Sadler

15. Contact telephone name:

0207 647 2919