Change of Investment Adviser

FOR IMMEDIATE RELEASE

GROUND RENTS INCOME FUND PLC (THE "COMPANY")

Change of Investment Adviser

The Company hereby announces that it is proposed that, conditional on the placing of the Convertible Preference Shares becoming effective (see separate announcement dated today), the Company's investment adviser, Braemar Estates (Residential) Limited, shall be replaced by Brooks Macdonald Limited. Braemar Estates (Residential) Limited shall retain the role of property manager.

03 May 2013

FOR FURTHER INFORMATION CONTACT:

Simon Wombwell (Director) +44 (0)207 499 6424

N+1 Singer (Broker) +44 (0)20 7496 3000

James Maxwell / Jenny Wyllie

Appleby Securities (Channel Islands) Limited (Sponsor) +44 (0)1481 755620

Gemma Campbell