Curno cinema update

21 July 2020

Worsley Investors Limited

("Worsley Investors" or, together with its subsidiaries, the "Group")

Curno cinema update

On 23 February 2020, the governmental authorities of Lombardy, Italy, decreed that, in light of the Covid-19 situation, all cinemas in the region were to close temporarily.

During the period since, the Group has been in discussions with UCI Italia S.p.A. ('UCI'), the tenant of the Group's multiplex cinema in Curno, and understands it is their current intention to re-open in mid-August.

The Board is pleased to announce that agreement in principle has been reached for the amendment of the terms of UCI's lease of the cinema.

It is proposed that, in exchange for a considerable period of rent holiday, the base annual rental (currently €830,000) under the lease will increase significantly from 1 March 2021 and its minimum term will extend until 30 June 2035 rather than the present 31 December 2033.

The rental holiday will deliver a substantial cash flow benefit to UCI during a period when the cinema has not operated normally. In return, the rental increase and lengthening of the lease term will provide Worsley Investors with a corresponding benefit to capital value.

The agreement remains subject to documentation which is in the process of being finalised, following which a further announcement containing full details of the new arrangements will be made.

Enquiries:

For further information, please contact:

Worsley Associates LLP (Investment Advisor)

Blake Nixon

Tel: +44 (0) 203 873 2288

Shore Capital (Financial Adviser and Broker)

Robert Finlay / Anita Ghanekar / Hugo Masefield

Tel: +44 (0) 20 74080 4050

Praxis Fund Services Limited (Administrator and Secretary)

Matt Falla / Katrina Rowe

Tel: +44 (0) 1481 73760

LEI: 213800AF85VEZMDMF931