Result of EGM

IRET Securities Limited is not listed on the Channel Islands Stock Exchange ("the CISX") but is a wholly owned vehicle of Picton Property Income Limited which is listed on the CISX. The announcement has been released on both the London and Channel Islands Stock Exchange's to reach a wider audience.

31 October 2012

IRET Securities Limited

Result of EGM

At the general meeting of IRET Securities Limited (the "Company") held today, Wednesday 31 October, the resolution set out in the circular to shareholders on 16 October 2012 has been passed by shareholders. In accordance with the UK Listing Authority's listing rules, a copy of the Special Resolution passed at the Extraordinary General Meeting will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM

As such, the Company will now be voluntarily wound up and the Company's assets (after payment of its liabilities and after deducting the costs of implementation) will be distributed amongst the relevant shareholders, including the final capital entitlement to the ZDP holders. The Company has appointed Linda Maree Johnson and Ashley Charles Paxton, both of KPMG Channel Islands Limited, as joint liquidators.

The listing of the IRET Securities ZDP shares on the London Stock Exchange was suspended this morning and is expected to be cancelled on 13 November 2012.