Update on 9% Convertible Loan Notes

7 March 2016

GLOBAL RESOURCES INVESTMENT TRUST PLC

("GRIT" or the Company)

Update on 9% Convertible Loan Notes

Update on Proposed Subscriptions and Open Offer

By a loan note instrument by deed poll dated 27 February 2014 ("Loan Note Instrument"), the Company issued £5,000,000 nominal of 9 percent per annum convertible unsecured loan notes ("Loan Notes"). Under clause 6.5.7 of the Loan Note Instrument, GRIT gave an undertaking to ensure that the Coverage Ratio (being the ratio of the value of its investment portfolio to principal amount of the outstanding Loan Notes) is at all times no less than 4:1.

As a result of the net asset value announced on 2 November 2015, the Coverage Ratio had reduced to 3.94:1 and, accordingly, GRIT was in breach of this undertaking.

On 12 November 2015 it was announced that "On 11 November 2015, a special resolution of the holders of the Loan Notes agreed, inter alia, that for the period from 11 November 2015 until 31 January 2016 (save in limited circumstances) the Coverage Ratio will be amended to 3.6:1.". This period was subsequently extended to 29 February 2016 and the Coverage Ratio was amended to 3.4:1.

The holders of the Loan Notes have not yet agreed to a further extension or amendment to the Coverage Ratio. The Company must maintain the Coverage Ratio at no less than 4:1. The coverage ratio at the close of business on 1 March 2016 was 3.45:1 and, accordingly, the Company is in breach of this undertaking.

The Company has a ten day remedy period, expiring on 11 March 2016, in which to restore the cover ratio to 4 times, failing which the Loan Note holders would be able to require the immediate repayment of the Loan Notes.

Further to the announcement by the Company on 26 January 2016 updated on 1 March 2016, the board of directors of GRIT is engaged in ongoing negotiations with Primestar Energy FZE with a view to concluding a revised basis for proceeding with the proposals described in those announcements, including the subscriptions and open offer.

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