Update on VAT Tribunal

11 May 2012

Tricor plc

("Tricor" or the "Company")

Update on VAT Tribunal

Following a hearing that was held on 09 May 2012, Tricor has sought a stay in the current proceedings whilst the Company considers it's position in relation to certain ongoing legal applications it is reviewing. These ongoing applications relate to procedural matters, including the introduction of further evidence. HMRC have not opposed this request and therefore the outcome of the VAT Tribunal is not expected within the next 2 months. The company will provide a further update on timings as appropriate but at this stage it is difficult to anticipate the timings of the next developments in the case and when a final outcome is likely.

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