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General Update

The past few months have been productive for the team at Elaine Securities PLC (“Elaine”) with some interesting deals we are investigating and hoping to secure in August and September.

Current Investments

Elaine currently has 7 investments.

1) As previously noted Elaine has participated in a loan facility to complete the construction of a large villa in Marbella, Spain. The first drawdown of the loan has now occurred. We will update you on progress in the next announcement.

2) Negotiations are still underway for the sale of the aircraft in conjunction with the partners in the syndicate. In the previous announcement it referred to various options for disposal. However it is now expected that the syndicate will accept a straight sale of the aircraft to a cash buyer. With various offers the disposal of the asset is now imminent.

3) Elaine took part in the refinancing of a loan facility through syndication to fund the expansion of a motor stocking business in West Yorkshire. The company has a solid loan book and is looking to expand its market share within Yorkshire.

4) The participation in the loan for the construction of the Aston Martin DB4 continuation is still progressing. The date of the planned build and repayment shall provided in upcoming announcements.

5) The residential property development in Leeds is still progressing as planned. Elaine has now released £600,000 towards the development which is in line with the agreed cash flow and budget. We will continue to update you on the progress of the development in future announcements.

6) Elaine has participated in a facility to provide a bridge loan to a developer who plans to construct student accommodation in Leicester. We will update you on the progress in future announcements.

7.) The bridge facility secured against land in Milton Keynes was repaid at the end of July.

Potential Investments

The team is currently exploring the following opportunities:

1.) We have been offered the chance to participate in the funding of a facility secured against an impressive property in the South of France. This property is well known in the local area and was previously owned and lived in by a world renowned artist. Elaine Securities is looking to participate in financing structure, compliant with local laws, to assist the acquisition and renovation of the property.

2.) We are considering participating in a loan secured against commercial in Belfast. The Liverpool based developer is looking to covert these two historic buildings into medium sized high-end hotels.

3.) We have been offered a chance to lend to a developer in the city of Leicester to convert a commercial building into 19 residential apartments.

We will update you again in the near future regarding these loans.

Yours sincerely,

Elaine Securities Plc