24 January 2014

LOUDWATER TRUST LIMITED ("LOUDWATER" OR "THE COMPANY") RETURN OF CAPITAL- B SHARE ISSUE

Loudwater Trust Limited, the closed-ended investment company, is pleased to announce that the Board of Directors has approved a return of approximately E105,407.50 of capitai to shareholders, equating to 0.175 pence per share.

The capitai will be returned by way of a bonus issue of B shares to shareholders pro rata to shareholders' existing holdings of ordinary shares in the capitai of the Company. The B shares will be issued to shareholders on the Company's register on the record date of 23
January 2014.
Following their issue, the Directors are expected to consider the redemption of the issued B shares on or around 03 February 2014. A subsequent announcement will then be released confirming the decision of the Board.

For further information Loudwater Investment Partners Limited

Edward Forwood +44 (0)20 3372 6400
http://www.loudwatertrust.com

367780

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