The Company wishes to advise that following the successful completion of the financial restructuring on 12 May 2011, and resulting issue of no par value ordinary shares to the former Convertible Unsecured Loan Stock Holders of the Company and Zero Dividend Preference Shareholders of REO Securities Limited, there have been the following changes in Directors interests. This notification is being made pursuant to DTR 3.1.2R.

Cheviot Capital (Nominees) Limited was issued with a further 2,404,324 ordinary no par value shares in the Company. These shares are held by Cheviot Capital (Nominees) Limited on behalf of the trustee of certain trusts under which Mr Horney and /or members of his family are beneficiaries. Following the issue of ordinary no par value shares, Mr Horney has an interest in 10,555,490 ordinary no par value shares representing 2.37% of the Company’s issued share capital.  In addition to this Mr Horney and INVESCO Asset Management Limited hold a further 27 ordinary no par value shares as nominee for the Company.

IREO Irish Real Estate Opportunities PLC was issued with a further 11,135,694 ordinary no par value shares in the Company. This holding is beneficially owned by Treasury Holdings which is owned 50 per cent by Richard Barrett. Following the issue of ordinary no par value shares, Treasury Holdings and other entities within the Treasury Holdings Group who are connected to Mr Barrett hold 226,034,795 ordinary no par value shares representing 50.75% of the Company’s issued share capital.

Lynchwood Nominees Limited was issued with a further 14,036 ordinary no par value shares in the Company. This holding is beneficially owned by Keith Jenkins. Following the issue of ordinary no par value shares, Mr Jenkins and Lynchwood Nominees Limited, acting as nominee for Mr Jenkins, hold 64,036 ordinary no par value shares representing 0.01% of the Company’s issued share capital.

Garth Milne was issued 3,508 ordinary no par value shares in the Company. Following the issue of no par value ordinary shares, Mr Milne and Brewin Nominees Limited, acting as nominee for Mr Milne, hold 403,508 ordinary no par value shares representing 0.09% of the Company’s issued share capital.