Conversion of loan notes and issue of equity

RED LEOPARD HOLDINGS PLC

("Red Leopard" or the "Company")

Conversion of loan notes and issue of equity

Red Leopard is pleased to announce the conversion of certain loan notes and related issue of equity.

The loan note instrument ("Notes") dated 6 March 2007 for £421,874.00 has today been satisfied and redeemed in full. In consideration of the redemption of the Notes, the Company has issued and allotted 44,345,296 ordinary shares (the "Conversion Shares") to the holders of the Notes in proportion to their respective holdings in the Notes, representing approximately 10.0 per cent. of the total number of issued and fully paid ordinary shares of Red Leopard as enlarged by the issue of the Conversion Shares and equating to 0.95p per share. 

The Conversion Shares will rank pari passu in all respects with the Company's existing ordinary shares and application will be made to the London Stock Exchange for these new ordinary shares to be admitted to trading on AIM. Admission is expected to become effective and dealings in the Conversion Shares are expected to commence at 8.00 a.m. on 26 February 2010.

Following the allotment and issuance of the Conversion Shares the Company has 443,458,629 ordinary shares of 0.2 pence each in issue with voting rights. The Company does not hold any ordinary shares in treasury.

The aforementioned figure of 443,458,629 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Red Leopard under the FSA's Disclosure and Transparency Rules.