Directorate Change

TAU CAPITAL PLC

("Tau" or the "Company")

Board Change

The Board of Tau announces that, following completion of the second Tender Offer, the substantial disposal of the public equity portfolio and the continuing reduction in assets under management, the Board has decided to reduce administrative costs commensurate with the wind down of the Fund. As part of this effort, the cost of the Board will be reduced and Robert M Brown III has resigned as a director of the Company with immediate effect.

Chairman of the Company Mr Philip Lambert commented "Bob joined the Board at the launch of Tau and has made a substantial contribution during his tenure as a director. His experience as an investment professional and as someone who has excellent knowledge of the CIS region and strong private equity experience has been invaluable and on behalf of the Board, I would like to thank him for all his assistance. Bob originally planned to stand down at the 2013 AGM but given the pace of the disposals of the portfolio and the desire of the Board to reduce costs as much as possible, Bob agreed to step down at the end of March".

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