Disposal - sale of Top Layer Networks, Inc.,

3rd March 2011

LOUDWATER TRUST LIMITED

("LOUDWATER" OR "THE COMPANY")

SALE OF TOP LAYER NETWROKS, INC. TO CORERO PLC

Further to the announcement on 10 February 2011 regarding the proposed sale of Top Layer Networks, Inc., to AIM listed Corero plc ("Corero"), Loudwater Trust Limited, the closed-ended investment company, is pleased to announce that the sale has now completed.

Loudwater now owns 4,399,891 Corero shares, representing 9.25% of Corero, which are subject to a 12 month lock-in. In addition, Loudwater received Corero loan notes with a value of $2.7 million and cash of $1.7 million.

Further announcements on the return of cash proceeds to shareholders will be made in due course.

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For further information

Note

http://www.loudwatertrust.com