Extract from presentation from AGM

London 21st June 2012

TAWA PLC ("TAWA")

 RNS

Gilles Erulin, the company CEO, commented on various aspects of the 2011 business year which was characterised by great transformational moves and important changes to the company's reach, both in geography and markets, and not yet reflected in the earnings. Erulin further commented 2011 was marked by negative events, in particular, unexpected litigation costs and significant revision of the QX Re lead paint reserves.

Since January 2012 Tawa has completed via a consortium the acquisition of Whittington UK - now rebranded Asta Managing Agent, and also the acquisition of Chiltington. Tawa's recently launched incubator broker (Q360) and MGA (Lodestar) are now both up and running with professional teams supported by PRO's intermediary management platform. Equally, our service segment is gaining momentum.

As to 2012, Erulin indicated the key focus for the year on the servicing side is to crystallise the ability of the various businesses to cross sell and jointly develop their client base, while focusing on sustainable profit generation.

On the run-off portfolio side, Tawa intends to divest some of its portfolios which may interest long term investors with a "buy and hold" strategy, as well as continue its efforts to reduce the volatility of the portfolios it owns. Efforts are also being made on reducing the cost of managing those run-offs. Meanwhile Tawa continues to review acquisition opportunities, including European portfolio transfers into HIR, its German reinsurance company, similar to the Austrian portfolio Oberosterreichische Versicherung transfer recently announced.

In view of the recent expansion of the company in the servicing arena which dramatically changed Tawa, Erulin indicated that Board and Management are reviewing strategic themes such as :

·; Expansion of the service business and further run-off acquisition opportunities

·; Entry of new equity partners either in Tawa or through partnerships or side-cars to complement existing shareholder capital

·; Sale of non core assets

All with the goal of continuing and accelerating the migration of the Group from a pure run-off acquirer to a diversified insurance specialised investor.

ENDS

Enquiries:

About Tawa

Tawa is a specialised investor in the insurance industry.

In the last few years, Tawa has moved from being a pure run-off risk owner towards being a multi-segment investor in the insurance market, expanding significantly in the servicing arena of the international insurance industry.

Tawa invests in acquiring run-off portfolios and servicing businesses. Tawa also operates as an incubator for new projects, supporting professional teams aspiring to create new businesses in the insurance industry.

On the portfolio front, Tawa has acquired, since its formation, six insurance entities in run-off. As an alternative technique to assuming run-off risks, Tawa has also established a dedicated reinsurance vehicle in Bermuda to reinsure portfolios. Tawa acquired the HIR group in April 2012 which owns the Chiltington Consulting Group. Through HIR, Tawa now offers a vehicle for European run-off portfolios transfers.

Tawa's UK service subsidiary, Pro, a 300 staff company, provides underwriting, claims management, broking and consulting services to a broad array of international clients across the insurance market, whether active underwriters or run-off. Pro has also established an innovative platform to provide turnkey services supporting clients wishing for immediate start of a new broking or MGA venture.

As part of its expansion in the Lloyd's market, in January 2012 Tawa became the owner of 33% of Asta (formerly known as Whittington UK), the leading turnkey agency management services company in Lloyd's.

Tawa plc is listed on the AIM market.