Half Yearly Report

21 December 2011

Marechale Capital plc

("Marechale" or the "Company")

Interim Results

Marechale Capital plc today announces its unaudited interim results for the six months ended 30 September 2011.

Chairman's Statement

Marechale has had an encouraging start to the current year, particularly in the context of the current economic environment, and I am able to report that, whilst recording a loss during the half year to September, the Company has successfully completed a number of transactions and generated revenues which are in line with our budget to date. Indeed, in the last week the Company has arranged the funding for the £38m acquisition of seven hotels by a Halcyon Hotels & Resorts plc joint venture (http://www.marechalecapital.com/our-deals/deals/38m-acquisition-for-halcyon-hotels), which has to date returned the business to profitability. We have a healthy pipeline of projects and believe that we are on track to achieve our target for the year to March 2012.

Marechale operates as a corporate finance advisory and capital fund raising business focusing on fundraising for growth companies and funds in three sectors in which the team have a long term track record: Leisure and Retail, Renewable Energy and Online Exchanges.

Marechale helps management teams to finance or refinance in two key areas of activity; Growth Capital private equity transactions for more established businesses, and Development Capital, fundraising for smaller growth companies, the latter typically being Enterprise Investment Scheme (EIS) qualifying. As part of Marechale's success fee, the Company secures warrants or equity on most of its projects, so shareholders can share in the potential significant upside of the equity value in these businesses.

Whilst market conditions are still challenging, and we remain cautious about the immediate outlook, there is a good pipeline of businesses seeking funding, a number of engaged corporate finance projects, and an appetite amongst our investor contacts to invest in high quality investment opportunities. This provides us with a degree of confidence for the second half of the trading year.

We hope to give you further positive updates on Marechale after the March 2012 year end.

Mark Warde-Norbury

Chairman

20 December 2011

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This financial information has been prepared in accordance with IFRS and International Financial Reporting Interpretations Committee ('IFRIC') interpretations adopted by the European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, with the prior periods being reported on the same basis.