Interim Results

Pires Investments PLC

("Pires" or the "Company")

Unaudited interim results for the six months to 30 April 2014

Highlights

· Initial profit achieved due to performance of investments

· NAV at significant discount to share price

· Significant progress by Rame Energy plc, the initial core investment

Chairman's Statement

I am pleased to be able to report positive progress in the six months under review, the first in which the Company's new investment focus was fully in operation. As well as being able to report investments in line with this investing policy we are able to report a modest profit of £22,500 for the six months to 30 April 2014 - resulting from a net positive performance from the Company's investments.

In February 2014, we completed a pre-IPO investment of £410,000 in Rame Energy plc at a 25% discount to the eventual IPO price; Rame was admitted to AIM in March and the Company invested a further £55,000 in the IPO. We gave much fuller details on this investment in the Final Results Statement for the year ended 31 October 2013. Since then, Rame has made significant progress - in particular, it has reached an agreement with Santander with regard to the equity financing of its next 118MW of wind projects on terms which, we believe, will enable Rame to realise sizeable profits as and when it sells completed projects or stakes therein. Rame has also acquired Beco Solar Limited, a UK-based solar engineering business, which considerably enhances its ability to undertake solar projects in Chile, the UK and internationally. It has also begun construction of its initial 15MW wind farm project in Chile as expected. We believe Rame has in some respects a near unique position and approach which gives it the potential for major capital gains in the future.

The Company has disposed of the greater part of the quoted portfolio acquired last year but now holds a number of longer term investments in accordance with its investing policy. One of these has made a significant contribution to our results for the period and we continue to review opportunities to deploy our cash resources profitably.

While the Company is not exclusively focused on renewable energy, it has, since investing in Rame, seen a number of interesting international opportunities in this area and we have established a subsidiary company to focus on the sector. We have a number of significant transactions under review and have entered into a partnership arrangement with a significant European wind consultancy/developer in relation to one of them.

We have added to our team recently through new consultancy appointments which bring additional skills and experience. We generated some very modest fees in the period under review and we are working to create further fee-earning opportunities in addition to our investing activities.

We will be approaching shareholders in the near future to propose some refocussing of our investing policy and we anticipate making additional appointments which we believe will strengthen the Company's experience and profile.

Peter Redmond

Chairman

Enquiries:

PIRES INVESTMENTS PLC

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 April 2014

PIRES INVESTMENTS PLC

UNAUDITED STATEMENT OF FINANCIAL POSITION

as at 30 April 2014

PIRES INVESTMENTS PLC

UNAUDITED STATEMENT OF CASH FLOWS

for the six months ended 30 April 2014

PIRES INVESTMENTS PLC

Notes to the Unaudited Interim Report

for the six months ended 30 April 2014

1. GENERAL INFORMATION

Pires Investments PLC (the "Company") is a company domiciled in England whose registered office address is c/o Morrison & Foerster, CityPoint, One Ropemaker Street, London EC2Y 9AW. The condensed interim financial statements of the Company for the six months ended 30 April 2014 are those of the Company which had no subsidiary during that period. Accordingly, the condensed interim financial statements for the six months ended 30 April 2013 are restated as those of the Company rather than the Company and its subsidiary as previously published.

The condensed interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The financial information for the year ended 31 October 2013 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.

The condensed interim financial statements were authorised for issue on 30 July 2014.

2. BASIS OF ACCOUNTING

The financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 October 2013. As permitted, the interim report has been prepared in accordance with the AIM rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.

3. INVESTMENTS

Investments held at fair value through the profit or loss

4. EARNINGS/(LOSS) PER SHARE

The calculation of the basic loss per share is based on the following data:

There are also 2,021,791 warrants exercisable at 119p per share (on 1 December in each year to 2013) that could have potentially reduced future earnings per share but which are anti-dilutive for each of the above periods. These warrants lapsed in December 2013.

5. STATEMENT OF CHANGES IN EQUITY

6. CASH ABSORBED BY OPERATIONS

7. DISTRIBUTION OF INTERIM REPORT

Copies of the Interim Report for the six months ended 30 April 2014 can be obtained from the Registered Office during normal business hours and are available on the Company's website, www.piresinvestments.com.