Q4 Trading Update and Contract Wins

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MORTICE LIMITED

("Mortice", the "Company" or the "Group")

Q4 Trading Update and Contract Wins

Mortice (AIM:MORT), the AIM listed security and facility management company operating in India, provides a trading update ahead of the release of its audited annual results for the year ended 31 March 2012. The Board is pleased to announce that in the quarter ended 31 March 2012 ("Q4"), the Group has been awarded 87 new contracts collectively worth approximately USD 2.5m p.a.

Revenue grew USD 3.6m / 30% in Q4 compared with the previous year and gross profit increased 8.1% to USD 0.75m over the same period mainly due to the shedding of low margin contracts together with organic growth on relatively better margins at its security services subsidiary.

Trading updates in respect of each of the Group's subsidiaries are provided below.

Peregrine Guarding Private Limited ("Peregrine")

§ Peregrine, the Company's security services subsidiary, won 64 new contracts in Q4 representing approximately USD 2.2m revenue p.a.

§ Revenue grew by USD 2.5m / 29% in Q4 compared with the previous year and gross profit increased 9.2% to USD 0.55m over the same period due to shedding of relatively lower margin contract followed by increased exposure in the relatively higher margin telecoms sector.

§ During Q1 2012-13, Peregrine was awarded new business valued at approximately USD 12.1m p.a. of which approximately USD 11.2m is expected to be recognised in the financial year ending 31 March 2013.

Tenon Property Services Pvt. Ltd. ("Tenon")

§ Tenon, the Company's integrated facility management subsidiary, won 10 new contracts in Q4 representing approximately USD 0.17m p.a.

§ Revenue grew by USD 0.45m / 25% in Q4 compared with the previous year and gross profit increased 7.9% to USD 94,500 over the same period due to organic growth from improved rates renegotiated with existing major clients.

§ During Q1 2012-13, Tenon closed new business valued at approximately USD 2.1m p.a. of which approximately USD 1.9m is expected to be recognised in the financial year ending 31 March 2013.

Rotopower Projects Pvt. Ltd. ("Rotopower")

§ Rotopower, the Company's Mechanical & Electrical Engineering Service subsidiary, won 13 new contracts in Q4 representing approximately USD 0.17m p.a.

§ Revenue grew by USD 0.6m / 37% in Q4 compared with the previous year and gross profit increased 3.1% to USD 0.11m over the same period.

§ During Q1 2012-13, Rotopower closed new business valued at approximately USD 1.4m p.a. of which approximately USD 1.3m is expected to be recognised in the financial year ending 31 March 2013.

Q1 2012-13

The Group has won numerous new contracts during Q1 2012-13 representing approximately USD 15.7m of annual revenue (on an annualised basis) of which approximately USD 14.4m is expected to be recognised in the financial year ending 31 March 2013. These new contracts include the provision of:

§ integrated facility management services to a large logistic provider generating approximately USD 8m revenue over three years;

§ facility management services to a large consultancy group generating annual revenue of approximately USD 0.2m; and

§ catering services, serving over 6,000 meals a day to a major mining company representing approximating USD 110k over the one year contract term.

Manjit Rajain, Executive Chairman, commented:

"The strategy of introducing Tenon into the Integrated Facility Management market has started yielding results demonstrated by the high volume of Integrated Facility Management contracts won in Q1 2012-13. There is increasing acceptance of the unique service delivery model of Tenon in the market. With the promising sales pipeline and increasing faith of existing and potential clients in our services, we believe the Group will continue to grow and expand."

Note to Editors

Mortice

Mortice, the India based security and facilities management company incorporated in Singapore, listed on AIM in May 2008 and is the holding company of Tenon Property Services Private Limited (Tenon), itself the holding company of Peregrine Guarding Private Limited (Peregrine) and Rotopower Projects Private Limited (Rotopower).

Peregrine

Peregrine, the Company's Security Services subsidiary based in India was established in 1995 and provides manned guarding services to a comprehensive pan-India client base.

Peregrine operates on PAN India basis and has clients in a range of sectors including telecom, ITES, manufacturing, pharmaceutical, banking, real estate and healthcare.

Tenon

Tenon, the Company's Integrated Facility Management subsidiary provides superior quality Integrated Facility Management services to a range of clients including leading logistics, an international automobile manufacturing company, two major IT service companies, one blue chip financial institution, an insurance company, a leading travel company, two telecom clients and a leading entertainment company. The Directors believe the self-performed Integrated Facility Management model offered by Tenon to its customers across India is unique.

Rotopower

Rotopower was established 15 years ago and currently operates in 28 states/union territories in India. The company was acquired by the Group in June 2009 and provides a range of mechanical and electrical engineering services including maintenance services, annual maintenance contracts and housekeeping services to a variety of customers. Rotopower also provides services to telecom tower companies for the maintenance and running of electrical equipment.