Response to announcement by Beale Plc

22 July 2014 Panther Securities PLC ("Panther") Response to announcement by Beale PLC Following the announcement by Beale PLC earlier this morning, the Board ofPanther is disappointed that the Board of Beale PLC unilaterally decided toremove Simon Peters, our representative, from the Beale's Board. Panther and related parties hold 29.72% of the ordinary shares in Beale PLC, ofwhich Panther holds 19.85% directly. Panther also owns 11 freehold properties totalling approximately 560,000 sq fti.e., approximately 58% of the square footage that Beale PLC trades from, onebeing purchased on deferred terms. Of these properties, five of them are onfixed rents totalling £675,000 pa, with nine years remaining on the leases.These rents represent 5.4% of Panther's total rental income as reported in theyear ended 31 December 2013. The remaining six properties are on more flexible terms with rents based on avery tenant favourable profit share. Related parties to Panther also own £7,000,000 preference shares in Beale PLCwith an 8% coupon due to accrue from May 2016. They are also the providers of aloan of £1,000,000 to Beale PLC, repayable over four years at a rate of 4% overLibor per annum. In the circumstances, Panther and its related parties will continue theirsupport for Beales while it is conducive to do so. Andrew Perloff, Chairman of Panther, commented: "I have long held the view that:- 1) It is foolish to upset your Landlord. 2) It is foolish to upset those that provide you with finance. 3) It is foolish for a quoted company to upset its largest shareholder. 4) It is foolish to sack a Director who is knowledgeable, well connected andwho does not charge a salary or any expenses. In one fell swoop Beales has managed all of these, which must be some type ofrecord! It is hard to understand their logic." For further information contact: Panther Securities PLC 01707 667 300Andrew Perloff - ChairmanSimon Peters - Finance Director Sanlam Securities UK Limited 0207 7628 2200(Nomad and Joint Broker)David Worlidge/ Virginia Bull