Result Of Open Offer

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION WHERE THE EXTENSION OR AVAILABILITY OF THE OPEN OFFER WOULD BE PROHIBITED BY APPLICABLE LAW.

Public Service Properties Investments Limited (the "Company")

Result of Open Offer

On 26 March 2010, the Company announced an 8 for 15 Open Offer to raise gross proceeds of £25 million by the issue of 35,631,326 Open Offer Shares at a price of 70 pence per Open Offer Share.

The Open Offer closed at 11.00 a.m. on 13 April 2010. Under the Open Offer, valid applications have been received from Qualifying Shareholders in respect of their Basic Entitlements for, in aggregate, 18,487,890 Open Offer Shares, representing approximately 51.9 per cent. of the 35,631,326 Open Offer Shares offered pursuant to the Open Offer.

As a consequence, 17,143,436 Open Offer Shares were available pursuant to the Excess Application Facility. Valid applications pursuant to the Excess Application Facility have been received in respect of 27,281,744 Excess Shares, representing approximately 159.1 per cent. of the Excess Shares available. Applications for Excess Shares under the Excess Application Facility have therefore been scaled back and Qualifying Shareholders will receive approximately 62.8 per cent. of their application under the Excess Application Facility.

Application has been made to the London Stock Exchange for the 35,631,326 Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective at 8.00 a.m. on 14 April 2010.

The issued share capital of the Company upon Admission will be 102,440,064 Ordinary Shares of nominal value US$0.01 each.

Patrick Hall, Chairman of the Company, commented: "We are delighted to have had a positive response to the fundraising. We have identified an attractive opportunity to accelerate our capital expenditure programme which will allow us to create further value for PSPI's shareholders. As such, these new funds represent a significant step forward for PSPI and create a strong platform for future growth."

This announcement should be read in conjunction with the full text of the Prospectus published by the Company on 26 March 2010 (available on the Company's website at www.pspiltd.com). Terms defined in the Prospectus have the same meanings in this announcement.

Enquiries:

RP&C International (Asset Manager) Tel: 020 7766 7000Dr D Srinivas / Ralph Beney

Evolution Securities Limited Tel: 020 7071 4300

(Nominated Adviser, Financial Adviser and Broker)

Jeremy Ellis / Chris Clarke (Corporate Finance)

Chris Sim / Adam Strachan (Corporate Broking)

Tavistock Communications

Simon Hudson / Gemma Bradley Tel: 020 7920 3150

IMPORTANT NOTICE

This announcement does not constitute an offer to sell or a solicitation of an offer to purchase any securities in any jurisdiction in which such offer or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. The securities proposed to be offered by the Company have not been and will not be registered under the US Securities Act of 1933, as amended ("Securities Act") or under any securities laws of any state of the United States and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the securities are being offered and sold: in offshore transactions (as defined in and in reliance on Regulation S under the Securities Act). In connection with the proposed offering, recipients of this announcement may not engage in any directed selling efforts (within the meaning of Regulation S under the Securities Act) with respect to the securities or in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with any offer or sale of the securities in the United States.

The offering of new shares in the Company to existing shareholders does not require the Company to hold a licence for collective investment schemes granted by the AFM (Autoriteit Financiële Markten) and the Company does not fall under the supervision of collective investment schemes as enacted by the Dutch Act on the Financial Supervision (Wet op het financieel toezicht).