STATEMENT RE POSSIBLE OFFER

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

PRESS ANNOUNCEMENT

FOR IMMEDIATE RELEASE

14 FEBRUARY 2010

RUGBY ESTATES INVESTMENT TRUST PLC ("RUGBY REIT" OR THE "COMPANY")

STATEMENT REGARDING POSSIBLE OFFER FROM ING UK REAL ESTATE INCOME TRUST ("ING UK REIT")

Following the recent press speculation, the Board of Directors of Rugby REIT announce that they are in preliminary discussions with ING UK REIT with respect to a possible offer for the Company.

Discussions are ongoing and further announcements will be made as appropriate. At this stage, there is no certainty that any offer will be forthcoming, nor as to the terms on which any offer might be made.

Separately, and further to the announcement on 1 February 2010 regarding the ongoing strategic review being undertaken by the Company, the Board of Rugby REIT announces that CB Richard Ellis Limited has completed its external valuation of the Group's property portfolio as at 31 December 2009, valuing the portfolio at £68.3 million on a market value basis. This represents a like-for-like increase of 7.5 per cent. compared to the valuation as at 31 October 2009 (£63.5 million).

A copy of this announcement will be available on the website of the Company at http://www.rugbyreit.co.uk/.

Enquiries:

Rugby Estates Investment Trust Plc

07710 060714

Philip Kendall (Non-Executive Chairman)

Hawkpoint Partners Limited

020 7665 4500

Edward Arkus

Financial Dynamics

020 7831 3113 / 07711 079150

Stephanie Highett

Hawkpoint Partners Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for Rugby REIT and no-one else in connection with the any possible offer and will not be responsible to anyone other than Rugby REIT for providing the protections afforded to clients of Hawkpoint Partners Limited or for giving advice in relation to any possible offer.

Rule 2.10 disclosure

In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, the Company confirms that it has 58,940,581 ordinary shares of 1p each in issue and admitted to trading on the London Stock Exchange with ISIN code GB00B1VVM685

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Takeover Code, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Rugby REIT, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 p.m. (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Rugby REIT, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Takeover Code, all "dealings" in "relevant securities" of Rugby REIT by ING UK REIT or by Rugby REIT, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Takeover Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.