Tender Offer Update

Elephant Capital plc

22 July 2011

Tender Offer Update

Elephant Capital plc (the "Company") today announces that the final outstanding conditions for the tender offer which closed on 17 June 2011 (the "Tender Offer") as set out in out in the circular to shareholders on 27 May 2011 (the "Tender Offer Circular") have now been fulfilled.

A total of 1,599,589 ordinary shares were successfully tendered at a strike price of 35 pence per share (calculated in accordance Tender Offer Circular) and therefore will be repurchased for cancellation by the Company. The Tender Offer absorbed £559,856.15 of the £5 million of capital allocated for the Tender Offer.

The consideration for the Tender Offer will be sent to tendering shareholders by 29 July 2011.

Enquiries

For further information please contact:

Gaurav Burman

Elephant Capital plc +44 (0) 20 7389 1770

Nandita Sahgal / Tom Sheldon - Corporate Finance

Richard Redmayne/ Leti McManus - Corporate Broking

Seymour Pierce Limited +44 (0) 20 7107 8000

Mark Edwards / Nicola Cronk

Buchanan Communications +44 (0) 20 7466 5000