The Lancasters Update

The Lancasters Update

11th August 2010

Northacre Plc ("the Company") notes today's announcement by Minerva Plc in relation to their EGM Circular.

The Company confirms the details in the circular regarding The Lancasters in terms of the profit sharing scale which is per our Joint Venture Agreement with Minerva Plc. The Company will be entitled to profits on the following sliding scale:

Profits upto 10% of Project Costs 5%

Profits between 10% and 15% of Project Costs 20%

Profits between 15% and 20% of Project Costs 40%

Profits above 20% of Project Costs 50%

ENQUIRIES:

NORTHACRE PLC 020 7349 8000

Klas Nilsson Chairman and Chief Executive

Manish Santilale Finance Director

KBC PEEL HUNT 020 7418 8900

Capel Irwin