Vicarage Gate Project

NORTHACRE PLC

ANNOUNCEMENT

17 April 2012

Vicarage S106 completion

On 26th January 2012 we announced that the Royal Borough of Kensington and Chelsea ("RBKC") had resolved to grant Consent to our client, Vicarage Gate Limited, in respect of the proposed development at Vicarage Gate House, and 120 Campden Hill Road, Kensington W8, subject to the agreement of a S.106 Agreement under the Town and Country Planning Act 1990.

We now confirm that RBKC and Vicarage Gate Limited have agreed the terms of a S.106 Agreement in respect of the above and that the Consent is therefore valid and implementable.

Enquiries:

Northacre PLC

Klas Nilsson (Chairman and Chief Executive)

Ken MacRae (Finance Director)

020 7349 8000

Hudson Sandler Ltd

Michael Sandler

020 7796 4133

Peel Hunt LLP (Nominated adviser and broker)

Capel Irwin

Harry Florry

020 7418 8900