Puma Hotels plc

Shore Capital Group Limited

22 February 2012

Further to the announcement of 16 December 2011, Shore Capital Group Limited (the "Company") announces that the directors of Puma Hotels plc ("Puma Hotels) have informed the Company that Puma Hotels has signed an extension to the standstill agreement with Barceló Corporación Empresarial S.A. ("BCE").  This agreement relates to the leases ("the Leases") of the hotels owned by Puma Hotels which are held by various UK subsidiary undertakings of BCE (together "the BCE Entities").  

The further agreement with BCE extends the expiry of the standstill arrangements from 24 February 2012 to 24 March 2012 and states that BCE will on or before 25 February 2012, pay or procure payment by the BCE Entities to Puma Hotels of £2.25m plus VAT in part payment of the rents and VAT that would be payable from 25 February 2012 to 24 March 2012.  The part payment is in consideration of Puma Hotels agreeing that it will not take any action before 25 March 2012 against the BCE entities in relation to non-payment of the full rents due for the period under any of the Leases.

The standstill agreement is expressly without prejudice to any other rights that Puma Hotels may have against BCE or the BCE Entities, including (without limitation) in relation to the unpaid sums due under the Leases.  

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