Ace Liberty & Stone Plc

February 18, 2009 10:23 ET

Property Development Update


Further  to the announcements of 4 November 2008 and 9 December 2008, the directors of Ace Liberty &  Stone
Plc  are  pleased to announce that a further capital repayment has been received in respect of  the  Orchid
Tower  development in Dubai. This receipt was GBP79,226 representing GBP56,923 from the original investment
and an exchange gain of GBP22,303.

Since  making  the original investment of GBP250,000 in February 2008, three capital repayments  have  been
made,  on  29 October 2008, 3 December 2008 and 4 February 2009, representing 96.1% of the investment.  The
total  receipts  have  amounted  to GBP309,736, consisting of GBP239,423 of  the  original  investment  and
GBP70,313 being an exchange gain.

The  balance  of the investment, with a possible further exchange gain, is expected within six months,  and
the  Company's share of the development profit, depending on economic conditions, should be received within
a year.

The  directors  further  announce  that a partial sale has been made of the  Company's  investment  in  the
residential property at Oakley Street, Chelsea.

The  properties were acquired for a total of GBP2,221,880 in August and October 2008 and the  sale  of  one
flat, which was acquired for GBP495,000 has now realised GBP300,000. By moving a protected statutory tenant
from  the  remaining residential property into the flat the directors are confident that significant  value
has  been  shifted and that the value of the remainder of the holding will yield an overall profit  on  the

These  transactions have resulted in a further boost to the Company's cash resources and put it in a strong
position  at  a time when the directors' policy is to build up cash reserves for future use. The  directors
believe  that, as a result of the present economic conditions, attractive property investment opportunities
will occur within the next few months and the Company will benefit from its ability to make acquisitions at
that time.

The Directors of the Issuer accept responsibility for the contents of this announcement.


Ivan Minter, Director
Ace Liberty & Stone Plc
Tel: 020 8888 5285

Jon Isaacs
Alfred Henry Corporate Finance Limited
Tel: 020 7251 3762

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