Interim Statement - 15 December 2010

Marechale Capital has had an encouraging start to the current year and I am pleased to report its return to profitability in the six months to September 2010.

Marechale operates as a corporate finance advisory and capital fund raising business focused on 3 key sectors; renewables, consumer (retail and leisure), and infrastructure. Marechale runs a low cost business model working with its associates on a profit share basis. Marechale has been successful as it is selective in the projects it takes on and has a high success rate of executing and completing projects due to its proprietary investor relationships.

In the six month period Marechale has completed 9 transactions which have generated sufficient cash fees to achieve a small profit. Corporate finance projects include advising a major private equity house on the refinancing of a retail business and advising an international shipping business on a co-operation agreement with a Scandinavian investment group. In the leisure sectors Marechale's completed development capital projects range from raising just over £1m equity issue from a family fund for Hawksmoor, the fast growing premium steak restaurant group, raising £1.9m for EIS qualifying Heartstone Inns 2 plc, a Southern based managed pub business from UK wealth managers, and £5.9m of private equity growth capital investment for an established restaurant group.

Marechale has likewise had great success in the renewables sector forming 2 clean energy development companies benefiting from the UK’s new Feed in Tariffs. Firstly, raising development capital for Future Biogas Ltd, an anaerobic digestion biogas business which has funded its first site and is awaiting planning permission for future sites, and secondly, forming and funding West Country Renewables Ltd, a new solar development company based in the South West of the UK.

The above projects resulted in Marechale generating commission and advisory fees, warrants and founder equity which strengthen Marechale’s balance sheet and could result in significant future gains for shareholders.

Marechale has a healthy pipeline of engaged corporate finance projects. Marechale is also entering the intermediary market this year with the planned launch of a new renewable fund for consented FIT plants, a new Venture Capital trust, as well as a further fund raising for Heartstone Inns 2 plc.

Whilst market conditions are still challenging, the growing pipeline of businesses seeking funding and an increasing appetite amongst our client base to invest in high quality investment opportunities provide us with confidence for trading next year.

The Board continues to consider a number of acquisitions and investments in potentially complimentary fund management or financial services businesses.

We hope to give you further positive updates on Marechale Capital after the March 2011 year end.

Marechale Capital PLC
Income Statement (unaudited)
Six months ended 30th September 2010

* On 14th September 2009 the AIM Broking and PLUS Adviser businesses and associated assets weresold to Whim Gully Capital LLP for a consideration of £200,000.

Marechale Capital PLC
Balance Sheet (unaudited)
As at 30th September 2010

Cash Flow Statement (unaudited)
Six months ended 30th September 2010

This financial information has been in accordance with IFRS and International Financial Reporting Interpretations Committee ('IFRIC') interpretations adopted by the European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, with the prior periods being reported on the same basis.