Joint Venture

Conygar Investment Company PLC(The) 22 October 2007 THE CONYGAR INVESTMENT COMPANY PLC HOLYHEAD WATERFRONT DEVELOPMENT JOINT VENTURE The Board of The Conygar Investment Company PLC ('Conygar') is pleased to announce the creation of a joint venture, Conygar Stena Line Limited, with Stena Line Ports Limited ('Stena') in order to develop surplus non-operational land currently owned by Stena at Holyhead, Anglesey, Wales. It is intended that the land, which has in excess of half a mile of water frontage, will be redeveloped as a mixed use scheme to reflect the proposals of the Waterfront Strategy which is being produced by the Isle of Anglesey County Council, the Welsh Assembly Government and the Holyhead Forward Board (available to download at www.holyheadforward.com). It is envisaged that the development will incorporate residential, leisure, tourist and retail facilities, an expanded marina development with associated commercial and marine engineering elements. Both Conygar and Stena believe this exciting regeneration scheme will be a major boost to the economy of the area, creating both employment opportunities and raising the profile of Holyhead as a visitor destination. The joint venture will work in partnership with the Isle of Anglesey County Council, the Welsh Assembly Government and the Holyhead Forward Board to ensure that the scheme fits in with their strategy to deliver potential economic benefits and to ensure any developments benefit and compliment the natural beauty of the area. Conygar has committed £7 million to the joint venture company to finance planning application and other associated costs with Stena contributing the land. Additional funding and development parties will be introduced as the scheme progresses. Robert Ware, Chief Executive of Conygar, commented: 'We are delighted to have established this joint venture with Stena and look forward to working closely with them, together with the Isle of Anglesey County Council, the Welsh Assembly Government and the Holyhead Forward Board to produce an exciting development proposal which should bring significant benefits to the town, the area and the region as a whole. This project complements our multi-use £100 million Martello Quays waterfront development at Pembroke Dock and continues our strategy of expansion into waterfront projects.' For further information please contact: The Conygar Investment Company PLC Robert Ware 020 7408 2322 Peter Batchelor 020 7408 2322 Oriel Securities Limited (Nominated Adviser) Malcolm Strang / Michael Shaw 020 7710 7600 The directors of Conygar accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Conygar (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. This information is provided by RNS The company news service from the London Stock Exchange