21 December 2015

               PEWT Securities PLC ("PEWT Securities" or the "Company")            

          Result of First General Meeting and Reclassification of ZDP Shares       

    The Directors of the Company are pleased to announce that the special
    resolutions proposed at the First General Meeting of the Company held earlier
    today, approving the reclassification of the ZDP Shares into Reclassified
    Shares, the amendment of the Company's articles of association and
    implementation of the Scheme were unanimously passed.

    Accordingly, application has been made to the UK Listing Authority and the
    London Stock Exchange for the listing in respect of the 22,446,099 Existing ZDP
    Shares to be amended to reflect the reclassification of the Existing ZDP Shares
    as Reclassified Shares with "A" rights ("ZDP A Shares") and "B" rights ("ZDP B
    Shares") - A Shares being those with rights to New ZDP Shares in PEWT
    Securities 2020 plc and B Shares with rights to cash. Upon reclassification,
    the Reclassified Shares will comprise 10,854,643 ZDP A Shares and 11,591,456
    ZDP B Shares. It is expected that the amendment will become effective and
    dealings in Reclassified Shares will commence with effect from 8.00 a.m. on 30
    December 2015.

    The Official List will be amended to reflect the Reclassified Shares at 8.00
    a.m. on 30 December 2015. The ISIN of the A Shares will be GB00BZ76QK75 and the
    ISIN of the B Shares will be GB00BZ76QL82 and the TIDMs will be PEWA and PEWB
    respectively.

    Applications have also been made to the UK Listing Authority and the London
    Stock Exchange to suspend the listing of the Reclassified Shares at 7.30 a.m.
    on 31 December 2015.

    The Scheme remains conditional on the passing of the special resolutions at the
    Second General Meeting to be held at 9.00 a.m. on 31 December 2015.

    The amended articles of association of the Company and copies of the special
    resolutions have been submitted to the National Storage Mechanism and will
    shortly be available for inspection at www.morningstar.co.uk/uk/nsm.

    Capitalised terms used in this announcement shall, unless the context otherwise
    requires, bear the meaning given to them in the circular dated 20 November
    2015.

                                      -The End -                                   

    Enquiries:

    Premier Fund Managers Limited          + 44 (0) 1483 30 60 90                
    Nigel Sidebottom                                                             
    James Smith                                                                  
    Claire Long                                                                  
                                                                                 
    N+1 Singer                             + 44 (0) 20 7496 3000                 
    James Maxwell                                                                
    Liz Yong                                                                     
    Tom Smale