Pires Investments Plc

("Pires" or the "Company")

Rame Energy Plc Disposal

The directors of Pires note the Rame Energy Plc ("Rame") announcement made on 26th September 2016 in respect of the planned disposal of its interests in Seawind Holding SpA and its operating subsidiaries in Chile.

Although this disposal significantly reduces the value of the Company's investment in Rame, the directors of Pires continue to review opportunities for investment that will restore and enhance shareholder value. An update will be provided in due course.

The directors of Pires believe that the Company has sufficient working capital for its current needs following the facility announced on 28 July 2016.

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