Connaught Income Fund Series 2 annual report published

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The board of Connaught Asset Management (Guernsey) Limited as Investment Manager to the Fund have issued the Annual Report and Audit Financial Statements for the period 7 October 2010 to 31 October 2011 (the “Annual Report”)  for the Connaught Income Fund Series 2.

Fund Suspension

On 25 April 2012 the Board of the Manager resolved to suspend the calculation of the Net
Asset Value of the Fund and the issue and redemption of units in the Fund with immediate
effect. This action was taken with the approval of ABN AMRO (Guernsey) Limited, the
Trustee of the Fund.

This prudent action has been taken to protect the interests of unitholders while the Manager awaits the results of a report by BDO LLP (“BDO”), an independent firm of accountants, on the Fund model and the Tiuta Group, including Tiuta Development Finance Limited and its guarantor, Tiuta Plc.

The purpose of the BDO report is to confirm to the Manager that the Fund model is robust
and the Tiuta Group, including the Specialist Partner, can continue to meet its obligations to the Fund as they fall due. BDO will be engaged to provide reports to the Manager on a
quarterly basis and the situation will be carefully monitored prior to the payment of interest distributions.

The suspension of the Fund is intended to be a temporary measure in order to ensure all
investors’ interests are protected whilst the aforementioned report is obtained and assessed. BDO has indicated that the report will be available to the Manager in time for it to be reviewed at a meeting of the directors on the 10th May 2012 and the Manager anticipates the Fund will resume normal dealing in units following a satisfactory evaluation of BDO’s report and prior to the 16th May 2012 mid-month Dealing Day.

As a result of the suspension of the calculation of the NAV and dealing in the units of the
Fund, the listing of the Fund’s units on the Official List of The Channel Islands Stock
Exchange has been suspended with effect from 6.00pm on 27 April 2012.

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