Halladale Group plc (“Halladale”), the UK property co–investment trading and development company, announces that David Hunter, of Hunter Advisers, has been appointed as a consultant to Rynda Property Investors LLP.

Halladale has a majority financial interest in Rynda, which was formed at the end of last year to expand Halladale’s co-investment fund management business. Rynda will create and manage specialist funds for investors to participate in the global real estate markets and has recently received FSA authorisation. Rynda will be run by Michael Walton, previously a Managing Director of Citigroup Property Investors, and is expected to launch its first fund later in the year.

David Hunter is former Managing Director of Arlington Property Investors and is well known for having built and managed one of the UK’s leading Property Fund Management businesses. He is a past President of the British Property Federation and a Member of the Bank of England Property Forum.

David Lockhart, Chief Executive of Halladale said: “We are delighted that such a highly talented individual as David will be working with Rynda. Rynda is an exciting development for Halladale and will significantly enhance our co–investment fund management business. We look forward to working with Michael and David and believe Rynda will generate significant returns for our shareholders.”

David Hunter, Managing Director of Hunter Advisers, comments: “We are looking to become involved with businesses which have the right ingredients to succeed both for investors and promoters, thus selectivity is crucial. We are therefore excited at the prospect of working with the Rynda team which has a proven track record in the industry and a solid financial base.”

For further information, please contact:

David Lockhart, Halladale Group plc   0141 204 4633
David Rydell/Geoff Callow, Bell Pottinger   020 7861 3232
David Hunter, Hunter Advisers   0141 204 4041

About Halladale

• Halladale is an entrepreneurial co–investment, trading and development company operating primarily in commercial property throughout the UK.
• Group activities span on–balance sheet projects, co–investment joint ventures and co–investment fund management with both single and multi–investor relationships.
• Halladale prides itself on its innovative, strategic, “hands on” approach through the involvement of senior management in all major projects.
• Co–investment activities are a significant element of the Group’s business, accounting for 83 per cent of assets under management at 31 October 2005.
• Co–investment partners include Bank of Scotland, Citigroup, Anglo Irish Private Equity, Carlyle Group and Kodak Pension Fund.
• The value of Halladale’s portfolio at 31 October 2005, including the aggregate value of co–investment vehicles, was £575 million. In the six months 31 October 2005, profit before tax increased by 117 per cent to £3.9 million and the interim dividend increased by 40 per cent to 1.4p per ordinary share.
• Halladale was founded in 1991 by Chief Executive, David Lockhart, and has offices in Glasgow, Edinburgh and London.
• Halladale’s shares were admitted to the AIM in 2001. In 2004, Halladale raised £15m through an issue of new Ordinary shares and convertible loan stock, effectively doubling the company’s equity base. In April 2005 a further £14m was raised through the issue of ordinary new shares.
• For more information on Halladale please visit www.halladale.co.uk

About Rynda

• Rynda creates and manages specialist funds for investors to participate in the global real estate markets.
• Funds are established to focus on opportunities where the risk/return balance appears favourable.
• Rynda will align its interest with its clients by investing in all its products.
• For more information on Rynda please visit www.ryndaproperty.com

About Hunter Advisers

• Hunter Advisers is a newly set up consultancy business run by David Hunter, a leading fund manager and former managing director of Arlington Property Investors.
• The company is Glasgow–based and offers support to businesses contemplating launching property funds both in the UK and internationally.
• For more information on Hunter Advisers please visit www.hunteradvisers.co.uk