Awards pursuant to the Company's Performance Share Plan

Following the earlier announcements of Brian Cole commencing as Chief Executive Officer of Renovo and David Blain undertaking the role of Chief Financial Officer on a full time basis, the Board of Renovo today announces that under its Performance Share Plan it has granted the following options over ordinary shares of 10 pence each (the "Options") to both Brian Cole and David Blain:

Number of options
Brian Cole 6,571,208
David Blain 1,642,802
Total 8,214,010

The Options have been granted on a nil cost basis. The Options are subject to a performance condition up until 31 December 2016 (the "Performance Period") being that if the Renovo Share Price (defined as the daily average mid-market price per ordinary share of 10 pence each in the capital of the Company for the three month period ending immediately prior to the end of the Performance Period as derived from the FTSE AIM All Share Price Index) is greater than or equal to 60 pence per ordinary share, the Options will vest in full. If the Renovo Share Price is less than 16.125 pence, which was the closing mid market price as at 8 May 2014, being the day immediately prior to grant (the "Issue Price"), then none of the Options will vest. Where the Renovo Share Price is greater than the Issue Price but less than 60 pence per ordinary share, the Options will partially vest on a proportionate basis. The Options will vest six months after the end of the Performance Period.

The total number of ordinary shares currently in issue is 263,991,874, with 44,951,580 shares held in treasury. The total number of voting rights in the Company is therefore 219,040,294 and in addition there are options over a total of 12,514,010 ordinary shares outstanding.

Matt Cooper, Chairman of Renovo, commented "I am delighted that Brian has commenced in his role as Chief Executive Officer and that David is now full time. The strengthened team will help drive forward our strategy to become one of the leading players in the SME lending market, and we believe that this grant of options fully aligns the interests of shareholders and executives."

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