2 August 2022

Palace Capital plc

("Palace Capital" or the "Company")

Board change

Palace Capital (LSE:PCA), the Main Market property investment company that owns a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, announces the following change to its Board and committee responsibilities.

Mark Davies, ACA has been appointed as an independent Non-Executive Director and joined the Board with immediate effect. A highly experienced FTSE250 executive, Mark has extensive experience of Chairman, CEO and CFO roles in listed companies and private equity. He was a Co-founder Director of New River REIT plc ("New River") and helped take the Company from IPO to the FTSE250 in seven years. He was CFO of New River for over twelve years and, working alongside his role as CFO, was also CEO/Chairman of Hawthorn Leisure Limited ("Hawthorn") for five years. Mark stood down from the Board of New River following the announcement of the sale of Hawthorn in July 2021 but remained as CEO of Hawthorn until its successful sale to Admiral Taverns in August 2021.

In addition to his role as a Non-Executive Director, Mark will chair both the Audit Committee and Remuneration Committee and will also be the Senior Independent Director.

Steven Owen will chair the Nominations Committee and Matthew Simpson, CFO, will chair the ESG Committee.

Steven Owen, Interim Executive Chairman, commented:

"Mark's track record, experience and knowledge of property and capital markets will be invaluable in enabling the Board to execute the Company's strategy of maximising cash returns to shareholders. The Board is looking forward to working with Mark in delivering this goal."

Mark Davies, Non-Executive Director, commented:

"I'm delighted to have joined the Board of Palace Capital as a Non-Executive Director. I've followed the Company since its inception and I'm looking forward to working alongside Steven and the Management Team to deliver Shareholder Value."

There are no other matters that require disclosure under 9.6.13R of the UK Listing Rules.

For further information:

Palace Capital plc

Steven Owen, Interim Executive Chairman
Tel. +44 (0)20 3301 8330

FTI Consulting

Dido Laurimore/ Andrew Davis

Tel: +44 (0)20 3727 1000

palacecapital@fticonsulting.com