Response to announcement by Beale Plc

22 July 2014

                            Panther Securities PLC                             

                                  ("Panther")                                  

                     Response to announcement by Beale PLC                     

Following the announcement by Beale PLC earlier this morning, the Board of
Panther is disappointed that the Board of Beale PLC unilaterally decided to
remove Simon Peters, our representative, from the Beale's Board.

Panther and related parties hold 29.72% of the ordinary shares in Beale PLC, of
which Panther holds 19.85% directly.

Panther also owns 11 freehold properties totalling approximately 560,000 sq ft
i.e., approximately 58% of the square footage that Beale PLC trades from, one
being purchased on deferred terms. Of these properties, five of them are on
fixed rents totalling £675,000 pa, with nine years remaining on the leases.
These rents represent 5.4% of Panther's total rental income as reported in the
year ended 31 December 2013.

The remaining six properties are on more flexible terms with rents based on a
very tenant favourable profit share.

Related parties to Panther also own £7,000,000 preference shares in Beale PLC
with an 8% coupon due to accrue from May 2016. They are also the providers of a
loan of £1,000,000 to Beale PLC, repayable over four years at a rate of 4% over
Libor per annum.

In the circumstances, Panther and its related parties will continue their
support for Beales while it is conducive to do so.

Andrew Perloff, Chairman of Panther, commented:

"I have long held the view that:-

1) It is foolish to upset your Landlord.

2) It is foolish to upset those that provide you with finance.

3) It is foolish for a quoted company to upset its largest shareholder.

4) It is foolish to sack a Director who is knowledgeable, well connected and
who does not charge a salary or any expenses.

In one fell swoop Beales has managed all of these, which must be some type of
record! It is hard to understand their logic."


For further information contact:

Panther Securities PLC                                            01707 667 300
Andrew Perloff - Chairman                                                      
Simon Peters - Finance Director                                                
                                                                               
Sanlam Securities UK Limited                                     0207 7628 2200
(Nomad and Joint Broker)                                                       
David Worlidge/ Virginia Bull