PRESS ANNOUNCEMENT

FOR IMMEDIATE RELEASE

1 FEBRUARY 2010

RUGBY ESTATES INVESTMENT TRUST PLC ("REIT" OR THE "COMPANY")

STATEMENT REGARDING CONTINUING STRATEGIC REVIEW

As previously stated, the Board of REIT actively continues to review all strategic options available to the Company in order to maximise the value of REIT for the benefit of all shareholders over the short to medium term. 

CB Richard Ellis Limited ("CBRE") is currently conducting a valuation of the Company's property portfolio as at 31 December 2009.  The Board of REIT will announce CBRE's valuation of the Group's property portfolio as at 31 December 2009 and progress in relation to its ongoing strategic review shortly.

Further announcements will be made as appropriate.

A copy of this announcement will be available on the website of the Company at http://www.rugbyreit.co.uk/.