Rapid Realisations Fund Ltd : Notice of Annual General Meeting

(the "Company")

(a closed-ended company incorporated in Guernsey with registration number 47341)

NOTICE IS HEREBY GIVEN THAT an Annual General Meeting of Shareholders of Rapid Realisations Fund Limited (the "Company") will be held at Sarnia House, Le Truchot, St Peter Port, Guernsey GY1 4NA on Wednesday 1st May 2013 at 10:00 a.m. for the purpose of considering and, if thought fit, passing the following Resolutions:

1. THAT the Financial Statements, Directors' Report and Auditor's Report for the year ended 31st

December 2012 be received and adopted.

2. THAT KPMG Channel Island Limited be re-appointed as auditors of the Company until the conclusion of the next Annual General Meeting of the Company.

3. THAT the Directors be and are hereby authorised to fix the remuneration of the Company's auditors for their next period of office.

4. THAT David McHugh be re-elected as a Director of the Company.

5. THAT the Company be authorised, in accordance with the Companies (Guernsey) Law 2008 as amended, to make market purchases (as defined in that Law) of Ordinary Shares of No Par Value ("Ordinary Shares"), provided that:

a. the maximum number of Ordinary Shares hereby authorised to be purchased shall be

14.99% of the issued Ordinary Shares on the date on which this resolution is passed;

b. the minimum price which may be paid for an Ordinary Share shall be 1p;

c. the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall be 105% of the average of the middle market quotations (as derived from the Daily Official List) of the Ordinary Shares for the five business days immediately preceding the date of purchase; and

d. unless previously varied, revoked or renewed, the authority hereby conferred shall expire on 31 December 2014 or, if earlier, at the conclusion of the Annual General Meeting of the Company to be held in 2014, save that the Company may, prior to such expiry, enter into a contract to purchase Ordinary Shares under such authority and may make a purchase of Ordinary Shares pursuant to any such contract.

6. THAT the investment objective and policy of the Company be amended to be: "The investment objective and policy of the Company is to manage the realisation of the Company's investment portfolio and to maximise the return of invested capital to Shareholders during the period ending on

30 September 2014."

By order of the board

For and on behalf of

Praxis Fund Services Limited

As Company Secretary

Date: 4th April 2013

Registered office: Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 4NA Channel Islands

Notes:

1. Any Shareholder entitled to attend, speak and vote at the meeting is entitled to appoint one or more proxies to attend, speak and, on a poll, vote instead of him. A proxy need not be a Shareholder of the Company. A Shareholder may appoint more than one proxy in relation to the meeting provided that each proxy is appointed to exercise the rights attached to a different Share or Shares held by the Shareholder. A Shareholder entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses in the same way. A proxy may be an individual or a body corporate who need not be a Shareholder of the Company.

2. The Form of Proxy, together with, if appropriate, any power of attorney or other authority or a notarially certified copy of any power of attorney or other authority (if any) under which it is signed, must be deposited at the Company's registrars, Capita Registrars, PXS, 34 Beckenham Road, Beckenham BR3 4TU not later than forty-eight hours before the time appointed for holding the meeting.
3 To appoint more than one proxy to vote in relation to different Shares within your holding you may photocopy the form. Please indicate the proxy holder's name and the number of Shares in relation to which they are authorised to act as your proxy (which in aggregate should not exceed the number of Shares held by you). Please also indicate if the proxy instruction is one of multiple instructions being given. All Forms of Proxy must be signed and should be returned together in the same envelope.
4. Return of a completed Form of Proxy will not preclude a Shareholder from attending and voting personally at the meeting.
5. Any corporation which is a Shareholder of the Company may, by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of any class of Shareholders of the Company and the person so authorised shall be entitled to exercise the same power on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholder of the Company.
6. To change your proxy instructions, simply submit a new proxy appointment using the method set out above. If you submit more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies will take precedence. Please note that the cut-off time for receipt of proxy appointments also applies in relation to amended instructions; any amended proxy appointment received after the relevant cut-off time will be disregarded.
7. Return of a completed Form of Proxy will not preclude a Shareholder from attending and voting personally at the meeting. If you have appointed a proxy and attend the meeting in person, your proxy appointment will automatically be terminated.
8. Pursuant to Article 45 (b) of the Articles, the Company specifies that only Shareholders entered on the register of Shareholders of the Company will be entitled to receive notice of the meeting. In addition, only Shareholders registered in the register of Shareholders of the Company 48 hours before the time fixed for the meeting or adjourned meeting shall be entitled to attend, speak and vote at the meeting in respect of the number of Shares registered in their name at that time. Changes to entries on the register after such time shall be disregarded in determining the rights of any person to attend or vote at the meeting.
9. The notice sets out the Resolutions to be proposed at the meeting. The meeting will be chaired by a Shareholder elected by the Shareholders present in person or by proxy at the meeting.
10. The quorum for a meeting of Shareholders is two or more Shareholders (provided that they are entitled to vote on the business to be transacted at the meeting) present in person or by proxy holding 5 per cent. of the issued share capital (excluding any share capital represented by treasury shares) between them.
11. If, within half an hour from the appointed time for the meeting, a quorum is not present, then the meeting will be adjourned to
10:00 a.m. on Wednesday 8th May at the same address. If, at that meeting, a quorum is not present within five minutes from the time appointed for the holding of the meeting, those Shareholders present in person or by proxy will form a quorum
whatever their number and the number of Shares held by them.
12. The majority required for the passing of the ordinary resolutions is more than fifty per cent. (50%) of the total number of votes cast in favour of each Resolution. The majority required for the passing of the special resolutions is more than seventy five per cent. (75%) of the total number of votes cast in favour of the Resolution.
13. If the Resolutions are duly passed at the meeting (or any adjourned meeting thereof), and other necessary formalities are completed, this will result in all of the proposed Resolutions becoming binding on each Shareholder in the Company whether or not they voted in favour of the resolutions, or voted at all.
14. To allow effective constitution of the meeting, if it is apparent to the chairman that no Shareholders will be present in person or by proxy, other than by proxy in the chairman's favour, then the chairman may appoint a substitute to act as proxy in his stead for any Shareholder, provided that such substitute proxy shall vote on the same basis as the chairman.

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