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24 February 2011

George Patellis has stepped down as Chief Executive Officer of Tiuta. The former joint managing director of Preferred Mortgages was hired with the task of developing Tiuta as a short to medium term lender. George Patellis stated: “I am very proud of all of the progress we have made in developing the business and I have no doubt Tiuta will continue to go from strength-to-strength and build on these advances. It has been an absolute privilege to work with such a hard-working, dedicated and talented group of people. “Due to family and personal circumstances it has become necessary for me to return home to America to be with my family but I take with me many fond memories of my time with the team at Tiuta.” Steven Nicholas, chairman of Tiuta, commented: “On behalf of everyone at Tiuta I would like to record our gratitude to George for his commitment to the business and its customers. “George introduced many innovative changes at Tiuta and he will be a very hard act to follow.” The board has begun a search for a successor and an announcement will be made in due course. In the intervening period, Steven Nicholas will assume the role of Interim CEO. To find out more about Tiuta’s products and services, brokers can telephone the helpdesk on: 0870 777 7205 or for further information visit www.tiutaplc.com. ENDS

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