Braemar Shipping Regulatory News (BMS)

FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Identity of the person whose positions/ PFS Chelverton UK Equitydealings are being disclosed: Income Fund and Small Companies Dividend Trust plc (b) Owner or controller of interests and short Chelverton Asset Managementpositions disclosed, if different from 1(a): Limited The naming of nominee or vehicle companies isinsufficient (c) Name of offeror/offeree in relation to Braemar Shipping Services plcwhose relevant securities this form relates: Use a separate form for each offeror/offeree (d) If an exempt fund manager connected with n/aan offeror/offeree, state this and specifyidentity of offeror/offeree: (e) Date position held/dealing undertaken: 20 May 2014 (f) Has the discloser previously disclosed, or NOare they today disclosing, under the Code inrespect of any other party to this offer? If YES, specify which: 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE (a) Interests and short positions in the relevant securities of the offeror orofferee to which the disclosure relates following the dealing (if any) Class of relevant security: Ordinary shares GB0000600931 Interests Short positions Number % Number % (1) Relevant securities owned 925,000 4.2665and/or controlled: (2) Derivatives (other thanoptions): (3) Options and agreements topurchase/sell: TOTAL: 925,000 4.2665 All interests and all short positions should be disclosed. Details of any open derivative or option positions, or agreements to purchaseor sell relevant securities, should be given on a Supplemental Form 8 (OpenPositions). (b) Rights to subscribe for new securities (including directors' and otherexecutive options) Class of relevant security in n/arelation to which subscription rightexists: Details, including nature of therights concerned and relevantpercentages: If there are positions or rights to subscribe to disclose in more than oneclass of relevant securities of the offeror or offeree named in 1(c), copytable 2(a) or (b) (as appropriate) for each additional class of relevantsecurity. 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE (a) Purchases and sales Class of relevant Purchase/sale Number of Price per unit security securities n/a (b) Derivatives transactions (other than options) Class of Product Nature of dealing Number of Price per relevant description reference unit security e.g. opening/closing a securities e.g. CFD long/short position, increasing/reducing a long/short position n/a (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying Class of Product Writing, Number of Exercise Type Expiry Optionrelevant description purchasing, securities price date moneysecurity e.g. call selling, to which per unit e.g. paid/ option varying option American, received etc. relates European per unit etc. n/a (ii) Exercising Class of relevant Product Number of Exercise price per security description securities unit e.g. call option n/a (d) Other dealings (including subscribing for new securities) Class of relevant Nature of dealing Details Price per unit security (if applicable) e.g. subscription, conversion n/a The currency of all prices and other monetary amounts should be stated. Where there have been dealings in more than one class of relevant securities ofthe offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (asappropriate) for each additional class of relevant security dealt in. 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement orunderstanding, formal or informal, relating to relevant securities which maybe an inducement to deal or refrain from dealing entered into by the personmaking the disclosure and any party to the offer or any person acting inconcert with a party to the offer: If there are no such agreements, arrangements or understandings, state "none" None (b) Agreements, arrangements or understandings relating to options orderivatives Details of any agreement, arrangement or understanding, formal or informal,between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevantsecurities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" None (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? NO Date of disclosure: 20 May 2014 Contact name: George Bayer, Phoenix Administration Services Limited Telephone number: +44 (0) 1245 398984 Public disclosures under Rule 8 of the Code must be made to a RegulatoryInformation Service and must also be emailed to the Takeover Panel atmonitoring@disclosure.org.uk . The Panel's Market Surveillance Unit isavailable for consultation in relation to the Code's dealing disclosurerequirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk .

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