ECAP.L Regulatory News (ECAP)

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Elephant Capital plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

Lloyds Banking Group plc

4. Full name of shareholder(s)  (if different from 3.):iv

See Section 9

5. Date of the transaction and date on which the threshold is crossed or reached: v

14 July 2014

6. Date on which issuer notified:

15 July 2014

7. Threshold(s) that is/are crossed or reached: vi, vii

Direct holdings increased to below 16%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

Numberof Shares

Numberof VotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

ORD GBP0.01

5,081,274

5,081,274

3,055,056

3,055,056

15.186%

GB00B14VJG46

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may be acquired if theinstrument is exercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

3,055,056

15.186%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

3,055,054 shares (15.186%) are under the control of Bank of Scotland plc, a wholly owned subsidiary of HBOS plc, a wholly owned subsidiary of Lloyds Bank plc, a wholly owned subsidiary of Lloyds Banking Group plc.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

Notification using the Total Voting Rights figure of 20,117,057

14. Contact name:

Darren Hemsley

15. Contact telephone number:

0113 235 7676