TAX.L Regulatory News (TAX)

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

Tax Systems Plc

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

An acquisition or disposal of voting rights

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

P

Other (please specify):

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

MXC CAPITAL LIMITED

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

JM FINN NOMINEES LIMITED

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

7 April 2017

6. Date on which issuer notified:

10 April 2017

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

19%,20%

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

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares of 1 penny each

GB00BDHLGB97

15,200,418

15,200,418

15,200,418

15,200,418

-

18.8%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ 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

Warrants

61 pence

26 July 2023

12 December 2018

441,885

Nominal

Delta

0.5%

Warrants

67 pence

26 July 2023

26 July 2019

4,409,299

5.2%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

15,200,418

18.8%

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

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:

Figures are based on total number of voting rights of 80,703,381

14. Contact name:

Charlotte Stranner

15. Contact telephone number:

020 7965 8149