Holding(s) in Company

10 May 2012 16:19

Form TR-1 with annex. FSA Version 2.1 updated April 2007

For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: Notifications of Major Interests in Shares 1. Identity of the issuer LMS Capital PLCor the underlying issuer of existing shares to which voting rights are attached:

2. Reason for notification (yes/no)

An acquisition or disposal of Acquisitionvoting rights An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An event changing the breakdown of voting rights Other (please specify): ______________ 3. Full name of 1. ASSET VALUE INVESTORSperson(s) subject LTD to notification obligation: 4. Full name of 1. StateStreet Nominees shareholder(s) - 01RP & ASV0 (Registered Holders) 2. BBH Nominees - 132-2-0000-1 3. Mellon Nominees - COLF1283002 4. Chase Nominees - 11429 & 32072 5. NorTrust Nominees - YUE03 6. BNY Nominees- 392213 5. Date of 9th May 2012

transaction (and date on which the threshold is crossed or reached if different): 6. Date on which 10th May 2012 issuer notified: 7. Threshold(s) 8% that is/are crossed or reached: 8: Notified Details

A: Voting rights attached to shares Class/type Situation Resulting situation after the triggering of shares previous to the transaction triggering transaction Number Number of Number of Number of voting Percentage of of voting shares rights voting rights shares rights Direct Indirect Direct Indirect

GB00B12MHD28 22,171,617 21,311,350 23,213,417 22,312,727 8.18% 0%

Ordinary Shares B: Financial Instruments

Resulting situation after the triggering transaction

Type of Expiration Exercise/ No. of voting Percentage of financial date conversion rights that may be voting rights instrument period/date acquired (if the instrument exercised/ converted) N / A Total (A+B) Number of voting rights Percentage of voting rights 22,312,727 8.18%

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

Proxy Voting: 10. Name of proxy holder:

11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: Asset Value Investors acts as

discretionary fund manager for all shares mentioned in item 8. 14 Contact name: Asset Value Investors Limited Jake Crowhurst

15. Contact telephone name: 0207 659 4807

For notes on how to complete form TR-1 please see theFSA website.