Result of Tender Offer

1 September 2016

LMS Capital plc

Results of Tender Offer

LMS Capital plc (the "Company") today announces the results of the Tender Offer set out in the circular published by the Company on 27 July 2016 (the "Circular") which closed on 31 August 2016, with shareholder approval having been given at a general meeting of the Company held on 16 August 2016.

As announced on 16 August 2016, the Tender Offer Price is 84 pence and the Basic Entitlement is 6.9%.

56,137,433 Ordinary Shares were validly tendered under the Tender Offer. All valid tenders will be satisfied in full up to the Basic Entitlement, and, following application of the scale-back mechanism (as set out in the Circular), approximately 5.3% of the Ordinary Shares validly tendered in excess of the Basic Entitlement will also be satisfied. After application of the scaling provisions, 7,142,857 Ordinary Shares will therefore be purchased. The total value of all Ordinary Shares purchased is £6.0 million.

Following the Tender Offer and Repurchase, members of the Concert Party will together hold 36.6% of the issued share capital of the Company.

It is anticipated that the proceeds payable to the Company's Qualifying Shareholders for the certificated Ordinary Shares purchased under the Tender Offer will be despatched in the form of a cheque from 6 September 2016 and that CREST account holders will have their CREST accounts credited from 6 September 2016.

As set out in the Circular, the Ordinary Shares will be purchased by J.P. Morgan Cazenove pursuant to the Tender Offer and the Company will buy-back such Ordinary Shares from J.P. Morgan Cazenove. The Company intends to cancel such Ordinary Shares, reducing its total issued share capital from 103,584,592 Ordinary Shares to 96,441,735 Ordinary Shares (of which no Ordinary Shares are held in treasury).

Capitalised terms used in this announcement (unless otherwise defined) have the same meaning as ascribed to them in the Circular.

Enquiries:

LMS Capital plc 020 7935 3555

J.P. Morgan Cazenove 0207 742 4000

Michael Wentworth-Stanley

MHP Communications 020 3128 8100

Jamie Ricketts

Isabelle Grainger