TR1 - Notification of Major Interest in Shares

For filings with the FSA include the annex                                              
                                                                                        
For filings with issuer exclude the annex                                               
                                                                                        
                                                                                        
                                                                                        
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                                      
of existing shares to which voting rights are                           PHSC Plc        
attached:ii                                                                             
                                                                                        
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                                        
                                                                                        
Other (please specify):                             Change of Investment Manager       X
                                                                                        
3. Full name of person(s) subject to the                                     Downing LLP
notification obligation:iii                                                             
                                                                                        
                                                                Downing Income VCT 4 Plc
4. Full name of shareholder(s)                                                          
 (if different from 3.):iv                                        Downing Income VCT Plc
                                                                                        
                                                                                        
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                                       
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                             07/03/2012
                                                                                        
7. Threshold(s) that is/are crossed or reached: vi, vii

8. Notified details:                                                                           
                                                                                               
A: Voting rights attached to shares viii, ix                                                   
                                                                                               
Class/   Situation previous          Resulting situation after the triggering transaction      
type of  to the triggering                                                                     
shares   transaction                                                                           
                                                                                               
                                                                                               
if       Number          Number      Number      Number of voting          % of  voting rights 
possible of              of          of shares   rights                    x                   
using    Shares          Voting                                                                
the ISIN                 Rights                                                                
CODE                                                            Indirect                       
                                     Direct      Direct xi      xii        Direct  Indirect    
                                                                                               
                                                                                               
                                                                                               
         641,499         641,499     641,499     641,499                                       
Ordinary                                                                                       
                                                                                               
                                                                                               
                                                                                               
B: Qualifying Financial Instruments                                                            
                                                                                               
Resulting situation after the triggering transaction                                           
                                                                                               
Type of     Expiration     Exercise/              Number of voting             % of voting     
financial   date xiii      Conversion Period xiv  rights that may be           rights          
instrument                                        acquired if the                              
                                                  instrument is                                
                                                  exercised/ converted.                        
                                                                                               
                                                                                               
C: Financial Instruments with similar economic effect to Qualifying Financial                  
Instruments xv, xvi                                                                            
                                                                                               
Resulting situation after the triggering transaction                                           
                                                                                               
Type of    Exercise      Expiration Exercise/    Number of voting rights     % of voting rights
financial  price         date xvii  Conversion   instrument refers to        xix, xx           
instrument                          period xviii                                               
                                                                                               
                                                                                               
                                                                             Nominal Delta      
                                                                                               
                                                                                               
Total (A+B+C)                                                                                  
                                                                                               
Number of voting rights                     Percentage of voting rights                        
                                                                                               
641,499                                     6.2%                                               
                                                                                               

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the 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:                                                             
                                                                                        
14. Contact name:                                    Grant Whitehouse, Company Secretary
                                                                                        
15. Contact telephone number:                                              0207 416 7780
                                                                                        


 

Note: Annex should only be submitted to the FSA not the issuer                          
                                                                                        
Annex: Notification of major interests in sharesxxii                                    
                                                                                        
A: Identity of the persons or legal entity subject to the notification                  
obligation                                                                              
                                                                                        
Full name                                                                               
                                                                                        
(including legal form of legal entities)                                                
                                                                                        
                                                                                        
                                                                                        
Contact address                                                                         
                                                                                        
(registered office for legal entities)                                                  
                                                                                        
                                                                                        
                                                                                        
Phone number & email                                                                    
                                                                                        
                                                                                        
                                                                                        
Other useful information                                                                
                                                                                        
(at least legal representative for legal persons)                                       
                                                                                        
                                                                                        
                                                                                        
                                                                                        
                                                                                        
B: Identity of the notifier, if applicable                                              
                                                                                        
Full name                                                                               
                                                                                        
                                                                                        
                                                                                        
Contact address                                                                         
                                                                                        
                                                                                        
                                                                                        
Phone number & email                                                                    
                                                                                        
                                                                                        
                                                                                        
Other useful information                                                                
                                                                                        
(e.g. functional relationship with the person or legal entity subject to the            
notification obligation)                                                                
                                                                                        
                                                                                        
                                                                                        
C: Additional information                                                               
                                                                                        
                                                                                        
                                                                                        
For notes on how to complete form TR-1 please see the FSA website.