| TR-1: Notifications of Major Interests in Shares | 
| 
 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: | Topps Tiles | ||
| 
 2. Reason for notification (yes/no) | |||
| 
 An acquisition or disposal of voting rights | YES | ||
| 
 An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached | NO | ||
| 
 An event changing the breakdown of voting rights | NO | ||
| 
 Other (please specify):______________ | N/A | ||
| 
 3. Full name of person(s) subject to notification obligation: | River and Mercantile Asset Management LLP | ||
| 
 4. Full name of shareholder(s) (if different from 3): |  | ||
| 
 5. Date of transaction (and date on which the threshold is crossed or reached if different): | 
 12/03/2012 | ||
| 
 6. Date on which issuer notified: | 
 13/03/2012 | ||
| 
 7. Threshold(s) that is/are crossed or reached: | 
 5% | ||
| 8: Notified Details | |||||||
| A: Voting rights attached to shares 
 | |||||||
| Class/type of shares If possible use ISIN code 
 
 
 
 GB00B18P5K83 
 | Situation previous to the triggering transaction | Resulting situation after the triggering transaction | |||||
| Number of shares 
 
 
 9,419,994 | Number of voting rights 
 
 9,419,994 
 | Number of shares 
 
 
 9,344,944 
 
 | Number of voting rights | Percentage of voting rights | |||
| 
 Direct 
 9,344,994 
 | 
 Indirect | 
 Direct 
 4.965% | 
 Indirect | ||||
| 
 
 | |||||||
| B: Financial Instruments 
 | ||||
| Resulting situation after the triggering transaction 
 | ||||
| Type of financial instrument | Expiration date | Exercise/ conversion period/date | No. of voting rights that may be acquired (if the instrument exercised/converted) | Percentage of voting rights | 
|  |  | 
 
 |  |  | 
| Total (A+B) 
 | |
| Number of voting rights | Percentage of voting rights | 
| 9,344,994 | 4.965% | 
| 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: 
 | River and Mercantile Asset Management LLP | 
| 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: 
 |  | 
| 14 Contact name: 
 | Anna Young | 
| 15. Contact telephone name: 
 | +44 (0) 20 7601 6262 |