Holding(s) in Company

For filings with the FCA 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                            LMS CAPITAL PLC
attached:ii                                                                             
                                                                                        
2. Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                            X
                                                                                        
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):                                                                 
                                                                                        
3. Full name of person(s) subject to the                     ASSET VALUE INVESTORS LTD  
notification obligation:iii                                                             
                                                                                        
                                                            StateStreet Nominees  - ASV0
                                                                                        
                                                            Chase Nominees - ACV07      
4. Full name of shareholder(s)                                                          
 (if different from 3.):iv                                  Chase Nominees - 11429      
                                                                                        
                                                            BNY Nominees- 392213        
                                                                                        
                                                                                        
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                            27/01/2015                
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                            28/01/2015                
                                                                                        
7. Threshold(s) that is/are crossed or                       16%                        
reached: vi, vii                                                                        
                                                                                        


8. Notified details:                                                                                 
                                                                                                     
A: Voting rights attached to shares viii, ix                                                         
                                                                                                     
Class/type   Situation previous             Resulting situation after the triggering transaction     
of           to the triggering                                                                       
shares       transaction                                                                             
                                                                                                     
             Number            Number       Number     Number of voting      % of  voting rights x   
if possible  of                of           of shares  rights                                        
using        Shares            Voting                                                                
the ISIN                       Rights       Direct     Direct xi    Indirect Direct    Indirect      
CODE                                                                xii                              
                                                                                                     
GB00B07V0H27                                                                                         
             22,673,938        22,673,938   23,673,938 23,673,938            16.30%                  
Ordinary                                                                                             
shares                                                                                               
                                                                                                     
                                                                                                     
                                                                                                     
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.                        
                                                                                                     
N/A                                                                                                  
                                                                                                     
                                                                                                     
                                                                                                     
C: Financial Instruments with similar economic effect to Qualifying Financial                        
Instruments xv, xvi                                                                                  
                                                                                                     
Resulting situation after the triggering transaction                                                 
                                                                                                     
Type of       Exercise price   Expiration  Exercise/   Number of voting rights % of voting rights    
financial                      date xvii   Conversion  instrument refers to    xix, xx               
instrument                                 period                                                    
                                           xviii                                                     
                                                                                                     
                                                                               Nominal   Delta       
N/A                                                                                                  
                                                                                                     
                                                                                                     
                                                                                                     
                                                                                                     
Total (A+B+C)                                                                                        
                                                                                                     
Number of voting rights                        Percentage of voting rights                       
                                                                                                     
23,673,938                                     16.30%                                            
                                                                                                     


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:   Asset Value Investors acts as discretionary fund manager  
                              for all shares mentioned in item 8.                       
                                                                                        
                              Asset Value Investors Limited                             
14. Contact name:                                                                       
                              Jake Crowhurst                                            
                                                                                        
15. Contact telephone number: 0207 659 4800