Holding in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached:

CELLO GROUP PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting 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

X

Other (please specify):

3. Full name of person(s) subject to thenotification obligation:

Ennismore Fund Management Limited

4. Full name of shareholder(s)  (if different from 3.):

1) Ennismore European Smaller Companies Fund

2) Ennismore European Smaller Companies Master Hedge Fund

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

13 May 2011

6. Date on which issuer notified:

16 May 2011

7. Threshold(s) that is/are crossed orreached:

Less than 6%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

GB00B0310763

4,432,285

4,432,285

4,432,285

4,432,285

5.66%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/Conversion Period

Number of votingrights that may beacquired if theinstrument isexercised/ converted

% of votingrights

Total (A+B)

Number of voting rights

Percentage of voting rights

4,432,285

5.66%

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

1) Ennismore European Smaller Companies Fund = 3,501,670 shares

2) Ennismore European Smaller Companies Master Hedge Fund = 930,615 shares

Therefore, the total under management:

Ennismore Fund Management Limited = 4,432,285 shares

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

14. Contact name:

Danielle Etkin

15. Contact telephone number:

+44 20 7368 4230