Holding(s) in Company

For filings with the FSA include the annex

For filings with issuer exclude the annex

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:

NEWRIVER RETAIL LTD

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

Acquisition

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

Other (please specify):______________

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

1. ASSET VALUE INVESTORS LTD

4. Full name of shareholder(s) (Registered Holders)

1. Chase Nominees 54601 - AVI Focused Fund

2. BNY Nominees PRIF3417002

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

5th October 2012

6. Date on which issuer notified:

9th October 2012

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

10%

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

GG00B4Z05859 3,148,540 3,148,540 3,198,540 3,198,540 0 10.09%

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

N / A

Total (A+B)

Number of voting rights

Percentage of voting rights

3,198,540

10.09%

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:

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.

14 Contact name:

Asset Value Investors Limited

Jake Crowhurst

15. Contact telephone name:

0207 659 4807