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 issuerof existing shares to which voting rights are LMS CAPITAL PLCattached: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 resultin the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect toqualifying 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 LTDnotification obligation:iii StateStreet Nominees - ASV0 Chase Nominees - ACV074. Full name of shareholder(s) (if different from 3.):iv Chase Nominees - 11429 BNY Nominees- 392213 5. Date of the transaction and date onwhich the threshold is crossed or 29/04/2015reached: v 6. Date on which issuer notified: 06/05/2015 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 transactionof to the triggeringshares transaction Number Number Number Number of voting % of voting rights xif possible of of of shares rightsusing Shares Votingthe ISIN Rights Direct Direct xi Indirect Direct IndirectCODE xii GB00B07V0H27 23,169,425 23,169,425 22,824,977 22,824,977 15.7%Ordinaryshares B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Expiration Exercise/ Number of voting % of votingfinancial date xiii Conversion Period xiv rights that may be rightsinstrument acquired if the instrument is exercised/ converted. N/A C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xvi Resulting situation after the triggering transaction Type of Exercise price Expiration Exercise/ Number of voting rights % of voting rightsfinancial date xvii Conversion instrument refers to xix, xxinstrument period xviii Nominal DeltaN/A Total (A+B+C) Number of voting rights Percentage of voting rights 22,824,977 15.7% 9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will ceaseto hold: 12. Date on which proxy holder will cease to holdvoting rights: 13. Additional information: Asset Value Investors acts as discretionary fund manager for all shares mentioned in item 8. Asset Value Investors Limited14. Contact name: Jake Crowhurst 15. Contact telephone number: 0207 659 4800