Holding(s) in Company

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Skyepharma 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 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):

X

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

AXA Investment Managers S.A.

4. Full name of shareholder(s)

(if different from 3.): iv

5. Date of the transaction and date on which the threshold is crossed or reached: v

Updated disclosure following the approved mandatory Partial Conversion of the Issuer's [Skyepharma's] convertible bonds on 24 September 2012.

6. Date on which issuer notified:

4 February 2014

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

reached: vi, vii

5.00%

8. Notified details:

A: Voting rights attached to shares viii, ix

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 x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares GBP1

GB00B3BFNB64

 120,000

120,000

0

0

1,666,750

0

3.61%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/ConversionPeriod xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate xvii

Exercise/Conversionperiod xviii

Number of votingrights instrumentrefers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 1,666,750

 3.61%

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 cease to hold:

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

13. Additional information:

AXA Investment Managers S.A has disclosed the following:

This notification of major interest in shares is sent to update AXA lnvestment Managers S.A.'s positions disclosed in the TR1 notification dated 5th October 2012.

It follows the Mandatory Partial Conversion 0f Convertible Bonds 0f the issuer approved on 24th September 2012 where part of the Convertible Bonds were converted into Ordinary Shares and part into non-convertible Bonds.

The Partial Mandatory Conversion into shares was taken into account in the TR1 notification sent on 5th October 2012 but the Convertible Bonds reported should not have been since it was converted into non-convertible Bonds.

14. Contact name:

John Murphy

15. Contact telephone number:

020 7881 1174