Holding(s) in Company

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

SHOE ZONE 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):

Initial notification arising from AIM listing of Shoe Zone plc

X

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

PFS Chelverton UK Equity Income Fund

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

Northern Trust CI01

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

23 May 2014

6. Date on which issuer notified:

23 May 2014

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

4%

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 1p

2,018,750

2,018,750

2,018,750

2,018,750

4.038%

ISIN: GB00BLTVCF91

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period 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

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

2,018,750

4.038%

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:

A separate notification has been made by Chelverton Asset Management in respect of the aggregate shares under its control. These shares are also included in that disclosure.

14. Contact name:

William van Heesewijk

15. Contact telephone number:

+44 (0) 207 222 8989