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 (pleasespecify): 3. Full name of person(s) subject to the ASSET VALUE INVESTORS LTDnotification obligation:iii 1. StateStreet Nominees - ASV0 2. Chase Nominees - ACV074. Full name of shareholder(s) (if different from 3.):iv 3. Chase Nominees - 11429 4. BNY Nominees- 392213 5. Date of the transaction and date onwhich the threshold is crossed or 22/07/2014reached: v 6. Date on which issuer notified: 23/07/2014 7. Threshold(s) that is/are crossed or 11%, 12%, 13%reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/type of Situation previous Resulting situation after the triggering transactionshares to the triggering transaction if possible Number Number Number Number of voting % of voting rights xusing of of of shares rightsthe ISIN CODE Shares Voting Rights Direct Direct xi Indirect Direct Indirect xii GB00B07V0H27 16,105,159 16,105,159 18,998,938 18,998,938 13.08%Ordinary shares B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial Expiration Exercise/ Number of voting % of votinginstrument date xiii Conversion Period xiv rights that may be rights 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 financial Exercise Expiration Exercise/ Number of voting rights % of voting rightsinstrument price date xvii Conversion instrument refers to xix, xx period xviii Nominal DeltaN/A Total (A+B+C) Number of voting rights Percentage of voting rights 18,998,938 13.08% 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