NOTICE OF ADJUSTMENT TO BOND CONVERSION PRICE

Notice of Adjustment to Bond Conversion Price

16 May 2017

NOTICE TO HOLDERS OF:

Hansteen (Jersey) Securities Limited

€100,000,000 4.0 per cent. Guaranteed Convertible Bonds due 2018

Guaranteed by, and convertible into ordinary shares in, Hansteen Holdings PLC

We refer to the €100,000,000 4.0 per cent. Guaranteed Convertible Bonds due 2018 (the "Bonds") of Hansteen (Jersey) Securities Limited (the "Issuer"), guaranteed by, and convertible into ordinary shares in, Hansteen Holdings PLC ("Hansteen"). Unless otherwise defined in this notice, all terms used herein have the meanings given them in the terms and conditions of the Bonds.

A query has been raised by certain bondholders regarding the previous adjustments to the Exchange Price of the Bonds, and as a result of that query we have appointed Conv-Ex Advisors Limited ("ConvEx") as Independent Adviser pursuant to Condition 6(d) to determine whether an adjustment falls to be made. ConvEx have determined (i) that the Exchange Price is £0.8892, and (ii) that the Threshold Amount in respect of each Relevant Fiscal Year is £0.026, both effective from 20 April 2017. All other Terms and Conditions of the Bonds remain unchanged.

Conversion Agent

BNY Mellon Corporate Trustee Services Limited

One Canada Square

London E14 5AL

This notice does not constitute an offer of securities of Hansteen Holdings PLC or any other person.

This notice is given by:

HANSTEEN HOLDINGS PLC

Pegasus House

37-43 Sackville Street

London W1S 3DL