Notification of Major Interest in Shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

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

ALLIANCE PHARMA

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

No

An event changing the breakdown of voting rights

No

Other (please specify):

NA

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

River and Mercantile Asset Management LLP

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

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

17/12/2015

6. Date on which issuer notified:

17/12/2015

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

5%

8. Notified details:

A: Voting rights attached to shares

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

Direct

Direct

Indirect

Direct

Indirect

GB0031030819

0

0. 00%

24,000,000

24,000,000

NA

5.12%

NA

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/Conversion Period

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

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date

Exercise/Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

24,000,000

5.12%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:

Proxy Voting:

10. Name of the proxy holder:

River and Mercantile Asset Management LLP

11. Number of voting rights proxy holder will ceaseto hold:

NA

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

NA

13. Additional information:

14. Contact name:

Hamish Byrne

15. Contact telephone number:

+44 (0) 20 7601 6262