Results of Tender Offer

15 December 2015

LMS Capital plc ("LMS Capital" or the "Company")Results of Tender Offer

LMS Capital today announces the results of the Tender Offer set out in the circular published by the Company on 27 November 2015 (the "Circular") which closed on 10 December 2015, with shareholder approval being given at a general meeting of the Company held on 14 December 2015.

The Tender Offer Price was determined to be 96 pence and therefore the Basic Entitlement is 28.7%. The Tender Offer Price was set on 14 December 2015.

130,363,380 Ordinary Shares were validly tendered under the Tender Offer. All valid tenders will be satisfied in full up to the Basic Entitlement, and, following application of the scale-back mechanism (as set out in the Circular), approximately 3.4% of the Ordinary Shares validly tendered in excess of the Basic Entitlement will also be satisfied. After application of the scaling provisions, 41,666,666 Ordinary Shares will therefore be purchased. The total value of all Ordinary Shares purchased is £40 million.

Following the Tender Offer and Repurchase, members of the Concert Party will together hold 34.07% of the issued share capital of the Company.

It is anticipated that the proceeds payable to the Company's Qualifying Shareholders for the certificated Ordinary Shares purchased under the Tender Offer will be despatched in the form of a cheque from 21 December 2015 and that CREST account holders will have their CREST accounts credited from 18 December 2015.

As set out in the Circular, the Ordinary Shares will be purchased by J.P. Morgan Cazenove pursuant to the Tender Offer and the Company will buy-back such Ordinary Shares from J.P. Morgan Cazenove. The Company intends to cancel such Ordinary Shares, reducing its total issued share capital from 145,251,258 Ordinary Shares to 103,584,592 Ordinary Shares (of which no Ordinary Shares are held in treasury).

Capitalised terms used in this announcement (unless otherwise defined) have the same meaning as ascribed to them in the Circular.

Enquiries:

LMS Capital plc 0207 935 3555Nick Friedlos, Executive DirectorTony Sweet, Chief Financial Officer

J.P. Morgan Cazenove 0207 742 4000Michael Wentworth-Stanley

MHP Communications 0203 128 8100Katie HuntLeah Sumeray

About LMS Capital

LMS Capital is an investment company which, following a General Meeting on 30 November 2011, is undertaking a realisation strategy with the aim of achieving a balance between an efficient return of cash to shareholders and optimising the value of the Company's investments. Its investment portfolio consists of small to medium sized companies across a range of sectors.

www.lmscapital.com