TRANSACTIONS BY DIRECTORS AND PDMRS

DISCLOSURE PURSUANT TO DISCLOSURE AND TRANSPARENCY RULE 3.1.4R(1)(a)

ISA REINVESTMENT

The Company was notified on 8 April 2015 of a reinvestment by the manager of an ISA (formerly PEP) held by Gregor Alexander pursuant to a regular standing order instruction.  Gregor Alexander acquired 16 shares at a price of £15.40101 per share on 7 April 2015.

Following this transaction, Gregor Alexander has a beneficial interest in 137,048 shares.