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

ISA REINVESTMENT

The Company was notified today (25 April 2016) 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 18 shares at a price of £14.89 per share on 6 April 2016.

Following these transactions, Gregor Alexander has a beneficial interest in 139,655 shares.