Holding(s) in Company

Form TR-1 with annex. FSA Version 2.1 updated April 2007

For filings with the FSA                   
include the annex                          
                                           
For filings with issuer                    
exclude the annex                          
                                           
TR-1: Notifications of Major Interests in  
Shares                                     
                                           
1. Identity of the issuer   LMS Capital PLC
or the underlying issuer of                
existing shares to which                   
voting rights are attached:                
                                           
2. Reason for notification (yes/no)        
                                           
An acquisition or disposal of   Acquisition
voting rights                              
                                           
An acquisition or disposal of              
financial instruments which may            
result in the acquisition of               
shares already issued to which             
voting rights are attached                 
                                           
An event changing the breakdown            
of voting rights                           
                                           
Other (please specify):                    
______________                             
                                           
3. Full name of    1. ASSET VALUE INVESTORS
person(s) subject     LTD                  
to notification                            
obligation:                                
                                           
4. Full name of    1. StateStreet Nominees 
shareholder(s)        - 01RP & ASV0        
(Registered                                
Holders)           2. BBH Nominees -       
                      132-2-0000-1         
                                           
                   3. Mellon Nominees -    
                      COLF1283002          
                                           
                   4. Chase Nominees -     
                      11429 & 32072        
                                           
                   5. NorTrust Nominees -  
                      YUE03                
                                           
                   6. BNY Nominees- 392213 
                                           
5. Date of        9th May 2012             
transaction (and                           
date on which the                          
threshold is                               
crossed or                                 
reached if                                 
different):                                
                                           
6. Date on which  10th May 2012            
issuer notified:                           
                                           
7. Threshold(s)   8%                       
that is/are                                
crossed or                                 
reached:                                   

8: Notified Details                                                            
                                                                               
A: Voting rights attached to shares                                            
                                                                               
Class/type  Situation         Resulting situation after the triggering         
of shares   previous to the   transaction                                      
            triggering                                                         
            transaction                                                        
                                                                               

Number  Number of Number of Number of voting   Percentage of                   
of      voting    shares    rights             voting rights                   
shares  rights                                                                 
                                                                               
                            Direct   Indirect  Direct    Indirect              
                                                                               
GB00B12MHD28 22,171,617 21,311,350 23,213,417 22,312,727 8.18% 0%              
                                                                               
Ordinary Shares                                                                

B: Financial Instruments                                                       
                                                                               
Resulting situation after the triggering transaction                           
                                                                               
Type of        Expiration     Exercise/       No. of voting      Percentage of 
financial      date           conversion      rights that may be voting rights 
instrument                    period/date     acquired (if the                 
                                              instrument                       
                                              exercised/                       
                                              converted)                       
                                                                               
N / A                                                                          

Total (A+B)                                                                    
                                                                               
Number of voting rights                 Percentage of voting rights            
                                                                               
22,312,727                              8.18%                                  

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

Proxy Voting:                                                                  
                                                                               
10. Name of proxy holder:                                                      
                                                                               
11. Number of voting rights proxy                                              
holder will cease to hold:                                                     
                                                                               
12. Date on which proxy holder will                                            
cease to hold voting rights:                                                   

13. Additional information:             Asset Value Investors acts as          
                                        discretionary fund manager for all     
                                        shares mentioned in item 8.            
                                                                               
14 Contact name:                        Asset Value Investors Limited          
                                                                               
                                        Jake Crowhurst                         
                                                                               
15. Contact telephone name:             0207 659 4807                          

For notes on how to complete form TR-1 please see theFSA website.