Major Shareholders

The information below is correct at 23 May 2017.

Issued Share Capital

186,420,598 Ordinary 10p shares.

The securities are currently traded on AIM.

There are currently no restrictions on the transfer of securities.

Major shareholders (3% or over)

Invesco Perpetual UK Strategic Income Fund – 9.97%

J O Hambro Capital Management – 9.58%

Perpetual Income & Growth Investment Trust – 9.47%

Majedie Asset Management – 9.20%

CF Ruffer Total Return Fund – 5.69%

PPS Bassi – 5.43%

Ruffer Absolute Return Fund – 5.36%

Invesco Perpetual UK Equity Pension Fund – 4.64%

Old Mutual Global Investors – 3.37%

Shares not in public hands amounted to 44.98% of the Issued Share Capital.

REI PLC – REAL ESTATE INVESTORS PLC – AIM listed