Notification of Director/PDMR shareholding the Company's Deferred Share Bonus Plan ("DSB")

2013 DSB AWARDS

Following the completion of the three year holding period, and the achievement of the required earnings per share growth, 100% of share awards granted under the DSB on 06 June 2013 have been released. Accordingly, on 6 June 2016 the executive directors and PDMRs listed below became the legal and beneficial owners of the following ordinary shares of the Company.

The bonus shares were acquired on 6 June 2013 at a price per share of 961 pence. The matching shares were allocated on 6 June 2013 at a price per share of 961 pence. The midmarket value of the ordinary shares in the Company on the dealing day prior to the date of release was 978 pence per share.

Executive Directors	Number of Bonus shares released
George Earle	7,366
Dominic Taylor	9,719
Tim Watkin-Rees	6,748
PDMR	Number of Bonus shares released
Jon Marchant	1,009
Katy Wilde	407
Lewis Alcraft	613
Mugur Dogariu	753
Susan Court	392

Executive Directors	Number of Matching Shares Awarded	Number of Matching Shares Released	Awards deducted in lieu of tax and NI*	Balance of Matching Shares released
George Earle	13,898	13,898	6,533	7,365
Dominic Taylor	18,338	18,338	8,619	9,719
Tim Watkin-Rees	12,733	12,733	5,985	6,748

PDMR	Number of Matching Shares Awarded	Number of Matching Shares Released	Awards deducted in lieu of tax and NI*	Balance of Matching Shares released**
Jon Marchant	1,905	1,905	895	1,010
Katy Wilde	769	769	362	407
Lewis Alcraft	1,057	1,057	497	560
Mugur Dogariu	753	753	226	527
Susan Court	739	739	348	391

* Tax and National Insurance liability will be satisfied by the Company in cash

** In lieu of the release of shares, the Company made cash awards to the PDMR in the sum equivalent to 1055 pence per share.