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

2014 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 02 June 2014 have been released. Accordingly, today 2 June 2017 the executive directors and PDMRs listed below have become the legal and beneficial owners of ordinary shares of the Company as set out below.

The bonus shares were acquired on 2 June 2014 at a price per share of 1,055 pence. The matching shares were allocated on 2 June 2014 at a price per share of 1,055 pence. The midmarket value of the ordinary shares in the Company on the dealing day prior to the date of release was 943 pence per share.

Executive Directors	Number of Bonus shares released
Dominic Taylor	9,761
Tim Watkin-Rees	6,890
PDMR	Number of Bonus shares released
Lewis Alcraft	620
Susan Court	413
Mugur Dogariu	792
Jon Marchant	1,004
Katy Wilde	897

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
Dominic Taylor	18,417	18,417	8,656	9,761
Tim Watkin-Rees	13,000	13,000	6,110	6,890

PDMR	Number of Matching Shares Awarded	Number of Matching Shares Released	Awards deducted in lieu of tax and NI*	Balance of Matching Shares released**
Lewis Alcraft	1,070	1,070	503	567
Susan Court	780	780	367	413
Mugur Dogariu	792	792	0**	792
Jon Marchant	1,895	1,895	891	1,004
Katy Wilde	1,547	1,547	728	819

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

** Self funded