Employee Benefit Trust: 14 November 2011

EBT trading plan

The Company announces that it has received notification from Praxis Trustees Limited, which administers the Panmure Gordon & Co. plc No.2 Employee Benefit Trust (“EBT”), that in the period running from 1 November 2011 to 30 April 2012 the EBT will, subject to the conditions noted below, instruct Panmure Gordon (UK) Limited as broker to acquire ordinary shares of 4p each in the Company for the EBT.

Purchases will be limited to no more than 100,000 ordinary shares in any single calendar month and the maximum price paid per ordinary share shall be no more than 110 per cent of the middle market quotation of the Company’s shares on the first business day of the calendar month in which the shares are purchased. While the Company is within a close period, neither the Company nor the EBT will attempt to terminate the trading plan which has now been entered into. The EBT has absolute discretion and independence in respect of all trading decisions it may make in respect of the purchase of ordinary shares pursuant to the trading plan.

Any purchases made by the EBT will be announced to the market at the appropriate time.