Proxy Form Relating to General Meeting on 28 Nov19

19 November 2019

LMS Capital plc (the "Company")

Proxy Form Relating to General Meeting on 28 November 2019

The Company published a circular on 5 November 2019 (the "Circular") containing a notice convening a general meeting to be held on 28 November (the "General Meeting") at which an ordinary resolution will be proposed relating to the re-appointment of Gresham House Asset Management as the Company's investment manager. Enclosed with the Circular was a form of proxy in respect of the General Meeting which was personalised for each registered shareholder in the Company.

In response to the Circular, Mr Rayne published a letter to shareholders. This letter was not a document approved by the Company and contained a further form of proxy which does not include the relevant shareholder details. A number of shareholders have returned the form of proxy contained in Mr Rayne's letter and they have not been able to be accepted by the Company's registrars as the identity of the relevant shareholder has not been ascertainable.

The Company urges all shareholders to complete the form of proxy that includes personalised details that was sent with the Circular. Any shareholder who has already provided their form of proxy using the version contained in Mr Rayne's letter should submit the proxy form enclosed with the Circular in order to ensure their votes are able to be counted.

The Company notes that there was no requirement for Mr Rayne's letter relating to the internal management proposals to include a form of proxy and the internal management team's actions, which would have been avoided had they consulted with the Company's advisers, have resulted in the potential disenfranchisement of shareholders whose votes will not be counted in the event that they do not either complete the correct proxy or provide the required identifying information on their form of proxy.

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LEI: 2138004UJ1TW8UCELX08