Downing LLP 
LEI: 213800G3X76VBG9SB504 
04 April 2024 

Form 8.3 re. Equals GroupPlc 

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE  

Rule 8.3 of the Takeover Code (the “Code”) 

1. KEY INFORMATION 



(a) Full name of discloser:  Downing LLP 
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):    Client funds managed by Downing LLP  Downing Strategic Micro-Cap Investment Trust plc 
(c)Name of offeror/offeree in relation to whose relevant securities this form relates:    Equals Group Plc  
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  n/a 
(e) Date position held/dealing undertaken:    03 April 2024 
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?     No   



2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE 

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) 



Class of relevant security:    Ordinary shares 1p 
    Interests  Short positions 
  Number  %  Number  % 
(1) Relevant securities owned and/or controlled:  4,986,750  2.68     
(2) Cash-settled derivatives:           
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:         
TOTAL:  4,986,750  2.68     



(b) Rights to subscribe for new securities (including directors’ and other employee options) 



Class of relevant security in relation to which subscription right exists:   
Details, including nature of the rights concerned and relevant percentages:   



3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE 

(a) Purchases and sales 



Class of relevant security  Purchase/sale    Number of securities  Price per unit 
1p Ordinary Shares  Purchase  Sale  21,002  21,002  1.2325  1.2325 



(b) Cash-settled derivative transactions 



Class of relevant security  Product description    Nature of dealing    Number of reference securities  Price per unit 
           



(c) Stock-settled derivative transactions (including options) 

(i) Writing, selling, purchasing or varying 



Class of relevant security  Product description   Writing, purchasing, selling, varying etc.  Number of securities to which option relates  Exercise price per unit  Type    Expiry date  Option money paid/ received per unit 
               



(ii) Exercise 



Class of relevant security  Product description    Exercising/ exercised against  Number of securities  Exercise price per unit 
           



(d) Other dealings (including subscribing for new securities) 



Class of relevant security  Nature of dealing    Details  Price per unit (if applicable) 
         



4. OTHER INFORMATION 

(a) Indemnity and other dealing arrangements 



Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:   
  None   



(b) Agreements, arrangements or understandings relating to options or derivatives 



Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:  (i) the voting rights of any relevant securities under any option; or   (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:   
  None   



(c) Attachments 



Is a Supplemental Form 8 (Open Positions) attached?  NO 





Date of disclosure:  04 April 2024 
Contact name:   
Telephone number*:  0207 416 7780 




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