Character : 09-05-2017 - Notification of Major Interest in Shares

For filings with the FCA include the annex For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: 11	Character Group pie
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights		x
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting riahts are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person() subject to the notification obligation: 111	Otus Capital Management L.P. Otus Capital Management Ltd Andrew Gibbs
4. Full name of shaeholder(s) (if different from 3.):'v	BNYM - Omnibus NC (GROSS) RBC ISB S.A. ale ZUR NON RES. DOM. RATE-Clients NORTRUST NOMINEES LIMITED CREST ID CI01 Ace DOP17
5. Date of the transaction and date on which the threshold is crossed or reached: v	02 May 2017
6. Date on which issuer notified:	03 May 2017
7. Threshold(s) that is/are crossed or reached: v,. vii	5%

'B,·:rNotifflfl dtflll.·
Ai', lt . ;,.;.!'· !?P.
Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of Shares	Number of Voting Rights	Number of shares	Number of voting ri hts		% of voting rights x
			Direct	Direct xi	Indirect xii	Direct	Indirect
Ordinary shares GB0008976117	Below 5%	Below 5%	N/a	N/a	1,118,020	N/a	5.28%

Resulting situation after the triggering transaction
Type of financial	Expiration	Exercise/	Number of voting	o/o of voting
instrument	date xiii	Conversion Period xiv	rights that may be	rights
			acquired if the
			instrument is
			exercised/ converted.

J "l!cla,!;09;1-·...
Resulting situation after the triggering transaction
Type of financial instrument	Exercise price	Expiration date xvii	Exercise/ Conversion period xviii	Number of voting rights instrument refers to	% of voting rights XIX, xx
Nominal	Delta

Number of voting rights	Percentage of voting rights
1,118,020	5.28%

o:Ctiiln "'.

'flnini:fal

Otus Capital Management LP. is the investment manager of certain funds that hold the financial instruments disclosed in Section 8 of this form and which controls the voting rights attached those financial instruments.

Otus Capital Management Ltd is the general partner (and therefore a parent undertaking) of Otus Capital Management LP. Andrew Gibbs is a parent undertaking of Otus Capital Management Ltd.

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:
14. Contact name:	Richard Colyer
15. Contact telephone number:	[phone]