Reply To: Character Group plc (“CCT”)

Nick Hargrave

I have now spoken with Henry Spain Investment Services and while confidentiality precludes me from a detailed commentary I think that a fair summary is that they are supportive of the management team who they believe act with integrity. I would not, therefore, expect them to actively support any public, proactive engagement. We continue to push for a meeting with management to assess them ourselves and discuss our concerns to allow us to establish whether further engagement is warranted and in what form, or whether the company more simply represents a value opportunity