Reply To: Character Group plc (“CCT”)

Nick Hargrave

I have been surprised by the almost complete lack of concern amongst shareholders about the management and governance of the business. The board and management have ignored all requests for a discussion on the business, the major shareholders are unconcerned about remuneration levels and governance red flags, and the wider shareholder base appears entirely inactive despite efforts to engage. Given the shareholder base and apparent wide shareholder apathy towards the company, there seems little value in pursuing change at a company where shareholders have no apparent appetite for such change. Given the the very real concerns we have over governance, the small model portfolio position will be released in favour of our numerous compelling ideas