NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:

Caffyns plc

1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

x

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)ⁱⁱⁱ:

3. Details of person subject to the notification obligation^iv

Name

Armstrong Investments Limited

City and country of registered office (if applicable)

Douglas, Isle of Man

4. Full name of shareholder(s) (if different from 3.)^v

Name

Nortrust Nominees Limited

City and country of registered office (if applicable)

London, UK

5. Date on which the threshold was crossed or reached^vi:

15 February 2018

6. Date on which issuer notified (DD/MM/YYYY):

19 February 2018

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuer^vii

Resulting situation on the date on which threshold was crossed or reached

3.340%

3.340%

2,694,790

Position of previous notification (if

applicable)

N/A

N/A

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights^ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB0001615219

90,000

3.340%

SUBTOTAL 8. A

90,000

3.340%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date^x

Exercise/
Conversion Period^xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date^x

Exercise/
Conversion Period ^xi

Physical or cash

settlement^xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv (please add additional rows as necessary)

x

Name^xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Mr W.A. Black, investment manager

3.340%

3.340%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information^xvi

Place of completion

St Peter Port, Guernsey

Date of completion

19.02.18