The Net Asset Values attributable to the Ordinary Shares and the C Shares as at the Calculation Time, being 30 September 2016, were 99.79 pence per share and 98.21 pence per share respectively. Accordingly, the Conversion Ratio, as calculated in accordance with the Company's Articles as summarised in the prospectus published on 6 May 2016 (the “Prospectus”), is 0.9842 Ordinary Shares for every one C Share.
The Conversion Ratio includes a deduction of 1.5 pence in respect of the Ordinary share class dividend declared and 1.0 pence in respect of the C Share class dividend declared for the period ending 30 September 2016 as announced earlier today. For the avoidance of doubt, the Ordinary Shares arising on Conversion will not be entitled to this dividend. The Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue, including the right to receive all dividends declared from the date of their admission.