TR-1: Standard form for notification of major holdings Raven Property Group Limited Incorporated in Guernsey Company number 43371 LSE share code: RAV; JSE share code: RAV ISIN:GB00B0D5V538 (“Raven” or the “Company”) TR-1: Standard form for notification of major holdings 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 Raven Property Group Ltd existing shares to which voting rights are attachedii: 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 obligationiv Name Woodford Investment Management Ltd 9400 Garsington Road, Oxford, OX4 2HN, United KIngdom City and country of registered office (if applicable) 4. Full name of shareholder(s) (if different from 3.)v Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or 20/08/2019 reachedvi: 6. Date on which issuer notified (DD/MM/YYYY): 21/08/2019 7. Total positions of person(s) subject to the notification obligation % of voting rights Total number of % of voting rights Total of both in % attached to shares voting rights of through financial (8.A + 8.B) (total of 8. A) issuervii instruments (total of 8.B 1 + 8.B 2) Resulting situation on the date on which Less than 5% Less than 5% 600,494,050 threshold was crossed or reached Position of previous notification (if 13.17% 13.17% applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii A: Voting rights attached to shares Class/type of Number of voting rightsix % of voting rights shares Direct Indirect Direct Indirect ISIN code (if (Art 9 of Directive (Art 10 of (Art 9 of Directive (Art 10 of possible) 2004/109/EC) Directive 2004/109/EC) Directive (DTR5.1) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.2.1) (DTR5.2.1) GB00B0D5V538 Less than 5% Less than 5% SUBTOTAL 8. A Less than 5% Less than 5% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Number of voting rights that may be Type of financial Expiration Exercise/ % of voting acquired if the instrument datex Conversion Periodxi rights instrument is exercised/converted. 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 Exercise/ Physical or Number of Expiration % of voting financial x Conversion cash voting date rights instrument Period xi settlementxii rights SUBTOTAL 8.B.2 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 X (underlying) issuerxiii 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 entityxiv (please add additional rows as necessary) % of voting rights % of voting rights if it through financial Total of both if it xv equals or is higher instruments if it equals or is higher Name than the notifiable equals or is higher than the notifiable threshold than the notifiable threshold threshold Woodford Investment 0.00 0.00 0.00 Management Ltd 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 informationxvi Place of completion 9400 Garsington Road, Oxford, OX4 2HN, United Kingdom Date of completion 21/08/2019 21 August 2019 JSE Sponsor: Rencap Securities (Pty) Limited 3 Date: 21/08/2019 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.