FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the "Code")
1. KEY INFORMATION

(a) Identity of the person whose positions/dealings are being disclosed:

John Alexander Spens

(b) Owner or controller of interests and short

positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient

(c) Name of offeror/offeree in relation to whose

relevant securities this form relates:

Use a separate form for each offeror/offeree

Active Risk Group Plc

(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of

offeror/offeree:

(e) Date position held/dealing undertaken:

15th July 2013

(f) Has the discloser previously disclosed, or are they today disclosing, under the Code in respect

of any other party to this offer?

YES/NO

If YES, specify which:

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:

Ordinary 1p shares

Interests

Short positions

Number

%

Number

%

(1) Relevant securities owned

and/or controlled:

1,102,991

3.3

(2) Derivatives (other than

options):

(3) Options and agreements to

purchase/sell:

TOTAL:

1,102,991

3.3

All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors' and other executive options)

Class of relevant security in relation to

which subscription right exists:

Details, including nature of the rights

concerned and relevant percentages:

2

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE (a) Purchases and sales

Class of relevant

security

Purchase/sale

Number of

securities

Price per unit

(b) Derivatives transactions (other than options)

Class of

relevant security

Product

description

e.g. CFD

Nature of dealing

e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of

reference securities

Price per

unit

(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying

Class

of relevan t

securit y

Product

descriptio n e.g. call option

Writing,

purchasing

, selling, varying etc.

Number

of securitie s to which option relates

Exercis

e price per unit

Type

e.g. American

, Europea n etc.

Expir

y date

Option

money paid/ receive d per unit

(ii) Exercising

Class of relevant

security

Product description

e.g. call option

Number of

securities

Exercise price per

unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing

e.g. subscription, conversion

Details

Price per unit (if applicable)

The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

3

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

If there are no such agreements, arrangements or understandings, state "none"

none


(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

none


(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached? YES/NO

Date of disclosure:

16th July 2013

Contact name:

Andrew Darby

Telephone number:

01628 582500

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk .

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