ABERFORTH PARTNERS LLP

    Disclosure under Rule 2.11(d)(i) of The City Code on Takeovers and Mergers

    Aberforth Partners LLP ("Aberforth") provided a non-binding letter of intent to
    Daisy Intermediate Holdings Limited on 26 May 2015 regarding the proposed
    acquisition of Phoenix IT Group plc, as referred to in the announcement of a
    possible recommended cash offer on 21 May 2015.

    In accordance with Rule 2.11(d)(i) of The City Code on Takeovers and Mergers,
    Aberforth announces that it no longer intends to comply with this letter of
    intent following the disposal of 12,942,374 shares (over which it had voting
    authority) in Phoenix IT Group plc, on behalf of clients.

    Aberforth Partners LLP

    7 July 2015