<p>All investors in Royal Mail—whether individuals or institutions—have a legitimate expectation of privacy and it would not be appropriate to disclose the list of new shareholders allocated shares at IPO and the holdings.</p><p>The top three shareholders allocated shares at IPO were considered well-informed, longer-term investors and 85% of the shares allocated to institutions were</p><p>allocated to shareholders of similar status. The highest number of shares received by a single institution through the IPO was less than 2% of the overall number of shares in the company.</p>