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<p>The process of investor engagement commenced 12 months prior to the Initial Public
Offering (IPO). In the initial period, Royal Mail's management met with over 60 high
quality institutions to educate them about the business. During pilot fishing in early
September 2013, the management team and the Government's banking advisers engaged
further with a focused group of 21 well-informed and longer-term investors. Initial
indications of potential demand were received from this group; this gave the Government
the confidence to proceed with announcing the Intention to Float on 12<sup>th</sup>
September 2013.</p><p> </p><p> </p>
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