Placing

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN OR ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATIONOR DISTRIBUTION IS PROHIBITED

ISG plc

("ISG" or the "Company")

£16 million Fund Raising, up to £3 million Broker Option and short term increase in revolving credit facilities

Introduction

The Company today announces that it has undertaken an equity fund raising (the "Fund Raising") at a price of 170 pence per new ordinary share (the "Fund Raising Price") with institutional investors, raising £16 million (approximately £15 million net of all expenses). The Fund Raising comprises a placing by Numis Securities Limited ("Numis") on behalf of ISG totalling £5.5 million of 3,235,294 new ordinary shares (the "Placing Shares") with institutional shareholders (the "Placing"), and, separately, the Company will issue 6,176,471 new ordinary shares (the "Cathexis Shares") to Cathexis Capital (the "Cathexis Placing") raising £10.5 million. The issue of the Placing Shares and the Cathexis Shares will each be effected by way of separate cashbox placings.

In addition, the Company has granted an option to Numis to issue up to an additional 1,764,706 new ordinary shares at the Fund Raising Price (equal to £3 million in value) for the period from the date of this Announcement to 7.00 p.m. on Monday 9 March 2015 in order to meet any additional demand from other investors including existing shareholders (the "Broker Option").

Separately, the Company has today announced its interim results for the six months to 31 December 2014 and that it has increased its available short term revolving credit facilities by £10 million.

Roy Dantzic, Chairman of ISG, commented:

"Following the disappointing trading update announced on 2 February 2015, this Fund Raising strengthens the Group's equity capital base and provides additional resources during the seasonal low point of the Group's working capital cycle. The Board is grateful for the support for ISG shown by its investors and banks.

This also supports our growth opportunities, particularly in our Engineering Services and Realys consulting divisions."

Background to and reasons for the Fund Raising

On 2 February 2015, the Company provided a trading update setting out the details of a number of unexpected contract losses within its UK Construction division (both continuing operations and discontinuing operations), which required significant provisions to be made in the interim results announced today. Given most of these losses are unlikely to be recovered the Board believes it is in the interests of all shareholders that the equity capital base of the Group should be strengthened.

Consequently, the Company has negotiated a £10 million short term increase in its existing revolving credit facility with its lending banks until 30 April 2015 (which is in addition to the existing £20 million revolving credit facility). Following the receipt of the proceeds of the Fund Raising, the additional £10 million facility will become unconditional and may be drawn as required. The Group will incur additional costs of around £1 million in the second half relating to the Fund Raising and additional bank facilities.

In determining the appropriate equity fund raising structure the Board considered a number of factors, principally the need to raise funds to restore the equity capital base of the Company within the shortest possible timeframe and to provide additional resource during the seasonal low point of the Group's working capital cycle.

The Board also took into consideration the fact that shareholders representing over 50 per cent. of the existing issued share capital have been approached and given the opportunity to participate in the Placing and that the Broker Option is being made available.

The Company has granted the Broker Option to Numis in order to meet any additional demand from other investors in the period from the date of this Announcement to 7.00 p.m. on 9 March 2015. This will allow other market participants including existing shareholders to approach Numis via their stockbroker and to have the opportunity to participate on the same terms as investors in the Fund Raising.

Anticipated use of proceeds

The Group intends to use the net proceeds of the Fund Raising and (to the extent it is utilised) the Broker Option to strengthen its capital base and for working capital purposes. This Fund Raising will also support the Group's growth opportunities, particularly in its Engineering Services and Realys consulting divisions.

Current trading and outlook

Shareholders' attention is drawn to the interim results for the six months to 31 December 2014 which were announced by the Company today.

Dividend

The Board believes that in light of the losses incurred at the half year stage and the need for the Fund Raising, in the short term the Group will benefit from conserving its cash resources and therefore will not pay an interim dividend. The Board remains confident that with its expectations of strong trading in the second half, and in the absence of unforeseen circumstances, the Company will pay a final dividend of at least 4.91 pence per share (2014: 4.91 pence).

Details of the Fund Raising

The Company has entered into a placing agreement with Numis (the "Placing Agreement"). Under the terms of the Placing Agreement, Numis has placed, as agent for the Company, 3,235,294 Placing Shares at the Fund Raising Price with institutional shareholders. The Placing will raise proceeds of £5.5 million before expenses. The Placing has been fully underwritten by Numis in accordance with the terms of the Placing Agreement.

The Placing Agreement contains provisions (including customary market related provisions) entitling Numis, in certain circumstances, to terminate the Placing Agreement at any time prior to admission of the Placing Shares to trading on AIM becoming effective..

The Company has also entered into an agreement with Cathexis Capital (the "Cathexis Agreement"). Under the terms of this agreement Cathexis will be issued 6,176,471 Cathexis Shares at the Fund Raising Price. The Cathexis Placing will raise proceeds of £10.5 million before expenses. The Cathexis Agreement is unconditional save for admission of the Cathexis Shares to trading on AIM. Cathexis Capital is a Houston based family office and currently holds 8.3% of the issued share capital of the Company. Following completion of the Fund Raising Cathexis is expected to own 19.4% of the issued share capital of the Company (prior to the issue, if any, of the Broker Option Shares).

The Company will allot and issue the Placing Shares and the Cathexis Shares on a non-pre-emptive basis to the Placees procured by Numis and to Cathexis. The gross proceeds of the Fund Raising is £16 million and the net proceeds after all expenses is £15 million (prior to the issue of the Broker Option Shares (if any)).

Application will be made to the London Stock Exchange plc for the Placing Shares and the Cathexis Shares to be admitted to trading on AIM. Admission of the Placing Shares and the Cathexis Shares to trading on AIM is expected to take place at 8.00 a.m. on Thursday 5 March 2015.

The Placing Shares and the Cathexis Shares will represent approximately 24 per cent. of the enlarged issued share capital of the Company after the Fund Raising (the "Enlarged Issued Share Capital"), excluding the issue of any Broker Option Shares. The Fund Raising Price represents a discount of 29 per cent. to the closing mid-market price of 239 pence per ordinary share as at 2 March 2015, being the last practicable date prior to the announcement of the Fund Raising.

Details of the Broker Option

The Company has granted the Broker Option to Numis under the Placing Agreement in order to give Numis, with the agreement of the Company (and subject to applicable laws and regulations), the flexibility to meet any additional demand from other investors in the period from the date of this Announcement to 7.00 p.m. on Monday 9 March 2015.

The Broker Option is exercisable on one or more occasions at any time in part or in whole prior to 7.00 p.m. on 9 March 2015. Any Broker Option Shares will be issued at the Fund Raising Price. The Broker Option may be exercised by Numis with the agreement of the Company but there is no obligation on Numis to exercise the Broker Option or to seek to procure subscribers for Broker Option Shares. The maximum number of new ordinary shares that may be issued pursuant to the exercise of the Broker Option is 1,764,706 new ordinary shares with the potential to generate gross proceeds to the Company of £3 million.

The issue of the Broker Option Shares (if any) is to be effected pursuant to the existing authority granted to the Directors at its Annual General Meeting held in December 2014 to issue shares on a non pre-emptive basis.

Directors' Participation

The Directors have in aggregate agreed to invest £193,000 to acquire Broker Option Shares. In the event that the Broker Option is fully subscribed for by other investors they have agreed to purchase additional shares in the market to meet this amount. This participation is not a related party transaction under the AIM Rules for Companies (the "AIM Rules") due to the size of the amount involved but the Directors have consulted with the Company's nominated adviser, Numis, as to the appropriate manner and terms of their participation insofar as shareholders are concerned.

For further information, please contact:

FUND RAISING STATISTICS

IMPORTANT INFORMATION

MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE TERMS AND CONDITIONS SET OUT HEREIN ARE DIRECTED ONLY AT RELEVANT PERSONS (AS DEFINED IN THE APPENDIX). THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE TERMS AND CONDITIONS SET OUT HEREIN MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT, CONTROLLED INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE TERMS AND CONDITIONS SET OUT HEREIN RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.

Persons who are invited to and who choose to participate in the Placing, by making an oral or written offer to subscribe for the Placing Shares and/or the Broker Option Shares, will be deemed to have read and understood this Announcement (including the Appendix) in its entirety and to be making such offer on the terms and conditions, and to be providing the representations, warranties, acknowledgements and undertakings, contained in the Appendix.

The distribution of this Announcement in certain jurisdictions may be restricted by law. Persons into whose possession this Announcement comes should inform themselves about and observe any restrictions on the distribution of this Announcement. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdictions. Persons receiving this Announcement should not distribute or send it into any jurisdiction where to do so would or might contravene local securities laws or regulations.

This Announcement is not for publication, release or distribution, directly or indirectly, in whole or in part, in or into the United States, Australia, Canada, Japan or South Africa or any jurisdiction in which the same would be unlawful. Neither the Placing Shares nor the Broker Option Shares have been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or under any state securities laws, and may not be offered or sold within the United States unless registered under the Securities Act or pursuant to an applicable exemption from, or as part of a transaction not subject to, the registration requirements of the Securities Act. Neither the Placing Shares nor the Broker Option Shares have been and will not be registered under the applicable securities laws of Canada, Australia, South Africa or Japan and subject to certain exceptions, the Ordinary Shares may not be offered or sold in Canada, Australia, South Africa or Japan or to, or for the account or benefit of, any resident of Canada, Australia, South Africa or Japan. There will be no public offer of securities in the United States, Canada, Australia, South Africa, Japan, the United Kingdom or elsewhere.

This Announcement is for information purposes only and does not constitute or form part of an offer to sell or issue or the solicitation of an offer to subscribe for or buy, any Placing Shares or any Broker Option Shares in the United States or any other jurisdiction in which, such sale, offer or solicitation is unlawful. In particular, this Announcement is not for publication, release or distribution, in whole or in part, in or into the United States, Canada, Australia, South Africa or Japan.

This Announcement has been issued by ISG and is the sole responsibility of ISG. No representation or warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Numis or by any of its respective affiliates or agents as to or in relation to the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

Numis, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and for no-one else in connection with the contents of this Announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Numis, or for providing advice in relation to the contents of this Announcement or any matters referred to herein.

The contents of this Announcement are not to be construed as legal, financial or tax advice. If necessary, each recipient of this Announcement should consult his, her or its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice.

This Announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's current expectations and projections about future events. These statements can be identified by the use of a date in the future or forward-looking terminology, and sometimes use words such as "anticipate", "believe", "intend", "estimate", "expect", "may", "plans", "aims", "targets", "projects", "will", "could" or "should" and words of similar meaning. These statements reflect the Directors' beliefs and expectations and involve a number of risks, uncertainties and assumptions that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement. Statements contained in this Announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this Announcement is subject to change without notice, and neither Numis nor, except as required by applicable law or regulation, the Company assumes any responsibility or obligation to update publicly or review any of the forward-looking statements contained herein. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Announcement. No statement in this Announcement is or is intended to be a profit forecast or to imply that the earnings of the Company for the current or future financial years will necessarily match or exceed the historical or published earnings of the Company. The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the shares.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.

The Appendix to this Announcement (which forms part of this Announcement) sets out the terms and conditions of the Placing.

APPENDIX: TERMS AND CONDITIONS OF THE PLACING

IMPORTANT INFORMATION ON THE PLACING FOR INVITED PLACEES ONLY.

MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS ANNOUNCEMENT (WHICH IS FOR INFORMATION PURPOSES ONLY) AND THE TERMS AND CONDITIONS SET OUT IN THIS APPENDIX ARE DIRECTED ONLY AT: (A) PERSONS IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA") WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE EU PROSPECTUS DIRECTIVE (WHICH MEANS DIRECTIVE 2003/71/EC, AS AMENDED FROM TIME TO TIME, AND INCLUDES ANY RELEVANT IMPLEMENTING DIRECTIVE MEASURE IN ANY MEMBER STATE) (THE "PROSPECTUS DIRECTIVE") ("QUALIFIED INVESTORS"); AND (B) IN THE UNITED KINGDOM, QUALIFIED INVESTORS WHO ARE PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER"); (II) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) ("HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC") OF THE ORDER; OR (III) ARE PERSONS TO WHOM IT MAY OTHERWISE BE LAWFULLY COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. PERSONS DISTRIBUTING THIS ANNOUNCEMENT MUST SATISFY THEMSELVES THAT IT IS LAWFUL TO DO SO. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN RELATE IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THIS APPENDIX DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.

THE SECURITIES MENTIONED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933 (THE "SECURITIES ACT") OR UNDER ANY SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, RESOLD, TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THERE WILL BE NO PUBLIC OFFER OF THE SECURITIES MENTIONED HEREIN IN THE UNITED STATES.

THE SECURITIES MENTIONED HEREIN HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE US SECURITIES AND EXCHANGE COMMISSION (THE "SEC"), ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY IN THE UNITED STATES, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THE PLACING OR THE ACCURACY OR ADEQUACY OF THIS ANNOUNCEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISERS AS TO LEGAL, TAX, BUSINESS AND RELATED ASPECTS OF AN ACQUISITION OF PLACING SHARES AND/OR BROKER OPTION SHARES.

Persons who are invited to and who choose to participate in the placing (the "Placing") of 3,235,294 new ordinary shares (the "Placing Shares") and/or up to 1,764,706 new ordinary shares (the "Broker Option Shares") in ISG plc (the "Company"), by making an oral or written offer to acquire Placing Shares and/or Broker Option Shares, including any individuals, funds or others on whose behalf a commitment to acquire Placing Shares and/or Broker Option Shares is given (the "Placees"), will (i) be deemed to have read and understood this Announcement, including this Appendix, in its entirety; and (ii) be making such offer on the terms and conditions contained in this Appendix, including being deemed to be providing (and shall only be permitted to participate in the Placing on the basis that they have provided) the representations, warranties, acknowledgements and undertakings set out herein.

In particular each such Placee represents, warrants and acknowledges that:

(a) it is a Relevant Person (as defined above) and undertakes that it will acquire, hold, manage or dispose of any Placing Shares and/or Broker Option Shares that are allocated to it for the purposes of its business;

(b) it is and, at the time the Placing Shares and/or Broker Option Shares are acquired, will be outside the United States and is acquiring the Placing Shares and/or Broker Option Shares in an "offshore transaction" in accordance with Rule 903 or Rule 904 of Regulation S under the Securities Act ("Regulation S") and is acquiring beneficial interests in the Placing Shares and/or Broker Option Shares for its own account; if acquiring the Placing Shares and/or Broker Option Shares for the account of one or more other persons, it has full power and authority to make the representations, warranties, agreements and acknowledgements herein on behalf of each such account; and

(c) if it is a financial intermediary, as that term is used in Article 3(2) of the Prospectus Directive, that any Placing Shares and/or Broker Option Shares acquired by it in the Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of securities to the public other than an offer or resale in a member state of the EEA which has implemented the Prospectus Directive to Qualified Investors, or in circumstances in which the prior consent of Numis (as defined below) has been given to each such proposed offer or resale.

The Company and Numis will rely upon the truth and accuracy of the foregoing representations, warranties, acknowledgements and agreements.

This Announcement does not constitute an offer, and may not be used in connection with an offer, to sell or issue or the solicitation of an offer to buy or subscribe for Placing Shares and/or Broker Option Shares in any jurisdiction in which such offer or solicitation is or may be unlawful.

These materials may not be published, distributed or transmitted by any means or media, directly or indirectly, in whole or in part, in or into the United States. These materials do not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Securities may not be offered or sold in the United States absent (i) registration under the U.S. Securities Act of 1933, as amended (the "Securities Act") or (ii) an available exemption from registration under the Securities Act. The securities mentioned herein have not been, and will not be, registered under the Securities Act and will not be offered to the public in the United States. Subject to certain exceptions at the discretion of the Company, the Placing Shares and Broker Option Shares are being offered and sold only outside the United States in "offshore transactions" as defined in and pursuant to Regulation S.

This Announcement and the information contained herein is not for publication or distribution, directly or indirectly, to persons in Australia, Canada, Japan or the Republic of South Africa or in any other jurisdiction in which such publication or distribution would be unlawful. Persons into whose possession this Announcement may come are required by the Company to inform themselves about and to observe any restrictions of transfer in this Announcement. No public offer of securities of the Company is being made in the United Kingdom or elsewhere.

The relevant clearances have not been, nor will they be, obtained from the securities commission of any province or territory of Canada; no prospectus has been lodged with or registered by the Australian Securities and Investments Commission or the Japanese Ministry of Finance; and none of the Placing Shares nor the Broker Option Shares have been, nor will they be, registered under or offered in compliance with the securities laws of any state, province or territory of Australia, Canada, Japan or the Republic of South Africa. Accordingly, none of the Placing Shares nor the Broker Option Shares may (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction outside the United Kingdom.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Appendix or the Announcement of which it forms part should seek appropriate advice before taking any action.

Details of the Placing Agreement and the Placing Shares

Numis Securities Limited ("Numis") is acting as agent for and on behalf of the Company in connection with the Placing and has entered into a placing agreement (the "Placing Agreement") with the Company under which Numis has agreed to use its reasonable endeavours to procure Placees to take up the Placing Shares at the Placing Price (as defined below), on the terms and subject to the conditions set out therein.

Numis has agreed with the Company to underwrite the Placing and to subscribe on the Placing Closing Date (as defined below) for such Placing Shares as Numis has been unable to procure Placees for at the Placing Price as set out in the Placing Agreement. In accordance with the terms of the Placing Agreement and a subscription and transfer agreement between the Company and a Jersey incorporated subsidiary of the Company (the "Subscription and Transfer Agreement"), the allotment and issue of the Placing Shares will be made by the Company to Placees in consideration for the transfer to the Company of certain shares in a Jersey incorporated subsidiary of the Company by Numis.

The Placing Shares and Broker Option Shares (if any) will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 1 pence per share in the capital of the Company (the "Ordinary Shares"), including the right to receive all dividends and other distributions declared, made or paid on or in respect of the Ordinary Shares after the date of issue of the Placing Shares and Broker Option Shares (if any), and will on issue be free of all claims, liens, charges, encumbrances and equities.

Details of the Broker Option and the Broker Option Shares

The Company has granted an option to Numis in relation to the Broker Option Shares (the "Broker Option") under the Placing Agreement in order to give Numis (with the agreement of the Company and subject to applicable laws and regulations), the flexibility to meet any additional demand under the Placing in the period from the date of this Announcement to 7:00pm on 9 March 2015.

The Broker Option is exercisable on more than one occasion at any time prior to 7:00pm on 9 March 2015. Any Broker Option Shares issued pursuant to the exercise of the Broker Option will be issued on the same terms and conditions as the Placing Shares issued pursuant to the Placing. The Broker Option may be exercised by Numis with the agreement of the Company and there is no obligation on Numis to exercise the Broker Option or to seek to procure subscribers for Broker Option Shares or subscribe for any Broker Option Shares itself. Accordingly, any allocation of Broker Option Shares is conditional upon such exercise and is therefore not a firm allocation. The maximum number of Broker Option Shares that may be issued pursuant to the exercise of the Broker Option is 1,764,706.

Application for admission to trading on AIM

Application will be made to the London Stock Exchange plc (the "London Stock Exchange") for admission to trading of the Placing Shares and Broker Option Shares (if any) on AIM ("Admission").

It is expected that Admission of the Placing Shares will become effective at or around 8.00 a.m. (London time) on 5 March 2015 (or such later time and/or date as Numis may agree with the Company) (the "Placing Closing Date") and that dealings in the Placing Shares will commence at that time.

It is expected that Admission of the Broker Option Shares (if any) will become effective at or around 8.00 a.m. (London time) on the date communicated by Numis to the Company on (each) exercise of the Broker Option (the "Broker Option Closing Date") and that dealings in the Broker Option Shares (if any) will commence at that time (or times).

Participation in, and principal terms of, the Placing

1. Numis is arranging the Placing as placing agent of the Company for the purpose of procuring Placees at the Placing Price for the Placing Shares.

2. Participation in the Placing will only be available to persons who may lawfully be, and are, invited to participate by Numis.

3. The price per Placing Share (the "Placing Price") is fixed at 170 pence and is payable to Numis by all Placees.

4. Each Placee's allocation is determined by Numis in its discretion following consultation with the Company and has been or will be confirmed orally by Numis and a trade confirmation will be despatched as soon as possible thereafter. Numis' oral confirmation to such Placee will constitute an irrevocable legally binding commitment upon such person (who will at that point become a Placee) in favour of Numis and the Company, to acquire the number of Placing Shares allocated to it and to pay the relevant Placing Price on the terms and conditions set out in this Appendix and in accordance with the Company's articles of association. Except with Numis's consent, such commitment will not be capable of variation or revocation at the time at which it is submitted.

5. Each Placee's allocation and commitment will be evidenced by a contract note issued to such Placee by Numis. The terms of this Appendix will be deemed incorporated in that contract note.

6. Irrespective of the time at which a Placee's allocation pursuant to the Placing is confirmed, settlement for all Placing Shares to be acquired pursuant to the Placing will be required to be made at the same time, on the basis explained below under "Registration and Settlement".

7. All obligations of Numis under the Placing will be subject to fulfilment of the conditions referred to below under "Conditions of the Placing" and to the Placing not being terminated on the basis referred to below under "Right to terminate under the Placing Agreement".

8. By participating in the Placing, each Placee will agree that its rights and obligations in respect of the Placing will terminate only in the circumstances described below and will not be capable of rescission or termination by the Placee.

9. Except as required by law or regulation, no press release or other announcement will be made by Numis or the Company using the name of any Placee (or its agent), in its capacity as Placee (or agent), other than with such Placee's prior written consent.

10. To the fullest extent permissible by law, neither Numis, the Company nor any of their respective affiliates, agents, directors, officers or employees shall have any responsibility or liability to Placees (or to any other person whether acting on behalf of a Placee or otherwise). In particular, neither Numis, nor the Company, nor any of their respective affiliates, agents, directors, officers or employees shall have any responsibility or liability (including to the extent permissible by law, any fiduciary duties) in respect of Numis' conduct of the Placing or of such alternative method of effecting the Placing as Numis and the Company may agree.

11. The allotment and issue of the Placing Shares to Placees by the Company will be in consideration of the transfer to the Company by Numis of shares in a Jersey incorporated company, pursuant to a subscription and transfer agreement entered into between Numis, the Company and such Jersey incorporated company. The consideration from the Company for the transfer of the shares in such Jersey incorporated company will be a price equal to the product of the Placing Price (as defined above) and the number of Placing Shares, which price will be satisfied by the issue of the Placing Shares by the Company to the Placees.

Conditions of the Placing

The Placing is conditional upon the Placing Agreement becoming unconditional and not having been terminated in accordance with its terms.

Placing Shares

Numis' obligations under the Placing Agreement in relation to the Placing of the Placing Shares are conditional on, inter alia:

(a) Admission of the Placing Shares occurring at or before 8:00 a.m. (London time) on the Placing Closing Date (or such later time and/or date as the Company and Numis may otherwise agree but not being later than 8.00 a.m. on 19 March 2015);

(b) none of the representations, warranties and agreements of the Company contained in the Placing Agreement being untrue, inaccurate or misleading in any material respect on and as at the date of the Placing Agreement or at any time between the date of the Placing Agreement and the Placing Closing Date; and

(c) the Company having complied in all material respects with all of the agreements and undertakings and satisfied or performed all of the conditions and obligations on its part to be performed or satisfied under the Placing Agreement on or before the Placing Closing Date.

If: (i) any of the conditions in relation to the Placing of the Placing Shares contained in the Placing Agreement, including those described above, are not fulfilled or (where permitted) waived by Numis by the relevant time or date specified (or such later time or date as the Company and Numis may agree); or (ii) any of such conditions become incapable of being fulfilled; or (iii) the Placing Agreement is terminated in the circumstances specified below, the Placing will lapse and the Placees' rights and obligations hereunder in relation to the Placing Shares shall cease and terminate at such time and each Placee agrees that no claim can be made by it in respect thereof.

Numis may, at its discretion and upon such terms as it considers fit, waive compliance by the Company with the whole or any part of any of the Company's obligations in relation to the conditions in the Placing Agreement save that the above conditions relating, inter alia, to Admission taking place may not be waived. Any such extension or waiver will not affect Placees' commitments as set out in this Announcement.

Numis shall not have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision it may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition to the Placing nor for any decision they may make as to the satisfaction of any condition or in respect of the Placing generally and by participating in the Placing each Placee agrees that any such decision is within the absolute discretion of Numis.

Broker Option Shares

Numis' obligations under the Placing Agreement in relation to the Placing of the Broker Option Shares are subject to it having decided to exercise the Broker Option and are conditional on, inter alia:

(a) Admission of the Placing Shares having occurred at or before 8:00 a.m. (London time) on the Placing Closing Date (or such later time and/or date as the Company and Numis may otherwise have agreed but not being later than 8.00 a.m. on 19 March 2015);

(b) none of the representations, warranties and agreements of the Company contained in the Placing Agreement being untrue, inaccurate or misleading in any material respect on and as at the date of the Placing Agreement or at any time between the date of the Placing Agreement and the Broker Option Closing Date;

(c) the Company having complied in all material respects with all of the agreements and undertakings and satisfied or performed all of the conditions and obligations on its part to be performed or satisfied under the Placing Agreement on or before the Broker Option Closing Date; and

(d) Admission of the Broker Option Shares occurring at or before 8:00 a.m. (London time) on the Broker Option Closing Date (or such later time and/or date as the Company and Numis may otherwise agree but not being later than the date communicated by Numis to the Company on (each) exercise of the Broker Option).

If: (i) any of the conditions in relation to the Placing of the Broker Option Shares contained in the Placing Agreement, including those described above, are not fulfilled or (where permitted) waived by Numis by the relevant time or date specified (or such later time or date as the Company and Numis may agree); or (ii) any of such conditions become incapable of being fulfilled; or (iii) the Placing Agreement is terminated in the circumstances specified below, the Broker Option will lapse and the Placees' rights and obligations hereunder in relation to the Broker Option Shares shall cease and terminate at such time and each Placee agrees that no claim can be made by it in respect thereof.

Numis may, at its discretion and upon such terms as it considers fit, waive compliance by the Company with the whole or any part of any of the Company's obligations in relation to the conditions in the Placing Agreement save that the above conditions relating, inter alia, to Admission taking place may not be waived. Any such extension or waiver will not affect Placees' commitments as set out in this Announcement.

Numis shall not have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision it may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition to the Placing nor for any decision they may make as to the satisfaction of any condition or in respect of the Placing generally and by participating in the Placing each Placee agrees that any such decision is within the absolute discretion of Numis.

Right to terminate under the Placing Agreement

Numis is entitled, at any time before Admission of the Placing Shares or Admission of the Broker Option Shares, to terminate the Placing Agreement in relation to those shares in accordance with its terms in certain circumstances, including, inter alia: (i) any breach of the warranties given by the Company in the Placing Agreement which in the opinion of Numis acting in good faith would materially prejudice the success of the Placing or any statement in the Placing Agreement becoming untrue, incorrect or misleading in any material respect; (ii) the failure of the Company to comply with its obligations under the Placing Agreement in any material respect; (iii) any material adverse change in the financial position or prospects or business of the Company and its subsidiary undertakings (taken as a whole) and, in the good faith opinion of Numis, the effect of such change is such that any Placees of the Placing Shares and the Broker Option Shares (if any) should not be required to subscribe for or purchase such shares at the Placing Price or it would otherwise materially prejudice the success of the Placing or the distribution of Placing Shares and Broker Option Shares (if any); or (iv) the occurrence of an adverse macro-economic change, suspension or limitation in the trading in any securities of the Company or a general moratorium on commercial banking activities which, in the good faith opinion of Numis, would make it impracticable or inadvisable to proceed with the Placing or market the Placing Shares and/or Broker Option Shares.

By participating in the Placing, Placees agree that the exercise by Numis of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of Numis and that it need not make any reference to, or consult with, Placees and that it shall have no liability to Placees whatsoever in connection with any such exercise.

No Admission Document or Prospectus

The Placing Shares and the Broker Option Shares are being offered to a limited number of specifically invited persons only, and will not be offered in such a way as to require an admission document or prospectus in the United Kingdom or in any other jurisdiction.

No offering document or prospectus has been or will be submitted to be approved by the London Stock Exchange or any other regulatory body in relation to the Placing.

Placees' commitments will be made solely on the basis of the information contained in this Announcement (including this Appendix) released by the Company today and subject to the further terms set forth in the contract note to be provided to individual prospective Placees. Each Placee, by accepting a participation in the Placing, agrees that the content of this Announcement (including this Appendix) and all other publicly available information previously published by the Company by notification to a Regulatory Information Service or otherwise filed by the Company is exclusively the responsibility of the Company and confirms that it has neither received nor relied on any other information, representation, warranty, or statement made by or on behalf of the Company or Numis or any other person and none of the Company or Numis nor any other person will be liable for any Placee's decision to participate in the Placing based on any other information, representation, warranty or statement which the Placees may have obtained or received. Each Placee acknowledges and agrees that it has relied on its own investigation of the business, financial or other position of the Company in accepting a participation in the Placing. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation by that person.

Registration and Settlement

Settlement of transactions in the Placing Shares and any Broker Option Shares (ISIN:GB0002925955) following Admission will take place within the system administered by Euroclear UK & Ireland Limited ("CREST"). Subject to certain exceptions, Numis and the Company reserve the right to require settlement for, and delivery of, the Placing Shares and/or Broker Option Shares (or any part thereof) to Placees by such other means that they deem necessary if delivery or settlement is not possible or practicable within the CREST system within the timetable set out in this Announcement or would not be consistent with the regulatory requirements in the Placee's jurisdiction.

Each Placee allocated Placing Shares and/or Broker Option Shares in the Placing will be sent a trade confirmation in accordance with the standing arrangements in place with Numis stating the number of Placing Shares and/or Broker Option Shares allocated to it at the Placing Price, the aggregate amount owed by such Placee to Numis and settlement instructions. Each Placee agrees that it will do all things necessary to ensure that delivery and payment is completed in accordance with the standing CREST or certificated settlement instructions in respect of the Placing Shares and/or Broker Option Shares that it has in place with Numis.

It is expected that settlement of the Placing Shares will be on 6 March 2015 and of any Broker Option Shares will be one or two dealing days following admission of any Broker Option Shares, in accordance with the instructions set out in the trade confirmation.

Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above at the rate of two percentage points above LIBOR as determined by Numis.

Each Placee is deemed to agree that, if it does not comply with these obligations, Numis may sell any or all of the Placing Shares and/or Broker Option Shares allocated to that Placee on such Placee's behalf and retain from the proceeds, for Numis' account and benefit, an amount equal to the aggregate amount owed by the Placee plus any interest due. The relevant Placee will, however, remain liable for any shortfall below the aggregate amount owed by it and may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties) or other similar taxes imposed in any jurisdiction which may arise upon the sale of such Placing Shares and/or Broker Option Shares on such Placee's behalf.

If Placing Shares and/or Broker Option Shares are to be delivered to a custodian or settlement agent, Placees should ensure that the trade confirmation is copied and delivered immediately to the relevant person within that organisation.

Insofar as Placing Shares and/or Broker Option Shares are registered in a Placee's name or that of its nominee or in the name of any person for whom a Placee is contracting as agent or that of a nominee for such person, such Placing Shares and/or Broker Option Shares should, subject as provided below, be so registered free from any liability to UK stamp duty or stamp duty reserve tax. Placees will not be entitled to receive any fee or commission in connection with the Placing.

Representations, Warranties and Further Terms

By participating in the Placing each Placee (and any person acting on such Placee's behalf) irrevocably:

1. represents and warrants that it has read and understood the Announcement, including this Appendix, in its entirety and that its acquisition of Placing Shares and/or Broker Option Shares is subject to and based upon all the terms, conditions, representations, warranties, acknowledgements, agreements and undertakings and other information contained herein and undertakes not to redistribute or duplicate this Announcement;

2. acknowledges that no offering document or prospectus has been or will be prepared in connection with the Placing and represents and warrants that it has not received and will not receive a prospectus or other offering document in connection with the Placing or the Placing Shares and/or Broker Option Shares;

3. acknowledges that none of Numis, the Company, any of their respective affiliates, agents, directors, officers or employees or any person acting on behalf of any of them has provided, nor will provide, it with any material regarding the Placing Shares and/or Broker Option Shares or the Company other than this Announcement; nor has it requested any of Numis, the Company, any of their respective affiliates or any person acting on behalf of any of them to provide it with any such information;

4. acknowledges that the Company's Ordinary Shares are admitted to trading on AIM, and the Company is therefore required to publish certain business and financial information in accordance with the AIM Rules for Companies (collectively "Exchange Information"), which includes a description of the nature of the Company's business and the Company's most recent balance sheet and profit and loss account and the Company's announcements and circulars published in the past 12 months and the Company's AIM admission document and that it is able to obtain or access such information without undue difficulty and has read and understood the Exchange Information;

5. acknowledges that none of Numis, any person acting on behalf of it or them, or any of its affiliates has or shall have any liability for the Exchange Information, any publicly available or filed information or any representation relating to the Company, provided that nothing in this paragraph excludes the liability of any person for fraudulent misrepresentation made by that person;

6. acknowledges that the content of this Announcement is exclusively the responsibility of the Company and that none of Numis, nor their respective affiliates or any person acting on behalf of any of them has or shall have any liability for any information, representation or statement contained in, or omission from, this Announcement or any information previously published by or on behalf of the Company, pursuant to applicable laws, and will not be liable for any Placee's decision to participate in the Placing based on any information, representation or statement contained in this Announcement or otherwise. Each Placee further represents, warrants and agrees that the only information on which it is entitled to rely and on which such Placee has relied in committing itself to acquire Placing Shares and/or Broker Option Shares is contained in this Announcement and any information previously published by the Company by notification to a Regulatory Information Service, such information being all that such Placee deems necessary or appropriate and sufficient to make an investment decision in respect of the Placing Shares and/or Broker Option Shares and that it has neither received nor relied on any other information given, or representations, warranties or statements made, by any of Numis or the Company nor any of their respective affiliates and none of Numis or the Company will be liable for any Placee's decision to accept an invitation to participate in the Placing based on any other information, representation, warranty or statement, provided that nothing in this paragraph excludes the liability of any person for fraudulent misrepresentation made by that person;

7. acknowledges and agrees that it may not rely, and has not relied, on any investigation that Numis, any of their affiliates or any person acting on their behalf, may have conducted with respect to the Placing Shares and/or Broker Option Shares or the Company, and none of such persons has made any representation, express or implied, with respect to the Company, the Placing Shares and/or Broker Option Shares or the accuracy, completeness or adequacy of the Exchange Information or any other information; each Placee further acknowledges that it has conducted its own investigation of the Company and the Placing Shares and/or Broker Option Shares and has received all information it believes necessary or appropriate in connection with its investment in the Placing Shares and/or Broker Option Shares;

8. acknowledges that it has made its own assessment and has satisfied itself concerning the relevant tax, legal, currency and other economic considerations relevant to its investment in the Placing Shares and/or Broker Option Shares;

9. acknowledges that none of Numis, their respective affiliates or any person acting on behalf of any of them has or shall have any liability for any information made publicly available by or in relation to the Company or any representation, warranty or statement relating to the Company or the Group contained therein or otherwise, provided that nothing in this paragraph excludes the liability of any person for fraudulent misrepresentation made by that person;

10. represents and warrants that (i) the Placing Shares and Broker Option Shares have not been, and will not be, registered under the Securities Act; (ii) it is and, at the time the Placing Shares and/or Broker Option Shares are acquired, will be outside the United States and is acquiring the Placing Shares and/or Broker Option Shares in an "offshore transaction" in accordance with Rule 903 or Rule 904 of Regulation S; (iii) if it is acquiring the Shares for the account of one or more other persons, it has full power and authority to make the representations, warranties, agreements and acknowledgements herein on behalf of each such account; (iv) it is not acquiring the Placing Shares and/or Broker Option Shares as a result of any "directed selling efforts" as defined in Regulation S; and (v) it will not publish, distribute or transmit these or any other documents or information related to the Placing, by any means or media, directly or indirectly, in whole or in part, in or into the United States;

11. acknowledges that in making any decision to acquire Placing Shares and/or Broker Option Shares it (i) has such knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of subscribing for or purchasing the Placing Shares and/or Broker Option Shares, (ii) will not look to Numis for all or part of any such loss it may suffer, (iii) is experienced in investing in securities of this nature in this sector and is aware that it may be required to bear, and is able to bear, the economic risk of an investment in the Placing Shares and/or Broker Option Shares, (iv) is able to sustain a complete loss of an investment in the Placing Shares and/or Broker Option Shares and (v) has no need for liquidity with respect to its investment in the Placing Shares and/or Broker Option Shares;

12. undertakes, unless otherwise specifically agreed with Numis, that it is not and at the time the Placing Shares and/or Broker Option Shares are acquired, neither it nor the beneficial owner of the Placing Shares and/or Broker Option Shares will be, a resident of Australia, Canada, Japan, Jersey or South Africa and further acknowledges that the Placing Shares and/or Broker Option Shares have not been and will not be registered under the securities legislation of the United States, Australia, Canada, Japan, Jersey or South Africa and, subject to certain exceptions, may not be offered, sold, transferred, delivered or distributed, directly or indirectly, in or into those jurisdictions;

13. acknowledges that the Placing Shares and/or Broker Option Shares have not been and will not be registered and that a prospectus will not be cleared in respect of any of the Placing Shares and/or Broker Option Shares under the securities laws or legislation of the United States or any state or jurisdiction thereof, Australia, Canada, Japan or South Africa and, subject to certain exceptions, may not be offered, sold, or delivered or transferred, directly or indirectly, in or into those jurisdictions;

14. acknowledges that the Placing Shares and/or Broker Option Shares are being subscribed for investment purposes, and not with a view to offer, resell or distribute within the meaning of the United States securities laws;

15. represents and warrants that the issue to it, or the person specified by it for registration as holder, of Placing Shares and/or Broker Option Shares will not give rise to a liability under any of sections 67, 70, 93 or 96 of the Finance Act 1986 (depositary receipts and clearance services) and that the Placing Shares and/or Broker Option Shares are not being acquired in connection with arrangements to issue depositary receipts or to issue or transfer Placing Shares and/or Broker Option Shares into a clearance service;

16. represents and warrants that: (i) it has complied with its obligations under the Criminal Justice Act 1993, section 118 of the Financial Services and Markets Act 2000 (the "FSMA"); (ii) in connection with money laundering and terrorist financing, it has complied with its obligations under the Proceeds of Crime Act 2002 (as amended), the Terrorism Act 2000, the Terrorism Act 2006, the Money Laundering Regulations 2007, the Money Laundering Sourcebook of the Financial Conduct Authority and any related or similar rules, regulations or guidelines, issued, administered or enforced by any government agency having jurisdiction in respect thereof; and (iii) it is not a person: (a) with whom transactions are prohibited under the Foreign Corrupt Practices Act of 1977 or any economic sanction programmes administered by, or regulations promulgated by, the Office of Foreign Assets Control of the U.S. Department of the Treasury; (b) named on the Consolidated List of Financial Sanctions Targets maintained by HM Treasury of the United Kingdom; or (c) subject to financial sanctions imposed pursuant to a regulation of the European Union or a regulation adopted by the United Nations (together, the "Regulations") and, if making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations;

17. represents and warrants that it is acting as principal only in respect of the Placing or, if it is acting for any other person: (i) it is duly authorised to do so and has full power to make the acknowledgments, representations and agreements herein on behalf of each such person; and (ii) it is and will remain liable to the Company and/or Numis for the performance of all its obligations as a Placee in respect of the Placing (regardless of the fact that it is acting for another person);

18. if a financial intermediary, as that term is used in Article 3(2) of the EU Prospectus Directive, represents and warrants that the Placing Shares and/or Broker Option Shares purchased by it in the Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, persons in a member state of the EEA which has implemented the Prospectus Directive other than Qualified Investors, or in circumstances in which the prior consent of Numis has been given to the offer or resale;

19. represents and warrants that it has not offered or sold and will not offer or sell any Placing Shares and/or Broker Option Shares to persons in the United Kingdom, except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances which have not resulted and which will not result in an offer to the public in the United Kingdom within the meaning of section 85(1) of the FSMA;

20. represents and warrants that it has not offered or sold and will not offer or sell any Placing Shares and/or Broker Option Shares to persons in the EEA prior to Admission except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances which have not resulted in and which will not result in an offer to the public in any member state of the EEA within the meaning of the Prospectus Directive;

21. represents and warrants that it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) relating to the Placing Shares and/or Broker Option Shares in circumstances in which section 21(1) of the FSMA does not require approval of the communication by an authorised person;

22. represents and warrants that it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Placing Shares and/or Broker Option Shares in, from or otherwise involving, the United Kingdom;

23. represents and warrants, if in a member state of the EEA, unless otherwise specifically agreed with Numis in writing, that it is a "qualified investor" within the meaning of Article 2(1)(e) of the Prospectus Directive;

24. represents and warrants, if in the United Kingdom, that it is a person (i) having professional experience in matters relating to investments who falls within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) who falls within Article 49(2)(a) to (d) ("High Net Worth Companies, Unincorporated Associations, etc") of the Order, or (iii) to whom this Announcement may otherwise lawfully be communicated;

25. acknowledges and agrees that no action has been or will be taken by either the Company or Numis or any person acting on behalf of the Company or Numis that would, or is intended to, permit a public offer of the Placing Shares and/or Broker Option Shares in any country or jurisdiction where any such action for that purpose is required;

26. represents and warrants that it and any person acting on its behalf is entitled to acquire the Placing Shares and/or Broker Option Shares under the laws of all relevant jurisdictions and that it has fully observed such laws and obtained all such governmental and other guarantees, permits, authorisations, approvals and consents which may be required thereunder and complied with all necessary formalities to enable it to commit to its participation in the Placing and to perform its obligations in relation thereto (including, without limitation, in the case of any person on whose behalf it is acting, all necessary consents and authorities to agree to the terms set out or referred to in this Appendix) and will honour such obligations and that it has not taken any action or omitted to take any action which will or may result in Numis, the Company or any of their respective directors, officers, agents, employees or advisers acting in breach of the legal or regulatory requirements of any jurisdiction in connection with the Placing;

27. undertakes that it (and any person acting on its behalf) will make payment in respect of the Placing Shares and/or Broker Option Shares allocated to it in accordance with this Appendix on the due time and date set out herein, failing which the relevant Placing Shares and/or Broker Option Shares may be placed with other acquirers or sold as Numis may in its sole discretion determine and without liability to such Placee, who will remain liable for any amount by which the net proceeds of such sale falls short of the product of the relevant Placing Price and the number of Placing Shares and/or Broker Option Shares allocated to it and may be required to bear any stamp duty, stamp duty reserve tax or other similar taxes (together with any interest or penalties) which may arise upon the sale of such Placee's Placing Shares and/or Broker Option Shares;

28. that its allocation (if any) of Placing Shares and/or Broker Option Shares will represent a maximum number of Placing Shares and/or Broker Option Shares which it will be entitled, and required, to acquire, and that Numis or the Company may call upon it to acquire a lower number of Placing Shares and/or Broker Option Shares (if any), but in no event in aggregate more than the aforementioned maximum;

29. acknowledges that none of Numis, nor any of their respective affiliates, nor any person acting on behalf of them, is making any recommendations to it, advising it regarding the suitability of any transactions it may enter into in connection with the Placing and that its participation in the Placing is on the basis that it is not and will not be a client of Numis in connection with its participation in the Placing and that Numis has no duties or responsibilities to it for providing the protections afforded to their respective clients or customers or for providing advice in relation to the Placing nor in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement nor for the exercise or performance of any of their respective rights and obligations thereunder including any rights to waive or vary any conditions or exercise any termination right;

30. undertakes that the person whom it specifies for registration as holder of the Placing Shares and/or Broker Option Shares will be (i) itself or (ii) its nominee, as the case may be. Neither Numis nor the Company will be responsible for any liability to stamp duty or stamp duty reserve tax or other similar taxes resulting from a failure to observe this requirement ("Indemnified Taxes"). Each Placee and any person acting on behalf of such Placee agrees to participate in the Placing and it agrees to indemnify the Company and Numis on an after-tax basis in respect of any Indemnified Taxes on the basis that the Placing Shares and/or Broker Option Shares will be allotted to the CREST stock account of Numis who will hold them as nominee on behalf of such Placee until settlement in accordance with its standing settlement instructions;

31. acknowledges that these terms and conditions and any agreements entered into by it pursuant to these terms and conditions set out in this Appendix, and all non-contractual or other obligations arising out of or in connection with them, shall be governed by and construed in accordance with the laws of England and Wales and it submits (on behalf of itself and on behalf of any person on whose behalf it is acting) to the exclusive jurisdiction of the English courts as regards any claim, dispute or matter arising out of any such contract (including any dispute regarding the existence, validity or termination of such contract or relating to any non-contractual or other obligation arising out of or in connection with such contract), except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares and/or Broker Option Shares (together with any interest chargeable thereon) may be taken by either the Company or Numis in any jurisdiction in which the relevant Placee is incorporated or in which any of its securities have a quotation on a recognised stock exchange;

32. agrees to indemnify on an after tax basis and hold the Company, Numis and their respective affiliates harmless from any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings in this Appendix and further agrees that the provisions of this Appendix shall survive after completion of the Placing;

33. represents and warrants that it has neither received nor relied on any inside information concerning the Company prior to or in connection with accepting this invitation to participate in the Placing and is not purchasing Placing Shares or Broker Option Shares (as the case may be) on the basis of material non-public information;

34. acknowledges that its commitment to subscribe for Placing Shares and/or Broker Option Shares on the terms set out herein and in the trade confirmation or contract note will continue notwithstanding any amendment that may in future be made to the terms of the Placing, and that Placees will have no right to be consulted or require that their consent be obtained with respect to the Company's conduct of the Placing;

35. if it is a pension fund or investment company, its purchase of Placing Shares and/or Broker Option Shares is in full compliance with applicable laws and regulations; and

36. agrees that the Company, Numis and their respective affiliates and others will rely upon the truth and accuracy of the foregoing representations, warranties, acknowledgements and undertakings which are given to Numis on their own behalf and on behalf of the Company and are irrevocable and it irrevocably authorises the Company and Numis to produce this Announcement, pursuant to, in connection with, or as may be required by any applicable law or regulation, administrative or legal proceeding or official inquiry with respect to the matters set forth herein.

The foregoing representations, warranties and confirmations are given to Numis and the Company and are irrevocable.

The agreement to allot and issue Placing Shares and/or Broker Option Shares to Placees (and/or to persons for whom such Placee is contracting as agent) free of stamp duty and stamp duty reserve tax relates only to their allotment and issue to Placees, or such persons as they nominate as their agents, direct from the Company for the Placing Shares and/or Broker Option Shares in question. Such agreement also assumes that the Placing Shares and/or Broker Option Shares are not being acquired in connection with arrangements to issue depositary receipts or to issue or transfer the Placing Shares and/or Broker Option Shares into a clearance service. If there are any such arrangements, or the settlement relates to any other dealing in the Placing Shares and/or Broker Option Shares, stamp duty or stamp duty reserve tax or other similar taxes may be payable, for which neither the Company nor Numis will be responsible and the Placees shall indemnify the Company and Numis on an after-tax basis for any stamp duty or stamp duty reserve tax paid by them in respect of any such arrangements or dealings. If this is the case, each Placee should seek its own advice and notify Numis accordingly.

The Company and Numis are not liable to bear any transfer taxes that arise on a sale of Placing Shares and/or Broker Option Shares subsequent to their acquisition by Placees or for transfer taxes arising otherwise than under the laws of the United Kingdom. Each Placee should, therefore, take its own advice as to whether any such transfer tax liability arises and notify Numis accordingly. Furthermore, each Placee agrees to indemnify on an after-tax basis and hold each of Numis and/or the Company and their respective affiliates harmless from any and all interest, fines or penalties in relation to stamp duty, stamp duty reserve tax and all other similar duties or taxes to the extent that such interest, fines or penalties arise from the unreasonable default or delay of that Placee or its agent.

In addition, Placees should note that they will be liable for any stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the UK by them or any other person on the acquisition by them of any Placing Shares and/or Broker Option Shares or the agreement by them to acquire any Placing Shares and/or Broker Option Shares.

Each Placee, and any person acting on behalf of the Placee, acknowledges that neither the Company nor Numis owe any fiduciary or other duties to any Placee in respect of any representations, warranties, undertakings or indemnities in the Placing Agreement.

Each Placee and any person acting on behalf of the Placee acknowledges and agrees that Numis or any of its affiliates may, at its absolute discretion, agree to become a Placee in respect of some or all of the Placing Shares and/or Broker Option Shares.

When a Placee or person acting on behalf of the Placee is dealing with Numis, any money held in an account with Numis on behalf of the Placee and/or any person acting on behalf of the Placee will not be treated as client money within the meaning of the rules and regulations of the Financial Conduct Authority made under the FSMA. The Placee acknowledges that the money will not be subject to the protections conferred by the client money rules; as a consequence, this money will not be segregated from Numis' money in accordance with the client money rules and will be used by Numis in the course of its own business and the Placee will rank only as a general creditor of Numis.

All times and dates in this Announcement may be subject to amendment. Numis shall notify the Placees and any person acting on behalf of the Placees of any changes.