Peterhouse Capital Ltd. Disclaimer

This report is intended for Professional Clients.

Peterhouse Capital Limited is Authorised and Regulated by the Financial Conduct Authority.

Peterhouse Capital Limited (“PCL”) is retained to act as the Corporate Broker for various clients, some or all of whom may now or in the future have an interest in the contents of this document and/or in the Company. In the preparation of this report PCL has taken professional efforts to ensure that the facts stated herein are clear, fair and not misleading, but make no guarantee as to the accuracy or completeness of the information or opinions contained herein. This document has not been approved for the purposes of Section 21(2) of the Financial Services & Markets Act 2000 of the United Kingdom (‘FSMA’). Any person who is not a relevant person under this section should not act or rely on this document or any of its contents. Research on its client companies produced and distributed by PCL is normally commissioned and paid for by those companies themselves (‘issuer financed research’) and as such is not deemed to be independent, as defined by the FCA, but is ‘objective’ in that the authors are stating their own opinions. This document is prepared for clients under UK law. In the UK, companies quoted on AIM are subject to lighter due diligence than shares quoted on the main market and are therefore more likely to carry a higher degree of risk than main market companies. This report is being provided to relevant persons by PCL to provide background information about the subject matter of the note. This document does not constitute, nor form part of, and should not be construed as, any offer for sale or purchase of (or solicitation of, or invitation to make any offer to buy or sell) any Securities (which may rise and fall in value). Nor shall it, or any part of it, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Selfcertification by investors can be completed free of charge at www.fisma.org PCL may in the future provide, or may have in the past provided, investment banking services to the Company. PCL, its Directors or persons connected may have in the future, or have had in the past, a material investment in the Company. More information is available on our website www.peterhousecap.com Peterhouse Capital Limited, 3rd Floor 80 Cheapside, London, EC2V 6EE. Contact: info@peterhousecap.com 020 7469 0930