Proposed Placing and Subscription

Acuity (AIM: ACRM), the software group announces its intention to raise approximately £1 million (before expenses) through the issue of new ordinary shares of 0.1p each in the capital of the Company (the "Ordinary Shares") at 3.5 pence per Ordinary Share (the "Issue Price") (the "Fundraise"). The net proceeds of the Fundraise will be used to fund investment and expansion of the sales team, and increase marketing activities and new product development.

The Issue Price represents a discount of approximately 9 per cent. to the closing price on AIM of 3.85 pence per Ordinary Share on 14 June 2024, being the latest practicable business day prior to the publication of this Announcement.

Summary

• The Company intends to raise approximately £1 million, in aggregate, pursuant to the Fundraise (further details outlined below).
• The Fundraise will be conducted by way of a non pre-emptive share issue.
• Certain Directors of the Company and other investors have indicated their intention to participate in the Fundraise, by way of a direct subscription with the Company.
• The Directors intend that the net proceeds of the Fundraise will be used to fund investment and expansion of the sales team, and increase marketing activities and new product development.

The Fundraise will comprise:

• a placing (the "Placing") through the issue of new Ordinary Shares (the "Placing Shares") at the Issue Price; and
• a direct subscription (the "Subscription") with the Company for new Ordinary Shares (the "Subscription Shares") at the Issue Price.

The Placing will be effected by way of an accelerated bookbuild (the "Bookbuild") at the Issue Price. The Bookbuild will open with immediate effect following the release of this Announcement. A further announcement confirming the closing of the Bookbuild and the number of new Ordinary Shares to be issued pursuant to the Placing and Subscription is expected to be made in due course.

The Placing is subject to the terms and conditions set out in Appendix III to this Announcement. WH Ireland Limited ("WH Ireland") is acting as bookrunner (the "Bookrunner") in connection with the Placing.

The following sets out the background to, and the reasons for, the Fundraise and explains why the Directors consider the Fundraise to be in the best interests of the Company and its Shareholders as a whole.

Background and reasons for the Fundraising

The Company acquired Acuity Risk Management Limited ("ARM") via a reverse takeover in April 2023. ARM is an established provider of risk management services. ARM's award-winning STREAM® is a GRC software platform, which analyses data about organisations to improve business decisions and management. It is used by organisations in markets including government, utilities, defence, broadcasting, manufacturing and healthcare. Most customers use it for managing cybersecurity and IT risks and for compliance with ISO 27001 and other standards and regulations. STREAM® is sold on a SaaS or private cloud delivery (on-premise) basis, typically with a three year licence, invoiced annually in advance. Sales are made directly through the Company's own sales team and via a growing network of partners in the UK and the US.

The Company's strategic aim is to increase revenues particularly recurring revenues, to generate cash, profits and generate shareholder value. The Company expects ARM's trading to be cash generative by 31 December 2024. The Company plan to achieve this by:

• Growing new orders materially
• Increasing market share of large US$15bn fast growing market
• Investment in and expansion of the sales team
• Focusing on partners and relationships to accelerate opportunities and orders
• Develop own marketing to reinforce brand and add further value
• Exploit Gartner top four rating

Achievements since the reverse takeover of ARM:

• Sales pipeline: £7.9 million (£1.4m+ via partners) at 31 December 2023 up from £4.2 million in March 2023 (£0.8 million via partners). £1 million of these opportunities are for conversion in the quarter to 30 June 2024.
• New orders: up 45 per cent. to £1.6 million to 31 December 2023 (£1.1 million same period 2022).
• Major customer wins: including the British Government and the Company's first US state customer.
• Contracts: won two of its largest contracts to date valued at up to £650,000.
• Partners: c.25 per cent. of the pipeline is partner sourced. Since the reverse takeover 8 new partners won including BSI Group UK, Blackfoot, FNC, Fujitsu, Logicalis, Nettitude, Sopra, Spy Glass. As a result ARM has 15 active partners in North America, the United Kingdom and Europe.
• New product: STORM, counter terrorism risk management software has been launched.
• Board changes: Kerry Chambers appointed CEO of Acuity Risk Management Limited and an Executive Director to the Acuity RM Group plc board and as announced on 14 June 2024, Kate Buchan was appointed to the board as Finance Director.
• Team changes: the team has been strengthened by the appointment of Kate Buchan as Finance Director, the appointment of a Technology Director and the recruitment of sales and marketing executives.

Rationale for the Fundraise

Following the successful reverse takeover of ARM in April 2023, the Company is now focusing on accelerating the growth of ARM by increasing the size of the sales team and increasing their marketing activities. In addition, the Company is seeking to migrate STREAM® to a web product in order to improve the user experience and take advantage of modern technologies. The capabilities of STREAM® will be enhanced to:

• allow it to be used remotely with mobile devices, such as tablets and smart phones;
• simplify integrations with other software and data sources;
• enable artificial intelligence;
• allow multi-tenant hosting in order to ease management and control costs; and
• support continuous update capability and automated testing.

Use of proceeds

Accordingly, the Company is seeking to raise net proceeds of approximately £940,000 through the Fundraise, which will be applied as follows:

• £200k: investment and expansion of the sales team
• £150k: increase of marketing activities
• £500k: new product development
• £90k: contingencies

The Placing

The Placing is being conducted by WH Ireland as Bookrunner in relation to the Placing ("WHI"). A placing agreement has been entered into between the Company and WHI in connection with the Placing (the "Placing Agreement").

The Placing Shares are being offered by way of an accelerated bookbuild (the "Bookbuild"), which will open with immediate effect following the release of this Announcement, in accordance with the terms and conditions set out in Appendix III to this Announcement. A further announcement confirming the closing of the Bookbuild and the number of Placing Shares to be issued pursuant to the Placing is expected to be made in due course.

The Placing is not being underwritten.

The timing of the closure of the Bookbuild, the number of Placing Shares and the allocation of the Placing Shares between Placees is to be determined at the discretion of the Company and the Bookrunner.

Members of the public are not eligible to take part in the Placing.

The allotment and issue of the Placing Shares is conditional, inter alia, upon:

• Admission becoming effective by no later than 8.00 a.m. on 21 June 2024 (or such other time and/or date, being no later than 8.00 a.m. on 28 June 2024, as WHI and the Company may agree);
• the Placing Agreement not having been terminated in accordance with its terms prior to Admission.

Accordingly, if any of such conditions are not satisfied or, if applicable, waived, the Placing will not proceed.

The Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares then in issue, including the right to receive all future distributions, declared, paid or made in respect of the Ordinary Shares from the date of Admission, in the case of the Placing Shares. Assuming gross proceeds of £1 million are raised pursuant to the Placing and Subscription, the Placing Shares and Subscription Shares will represent approximately 19 per cent. of the Enlarged Share Capital.

Subject to satisfaction of the relevant conditions, it is expected that Admission will become effective, and dealing in the Placing Shares will commence, at 8.00 a.m. (London time) on or around 21 June 2024.

WHI has the right to terminate the Placing Agreement in certain circumstances prior to Admission, including (but not limited to): in the event that any of the warranties set out in the Placing Agreement become untrue, inaccurate or misleading in any material respect or the Company materially fails to comply with any of its obligations prior to Admission. WHI may also terminate the Placing Agreement if there has been (i) a material adverse change affecting the business or prospects of the Company or its group or (ii) any change in national or international financial, economic, political, industrial or market conditions or currency exchange rates or exchange controls, or any incident of terrorism or outbreak or escalation of hostilities or any declaration by the UK or the US of a national emergency or war or any other calamity or crisis which, in the reasonable opinion of WHI, is likely to have an adverse effect on business or prospects of the Company or its group and makes it impractical or inadvisable to proceed with the Placing. If this termination right is exercised, or if the conditionality in the Placing Agreement is not satisfied, the Placing will not proceed.

A further announcement will be made following the closure of the Bookbuild, confirming the results of the Placing.

The expected timetable of principal events in connection with the Placing is set out in Appendix I to this Announcement.

The Subscription

Angus Forrest and Kerry Chambers being Directors of the Company, and another investor have indicated their intention to subscribe for new Ordinary Shares at the Issue Price pursuant to the terms and conditions of subscription letters to be entered into between the relevant parties and the Company on or about the date hereof.

The Subscription is not part of the Placing and any Subscription Shares would be subscribed pursuant to the terms of subscription agreements between the Company and the relevant subscribers.

Further details relating to the Subscription, including the total number of new Ordinary Shares subscribed for and the aggregate gross proceeds of the Subscription, will be announced as soon as practicable after closure of the Bookbuild.

Persons who have chosen to participate in the Placing, by making an oral or written offer to acquire Placing Shares, will be deemed to have read and understood this Announcement in its entirety (including the Appendices) and to be making such offer on the terms and subject to the conditions herein, and to be providing the representations, warranties, agreements, acknowledgements and undertakings contained in Appendix III.

APPENDIX I

Expected timetable of principal events

2024

Each of the times and dates set out in the above timetable and mentioned in this Announcement are subject to change by the Company, in which event details of the new times and dates will be notified to Placees by WHI or by an announcement through a Regulatory Information Service, as the case may be.

APPENDIX II

Definitions

APPENDIX III

Information to Distributors

Notwithstanding the UK Target Market Assessment and the EU Target Market Assessment, distributors should note that: the price of the Ordinary Shares may decline and investors could lose all or part of their investment; such securities offer no guaranteed income and no capital protection; and an investment in such securities is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom.

Each of the UK Target Market Assessment and the EU Target Market Assessment is without prejudice to any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the UK Target Market Assessment and the EU Target Market Assessment, WHI will only procure investors who meet the criteria of professional clients and eligible counterparties each as defined under COBS or MiFID II, as applicable.

For the avoidance of doubt, each of the UK Target Market Assessment and the EU Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of Chapters 9A or 10A respectively of COBS or MiFID II, as applicable; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.

These terms and conditions apply to persons making an offer to acquire Placing Shares and should be read in their entirety. Each Placee hereby agrees with WHI and the Company to be bound by these terms and conditions. A Placee shall, without limitation, become so bound if WHI confirms to such Placee its allocation of Placing Shares.

Upon being notified of its allocation of Placing Shares, a Placee shall be contractually committed to acquire the number of Placing Shares allocated to it at the Issue Price and otherwise on the terms and conditions set out in this Announcement and, to the fullest extent permitted by law, will be deemed to have agreed not to exercise any rights to rescind or terminate or otherwise withdraw from such commitment.

Details of the Placing Agreement and the Placing Shares

WHI and the Company have entered into a Placing Agreement, under which WHI has, on the terms and subject to the conditions set out therein, undertaken to use its reasonable endeavours to procure subscribers for the Placing Shares at the Issue Price. The Placing is not being underwritten by WHI or any other person.

The number of the Placing Shares will be determined following completion of the Placing. The timing of the closing of the Placing and the number and allocation of Placing Shares to Placees and as between the tranches of the Placing, are at the discretion of WHI, following consultation with the Company. Allocations will be confirmed orally or by email by WHI following the close of the Placing. A further announcement confirming these details will then be made as soon as practicable following completion of the Placing.

The Placing Shares will, when issued, be subject to the Articles, will be credited as fully paid and rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of Ordinary Shares after the date of issue of the Placing Shares.

Application for admission to trading on AIM

Application will be made to the London Stock Exchange for admission to trading on AIM of the Placing Shares and Subscription Shares. It is expected that settlement of the Placing Shares and Subscription Shares and Admission will become effective at 8.00 a.m. on 21 June 2024 and that dealings in the Placing Shares and Subscription Shares will commence at that time.

Placing

WHI will today commence an accelerated bookbuilding process to determine demand for participation in the Placing by potential Placees at the Issue Price. This Appendix gives details of the terms and conditions of, and the mechanics of participation in, the Placing. No commissions will be paid to Placees or by Placees in respect of any Placing Shares.

WHI and the Company shall be entitled to effect the Placing by such alternative method to the Placing as they may, in their discretion, determine.

The principal terms of the Placing are as follows:

• WHI is arranging the Placing as agent for, and broker of, the Company.
• Participation in the Placing is only available to persons who are lawfully able to be, and have been, invited to participate by WHI.
• The bookbuild, if successful, will establish the number of Placing Shares to be issued at the Issue Price, which will be determined by WHI, in consultation with the Company, following completion of the Placing. The results of the Placing, including the number of Placing Shares, will be announced on a Regulatory Information Service following completion of the Placing.
• To bid in the Placing, prospective Placees should communicate their bid by telephone to their usual contact at WHI. Each bid should state the number of Placing Shares which the prospective Placee wishes to subscribe. Bids may be scaled down by WHI on the basis referred to in paragraph 8 below.
• The timing of the closing of the Placing will be at the discretion of WHI. The Company reserves the right to reduce or seek to increase the amount to be raised pursuant to the Placing, in its absolute discretion.
• Allocations of the Placing Shares to Placees and as between the tranches of the Placing will be determined by WHI, following consultation with the Company. Each Placee's allocation will be confirmed to Placees orally, or by email, by WHI following the close of the Placing and a trade confirmation or contract note will be dispatched as soon as possible thereafter. Oral or emailed confirmation from WHI will give rise to an irrevocable, legally binding commitment by that person (who at that point becomes a Placee), in favour of WHI and the Company, under which it agrees to acquire by subscription the number of Placing Shares allocated to it at the Issue Price and otherwise on the terms and subject to the conditions set out in this Appendix and in accordance with the Articles. Except with WHI's consent, such commitment will not be capable of variation or revocation.
• The Company will make a further announcement following the close of the Placing detailing the results of the Placing and the number of Placing Shares to be issued at the Issue Price.
• Subject to paragraphs 4 and 5 above, WHI may choose not to accept bids and/or to accept bids, either in whole or in part, on the basis of allocations determined at its discretion (after consultation with the Company) and may scale down any bids for this purpose on such basis as it may determine. WHI may also, notwithstanding paragraphs 4 and 5 above, subject to the prior consent of the Company, allocate Placing Shares after the time of any initial allocation to any person submitting a bid after that time.
• A bid in the Placing will be made on the terms and subject to the conditions in the Announcement (including this Appendix) and will be legally binding on the Placee on behalf of which it is made and, except with WHI's consent, will not be capable of variation or revocation from the time at which it is submitted.
• Except as required by law or regulation, no press release or other announcement will be made by WHI 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.
• All obligations of WHI under the Placing will be subject to fulfilment of the conditions referred to below "Conditions of the Placing" and to the Placing not being terminated on the basis referred to below under "Right to terminate the Placing Agreement".
• To the fullest extent permissible by law and the applicable rules of the FCA, neither WHI, nor the Company, nor any of their respective affiliates, agents, directors, officers or employees shall have any liability to Placees (or to any other person whether acting on behalf of a Placee or otherwise whether or not a recipient of these terms and conditions) in respect of the Placing. In particular, neither WHI, nor the Company, nor any of their respective affiliates, agents, directors, officers or employees shall have any liability (including to the extent permissible by law, any fiduciary duties) in respect of WHI's conduct of the Placing or of such alternative method of effecting the Placing as WHI and the Company may determine.
• The Placing is not subject to any minimum fundraising and no element of the Placing is underwritten by WHI or any other person.

Conditions of the Placing

WHI's obligations under the Placing Agreement in respect of the Placing Shares are conditional on, inter alia:

• Admission becoming effective by no later than 8.00 a.m. on 21 June 2024 or such other date and time as may be agreed between the Company and WHI, not being later than 8.00 a.m. on 28 June 2024 (the "Long Stop Date"); and
• the Placing Agreement becoming unconditional in all respects (save for the condition relating to Admission) and not having been terminated in accordance with its terms.

If: (i) any of the conditions contained in the Placing Agreement, including those described above, are not fulfilled or (where applicable) waived by WHI by the respective time or date where specified (or such later time or date as WHI and the Company may agree, being not later than the Long Stop Date; (ii) any of such conditions becomes incapable of being fulfilled; or (iii) the Placing Agreement is terminated in the circumstances specified below, the Placing will not proceed 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 the Placee in respect thereof.

WHI may, at its sole discretion and upon such terms as it thinks fit, waive, or with the Company's agreement, extend the period for (subject to the Long Stop Date), 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 conditions relating to either Admission taking place may not be waived. Any such extension or waiver will not affect Placees' commitments as set out in this Announcement.

Neither WHI nor the Company nor any of their respective affiliates, agents, directors, officers or employees shall 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 they 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 WHI.

Right to terminate the Placing Agreement

WHI is entitled, at any time before Admission, to terminate the Placing Agreement by giving notice to the Company in certain circumstances, including, inter alia:

• if any of the warranties given in the Placing Agreement are or become untrue, inaccurate or misleading in any material respect in the period prior to Admission;
• the Company has failed to comply with its material obligations under the Placing Agreement in the period prior to Admission;
• there has been any material change in, or any development likely to involve a prospective material change in, or affecting, the condition (financial, operational, legal or otherwise), earnings, business, management, properties, assets, rights, results of operations or prospects of any the Company or its group; or
• there has been, any change, or development involving a prospective change, in national or international financial, economic, political, industrial or market conditions or currency exchange rates or exchange controls, or any incident of terrorism or outbreak or escalation of hostilities or any declaration by the UK or the US of a national emergency or war or any other calamity or crisis which in the reasonable opinion of WHI is likely to have an adverse effect on the business or prospects of the Company or its group or otherwise render the Placing and/or the Subscription impracticable or inadvisable.

The rights and obligations of the Placees will not be subject to termination by the Placees or any prospective Placees at any time or in any circumstances. By participating in the Placing, Placees agree that the exercise by WHI of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of WHI and that WHI need not make any reference to Placees in this regard and that neither WHI nor any of its respective affiliates shall have any liability to Placees whatsoever in connection with any such exercise or failure so to exercise.

No Admission Document or Prospectus

Registration and Settlement

Following closure of the Placing, each Placee allocated Placing Shares in the Placing will be sent a trade confirmation or contract note in accordance with the standing arrangements in place with WHI, stating the number of Placing Shares allocated to it at the Issue Price, the aggregate amount owed by such Placee (in pounds sterling) and a form of confirmation in relation to settlement instructions.

Each Placee will be deemed to agree that it will do all things necessary to ensure that delivery and payment is completed as directed by WHI in accordance with the standing CREST settlement instructions which they have in place with WHI.

Settlement of transactions in the Placing Shares (ISIN: GB00BR0WHY71) following Admission will take place within CREST provided that, subject to certain exceptions, WHI reserves the right to require settlement for, and delivery of, the Placing Shares (or a portion thereof) to Placees by such other means that it deems necessary if delivery or settlement is not possible or practicable within CREST within the timetable set out in this Announcement or would not be consistent with the regulatory requirements in any Placee's jurisdiction.

Interest is chargeable daily on payments not received from Placees on the due date(s) in accordance with the arrangements set out above at the rate of 4 percentage points above the prevailing Bank of England base rate as determined by WHI.

Each Placee is deemed to agree that, if it does not comply with these obligations, WHI may sell any or all of the Placing Shares allocated to that Placee on such Placee's behalf and retain from the proceeds, for WHI's account and benefit (as agent for the Company), an amount equal to the aggregate amount owed by the Placee plus any interest due. The relevant Placee will, however, remain liable and shall indemnify WHI on demand for any shortfall below the aggregate amount owed by it and may be required to bear any stamp duty or stamp duty reserve tax or securities transfer tax (together with any interest or penalties) which may arise upon the sale of such Placing Shares on such Placee's behalf. By communicating a bid for Placing Shares, each Placee confers on WHI such authorities and powers necessary to carry out any such sale and agrees to ratify and confirm all actions which WHI lawfully takes in pursuance of such sale. Legal and/or beneficial title in and to any Placing Shares shall not pass to the relevant Placee until it has fully complied with its obligations hereunder.

Insofar as Placing 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 should, subject as provided below, be so registered free from any liability to UK stamp duty or stamp duty reserve tax or securities transfer tax. Neither WHI nor the Company will be liable in any circumstances for the payment of stamp duty, stamp duty reserve tax or securities transfer tax in connection with any of the Placing Shares. 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 makes the following representations, warranties, acknowledgements, agreements and undertakings (as the case may be) to WHI for itself and on behalf of the Company:

• that it has read and understood this Announcement, including this Appendix, in its entirety and that its subscription for Placing 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;
• that the exercise by WHI of any right or discretion under the Placing Agreement shall be within the absolute discretion of WHI, and WHI need not have any reference to it and shall have no liability to it whatsoever in connection with any decision to exercise or not to exercise any such right and each Placee agrees that it has no rights against WHI or the Company, or any of their respective officers, directors, employees agents or advisers, under the Placing Agreement pursuant to the Contracts (Rights of Third Parties Act) 1999;
• that these terms and conditions represent the whole and only agreement between it, WHI and the Company in relation to its participation in the Placing and supersedes any previous agreement between any of such parties in relation to such participation. Accordingly, each Placee, in accepting its participation in the Placing, is not relying on any information or representation or warranty in relation to the Company or any of its subsidiaries or any of the Placing Shares other than as contained in this Announcement and the Publicly Available Information, such information being all that it deems necessary to make an investment decision in respect of the Placing Shares. Each Placee agrees that neither the Company, nor WHI, nor any of their respective officers, directors or employees will have any liability for any such other information, representation or warranty, express or implied;
• that neither it nor, as the case may be, its clients expect WHI to have any duties or responsibilities to such persons similar or comparable to the duties of "best execution" and "suitability" imposed by the FCA's Conduct of Business Source Book, and that WHI is not acting for it or its clients, and that WHI will not be responsible for providing the protections afforded to customers of WHI or for providing advice in respect of the transactions described herein;
• that it has made its own assessment of the Placing Shares and has relied on its own investigation of the business, financial or other position of the Company in accepting a participation in the Placing and that it shall not be entitled to rely upon any material regarding the Placing Shares or the Company (if any) that WHI or the Company or any of their respective affiliates, agents, directors, officers or employees or any person acting on behalf of any of them has provided, other than the information in this Announcement or the Publicly Available Information; nor has it requested any of WHI, the Company or any of their respective affiliates, agents, directors, officers or employees or any person acting on behalf of any of them to provide it with any such information;
• that neither WHI, nor the Company, nor any of their respective affiliates, agents, directors, officers or employees has made any representation or warranty to it, express or implied, with respect to the Company, the Placing or the Placing Shares or the accuracy, completeness or adequacy of the Publicly Available Information;
• that it has not, directly or indirectly, distributed, forwarded, transferred or otherwise transmitted, and will not, directly or indirectly, distribute, forward, transfer or otherwise transmit, any presentation or offering materials concerning the Placing or the Placing Shares to any persons within the United States or to any US Persons (as that term is defined in Regulation S);
• that it is entitled to subscribe for and/or purchase Placing Shares under the laws of all relevant jurisdictions which apply to it and that it has fully observed such laws and obtained all governmental and other consents which may be required thereunder or otherwise and complied with all necessary formalities and that it has not taken any action which will or may result in the Company or WHI or any of their respective directors, officers, employees or agents acting in breach of any regulatory or legal requirements of any territory in connection with the Placing or its acceptance;
• that where it is acquiring Placing Shares for one or more managed accounts, it is authorised in writing by each managed account: (a) to acquire the Placing Shares for each managed account; (b) to make on its behalf the representations, warranties, acknowledgements, undertakings and agreements in this Appendix and the Announcement of which it forms part; and (c), if applicable, to receive on its behalf any investment letter relating to the Placing in the form provided to it by WHI;
• that, unless otherwise agreed by WHI, it is a Qualified Investor (as defined in section 86(7) of the Financial Services and Markets Act 2000, as amended ("FSMA"));
• that, unless otherwise agreed by WHI, it is a "professional client" or an "eligible counterparty" within the meaning of Chapter 3 of the FCA's Conduct of Business Sourcebook and it is purchasing Placing Shares for investment only and not with a view to resale or distribution;
• that any money held in an account with WHI (or its nominee) on its behalf and/or any person acting on its behalf will not be treated as client money within the meaning of the rules and regulations of the FCA. Each Placee further acknowledges that the money will not be subject to the protections conferred by the FCA's client money rules. As a consequence, this money will not be segregated from WHI's (or its nominee's) money in accordance with such client money rules and will be used by WHI in the course of its own business and each Placee will rank only as a general creditor of WHI;
• that it will (or will procure that its nominee will) if applicable, make notification to the Company of the interest in its Ordinary Shares in accordance with the requirements of Chapter 5 of the Disclosure Guidance and Transparency Rules published by the FCA);
• that it appoints irrevocably any director of WHI as its agent for the purpose of executing and delivering to the Company and/or its registrars any document on its behalf necessary to enable it to be registered as the holder of the Placing Shares;
• that the Announcement does not constitute a securities recommendation or financial product advice and that neither WHI nor the Company has considered its particular objectives, financial situation and needs;
• that it has sufficient knowledge, sophistication and experience in financial, business and investment matters as is required to evaluate the merits and risks of subscribing for or purchasing the Placing Shares and is aware;
• that it may be required to bear, and it, and any accounts for which it may be acting, are able to bear, the economic risk of, and is able to sustain, a complete loss in connection with the Placing;
• that it will indemnify and hold the Company and WHI 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 Company and WHI will rely on the truth and accuracy of the confirmations, warranties, acknowledgements and undertakings herein and, if any of the foregoing is or becomes no longer true or accurate, the Placee shall promptly notify WHI and the Company. All confirmations, warranties, acknowledgements and undertakings given by the Placee, pursuant to this Announcement (including this Appendix) are given to WHI for itself and on behalf of the Company and will survive completion of the Placing and Admission;
• that time shall be of the essence as regards obligations pursuant to this Appendix;
• that it is responsible for obtaining any legal, financial, tax and other advice that it deems necessary for the execution, delivery and performance of its obligations in accepting the terms and conditions of the Placing, and that it is not relying on the Company or WHI to provide any legal, financial, tax or other advice to it;
• that all dates and times in this Announcement (including this Appendix) may be subject to amendment and that WHI shall notify it of such amendments;
• that (i) it has complied with its obligations under the Criminal Justice Act 1993, Part VIII of FSMA and UK MAR, (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 (as amended), the Terrorism Act 2006 and the Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017 (as amended) and any related or similar rules, regulations or guidelines, issued, administered or enforced by any government agency having jurisdiction in respect thereof and the Money Laundering Sourcebook of the FCA 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 or the United States Department of State; (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 and has obtained all governmental and other consents (if any) which may be required for the purpose of, or as a consequence of, such purchase, and it will provide promptly to WHI such evidence, if any, as to the identity or location or legal status of any person which WHI may request from it in connection with the Placing (for the purpose of complying with such Regulations or ascertaining the nationality of any person or the jurisdiction(s) to which any person is subject or otherwise) in the form and manner requested by WHI on the basis that any failure by it to do so may result in the number of Placing Shares that are to be subscribed for and/or purchased by it or at its direction pursuant to the Placing being reduced to such number, or to nil, as WHI may decide in its absolute discretion;
• that it will not make any offer to the public within the meaning of the EU Prospectus Regulation or the UK Prospectus Regulation of those Placing Shares to be subscribed for and/or purchased by it;
• that it acknowledges that these terms and conditions and any agreements entered into by it pursuant to these terms and conditions 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, except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares (together with any interest chargeable thereon) may be taken by the Company or WHI 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;
• that any documents sent to Placees will be sent at the Placees' risk. They may be sent by post to such Placees at an address notified to WHI;
• that WHI owes no fiduciary or other duties to any Placee in respect of any representations, warranties, undertakings or indemnities in the Placing Agreement;
• that WHI or ant of its affiliates may, in their absolute discretion, agree to become a Placee in respect of some or all of the Placing Shares;
• that no prospectus or offering document has been or will be prepared in connection with the Placing and it has not received and will not receive a prospectus or other offering document in connection with the Placing or the Placing Shares;
• undertakes that it (and any person acting on its behalf) will make payment in respect of the Placing Shares allocated to it in accordance with this Appendix on the due time and date set out herein, failing which the relevant Placing Shares may be placed with other acquirers or sold as WHI 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 Issue Price and the number of Placing 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;
• that its allocation (if any) of Placing Shares will represent a maximum number of Placing Shares which it will be entitled, and required, to acquire, and that WHI and/or the Company may call upon it to acquire a lower number of Placing Shares (if any), but in no event in aggregate more than the aforementioned maximum; and

The Company, WHI and their respective affiliates will rely upon the truth and accuracy of each of the foregoing representations, warranties, acknowledgements and undertakings which are given to WHI for itself and on behalf of the Company and are irrevocable.

The provisions of this Appendix may be waived, varied or modified as regards specific Placees or on a general basis by WHI.

The agreement to settle a Placee's subscription and/or purchase (and/or the subscription of a person for whom such Placee is contracting as agent) free of stamp duty and stamp duty reserve tax depends on the settlement relating only to a subscription by it and/or such person direct from the Company for the Placing Shares in question. Such agreement assumes that the Placing Shares are not being subscribed for and/or purchased in connection with arrangements to issue depositary receipts or to transfer the Placing Shares into a clearance service. If there are any such arrangements, or the settlement relates to any other subsequent dealing in the Placing Shares, stamp duty or stamp duty reserve tax may be payable, for which neither the Company or WHI will be responsible, and the Placee to whom (or on behalf of whom, or in respect of the person for whom it is participating in the Placing as an agent or nominee) the allocation, allotment, issue or delivery of Placing Shares has given rise to such UK stamp duty or stamp duty reserve tax undertakes to pay such UK stamp duty or stamp duty reserve tax forthwith and to indemnify on an after-tax basis and to hold harmless the Company and WHI in the event that any of the Company and/or WHI have incurred any such liability to UK stamp duty or stamp duty reserve tax. If this is the case, each Placee should seek its own advice and notify WHI accordingly.

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