Proposed Fundraising to raise up to £4m

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS RETAINED AS PART OF THE LAW OF ENGLAND AND WALES ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA THE REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Defence Holdings PLC

("ALRT" or the "Company")

Proposed Fundraising to raise up to £4m and indefinite suspension of ATM programme

Broker Offer to raise up to an additional £1m

Defence Holdings PLC (LSE: ALRT), the UK's software-led defence technology group is pleased to announce its intention to raise up to approx. £4 million (the "Fundraising") via a placing of new ordinary shares ("Placing Shares") of 0.1 pence each in the Company ("Ordinary Shares") to institutional and other investors (the "Placing") at a price of 1 pence per new Ordinary Share (the "Placing Price"), representing a 24.81 per cent discount to the closing price of an Ordinary Share on 24 June 2026.

Fundraising Highlights

• ALRT intends to conduct a Fundraising to raise up to £4 million gross proceeds.
• Broker option to raise up to a further £1 million at the Placing Price.
• The Placing is to be conducted by way of an accelerated bookbuild process which will commence immediately following this Announcement for up to 400,000,000 Ordinary Shares and will be subject to the terms and conditions set out in Appendix I to this Announcement.
• Net proceeds of the Fundraising will be used to fund the working capital requirements of the Company as well as enable the Company to undertake strategic partnerships with companies within the Defence space in line with the ongoing business strategy adopted by ALRT.
• The Issue Price represents a discount of 24.81 per cent. to the closing price of 1.33 pence per Ordinary Share on 24 June 2026.

The Fundraising and suspension of the ATM

The Placing is subject to the satisfaction of certain conditions set out in this announcement and the appendix hereto (the "Appendix") (together, this "Announcement") and is being conducted by way of an accelerated bookbuild, which will be launched immediately following the publication of this Announcement. Fortified Securities ("Fortified") are acting as sole Bookrunner and Broker in connection with the Placing and Shard Capital Partners LLP ("Shard") are retained as the Settlement Agent for the Placing.

Further to the announcement of 10 October 2025, the Company confirms the indefinite suspension of the announced at-the-market facility (the "ATM"). Further to the latest ATM update announcement of 28 May 2026, an additional £114,590 in gross proceeds has been raised under the ATM facility prior to this suspension. In aggregate, the ATM has enabled the Company to raise total gross proceeds of £992,557.49, and the current shareholding of Fortified as the provider of the ATM is 90,500,000 (being 3.66% of the issued share capital prior to the admission of the Placing Shares). No Ordinary Shares relating to the ATM will be placed in the market during the indefinite suspension period.

Broker Offer

Given the expedited nature of the bookbuild by Fortified, the Directors have elected to grant Fortified a Broker Offer under which Fortified will, as an authorised party by the Company and pursuant to the Placing Agreement, seek to procure additional subscriptions for Placing Shares up to £1m subject to agreement between Fortified and the Company. The Broker Offer opens immediately and will close at 20.30 on 25 June 2026. Fortified is authorised by the FCA to market to professional and sophisticated investors.

A further announcement will be made following the close of the Placing and the Broker Offer, confirming final details of the Placing and the Broker Offer and the number of Ordinary Shares to be admitted by the Company to the Placees.

Andrew Roughan, Chief Executive Officer of Defence Holdings, commented:

"We are pleased to announce this fundraising which presents Defence Holdings PLC with the opportunity to further invest in and expand its defence focused interests. The funding will be used to further the execution of the recently announced Operating Model and Strategic Playbook which includes the delivery of new contract wins and to invest in strategic joint ventures and partnerships focused on providing innovative solutions to our customers. We believe we are close to announcing at least one new contract win in the near future, evidencing our in-roads as an active operator within the Defence community.

We are at a critical time for defence and national security both domestically and internationally, and it is essential that the market responds to the pressing capability gaps in the sector, particularly with innovative solutions with a more agile cost base. We are also pleased to be able to open this round to existing shareholders and institutions that have been so supportive of us to ensure that as many of our shareholders as possible are able to invest in the Company during the Fundraising."

Market Soundings, as defined in MAR, were taken in respect of the proposed Placing with the result that certain persons became aware of this inside information, as permitted by MAR.

Notice to Distributors

UK Product Governance Requirements

Solely for the purposes of the product governance requirements contained within chapter 3 of the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK Product Governance Requirements") and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the UK Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that the Placing Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in chapter 3 of the FCA Handbook Conduct of Business Sourcebook ("COBS"); and (ii) eligible for distribution through all permitted distribution channels (the "UK Target Market Assessment"). Notwithstanding the UK Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in Placing Shares 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. The UK Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the UK Target Market Assessment, Fortified will only procure investors who meet the criteria of professional clients and eligible counterparties.

EU Product Governance Requirements

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended and as this is applied in the United Kingdom ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II and Regulation (EU) No 600/2014 of the European Parliament, as they form part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Ordinary Shares have been subject to a product approval process, which has determined that such securities are: (i) compatible with an end target market of retail investors who do not need a guaranteed income or capital protection and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). The Ordinary Shares are not appropriate for a target market of investors whose objectives include no capital loss. Notwithstanding the 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; the Ordinary Shares offer no guaranteed income and no capital protection; and an investment in the Ordinary Shares is compatible only with investors who do not need a guaranteed income or capital projection, 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. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Fortified will only procure investors who meet the criteria of professional clients and eligible counterparties. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; 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 Ordinary Shares. Each distributor is responsible for undertaking its own target market assessment in respect of the shares and determining appropriate distribution channels.

Notice to overseas persons

General

Shard Capital Partners LLP ("Shard"), which is authorised and regulated by the FCA in the United Kingdom, is acting as settlement agent in connection with the Placing. Shard will not be responsible to any person other than the Company for providing the protections afforded to clients of Shard or for providing advice to any other person in connection with the Placing or any other acquisition of shares in the Company. Shard is not making any representation or warranty, express or implied, as to the contents of this Announcement. Shard has not authorised the contents of, or any part of, this Announcement, and no liability whatsoever is accepted by Shard for the accuracy of any information, or opinions contained in this Announcement or for the omission of any material information, save that nothing shall limit the liability of Shard for its own fraud.

The new Ordinary Shares will not be admitted to trading on any stock exchange other than the Main Market of the London Stock Exchange.

The Appendix to this Announcement sets out the terms and conditions of the Placing. By participating in the Bookbuild, each person who is invited to and who chooses to participate in the Placing by making or accepting an oral and/or written legally binding offer to subscribe for Placing Shares will be deemed to have read and understood this Announcement (including the Appendix ) in its entirety, to be making or accepting such offer on the terms and subject to the conditions of the Placing set out in this Announcement and to be providing the representations, warranties, undertakings, agreements and acknowledgements contained in the Appendix.

APPENDIX I

No prospectus

Each Placee, by participating in the Placing, agrees that the content of the Placing Documents is exclusively the responsibility of the Company and confirms that it has neither received nor relied on any information (other than the Publicly Available Information), representation, warranty or statement made by or on behalf of Fortified, Shard or the Company or any other person and none of Fortified, Shard, the Company nor any other person acting on such person's behalf nor any of their respective affiliates has or shall have any responsibility or liability for any Placee's decision to participate in the Placing based on any other information, representation, warranty or statement (regardless of whether or not such information, representation, warranty or statement was given or made by or on behalf of any such persons). 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.

Details of the Placing Agreement and the Placing Shares

Fortified, Shard and the Company have entered into a placing agreement (the "Placing Agreement") under which Fortified 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 Placing Price. The Placing is not being underwritten by Fortified, Shard 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 are at the discretion of Fortified, following consultation with the Company. Allocations will be confirmed orally or by email by Fortified 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 price per Ordinary Share at which the Placing Shares are to be placed is the Placing Price. The timing of the closing of the book and allocations are at the discretion of Fortified, in consultation with the Company.

Application for admission to trading

Application will be made to the Financial Conduct Authority and to the London Stock Exchange plc for admission of the Placing Shares to the Equity Shares (Transition) category of the Official List and to trading on the London Stock Exchange's Main Market respectively. It is expected that settlement of the Placing Shares and Admission will become effective at 8.00 a.m. on 1 July 2026 and that dealings in the Placing Shares will commence at that time.

Bookbuild Placing

Fortified will today commence the accelerated bookbuilding process to determine demand for participation in the Placing by Placees (the "Bookbuild"). 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.

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

Participation in, and principal terms of, the Placing

• Fortified is acting as agent for and on behalf of the Company, on the terms and subject to the conditions of the Placing Agreement. Shard is acting as settlement agent in connection with the Placing and Admission. Each of Fortified and Shard are authorised and regulated entities in the United Kingdom by the FCA and are acting exclusively for the Company and no one else in connection with the matters referred to in this Announcement and will not be responsible to anyone other than the Company in relation to the matters described in this Announcement.
• Participation in the Placing will only be available to persons who may lawfully be, and are, invited to participate by Fortified. Fortified may itself agree to be a Placee in respect of all or some of the Placing Shares or may nominate any member of its group to do so.
• The Bookbuild, if successful, will establish the number of Placing Shares to be issued, which will be determined by Fortified, in consultation with the Company, following completion of the Placing. The results of the Placing, including the number of Placing Shares and the Placing Price, will be announced on a Regulatory Information Service following completion of the Placing.
• To bid in the Bookbuild, prospective Placees should communicate their bid orally by telephone or in writing to their usual sales contact at Fortified. Each bid should state the number of Placing Shares which the prospective Placee wishes to subscribe for at the Placing Price. Bids may be scaled down by Fortified on the basis referred to in paragraph 6 below. Fortified reserves the right not to accept bids or to accept bids in part rather than in whole. The acceptance of the bids shall be at Fortified's absolute discretion, subject to agreement with the Company.
• The Bookbuild will close at or around 6.30 p.m. on 25 June 2026 but may be closed earlier or later at the discretion of Fortified. Fortified may, in agreement with the Company, accept bids that are received after the Bookbuild has closed. The Company reserves the right (upon the prior agreement of Fortified) to vary the number of shares to be issued pursuant to the Placing, in its absolute discretion.
• Allocations of the Placing Shares to Placees will be determined by Fortified, following consultation with the Company. Each Placee's allocation will be confirmed to Placees orally, or by email, by Fortified following the close of the Placing and a trade confirmation or contract note will be dispatched by Shard as soon as possible thereafter. Oral or emailed confirmation from Fortified will give rise to an irrevocable, legally binding commitment by that person (who at that point becomes a Placee), in favour of Fortified, Shard and the Company, under which it agrees to acquire by subscription the number of Placing Shares allocated to it at the Placing Price and otherwise on the terms and subject to the conditions set out in this Appendix and in accordance with the Company's articles of association. Except with Fortified's consent, such commitment will not be capable of variation or revocation. Fortified may choose to accept bids, either in whole or in part, on the basis of allocations determined at their absolute discretion, in consultation with the Company, and may scale down any bids for this purpose on such basis as it may determine. Fortified 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 or allocate Placing Shares after the Bookbuild has closed to any person submitting a bid after that time.
• To the fullest extent permissible by law, none of Fortified, Shard, the Company nor any of their respective affiliates, agents, directors, officers, employees or advisers shall have any responsibility or liability to Placees (or to any other person whether acting on behalf of a Placee or otherwise). In particular, none of Fortified, Shard, the Company, nor any of their respective affiliates, agents, directors, officers, employees or advisers shall have any responsibility or liability (including to the extent permissible by law, any fiduciary duties) in respect of the conduct of the Placing or of such alternative method of effecting the Placing as Fortified and the Company may agree.
• The Placing Shares will be issued subject to the terms and conditions of this Appendix and each Placee's commitment to subscribe for Placing Shares on the terms set out in this Appendix will continue notwithstanding any amendment that may in future be made to the terms and conditions of the Placing and Placees will have no right to be consulted or require that their consent be obtained with respect to the Company's or Fortified's conduct of the Placing.

Conditions of the Placing

The Placing is conditional, amongst others, upon the Placing Agreement becoming unconditional and not having been terminated in accordance with its terms. Fortified's obligations under the Placing Agreement are conditional on customary conditions, (the "Conditions"), including (amongst others):

• Admission occurring no later than 8.00 a.m. on 1 July 2026 (or such later time or date as Fortified may otherwise agree with the Company, being no later than 8.00 a.m. on 10 July 2026);
• the Placing Agreement not having been terminated in accordance with its terms.

Fortified may, at its discretion and upon such terms as it may think fit, waive compliance by the Company with the whole or any part of any of its obligations in relation to the Conditions or extend the time or date provided for fulfilment of any such Conditions in respect of all or any part of the performance thereof, save in respect of Conditions relating to Admission. Any such extension or waiver will not affect Placees' commitments as set out in this Appendix.

If: (i) any of the Conditions are not fulfilled or (where permitted) waived by Fortified by the relevant time or date specified (or such later time or date as Fortified may agree with the Company, being no later than 8.00 a.m. on 10 July 2026; or (ii) the Placing Agreement is terminated in the circumstances specified below under "Right to terminate under the Placing Agreement", the Placing will not proceed and the Placees' rights and obligations hereunder in relation to any Tranche of the Placing Shares that has not been unconditionally issued at such time shall cease and terminate at such time and each Placee agrees that no claim can be made by it or on its behalf (or any person on whose behalf the Placee is acting) in respect thereof.

Neither Fortified, 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 Fortified.

Right to terminate under the Placing Agreement

Fortified is entitled, at any time before Admission becomes effective, to terminate the Placing Agreement in accordance with its terms in certain circumstances including (amongst other things):

• the occurrence of certain material adverse changes or significant events;
• the occurrence of certain events of force majeure,

which, in each case, Fortified (acting in good faith) considers is or would likely be material and prejudicial to the Placing.

By participating in the Placing, each Placee agrees that (a) the exercise by Fortified of any right of termination or of any other discretion under the Placing Agreement shall be within the absolute discretion of Fortified and that they need not make any reference to, or consult with, Placees and that they shall have no liability to Placees whatsoever in connection with any such exercise or failure to so exercise, and (b) its rights and obligations terminate only in the circumstances described above under "Right to terminate under the Placing Agreement" and "Conditions of the Placing", and its participation will not be capable of rescission or termination by it after oral confirmation by Fortified of the allocation and commitments following the close of the Bookbuild.

Restriction on Further Issue of Shares

Under the terms of the Placing Agreement, the Company has undertaken to Fortified that it will not, until the date falling six months from the date of Admission, other than pursuant to the Placing, issue, sell, offer, contract to sell, pledge, grant any option to purchase or otherwise dispose of any shares or other securities or otherwise dispose of (including any sale or transfer or any disposition whatsoever, including an agreement to effect any of the foregoing or the creation of any option or charge which could lead to any of the foregoing) any Ordinary Shares or other securities of the Company or any other member of its group (or any interest therein or in respect thereof) or any other securities exchangeable for, or convertible into, or substantially similar to, Ordinary Shares or any share in any other member of the Company's group, or enter into any transaction having substantially the same effect or agree to do any of the foregoing, other than with the prior written consent of Fortified.

By participating in the Placing, Placees agree that the exercise by Fortified of any power to grant consent to the undertaking by the Company of a transaction which would otherwise be subject to the restrictive provisions on further issuance under the Placing Agreement shall be within the absolute discretion of Fortified and that Fortified need not make any reference to, or consult with, Placees and that Fortified shall have no liability to Placees whatsoever in connection with any such exercise of the power to grant consent.

Registration and Settlement

Settlement of transactions in the Placing Shares following Admission will take place within the computerised settlement system to facilitate transfer of the title to an interest in securities in uncertificated form operated by Euroclear UK & International Limited ("CREST"), subject to certain exceptions. Fortified reserves the right to require settlement for, and delivery of, the Placing Shares (or any part thereof) to Placees by such other means that they may deem necessary if delivery or settlement is not possible or practicable within the CREST system or would not be consistent with the regulatory requirements in the Placee's jurisdiction.

Following the close of the Bookbuild, each Placee to be allocated Placing Shares in the Placing will be sent a trade confirmation by Shard stating the number of Placing Shares allocated to them at the Placing Price, the aggregate amount owed by such Placee to Shard for the Placing Shares allocated 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 that it has in place with Fortified.

The Company will deliver (or will procure the delivery of) the Placing Shares to a CREST account operated by Shard as agent for the Company and Shard will enter its delivery instruction into the CREST system. The input to CREST by a Placee of a matching or acceptance instruction will then allow delivery of the relevant Placing Shares to that Placee against payment.

It is expected that settlement in respect of the Placing Shares will take place on 1 July 2026 on a delivery versus payment basis.

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

If Placing 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 are issued 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 SDRT. If there are any circumstances in which any stamp duty or SDRT or other similar taxes or duties (including any interest and penalties relating thereto) is payable in respect of the allocation, allotment, issue, sale, transfer or delivery of the Placing Shares (or, for the avoidance of doubt, if any stamp duty or SDRT is payable in connection with any subsequent transfer of or agreement to transfer Placing Shares), neither Fortified nor the Company shall be responsible for payment thereof.

Representations, warranties, undertakings and acknowledgements

By participating in the Placing each Placee (and any person acting on such Placee's behalf) irrevocably acknowledges, confirms, undertakes, represents, warrants and agrees (as the case may be) with Fortified (in its capacity as agent of the Company in respect of the Placing) and Shard (it is capacity as settlement agent) and the Company, in each case as a fundamental term of their application for Placing Shares, the following:

2. the Ordinary Shares are admitted to the Official List and to trading on the London Stock Exchange's Main Market, and that the Company is therefore required to publish certain business and financial information in accordance with the UK Listing Rules, Disclosure Guidance and Transparency Rules and EU Market Abuse Regulation (EU/596/2014) as it forms part of UK domestic law by virtue of the European (Withdrawal) Act 2018 (as amended) ("MAR"), 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 that it is able to obtain or access such information without undue difficulty, and is able to obtain access to such information or comparable information concerning any other publicly traded company, without undue difficulty;

• to be bound by the terms of the Articles of Association of the Company;
• the person whom it specifies for registration as holder of the Placing Shares will be (a) itself or (b) its nominee, as the case may be. Neither Fortified nor the Company will be responsible for any liability to stamp duty or SDRT or other similar taxes or duties imposed in any jurisdiction (including interest and penalties relating thereto) ("Indemnified Taxes"). Each Placee and any person acting on behalf of such Placee agrees to indemnify Fortified and the Company on an after-tax basis in respect of any Indemnified Taxes;
• Fortified, and any of its respective affiliates, agents, directors, officers and employees do not accept any responsibility for any acts or omissions of the Company or any of the directors of the Company or any other person in connection with the Placing;
• time is of the essence as regards its obligations under this Appendix;
• any document that is to be sent to it in connection with the Placing will be sent at its risk and may be sent to it at any address provided by it to Fortified;
• it has not received (and will not receive) a prospectus or other offering document in connection with the Placing and acknowledges that no prospectus or other offering document (a) is required under the EU Prospectus Regulation, POATR or other applicable law; and (b) has been or will be prepared in connection with the Placing;
• in connection with the Placing, Fortified and any of their respective affiliates acting as an investor for its own account may subscribe for Placing Shares and in that capacity may retain, purchase or sell for its own account such Placing Shares and any securities of the Company or related investments and may offer or sell such securities or other investments otherwise than in connection with the Placing. Accordingly, references in this Announcement to the Placing Shares being issued, offered or placed should be read as including any issue, offering or placement of such shares to Fortified or any of their respective affiliates acting in such capacity;
• Fortified and its respective affiliates may enter into financing arrangements and swaps with investors in connection with which Fortified and any of its respective affiliates may from time to time acquire, hold or dispose of such securities of the Company, including the Placing Shares;
• Fortified does not intend to disclose the extent of any investment or transactions referred to in paragraphs 10 and 11 above otherwise than in accordance with any legal or regulatory obligation to do so;
• Fortified does not owe any fiduciary or other duties to any Placee in respect of any discretions, obligations, representations, warranties, undertakings or indemnities in the Placing Agreement;
• its participation in the Placing is on the basis that it is not and will not be a client of Fortified in connection with its participation in the Placing and that Fortified has no duties or responsibilities to it for providing the protections afforded to its clients or customers or for providing advice in relation to the Placing nor in respect of any discretions, obligations, representations, warranties, undertakings or indemnities contained in the Placing Agreement nor for the exercise or performance of any of its rights and obligations thereunder including any rights to waive or vary any conditions or exercise any termination right;
• the content of the Placing Documents and the Publicly Available Information has been prepared by and is exclusively the responsibility of the Company (and such other persons specifically identified as accepting responsibility to certain parts thereto (if any)) and neither Fortified nor any of their respective affiliates agents, directors, officers or employees nor any person acting on behalf of any of them is responsible for or has or shall have any responsibility or liability for any information, representation or statement contained in, or omission from, the Placing Documents, the Publicly Available Information or otherwise nor will they be liable for any Placee's decision to participate in the Placing based on any information, representation, warranty or statement contained in the Placing Documents, the Publicly Available Information or otherwise, provided that nothing in this paragraph excludes the liability of any person for fraudulent misrepresentation made by such person;
• it has neither received nor relied on any other information given, or representations, warranties or statements, express or implied, made, by Fortified or the Company or any of their respective affiliates, agents, directors, officers or employees acting on behalf of any of them (including in any management presentation delivered in respect of the Bookbuild) with respect to the Company, the Placing or the Placing Shares or the accuracy, completeness or adequacy of any information contained in the Placing Documents, or the Publicly Available Information or otherwise;
• neither Fortified or the Company nor 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 or information regarding the Placing Shares or the Company or any other person other than the information in the Placing Documents or the Publicly Available Information; nor has it requested of Fortified or the Company or any of their respective affiliates or any person acting on behalf of any of them to provide it with any such material or information;
• it may not rely, and has not relied, on any investigation that Fortified, or any of its respective affiliates or any person acting on its behalf, may have conducted with respect to the Placing Shares, the terms of the Placing or the Company, and no such persons has made any representation, express or implied, with respect to the Company, the Placing, the Placing Shares or the accuracy, completeness or adequacy of the information in the Placing Documents, the Publicly Available Information or any other information;
• in making any decision to subscribe for Placing Shares it:
• has such knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of subscribing for the Placing Shares;
• will not look to Fortified for all or any part of any such loss it may suffer;
• 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;
• is able to sustain a complete loss of an investment in the Placing Shares;
• has no need for liquidity with respect to its investment in the Placing Shares;
• 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
• has conducted its own due diligence, examination, investigation and assessment of the Company and its group, the Placing Shares and the terms of the Placing and has satisfied itself that the information resulting from such investigation is still current and relied on that investigation for the purposes of its decision to participate in the Placing;
• duly authorised to do so and has full power to make the acknowledgments, representations and agreements in this Announcement on behalf of each such person; and
• will remain liable to the Company and/or Fortified 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);
• it and any person acting on its behalf is entitled to subscribe for the Placing Shares under the laws and regulations of all relevant jurisdictions that apply to it and that it has fully observed such laws and regulations, has capacity and authority and is entitled to enter into and perform its obligations as a subscriber of Placing Shares and will honour such obligations, and has 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 this 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 Fortified or the Company or any of their respective affiliates and its and their directors, officers, agents, employees or advisers acting in breach of the legal or regulatory requirements of any jurisdiction in connection with the Placing;
• it irrevocably appoints any duly authorised officer of Fortified or Shard as its agent for the purpose of executing and delivering to the Company and/or its registrars any documents on its behalf necessary to enable it to be registered as the holder of any of the Placing Shares for which it agrees to subscribe for upon the terms of this Appendix;
• it may be asked to disclose in writing or orally to Fortified:
• if he or she is an individual, his or her nationality; or
• if he or she is a discretionary fund manager, the jurisdiction in which the funds are managed or owned;
• if it is within a Relevant State, it is a Qualified Investor as defined in Article 2(e) of the EU Prospectus Regulation;
• if in the United Kingdom, unless otherwise agreed by Fortified, it is a "professional client" or an "eligible counterparty" within the meaning of Chapter 3 of the FCA Handbook Conduct of Business Sourcebook ("COBS") and it is purchasing Placing Shares for investment only and not with a view to resale or distribution;
• 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 FSMA) relating to the Placing Shares in circumstances in which section 21(1) of FSMA does not require approval of the communication by an authorised person and it acknowledges and agrees that the Placing Documents have not and will not have been approved by Fortified or Shard in its respective capacity as an authorised person under section 21 of the FSMA and it may not therefore be subject to the controls which would apply if it was made or approved as a financial promotion by an authorised person;
• in order to ensure compliance with the Regulations, each of Company and Fortified (for itself and as agent on behalf of the Company) or the Company's registrars may, in their absolute discretion, require verification of each Placees' identity. Pending the provision to Fortified or the Company's registrars, as applicable, of evidence of identity, definitive certificates in respect of the Placing Shares may be retained at Fortified's absolute discretion or, where appropriate, delivery of the Placing Shares to it in uncertificated form may be delayed at Fortified or the Company's registrars', as the case may be, absolute discretion. If within a reasonable time after a request for verification of identify Fortified (for itself and as agent on behalf of the Company) or the Company's registrars have not received evidence satisfactory to them, Fortified and/or the Company may, at its absolute discretion, terminate such Placees' commitment in respect of the Placing, in which event the monies payable on acceptance of allotment will, if already paid, be returned without interest to the account of the drawee's bank from which they were originally debited;
• it (and any person acting on its behalf) has the funds available to pay for the Placing Shares for which it has agreed to subscribe and acknowledges and agrees that it 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 in this Announcement, failing which the relevant Placing Shares may be placed with other subscribers or sold as Fortified 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 allocated to it and will be required to bear any stamp duty, SDRT or other taxes or duties (together with any interest, fines or penalties) imposed in any jurisdiction which may arise upon the sale of such Placee's Placing Shares;
• any money held by Shard 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 relevant rules and regulations of the FCA made under FSMA. Each 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 Shard's money in accordance with the client money rules and will be held by it under a banking relationship and not as trustee;
• its allocation (if any) of Placing Shares will represent a maximum number of Placing Shares which it will be entitled, and required, to subscribe for, and that Fortified or the Company may call upon it to subscribe for a lower number of Placing Shares (if any), but in no event in aggregate more than the aforementioned maximum;
• neither Fortified nor any of its 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 Fortified are not acting for it or its clients, and Fortified will not be responsible for providing the protections afforded to clients or customers of Fortified or for providing advice in respect of the transactions described in this Announcement;
• it acknowledges that its commitment to acquire Placing Shares on the terms set out in this Announcement and in the trade confirmation, contract note or other (oral or written) confirmation will continue notwithstanding any amendment that may in future be made to the terms and conditions 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 or Fortified's conduct of the Placing;
• used that inside information to acquire or dispose of securities of the Company or financial instruments related thereto or cancel or amend an order concerning the Company's securities or any such financial instruments;
• used that inside information to encourage, require, recommend or induce another person to deal in the securities of the Company or financial instruments related thereto or to cancel or amend an order concerning the Company's securities or such financial instruments; or
• disclosed such information to any person, prior to the information being made publicly available;
• the rights and remedies of the Company and Fortified under the terms and conditions in this Appendix are in addition to any rights and remedies which would otherwise be available to each of them and the exercise or partial exercise of one will not prevent the exercise of others; and
• these terms and conditions of the Placing and any agreements entered into by it pursuant to the terms and conditions of the Placing, 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 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 (together with any interest chargeable thereon) may be taken by the Company or Fortified 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.

The foregoing representations, warranties, confirmations, acknowledgements, agreements and undertakings are given for the benefit of the Company and Fortified and are irrevocable. Each of Fortified and the Company and their respective affiliates and others will rely upon the truth and accuracy of the foregoing representations, warranties, confirmations, acknowledgements, agreements and undertakings.

Each prospective Placee, and any person acting on behalf of such Placee, irrevocably authorises the Company and Fortified 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 in this Announcement.

By participating in the Placing, each Placee (and any person acting on such Placee's behalf) agrees to indemnify on an after tax basis and hold the Company and Fortified and their respective affiliates, agents, directors, officers and employees 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 given by the Placee (and any person acting on such Placee's behalf) in this Appendix or incurred by Fortified, the Company or any of their respective affiliates, agents, directors, officers or employees arising from the performance of that Placees' obligations as set out in this Announcement, and further agrees that the provisions of this Appendix shall survive after completion of the Placing.

The Placing Shares will not be admitted to trading on any stock exchange other than the London Stock Exchange's Main Market.

Taxation

UK stamp duty or SDRT will arise on the transfers/sale of Ordinary Shares following Admission (including instruments transferring Shares and agreements to transfer Ordinary Shares).

Such statements assume that the Placing Shares are not being acquired in connection with arrangements to issue depositary receipts or to issue or transfer the Placing Shares into a clearance service. If there are any such arrangements, or the settlement relates to any other dealings in the Placing Shares, stamp duty or SDRT or other similar taxes or duties may be payable, for which neither the Company nor Fortified will be responsible and the Placees shall indemnify the Company and each of Fortified and Shard on an after-tax basis for any stamp duty or SDRT or other similar taxes or duties (together with interest, fines and penalties) in any jurisdiction paid by the Company or Fortified in respect of any such arrangements or dealings. If this is the case, each Placee should seek its own advice and notify Fortified and Shard accordingly. Placees are advised to consult with their own advisers regarding the tax aspects of the subscription for Placing Shares.

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