Proposed Secondary Placing in Applied Nutrition

Thomas Ryder and Steven Granite, Chief Executive Officer and Chief Operating Officer of Applied Nutrition respectively (together the "Selling Shareholders"), announce their intention to sell approximately 6,000,000 ordinary shares in the Company (the "Placing Shares"). The Placing Shares represent approximately 2.40% of the Company's issued share capital (excluding ordinary shares held in treasury).

The Placing Shares are being offered to institutional investors by way of an accelerated bookbuild (the "Placing"), which will be launched immediately following this announcement, and may close at any time on short notice.

Panmure Liberum Limited ("Panmure Liberum") is acting as sole bookrunner for the Selling Shareholders in connection with the Placing.

The Selling Shareholders currently own, in aggregate, 100,170,095 ordinary shares in the Company representing approximately 40.07% of Applied Nutrition's issued share capital.

The final number of Placing Shares to be placed and the price per Placing Share will be agreed by Panmure Liberum and the Selling Shareholders at the close of the bookbuild process, and the results of the Placing will be announced as soon as practicable thereafter. The timing for the close of the bookbuild process is at the absolute discretion of Panmure Liberum.

Following completion of the Placing, the Selling Shareholders have undertaken to not dispose of any remaining shares they hold in the Company for a period of 180 days, subject to certain exceptions and waiver by Panmure Liberum.

Applied Nutrition is not a party to the Placing and will not receive any proceeds from the Placing.