Proposed Placing and Share Capital Reorganisation

Director Dealing

Coro Energy Plc, the South East Asian renewable energy developer, announces that it is proposing to raise gross proceeds of approximately £1 million by way of a placing with existing and new institutional investors.

Placing

The Company is proposing to raise gross proceeds of approximately £1 million by way of a placing, by way of an accelerated bookbuild (the "Bookbuild") of the Company's shares by Tennyson Securities ("Tennyson") ("Placing") through the issue of New Ordinary Shares (the "Placing Shares") (being ordinary shares of 1p each following the Share Capital Reorganisation referred to below) at 4 pence ("Placing Price") per Placing Share. The Placing is conditional, inter alia, on shareholders approving the Share Capital Reorganisation (as referred to below).

The Placing will open immediately following the release of this announcement and will close at 07:30 on 22 December 2025. Institutional investors should contact Tennyson Securities to take part. The result of the Placing is expected to be announced by the Company on 22 December 2025.

The final number and allocation of the Placing Shares will be determined by Tennyson in consultation with the Company and the result of the Placing will be announced as soon as practical after the closing of the Bookbuild.

The terms and conditions of the Placing are set out in Appendix I at the end of this Announcement.

The net proceeds from the Placing of approximately £940,000 will, if completed, provide the Company with capital to accelerate its growth in the Vietnamese C&I rooftop solar market.

Share Reorganisation

As a condition to the Placing, the Company is proposing to effect a share capital reorganisation ("Share Capital Reorganisation") of the Company's existing ordinary shares of 0.5 pence each ("Ordinary Shares"). The Company is proposing to consolidate the Ordinary Shares so that every 10 Ordinary Shares are consolidated into one new ordinary share of 5 pence each in the capital of the Company ("Consolidated Share") and a further sub-division of every Consolidated Share into one new ordinary share of 1 pence each ("New Ordinary Share") and one new deferred share of 4 pence each ("Deferred Shares"). The Share Capital Reorganisation will reduce the number of existing ordinary shares in issue from 824,184,420 Ordinary Shares to 82,418,442 New Ordinary Shares (ignoring the impact of the Placing).

Placing conditions and Admission

The Placing is conditional, inter alia, on:

• resolutions (to approve the Share Capital Reorganisation and grant the relevant shareholder authorities to issue the Placing Shares) being proposed at a General Meeting of shareholders of the Company to be held at 10:00 on or about 22 January 2026 being duly passed; and
• admission of the Placing Shares being admitted to trading on AIM.

It is anticipated that Admission will become effective and that dealings in the Placing Shares will commence on AIM at 8:00 on or about 23 January 2026.

Please note that if the conditions set out above are not met the Placing will not proceed.

General Meeting

The General Meeting will be held at 10:00 on or about 22 January 2026. The Company expects to publish, on or about 5 January 2026, a shareholder circular to convene the General Meeting and a further announcement will be made in due course.

The Placing Shares will represent approximately 23% of the enlarged issued ordinary share capital following Admission.

Directors' participation

One of the Directors, Mr Tom Richardson, has agreed that he will subscribe for 625,000 Placing Shares pursuant to the Placing.

The subscription by Tom Richardson is a "related party transaction" for the purposes of Rule 13 of the AIM Rules for Companies. The sole independent Director, being Harry Beamish, considers, having consulted with the Company's nominated adviser, that the terms of Tom Richardson's participation in the Placing are fair and reasonable insofar as the shareholders of the Company are concerned.

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, Tennyson 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 (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 Placing 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 "EU Target Market Assessment"). The Placing Shares are not appropriate for a target market of investors whose objectives include no capital loss. Notwithstanding the EU 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 the Placing 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 EU 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 EU Target Market Assessment, Tennyson will only procure investors who meet the criteria of professional clients and eligible counterparties. For the avoidance of doubt, the EU 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 Placing 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

This Announcement has been issued by, and is the sole responsibility of, the Company.

Tennyson Securities ("Tennyson"), which is authorised and regulated by the FCA in the United Kingdom, is acting as broker to the Company in connection with the Placing. Tennyson will not be responsible to any person other than the Company for providing the protections afforded to clients of Tennyson or for providing advice to any other person in connection with the Placing or any acquisition of shares in the Company. Tennyson is not making any representation or warranty, express or implied, as to the contents of this Announcement. Tennyson has not authorised the contents of, or any part of, this Announcement, and no liability whatsoever is accepted by Tennyson 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 Tennyson for its own fraud.

Appendix I 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 Appendix I) 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 Appendix I.

APPENDIX

No prospectus

Each Placee, by participating in the Placing, agrees that the content of the Announcement 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 either Tennyson or the Company or any other person and neither Tennyson, the Company nor any other person acting on such person's behalf nor any of their respective affiliates has or shall have any liability for any Placee's decision to participate in the Placing based on any other information, representation, warranty or statement. 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. No Placee should consider any information in the Announcement or these Terms and Conditions to be legal, tax, business or other advice. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation.

Share Capital Reorganisation

Subject to the passing of the Resolutions, the Company proposes to consolidate the Ordinary Shares into Consolidated Shares. Each resulting Consolidated Share will then be sub-divided into one New Ordinary Share and one Deferred Share. The Share Capital Reorganisation will reduce the number of ordinary shares in issue from 824,184,418 Ordinary Shares to 82,418,441 New Ordinary Shares at Admission.

Bookbuild

Following the release of this Announcement, Tennyson will commence an accelerated bookbuilding process in respect of the Placing (the "Bookbuild") to determine demand for participation in the Placing by the Placees. The books will open with immediate effect following release of this Announcement. Members of the public are not entitled to participate in the Placing. This Appendix gives details of the terms and conditions of, and the mechanics of participating in, the Placing.

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

Details of the Placing Agreement and the Placing Shares

Tennyson has entered into the Placing Agreement with the Company under which, on the terms and subject to the conditions set out in the Placing Agreement, Tennyson, as agent for and on behalf of the Company, has agreed to use its reasonable endeavours to procure Placees for the Placing Shares at the Issue Price.

Application for admission to trading

Application(s) will be made to the London Stock Exchange for admission of the New Ordinary Shares and the Placing Shares to trading on AIM.

It is expected that Admission will take place on 23 January 2026 and that dealings in the New Ordinary Shares and the Placing Shares on AIM will commence at the same time.

Principal terms of the Placing

• Tennyson is acting as broker and bookrunner pursuant to the Placing, as agent for and on behalf of the Company.
• Participation in the Placing is by invitation only and will only be available to persons who may lawfully be, and are, invited by Tennyson to participate. Tennyson and any of its affiliates are entitled to participate in the Placing as principal.
• The Bookbuild, if successful, will establish the number of Placing Shares which will be included in the Placing. The number of Placing Shares and the aggregate proceeds to be raised through the Placing will be agreed between Tennyson and the Company following completion of the Bookbuild.
• To bid in the Bookbuild, Placees should communicate their bid by telephone or in writing to their usual sale contact at Tennyson. Each bid should state the number of Placing Shares with the prospective Placee to acquire at the Issue Price. Bids in the Bookbuild may be scaled down by Tennyson on the basis referred to in paragraph 9 below.
• The Bookbuild is expected to close no later than 07:30 on 23 December 2025, being the first Business Day after the date of this Announcement, but may be closed earlier or later, at the absolute discretion of Tennyson. Tennyson may, in agreement with the Company, accept bids that are received after the Bookbuild has closed.
• Each Placee's allocation will be confirmed to Placees orally, or in writing (which can include email), by Tennyson and a trade confirmation or contract note will be dispatched as soon as possible thereafter, following the close of the Bookbuild. Tennyson's oral or written confirmation will give rise to an irrevocable, legally binding commitment by that Placee, in favour of Tennyson 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 these Terms and Conditions. Except with the consent of Tennyson, such commitment will not be capable of variation or revocation.
• The price per Placing Share (the "Issue Price") is fixed at 4 pence and is payable to Tennyson (as agent for the Company) by all Placees.
• Each Placee's allocation and whether such Placee participates in the Placing will be determined by Tennyson in its discretion following consultation with the Company and will be confirmed by Tennyson.
• Subject to paragraphs 3 and 4 above, Tennyson may choose to accept bids, either in whole or in part, on the basis of allocations determined at its discretion and may scale down any bids for this purpose on such basis as they may determine or be directed. Tennyson reserves the right to scale back the number of Placing Shares to be subscribed by any Placee in the event that the Placing is oversubscribed. Tennyson also reserves the right not to accept offers to subscribe for Placing Shares or to accept such offers in part rather than in whole. The acceptance and, if applicable, scaling back of offers shall be at the absolute discretion of Tennyson.
• A bid in the Bookbuild will be made on the terms and subject to the conditions in this Appendix and will be legally binding on the Placee on behalf of which it is made and, except with Tennyson's and the Company's consent, will not be capable of variation or revocation after the time in which it is submitted.
• Any Placees who are existing shareholders of the Company undertake that they shall vote in favour of each of the Resolutions proposed at the General Meeting.
• Except as required by law or regulation, no press release or other announcement will be made by Tennyson 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.
• Irrespective of the time at which a Placee's allocation(s) pursuant to the Placing is/are confirmed, settlement for all Placing Shares to be acquired pursuant to the Placing will be required to be made at the same time, in each case on the basis explained below under "Registration and settlement".
• All obligations under the Bookbuild and the Placing will be subject to fulfilment of the conditions referred to below under "Conditions of the Placing" and to the Placing not being terminated on the basis referred to below under "Termination of the Placing".
• By participating in the Bookbuild, each Placee agrees that its rights and obligations in respect of the Placing will terminate only in the circumstances described below and will not be capable of rescission or termination by the Placee.
• To the fullest extent permissible by law and applicable FCA rules, neither:
• Tennyson;
• any of its affiliates, agents, advisers, directors, officers, consultants or employees; nor
• to the extent not contained within (a) or (b), any person connected with Tennyson as defined in the FSMA ((b) and (c) being together "affiliates" and individually an "affiliate" of Tennyson),

shall have any liability (including to the extent permissible by law, any fiduciary duties) to Placees or to any other person whether acting on behalf of a Placee or otherwise. In particular, Tennyson nor any of its affiliates shall have any liability (including, to the extent permissible by law, any fiduciary duties) in respect of Tennyson's conduct of the Bookbuild or of such alternative method of effecting the Placing as Tennyson and the Company may agree.

Registration and settlement

By participating in the Placing, 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 Tennyson in accordance with either the standing CREST or certificated settlement instructions which they have in place with Tennyson.

Settlement of transactions in the Placing Shares following Admission will take place within the CREST system, subject to certain exceptions. Settlement through CREST will be on a delivery versus payment basis ("DVP") unless otherwise notified by Tennyson and is expected to occur on the date of Admission.

However, in the event of any difficulties or delays in the admission of the Placing Shares to CREST or the use of CREST in relation to the Placing, the Company and Tennyson may agree that the Placing Shares (or any of them) should be issued in certificated form. Tennyson reserves the right to require settlement for any of the Placing Shares, and to deliver any of the Placing Shares to any Placees, by such other means as they deem necessary if delivery or settlement to any Placee is not practicable within the CREST system or would not be consistent with regulatory requirements in the jurisdiction in which a Placee is located.

Interest is chargeable daily on payments not received from Placees on or before the due date in accordance with the arrangements set out above, in respect of either CREST or certificated deliveries, at the rate of 3 percentage points above prevailing base rate of Barclays Bank plc as determined by Tennyson.

Each Placee is deemed to agree that if it does not comply with these obligations, Tennyson may sell any or all of their Placing Shares on their behalf and retain from the proceeds, for the Tennyson's own account and benefit, an amount equal to the aggregate amount owed by the Placee plus any interest due. The relevant Placee will, however, remain liable for any shortfall below the Issue Price and for any stamp duty or stamp duty reserve tax (together with any interest or penalties) which may arise upon the sale of its Placing Shares on its behalf.

Conditions of the Placing

The obligations of Tennyson under the Placing Agreement are, and the Placing of the Placing Shares is, conditional upon, inter alia:

• the warranties in the Placing Agreement being true and accurate and not misleading;
• the Resolutions having been passed without amendment by the required majority at the General Meeting; and
• Admission having occurred not later than 8.00 a.m. on 23 January 2026 or such later date as the Company and Tennyson may agree, but in any event not later than 8.00 a.m. on the Long Stop Date.

All conditions to the obligations of Tennyson included in the Placing Agreement are together referred to in these Terms and Conditions as the "conditions".

If any of the conditions are not fulfilled or, where permitted, waived in accordance with the Placing Agreement within the stated time periods (or such later time and/or date as the Company and Tennyson may agree), or the Placing Agreement is terminated in accordance with its terms, the Placing (or such part of it as may then remain to be completed) will lapse and the Placee's rights and obligations shall cease and terminate at such time and each Placee agrees that no claim can be made by or on behalf of the Placee (or any person on whose behalf the Placee is acting) in respect thereof.

Tennyson may, in its absolute discretion and upon such terms as it thinks fit, waive fulfilment of certain conditions in the Placing Agreement in whole or in part, or extend the time provided for fulfilment of one or more conditions, save that certain conditions (including as regards the Placing Shares the condition relating to Admission referred to in paragraph (c) above) may not be waived. Any such extension or waiver will not affect Placees' commitments as set out in these Terms and Conditions.

Tennyson may terminate the Placing Agreement in certain circumstances, details of which are set out below.

Neither Tennyson nor any of its affiliates, agents, advisers, directors, officers or employees nor the Company 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 any of them 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 (or any part thereof) nor for any decision any of them may make as to the satisfaction of any condition or in respect of the Placing generally (or any part thereof) and by participating in the Placing each Placee agrees that any such decision is within the absolute discretion of Tennyson.

Termination of the Placing

Tennyson may, in its absolute discretion, by notice to the Company, terminate the Placing Agreement at any time up to Admission if, inter alia:

• the Company fails in any material respect to comply with any of its obligations under the Placing Agreement or it commits a breach of the rules and regulations of the FCA and/or London Stock Exchange and/or the AIM Rules, FSMA, MAR or any other applicable law; or
• it comes to the notice of Tennyson that any statement contained in the Placing Documents were untrue, incorrect or misleading at the date of such document in any respect which is considered to be material; or
• it comes to the notice of Tennyson that any statement contained in any of the Placing Documents has become untrue, incorrect or misleading or any matter has arisen which would, if the Placing were made at that time, constitute an omission therefrom; or
• it comes to the notice of Tennyson that any of the warranties given by the Company in the Placing Agreement was not at the date of the agreement true and accurate in any respect which is considered to be material; or
• it comes to the notice of Tennyson that a matter has arisen which is likely to give rise to a claim under any of the indemnities given by the Company in Clause 9 (Indemnities); or
• any of the Warranties, given by the Company by reference to the circumstances prevailing from time to time has ceased to be true and accurate; or
• in the opinion of Tennyson there shall have occurred any Material Adverse Change (whether or not foreseeable at the date of this Agreement).

Tennyson may also, after having to the extent practicable in the circumstances consulted with the Company, give notice in writing to the Company prior to Admission to rescind the Placing Agreement in certain circumstances, including where there is a general moratorium on commercial banking activities in London or the outbreak or escalation of hostilities involving the United Kingdom.

By participating in the Bookbuild, each Placee agrees with the Company and Tennyson that the exercise by the Company or Tennyson of any right of termination or any other right or other discretion under the Placing Agreement shall be within the absolute discretion of the Company or Tennyson or for agreement between the Company and Tennyson and that neither the Company nor Tennyson need make any reference to such Placee and that none of the Company, Tennyson nor any of their respective affiliates, agents, advisers, directors, officers or employees shall have any liability to such Placee (or to any other person whether acting on behalf of a Placee or otherwise) whatsoever in connection with any such exercise.

By agreeing with Tennyson as agent of the Company to subscribe for Placing Shares under the Placing, a Placee (and any person acting on a Placee's behalf) will irrevocably acknowledge and confirm and warrant and undertake to, and agree with, each of the Company and Tennyson, in each case as a fundamental term of such Placee's application for Placing Shares and of the Company's obligation to allot and/or issue any Placing Shares to it or at its direction, that its rights and obligations in respect of the Placing (or any part of it) will terminate only in the circumstances described above and under the "Conditions of the Placing" section above and will not be capable of rescission or termination by it in any other circumstances.

Representations, warranties and further terms

By participating in the Placing, each Placee (and any person acting on such Placee's behalf) represents, warrants, acknowledges, undertakes, confirms and agrees (for itself and for any such prospective Placee) that (save where Tennyson expressly agrees in writing to the contrary):

1. it has read and understood these Terms and Conditions in their entirety and that its acquisition of the Placing Shares is subject to and based upon all the terms, conditions, representations, warranties, indemnities, acknowledgements, agreements and undertakings and other information contained herein and that it has not relied on, and will not rely on, any information given or any representations, warranties or statements made at any time by any person in connection with Admission, the Placing, the Company, the Placing Shares or otherwise, other than the information contained in the Announcement and the Publicly Available Information;

• is required under any applicable law; and
• has been or will be prepared in connection with the Placing,
• the Ordinary Shares are admitted to trading on AIM, and that the Company is therefore required to publish certain business and financial information in accordance with the AIM Rules and the Market Abuse Regulation (EU Regulation No. 596/2014) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "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;
• it has made its own assessment of the Placing Shares and the terms of the Placing and has relied on its own investigation of the business, financial position and other aspects of the Company in accepting a participation in the Placing and neither Tennyson nor the Company nor any of their respective affiliates, agents, advisers, directors, officers or employees nor any person acting on behalf of any of them has provided, and will not provide, it with any material regarding the Placing Shares or the Company or any other person other than the information in the Announcement and these Terms and Conditions or the Publicly Available Information; nor has it requested Tennyson, the Company, any of their respective affiliates, agents, advisers, directors, employees or officers or any person acting on behalf of any of them to provide it with any such information;
• neither Tennyson nor any person acting on behalf of them nor any of its affiliates, agents, directors, officers or employees has or shall have any liability for any Publicly Available Information, or any representation relating to the Company, provided that nothing in the Terms and Conditions excludes the liability of any person for any fraudulent misrepresentation made by that person;

6.

• the only information which it is entitled to rely on and on which it has relied in committing to acquire the Placing Shares is contained in the 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 and it has made its own assessment of the Company, the Placing Shares and the terms of the Placing based on the Announcement and the Publicly Available Information;
• neither Tennyson nor any of its respective affiliates, agents, directors, officers or employees have 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 any documentation issued by the Company in connection with the Placing or the Publicly Available Information;
• it has not relied on any investigation that Tennyson or any person acting on their behalf may have conducted with respect to the Company, the Placing or the Placing Shares;
• the content of the Announcement and the other Publicly Available Information as well as any information made available (in written or oral form) in presentations or as part of roadshow discussions with investors relating to the Company (the "Information") has been prepared by and is exclusively the responsibility of the Company and that Tennyson nor any persons acting on its behalf is responsible for or has or shall have any liability for any such Information, representation, warranty or statement relating to the Company contained in therein nor will they be liable for any Placee's decision to participate in the Placing based on any Information or any representation, warranty or statement contained therein or otherwise. Nothing in these Terms and Conditions shall exclude any liability of any person for fraudulent misrepresentation;
• it has the funds available to pay for the Placing Shares which it has agreed to acquire and acknowledges and agrees that it will pay the total subscription amount in accordance with these Terms and Conditions by the due time and date set out herein, failing which the relevant Placing Shares may be placed with other Placees or sold at such price as Tennyson determines;
• it and/or each person on whose behalf it is participating:
• has fully observed such laws and regulations;
• neither Tennyson, not its respective affiliates or any person acting on behalf of any of it is making any recommendations to it or advising it regarding the suitability of any transactions it may enter into in connection with the Placing and that participation in the Placing is on the basis that it is not and will not be a client of either of Tennyson and that Tennyson have no duties or responsibilities to it for providing the protections afforded to their respective clients or for providing advice in relation to the Placing nor in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement nor for the exercise or performance of any of its rights and obligations thereunder including any rights to waive or vary any conditions or exercise any termination right;
• it will make payment to Tennyson for the Placing Shares allocated to it in accordance with these Terms and Conditions on or by the specified time (being the date of Admission), failing which the relevant Placing Shares may be placed with others on such terms as Tennyson determines in its absolute discretion without liability to the Placee and it will remain liable for any shortfall below the net proceeds of such sale and the placing proceeds of such Placing Shares and may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties due pursuant to the terms set out or referred to in these Terms and Conditions) which may arise upon the sale of such Placee's Placing Shares on its behalf;
• 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 Tennyson 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;
• the person who it specifies for registration as holder of the Placing Shares will be:
• the Placee; or
• a nominee of the Placee, as the case may be;
• neither Tennyson nor the Company will be responsible for any liability to stamp duty or stamp duty reserve tax payable on the acquisition of the Placing Shares. Each Placee and any person acting on behalf of such Placee agrees to acquire Placing Shares pursuant to the Placing and agrees to indemnify the Company and Tennyson in respect of the same on the basis that the Placing Shares will be allotted to a CREST stock account of Tennyson or transferred to a CREST stock account of Tennyson who will hold them as nominee on behalf of the Placee until settlement in accordance with its standing settlement instructions with it;
• as far as it is aware it is not acting in concert (within the meaning given in The City Code on Takeovers and Mergers) with any other person in relation to the Company, save as previously disclosed to Tennyson;
• it has only communicated or caused to be communicated and it will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) relating to Placing Shares in circumstances in which section 21(1) of the FSMA does not require approval of the communication by an authorised person and it acknowledges and agrees that neither these Terms and Conditions nor the Announcement has not been approved by Tennyson in its 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 financial promotion by an authorised person;
• the Placing Shares acquired by it in the Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, any person save in circumstances in which the express prior written consent of Tennyson has been given to the offer or resale;
• dealt (or attempted to deal) in the securities of the Company;
• encouraged, recommended or induced another person to deal in the securities of the Company; or
• neither Tennyson, the Company nor any of their respective affiliates, agents, advisers, directors, officers or employees nor any person acting on behalf of Tennyson or its affiliates, agents, advisers, directors, officers or employees nor any person acting on behalf of any 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 nor providing advice in relation to the Placing nor in respect of any representations, warranties, acknowledgements, agreements, undertakings, or indemnities contained in the Placing Agreement nor the exercise or performance of any of the Tennyson's rights and obligations thereunder including any rights to waive or vary any conditions or exercise any termination right;
• Tennyson and its respective affiliates, acting as an investor for its or their own account(s), may bid or subscribe for and/or purchase Placing Shares and, in that capacity, may retain, purchase, offer to sell or otherwise deal for its or their own account(s) in the Placing Shares, any other securities of the Company or other related investments in connection with the Placing or otherwise. Accordingly, references in the Announcement and/or these Terms and Conditions to the Placing Shares being offered, subscribed, acquired or otherwise dealt with should be read as including any offer to, or subscription, acquisition or dealing by, Tennyson and/or any of its respective affiliates acting as an investor for its or their own account(s). Tennyson nor the Company intend to disclose the extent of any such investment or transaction otherwise than in accordance with any legal or regulatory obligation to do so;
• it:
• is not a person:

(all such statutes, rules and regulations referred to in this paragraph 36 together, the "Regulations") and if making payment on behalf of a third party, satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations and it 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 Tennyson such evidence, if any, as to the identity or location or legal status of any person which they may request from it in connection with the Placing (for the purpose of complying with the 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 Tennyson on the basis that any failure by it to do so may result in the number of Placing Shares that are to be acquired by it or at its direction pursuant to the Placing being reduced to such number, or to nil, as Tennyson may decide at their discretion;

35. in order to ensure compliance with the Regulations, Tennyson (for itself and as agent on behalf of the Company) or the Company's registrars may, in their absolute discretion, require verification of its identity. Pending the provision to Tennyson or the Company's registrars, as applicable, of evidence of identity, definitive certificates in respect of the Placing Shares may be retained at Tennyson's absolute discretion or, where appropriate, delivery of the Placing Shares to it in uncertificated form may be delayed at Tennyson's or the Company's registrars', as the case may be, absolute discretion. If within a reasonable time after a request for verification of identity Tennyson (for itself and as agent on behalf of the Company) or the Company's registrars have not received evidence satisfactory to them, either Tennyson and/or the Company may, at its absolute discretion, terminate its 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;

• its commitment to acquire Placing Shares on the Terms and Conditions 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 Tennyson's conduct of the Placing;
• it irrevocably appoints any duly authorised officer of Tennyson 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 which it agrees to acquire upon these Terms and Conditions;
• the Company, Tennyson and others (including each of their respective affiliates, agents, advisers, directors, officers and employees) will rely upon the truth and accuracy of the foregoing representations, warranties, acknowledgements and agreements, which are given to Tennyson on its own behalf and on behalf of the Company and are irrevocable;
• time is of the essence as regards its obligations under these Terms and Conditions;
• 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 Tennyson;
• the Placing Shares will be issued subject to these Terms and Conditions; and
• these Terms and Conditions and all documents into which these Terms and Conditions are incorporated by reference or of which they otherwise validly form a part and/or any agreements entered into pursuant to these Terms and Conditions and all agreements to acquire Placing Shares pursuant to the Placing will be governed by and construed in accordance with English law and it submits to the exclusive jurisdiction of the English courts in relation to any claim, dispute (contractual or otherwise) or matter 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 interest chargeable thereon) may be taken by the Company or Tennyson 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.

By participating in the Placing, each Placee (and any person acting on such Placee's behalf) agrees to indemnify and hold the Company, Tennyson and each of its 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 these Terms and Conditions or incurred by Tennyson, the Company or any of their respective affiliates, agents, directors, officers or employees arising from the performance of the Placee's obligations as set out in these Terms and Conditions, and further agrees that the provisions of these Terms and Conditions shall survive after the completion of the Placing.

The agreement to allot and issue Placing Shares to Placees (or the persons for whom Placees are contracting as agent) free of stamp duty and stamp duty reserve tax in the United Kingdom relates only to their allotment and issue to Placees, or such persons as they nominate as their agents, directly by the Company. Such agreement assumes that the Placing Shares are not being acquired 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 related to any other dealings in the Placing Shares, stamp duty or stamp duty reserve tax may be payable. In that event, the Placee agrees that it shall be responsible for such stamp duty or stamp duty reserve tax and neither the Company nor Tennyson shall be responsible for such stamp duty or stamp duty reserve tax. If this is the case, each Placee should seek its own advice and they should notify Tennyson accordingly. In addition, Placees should note that they will be liable for any capital duty, stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the United Kingdom by them or any other person on the acquisition by them of any Placing Shares or the agreement by them to acquire any Placing Shares and each Placee, or the Placee's nominee, in respect 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 non-United Kingdom stamp, registration, documentary, transfer or similar taxes or duties undertakes to pay such taxes and duties, including any interest and penalties (if applicable), forthwith and to indemnify on an after-tax basis and to hold harmless the Company and Tennyson in the event that any of the Company and/or Tennyson have incurred any such liability to such taxes or duties.

The representations, warranties, acknowledgements and undertakings contained in these Terms and Conditions are given to Tennyson for itself and on behalf of the Company and are irrevocable.

Each Placee and any person acting on behalf of the Placee acknowledges that Tennyson does not owe any fiduciary or other duties to any Placee in respect of any representations, warranties, undertakings, acknowledgements, agreements or indemnities in the Placing Agreement.

The provisions of these Terms and Conditions may be varied, waived or modified as regards specific Placees or on a general basis by Tennyson provided always that such variation, waiver or modification is not materially prejudicial to the interests of the Company.

Each Placee and any person acting on behalf of the Placee acknowledges and agrees that Tennyson may (at its absolute discretion) satisfy their obligations to procure Placees by themselves agreeing to become a Placee in respect of some or all of the Placing Shares or by nominating any connected or associated person to do so.

When a Placee or any person acting on behalf of the Placee is dealing with Tennyson, any money held in an account with Tennyson 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 the 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 Tennyson's money in accordance with the client money rules and will be held by it under a banking relationship and not as trustee.

References to time in the Terms and Conditions are to London time, unless otherwise stated.

DEFINITIONS

The following definitions apply in this Announcement: