Placing and Subscription

GENinCode plc (AIM: GENI.L), a genetics company focussed on the prevention of cardiovascular disease ("CVD") and the early detection of ovarian cancer, today announces its intention to raise a minimum of £4.0 million through a placing and subscription. The raise will include the issue of a minimum of 88,040,541 new ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") ("Placing Shares") at the issue price of 3.7 pence per share ("Issue Price") to new and existing institutional investors ("Placees") to raise gross proceeds of a minimum of £3.26 million (the "Placing").

The Placing is being undertaken by Cavendish Capital Markets Limited ("Cavendish") and Oberon Capital, a trading name of Oberon Investments Limited, ("Oberon") as Joint Bookrunners to the Placing.

The Company proposes to raise a further £0.74 million (before expenses) by way of a proposed subscription, comprising the issue of 20,067,567 new Ordinary Shares ("Subscription Shares") at the Issue Price (the "Subscription") to entities associated with Nestor Oller and certain Directors.

In addition, the Company intends to carry out a separate retail offer of up to 13,513,514 new Ordinary Shares ("Retail Shares" and together with the Placing Shares and the Subscription Shares, the "New Ordinary Shares") at the Issue Price to raise further gross proceeds of up to £0.5 million via RetailBook (the "Retail Offer" and together with the Placing and the Subscription, the "Fundraising") to provide existing and new retail shareholders in the United Kingdom with an opportunity to participate in the Retail Offer. A separate announcement will be made shortly regarding the Retail Offer and its terms. The Placing and Subscription are not conditional upon the Retail Offer. For the avoidance of doubt the Retail Offer forms no part of the Placing or Subscription.

Transaction Highlights:

• GENinCode is conducting a conditional Placing and Subscription to raise a minimum of £4.0 million (before expenses) through the proposed issue of a minimum 108,108,108 New Ordinary Shares.
• The Placing is expected to raise a minimum of £3.26 million through the issue of a minimum of 88,040,541 Placing Shares.
• Certain entities associated with Nestor Oller and certain Directors of the Company intend to participate in the Subscription and will conditionally subscribe for 20,067,567 Subscription Shares raising £0.74 million in aggregate.
• The Issue Price of 3.7 pence represents a discount of 5.1 per cent. to the closing middle market price of 3.9 pence per Ordinary Shares on 13 February 2025, being the last business day prior to the announcement of the Fundraising.
• The gross proceeds of the Fundraising, which are expected to amount to at least £4.0 million (and up to a further £0.5 million assuming full take up of the Retail Offer), will be sufficient for at least 12 months and will be used to fund the completion of the Company's US regulatory and reimbursement program whilst driving commercialisation in the US, expanding its activities in the UK and Europe whilst positioning the Company on a pathway to breakeven/profitability over the medium term.
• Completion of the Fundraising is conditional, inter alia, upon approval of the shareholder resolutions (at the general meeting of the Shareholders to be held on 3 March 2025 (the "General Meeting").
• The final number and allocation of the Placing Shares will be determined by Cavendish and Oberon, in agreement with the Company and the result of the Placing will be announced as soon as practicable after the release of this announcement and completion of the ABB.

A circular, containing further details of the Fundraising and the notice of the General Meeting to be held at 11.00 a.m. on 3 March 2025 to, inter alia, approve the resolutions required to implement the Fundraising, is expected to be published and despatched to Shareholders on or around 14 February 2025 (the "Circular"). Set out below in Appendix I is an adapted extract from the draft Circular that is proposed to be sent to Shareholders after the closure of the ABB. Following its publication, the Circular will be available on the Group's website at https://investors.genincode.com/.

Notes:

References to times in this Announcement are to London time unless otherwise stated.

Information to Distributors

UK Product Governance Requirements

EU Product Governance Requirements

APPENDIX I - EXTRACT FROM THE CIRCULAR

Introduction

On 14 February 2025, the Company announced that it had conditionally raised £4.0 million including approximately £3.26 million (before expenses) through the Placing by the proposed issue of 88,040,541 Placing Shares at the Issue Price and a further £0.74 million (before expenses) by way of a proposed Subscription, comprising the issue of 20,067,567 Subscription Shares at the Issue Price.

Furthermore, the Board recognises and is grateful for the continued support received from Retail Shareholders and is pleased to offer retail Shareholders the opportunity to participate in the Fundraising through the Retail Offer. The Retail Offer is being conducted via the RetailBook Platform and will raise a maximum of £0.5 million (assuming full take up of the Retail Offer) through the issue of up to 13,513,514 new Ordinary Shares at the Issue Price. The Retail Offer is expected to close at 5.00 pm on 17 February and further details of how eligible investors may participate in the Retail Offer are set out below and separately in a Company's announcement detailing the Retail Offer.

The Fundraising consists of the Placing, the Subscription and the Retail Offer and will raise up to £4.5 million in aggregate, assuming full take up of the Retail Offer. The Fundraising is conditional on, inter alia, the Resolutions being passed by the Shareholders at the General Meeting and Admission becoming effective.

Subject to Shareholder approval of the Resolutions at the General Meeting, application will be made for the New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective at 8.00 a.m. on 4 March 2025 (or such later date as the Company and the Joint Brokers may agree, but not later than 31 March 2025).

Subject to the Resolutions being passed by Shareholders at the General Meeting, each of the New Ordinary Shares will, on Admission rank pari passu in all respects with the Existing Ordinary Shares and will rank in full for all dividends and other distributions declared, made or paid on the New Ordinary Shares after Admission.

The Issue Price represents a discount of approximately 5.1 per cent. to the Closing Price of 3.9 pence per Existing Ordinary Share on 13 February 2025, being the latest practicable date prior to the announcement of the Fundraising.

The announcement provides information about the background to and the reasons for the Fundraising, to explain why the Board considers the Fundraising to be in the best interests of the Company and its Shareholders as a whole and why the Directors recommend that shareholders vote in favour of the Resolutions as they intend to do in respect of their respective shareholdings.

Importance of vote

If the Resolutions are not approved by Shareholders at the General Meeting, the Fundraising would not proceed as currently envisaged and, as such, the anticipated net proceeds of the Fundraising would not become available to the Company. There is no certainty that other funding would be available on suitable terms or at all. Accordingly, in light of the Group's low cash position, it would be likely that the Company would have insufficient capital to be able to continue trading.

Background to and reasons for the Fundraising

Background to GENinCode plc

GENinCode is a genetics company focussed on the prevention of cardiovascular disease ("CVD") and the early detection of ovarian cancer. Significant investment has been made in technology and product development to advance the Company's mission of improving patient outcomes through predictive and preventive care. The Company is transitioning towards break-even over the medium term, supported by its revenue scale-up and expansion strategy across Europe, the UK, and the United States.

CVD is the leading cause of death worldwide, responsible for over 17.9 million deaths annually, which equates to approximately 31% of all global deaths (World Health Organisation). With the global annual cost of CVD projected to surpass $1.04 trillion by 2030, the directors believe there is an unmet need to accelerate the adoption of genetic testing as an adjunct to the current standard of care. The directors believe GENinCode's proprietary solutions address this unmet need by integrating genetic and clinical data to improve risk prediction, risk assessment, and personalised treatment pathways for CVD and related conditions.

Clinical Evidence Base and Intellectual Property

GENinCode's portfolio of IP-protected tests is backed by over 15 years of clinical research and includes published studies on more than 150,000 patients, providing strong support for clinical adoption and regulatory approval. The Company's tests are focused on predictive and preventive care, designed to improve patient outcomes while reducing the overall costs of treating CVD for healthcare systems.

Regulatory Status and Reimbursement

GENinCode's core products, CARDIO inCode and LIPID inCode, are CE-marked and US CLIA and CAP approved, with a regulatory pathway that includes an FDA 'De Novo' submission for CARDIO inCode-Score. The Company's submission has completed FDA substantive review (July 2024) and following further discussions with the FDA is expected to progress to approval in early Q2 2025. FDA approval of CARDIO inCode would enable the test to be provided as a medical device (kit) format which the directors expect would substantially expand the market for the test.

In January 2025, the Company announced that its CARDIO inCode test had been included in the U.S. Centres for Medicare and Medicaid Services (CMS) 2025 Clinical Lab Fee Schedule with a median price of approximately $500 per test. This development is an important step in facilitating reimbursement from Medicare and Medicaid across the United States. In addition, the Company is preparing a MolDx submission for US state-based reimbursement following receipt of FDA approval.

LIPID inCode has an average reimbursement of $1,229, reflecting the Clinical Laboratory Fee Schedule for the test and the broad Familial Hypercholesterolemia Panel of tests to identify FH genetic variants.

Product Portfolio

CARDIO inCode-Score (CIC-SCORE)

CIC-SCORE is GENinCode's flagship product, providing a genetic risk assessment for cardiovascular disease. Traditional cardiovascular risk assessments often underestimate the risk for individuals categorised as low or intermediate risk. CIC-SCORE overcomes this limitation by analysing genetic variants (SNPs) to calculate a Polygenic Risk Score (PRS). When combined with a patient's clinical data, the PRS enables more accurate risk assessment and stratification, enhancing lifetime cardiovascular risk prediction and aiding in the identification of patients at the highest risk of coronary heart disease. Tests are currently undertaken through the Company's California CLIA laboratory. Following FDA approval this test will also be available in a kit format.

LIPID inCode

LIPID inCode is a genetic diagnostic test that identifies mutations in genes associated with hypercholesterolemia and familial hypercholesterolemia. Early diagnosis and treatment of familial hypercholesterolemia can significantly reduce the risk of atherosclerosis and prevent cardiovascular disease. LIPID inCode also evaluates additional genetic markers to guide treatment decisions for hypercholesterolemia, helping clinicians tailor therapy for prevention of cardiovascular disease. Early diagnosis is vital, as this enables earlier treatment which can lead to a reduced risk of early-onset cardiovascular disease.

THROMBO inCode

THROMBO inCode is a genetic test that evaluates hereditary thrombophilia and the risk of venous thromboembolism (VTE). By analysing genetic variants linked to thrombosis, THROMBO inCode supports the prevention and treatment of thrombosis in individuals with a family history of the condition. The test has been adopted by several hospitals and laboratories in Europe and is underpinned by published clinical research.

Risk of Ovarian Cancer Algorithm (ROCA Test)

The ROCA Test is a surveillance tool for the early detection of ovarian cancer, primarily for individuals with BRCA1 or BRCA2 pathogenic variants who defer risk-reducing surgery. It has been recommended in the latest NICE Guidance as the only surveillance test for familial ovarian cancer and the first to be included in an ovarian cancer care pathway globally. The guidance highlights risk identification, genetic testing, and support through preventive surgery or surveillance using the ROCA Test.

The ROCA Test offers the opportunity of a recurring revenue model through regular monitoring. The Company is in discussions for the adoption of the ROCA Test within the NHS. NICE draft guidelines recommend ROCA testing every four months. Final NICE guidance was released in March 2024 officially recommending the test. This marked a significant milestone for its adoption in clinical pathways. Efforts are underway to roll out the test across several NHS regions with support from Cancer Alliances and Specialised Services. In 2024-2025, targeted NHS roll-out plans began with initial implementations in 4-6 regions. The test has gained strong backing from gynaecological oncologists, geneticists, and genetic counsellors.

International expansion is progressing, with agreements signed in Switzerland and Austria in 2024, and plans for expansion into Germany and Spain following. The US market remains under evaluation, with ongoing considerations based on progress in the UK and Europe.

Growth Strategy

The Company has developed a three-region strategy, targeting the US, the UK and Europe. These present opportunities for growth in each market, particularly the US, which is expected to be a key driver of revenue growth for GENinCode.

US Strategy

The US provides GENinCode's most significant target market opportunity for its genetic testing solutions to improve cardiovascular disease (CVD) prevention and the diagnosis of familial hypercholesterolemia (FH). The US target market for LIPID inCode includes approximately 0.2 million patients with diagnosed FH (but who have not been tested for FH genetic variants) and an estimated 1.3 million undiagnosed probable FH patients. Despite the efforts of the Centres for Disease Control and Prevention (CDC) to prioritize FH for early detection, less than 30% of FH patients in the US have been identified, which the directors believe highlights the need for enhanced diagnostic tools and screening strategies.

LIPID inCode and FH Testing

LIPID inCode is the first commercially available Monogenic + Polygenic test for FH. The test is classified as a 'Tier 1' genomic test by the CDC and provides physicians with a comprehensive diagnostic profile, including monogenic FH diagnosis, polygenic hypercholesterolemia risk, and coronary heart disease risk (via CARDIO inCode). The Company has had discussions with certain pharma companies about opportunities to collaborate in targeting patients most in need of lipid lowering medications. It is estimated that the FH testing market in the US represents a $1.8 billion opportunity.

GENinCode's collaboration with the FH Foundation supports the adoption of LIPID inCode in US primary care settings as part of the DISCOVER FH programme. Funded by a grant from the US Department of Defence (DOD), this initiative focuses on improving early diagnosis of FH and implementing advanced diagnostic tools for both adult and paediatric populations. DISCOVER FH partners include UT Southwestern Medical Centre, University of Pennsylvania, Geisinger, West Virginia University, Mayo Clinic, and the Veterans Association.

CARDIO inCode-Score

CARDIO inCode-Score (CiC-Score) offers a polygenic risk assessment for CVD prevention and is central to GENinCode's US strategy. The FDA De Novo medical device submission for CiC-Score was submitted in November 2023, with the substantive review completed in July 2024 and additional information submitted in January 2025. Approval is anticipated by early Q2 2025. Once approved, CiC-Score is expected to be the first-in-class kit available for national distribution to US CLIA-certified laboratories. This will allow broader scalability through both service-based testing and testing kits.

Reimbursement Progress

Reimbursement frameworks for LIPID inCode and CARDIO inCode continue to expand. LIPID inCode has established ICD-10 and CPT codes for FH testing, enabling adoption by hospital systems, Integrated Delivery Networks (IDNs) and community clinics. CARDIO inCode has received CPT PLA coding (0401U) approved by the American Medical Association and is included in the CMS 2025 Clinical Lab Fee Schedule with a median price of ~$500 per test. MolDx submission is in preparation to further expand state-based reimbursement following FDA approval. These developments are expected to position GENinCode for rapid growth in adoption and revenue generation.

Commercialisation and Strategic Focus

GENinCode's US commercialisation strategy includes a targeted engagement plan focused on the top 250 US physicians in lipidology and preventative cardiology. The Company is also building partnerships with key opinion leaders (KOLs) and major institutions, supported by education programmes and the SITAB portal. Service-based testing is expanding across institutions, community clinics, and executive health settings. In addition, commercial payer discussions are progressing, focusing on benefits investigation and securing out-of-network coverage.

The Company has now successfully onboarded over 20 top-tier institutional sites, mainly for the use of LIPID inCode with adoption expected to grow further following CARDIO inCode-Score FDA approval and insurance coverage. The Total Addressable Market (TAM) for CiC-Score is estimated at $10.5 billion, with a Serviceable Available Market (SAM) of $4.5 billion. Initial market scoping indicates an addressable patient pool of 21 million, with 8.5 million likely to be prescribed CiC-Score if covered by insurance.

Strategic Partnerships and Research Leadership

GENinCode's partnerships extend to key organisations, including the FH Foundation, National Lipid Association (NLA), and the American Society of Preventative Cardiology (ASPC), as well as leading institutions involved in DISCOVER FH. The collaboration with the FH Foundation includes a first phase funded by the US DOD, focused on the paediatric population.

UK Strategy

In the UK, GENinCode's commercialisation strategy has focused on delivering and validating the provision of LIPID inCode within the NHS. The Company is building relationships with leading medical institutions and Health Innovation Networks (HINs) to enhance the detection and management of Familial Hypercholesterolemia (FH). FH is an inherited genetic disorder affecting approximately 1 in 250 individuals in the UK, equating to between 230,000 and 260,000 people.

In February 2022, the Company announced the successful completion of its NHS clinical study and positive results for its LIPID inCode test undertaken at the Royal Brompton and Guy's & St Thomas' Trust. This was followed by a successful pilot scheme in partnership with the Academic Health Science Network (AHSN), leading to the adoption of LIPID inCode in the North of England. The NHS has now processed over 2,000 FH tests, helping the NHS Genetic Lab Hub meet its targets for FH detection, a critical element of the NHS Long Term Plan to prevent CVD.

In May 2023, NHS funding was allocated to expand LIPID inCode testing, aiming to improve the diagnosis and treatment of FH. The Directors believe LIPID inCode offers faster turnaround times and reduced costs compared to current NHS testing methods. These improvements align with the NHS Long Term Plan's focus on preventing CVD and improving outcomes, the single largest medical condition for NHS England where lives can be saved.

Additionally, the Company is introducing CARDIO inCode to the NHS, aiming to enhance the risk assessment of coronary heart disease (CHD). The Company continues to advance discussions with other NHS England trusts to broaden the implementation of both LIPID inCode and CARDIO inCode nationwide.

Europe Strategy

GENinCode's key EU products are CE-Marked, with CARDIO inCode, THROMBO inCode, and LIPID inCode already generating revenues, primarily in Spain. Year-on-year revenue growth in Spain is driven by THROMBO inCode and LIPID inCode, supported by Spanish regions' Familial Hypercholesterolemia (FH) detection plans. The regional roll-out of CARDIO inCode for cardiovascular prevention in primary care is contributing to growth with the announcement of the Catalonia roll-out, with pilots underway in the Extremadura region and negotiations ongoing in Andalucía, Madrid and the Basque region.

The Catalonia region in Spain has also adopted CARDIO inCode for primary care cardiovascular risk assessment, targeting a CVD addressable market of approximately 476,000 patients aged 45 to 64. Test volumes are expected to escalate up to approximately 1,000 patient tests through 2025 with volumes expanding as increasing numbers of physicians, community practices and regions are educated and onboarded for testing.

GENinCode's plans for further expansion in Europe are driven by strategic partnerships, tenders, and regional pilots, ensuring a strong presence in key markets and supporting its broader growth objectives.

Expected Financial Drivers

In assessing the future financial drivers of the business, the Company has made the following assumptions about revenues:

• In the US, LIPID inCode is expected to reach on average 100 tests per month by mid 2025, increasing to 275 tests per month by mid 2026, and sold at circa £625 each (blended price of Insurance and self-pay). CARDIO inCode tests are expected to reach on average 120 tests per month from mid 2025 (post FDA-approval), increasing to 250 tests per month by mid 2026 and sold at circa £300 each (blended price of distributor and self-pay).
• In the UK, the Company estimates that each new NHS region would add approximately £650k of revenue annually and assumes the addition of one new region expected in 2025 and two more in 2026.
• In addition, in Spain, the Company expects the launch of CARDIO inCode Public Health and a new partnership would add £400k in each of 2025 and 2026 on top of the normalised 20% annual organic growth.
• The Company may pursue other funding options in particular in relation to any partnerships/ distribution agreements, which may be non-dilutive or dilutive.

The Group will have a focus on moving a higher percentage of costs to a variable basis with resources increasingly focused on gaining commercial sales. However, the labs are fully commissioned and no material capex would be required until the next phase of commercial expansion expected to be in 2027.

Current trading and Outlook

GENinCode released its unaudited interim results for the period ended 30 June 2024 on 25 September 2024, reporting revenues for the half-year period of £1.39m (H1 2023: £0.95m), an increase of 46% year-on-year, and an adjusted EBITDA loss of £2.16m (H1 2023: £3.37m loss), reflecting higher revenues and reduced operating costs. The Company also reported cash reserves of £2.92m (H1 2023: £5.2m). This growth was driven by the commencement of UK commercial sales of LIPID inCode and CARDIO inCode-Score, building on the foundations laid in the prior year, alongside continued expansion in EU markets. The Board expects that, subject to the 2024 financial year end audit, GENinCode will meet the current market expectations for the year ending 31 December 2024. The Board remains confident in the Company's commercial progress across its operating geographies and looks forward to scaling revenue growth while reducing losses, aiming for breakeven and profitability over the medium term.

Reasons for the Fundraising

The Group will focus on completion of its US regulatory and reimbursement program whilst driving commercialisation in the US, expanding its activities in the UK and Europe. The objective of the Fundraising will be to scale US revenues following receipt of FDA approval and increase traction with the NHS in the UK and expand its EU market.

Use of proceeds of the Fundraising

As announced on 14 February 2025, the Company has conditionally raised gross proceeds of approximately £4.0 million by way of the Placing and the Subscription. The Retail Offer will be up to a maximum additional amount of £0.5 million. The use of proceeds will be:

US commercialisation and scale-up program £1.5m

EU expansion program £1.0m

UK Expansion program £1.0m

Costs of the fundraising and general working capital £0.5m

Details of the Fundraising

The Placing

The Company has conditionally raised approximately £3.26 million (before expenses) by way of a conditional placing by Cavendish and Oberon, as agents for the Company, of 88,040,541 New Ordinary Shares at the Issue Price pursuant to the Placing Agreement.

The Placing is conditional, amongst other things, on the passing of the Resolutions, the Placing Agreement not having been terminated and Admission occurring on or before 8.00 a.m. on 4 March 2025 (or such later date as the Joint Brokers and the Company may agree, being not later than 8.00 a.m. on 31 March 2025).

Under the terms of the Placing Agreement, the Joint Brokers, as agents for the Company, have agreed to use their respective reasonable endeavours to procure Placees for the Placing Shares at the Issue Price. The Company has given certain customary warranties to the Joint Brokers in connection with the Fundraising and other matters relating to the Company and its business. In addition, the Company has agreed to indemnify the Joint Brokers in relation to certain liabilities they may incur in undertaking the Fundraising. The Joint Brokers have the right to terminate the Placing Agreement in certain circumstances prior to Admission, in particular, for a material breach of any of the warranties. The Placing is not being underwritten.

The Subscription

The Company proposes to raise approximately £0.74 million (before expenses) by way of a proposed subscription, comprising the issue of up to 20,067,567 Subscription Shares at the Issue Price. The Subscription is not being underwritten.

Certain Directors have entered into Subscription Letters to subscribe for 4,662,160 Subscription Shares representing £172,500, at the Issue Price. The Subscription is conditional upon (amongst other things) the passing of the Resolutions, the Placing Agreement not having been terminated and Admission occurring on or before 8.00 a.m. on 4 March 2025 (or such later date and/or time as Joint Brokers and the Company may agree, being not later than 8.00 a.m. on 31 March 2025).

Placing Agreement

Pursuant to the Placing Agreement, the Joint Brokers have agreed to use their reasonable endeavours as agents of the Company to procure subscribers for the Placing Shares. The Placing Agreement provides, inter alia, for payment by the Company to the Joint Brokers of commissions based on certain percentages of the product of the number of Placing Shares placed by them multiplied by the Issue Price. The Company will bear all other expenses of and incidental to the Placing.

The Placing Agreement contains certain warranties and indemnities from the Company in favour of the Joint Brokers and the obligations of the Joint Brokers under the Placing Agreement in connection with the Placing are conditional, inter alia, upon:

• the Resolutions having been passed by the requisite majority of Shareholders at the General Meeting;
• Admission becoming effective not later than 8.00 a.m. on 4 March 2025 or such later time and/or date as the Company and the Joint Brokers may agree, being not later than 8.00 a.m. on 31 March 2025.

The Joint Brokers may terminate the Placing Agreement in certain circumstances, if, inter alia, the Company has failed to comply in any material respect with any of its obligations under the Placing Agreement; if there is a material adverse change in the condition (financial, operational, legal or otherwise), earnings, business or operations of the Company or the Group; or if there is a change in financial, political, economic or stock market conditions, which in their opinion (acting in good faith) is or would likely materially and adversely affect the Company or the Group.

The Retail Offer

The Company values its retail Shareholder base and believes that it is appropriate to provide the retail community resident in the United Kingdom the opportunity to participate in the Retail Offer at the Issue Price. On the terms set out in a separate announcement made following the issue of the Announcement, the Company is using the RetailBook platform to conduct an offer for subscription of up to 13,513,514 Retail Offer Shares. Members of the public in the UK can access the Retail Offer through RetailBook's extensive partner network of investment platforms, retail brokers and wealth managers, subject to such partners' participation. For further information on the Retail Offer, please refer to the relevant announcement on 14 February 2025.

Settlement and Dealings

Application will be made to the London Stock Exchange for admission of the New Ordinary Shares to trading on AIM. It is expected that Admission will take place on or before 8.00 a.m. on 4 March 2025 and that dealings will commence at the same time.

In accordance with the provisions of the Disclosure and Transparency Rules of the FCA, the Company confirms that, immediately following Admission, its issued share capital will comprise 298,586,048 Ordinary Shares of 1 pence each (assuming full take up of the Retail Offer). All Ordinary Shares shall have equal voting rights and, following the Fundraising, none of the Ordinary Shares will be held in treasury. The total number of voting rights in the Company immediately following Admission will therefore be 298,586,048 (assuming full take up of the Retail Offer).

Participation of the Directors in the Fundraising

As outlined above certain Directors have agreed to subscribe for New Ordinary Shares pursuant to the Subscription. The number of New Ordinary Shares subscribed for by each Director and their resulting shareholdings upon Admission are set out below:

• Assuming the Retail Offer is subscribed in full.
• Aggregated with the interests of his wife, Sonia Rodriguez Clemente, who holds 3,150,000 Ordinary Shares in the Company.
• Subscription to be undertaken by Paul Foulger's wife, Laura Deegan. Aggregated with the interests of his wife, Paul Foulger holds 868,182 Ordinary Shares in the Company.
• Subscription to be undertaken by Huon Gray's wife, Mary Gray. Huon Gray holds 500,000 Ordinary Shares in the Company.
• Subscription to be undertaken by through Equipos Medico Biologicos S.A.. Sergio Olivero holds 4,174,000 Ordinary Shares in the Company.

Related party transactions

The conditional Subscriptions for New Ordinary Shares by certain Directors as outlined above constitute related party transactions pursuant to Rule 13 of the AIM Rules. William Rhodes and Felix Freuh as directors independent of these transactions, having consulted with the Company's nominated adviser, Cavendish, consider that the terms of the participation in the Fundraising by Matthew Walls, Sergio Olivero, Jordi Puig, Huon Gray and Paul Foulger is fair and reasonable insofar as the Company's Shareholders are concerned.

The Nestor Oller entities, Maven Income and Growth VCTs & Octopus Investments

The Nestor Oller entities, are undertakings controlled by Nestor Oller, who also controls Santi 1990 SL which is a substantial Shareholder in the Company as it holds 11.41% of the Existing Ordinary Shares. Furthermore, Maven Income and Growth VCTs and Octopus Investments are substantial Shareholders in the Company as they hold 13.34% and 17.66% of the Existing Ordinary Shares respectively.

Consequently, the Nestor Oller entities, Maven Income and Growth VCTs and Octopus Investments are considered to be related parties of the Company for the purposes of Rule 13 of the AIM Rules for Companies. The Nestor Oller entities are subscribing for 15,405,405 Subscription Shares under the Subscription and Maven Income and Growth VCTs and Octopus Investments are subscribing for 13,907,074 and 21,621,621 Placing Shares respectively.

The subscriptions by the Nestor Oller entities, Maven Income and Growth VCTs and Octopus Investments constitute related party transactions for the purposes of the AIM Rules for Companies. The Directors who are independent of these transactions, being William Rhodes and Felix Freuh, having consulted with the Company's nominated advisor, Cavendish Capital Markets Limited, consider that that the participation in the Fundraising by the Nestor Oller entities and Maven Income and Growth VCTs are fair and reasonable insofar as the Shareholders are concerned.

General Meeting

A notice convening the General Meeting to be held at Cavendish Capital Markets Limited, 1 Bartholomew Close, London, EC1A 7BL on 3 March 2025 at 11:00 a.m. is set out in Part II of this document, to consider and, if thought appropriate, pass the following resolutions:

• Resolution 1 which is an ordinary resolution to authorise the Directors to allot equity securities up to a maximum aggregate nominal amount of £1,216,216.22 pursuant to the Fundraising; and
• Resolution 2 which is a special resolution and is conditional on the passing of resolution 1, to authorise the Directors to issue and allot equity securities on a non-pre-emptive basis up to a maximum aggregate nominal amount of £1,216,216.22 in respect of the Fundraising.

The authorities granted pursuant to the Resolutions will expire on 3 June 2025 or if earlier, at the conclusion of the annual general meeting of the Company to be held in 2025.

Resolution 1 will be proposed as an ordinary resolution. For an ordinary resolution to be passed, more than half of the votes cast must be in favour of the resolution.

Recommendation

The Directors consider the Fundraising to be in the best interests of the Company and its Shareholders as a whole.

Accordingly, the Directors unanimously recommend that all Shareholders vote in favour of the Resolutions as they intend to do, or procure to be done, in respect of their own beneficial shareholdings and their related parties, being, in aggregate, 32,007,182 Ordinary Shares, representing approximately 18.09 per cent. of the Existing Issued Share Capital.

APPENDIX II

Details of the Placing Agreement and the Placing Shares

The Company has today entered into the placing agreement with Cavendish (the Company's Nominated Adviser, broker and joint bookrunner in connection with the Placing) and Oberon (the Company's joint bookrunner in connection with the Placing) (the "Placing Agreement"). Pursuant to the Placing Agreement, the Placing Agents have, subject to the terms and conditions set out therein, agreed to use reasonable endeavours, as agents of the Company, to procure subscribers for the Placing Shares pursuant to the bookbuilding process described in this Announcement and as set out in the Placing Agreement ("Bookbuilding Process").

The Placing is not being underwritten.

The Placing Shares will be issued free of any encumbrance, lien or other security interest.

Application for admission to trading on AIM

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to AIM. Subject to the satisfaction or waiver of the conditions of the Placing Agreement ("Conditions"), it is expected that Admission will take place and dealings in the Placing Shares will commence on AIM on or around 8.00 a.m. on 4 March 2025.

Bookbuilding Process

Commencing today, the Placing Agents will be conducting the Bookbuilding Process to determine demand for participation in the Placing by Placees. This Announcement gives details of the terms and conditions of, and the mechanics of participation in, the Placing. However, the Placing Agents will be entitled to effect the Placing by such alternative method to the Bookbuilding Process as they may, after consultation with the Company, determine. No commissions will be paid by or to Placees in respect of any participation in the Placing or subscription for Placing Shares.

Participation in, and principal terms of, the Bookbuilding Process

Participation in the Placing is by invitation only and will only be available to persons who may lawfully be, and are, invited to participate by the Placing Agents. The Placing Agents and Placing Agent Affiliates (as defined below) are entitled to participate as Placees in the Bookbuilding Process.

The book will open with immediate effect. The Bookbuilding Process is expected to close not later than 4.30 p.m. on 14 February 2025, but may be closed at such earlier or later time as the Placing Agents may, acting jointly, in their absolute discretion (after consultation with the Company), determine. The announcement containing the results of the accelerated bookbuild will be released following the close of the Bookbuilding Process.

A bid in the Bookbuilding Process will be made on the terms and conditions in this Appendix and will be legally binding on the Placee on behalf of which it is made and, except with the Placing Agents' consent, will not be capable of variation or revocation after the close of the Bookbuilding Process.

A Placee who wishes to participate in the Bookbuilding Process should communicate its bid by telephone to its usual sales contact at the relevant Placing Agent. Each bid should either state the number of Placing Shares which the prospective Placee wishes to subscribe for or a fixed monetary amount at, in either case, the Issue Price. If successful, the relevant Placing Agent will re-contact and confirm orally to Placees following the close of the Bookbuilding Process the size of their respective allocations and a trade confirmation will be despatched as soon as possible thereafter. The relevant Placing Agent's oral confirmation of the size of allocations will constitute an irrevocable legally binding agreement in favour of the Company and the relevant Placing Agent pursuant to which each such Placee will be required to accept the number of Placing Shares allocated to the Placee at the Issue Price on the terms and subject to the conditions set out herein and in accordance with the Articles. Each Placee's allocation and commitment will be evidenced by a trade confirmation issued to such Placee by the relevant Placing Agent. The terms of this Appendix will be deemed incorporated in that trade confirmation.

The Placing Agents reserve the right to scale back the number of Placing Shares to be subscribed by any Placee in the event that the Placing is oversubscribed. The Placing Agents also reserve 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 the Placing Agents and the Company.

Each Placee's obligations will be owed to the Company and to the relevant Placing Agent. Following the oral confirmation referred to above, each Placee will also have an immediate, separate, irrevocable and binding obligation, owed to the Company and the relevant Placing Agent, as agent of the Company, to pay to (or as the relevant Placing Agent may direct) in cleared funds an amount equal to the product of the Issue Price and the number of Placing Shares allocated to such Placee.

To the fullest extent permissible by law, none of the Placing Agents, any holding company of the Placing Agents, any subsidiary of the Placing Agents, any subsidiary of any such holding company, any branch, affiliate or associated undertaking of any such company nor any of their respective directors, officers and employees (each a "Placing Agent Affiliate") nor any person acting on their behalf shall have any liability to Placees (or to any other person whether acting on behalf of a Placee or otherwise). In particular, none of the Placing Agents, any Placing Agent Affiliate nor any person acting on their behalf shall have any liability (including, to the extent legally permissible, any fiduciary duties), in respect of their conduct of the Bookbuilding Process or of such alternative method of effecting the Placing as the Placing Agents may determine.

All times and dates in this Announcement may be subject to amendment. The Placing Agents shall notify the Placees and any person acting on behalf of the Placees of any changes.

Information to Distributors

Notwithstanding the Target Market Assessments, 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 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 Target Market Assessments are without prejudice to the requirements of any contractual, legal or regulatory selling restrictions to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessments, the Placing Agents will only procure investors who meet the criteria of professional clients or eligible counterparties.

In this Appendix, unless the context otherwise requires, "Placee" means a Relevant Person (including individuals, funds or others) by whom or on whose behalf a commitment to take up Placing Shares has been given and who has been invited to participate in the Placing by a Placing Agent.

All obligations of the Placing Agents under the Placing will be subject to fulfilment of the conditions referred to in this Announcement including without limitation those referred to below under "Conditions of the Placing".

Conditions of the Placing

The obligations of the Placing Agents under the Placing Agreement are conditional, amongst other things, on:

• the placing results announcement being released at the relevant time;
• the warranties on the part of the Company contained in the Placing Agreement being true and accurate and not misleading on and as of the date of the Placing Agreement and at all times during the period up to and including the date of Admission;
• the Placing Shares having been allotted, conditional only on Admission;
• the Subscription Shares having been allotted, conditional only on Admission, and payment for such Subscription Shares having been received by the Company prior to Admission;
• the Company raises a minimum of £4.0 million pursuant to the Placing and Subscription;
• the performance by the Company in all material respects of its obligations under the Placing Agreement to the extent that they fall to be performed prior to Admission;
• there not occurring, in the opinion of the Placing Agents (acting in good faith), a material adverse change, or any development reasonably likely to involve a prospective material adverse change, in the condition (financial, operational, legal or otherwise) or the earnings, business affairs or business prospects of the Company or the Group which is material in the context of the Group taken as a whole, whether or not arising in the ordinary course of business and whether or not foreseeable at the date of the Placing Agreement;
• the general meeting of the Company having taken place on the date set out in the notice of general meeting and each of the resolutions having been passed thereat by the requisite majority; and
• Admission occurring not later than 8.00 a.m. on or around 4 March 2025 or such later time and/or date as the Placing Agents may agree in writing with the Company (but in any event no later than 8.00 a.m. on 31 March 2025).

If (a) the Conditions of the Placing are not fulfilled (or to the extent permitted under the Placing Agreement waived by the Placing Agents), or (b) the Placing Agreement is terminated in the circumstances specified below, the Placing will lapse and each Placee's rights and obligations hereunder shall cease and determine at such time and no claim may be made by a Placee in respect thereof. None of the Placing Agents, the Company, any Placing Agent Affiliate, nor any holding company of the Company, any subsidiary of the Company, any subsidiary of any such holding company, any branch, affiliate or associated undertaking of any such company nor any of their respective directors, officers and employees (each a "GENinCode Affiliate") 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 it may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition in the Placing Agreement or in respect of the Placing generally.

By participating in the Placing, each Placee agrees that the Placing Agents' rights and obligations in respect of the Placing terminate, inter alia, in the circumstances described below under "Right to terminate under the Placing Agreement".

Right to terminate under the Placing Agreement

Each Placing Agent may, at any time before Admission and in its absolute discretion, by notice in writing to the Company (or by orally communicating the same to any director of the Company) terminate the Placing Agreement with immediate effect if, amongst other things:

• any statement contained in the Placing Documents is, or has become, or has been discovered to be untrue, incorrect or misleading in any material respect;
• any of the warranties, was, when given, or becomes, untrue, inaccurate or misleading;
• trading in the Company's shares on AIM is suspended or cancelled;
• the appointment of the Placing Agents as agents of the Company is terminated for whatever reason;
• in the opinion of a Placing Agent (acting in good faith), there has been a material adverse change or any development reasonably likely to involve a prospective material adverse change (including, but not limited to, the deterioration of the health of any key member of management of the Company), in the condition (financial, operational, legal or otherwise) or the earnings, business affairs or business prospects of the Company or the Group which is material in the context of the Group as a whole taken as a whole, whether or not arising in the ordinary course of business and whether or not foreseeable at the date of Placing Agreement, since the date of the Placing Agreement; and
• in the opinion of the Placing Agents (acting in good faith), there has been, (i) any change, or development involving a prospective change, in national or international, military, diplomatic, monetary, economic, political, financial, industrial or market conditions or exchange rates or exchange controls, or any incident of terrorism or outbreak or escalation of hostilities or any declaration by the UK or the US of a national emergency or war or any other calamity or crisis whether or not foreseeable at the date of this Agreement, (ii) a suspension of trading in securities generally on the London Stock Exchange or New York Stock Exchange or trading is limited or minimum prices established on any such exchange; (iii) a declaration of a banking moratorium in London or by the US federal or New York State authorities or any material disruption to commercial banking or securities settlement or clearance services in the US or the UK, which would or would be likely to prejudice materially the Company or the Fundraising, or make the success of the Fundraising doubtful or makes it impracticable or inadvisable to proceed with the Fundraising, or render the creation of a market in the ordinary share capital of the Company temporarily or permanently impracticable.

By participating in the Placing, each Placee agrees with the Placing Agents that the exercise by the Placing Agents of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of the Placing Agents and that the Placing Agents need not make any reference to the Placees in this regard and that, to the fullest extent permitted by law, neither the Company, the Placing Agents , any Placing Agent Affiliate nor any GENinCode Affiliate shall have any liability whatsoever to the Placees in connection with any such exercise or failure to so exercise.

Any termination by either Placing Agent of their respective rights under the Placing Agreement shall be without prejudice to the obligations (if any) and rights of the other Placing Agent and, if that Placing Agent so elects, the Placing Agreement shall continue in full force and effect. In the event of a Placing Agent terminating its rights under the Placing Agreement, no consents or approvals in respect of the Placing shall be required of that Placing Agent.

No Prospectus

Each Placee, by accepting a participation in the Placing, agrees that the content of this Announcement is exclusively the responsibility of the Company and confirms to the Placing Agents and the Company that it has neither received nor relied on any information, representation, warranty or statement made by or on behalf of the Placing Agents (other than the amount of the relevant Placing participation in the oral confirmation given to Placees and the trade confirmation referred to below), any Placing Agent Affiliate, any persons acting on its or their behalf or the Company or any Placing Agent Affiliate and none of the Placing Agents, any Placing Agent Affiliate, any persons acting on their behalf, the Company, any GENinCode Affiliate nor any persons acting on their behalf will be liable for the decision of any Placee to participate in the Placing based on any other information, representation, warranty or statement which the Placee may have obtained or received (regardless of whether or not such information, representation, warranty or statement was given or made by or on behalf of any such persons). By participating in the Placing, each Placee acknowledges to and agrees with each Placing Agent for itself and as agent for the Company that, except in relation to the information contained in this Announcement, it has relied on its own investigation of the business, financial or other position of the Company in deciding whether to participate in the Placing. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation.

Registration and settlement

Settlement of transactions in the Placing Shares following Admission will take place within the CREST system, using the DVP mechanism, subject to certain exceptions. The Placing Agents reserve the right to require settlement for and delivery of the Placing Shares to Placees by such other means as the Placing Agents may deem necessary, including, without limitation, if delivery or settlement is not possible or practicable within the CREST system within the timetable set out in this Announcement or would not be consistent with the regulatory requirements in the Placee's jurisdiction.

The expected timetable for settlement will be as follows:

Each Placee allocated Placing Shares in the Placing will be sent either a contract note or a trade confirmation stating the number of Placing Shares allocated to it, the Issue Price, the aggregate amount owed by such Placee to the relevant Placing Agent and settlement instructions. Placees should settle against the relevant CREST ID shown above. It is expected that such trade confirmation will be despatched on the expected trade date shown above. Each Placee agrees that it will do all things necessary to ensure that delivery and payment is completed in accordance with either the standing CREST or certificated settlement instructions which it has in place with the relevant Placing Agent.

It is expected that settlement will take place on the Settlement Date shown above on a DVP basis in accordance with the instructions set out in the trade confirmation unless otherwise notified by any Placing Agent.

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

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

Insofar as Placing Shares are registered in the Placee's name or that of its nominee or in the name of any person for whom the Placee is contracting as agent or that of a nominee for such person, such Placing Shares will, subject as provided below, be so registered free from any liability to any levy, stamp duty or stamp duty reserve tax. If there are any circumstances in which any other stamp duty or stamp duty reserve tax is payable in respect of the issue of the Placing Shares, neither the Placing Agents nor the Company shall be responsible for the payment thereof. Placees will not be entitled to receive any fee or commission in connection with the Placing.

Representations, warranties and terms

By submitting a bid and/or participating in the Placing, each prospective Placee (and any person acting on such Placee's behalf) represents, warrants, undertakes, acknowledges, understands and agrees (for itself and for any such prospective Placee) in favour of the Placing Agents and the Company that (save where the Placing Agents expressly agree in writing to the contrary):

• to indemnify on an after-tax basis and hold harmless each of the Company, the Placing Agents, Placing Agent Affiliates and GENinCode Affiliates and any person acting on their behalf from any and all costs, losses, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings in this Announcement and further agrees that the provisions of this Announcement shall survive after completion of the Placing;
• none of the Placing Agents, any Placing Agent Affiliate or any person acting on their behalf has provided, and will not provide, it with any material or information regarding the Placing Shares or the Company; nor has it requested any of the Placing Agents, nor any Placing Agent Affiliate nor any person acting on their behalf to provide it with any such material or information;
• (i) none of the Placing Agents or any Placing Agent Affiliate or 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 and that participation in the Placing is on the basis that it is not and will not be a client of any Placing Agent and that no Placing Agent has any duties or responsibilities to it (or any person acting on behalf of a Placee) for providing the protections afforded to its clients or for providing advice in relation to the Placing nor in respect of any representations, warranties, undertakings, agreements 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, and (ii) neither it nor, as the case may be, its clients expect any Placing Agent to have any duties or responsibilities to it similar or comparable to the duties of "best execution" and "suitability" imposed by the Conduct of Business Sourcebook contained in the FCA's Handbook of Rules and Guidance, and that no Placing Agent is acting for it or its clients, and that no Placing Agent will be responsible to any person other than the Company for providing protections afforded to its clients;
• the content of this Announcement is exclusively the responsibility of the Company and that none of the Placing Agents, nor any Placing Agent Affiliate nor any person acting on their behalf will be responsible for or shall have any liability for any information, representation or statement relating to the Company contained in this Announcement or any information previously published by or on behalf of the Company. None of the Placing Agents, nor any Placing Agent Affiliate nor any person acting on their behalf will be liable for any Placee's decision to participate in the Placing based on any information, representation or statement contained in this Announcement or otherwise. Each Placee further represents, warrants and agrees that the only information on which it is entitled to rely and on which such Placee has relied in committing to subscribe for the Placing Shares is contained in this Announcement, such information being all that it deems necessary to make an investment decision in respect of the Placing Shares, and that it has relied on its own investigation with respect to the Placing Shares and the Company in connection with its decision to subscribe for the Placing Shares and acknowledges that it is not relying on any other information whatsoever and in particular it is not relying on any investigation that any Placing Agent, any Placing Agent Affiliate or any person acting on their behalf may have conducted with respect to the Placing Shares or the Company and none of such persons has made any representations to it, express or implied, with respect thereto;
• it has not relied on any information relating to the Company contained in any research reports prepared by any Placing Agent or any Placing Agent Affiliate or any person acting on their behalf and understands that (i) none of the Placing Agents, nor any Placing Agent Affiliate nor any person acting on their behalf has or shall have any liability for any public information relating to the Company; (ii) none of the Placing Agents, nor any Placing Agent Affiliate, nor any person acting on their behalf has or shall have any liability for any additional information that has otherwise been made available to such Placee, whether at the date of publication, the date of this Announcement or otherwise; and that (iii) none of the Placing Agents, nor any Placing Agent Affiliate, nor any person acting on their behalf makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of such information, whether at the date of publication, the date of this Announcement or otherwise;
• (i) it is entitled to acquire the Placing Shares for which it is subscribing under the laws and regulations of all relevant jurisdictions which apply to it; (ii) it has fully observed such laws and regulations and obtained all such governmental and other guarantees and other consents and authorities (including, without limitation, in the case of a person acting on behalf of a Placee, all necessary consents and authorities to agree to the terms set out or referred to in this Appendix) which may be required or necessary in connection with its subscription for Placing Shares and its participation in the Placing and has complied with all other necessary formalities in connection therewith; (iii) it has all necessary capacity and authority to commit to participation in the Placing and to perform its obligations in relation thereto and will honour such obligations; (iv) it has paid any issue, transfer or other taxes due in connection with its subscription for Placing Shares and its participation in the Placing in any territory; and (v) it has not taken any action which will or may result in the Company, the Placing Agents or any Placing Agent Affiliate or GENinCode Affiliate or any person acting on their behalf being in breach of the legal and/or regulatory requirements of any territory in connection with the Placing;
• if it is a financial intermediary, as that term is used in Article 5(1) of the UK Prospectus Regulation: (a) any Placing Shares acquired by it in the Placing have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in the United Kingdom or to which the UK Prospectus Regulation otherwise applies other than UK Qualified Investors or in circumstances in which the prior consent of the Placing Agents has been given to the offer or resale; or (ii) where Placing Shares have been acquired by it on behalf of persons in the United Kingdom other than UK Qualified Investors, the offer of those Placing Shares to it is not treated under the UK Prospectus Regulation as having been made to such persons;
• 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 it is permitted to do so pursuant to section 21 of FSMA and agrees that this Announcement has not been approved by either Placing Agent 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;
• if it is within a Relevant State, it is an EU Qualified Investor;
• it (and any person acting on its behalf) has the funds to pay for the Placing Shares for which it has agreed to subscribe and it will pay for the Placing Shares acquired by it in accordance with this Announcement and with any trade confirmation sent by the relevant Placing Agent (or on its behalf) to it in respect of its allocation of Placing Shares and its participation in the Placing on the due time and date set out herein against delivery of such Placing Shares to it, failing which the relevant Placing Shares may be placed with other Placees or sold as the relevant Placing Agent may, in its absolute discretion, determine 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 this Announcement) which may arise upon the sale of such Placee's Placing Shares on its behalf;
• none of the Placing Agents, nor any Placing Agent Affiliate nor any person acting on their behalf is making any recommendations to it or advising it regarding the suitability or merits of any transaction it may enter into in connection with the Placing, and acknowledges that none of the Placing Agents, nor any Placing Agent Affiliate nor any person acting on their behalf has any duties or responsibilities to it for providing advice in relation to the Placing or in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement or for the exercise or performance of any of either Placing Agent's rights and obligations thereunder, including any right to waive or vary any condition or exercise any termination right contained therein;
• (i) the person whom it specifies for registration as holder of the Placing Shares will be (a) the Placee or (b) the Placee's nominee, as the case may be, (ii) neither the Placing Agents nor the Company will be responsible for any liability to stamp duty or stamp duty reserve tax resulting from a failure to observe this requirement and (iii) the Placee and any person acting on its behalf agrees to acquire the Placing Shares on the basis that the Placing Shares will be allotted to the CREST stock account of the relevant Placing Agent which will hold them as settlement agent as nominee for the Placee until settlement in accordance with its standing settlement instructions with payment for the Placing Shares being made simultaneously upon receipt of the Placing Shares in the Placee's stock account on a delivery versus payment basis;
• it irrevocably appoints any director or duly authorised officer of any of the Placing Agents as its agent for the purposes 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 agreed to be taken up by it under the Placing;
• any person who confirms to a Placing Agent on behalf of a Placee an agreement to subscribe for Placing Shares and/or who authorises a Placing Agent to notify the Placee's name to the Company's registrar, has authority to do so on behalf of the Placee;
• the agreement to settle each Placee's acquisition of Placing Shares (and/or the acquisition of a person for whom it is contracting as agent) free of stamp duty and stamp duty reserve tax depends on the settlement relating only to an acquisition by it and/or such person direct from the Company of the Placing Shares in question. Such agreement assumes 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 were any such arrangements, or the settlement related to other dealing in the Placing Shares, stamp duty or stamp duty reserve tax may be payable, for which neither the Company nor the Placing Agents will be responsible. If this is the case, the Placee should take its own advice and notify the relevant Placing Agent accordingly;
• when a Placee or any person acting on behalf of the Placee is dealing with a Placing Agent, any money held in an account with such Placing Agent 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. The 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 in accordance with the client money rules and will be used by the relevant Placing Agent in the course of its business; and the Placee will rank only as a general creditor of the relevant Placing Agent (as the case may be);
• in order to ensure compliance with the Criminal Justice Act 1988, the Terrorism Act 2000, the Anti-Terrorism, Crime and Security Act 2001, the Proceeds of Crime Act 2002 (as amended) the Terrorism Act 2006, the Counter-Terrorism Act 2008 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and, to the extent applicable, any related or similar rules, regulations of any body having jurisdiction in respect thereof and the Money Laundering Sourcebook of the FCA, each Placing Agent (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 the relevant Placing Agent or the Company's registrars, as applicable, of evidence of identity, definitive certificates in respect of the Placing Shares may be retained at the relevant Placing Agent's absolute discretion or, where appropriate, delivery of the Placing Shares to it in uncertificated form may be delayed at the relevant Placing Agent'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 a Placing Agent (for itself and as agent on behalf of the Company) or the Company's registrars have not received evidence satisfactory to them, the relevant Placing Agent 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;
• the Company, the Placing Agents, and others will rely upon the truth and accuracy of the foregoing representations, warranties, agreements, undertakings and acknowledgements;
• the basis of allocation will be determined by the Placing Agents and the Company at their absolute discretion and that the right is reserved to reject in whole or in part and/or scale back any participation in the Placing;
• irrevocably authorises the Company and the Placing Agents 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 herein;
• 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 a Placing Agent;
• it will be bound by the terms of the Articles;
• these terms and conditions in this Appendix and all documents into which this Appendix is incorporated by reference or otherwise validly forms a part and/or any agreements entered into pursuant to these terms and conditions and all agreements to acquire shares pursuant to the Placing will be governed by and construed in accordance with the laws of England and Wales and it submits to the exclusive jurisdiction of the courts of England and Wales in relation to any claim, dispute or matter arising out of any such contract, except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares (together with any interest chargeable thereon) may be taken by the Company or the Placing Agents 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 acknowledgements, agreements, undertakings, representations and warranties referred to above are given to each of the Company and the Placing Agents (for their own benefit and, where relevant, the benefit of any Placing Agent Affiliate or GENinCode Affiliate and any person acting on their behalf) and are irrevocable.

No claim shall be made against the Company, the Placing Agents, any Placing Agent Affiliate, any GENinCode Affiliate, or any other person acting on behalf of any of such persons by a Placee to recover any damage, cost, loss, charge or expense which it may suffer or incur by reason of or arising from or in connection with the performance of its obligations hereunder or otherwise howsoever in connection with the Placing or Admission.

Any arrangements to issue or transfer the Placing Shares into a depositary receipts system or a clearance service or to hold the Placing Shares as agent or nominee of a person to whom a depositary receipt may be issued or who will hold the Placing Shares in a clearance service, or any arrangements subsequently to transfer the Placing Shares, may give rise to stamp duty and/or stamp duty reserve tax, for which neither the Company nor the Placing Agents will be responsible and the Placee to whom (or on behalf of whom, or in respect of the person for whom it is participating in the Placing as an agent or nominee) the allocation, allotment, issue or delivery of Placing Shares has given rise to such stamp duty or stamp duty reserve tax undertakes to pay such stamp duty or stamp duty reserve tax forthwith and to indemnify on an after-tax basis and to hold harmless the Company and the Placing Agents in the event that any of the Company or any GENinCode Affiliate or the Placing Agents or any Placing Agent Affiliate has incurred any such liability to stamp duty or stamp duty reserve tax.

All times and dates in this Announcement may be subject to amendment. The Placing Agents shall notify the Placees and any person acting on behalf of the Placees of any such changes.

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

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

The Placing Agents, which are authorised and regulated in the United Kingdom by the FCA, are acting for the Company and for no one else in connection with the Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Placing or Admission and will not be responsible to anyone other than the Company for providing the protections afforded to clients of the Placing Agents or for affording advice in relation to the Placing or Admission, or any other matters referred to herein.

Each Placee and any person acting on behalf of a Placee acknowledges and agrees that the Placing Agents or any Placing Agent Affiliate may, at their absolute discretion, agree to become a Placee in respect of some or all of the Placing Shares.

The rights and remedies of the Placing Agents and the Company under these terms and conditions 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.

Each Placee may be asked to disclose in writing or orally to the Placing Agents and, if so, undertakes to provide:

• if he is an individual, his nationality;
• such other "know your client" information as either Placing Agent may reasonably request.