Private Placement Update

Further to the announcement of the private placement to raise £4.5 million released on 27 September 2023, the Company is hereby correcting the following information:

The Placing proceeds include:

• £0.63 million received from existing shareholder Pella Ventures Limited ("Pella") (the announcement dated 27 September 2023 stated £0.54 million);
• £0.54 million received from existing shareholder TechMet Limited (the announcement dated 27 September 2023 stated £0.63 million); and
• £3.33 million received from other investors, including £0.24 million from other members of Rainbow's Board of Directors and Senior Management.

Impact on total voting rights and admission

Of the 30 million Ordinary Shares to be issued under the Placing, 4,213,459 Ordinary Shares to be issued to Pella are subject to the approval of shareholders at the AGM to be held in November 2023 (the "Conditional Shares").

An application has been made for the initial 25,786,541 Ordinary Shares to be issued pursuant to the Placing (the "Unconditional Shares") to be admitted to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange Plc's Main Market for listed securities ("First Admission"). It is expected that First Admission will become effective and that dealing in the Unconditional Shares will commence on 5 October 2023. The Unconditional Shares will rank pari passu with the existing Ordinary Shares. Following Admission of the Unconditional Shares, the Company will have 624,645,196 Ordinary Shares in issue, which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure, Guidance and Transparency Rules.

It is expected that admission of the Conditional Shares will become effective and that dealing in the Conditional Shares will commence on or around 4 December 2023 ("Second Admission") following the AGM, and an application will be made for the Conditional Shares to be admitted to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange Plc's Main Market for listed securities once shareholder approval has been granted. The Conditional Shares will rank pari passu with the existing Ordinary Shares.

[1] Net present value using a 10% forward discount rate