RetailBook Offer

• Shield is pleased to announce a conditional RetailBook Offer of new ordinary shares of 1.5p each in the capital of the Company ("Ordinary Shares") via RetailBook (the "RetailBook Offer Shares");
• The offer price for each new RetailBook Offer Share is 3.0p per share (the "Offer Price"), representing a premium of 5.3 per cent to the closing mid-price of the Company's existing Ordinary Shares on 5 December 2024;
• Investors can take part through RetailBook's partner network of participating retail brokers, wealth managers and investment platforms, which includes AJ Bell, Hargreaves Lansdown and interactive investor;
• Applications for RetailBook Offer Shares through these partners can be made from tax efficient savings vehicles such as ISAs or SIPPs, as well as General Investment Accounts ("GIAs");
• The RetailBook Offer is available to existing shareholders only;
• There is a minimum subscription of £50 per investor in the RetailBook Offer;
• A maximum of 33,333,333 RetailBook Offer Shares will be issued and accordingly, the maximum gross proceeds of the RetailBook Offer are £1,000,000
• The RetailBook Offer is expected to close at 4.30 p.m. on 20 December 2024;
• Completion of the RetailBook Offer is conditional on the completion of the Subscription and admission of the RetailBook Offer Shares to trading on AIM;
• No commission will be charged by RetailBook on applications to the RetailBook Offer.

The RetailBook Offer

Shield is pleased to announce a conditional RetailBook Offer for of new RetailBook Offer Shares via RetailBook (the "RetailBook Offer") at an Offer Price of 3.0p per RetailBook Share, being a premium of 5.3 per cent to the closing mid-price of the Company's existing Ordinary Shares on 5 December 2024.

Earlier today the Company also announced a conditional subscription for new Ordinary Shares (the "Subscription Shares") by its existing shareholder, AOP Health International Management AG ("AOP") (the "Subscription"). For the avoidance of doubt, the RetailBook Offer is not part of the Subscription.

The issue of the RetailBook Offer Shares will be conditional upon completion of the Subscription and will be undertaken pursuant to the authorities granted to the Directors at the Company's Annual General Meeting held on 20 June 2024. The issue of the Subscription Shares is conditional on the passing of all resolutions relating to the Subscription (the "Resolutions") at a general meeting of the Company to be held at Northern Design Centre, Baltic Business Quarter, Gateshead Quays, Newcastle NE8 3DF at 09:30 a.m. on 24 December 2024 (the "General Meeting") and the admission of the Subscription Shares to trading on AIM.

Subject to the Resolutions being passed at the General Meeting, it is expected that the Subscription Shares and such number of RetailBook Offer Shares as are subscribed for will be admitted to trading on AIM at 8.00 a.m. on 30 December 2024.

Reason for the RetailBook Offer

The RetailBook Offer is open to existing shareholders of the Company who are eligible investors in the United Kingdom following release of this announcement. The RetailBook Offer is expected to close at 4.30 p.m. on 20 December 2024 and may close earlier at the discretion of the Company or if it is oversubscribed.

• AJ Bell;
• Hargreaves Lansdown; and
• interactive investor

Applications for RetailBook Offer Shares through participating partners can be made from tax efficient savings vehicles such as ISAs or SIPPs, as well as GIAs. Investors wishing to apply using their ISA, SIPP or GIA should contact their investment platform, retail broker or wealth manager for details of their terms and conditions, process and any relevant fees or charges.

The RetailBook Offer Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with existing Ordinary Shares including the right to receive all dividends and other distributions declared, made or paid after their date of issue.

Eligibility for the RetailBook Offer

The RetailBook Offer is available to existing shareholders of Shield only. To be eligible to participate in the RetailBook Offer, applicants must be a customer of a participating intermediary and, as at the date hereof, must be a shareholder in the Company.

There is a minimum subscription of £50 per investor. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges. Note, no commission will be charged to investors by RetailBook in connection with the RetailBook Offer.

It is important to note that once an application for RetailBook Offer Shares has been made and accepted via an intermediary, it cannot be withdrawn. Investors should also note that the RetailBook Offer will remain open alongside a live share price and the market price of the shares may be less than the Offer Price.

It is a term of the RetailBook Offer that the aggregate value of the shares available for subscription at the Offer Price does not exceed £1,000,000.