Placing to raise approximately ?8.8m

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Name	Holding of Ordinary Shares pre-Placing	Number of Placing Shares	Holding of Ordinary Shares post-Placing	Percentage of the enlarged issued share capital
Nigel Howard	63,000	6,300	69,300	0.2
David Stirling	320,233	15,000	335,233	0.8
Clifford Hurst	273,922	18,636	292,558	0.7
Richard Clowes	40,000	4,000	44,000	0.1
Marie-Louise Clayton	18,000	11,800	29,800	0.1
Total	715,155	55,736	770,891	1.8

1. it is a Relevant Person and undertakes that it will acquire, hold, manage or dispose of any Placing Shares that are allocated to it for the purposes of its business;

2. in the case of a Relevant Person in a member state of the EEA which has implemented the Prospectus Directive (each, a "Relevant Member State") who acquires any Placing Shares pursuant to the Placing:

(A) it is a Qualified Investor within the meaning of Article 2(1)(E) of the Prospectus Directive; and

(B) in the case of any Placing Shares acquired by it as a financial intermediary, as that term is used in Article 3(2) of the Prospectus Directive:

(iii) where Placing Shares have been acquired by it on behalf of persons in any member state of the EEA other than Qualified Investors, the offer of those Placing Shares to it is not treated under the Prospectus Directive as having been made to such persons; and

4. it understands (or if acting for the account of another person, such person has confirmed that such person understands) the resale and transfer restrictions set out in this Appendix; and

1. Investec and Charles Stanley are acting as joint bookrunners to the Placing and as agents for and on behalf of the Company.

2. Participation in the Placing will only be available to persons who may lawfully be, and are, invited by the Joint Bookrunners to participate. The Joint Bookrunners and any of their respective affiliates and/or agents are entitled to participate in the Placing as investors for their own account.

3. The price per Placing Share (the "Placing Price") is fixed at 220 pence and is payable to Investec and/or Charles Stanley by all Placees.

6. Each Placee's allocation and commitment will be evidenced by a contract note issued to such Placee by the Joint Bookrunners. The terms of this Appendix will be deemed incorporated therein.

8. Except as required by law or regulation, no press release or other announcement will be made by the Joint Bookrunners 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.

9. 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, on the basis explained below under "Registration and Settlement".

10. All obligations under 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".

11. By participating in the Placing, each Placee will agree 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.

(a) none of the representations, warranties and undertakings on the part of the Company contained in the Placing Agreement being untrue or inaccurate on the date on which the Placing Agreement is signed or Admission, by reference to the facts and circumstances then subsisting;

(b) the Company complying with its obligations under the Placing Agreement to the extent that they fall to be performed on or before Admission;

(c) the Company having allotted, subject only to Admission, the Placing Shares in accordance with the Placing Agreement;

(d) Admission having become effective at or before 8.00 a.m. on 17 September 2014 or such later time as the Joint Bookrunners may agree with the Company; and

(e) in the opinion of either of the Joint Bookrunners, there has not been any material adverse change before Admission.

1. there has, in the opinion of either Joint Bookrunner, been a breach of the warranties given to it or a matter or circumstance has arisen which would be likely to give rise to a claim under the indemnity provisions in the Placing Agreement;

2. there has, in the opinion of the Joint Bookrunners, been a material adverse change;

3. any statement contained in this Announcement or any other document or announcement issued or published by or on behalf of the Company in connection with the Placing is or has become or has been discovered to be untrue or inaccurate in any respect or misleading in any respect; or

4. in the opinion of the Joint Bookrunners, there has been a force majeure event; or

5. any matter or circumstances arise as a result of which any of the conditions has not been satisfied or waived by the Joint Bookrunners by the required time.

2. it has not received a prospectus or other offering document in connection with the Placing and acknowledges that no prospectus or other offering document: (a) is required under the Prospectus Directive; and (b) has been or will be prepared in connection with the Placing;

10. it and/or each person on whose behalf it is participating:

(A) is entitled to acquire Placing Shares pursuant to the Placing under the laws and regulations of all relevant jurisdictions;

(B) has fully observed such laws and regulations;

(C) has capacity and authority and is entitled to enter into and perform its obligations as an acquirer of Placing Shares and will honour such obligations; and

11. if it is a pension fund or investment company, its acquisition of Placing Shares is in full compliance with applicable laws and regulations;

12. it is not acquiring any of the Placing Shares as a result of any form of general solicitation or general advertising (within the meaning of Rule 502(c) of Regulation D under the Securities Act) or directed selling efforts (as defined in Regulation S under the Securities Act);

13. it and the beneficial owner of the Placing Shares is, and at the time the Placing Shares are acquired will be, outside the United States and acquiring the Placing Shares in an "offshore transaction" as defined in, and in accordance with, Regulation S under the Securities Act;

15. it (and any account for which it is purchasing) is not acquiring the Placing Shares with a view to any offer, sale or distribution thereof within the meaning of the Securities Act;

17. it will not offer, sell, transfer, pledge or otherwise dispose of any Placing Shares except:

(A) in an offshore transaction in accordance with Rules 903 or 904 of Regulation S under the Securities Act; or

(B) pursuant to another exemption from registration under the Securities Act, if available,

and in each case in accordance with all applicable securities laws of the states of the United States and other jurisdictions;

18. no representation has been made as to the availability of the exemption provided by Rule 144, Rule 144A or any other exemption under the Securities Act for the reoffer, resale, pledge or transfer of the Placing Shares;

29. if it is within the EEA, it is a Qualified Investor as defined in section 86(7) of the FSMA, being a person falling within Article 2.1(e) of the Prospectus Directive;

31. it has complied and it will comply with all applicable laws with respect to anything done by it or on its behalf in relation to the Placing Shares (including all relevant provisions of the FSMA in respect of anything done in, from or otherwise involving the United Kingdom);

41. if it is acquiring the Placing Shares as a fiduciary or agent for one or more investor accounts, it has full power and authority to make, and does make, the foregoing representations, warranties, acknowledgements, agreements and undertakings on behalf of each such accounts;

42. time is of the essence as regards its obligations under this Appendix;

43. 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 the Joint Bookrunners;

44. the Placing Shares will be issued subject to the terms and conditions of this Appendix; and

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