1 Independent, experienced and effective advisers N ABARRO W ELLS & C O. L IMITED SADDLERS HOUSE GUTTER LANE LONDON EC2V 6HS TELEPHONE: +44 (0) WEBSITE: REGISTERED IN ENGLAND NO MEMBER OF THE LONDON STOCK EXCHANGE AUTHORISED & REGULATED BY THE FSA

2 NABARRO WELLS The Attractions of AIM A market that understands the needs of early stage companies Access to a deep and liquid pool of equity capital at internationally competitive prices Ability to use shares as currency for acquisitions Ability to use options to incentivise management and staff Internationally respected regulatory common sense standards, with a lighter touch No shareholder approval for most acquisition/disposal activity Potential tax benefits (inheritance tax, capital gains tax, VCTs) Stepping stone for the Full List

3 NABARRO WELLS Appropriate Companies Experienced management team with focus, vision and integrity Commercial: growth story with a focused business model Established companies generating revenues and PBT Well-developed, robust business plan Balanced board, including non-executives prior to Admission Good quality advisers: Lawyers (DMH), Reporting Accountants (Baker Tilly) and Brokers Open honest communication: Teamwork, collaboration and accountability – this is a disclosure driven market In essence, a company that is suitable and appropriate for AIM

4 NABARRO WELLS Responsibilities of an AIM Company and its Directors Compliance with the 45 AIM Rules ALL directors will be responsible for the Admission Document (including the working capital statement) The Takeover code on a statutory footing since May 2006: treat shareholders equally and fairly Combined code - good practice in principle Balanced Board, including Independent non-executives – do not underestimate the length of time to appoint them Highest ethical standards – AIM companies represent AIM! All matters post-IPO: consult with the Nomad

5 NABARRO WELLS Role of the Nomad Nomad will be an experienced corporate financier and approved by LSE Company must appoint and retain a Nomad at all times Nomad will advise on suitability for Admission to AIM Nomad will confirm the company’s compliance with AIM Rules On Admission On ongoing basis Nomad is the company’s point of contact with the Exchange The company may be the Nomad’s client, but he also acts as a regulator!

6 NABARRO WELLS Costs associated with an AIM listing Brokers (+ sometimes fixed fee) 4-6% of funds raised Company’s legal fees £80-100k NOMAD corporate finance fees £ k Nomad/Broker’s legal fees £30-40k Reporting Accountant fees £80-100k Technical Consultants £15-30k Others inc. Printers, Registrars, AIM £20k Total fees (exc broker commission) £ k –All depend on the complexity of the “issuer” (the company) –Other advisers may include PR team –Ongoing costs for NOMAD, Broker, PR team

7 NABARRO WELLS Timetable (4+ months) Planning, appointing advisers and non- executives, preferably for a balanced board, & concluding restructuring (if needed, inc. tax) Due diligence: reporting accountants and lawyers (& possibly technical specialists) Drafting the Admission Document Verifying facts & statements in Admission Document and presentation Marketing to investors (mainly institutions) Completion, filing of documents with AIM 2-4 weeks 4-6 weeks+ <1 week 2 weeks+ 1 week

8 NABARRO WELLS Conclusion Vision and Integrity Marketable growth story and a strong commercial team Use good quality advisers and Non- execs This is the best, most active, liquid market for junior companies in the World David Nabarro – Managing Director

9 NABARRO WELLS Nabarro Wells as Nominated adviser One of the largest independent NOMADs measured by retained clients on AIM Recognised for quality and independence –Regularly advise on M&A & IPOs –Focus on corporate clients not the institutions 8 directors with a powerful blend of Banking, Broking and Stock Exchange experience, with on average 10 years’ experience each Champion of small and medium-sized companies wanting to grow and access equity capital Deal size: We rarely act for a start up venture

10 NABARRO WELLS David Nabarro David founded Nabarro Wells in Previously, he was a partner in the stockbroking firm, Laurie Milbank and later an executive director of Prudential Bache Capital Funding, when between 1983 and 1990 he managed a discretionary UK equity portfolio for George Soros’ Quantum Fund. David has been active as an adviser to a number of public and private companies and instrumental in initiating and advising on numerous substantial private equity transactions. Throughout the late 1990’s, as AIM became increasingly popular to small, mid-sized and even large businesses, David steered Nabarro Wells into being one of the leading independent Nominated Advisers for AIM today. Direct telephone number: