Serving Growth Companies

Private and confidential 2

Introduction to N+1 Singer

One of the leading UK small & mid

cap corporate brokers with strong

client service ethic

Approximately 100 corporate broking clients with a market cap

range from £25m to > £1 billion

c.100 employees of which 70% are

equity partners

Founded in 2006. Descended from Singer &

Friedlander plc, originally a City of London

based merchant bank established in 1907.

Merged with N+1 Brewin in 2012

Complementary partner in N+1 (27%) a lobal

mid-cap investment bank.

Blue chip investor partners (10% aggregate) –

Artemis, Henderson Volantis

We are well positioned to grow

alongside our clients.

Independent and financially sound, we

can take a long-term view to deliver our

clients strategies.

N+1 Singer is proud to feature in the third

edition of the landmark “1000 Companies

to inspire Britain” report, showcasing the

UK’s most inspiring and fast growing small

and medium-sized enterprises.

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“Consistently one of the top 2 UK small cap brokers”

“The technology franchise within N+1 Singer is within the top echelons of UK advisory and broking houses”

“Sees N+1 Singer as one of the winners in the small/mid cap broker consolidation”

"N+1 Singer have done a superb job over time in UK Tech which you will struggle to match anywhere in the

market.”

“Good service from sales and voted Tintin number 1 in the UK”

“Unrivalled depth and breadth of small cap technology coverage ranging from well-established to

emerging tech companies. Not only high quality research but excellent sales, trading and corporate

provides an excellent all round package”

“Georgina is an avid research reader but sticks only to people who really make a difference, which in her

opinion is Tintin and the Singer technology franchise”

“N+1 Singer are amongst the very top tier of technology advisors and brokers in the UK”

What investors are saying about N+1 Singer

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How we Operate + IPO & ECM Case Studies

Our Technology Franchise

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Valued Research

Dominant market position in the

small cap technology sector

Proactive approach to investor

communications plus strong sales

distribution ensures optimal impact

in the market

Tailored and differentiated research to raise profile and drive investor interest

Current House Stocks

Additional Research Universe

Tintin Stormont Research Analyst – Tech

Oliver Knott Research Analyst – Tech

Extel Rankings Consistently highly ranked by Reuters, Extel and institutional investors over the past10 years

Adam Lawson Research Analyst – Tech

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Attractive end markets with structural drivers of growth

Leadership or niche position that affords elements of pricing power

Strong intellectual property, with continuous product innovation

Loyal customer base with potential to upsell

Recurring revenues or repeat business

Scalable platform with appropriate infrastructure and cost base

Key Attributes We Look For

Low capital intensity

Management quality with defined strategy

Are we catching an inflexion point?

Timing

Market size and growth opportunity

Are there high barriers to entry?

Can this company grow market share?

Can it help drive growth in the market?

What growth rate can it achieve?

Quality and visibility of earnings

Profit margins whilst continuing to invest

What is its return on capital?

Investor Concern/Question

Is this a management team worth

backing?

Is the valuation attractive? What upside

potential is there?

Assessing a Technology Investment Case

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Strong track record of growing technology companies

-100% 0% 100% 200% 300% 400% 500% 600% 700% 800% 900%

Tribal plc

1Spatial plc

Earthport plc

Sanderson

Kalibrate Technologies plc

CoreTX Holdings plc

SDL plc

Incadea

Minds + Machines plc

IDOX plc

OMG plc

Advanced Computer Software

dotDigital Group plc

Actual Experience plc

IndigoVision Group plc

Eckoh plc

Gresham Computing plc

Xaar plc

Share price appreciation since appointment

Average share price enhancement1: 196%

1 Source: Factset N+1 Singer technology clients above £25m market capitalisation. Data as of 07/10/2016

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Equity Raising

Over £1.7 billion placed with over 80

small and mid-cap core institutions

since January 2013

Strong relationships with over 100

core UK small & mid cap institutions

Selected Institutional Participants in Our Recent Placings

Extel Rankings Consistently highly ranked saes people by Reuters, Extel and institutional investors over the past10 years

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Recent Corporate Transactions

Financials

Healthcare / IT Life Sciences Retail

Investment Funds Technology Industrials

Investment Funds

Technology

Media Technology Financials Support Services

Life Sciences

£6.6 million Secondary Placing

Nomad & Broker

£20 million Secondary Placing

Nomad & Broker

£16.0 million Secondary Sell-down &

Placing

Nomad & Broker

£60.5 million Acquisition and Placing

Co-Manager

£61.0 million Secondary Sell-down &

Placing

Nomad & Broker

£112 million Secondary Placing

Sponsor, Financial Advisor & Broker

£8.0 million IPO

Nomad & Broker

£6.0 million Placing and Acquisition of Stontronics

Nomad & Broker

€301.2 million IPO

Financial Advisor & Broker

£30.0 million IPO

Nomad & Broker

£108.7 million

Placing of New Convertible

Redeemable Preference Shares

Sponsor, Financial Advisor & Broker

£44.7 million Secondary Placing

Nomad & Broker

£8.6 million Secondary Placing

Nomad & Broker

£13.5 million IPO

Nomad & Broker

Life Sciences

£ 441 million

Takeover by Vectura Group Plc

Broker

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Advanced Computer Software

NOMAD and Broker since April

2010

ACS is a leading provider of

software and IT services to the

public, private and not for profit

sectors

Share price enhancement of 246%

since our appointment; 75% since

2013 placing

Significant value created for

shareholders including

management and several blue

chip investors

Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12May-13 Oct-13 Mar-14 Aug-14 Jan-1520

40

60

80

100

120

140

160

0

20,000

40,000

VolumeAdvanced Computer Software Group plc

Source: FactSet

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N+1 Singer market share

N+1 Singer appointment

Market Cap on appointment: £142m

Takeover price: £725m

Placing at 80p to raise £44m

N+1 Singer initiation

Recommended offer at

140p per share by Air

Bidco Ltd

Rank by

Trade

Vol.

Broker Vol. (m)

% of

Total

Trades

#

Trades

1. SING 370.5 28.1 644

2. INVB 191.4 14.5 125

3. ARDN 16.9 12.8 192

Significant shareholders

M&G 13.0%

Liontrust 10.3%

Hargreave Hale 4.2%

Octopus Investments 3.8%

NFU Mutual 3.7%

Artemis 3.5%

Ruffer 3.0%

Majedie 2.6%

“We appointed Singers as Nomad and broker at the beginning of 2010 when our share price was

just starting (it is now under offer at 140p) and they have been supportive throughout that time, in

all their key areas; corporate finance, sales and research. Since their appointment Singers have

been championing our story and have been the dominant trading house in ACS. Their approach

is driven by them having one of the best analysts in the sector (Tintin is absolutely amazing!) and

using that to very successfully market the story both in the secondary market and also when we raised money. I have always believed that the analyst is key to getting any tech investment story

across to institutions. They can absolutely take credit from being a significant part of the ACS team

that has enabled institutions to make a nearly 800% return on their investment”

(Vin Murria, CEO)

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SkyePharma

Placed stock overhang (resulting

from bond restructuring) with long-

term investors in 2013, triggering

strong share price performance,

introduced several new

institutional investors and

improved overall liquidity

Traded £54m (face value) of new

non-convertible bonds, which

were acquired by long-term

investors at rising prices

£112m equity raise (placing and

open offer) in March 2014,

predominantly for the early

repayment and redemption of

bonds, placing price at premium

to market* and significantly

oversubscribed, introduced a

number of new institutional investors

Source: FactSet

N+1 Singer market share

Market Cap on appointment: £8.7m

Takeover price: £447m

Rank by

Trade Vol. Broker Vol. (m)

% of Total

Trades

1. SING 15.9 42.1

2. LIQU 2.7 7.3

3. CHSC 2.5 6.7

Significant shareholders

“For a number of years Skyepharma had been shackled by substantial debts and the board had

been looking for opportunities to restructure the balance sheet and enable the shares to be rated on

conventional metrics. Following progress by the business, with a number of key product approvals

and launches, Singers recommended a capital raise to pay off the bond debt at a discount to the

payments which would have otherwise fallen due over the following 3 years. It was a multi-

jurisdictional and complex deal and involved all areas of Singers in its execution including assistance

with the capital raise and assistance with negotiating the discount on repaying the bonds early, saving £25m in future payments. There was strong demand in the capital raise and the price was set

at the average market price at the time. Following the deal, the share price has nearly doubled and

Skyepharma has increased its mainstream institutional share base from sub 10% to over 60%. The

board of SkyePharma were very pleased with the efforts of Singers on its behalf.”

(Peter Grant, CEO)

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N+1 Singer appointment

£112m placing

191p Placing price

Vectura Merger announced

HBM Healthcare Investments

28.8%

BlackRock 7.0%

Standard Life 4.8%

Legal & General 4.0%

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(now including N+1 Downer – The Global Mid-market Specialist)

N+1 Group at a Glance

Corporate Finance

M&A

Debt Advisory and Restructuring

Credit Portfolio Advisory

Equity Capital Markets

UK IPOs and equity raisings

Corporate brokerage and equity research

98 Professionals, €3bn AuM 240+ Professionals, 13 Countries2

Boston

Dublin

London

Madrid

Paris

Barcelona

Amsterdam

Frankfurt

Zurich

Milan Istanbul

Athens

Mumbai

Shanghai

Paris (20)

Zurich (9) Barcelona (*)

Amsterdam (1) Athens (2)

Boston (20)

Dublin (1) London (67) Madrid (62*) Frankfurt (30) Milan (10) Istanbul (19) Mumbai (3)

Shanghai (4)

Global midcap investment

banking platform with

offices in all major financial

European centers, in the US

(Boston), India (Mumbai)

and China (Shanghai)

240+ investment banking

professionals across

Europe, the US and Asia

(14 offices in 13 countries)

~€3bn assets under

management

Listed independent

partnership since 2015 with

European roots founded in

2001

N+1 has now merged with

C.W. Downer & Co.

creating a truly global

investment banking

platform

Office

* Note: Number accounts for both locations

Investment Banking Asset Management Investment Business

Current portfolio of 7 portfolio

companies

and 1 fund

Small minority stakes in vehicles

managed by the Group

Private Equity

Active Funds

Infrastructure

Real Estate

Debt

Corporate Distressed Assets

Wealth Management Three

business segments

1) In the process of setting up an office in Stockholm; 2) Spain, Italy Germany, France, Netherlands, Turkey, UK, Switzerland, Greece, Ireland, US, China, India

Stockholm1

Private and confidential 13

One Bartholomew Lane

London

EC2N 2AX

Telephone: +44(0)20 7496 3000

www.n1singer.com

N+1 Singer is the trading name of Nplus1 Singer Advisory LLP (No. OC364131) and Nplus1 Singer Capital Markets Limited (No.5792780).

Registered in England and Wales. Our registered address is One Bartholomew Lane, London, EC2N 2AX.

Nplus1 Singer Advisory LLP (FCA No: 568323) and Nplus1 Singer Capital Markets (FCA No: 453676) are authorised and regulated by the Financial Conduct Authority and are members of the London Stock Exchange.