Sophisticated Investor Statement

CERTIFICATE FOR EXECUTION BY SOPHISTICATED INVESTORS

As defined by the Financial Conduct Authority (FCA) COBS Handbook - COBS 4.12.8 R

I declare that I am a self-certified sophisticated investor for the purposes of the Financial Services and Markets Act (Financial Promotion) Order 2005.

I understand that this means:

a) I can receive financial promotions that may not have been approved by a person authorised by the Financial Conduct Authority;

b) the content of such financial promotions may not conform to rules issued by the Financial Conduct Authority;

c) by signing this statement I may lose significant rights;

d) I may have no right to complain to either of the following-

i. the Financial Conduct Authority; or ii. the Financial Ombudsman Scheme; and

e) I may have no right to seek compensation from the Financial Services Compensation Scheme.

I am a self-certified sophisticated investor because at least one of the following applies:

a) I am a member of a network or syndicate of business angels and have been so for at least the last six months prior to the date below;

b) I have made more than one investment in an unlisted company in the two years prior to the date below;

c) I am working, or have worked in the two years prior to the date below, in a professional capacity in the private equity sector, or in the provision of finance for small and medium enterprises;

d) I am currently, or have been in the two years prior to the date below, a director of a company with an annual turnover of at least £1 million.

I accept that I can lose my property and other assets from making investment decisions based on financial promotions.

I am aware that Clarion does NOT give financial advice and as such cannot make personalised investment recommendations to me. If I require financial advice I understand that it is my responsibility to seek appropriate advice from an independent financial adviser prior to making any investments.