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Subject: =?utf-8?Q?Seedrs=2FCrowdcube=20Merger=20Update?=
From: =?utf-8?Q?Jeff=20Kelisky=20and=20Jeff=20Lynn?= <support@seedrs.com>
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Date: Wed, 24 Mar 2021 14:49:01 +0000
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View in browser (https://mailchi.mp/seedrs/lifetisegment-383165?e=3D5ef1148adf)
When investing=2C your capital is at risk.
Dear Friends=2C
The UK Competition and Markets Authority (CMA) published its provisional f=
indings on our proposed merger with Crowdcube today=2C and they demonstrat=
e that the CMA remains determined to block this transaction.
We are deeply disappointed with these findings=2C and we firmly disagree w=
ith the CMA's view that this would be an anti-competitive transaction. We=
believe strongly and unreservedly that this merger would have a highly po=
sitive outcome for British small businesses=2C helping to provide vital fu=
nding for thousands of ambitious companies in the future.
We are evaluating the CMA's findings and considering our next steps. Howev=
er=2C as we consider a possible future as a standalone business=2C we are=
pleased to be able to say that we are in the strongest position we have e=
ver found ourselves. In Q1 2021 we have delivered over 100% year-on-year r=
evenue growth against Q1 2020 (which was itself a very strong quarter)=2C=
and our pipeline for Q2 is already forecast to beat our ambitious targets=
=2E
And while much of this revenue continues to come from our primary fundrais=
ing campaigns=2C our Secondary Market and Secondary Campaigns are growing=
rapidly=2C and as the first vintages of our portfolio continue to mature=
=2C we are seeing more exits at higher multiples than ever before=E2=80=94=
meaning that we have generated more carry revenue in the first quarter of=
2021 alone than we have in any previous full year.
So while we think the CMA has gotten it wrong=2C and we will comment on th=
em in due course=2C we are confident in our success whichever path we go d=
own.
We will be back in touch shortly to announce our next steps.
With best wishes=2C
Jeff Kelisky
CEO
Jeff Lynn
Executive Chairman & Co-Founder
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pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
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<td valign=3D"top" class=3D"mcnTextContent" style=
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<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=
=2C Arial=2C sans-serif;font-size: 16px;text-align: left;">
<p style=3D"line-height: 150%;margin: 10px 0;p=
adding: 0;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #444444;font-family: 'Lato'=2C 'Helvetica N=
eue'=2C Helvetica=2C Arial=2C sans-serif;font-size: 16px;text-align: left;=
"><span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelveti=
ca neue=2Chelvetica=2Carial=2Csans-serif">Dear Friends=2C<br>
<br>
The UK Competition and Markets Authority (CMA) published its provisional f=
indings on our proposed merger with Crowdcube today=2C and they demonstrat=
e that the CMA remains determined to block this transaction.<br>
<br>
We are deeply disappointed with these findings=2C and we firmly=
disagree with the CMA's view that this would be an anti-competitive=
transaction. We believe strongly and unreservedly that this merger would=
have a highly positive outcome for British small businesses=2C helping to=
provide vital funding for thousands of ambitious companies in the future.=
<br>
<br>
We are evaluating the CMA's findings and considering our next steps. Howev=
er=2C as we consider a possible future as a standalone business=2C we are=
pleased to be able to say that we are in the strongest position we have e=
ver found ourselves. In Q1 2021 we have delivered over 100% year-on-year r=
evenue growth against Q1 2020 (which was itself a very strong quarter)=2C=
and our pipeline for Q2 is already forecast to beat our ambitious targets=
=2E<br>
<br>
And while much of this revenue continues to come from our primary fundrais=
ing campaigns=2C our Secondary Market and Secondary Campaigns are growing=
rapidly=2C and as the first vintages of our portfolio continue to mature=
=2C we are seeing more exits at higher multiples than ever before=E2=80=94=
meaning that we have generated more carry revenue in the first quarter of=
2021 alone than we have in any previous full year.<br>
<br>
So while we think the CMA has gotten it wrong=2C and we will comment=
on them in due course=2C we are confident in our success whichever path w=
e go down.<br>
<br>
We will be back in touch shortly to announce our next steps.<br>
<br>
With best wishes=2C</span></span><br>
</p>
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=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
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=09=09=09=09<![endif]-->
<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 300px;border-collapse: collapse;mso-table=
-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text=
-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContentContainer">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding-top: 0;padding-left: 18px;padding-bottom: 9px;padding-right: 1=
8px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-=
size-adjust: 100%;word-break: break-word;color: #444444;font-family: 'Lato=
'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=2C sans-serif;font-size: 16px;=
line-height: 150%;text-align: left;">
<span style=3D"color:#222f39"><span style=3D"f=
ont-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><span s=
tyle=3D"font-size:14px"><strong>Jeff Kelisky</strong><br>
CEO</span></span></span>
</td>
</tr>
</tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->
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'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=2C sans-serif;font-size: 16px;=
line-height: 150%;text-align: left;">
<span style=3D"color:#222f39"><span style=3D"f=
ont-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><span s=
tyle=3D"font-size:14px"><strong>Jeff Lynn</strong><br>
Executive Chairman & Co-Founder</span></span></span>
</td>
</tr>
</tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->
=09=09=09=09<!--[if mso]>
=09=09=09=09</tr>
=09=09=09=09</table>
=09=09=09=09<![endif]-->
</td>
</tr>
</tbody>
</table></td>
</tr>
</table>
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</tr>
</table>
<![endif]-->
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<td align=3D"center" valign=3D"top" id=3D"=
templateFooter" data-template-container=3D"" style=3D"background:#f2f2f2 n=
one no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adj=
ust: 100%;-webkit-text-size-adjust: 100%;background-color: #f2f2f2;backgro=
und-image: none;background-repeat: no-repeat;background-position: center;b=
ackground-size: cover;border-top: 0;border-bottom: 0;padding-top: 0px;padd=
ing-bottom: 20px;">
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ellspacing=3D"0" cellpadding=3D"0" width=3D"600" style=3D"width:600px;">
<tr>
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dth=3D"600" style=3D"width:600px;">
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ellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=3D"templateContain=
er" style=3D"border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rsp=
ace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;max-wid=
th: 600px !important;">
<tr>
<td valign=3D"top" class=3D"fo=
oterContainer" style=3D"background:#transparent none no-repeat center/cove=
r;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-si=
ze-adjust: 100%;background-color: #transparent;background-image: none;back=
ground-repeat: no-repeat;background-position: center;background-size: cove=
r;border-top: 0;border-bottom: 0;padding-top: 0px;padding-bottom: 0;"><tab=
le border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=
=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: collapse;mso-t=
able-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-=
text-size-adjust: 100%;">
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g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
=09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
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=09=09=09=09<![endif]-->
<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextContent" style=
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8px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-=
size-adjust: 100%;word-break: break-word;color: #FFFFFF;font-family: Helve=
tica;font-size: 12px;line-height: 150%;text-align: center;">
<div style=3D"text-align: center;"><br>
<a href=3D"http://" style=3D"mso-line-height-rule: exactly;-ms-text-size-a=
djust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weight: nor=
mal;text-decoration: none;"><img data-file-id=3D"34965" height=3D"27" src=
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5-bf62-4f3a-aee2-015ba4ce1284.png" style=3D"border: 0px;width: 100px;heigh=
t: 27px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-=
mode: bicubic;" width=3D"100"></a></div>
<p style=3D"font-family: Arial=2C "Arial Black"=2C Tahoma=2C &qu=
ot;Trebuchet MS"=2C Verdana=2C sans-serif;font-size: 12px;color: #AAA=
AAA;text-decoration: none;text-align: center;margin: 10px 0;padding: 0;mso=
-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-ad=
just: 100%;line-height: 150%;"><a href=3D"https://seedrs.us4.list-manage.c=
om/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dc0363a73fc&e=3D5ef1148adf" style=3D"text-decoration: none;text-underline: none;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #1b82e6;font-weight: normal;" target=3D"_blank"><img alt=3D"Trustpilot=
rating" border=3D"0" height=3D"16" src=3D"https://emailsignature.trustpil=
ot.com/signature/en-GB/2/5192e86000006400052c669a/text.png" style=3D"max-h=
eight: 16px;border: none;height: auto !important;outline: none;text-decora=
tion: none;-ms-interpolation-mode: bicubic;"><br>
<img alt=3D"Trustpilot Stars" border=3D"0" src=3D"https://emailsignature.t=
rustpilot.com/signature/en-GB/2/5192e86000006400052c669a/stars.png" style=
=3D"max-width: 160px;width: 100%;border: none;height: auto !important;outl=
ine: none;text-decoration: none;-ms-interpolation-mode: bicubic;" width=3D=
"160"></a><br>
<a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae=
6c040bfb8ae74&id=3De5837f68cc&e=3D5ef1148adf" style=3D"text-decoration: n=
one;text-underline: none;mso-line-height-rule: exactly;-ms-text-size-adjus=
t: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weight: normal;=
" target=3D"_blank"><img alt=3D"Trustpilot Logo" border=3D"0" src=3D"https=
://emailsignature.trustpilot.com/brand/s/2/logo.png" style=3D"max-width: 7=
9px;width: 100%;border: none;height: auto !important;outline: none;text-de=
coration: none;-ms-interpolation-mode: bicubic;" width=3D"79"></a></p>
</td>
</tr>
</tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->
=09=09=09=09<!--[if mso]>
=09=09=09=09</tr>
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</td>
</tr>
</tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnBoxedTextBlock" style=3D"min-width: 100%;border-collapse:=
collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust=
: 100%;-webkit-text-size-adjust: 100%;">
<!--[if gte mso 9]>
=09<table align=3D"center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0=
" width=3D"100%">
=09<![endif]-->
=09<tbody class=3D"mcnBoxedTextBlockOuter">
<tr>
<td valign=3D"top" class=3D"mcnBoxedTextBlockInner" style=3D"m=
so-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-=
adjust: 100%;">
=09=09=09=09<!--[if gte mso 9]>
=09=09=09=09<td align=3D"center" valign=3D"top" ">
=09=09=09=09<![endif]-->
<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" width=3D"100%" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;" class=3D"mcnBoxedTextContentContainer">
<tbody><tr>
<td style=3D"padding-top: 9px;padding-left: 18px;p=
adding-bottom: 9px;padding-right: 18px;mso-line-height-rule: exactly;-ms-t=
ext-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
<table border=3D"0" cellspacing=3D"0" class=3D=
"mcnTextContentContainer" width=3D"100%" style=3D"min-width: 100% !importa=
nt;background-color: #F2F2F2;border: 1px solid #7A8288;border-collapse: co=
llapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextCon=
tent" style=3D"padding: 18px;color: #7A8288;font-family: Helvetica;font-si=
ze: 14px;font-weight: normal;line-height: 150%;text-align: center;mso-line=
-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust:=
100%;word-break: break-word;">
<div style=3D"text-align: left;"><=
span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans=
-serif"><span style=3D"font-size:14px"><span style=3D"color:#7a8288">Inves=
ting involves risks=2C including loss of capital=2C illiquidity=2C lack of=
dividends and dilution=2C and should be done only as part of a diversifie=
d portfolio. Please read the </span><a href=3D"https://seedrs.us4.list-man=
age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dc17902d549&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text=
-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weig=
ht: normal;text-decoration: none;"><span style=3D"color:#1b82e6">Risk Warn=
ings</span></a><span style=3D"color:#7a8288"> before investing. Investment=
s should only be made by investors who understand these risks. Tax treatme=
nt depends on individual circumstances and is subject to change in future.=
Seedrs does not make investment recommendations to you and any investment=
decision should be made on the basis of the full campaign. No communicati=
ons from Seedrs=2C through email or any other medium=2C should be construe=
d as an investment recommendation. </span></span></span></div>
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
=09=09=09=09<!--[if gte mso 9]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->
=09=09=09=09<!--[if gte mso 9]>
</tr>
</table>
=09=09=09=09<![endif]-->
</td>
</tr>
</tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnBoxedTextBlock" style=3D"min-width: 100%;border-collapse:=
collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust=
: 100%;-webkit-text-size-adjust: 100%;">
<!--[if gte mso 9]>
=09<table align=3D"center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0=
" width=3D"100%">
=09<![endif]-->
=09<tbody class=3D"mcnBoxedTextBlockOuter">
<tr>
<td valign=3D"top" class=3D"mcnBoxedTextBlockInner" style=3D"m=
so-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-=
adjust: 100%;">
=09=09=09=09<!--[if gte mso 9]>
=09=09=09=09<td align=3D"center" valign=3D"top" ">
=09=09=09=09<![endif]-->
<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" width=3D"100%" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;" class=3D"mcnBoxedTextContentContainer">
<tbody><tr>
<td style=3D"padding-top: 9px;padding-left: 18px;p=
adding-bottom: 9px;padding-right: 18px;mso-line-height-rule: exactly;-ms-t=
ext-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
<table border=3D"0" cellspacing=3D"0" class=3D=
"mcnTextContentContainer" width=3D"100%" style=3D"min-width: 100% !importa=
nt;background-color: #F2F2F2;border: 1px solid #7A8288;border-collapse: co=
llapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextCon=
tent" style=3D"padding: 18px;color: #7A8288;font-family: Helvetica;font-si=
ze: 14px;font-weight: normal;line-height: 150%;text-align: center;mso-line=
-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust:=
100%;word-break: break-word;">
<div style=3D"text-align: left;"><=
span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"color:#7a8288">Use=
of the Seedrs Secondary Market is subject to the </span><a href=3D"https:=
//seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=
=3D82d9e02219&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-=
rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;co=
lor: #1b82e6;font-weight: normal;text-decoration: none;"><span style=3D"co=
lor:#1b82e6">Secondary Market Terms & Conditions.</span></a><span styl=
e=3D"color:#7a8288"> Note that not all shares will be eligible for the sec=
ondary market and=2C even if they are=2C the ability to buy and sell share=
s will depend on demand. It can be difficult to find a buyer or seller=2C=
and investors should not assume that an early exit will be available just=
because a secondary market exists. Share lots are available to investors=
who have become authorised to invest on the Seedrs platform. You should n=
ote that share price history is based on information that is provided to u=
s periodically by the relevant businesses and may not be up to date or acc=
urate. The current share price is calculated using the methodology set out=
</span><span style=3D"color:#1b82e6"> </span><a href=3D"https://seedrs.us4=
=2Elist-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D825ab4d062=
&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly=
;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;=
font-weight: normal;text-decoration: none;"><span style=3D"color:#1b82e6">=
here</span></a><span style=3D"color:#7a8288">.</span></span></span></div>
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
=09=09=09=09<!--[if gte mso 9]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->
=09=09=09=09<!--[if gte mso 9]>
</tr>
</table>
=09=09=09=09<![endif]-->
</td>
</tr>
</tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnBoxedTextBlock" style=3D"min-width: 100%;border-collapse:=
collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust=
: 100%;-webkit-text-size-adjust: 100%;">
<!--[if gte mso 9]>
=09<table align=3D"center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0=
" width=3D"100%">
=09<![endif]-->
=09<tbody class=3D"mcnBoxedTextBlockOuter">
<tr>
<td valign=3D"top" class=3D"mcnBoxedTextBlockInner" style=3D"m=
so-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-=
adjust: 100%;">
=09=09=09=09<!--[if gte mso 9]>
=09=09=09=09<td align=3D"center" valign=3D"top" ">
=09=09=09=09<![endif]-->
<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" width=3D"100%" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;" class=3D"mcnBoxedTextContentContainer">
<tbody><tr>
<td style=3D"padding-top: 9px;padding-left: 18px;p=
adding-bottom: 9px;padding-right: 18px;mso-line-height-rule: exactly;-ms-t=
ext-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
<table border=3D"0" cellspacing=3D"0" class=3D=
"mcnTextContentContainer" width=3D"100%" style=3D"min-width: 100% !importa=
nt;background-color: #F2F2F2;border: 1px solid #7A8288;border-collapse: co=
llapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextCon=
tent" style=3D"padding: 18px;color: #7A8288;font-family: Helvetica;font-si=
ze: 14px;font-weight: normal;line-height: 150%;text-align: center;mso-line=
-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust:=
100%;word-break: break-word;">
<div style=3D"text-align: left;"><=
span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"color:#7a8288">Shar=
e prices for the Seedrs Secondary Market are based on the </span><a href=
=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bf=
b8ae74&id=3D12cc2a1b67&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-lin=
e-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust=
: 100%;color: #1b82e6;font-weight: normal;text-decoration: none;"><span st=
yle=3D"color:#1b82e6">Seedrs Valuation Policy.</span></a><span style=3D"co=
lor:#7a8288"> Investors should understand that general market conditions a=
nd the impact of Covid-19 are not factors taken into account by the </span=
><a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49a=
e6c040bfb8ae74&id=3Df5138a2a68&e=3D5ef1148adf" target=3D"_blank" style=3D=
"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-siz=
e-adjust: 100%;color: #1b82e6;font-weight: normal;text-decoration: none;">=
<span style=3D"color:#1b82e6">Seedrs Valuation Policy</span></a><span styl=
e=3D"color:#7a8288"> and therefore not reflected in the share prices on th=
e Seedrs Secondary Market.</span></span></span></div>
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
=09=09=09=09<!--[if gte mso 9]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->
=09=09=09=09<!--[if gte mso 9]>
</tr>
</table>
=09=09=09=09<![endif]-->
</td>
</tr>
</tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;">
<tbody class=3D"mcnTextBlockOuter">
<tr>
<td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
=09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
=09=09=09=09<tr>
=09=09=09=09<![endif]-->
=09=09=09
=09=09=09=09<!--[if mso]>
=09=09=09=09<td valign=3D"top" width=3D"600" style=3D"width:600px;">
=09=09=09=09<![endif]-->
<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #FFFFFF;font-family: Helvetica;font-size: 12px;text-align: c=
enter;">
<div style=3D"text-align: left;"><span style=
=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica neue=2Chel=
vetica=2Carial=2Csans-serif"><span style=3D"color:#7a8288">This email has=
been approved as a financial promotion by Seedrs Limited.<br>
<br>
Seedrs Limited is authorised and regulated by the Financial Conduct A=
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