INFORMATION BOOKLET 27 November 2012

Alpha Plus Holdings plc 5.75% Secured Sterling Bonds due 2019 Important Information Portland Place, Central

Lead Manager and Distributor that will issue the bonds referred to below. Canaccord Canaccord Genuity Limited Genuity Limited (No. 01774003), whose registered office is 88 Wood Street, London, EC2V 7QR, is Authorised Distributors authorised and regulated by the UK Financial Services Collins Stewart Wealth Management (UK) Authority (Firm Ref Number 182011). www.collinsstewartwealth.com Interactive Investor This Information Booklet relates to the Alpha Plus Holdings plc 5.75% Secured Sterling Bonds due www.iii.co.uk/investing/news-issues 2019 (referred to in this Information Booklet as the Peel Hunt LLP “bonds”). A prospectus dated 26 November 2012 www.peelhunt.com (the “Prospectus”), which comprises a prospectus RM Capital Markets Ltd for the purposes of the Directive, has been prepared www.rm-capital.co.uk and made available to the public in accordance with the Directive. Copies of the Prospectus are available Selftrade from the website of the London Stock Exchange 5.75% www.selftrade.co.uk/alpha (www.londonstockexchange.com/prices-and-markets/ per annum Shore Capital markets/prices.htm) and in hard copy for inspection www.shorecapital.co.uk only during usual business hours at the specified office of the paying agent. This Information Booklet is not an interest paid Smith & Williamson Securities offer for the subscription or sale of the bonds. The www.smith.williamson.co.uk/fixed-income-dealing- bonds have not been and will not be registered under service the United States Securities Act of 1933, as amended Important Information (the “Securities Act”). The bonds may not be offered, This Information Booklet is an advertisement for sold or delivered within the U.S. or its possessions or to, the purposes of Prospectus Rule 3.3 and Article 34 or for the account or benefit of, U.S. persons except in of Commission Regulation (EC) No 809/2004 certain transactions exempt from the registration (as amended) and is not a prospectus for the purposes requirements of the Securities Act. The Bonds are of EU Directive 2003/71/EC (as amended) (the being offered and sold outside the United States in “Directive”) and/or Part VI of the Financial Services reliance on Regulation S of the Securities Act. There and Markets Act 2000 (the “FSMA”). The contents will be no public offering in the United States. This of this document are indicative and accurate advertisement is not an offer for the subscription or sale as at the date of its issue. This document should of the bonds. The bonds may only be sold in Jersey in not be solely relied on for making any investment compliance with the provisions of the Control of decision in relation to the purchase of bonds. Borrowing (Jersey) Order 1958. Any offer for Any decision to purchase or sell the bonds should subscription, sale or exchange of the bonds within the be made solely on the basis of a careful review Isle of Man must be made by (i) an Isle of Man financial of the Prospectus (as defined below). Please services licenceholder licensed under section 7 of therefore read the Prospectus carefully before you the Financial Services Act 2008 to do so or (ii) in invest. This is a financial promotion approved, for the accordance with any relevant exclusion contained purposes of section 21 of FSMA, by Canaccord Genuity with the Regulated Activities Order 2011 or exemption Limited, which is authorised and regulated by the contained in the Financial Services (Exemptions) Financial Services Authority, and made by Alpha Plus Regulations 2011. For additional information on the Holdings plc (“Alpha Plus”) which is the legal entity selling restrictions, see the “Subscription and Sale” section in the Prospectus. 01 Important Information

The bonds offer an interest rate of 5.75% per year on Payment on the face value of the bonds the face value of £100 per bond. Interest is split and Assuming Alpha Plus does not go out of business will be paid semi-annually on18 June and 18 December or become insolvent, and assuming the bonds have in each year until the bonds become repayable. not been redeemed or purchased and cancelled early Unless previously redeemed or purchased and (as described under “Key features of the bonds – cancelled (as further described in “Key features Early redemption features”), the bonds will be of the bonds – Early redemption features” on redeemed at 100% of their face value on the page 03), the bonds will mature on 18 December 2019 Maturity Date. You are referred to “Key risks of (the “Maturity Date”) and will be repayable by Alpha investing in the bonds” on page 04. Plus at their face value of £100 per bond. The bonds can be purchased through your existing stockbroker, private bank or wealth manager and the minimum initial amount of bonds you may buy is £2,000. Thereafter the bonds can be bought and sold in multiples of £100 Wetherby Preparatory face value. A copy of the Prospectus should also have School, Central London been provided to you by your stockbroker and you are referred to “Important information” on page 01. 7-year What is a bond? A fixed rate bond is a form of borrowing by a company term of bond seeking to raise funds from investors. The bonds have a fixed life. The company promises to pay a fixed rate of interest (the “coupon”) to the investor (i.e. the bondholder) periodically until the date when the bond becomes repayable (usually on the maturity date, although a bond may also become repayable early in certain circumstances) when it promises to repay the amount borrowed. You do not have to keep the bonds until the date when they mature. A bond is a tradable instrument whereas a traditional loan (including a normal bank deposit or bank account) is not. The market price of a bond will vary between the start of the bond’s life and the date when it matures. Please see “How to trade the bonds” on page 11.

Interest on the bonds The level of interest offered on the bonds is fixed when the bonds are issued. For every £100 face value of the bonds held, Alpha Plus will pay an interest amount of £2.875 on each 18 June and 18 December of each year up until the Maturity Date.

02 Key features of the bonds Falcons Preparatory School, West London

Key features of the bonds • Face value of each bond: £100. Although the face • Issuer: Alpha Plus Holdings plc. value of each bond is £100, it is not possible to • Security: the bonds are secured over a portfolio purchase less than £2,000 in face value of the bonds of property and other assets of Alpha Plus and from your distributor in the initial distribution. certain of its subsidiaries. See “Security assets”, • Documentation: The terms and conditions of the “Security top-up”, “Security release” and offer are contained in the Prospectus. The amount “Security substitution” below for more details. of the bonds to be issued will be announced by RNS • Interest rate: 5.75%. The headline interest rate on or around 11 December 2012. relates to the yield earned on the face value of the • Issue price: 100% of the face value. bonds. The actual return for investors will depend on • Redemption: at 100% of the face value on the the price at which they purchase bonds and, if they Maturity Date, assuming that Alpha Plus remains in do not hold the bonds until the bonds mature, the business and is able to pay its debts in full and that price at which they sell their bonds. Interest will be the bonds have not been repaid early or purchased paid in arrear on 18 June and 18 December or cancelled. each year until the Maturity Date. The first interest payment is due to be made on18 June 2013, • Early redemption features: The bonds are due to and the last interest payment is due to be made be redeemed on the Maturity Date unless they are on the Maturity Date. redeemed early due to (a) taxation reasons or (b) at Alpha Plus’ option, all as described below: • Authorised Distributors and offer period: a number of distributors have been approved by Alpha Plus a) Early redemption due to changes in relevant tax to provide this document and the Prospectus to laws: The bonds may be redeemed early at the potential investors in the bonds in the period from option of Alpha Plus at 100% of their face value, 26 November 2012 until 12 noon (London time) together with any accrued interest, in the event on 11 December 2012 or such earlier date as that Alpha Plus is obliged to pay additional agreed between Alpha Plus and Canaccord Genuity amounts in respect of the bonds pursuant to Limited and announced via the Regulatory News their terms following a change in United Kingdom Service (“RNS”) of the London Stock Exchange (the tax law. “End of Offer Date”). Any offer to sell the bonds b) Early redemption at the option of Alpha Plus: made or received from any other party, or by any party Alpha Plus has the option to redeem the bonds, after the End of Offer Date, may not have been at any time, at 100% of their face value or, if approved by Alpha Plus. Therefore investors should higher, an amount calculated by reference to the check with such party whether or not such party is so prevailing yield of the relevant United Kingdom approved. The current Authorised Distributors are Government stock plus a margin of 0.50%, in listed on page 01 of this Information Booklet. either case together with any accrued interest. • Date on which the bonds are issued and on which • Trading: bondholders will, subject to market interest begins to accrue: 18 December 2012. conditions, be able to buy bonds or sell their • Term of the bonds: 7 years. bonds during the term of the bonds. See “How to trade the bonds” on page 11 for more details. • Maturity Date (i.e. when the bonds mature and are due to be repaid): 18 December 2019. • Bond ISIN: XS0853358801.

03 Key risks of investing in the bonds

• Amount of the bonds to be issued: The total amount • If you choose to sell your bonds in the open market of the bonds to be issued will depend on the number at any time prior to the Maturity Date, the price you of applications to purchase the bonds received receive from a purchaser may mean that you get before the End of Offer Date (i.e. 11 December 2012 back less than your original investment. Factors that or earlier). The final amount will be published by RNS will influence the price you may receive include, but announcement on or around 11 December 2012. are not limited to, market appetite, inflation, period There is no minimum aggregate principal amount remaining to the Maturity Date, interest rates and of Bonds that will be issued by Alpha Plus.The the financial position of Alpha Plus. In particular, you maximum total amount of bonds that will be issued should note that if interest rates start to rise then the is £55 million. interest amounts due on the bonds might become • Trustee: The trustee for the bondholders will be less attractive and the price you get if you sell could Prudential Trustee Company Limited. fall. However, the market price of the bonds has no effect on the interest amounts due or what you will • More information: be due to be repaid on the Maturity Date if you hold www.alphaplusgroup-retailbond.co.uk on to the bonds until then. Inflation may also reduce the real value of the bonds over time, which may Key risks of investing in the bonds affect what you could buy with the return on your A number of particularly important risks relating to an investment in the future. This may, therefore, make investment in the bonds are set out below. The risks set the fixed rate payable on the bonds less attractive out below are not intended to be a comprehensive list in the future. of all the risks that may apply to an investment in the bonds. As with most investments you could get back • There is no guarantee of what the market price less than you invest or lose all of your initial investment. for selling or buying the bonds will be at any time. If prevailing market conditions reduce market Further risk factors relating to Alpha Plus and demand for the bonds, the market price may be the bonds are set out in the Prospectus on adversely affected. Moreover, notwithstanding that pages 16 to 25. Please read them carefully. Canaccord Genuity Limited will act as market maker • Unlike a bank deposit, the bonds are not covered (as explained below) for the bonds, if trading activity by the Financial Services Compensation Scheme levels are low, this may severely and adversely impact (“FSCS”). As a result, the FSCS will not pay the price that an investor would receive if he/she compensation to an investor in the bonds upon the wishes to sell his/her bonds. failure of Alpha Plus. • The bonds are senior, secured debt of Alpha Plus. If Alpha Plus goes out of business or becomes insolvent, you may lose some or all of the money that you have invested in the bonds.

04 About Alpha Plus St. Anthony’s School, North London

About Alpha Plus This Gold Standard comprises: Alpha Plus and its subsidiaries (the “Group”) own and • Achieving high success rates in exam results and manage 12 independent schools, 2 nurseries and 5 school placement: for example, the number of pupils sixth form colleges. Each school has a strong brand in graduating from the Group’s schools in 2012 its own local market. There are philosophical values and accepted by their first choice school was as follows: overall business approaches however that are intrinsic 93% of Wetherby School pupils, 100% of Falcons across the portfolio, see in particular “The Gold School for Boys pupils, 85% of Falcons School for Standard” below. Girls pupils, 90% of St. Anthony’s pupils, 100% of Hilden Grange pupils aged 13+, 93% of Hilden Ownership Grange pupils aged 11+, 100% of Wetherby Prep As at 31 August 2012 all of the issued shares of pupils and 96% of pupils. Alpha Plus are owned by DV4 Holdings Alpha Plus Co. Of all A levels taken across the Group’s colleges, Limited which in turn is owned as to 95.378% per cent. 45.99% were A*/A grades compared to the national by DV4 Investment Alpha Plus Co. Limited. DV4 average of 18.9%. Of the Group’s 2012 graduating Graham Able, Investment Alpha Plus Co. Limited is owned by class of college pupils, 97% went on to enrol in CEO Alpha Plus Group DV4 Limited. UK universities. • High performance in external inspections: all of the Financial and pupil growth Group’s schools have achieved Excellent/Outstanding Looking back over a 5-year period comparing the or Good ratings across all areas from Ofsted or ISI 12 month periods ending 31 August 2008 and resulting from inspections carried out during the 31 August 2012, the Group’s turnover has increased period 2010–2012. by 62.2% from £35.7 million to £57.9 million. For the same period, EBITDA has increased by 64.9% from • First class facilities: educational facilities are £4.96 million to £8.18 million. provided according to age group including music rooms, libraries and gymnasiums. Significant amounts The above financial growth is the result of increasing are invested in real estate facilities, computers and pupil numbers and fees. Again for the 5-year period IT equipment. comparing the 12 month periods ending 31 August • “Best in Class” head teachers and staff: as teachers 2008 and 2012, the number of pupils attending the gain experience they are encouraged to seek new Group’s schools, colleges and nurseries increased by opportunities and enhanced leadership roles within 29.5% from 2,800 pupils to 3,625 pupils. During the the Group’s schools and colleges. same period, average fees per pupil attending the Group’s schools, colleges and nurseries increased by • Head teacher autonomy: head teachers are given 25.2% from £12,748 to £15,966 per annum. autonomy over the day-to-day operations of their schools to ensure they can respond quickly to the The Gold Standard needs of the pupils and their parents. However The Group has developed a “Gold Standard” as a financial controls and key strategic decisions are led benchmark of the level of education it aims to deliver by the central management team, to reduce costs in its schools. Implementation of the Gold Standard and increase effectiveness and efficiency. is important to enable schools within the Group’s education platform to provide high levels of education Build and Expand to pupils and to enhance the reputation of the Group’s The Group’s policy of “Build and Expand” has been schools and so attract increasing numbers of pupils. followed since 2002, which has resulted in increasing total student capacity. 05 About Alpha Plus

Any future expansion and acquisitions by the Group are likely to be focused in London and the South East of . It is in these areas that high quality independent schools recover a level of fees that properly reflect the levels of education being provided to pupils and it is the area in which the Group has its core operations.

Schools The following table sets out the schools owned and operated by the Group:

School Location Approximate Description number of pupils Wetherby School , West London 250 aged 4 to 8 Pre-preparatory all-boys school founded in 1951. Falcons School for Boys , 185 aged 3 to 7 Established in 1956, it is one of the few West London private all-boys schools in the area. Wetherby Preparatory , 300 aged 7 to 13 An all-boys school opened in 2004 to School Central London meet the demand from boys leaving Wetherby School. Falcons School for Boys, Falcons Prep School Richmond, West London 105 aged 7 to 13 All-boys school opened in West London for Boys September 2008 Pembridge Hall School Notting Hill, West London 400 aged 4 to 11 The all-girls school was significantly expanded in 2004 to allow for a three class a year entry instead of two. Falcons School for Girls Ealing, West London 70 aged 3 to 11 Falcons School for Girls is one of the few all-girls schools in the area. Davenport Lodge Coventry 85 aged 6 weeks A co-education school with its own to 8 years nursery attached. Abingdon House School Central London 50 aged 5 to 14 A co-education school opened in 2005 which provides teaching to pupils demonstrating delayed development or learning difficulties. Portland Place School Central London 370 aged 11 to 18 A co-education school founded in 1996 to cater for the growing demand for private mixed day schools in Central London. Chepstow House School Notting Hill, West London 115 aged 4 to 7 A co-education school for children from Reception to Year 2. It opened in January 2010. Hilden Grange North , Kent 260 aged 3 to 13 Founded in 1929, a co-education Preparatory School preparatory school incorporating its own nursery school and pre-preparatory. St. Anthony’s School , London 290 aged 4 to 13 A preparatory all-boys school that has been operating since the 1950s. The school is Roman Catholic but welcomes boys of other faiths. 06 About Alpha Plus Hilden Grange Preparatory School, Kent

Nurseries The Group operates two standalone nurseries which are each well established in its local marketplace. Small nurseries also operate in three other schools (Falcons School for Boys, Falcons School for Girls, and Davenport Lodge).

The following table sets out the nurseries owned and operated by the Group:

Nursery Location Approximate Description number of pupils Rolfe’s Nursery Notting Hill, 55 aged 2½ to 5 The co-education school operates West London in school term periods to prepare girls and boys for entry into premium London day schools. The Minors Notting Hill, 40 aged 2½ to 5 A co-education feeder school Nursery School West London for a number of premium London day schools.

Colleges The Group owns and operates five independent colleges located in Central London, Cambridge, Manchester and Birmingham. The colleges specialise in preparing students for GCSE’s (ages 14+) and A-levels (ages 16-18).

The following table sets out the colleges owned and operated by the Group:

College Location Approximate Description number of pupils Davies Laing & Dick Marylebone, 330 aged 16 Established in 1931 and relocated College Central London and above in 2004 to larger premises. Abbey College Birmingham 150 aged 16 Situated close to Birmingham Birmingham and above City Centre. Abbey College Cambridge 250 aged 16 Located in the centre of Cambridge. Cambridge and above Since opening in 1994 98.2% of students have received A–C’s in their A-Levels. Abbey College Belgravia, London 120 aged 16 The college, the first college of the London and above Abbey Group, was founded in 1985 and is a specialist A-Level College. Abbey College Manchester 200 aged 16 Originally established in 1990 Manchester and above as a dedicated facility for Science and Maths A-Levels. The college now offers a full range of courses. 07 About Alpha Plus

The Group’s Property Assets As at 1 September 2012, the Group’s property assets were valued on a trading basis at £130.7 million by Gerald Eve LLP.

Security assets All payments of principal (and any applicable premium) and interest under the bonds are secured by a first legal mortgage granted over a portfolio of properties owned by the Group (the “Secured Properties”) which consists of, at the time of the issue of the bonds, the following properties (valued as at 1 September 2012 by Gerald Eve LLP):

Trading Value (£) Alternative Use Value (£) The Minors Nursery School, 2,440,000 – 10 Pembridge Square, London W2 4ED¹ Wetherby School, 20,530,000 25,900,000 Abbey College, Cambridge 11 Pembridge Square, London W2 4ED² Pembridge Hall School, 30,250,000 10,000,000 10 Pembridge Square, London W2 4ED (incl. annex) and 18 Pembridge Square, London W2 4EH Abingdon House School, 6,420,000 2,800,000 Broadley Terrace, London NW1 6LG (registered at the Land Registry as Sylvia Young Theatre School and the property spans onto Rossmore Road, London NW1 6NJ) Falcons School for Boys, 7,390,000 2,000,000 2 Burnaby Gardens, London W4 3DT (registered at the Land Registry as Gunnersbury School) Falcons Prep School for Boys, 7,720,000 5,750,000 Kew Foot Road, Richmond TW9 2PN (registered at the Land Registry as The Richmond Adult and Community College) St. Anthony’s School, 9,690,000 16,300,000 1 Arkwright Road, London NW3 6AA and 90 Fitzjohn's Avenue, London NW3 6NP

Totals 84,440,000 62,750,000

1 Alternative use value for Minors Nursery School is included in the Wetherby School valuation figure as they share physical premises. 2 Alternative use value for Wetherby School includes the alternative use value for Minors Nursery School as they share physical premises. 08 About Alpha Plus Pembridge Hall School, West London

Subject as described in the Prospectus, Alpha Plus can also pledge cash and cash equivalent investments (broadly UK Government or European Investment Bank securities) of a value of up to 30% of all assets charged as security for the bonds.

Alpha Plus will have the assets pledged as security valued at least on an annual basis.

In addition, bondholders also benefit from a first fixed charge over any insurance contracts to the extent they apply to any of the Secured Properties, and over any existing, future and unregistered intellectual property in respect of any school, nursery or college operating at any of the Secured Properties which, at the time of the issue of the bonds includes the registered trade marks “Pembridge Hall” and “Wetherby School”.

09 Further information

Security top-up In doing so, Alpha Plus must comply with specific If a valuation shows that the aggregate value of the requirements in relation to maintaining the ratio of Secured Properties is less than 1.5 times the principal certain types of assets to others. Where the substitution amount of bonds outstanding (after deducting from the takes place within 60 days from the last valuation, principal amount of the bonds outstanding the sum of Alpha Plus may withdraw any asset pledged as security any cash or cash equivalent investments provided as and replace it with another, so long as the valuation security) then Alpha Plus is obliged to provide additional shows that this would not result in the aggregate value security (either in the form of property eligible to be of the Secured Properties falling below 1.5 times the added to the Secured Properties or cash or cash aggregate principal amount of the bonds outstanding equivalent investments) so that the aggregate value (after deducting from the principal amount of the bonds of the Secured Properties is at least 1.5 times the outstanding the sum of any cash or cash equivalent aggregate principal amount of the bonds outstanding investments provided as security). (after deducting from the principal amount of the bonds outstanding the sum of any cash or cash equivalent Alpha Plus will make available to the Trustee a list of all investments provided as security). security substitutions, releases and additions each year, as well as notifying the Trustee of any shortfall in Security release security and when such shortfall has been made good. If (i) a valuation shows that the aggregate value of the Secured Properties is more than 1.667 times the Holding the bonds aggregate principal amount of bonds outstanding or The bonds will be held in custody for you by your (ii) bonds have been purchased and cancelled by Alpha distributor, or as may be arranged by your distributor. Plus and a valuation demonstrates that the aggregate value of Secured Properties is more than 1.5 times the ISA and SIPP eligibility of the bonds aggregate principal amount of bonds outstanding At the time of issue the bonds can be invested in a (in each case, after deducting from the principal amount stocks and shares ISA or a SIPP, subject to limits and of the bonds outstanding the sum of any cash or cash conditions and, in the case of a stocks and shares ISA, equivalent investments provided as security) then Alpha subject to the bonds being and remaining listed on the Plus may request the release of any Secured Properties Official List of the UK Listing Authority and admitted (and any related insurance contracts or intellectual to trading on the regulated market of the London Stock property) or cash or cash equivalent investments, Exchange. However, you should seek advice as to provided that, following such release, the aggregate whether the specific terms of your arrangement permits trading value of the remaining Secured Properties is investments of this type. See also “Taxation of the at least 1.5 times the aggregate principal amount of bonds”, below. bonds outstanding (after deducting from the principal amount of the bonds outstanding the sum of any cash Taxation of the bonds or cash equivalent investments provided as security). Please refer to the section of the Prospectus entitled “Taxation” for information regarding certain UK Security substitution taxation aspects in relation to the bonds. Prospective Alpha Plus may request the release of any assets bondholders should consult their own tax advisors pledged as security (including any Secured Properties, to obtain advice about their particular tax cash or cash equivalent investments) as long as treatment in relation to the bonds. If you make an sufficient additional security is charged to substitute investment in the bonds, the precise UK tax treatment adequately any such released asset. which will apply to you will depend on your individual 10 Further information Distributors & Disclaimer St. Anthony’s School, North London

circumstances and taxation law and practice at the The bonds are tradable instruments and prices will be relevant time (and so may be subject to change in the quoted in the market during trading hours. The bonds future). In particular, the comments in the Taxation are expected to be supported in a market-making section of the Prospectus relate only to persons who capacity by Canaccord Genuity Limited. Market-making are the absolute beneficial owners of the bonds and means that a person will maintain prices for buying and the interest paid on them, and may not apply where selling the bonds. Canaccord Genuity Limited will be the relevant income is treated for UK tax purposes appointed as a registered market maker through ORB as the income of any other person, or to certain special (www.londonstockexchange.com/exchange/prices- classes of taxpayer such as dealers and persons and-markets/retail-bonds/retail-bonds-search.html) connected with Alpha Plus, to whom special rules may when the bonds are issued. Bondholders should, in apply. The tax treatment of bonds may be complex and most normal circumstances, be able to sell their bonds the level and basis of taxation may change during the at any time, subject to market conditions. As with any life of the bonds. All amounts, yields and returns investment, there is a risk that a bondholder could get described herein or in the Prospectus are shown before back less than their initial investment or lose their initial any tax impact. It is the responsibility of every investor investment. Pricing information for sales and purchases to comply with the tax obligations operative in their of the bonds in the market will be available throughout country of residence. trading hours on the ORB.

How to trade the bonds Fees The bonds are expected to be listed on the Official List Alpha Plus will pay the fees set out in the Prospectus. of the UK Listing Authority and admitted to trading on Canaccord Genuity Limited will receive total fees and the regulated market of the London Stock Exchange. commissions of 0.90% of the amount of the bonds The bonds are also expected to be eligible for the issued, out of which the Authorised Distributors will London Stock Exchange’s electronic Order Book for receive a distribution fee of 0.50% of the amount of the Retail Bonds (“ORB”). The ORB was launched in bonds allotted to them. Distributors may charge fees response to private investor demand for easier access and/or commissions in respect of any bonds purchased to trading bonds with the aim of providing a transparent and/or held. Alpha Plus is not responsible for the level and efficient mechanism for UK retail investors to or payment of any of these fees and/or commissions. access the bond markets.

Disclaimer Before buying or selling a bond you should ensure that you fully understand and accept the risks relating to an investment in the bonds before making such an investment, otherwise you should seek independent advice. Canaccord Genuity Limited is acting for itself and will not act and has not acted as your legal, tax, accounting or investment adviser and will not owe you or your clients any fiduciary duties in connection with a purchase or sale of the bonds, or any related, transaction. No reliance may be placed on Canaccord Genuity Limited and Alpha Plus for advice or recommendations of any sort. Canaccord Genuity Limited makes no representation or warranty to you with regard to the information contained in the Prospectus. This Information Booklet contains information derived from the Prospectus and is believed to be reliable but, in so far as it may do so under applicable law, Canaccord Genuity Limited does not warrant its completeness or accuracy. Canaccord Genuity Limited and Alpha Plus are not responsible for any advice or service you may receive from a third party in relation to the bonds. Canaccord Genuity Limited and its affiliates, connected companies, employees and/or clients may have an interest in securities of the type described in this Information Booklet and/or in related securities. Such interest may include acting as market-makers in such securities. This document does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase, any bonds. Any purchase or sale of bonds should only be made on the basis of the information contained in the Prospectus, available as described above. 11