SECTION A: Information About the Offer s1

THE TAKEOVER PANEL OFFER DOCUMENT / OFFEREE BOARD CIRCULAR CHECKLISTBefore completing this checklist, please ensure you have the most recent version by downloading the checklist from the Takeover Panel website (www.thetakeoverpanel.org.uk). This checklist must be completed in accordance with the Panel’s guidance on ‘How to complete checklists and supplementary forms’ which can be found on the Panel’s website.SECTION A: Information about the offerOfferee:Offeror:Date document published:Recommended or unilateral offer:Date offer period commenced:Date of firm offer announcement (Rule 2.7):First closing date (Rule 31.1):“Day 39” (Rule 31.9):Date withdrawal rights commence (Rule 34.1):“Day 46” (Rule 32.1(c)):Final closing date “Day 60” (Rule 31.6):Type of offer (tick as appropriate): Voluntary offer (Rule 10)Mandatory offer (Rule 9)Minority offer (i.e. offeror holds >50%)Partial offer (offeror will hold >50%)Partial offer (offeror will hold <50%)Value of offer (see Fees and Charges section of Panel website):Document charge payable: (NB payable on publication of document)Consideration offered per ordinary share:Details of any comparable offers made under Rule 14:189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 2Details and status of any appropriate offers or proposals required under Rule 15:(Mandatory offer) Details of offers made for other classes of equity or securities carrying voting rights:Minimum value required under Rules 6.1 & 6.2:Minimum cash offer required under Rule 11.1:Minimum securities required under Rule 11.2:(Mandatory offer) Minimum cash offer required under Rule 9.5:189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 3SECTION B: Offeror requirementsOfferor financial adviser: NameFirmTel. no.EmailFinancial adviser’s approval of Sections A Signatu and B of checklist: reAttachments (tick as appropriate): Intention statements schedule (Rule 19.6)Full list of dealings (Note 2 on Rule 24.4)Profit forecast supplementary form (Rule 28)QFBS supplementary form (Rule 28)Asset valuation supplementary form (Rule 29)Partial offer supplementary form (Rule 36)Website address for documents required to be published on a website (Rule 26):Details of documents incorporated by reference and sent to Panel/other advisers in electronic form (see Note on Rule 30.5):Other documents included (e.g. prospectus):NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS3.2 (Reverse takeover) Substance of Rule 3.2 advice9.3(a) (Mandatory offer) Acceptance condition10 (Voluntary offer) Acceptance condition10 Acceptances: conditions that (Note 4(c) must be satisfied (see Rule 24.7) (i))189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 4NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS10 Acceptances: procedure for (Note 4(c) CREST acceptances (see Rule (ii)) 24.7)10 (Note 5) Purchases (see Rule 24.7)10 (Note 6) Fulfilment of acceptance condition before final closing date (see Rule 24.7)10 (Note 7) Receiving agent’s certificate (see Rule 24.7)10 (Note 8) Borrowed shares (see Rule 24.7)12.1(a)(i) Phase 2 CMA reference term12.1(b)(i) Phase 2 EC proceedings term12.1 (Note) Effect of lapsing13.4(b) Financing condition13.5(a) Language which appropriately reflects Rule 13.5(a) (conditions not to be invoked unless of material significance) (see Rule 24.7)13.6 Language which appropriately reflects Rule 13.6 (offeree protection conditions not to be invoked unless of material significance to offeree shareholders) (see Rule 24.7)13.6 (Note Withdrawal rights (see Rule 24.7) 2)14.1 If Rule 14 offer has an acceptance condition, ordinary offer conditional on Rule 14 offer16.2(a) Management incentivisation arrangements and “fair and reasonable” statement (or negative statement)16.2(b) & (Where required by Panel) Notice (d) of general meeting to approve incentivisation arrangements (by poll/separate vote)189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 5NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS16.2(c) & If management shareholders will (d) become offeror shareholders, notice of general meeting to approve incentivisation arrangements (by poll/separate vote) 17.1 Acceptances: timing/contents (see Rule 24.7)17.2 Failure to announce (see Rule 24.7)18 Proxies and other authorities19.1 (Note Source of material facts 2)19.1 (Note Origins of quotations 3)19.2(a) Responsibility statement19.2(b) Disclosure of reasons if any director excluded19.2 (Note “Other persons” responsibility 3) statement19.5(b)(i) Post-offer undertaking: & (d) statement that it is a post-offer undertaking19.5(b)(ii) Post-offer undertaking: time period/relevant date19.5(b)(iii) Post-offer undertaking: qualifications/conditions19.6 Post-offer intention statements COMPLETE AND ATTACH INTENTION STATEMENTS SCHEDULE23.2(a) (Reverse takeover) Rule 3.2 adviser’s consent24.2(a) Long-term commercial justification for offer24.2(a)(i) Intentions for future business of offeree24.2(a)(ii) Intentions for offeree employees (or (b)) (or negative statement)189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 6NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS24.2(a)(iii) Strategic plans for offeree (or (or (b)) negative statement)24.2(a)(iv) Intentions for offeree pension (or (b)) scheme(s) (or negative statement)24.2(a)(v) Intentions for offeree fixed assets (or (b)) (or negative statement)24.2(a)(vi) Intentions for trading facilities for offeree’s securities24.2(c) Intentions for future business of offeror24.2(c) Intentions for offeror employees [(a)(ii)] (or negative statement)24.2(c) Strategic plans for offeror (or [(a)(iii)] negative statement)24.3(a)(i) Names of offeror directors24.3(a)(ii) Business and prospects of offeror24.3(a)(iii) Website address for offeror’s accounts and statement of incorporation by reference24.3(a)(iv) Website address for offeror’s preliminary statement etc. and statement of incorporation by reference24.3(a)(v) Significant changes in offeror’s financial or trading position (or negative statement)24.3(a)(vi) Effect on offeror’s earnings and assets/liabilities24.3(a)(vii) Summary of material contracts24.3(b)(i) In addition to compliance with appropriate parts of Rule 24.3(a), further information required by Panel (see Note 2)24.3(b)(ii) Persons who have invested in offeror (see Note 2)24.3(b)(iii) Persons with potential interest of & Note 2 5%+ in offeree 189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 7NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS24.3(c) Ratings and outlooks (offeror)24.3(c) Ratings and outlooks (offeree)24.3(d)(i) “If you are in doubt …”24.3(d)(ii) Date and name/address of offeror24.3(d)(iii) Persons acting in concert with & Note 3 offeror24.3(d)(iii) Persons acting in concert with & Note 3 offeree24.3(d)(iv) Securities for which offer made24.3(d)(v) Offer terms 24.3(d)(vi) Offer conditions24.3(d)(vii) Acceptance procedures24.3(d) Middle market quotations for (viii) securities to be acquired/offered (or negative statement)24.3(d)(ix) Invocation of conditions24.3(d)(x) Irrevocable commitments/letters of intent (Note 3 on Rule 2.10)24.3(d)(xi) Full particulars of securities being offered24.3(d)(xi) Effect of acceptance on capital and income24.3(d)(xi) Applications for admission to trading/listing24.3(d)(xii) Summary of Rule 824.3(d) Governing law and competent (xiii) courts24.3(d) “Breakthrough” compensation (if (xiv) any)24.3(d)(xv) Any post-offer undertaking (Rule 19.5)24.3(d) Offer-related arrangements (Rule (xvi) 21.2)189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 8NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS24.3(d) Documents published on a (xvii) website and address (Rule 26)24.3(d) Profit forecast or quantified COMPLETE AND ATTACH (xviii) financial benefits statement SUPPLEMENTARY FORM(S) (Rule 28)24.3(e) Names of offeree directors (24.3(a)(i))24.3(e) Business and prospects of (24.3(a) offeree (ii))24.3(e) Website address for offeree’s (24.3(a) accounts and statement of (iii)) incorporation by reference24.3(e) Website address for offeree’s (24.3(a) preliminary statement etc. and (iv)) statement of incorporation by reference24.3(e) Significant changes in offeree’s (24.3(a) financial or trading position (or (v)) negative statement) (NB this Rule applies in relation to the offeree in both a cash offer and a securities exchange offer)24.3(f) How offer to be financed and source(s) 24.3(f)(i) Amount of each facility instrument24.3(f)(ii) Repayment terms24.3(f)(iii) Interests rates24.3(f)(iv) Security24.3(f)(v) Key covenants24.3(f)(vi) Principal financing banks24.3(f)(vii) Refinancing24.3(g) Offer value/share price comparison24.3 (Note Offeror’s ultimate holding 1) company189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 9NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS24.3 (Note (Mandatory offer) Calculation of 4) consideration (see Rule 9.5)24.4(a)(i) Offeror’s interests etc. in offeree & 24.4(b) relevant securities (or negative statement)24.4(a)(ii) Offeror directors’ interests etc. in (a) & offeree relevant securities (or 24.4(b) & negative statement) Note 124.4(a)(ii) Offeror concert party’s interests (b) & etc. in offeree relevant securities 24.4(b) & (or negative statement) Note 324.4(a)(ii) Note 11 persons’ interests etc. in (c) offeree relevant securities24.4(a)(iii) Offeror directors’ interests etc. in (persons in offeror relevant securities (or 24.4(a)(ii) negative statement) (a)) & 24.4(b) & Note 124.4(a)(iii) Offeror concert party’s interests (persons in etc. in offeror relevant securities 24.4(a)(ii) (or negative statement) (b)) & 24.4(b) & Note 324.4(a)(iii) Note 11 persons’ interests etc. in (persons in offeror relevant securities 24.4(a)(ii) (c))24.4(a)(iv) Offeree relevant securities (and & 24.4(b) offeror relevant securities) borrowed or lent (or negative statement)24.4(c) Offeror’s dealings in offeree (24.4(a)(i)) relevant securities (or negative statement)24.4(c) Offeror directors’ dealings in (persons in offeree relevant securities (or 24.4(a)(ii) negative statement) (a))189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 10NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS 24.4(c) Offeror concert party’s dealings (persons in in offeree relevant securities (or 24.4(a)(ii) negative statement) (b)) & Note 3 24.4(c) Note 11 persons’ dealings in (persons in offeree relevant securities (or 24.4(a)(ii) negative statement) (c))24.4(c) Offeror directors’ dealings in (persons in offeror relevant securities (or 24.4(a)(ii) negative statement) (a))24.4(c) Offeror concert party’s dealings (persons in in offeror relevant securities (or 24.4(a)(ii) negative statement) (b)) & Note 324.4(c) Note 11 persons’ dealings in (persons in offeror relevant securities 24.4(a)(ii) (c))24.4 (Note NB Rules 24.4(a)(iii) and (iv), WHERE MORE THAN ONE 4) 24.4(b) and 24.4(c) apply to each SECURITIES EXCHANGE securities exchange offeror or OFFEROR, COMPLETE potential offeror RELEVANT DETAILS FOR EACH24.5 Effect of offer on emoluments of offeror directors (or negative statement)24.6 Special arrangements (or negative statement)24.7 Time allowed for acceptance of offer24.8 Cash confirmation 24.9 Ultimate owner (or negative statement)24.10 Admission to listing/trading conditions24.11 Estimated value of unquoted paper consideration24.12 No set-off of consideration189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 11NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS24.13 Dealing arrangements (Note 11 on definition of acting in concert) (or negative statement)24.14 Cash underwritten alternatives 24.15(d) & Information incorporated by Note reference24.16(a) Estimate of aggregate fees and expenses24.16(a)(i) Financing fees24.16(a)(ii) Financial adviser/corporate broker fees24.16(a) Legal fees (iii)24.16(a) Accounting fees (iv)24.16(a)(v) Public relations fees24.16(a) Other professional services (vi)24.16(a) Other costs and expenses (vii)24.17(a) Right to reduce consideration by dividend24.17(b) Shareholders right to receive and retain dividend26.1(b) Website on which offer document/offeree board circular published29 Asset valuation COMPLETE AND ATTACH SUPPLEMENTARY FORM30.3(e) (Where document not sent in hard copy form) Ability to request hard copy31.1 First closing date (see Rule 24.7)31.2 14 days’ notice (see Rule 24.7)31.4 Offer to remain open for 14 days (see Rule 24.7)189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 12NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS31.5 (Note “No extension” reservation 1) (see Rule 24.7)31.6(a) Offer to be unconditional as to acceptances by midnight on “Day 60” (see Rule 24.7)31.6(c) Only acceptances/purchases prior to 1.00 pm on “Day 60” to be taken into account (see Rule 24.7)31.7 Fulfilment of other conditions (see Rule 24.7)31.8 Settlement of consideration (see Rule 24.7)31.10 Documents of title (see Rule 24.7)32.1(c) Revised offer to remain open for at least 14 days (see Rule 24.7)32.2 (Note “No increase” reservation (see 1) Rule 24.7)32.3 Entitlement to revised consideration (see Rule 24.7)33.1 (Note “Mix and match” elections (see 1) Rule 24.7)33.2 Shutting off cash underwritten alternatives (see Rule 24.7)34.1 Withdrawal rights (see Rule 24.7)34.2 Offeree protection conditions (see Rule 24.7)34.3 Documents of title (see Rule 24.7)36 Partial offer COMPLETE AND ATTACH SUPPLEMENTARY FORM189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 13SECTION C: Offeree requirementsOfferee financial adviser: NameFirmTel. no.EmailFinancial adviser’s approval of Section C Signatu (and Section A where appropriate) of re checklist: Attachments (tick as appropriate): Intention statements schedule (Rule 19.6)Full list of dealings (Note 2 on Rule 24.4)Profit forecast supplementary form (Rule 28)QFBS supplementary form (Rule 28)Asset valuation supplementary form (Rule 29)Partial offer supplementary form (Rule 36)Website address for documents required to be published on a website (Rule 26):Details of documents incorporated by reference and sent in electronic form (see Note on Rule 30.5):Other documents included (e.g. prospectus):NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS3.1 (& Substance of Rule 3 advice 25.2(b))3.1 (Note Explanation if Rule 3 adviser 3) unable to advise whether offer terms are fair and reasonable19.2(a) Responsibility statement19.2(b) Disclosure of reasons if any director excluded and Panel consent obtained? 189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 14NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS19.5(b)(i) Post-offer undertaking: statement that it is a post-offer undertaking19.5(b)(ii) Post-offer undertaking: time period/relevant date19.5(b)(iii) Post-offer undertaking: qualifications/conditions19.6 Post-offer intention statements COMPLETE AND ATTACH INTENTION STATEMENTS SCHEDULE23.2(a) Rule 3 adviser’s consent24.16(a) Estimate of aggregate fees and expenses (see Rule 25.8)24.16(a)(ii) Financial and corporate broker fees (see Rule 25.8)24.16(a) Legal fees (see Rule 25.8) (iii)24.16(a) Accounting fees (see Rule 25.8) (iv)24.16(a)(v) Public relations fees (see Rule 25.8) 24.16(a) Other professional services (vi) (see Rule 25.8)24.16(a) Other costs/expenses (vii) (see Rule 25.8)24.16, Valuable and uncapped fee Note 2 arrangements (see Rule 25.8)25.2(a) Offeree board’s opinion on the offer (and any alternative offers)25.2(a)(i) Views on effects of offer on offeree’s interests, including employment25.2(a)(ii) Views on offeror’s strategic plans25.2 (Note Statement that no clear opinion 2) on offer/divergence of views25.2 (Note Conflicts of interest 4)189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 15NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS25.3 Significant changes in offeree’s financial or trading position (or negative statement)25.4 (Note NB Rules 25.4(a)(i), (iii) and (iv) WHERE MORE THAN ONE 2) apply to each securities OFFEROR, COMPLETE exchange offeror or potential RELEVANT DETAILS FOR offeror (and Rule 25.4(a)(v) EACH applies to each offer announced under Rule 2.7)25.4(a)(i) & Offeree’s and offeree directors’ 25.4(b) & interests etc. in offeror relevant Note 1 on securities (or negative 24.4 statement)25.4(a)(ii) Offeree directors’ interests etc. (a) & in offeree relevant securities (or 25.4(b) negative statement) Note 1 on 24.425.4(a)(ii) Offeree concert party’s interests (b) & etc. in offeree relevant securities 25.4(b) (or negative statement)25.4(a)(ii) Note 11 persons’ interests etc. in (c) offeree relevant securities25.4(a)(iii) Offeree concert party’s interests (persons in etc. in offeror relevant securities 25.4(a)(ii) (or negative statement) (b)) & 25.4(b)25.4(a)(iii) Note 11 persons’ interests etc. in (persons in offeror relevant securities 25.4(a)(ii) (c))25.4(a)(iv) Offeree relevant securities (and & 25.4(b) offeror relevant securities) borrowed or lent (or negative statement)25.4(a)(v) Whether offeree directors intend Note 2 to accept offer25.4(c) Offeree’s and offeree directors’ (25.4(a)(i)) dealings in offeror relevant securities (or negative statement)189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 16NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS25.4(c) Offeree directors’ dealings in (persons in offeree relevant securities (or 25.4(a)(ii) negative statement) (a))25.4(c) Offeree concert party’s dealings (persons in in offeree relevant securities (or 25.4(a)(ii) negative statement) (b))25.4(c) Note 11 persons’ dealings in (persons in offeree relevant securities (or 25.4(a)(ii) negative statement) (c))25.4(c) Offeree concert party’s dealings (persons in in offeror relevant securities (or 25.4(a)(ii) negative statement) (b))25.4(c) Note 11 persons’ dealings in (persons in offeror relevant securities 25.4(a)(ii) (c))25.5(a) Directors’ service contracts (or negative statement) 25.5(b) Replaced/amended service (Note 1 & contracts (or negative 2) statement)25.6 Dealing arrangements (Note 11 on definition of acting in concert) (or negative statement)25.7(a) Summary of material contracts25.7(b) Irrevocable commitments/letters of intent (Note 3 on Rule 2.10)25.7(c) Any post-offer undertaking or post-offer intention statement (Rules 19.5 & 19.6)25.7(d) List of documents published on a website and address (Rule 26)25.7(e) Profit forecast or quantified COMPLETE AND ATTACH financial benefits statement SUPPLEMENTARY FORM(S) (Rule 28)25.9(a) Employee representatives’ opinion(s)189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016. 17NB Italicised requirements apply only to securities exchange offers RULE REF COMMENTS25.9(b) Pension scheme trustees’ opinion(s)26.1(b) Website on which offer document/offeree board circular published29 Asset valuation COMPLETE AND ATTACH SUPPLEMENTARY FORM30.3(e) (Where document not sent in hard copy) Ability to request hard copy189522.03 Last revised 14 December 2016. For use with the Code as amended on 12 September 2016.

SECTION A: Information About the Offer s1

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