What is the valuation?

1.1.Price per share (the “Original Issue Price”) of £xxx, based on pre-money valuation of £[VALUE] so that after the round the Lead Investor will hold x% of the Company on a fully diluted basis (including any capital increase arising from the conversion of any outstanding convertible notes or from the execution of any security-related agreements or from issue of options pool). A percentage of the fully diluted capital of the Company (based on the capitalization immediately following the closing of the proposed financing) equal to 9.07% would be reserved for a share option plan, with half reserved pre-investment and the other half post-investment(“ESOP).

1.2.See cap table attached for additional details.