SME INVESTMENT. Providing smaller companies across the UK with investments of up to 5 million.

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1 SME INVESTMENT Providing smaller companies across the UK with investments of up to 5 million. 2018

2 Building for success Capability, Commitment, Creativity Foresight is a leading independent infrastructure and private equity investment manager with more than 30 years experience in successful SME investment. SME INVESTING Whether releasing value from existing shareholders, or injecting capital to allow a business to expand across borders, our investment experts work with management teams on a variety of transaction types, always with the objective of growing the company in a sustainable way. We focus on investments of up to 5 million with the flexibility to invest across the following deal types: Foresight has been an excellent partner; not only did they provide funds, but they have offered strategic advice and management support that has been invaluable to business development. With Foresight on board we have achieved so much more than we would with purely finance. Dominic Walsh Managing Director Hospital Services Limited BUYOUTS GROWTH VENTURE IMPACT We invest in exciting companies led by strong, experienced management teams. We adopt an open-minded, flexible approach to creating the right structure for each opportunity. Foresight s UK portfolio is comprised of more than 45 companies spanning a wide range of sectors including Business Services, Consumer & Leisure, TMT, Healthcare and Engineering & Industrials. We expect to continue to be one of the most active SME investors across these sectors, reflecting our commitment to private equity and venture capital funding in the small cap market.

3 THE GROUP Between us the team has more than 350 years of collective investment experience and as a growing, entrepreneurial partnership ourselves, we are able to offer entrepreneurial managers a combination of capital and hands-on expertise to create long-term value and generate higher returns for shareholders. FORESIGHT PRIVATE EQUITY PORTFOLIO SECTOR BREAKDOWN Business Services 13% TMT 13% Consumer & Leisure 10% Healthcare 4% Engineering & Industrial 13% Asset-backed Lending 2% As at May 1, 2018

4 Why Foresight? Established With a successful track record of over 30 years, Foresight is one of the longest standing SME investment firms in the UK focusing on smaller growth companies Focus on smaller growth companies We have managed investments in more than 200 UK-based SMEs and have always focused on investing up to 5 million Flexible transaction types We will invest in a range of transaction structures including management buyouts, growth capital, mezzanine, equity release ( cash outs ) and management buy-ins. Our flexible approach means if we like the company, we will find a way to make it work Highly experienced With a diversity of backgrounds in consulting, entrepreneurship, technology, banking, corporate finance and accountancy, our award-winning team has significant and long-standing experience in SME investing Track record Since 2010, Foresight has generated an average return of near 3x on full or partial realisations from our portfolio, creating better returns for our investors and fellow shareholders Value-add We have the industry contacts, the skills and the experience to support management teams in growing their businesses substantially and can open doors both nationally and internationally Sector agnostic We invest across a number of sectors including business services, consumer and leisure, healthcare, engineering and industrial and TMT VCT HOUSE OF THE YEAR

5 Foresight is always keen to work with dynamic entrepreneurs and its investment in ONFAB has the makings of a great partnership to accelerate growth Mac Edwards Adviser, BCMS

Investment criteria Growth SMEs run by high quality management teams We typically invest up to 5 million of equity into UK companies with an enterprise value of up to 20 million.

6 Investment criteria Growth SMEs run by high quality management teams We typically invest up to 5 million of equity into UK companies with an enterprise value of up to 20 million. We have a flexible approach and the ability to structure transactions to meet a particular requirement. We control the money we manage, allowing us to move quickly through the investment process. We look for: High quality management teams with a demonstrable track record of revenue and growth, a well-formulated strategy and the drive and expertise to grow their companies. Market-leading positions in growing or consolidating niche markets with a clear competitive advantage. Clear business models with the potential for further growth, often in the UK and overseas. A resilience to the business model, commonly displayed through a diversified customer base or predictable revenues.

Investment style Transparent and decisive The investment process at Foresight is underpinned by a pragmatic investment approach, based on the clear criteria outlined

We have established a successful track record in backing, developing and exiting small companies.

7 Investment style Transparent and decisive The investment process at Foresight is underpinned by a pragmatic investment approach, based on the clear criteria outlined opposite. The early involvement of senior members of Foresight s Investment Committee enables us to move quickly and decisively when we find the right opportunity. We have established a successful track record in backing, developing and exiting small companies. Each investee company has access to a dedicated investment manager who is empowered to leverage Foresight s extensive resources towards achieving the business plan and who will often source expert Non-Executive Chairmen to support growth.

8 SME INVESTING UK Wide Portfolio Companies Accessory Bits Wellingborough Aerospace Tooling Dundee Agar Scientific Stansted Appinstitute Nottingham Aquasium Cambridge Biofortuna Liverpool Camloc Leicester Cinelab Slough Clubhouse Golf Manchester Codeplay Edinburgh Crowle Wharf Engineers Scunthorpe Datapath Derby Ekkosense Nottingham Euxton Group Euxton Ffx Folkestone Flowrite Maidstone Fresh Relevance Southampton Geospatial Insight Birmingham GGTC St Albans Hospital Services Belfast Idio London Industrial Efficiency Lincs Itad Hove Ixaris London Luminet London Med Imaging Knowsley Mercia Power Response Nottingham Mirico Southampton Mologic Bedford Mowgli Manchester Nano London Ollie Quinn London Onfab Middlewich Player Layer Nottingham Poppy & Jack s Cleveleys Positive Response Dumfries Poundshop Birmingham Powerlinks Salford Procam London & UK wide Protean Coventry Qs Recruitment Nottingham Regency South Godstone Retail Assist Nottingham S4RB Nottingham Salvalco Salford Specac International Orpington TFC Europe Heathfield The Idle Man London & Nottingham Thermotech Stockport Tudor Contract Cleaners Manchester UDP Salford Utonomy Southampton 200 Degrees Nottingham

9 KEY Foresight UK offices Foresight UK investments

10 Transaction Types A broad range of transactions We invest in a broad range of transaction types, with the aim of aligning ourselves with high quality management teams in pursuit of sustainable value generation for the business, the management and the investors. We aim to put in place funding structures that provide strong incentives for management teams, enabling them to invest in the expansion of their business. We supply growing businesses with development and acquisition funding, as well as backing MBOs, MBIs and buy-and-build strategies. We also invest in equity release opportunities, enabling founders and managers to realise a proportion of their shareholding whilst retaining a stake in their business as it continues to grow. We understand the challenges of building a business and often support our investee companies with several rounds of finance.

11 We are delighted to partner with Foresight and look forward to working closely together in the coming years. The Specac team believes there to be huge opportunities for growth and improvement, building upon our key strategy of innovating with high specification, high quality products that meets our customers needs. David Smith Managing Director, Specac International

12 Venture Venture investing is at the heart of what Foresight does. Our founding partners started the business over 30 years ago to invest in the burgeoning information technology sector and we returned more than 4x to investors with that first fund. Foresight Ventures is a specialist team within SME Investing and invests in early-stage, knowledge-intensive businesses with disruptive technologies and highly defensible IP. More recently we have formed a unique collaboration with Williams Advanced Engineering, the subsidiary of Williams Grand Prix Engineering to launch Foresight Williams Technology EIS Fund. The fund focuses on early-stage companies developing innovative and transformational technologies, where Williams technical expertise in sectors including light weight structures, aerodynamics, electronics and control systems and advanced manufacturing alongside our investment and commercial know-how can be harnessed to help accelerate the businesses towards commercial success. We believe venture investing is a smart solution to providing much needed capital to early stage companies who in their own way are working to create a smarter future.

13 Impact Our regional teams work closely with their local financial adviser networks in the regions to identify appropriate opportunities, for creating a smarter future for local enterprise and businesses. Our remit with impact investing is to invest in local businesses to support social enterprise and job creation for the local community where the target levels of return are normally at a lower level than commercial returns. The aim of impact investing is to fill the equity gap and support social enterprise and job creation for the local community with funds that have a focus on more than purely commercial returns. We are pleased to have been appointed as the equity funding partner for the Midlands Engine Investment Fund and have played an active role in tendering for the regional impact funds managed by the British Business Bank on behalf of the UK Government.

14 Buyout Our team has a wealth of experience in buyout investing and looks for established smaller businesses around the UK where the managment team wants to unlock capital as part of an overall growth plan for the company. With two institutional funds that have a regional focus the 40 million Foresight Nottingham Fund LP and 39 million Foresight Regional Growth Fund LP our team is able to support Buyout opportunities in the respective regions which our VCTs are no longer able to access, allowing shareholders to release value from their businesses whilst maintaining an ongoing involvement and gaining the support of a new partner.

15 Growth We have been providing growth capital to small companies to help fund organic expansion, capex and acquisitions for over 30 years. We typically review approximately 1,000 investment opportunities every year, and our award-winning team has made 19 growth capital investments into 16 companies over the 2016/2017. We invest growth capital into SMEs across the UK typically through our VCTs, Foresight VCT and Foresight 4 VCT, for which we have successfully raised 60 million over the past two years. We have been doing this for a long time, and the experience of our team was reflected in being awarded VCT Investment Manager of the Year at the Growth Investor Awards in 2017 and VCT House of the Year at the Unquote Private Equity Awards in 2016.

16 The team With backgrounds in industry, strategy consultancy, technology, entrepreneurship, banking, corporate finance, private equity and accountancy, our award-winning private equity team works with management to apply expertise and experience with a view to enhancing and building long-term value and ultimately realising investments successfully. We pride ourselves on our track record, having delivered a near 3x return on investment across our full and partial exits since I m thrilled to be working with Foresight to continue the growth of Mowgli Street Food. I feel passionately about offering healthy, authentic Indian Street food to market. Foresight s expertise in growing businesses, alongside our recently appointed new recruits, will allow us to expand into new geographies. Nisha Katona, Founder Mowgli

17 David Hughes Chief Investment Officer e. Peter English Founding Partner e. Russell Healey Partner e. James Livingston Partner e. Matt Smith Partner e.

18 The team John Holden Principal e. Rodney Appiah Senior Investment Manager e. Claire Alvarez Senior Investment Manager e. Mike Quinn Senior Investment Manager e. Stephan Gueorguiev Senior Investment Manager e. Ben Dawson Senior Investment Manager e.

19 Chris Wardle Investment Manager e. Amy Crofton Investment Manager e. John Cordrey Investment Manager e. Matt Pomroy Investment Manager e. Rob Jones Investment Manager e. Matthew Evans-Young Investment Manager e.

The team Tom Haywood Investment Manager e. thaywood@foresightgroup.

eu the experience of our team was reflected in being awarded VCT Investment

20 The team Tom Haywood Investment Manager e. David Miles Investment Analyst e. the experience of our team was reflected in being awarded VCT Investment Manager of the Year at the Growth Investor Awards in 2017 and VCT House of the Year at the Unquote Private Equity Awards in 2016.

Summary Powering UK SMEs We invest in: Unquoted UK-based growth companies Growth capital, MBOs, MBIs, BIMBOs and equity release transactions High quality management teams Businesses with equity

22 Summary Powering UK SMEs We invest in: Unquoted UK-based growth companies Growth capital, MBOs, MBIs, BIMBOs and equity release transactions High quality management teams Businesses with equity requirements of up to 5 million If you are interested in talking further, if you have any questions, or if you would like to discuss a specific opportunity, please do not hesitate to get in touch with any of the team whose contact details can be found on the previous pages.

23 ENGINEERING &INDUSTRIAL

Head Office The Shard 32 London Bridge Street London SE1 9SG t: +44 (0)20 3667 8100 Nottingham 14 Park Row Nottingham NG1 6GR t: +44 (0)115 727 0650 Leicester c/o Spearing Waite LLP 34 Pocklingtons

24 Head Office The Shard 32 London Bridge Street London SE1 9SG t: +44 (0) Nottingham 14 Park Row Nottingham NG1 6GR t: +44 (0) Leicester c/o Spearing Waite LLP 34 Pocklingtons Walk Leicester LE1 6BU Manchester 82 King Street Manchester M2 4WQ t: +44 (0) Milton Keynes c/o Landmark The Pinnacle 170 Midsummer Blvd Milton Keynes MK9 1FE t: +44 (0) t: +44 (0) Foresight Group LLP ( Foresight ) is a leading independent infrastructure and private equity investment manager with a track record of over 30 years and specific expertise in SME, infrastructure and environmental investment. Foresight manages over 2.8 billion across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs) and offers private, high net-worth and institutional investors access to a number of investment opportunities and a complete management service. Foresight is authorised and regulated by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. Our FCA registration number is You can view the FCA register at: Foresight is registered in England and Wales with partnership number 0C

Foresight strengthens senior investment team in Nottingham

Foresight strengthens senior investment team in Nottingham NOTTINGHAM, 04 May 2018: Foresight Group ( Foresight) announces the appointment of Ray Harris to its Private Equity Investment team, following