Restriction on Transfer

The Bye-laws of Oakley Capital Investments Limited (“OCI”) contain provisions relating to the transfer of its shares.

The Board may decline to recognise any instrument of transfer unless a fee of such maximum sum as prescribed in the AIM Rules to be payable, or such lesser sum as the Directors may from time to time require, is paid to OCI in respect thereof; the instrument of transfer, if applicable, is properly stamped; is in respect of one class of share and is lodged at the relevant registration office or registered office or such other place at which the principal register is kept accompanied by the relevant share certificate(s) and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer (and if the instrument of transfer is executed by some other person on his behalf, the authority of that person to do so) and if the instrument of transfer is in favour of not more than four transferees.

If the Board refuses to register a transfer of any share, it shall within two months after the date on which the transfer was lodged with the Company, send to each of the transferor and transferee, notice of the refusal.