IMPORTANT INFORMATION

DUE TO LEGAL RESTRICTIONS, THE INFORMATION IN THIS DOCUMENT IS NOT AVAILABLE TO ANY PERSON WHO IS A “U.S. PERSON” (AS DEFINED BELOW) OR TO ANY PERSON WHO IS PHYSICALLY PRESENT IN THE UNITED STATES, AND IT IS AVAILABLE ONLY TO PERSONS WHO ARE “RELEVANT PERSONS” (AS DEFINED BELOW) FOR U.K. REGULATORY PURPOSES.

A “U.S. PERSON” IS:

• ANY NATURAL PERSON RESIDENT IN THE UNITED STATES;
• ANY PARTNERSHIP OR CORPORATION ORGANISED OR INCORPORATED UNDER THE LAWS OF THE UNITED STATES;
• ANY ESTATE OF WHICH ANY EXECUTOR OR ADMINISTRATOR IS A “U.S. PERSON”;
• ANY TRUST OF WHICH ANY TRUSTEE IS A “U.S. PERSON”;
• ANY AGENCY OR BRANCH OF A FOREIGN ENTITY LOCATED IN THE UNITED STATES;
• ANY NON-DISCRETIONARY ACCOUNT OR SIMILAR ACCOUNT (OTHER THAN AN ESTATE OR TRUST) HELD BY A DEALER OR OTHER FIDUCIARY FOR THE BENEFIT OR ACCOUNT OF A “U.S. PERSON”;
• ANY DISCRETIONARY ACCOUNT OR SIMILAR ACCOUNT (OTHER THAN AN ESTATE OR TRUST) HELD BY A DEALER OR OTHER FIDUCIARY ORGANISED, INCORPORATED, OR (IF AN INDIVIDUAL) RESIDENT IN THE UNITED STATES; AND
• ANY PARTNERSHIP OR CORPORATION IF:
  • ORGANISED OR INCORPORATED UNDER THE LAWS OF ANY FOREIGN JURISDICTION; AND
  • FORMED BY A “U.S. PERSON” PRINCIPALLY FOR THE PURPOSE OF INVESTING IN SECURITIES NOT REGISTERED UNDER THE U.S. SECURITIES ACT, UNLESS IT IS ORGANISED OR INCORPORATED, AND OWNED, BY ACCREDITED INVESTORS (AS DEFINED IN THE RULES OF THE U.S. SECURITIES AND EXCHANGE COMMISSION) WHO ARE NOT NATURAL PERSONS, ESTATES OR TRUSTS.

“RELEVANT PERSONS” ARE (I) PERSONS WHO ARE OUTSIDE THE UNITED KINGDOM OR (II) INVESTMENT PROFESSIONALS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE “ORDER”) OR (III) HIGH NET WORTH COMPANIES, AND OTHER PERSONS TO WHOM IT MAY LAWFULLY BE COMMUNICATED, FALLING WITHIN ARTICLE 49(2) (A) TO (D) OF THE ORDER. THE SECURITIES OF THE COMPANY ARE ONLY AVAILABLE TO, AND ANY INVITATION, OFFER OR AGREEMENT TO SUBSCRIBE, PURCHASE OR OTHERWISE ACQUIRE SUCH SECURITIES WILL BE ENGAGED IN ONLY WITH, RELEVANT PERSONS. ANY PERSON WHO IS NOT A RELEVANT PERSON SHOULD NOT ACCESS, OR SEEK TO ACT OR RELY ON, THIS REPORT OR ANY OF ITS CONTENTS.

THIS DOCUMENT SHOULD NOT BE TAKEN, TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, TO “U.S. PERSONS” AS DEFINED ABOVE NOR TO PARTIES THAT ARE NOT “RELEVANT PERSONS” AS DEFINED ABOVE. IN READING THIS DOCUMENT THE READERS ALSO ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTOOD THE NOTICES SET FORTH ABOVE AND THE DISCLAIMERS CONTAINED IN THE DOCUMENT.

IF YOU ARE NOT A ‘RELEVANT PERSON’ OR YOU ARE A “U.S. PERSON”, YOU SHOULD NOT HAVE RECEIVED OR ACCESSED THIS DOCUMENT AND ACCORDINGLY SHOULD RETURN THIS DOCUMENT AS SOON AS POSSIBLE AND TAKE NO FURTHER ACTION. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS DOCUMENT RELATES IS ONLY AVAILABLE TO “RELEVANT PERSONS”. BY ACCEPTING RECEIPT OF THIS DOCUMENT, EACH RECIPIENT IS DEEMED TO CONFIRM, REPRESENT AND WARRANT TO HARDMAN & CO THAT IT IS A “RELEVANT PERSON” AND THAT IT IS NOT A “US PERSON”, AND ACCORDINGLY A PERSON TO WHOM THIS DOCUMENT CAN BE LAWFULLY COMMUNICATED.

THIS DOCUMENT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION ON A CONFIDENTIAL BASIS AND MAY NOT BE REPRODUCED, REDISTRIBUTED OR PASSED ON, IN WHOLE OR IN PART, TO ANY OTHER PERSON. IN PARTICULAR, THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTION. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE LAWS OF ANY SUCH OTHER JURISDICTION. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS.

THIS DOCUMENT DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES, AND NEITHER THIS DOCUMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH OR ACT AS AN INDUCEMENT TO ENTER INTO ANY CONTRACT OR COMMITMENT WHATSOEVER. THIS DOCUMENT HAS NOT BEEN PUBLISHED GENERALLY AND HAS ONLY BEEN MADE AVAILABLE TO PROFESSIONAL INVESTORS. ANY DECISION TO SUBSCRIBE FOR OR PURCHASE SECURITIES IN ANY OFFERING MUST BE MADE SOLELY ON THE BASIS OF THE RECIPIENT’S OWN INVESTIGATION AND DUE DILIGENCE AND ON THE INFORMATION AND OFFERING DOCUMENTATION ISSUED IN CONNECTION WITH SUCH OFFERING AND NOT ON THE BASIS OF THE CONTENTS OF THIS DOCUMENT.

FOR THE PURPOSE OF UK LAWS, RULES AND REGULATIONS, THIS DOCUMENT IS CLASSIFIED AS BEING A NON-INDEPENDENT MARKETING COMMUNICATION. IT HAS NOT BEEN PREPARED IN ACCORDANCE WITH LEGAL REQUIREMENTS DESIGNED TO PROMOTE THE INDEPENDENCE OF INVESTMENT RESEARCH AND IS NOT SUBJECT TO ANY PROHIBITION ON DEALING AHEAD OF THE DISSEMINATION OF INVESTMENT RESEARCH.

THIS DOCUMENT HAS BEEN PRODUCED INDEPENDENTLY OF CHRONIX BIOMEDICAL, INC. (THE “COMPANY”) AND ITS SHAREHOLDERS, AND ANY FORECASTS, OPINIONS AND EXPECTATIONS CONTAINED HEREIN ARE ENTIRELY THOSE OF HARDMAN & CO AND ARE GIVEN AS PART OF ITS NORMAL RESEARCH ACTIVITY AND SHOULD NOT BE RELIED UPON AS HAVING BEEN AUTHORISED OR APPROVED BY ANY OTHER PERSON. HARDMAN & CO HAS NO AUTHORITY WHATSOEVER TO MAKE ANY REPRESENTATION OR WARRANTY ON BEHALF OF THE COMPANY, ITS SHAREHOLDERS, ANY OF ITS ADVISERS, OR ANY OTHER PERSON IN CONNECTION THEREWITH. WHILE ALL REASONABLE CARE HAS BEEN TAKEN TO ENSURE THAT THE FACTS STATED HEREIN ARE ACCURATE AND THAT THE PROJECTIONS, FORECASTS, ESTIMATES, OPINIONS AND EXPECTATIONS CONTAINED HEREIN ARE FAIR AND REASONABLE, HARDMAN & CO HAS NOT VERIFIED THE CONTENTS HEREOF AND ACCORDINGLY NONE OF HARDMAN & CO, THE COMPANY, ITS SHAREHOLDERS, ANY ADVISERS TO THE COMPANY OR ITS SHAREHOLDERS OR ANY OTHER PERSON IN CONNECTION THEREWITH NOR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS OR EMPLOYEES, SHALL BE IN ANY WAY RESPONSIBLE FOR THE CONTENTS HEREOF AND NO RELIANCE SHOULD BE PLACED ON THE ACCURACY, FAIRNESS, OR COMPLETENESS OF THE INFORMATION CONTAINED IN THIS DOCUMENT. NO PERSON ACCEPTS ANY LIABILITY WHATSOEVER FOR ANY LOSS HOWSOEVER ARISING FROM THE USE OF THIS DOCUMENT OR OF ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION THEREWITH.

NOTHING IN THIS DOCUMENT IS, OR SHOULD BE RELIED ON AS A PROMISE OR REPRESENTATION AS TO THE FUTURE. THIS DOCUMENT CONTAINS FORWARD-LOOKING STATEMENTS, WHICH REFLECT THE VIEWS OF HARDMAN & CO WITH RESPECT TO, AMONG OTHER THINGS, THE COMPANY’S OPERATIONS. THESE FORWARD-LOOKING STATEMENTS ARE IDENTIFIED BY THE USE OF WORDS SUCH AS “BELIEVE”, “EXPECT”, “POTENTIAL”, “CONTINUE”, “MAY”, “WILL”, “SHOULD”, “SEEK”, “APPROXIMATELY”, “PREDICT”, “INTEND”, “PLAN”, “ESTIMATE”, “ANTICIPATE” OR OTHER COMPARABLE WORDS. THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO VARIOUS RISKS, UNCERTAINTIES AND ASSUMPTIONS.

ACCORDINGLY, THERE ARE, OR WILL BE, IMPORTANT FACTORS THAT COULD CAUSE ACTUAL OUTCOMES OR RESULTS TO DIFFER MATERIALLY FROM THOSE INDICATED IN THESE STATEMENTS. SHOULD ANY ASSUMPTIONS UNDERLYING THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS DOCUMENT PROVE TO BE INCORRECT, THE ACTUAL OUTCOME OR RESULTS MAY DIFFER MATERIALLY FROM OUTCOMES OR RESULTS PROJECTED IN THESE STATEMENTS. HARDMAN & CO IS UNDER NO OBLIGATION TO UPDATE OR REVIEW ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW OR REGULATION.