In recognition of the higher interest rate environment, bank interest earned on fully paid up early subscriptions (pending allotment) will be shared with applicants as a discount against the Offer costs through the Pricing Formula.

This will be applied on a tiered basis for all accepted applications where the Receiving Agent is in receipt of funds on or before the following dates:

• First £2.5m or end October (whichever is reached first) 2.5%
• Next £5m or end November (whichever is reached first) 2.0%
• Next £5m or end December (whichever is reached first) 1.5%
• Next £5m or end January (whichever is reached first) 1.0%
• Next £5m or end February (whichever is reached first) 0.5%

Applications received from 1 March 2027 onwards will not attract any discount.