SC 13D/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2(a)

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

Abcam plc

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

000380204

(CUSIP Number)

Jonathan Milner

Honey Hill House, 20 Honey Hill

Cambridge CB3 0BG

With copies to:

Richard M. Brand Cadwalader, Wickersham & Taft LLP 200 Liberty Street New York, NY 10281 212-504-6000 Michael Newell Cadwalader, Wickersham & Taft LLP 100 Bishopsgate London EC2N 4AG 44 (0) 20 7170 8540

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

May 17, 2023

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. x

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

1	NAME OF REPORTING PERSON Dr. Jonathan Milner
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) x
3	SEC USE ONLY
4	SOURCE OF FUNDS PF (See Item 3)
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION United Kingdom
Number of shares beneficially owned by each reporting person with		7	SOLE VOTING POWER 11,733,8531
		8	SHARED VOTING POWER 2,694,349
		9	SOLE DISPOSITIVE POWER 11,733,8531
		10	SHARED DISPOSITIVE POWER 2,694,3492
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 14,428,2021,2
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.28%*
14	TYPE OF REPORTING PERSON IN

* All percentage calculations set forth herein are based upon the aggregate of 229,723,147 Ordinary Shares outstanding as of May 17, 2023, as reported in the Exhibit 99.1 of the Issuer’s Report of Foreign Private Issuer on Form 6-K filed with the SEC on May 17, 2023.

¹ Includes 11,733,853 shares directly held by the Reporting Person through American Depository Shares representing, each, one Ordinary Share (“ADS”).

² Includes of 711,382 ADS’s held by the Reporting Person’s spouse and 1,982,967 ADS’s held by three limited companies over which the Reporting Person exercises investment discretion. The Reporting Person disclaims beneficial ownership over the Ordinary Shares beneficially owned by his spouse, except to the extent of his pecuniary interest therein.

This Amendment No. 1 to Schedule 13D (this “Amendment No. 1”), amends and supplements the Schedule 13D filed on May 1, 2023 (the “Initial 13D” and as amended and supplemented by this Amendment No. 1, the “Schedule 13D”) by the Reporting Person, relating to the Ordinary Shares of the Issuer. Information reported in this Schedule 13D remains in effect except to the extent that it is amended, restated or superseded by information contained in this Amendment. Capitalized terms not defined in this Amendment No. 1 shall have the meaning ascribed to them in the Initial 13D.

The purpose of this Amendment No. 1 is to update the disclosure in Items 4 and 5 of the Schedule 13D as hereinafter set forth.

ITEM 1. SECURITY AND ISSUER

This statement on Schedule 13D relates to the Ordinary Shares of the Issuer. The principal executive offices of the Issuer are located at Discovery Drive, Cambridge Biomedical Campus, Cambridge, CB2 0AX, United Kingdom.

ITEM 2. IDENTITY AND BACKGROUND

(a) (f) This statement is being filed by Dr. Jonathan Milner, a citizen of the United Kingdom.

(b) The address of the Reporting Person is Honey Hill House, 20 Honey Hill, Cambridge, CB3 0BG.

(c) The Reporting Person’s principal occupation is as an investor and executive in life sciences companies.

(d), (e) During the last five years, the Reporting Person (i) has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) and (ii) was not a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.

ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Prior to the Issuer’s initial public offering, the Reporting Person acquired Ordinary Shares of the Issuer in connection with his founding, employment at the Issuer as well as his service as a director on the Board.

ITEM 4. PURPOSE OF TRANSACTION

Item 4 is hereby amended to add the following:

On May 17, 2023, the Reporting Person issued a press release (the “Press Release”) stating that he intends to call an extraordinary general meeting of shareholders of the Issuer, as set forth more fully in Exhibit 99.1 hereto.

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER

Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows (including to correct a clerical error in connection with the previously reported number of the Issuer’s Ordinary Shares that are beneficially owned by the Reporting Person):

(a) The Reporting Person is the holder of 11,733,853 ADS’s. In addition, the Reporting Person may be deemed to share beneficial ownership over (a) 1,982,967 Ordinary Shares beneficially owned by three limited companies over which the Reporting Person exercises investment discretion and (b) 711,382 Ordinary Shares beneficially owned by the Reporting Person’s spouse. Such Ordinary Shares are held in the form of American Depository Shares. The Reporting Person disclaims beneficial ownership over the Ordinary Shares beneficially owned by his spouse, except to the extent of his pecuniary interest therein. The shares described in this Item 5 represent approximately 6.28% of the outstanding Ordinary Shares.

(b)

(i)	Sole power to vote or to direct the vote: 11,733,853
(ii)	Shared power to vote or direct the vote: 2,694,349
(iii)	Sole power to dispose or to direct the disposition of: 11,733,853
(iv)	Shared power to dispose or to direct the disposition of: 2,694,349

(c) See Schedule I, which is incorporated herein by reference, describes the transactions by the Reporting Person in the Common Stock during the past sixty days.

(d) N/A

(e) N/A

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS

Item 7 is hereby amended to add the following exhibits:

Exhibit 99.1 Press Release, dated May 17, 2023.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 18, 2023

By:	/s/ Jonathan Milner
	Name: Jonathan Milner

Schedule I

TRADING DATA

The following table sets forth all transactions in the Ordinary Shares of the Issuer effected by the Reporting Person in the past 60 days. Except as otherwise noted below, all such transactions were purchases or sales of Ordinary Shares effected in the open market and the table excludes commissions paid in per share prices.

Reporting Person	Trade Date	Buy/Sell	No. of Shares/ Quantity		Unit Cost/ Proceeds		Security
Dr. Jonathan Milner	4/17/2023	Sell		65,000.00	$	15.6004	ADS
Dr. Jonathan Milner	4/19/2023	Sell		54,996.00	$	15.8624	ADS
Dr. Jonathan Milner	4/19/2023	Sell		10,004.00	$	15.8500	ADS
Dr. Jonathan Milner	4/20/2023	Sell		65,000.00	$	15.8503	ADS
Dr. Jonathan Milner	4/25/2023	Sell		65,000.00	$	16.0003	ADS

EX-99.1

Exhibit 99.1

Jonathan Milner Announces That He is Taking Steps to Call an Extraordinary General Meeting of Abcam Shareholders

Delivers Open Letter to Abcam shareholders

Follows sustained period of operational underperformance since the start of 2020 and a track record of value destruction under the current Board and leadership team

Critical for shareholders to have a platform to exert their right to restore focus for Abcam on governance, execution, and cost control to elevate it to the valuation it rightly deserves

CAMBRIDGE, England, 17 May 2023 – Jonathan Milner, the founder and one of the largest investors in Abcam plc (“Abcam” or the “Company”) (NYSE: ABCM) with ownership of 6.3% of the Company, announced today that he is taking steps to call an Extraordinary General Meeting of the Company’s shareholders.

His plan is to remedy a period of sustained operational underperformance and value destruction by the current Board and leadership team since he resigned from the Board in October 2020 by giving the Company more effective leadership at the Board level now. The broader purpose of the meeting is to provide a forum for shareholders to exercise their right to restore focus around governance, execution, and cost control to Abcam and elevate it to the valuation it rightly deserves.

Jonathan Milner intends to solicit shareholder support to replace the Chairman of the Board, Peter Allen, with himself as Executive Chairman.

Jonathan Milner said: “The Extraordinary General Meeting is an opportunity for shareholders to send a clear message to the Abcam Board that we are dissatisfied with the Company’s recent performance and that it needs to immediately enhance focus on governance, execution, and cost control.

“I am deeply invested in Abcam’s success and, when it became apparent that the Board had become so ineffective that it was impeding the Company’s ability to achieve its performance objectives, I first sought to reach a constructive solution directly with the Board to return as a non-executive Board member, which I was invited to do subject to restrictions that would impair my ability to hold the management team accountable and to serve effectively.

“It has now been proved that, under the current Chairman, the Board and leadership team are unable to restore the value of the Company and I now feel compelled to return to the Board as the Executive Chairman. If reappointed, I intend to return to Abcam full-time and urgently get back to work at the heart of the Company. Shareholders deserve an opportunity to have an industry expert who has deep knowledge of Abcam chairing the Board to restore the Company to its previous market leadership and create shareholder value in the short to medium term.”

In order to fully focus on Abcam, Jonathan Milner has relinquished all other Board member responsibilities with the exception of one private company.

Jonathan Milner has issued an open letter to Abcam shareholders today, the full text of which follows.

17 May 2023

Dear Fellow Abcam Shareholders:

As Founder and a major investor in Abcam plc (“Abcam” or “the Company”), I write to share with you that I am taking steps to call an Extraordinary General Meeting in order to give the Company’s shareholders an opportunity to restore performance and improve the share price by giving the Company more effective leadership at the Board level.

I founded Abcam in 1998 to become the world’s leading supplier of antibodies and led the Company onto the London Stock Exchange in 2005, which resulted in a 2,000% share price uplift and culminated in Abcam becoming one of the most successful public companies returning ca.20x to investors by the time I handed the CEO reins over to my successor, Alan Hirzel, previously the Chief Marketing Officer, in 2014. As Deputy Chairman, I guided Alan, and continued to build the Company through its further success to have a market capitalisation of ca.$5bn by 2019.

Since October 2020, which coincided with my stepping down, the Company has lost focus and significantly underperformed.

I have held a series of meetings with Board members where I offered to help reverse the Company’s loss of focus. During that process, I was offered a Board seat subject to restrictions that would impair my ability to hold management accountable and to serve effectively. Those restrictions would undoubtably render me a second-class Director and shareholder. More recently, I asked the Board to facilitate my calling of an Extraordinary General Meeting to permit the shareholders to act on my proposals for Board change, without success. Indeed, based upon my interaction with the Company and its advisors, I am concerned that the Board will try to impede or even block my calling of the meeting. I do not intend to be deterred by any such action they may take, and I am committed to seeing this through.

I believe that the value destruction and underperformance suffered by the Company is driven by a lack of a shareholder perspective on the Board, poor governance, including compensation program misalignment, a lack of focus on value creation, operational and strategic missteps, and a lack of cost management. In order, therefore, to turn around the Company’s underperformance I am seeking the position as Executive Chairman.

Specifically, this loss of focus falls under the three key areas of governance, execution, and costs. Addressing each of these in turn:

1.) Governance

· The Board lacks a shareholder mindset – There is a lack of shareholder representation on the Board with management and Board owning less than 1% combined. Shareholder concerns are ignored, exacerbated by an ‘echo chamber effect’ between the Executives, the Chairman and the Board.

· Investor Relations and transparency – Performance metrics are continually altered or dropped and the reporting metrics themselves are inconsistent. Analysts state that Abcam is a relatively uncomplex operational business and yet they complain they do not receive sufficient and transparent information.

· The Chairman is weak – The executives have not been held to account for their disproportionate remuneration demands, poor execution and poor cost controls.

· Remuneration – The 2021 Performance Growth Incentive Plan (PGIP) is unfit for purpose. Performance metrics can be manipulated (being adjusted items) and reward the wrong behaviours. Such behaviors are at the expense of shareholders. Good leaver provisions are unusual allowing too much Remuneration Committee discretion.

· NASDAQ listing poorly executed – Plans for the NASDAQ listing were initiated immediately on appointment of the current CFO, however the opportunity to attract new shareholders to the register has been wasted. The filing of the SEC disclosure ‘weakness in financial controls’ shows lack of preparedness and a rushed approach that was not fully thought through. The reasons for the sole NASDAQ listing are given in https://corporate.abcam.com/wp-content/uploads/2022/10/Abcam-plc-Delisting-Announcement.pdf. In reality, this is a story of UK phobia and push for higher remuneration. One of the stated reasons (amongst numerous that never transpired) was to garner additional US analyst coverage however, since delisting from AIM, the Company’s analyst coverage has reduced from 8 to 2 in the UK whilst only expanding from 4 to 5 in the US. The NASDAQ listing aimed to attract new shareholders and yet no new major shareholders have joined the register or since I left in 2020.

· Erosion of Shareholder rights – The ADR Agreement with Citibank of the 26th of October 2020 left out the right for significant shareholders to call an Extraordinary General Meeting which is enshrined in UK law and therefore constitutes a serious breach.

2.) Execution

· Enterprise Resource Planning (ERP) – For two years in a row the ERP has failed and resulted in lost revenues, customers, and market share. The ERP has been seven years in the making and has cost over $165m, eaten $18m in impairments and still problems persist.

· Execution on Core competencies – The Company has drifted away from its core competency, which is being the best in the world at antibodies.

· Execution of the 5-year plan – There are only 18 months left to execute successfully on the 5-year plan (which was extended an extra six months due to the change in the year end and yet the targets remain the same). There is a lack of confidence in the markets that everything will come together successfully and that there will be no more surprises. There is also a lack of clarity about what comes beyond this plan and what the longer-term trajectory and returns of the business will look like.

· The Margin Journey – Poor execution on ERP, operations and integrations has led to deteriorating operating margins. In FY2022 margins were ca.50% less than FY2019 after adjusting for share-based payments on a like-for-like basis.

· Impairments and adjustments – The loss of focus on the operational business has led to unusually high impairments and management constantly having to add back adjusting items to favorably massage the financial metrics.

3.) Costs

· Operating costs are far out running revenue growth – These have increased by 17.7% (excl. amortization and share based payments) against an 8% revenue growth rate at CER.

· Impairments are high – These total almost $64m in the past 4 years - 2022 Firefly - $23m (following failed sale), 2021 Axiomx - $19m (representing 90% of the upfront acquisition values of $28m and $20m respectively) and the ERP of $18m.

· Blinkered obsession on top line – To the detriment of shareholders and the bottom line (no dividend for 3 years).

· Return on Capital Employed (ROCE) – This metric directly measures the quality of management, execution, and spending discipline in investment in growth. It has slipped from consistently greater than 20% under my watch to less than 9% today (even after adjusting for share-based payments).

· Over-spending – This has led to a knee-jerk announcement to save £15m in costs in the seven months remaining of this FY issued by Abcam on 4th May 2023 without a detailed plan around it.

Poor governance, execution, and cost control has led to value destruction and a share price that is materially below where it should be. This is unacceptable and needs urgent attention. Abcam and all its stakeholders including shareholders, suppliers, employees, and customers deserve better.

My resources to allow the Board to resolve these problems are:

1.	Deep and unique scientific, market and product expertise that nobody else has
2.	An inside out knowledge of the Company as its Founder and one of the most successful AIM CEOs creating outstanding shareholder value
3.	Understanding of shareholder concerns and shareholder representation
4.	Strong track record in corporate governance and challenging and mentoring of the CEO
5.	Operational and executional excellence
6.	A laser sharp focus on costs and return to decent ROCE
7.	Time, determination, and energy to solely concentrate on improving Abcam

My expertise and shareholding uniquely make me the only person that can quickly reverse this situation, restore shareholder trust and value and make Abcam the ‘Amazon of Antibodies’ once again.

Summary and next steps:

The potential of Abcam to create value for shareholders remains enormous, however the Company has substantially underperformed in recent times.

The Board is unable to execute a successful strategy under the current Chairman. He has failed to support and challenge the current management team and Board culminating in shareholder value destruction and a loss of focus. He has disengaged with shareholders and their concerns remain unvoiced. He has created an echo-chamber between the Executives, himself, and the rest of the Board such that no criticisms are allowed. For the sake of all stakeholders, I urge shareholders to appoint me to the position of Executive Chairman and vote for the proposals outlined below. Here, I can support and constructively challenge the current management team and lead the Board appropriately.

The proposals will include:

1.	Remove the Chairman immediately
2.	Elect me as a Director
3.	Appoint me as Executive Chairman of the Board

As is customary and appropriate, we will also be taking necessary steps at the successful conclusion of this process to secure reimbursement for the expenses incurred in our effort to secure the Board representation required to enhance long-term performance at Abcam. To the extent that the Board engages in uncooperative behaviour or takes unnecessary or dilatory actions that artificially and recklessly increase these costs – including by requiring a wasteful and unnecessary conversion of ADRs into ordinary shares – it will further demonstrate its disregard for shareholders and allocation of company resources.

With the help of your vote, I believe that together we can restore Abcam to the valuation it deserves. Toward that end I ask that you please watch for further communications regarding the intended Extraordinary General Meeting.

Yours faithfully,

Jonathan Milner

SHAREHOLDERS DESERVE AN OPPORTUNITY TO HAVE A FULLY FOCUSED EXPERT WHO HAS DEEP KNOWLEDGE OF ABCAM CHAIRING THE BOARD IN ORDER TO TURN THE COMPANY AROUND TO CREATE SHAREHOLDER VALUE.

THE EXTRAORDINARY GENERAL MEETING IS AN OPPORTUNITY FOR SHAREHOLDERS TO SEND A CLEAR MESSAGE TO THE BOARD THAT THEY ARE DISSATISFIED WITH ITS CURRENT FOCUS, GOVERNANCE, EXECUTION AND COST CONTROL.

Ends

Contacts

Investor contact

Georgeson LLC

William P. Fiske

+1 212 440 9128

International PR advisers

US

ICR

+1 646 677 1811

FocusAbcam@icrinc.com

Europe

Consilium Strategic Communications

+44 203 709 5700

Focusabcam@consilium-comms.com

THIS DOCUMENT HAS BEEN ISSUED BY DR. JONATHAN MILNER ("DR. MILNER").

THIS DOCUMENT IS FOR DISCUSSION AND INFORMATIONAL PURPOSES ONLY. THE VIEWS EXPRESSED HEREIN REPRESENT THE OPINIONS OF DR. MILNER AS OF THE DATE HEREOF. DR. MILNER RESERVES THE RIGHT TO CHANGE ANY OF HIS OPINIONS EXPRESSED HEREIN AT ANY TIME AND FOR ANY REASON AND EXPRESSLY DISCLAIMS ANY OBLIGATION TO CORRECT, UPDATE OR REVISE THE INFORMATION CONTAINED HEREIN OR TO OTHERWISE PROVIDE ANY ADDITIONAL MATERIALS. SUBJECT TO THE FOREGOING, AND AS SET FORTH BELOW, DR. MILNER INTENDS TO MAKE AVAILABLE AT AN APPROPRIATE TIME ADDITIONAL INFORMATION ABOUT THE EXTRAORDINARY GENERAL MEETING INCLUDING HOW TO VOTE AT SUCH MEETING.

DR. MILNER HAS INVESTMENTS IN ABCAM PLC (THE “COMPANY”), AND CONSEQUENTLY HAS A FINANCIAL INTEREST IN THE PROFITABILITY OF HIS POSITIONS IN THE COMPANY. ACCORDINGLY THIS DOCUMENT SHOULD NOT BE REGARDED AS IMPARTIAL. NOTHING IN THIS DOCUMENT SHOULD BE TAKEN AS ANY INDICATION OF DR. MILNER 'S CURRENT OR FUTURE TRADING OR VOTING INTENTIONS AND/OR ACTIVITIES WHICH MAY CHANGE AT ANY TIME.

CERTAIN INFORMATION IN THIS DOCUMENT IS BASED ON PUBLICLY AVAILABLE INFORMATION WITH RESPECT TO ABCAM PLC (THE "COMPANY"), INCLUDING PUBLIC FILINGS AND DISCLOSURES MADE BY THE COMPANY AND OTHER SOURCES, AS WELL AS DR. MILNER'S ANALYSIS OF SUCH PUBLICLY AVAILABLE INFORMATION. DR. MILNER HAS RELIED UPON AND ASSUMED, WITHOUT INDEPENDENT VERIFICATION, THE ACCURACY AND COMPLETENESS OF SUCH INFORMATION, AND NO REPRESENTATION OR WARRANTY IS MADE THAT ANY SUCH DATA OR INFORMATION IS COMPLETE OR ACCURATE. DR. MILNER RECOGNISES THAT THERE MAY BE CONFIDENTIAL OR OTHERWISE NON-PUBLIC INFORMATION WITH RESPECT TO THE COMPANY THAT COULD ALTER THE OPINIONS OF DR. MILNER WERE SUCH INFORMATION KNOWN.

NO REPRESENTATION, WARRANTY OR UNDERTAKING, EXPRESS OR IMPLIED, IS GIVEN AND NO RESPONSIBILITY OR LIABILITY OR DUTY OF CARE IS OR WILL BE ACCEPTED BY DR. MILNER CONCERNING: (I) THIS DOCUMENT AND ITS CONTENTS, INCLUDING WHETHER THE INFORMATION AND OPINIONS CONTAINED HEREIN ARE ACCURATE, FAIR, COMPLETE OR CURRENT; (II) THE PROVISION OF ANY FURTHER INFORMATION, WHETHER BY WAY OF UPDATE TO THE INFORMATION AND OPINIONS CONTAINED IN THIS DOCUMENT OR OTHERWISE TO THE RECIPIENT AFTER THE DATE OF THIS DOCUMENT; OR (III) THAT DR. MILNER'S INVESTMENT PROCESSES OR INVESTMENT OBJECTIVES WILL OR ARE LIKELY TO BE ACHIEVED OR SUCCESSFUL OR THAT DR. MILNER'S INVESTMENTS WILL MAKE ANY PROFIT OR WILL NOT SUSTAIN LOSSES. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. TO THE FULLEST EXTENT PERMITTED BY LAW, DR. MILNER WILL NOT BE RESPONSIBLE FOR ANY LOSSES, WHETHER DIRECT, INDIRECT OR CONSEQUENTIAL, INCLUDING LOSS OF PROFITS, DAMAGES, COSTS, CLAIMS OR EXPENSES RELATING TO OR ARISING FROM THE RECIPIENT'S OR ANY PERSON'S RELIANCE ON THIS DOCUMENT.

EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE INFORMATION AND OPINIONS INCLUDED IN THIS DOCUMENT CONSTITUTE FORWARD-LOOKING STATEMENTS, INCLUDING ESTIMATES AND PROJECTIONS PREPARED WITH RESPECT TO, AMONG OTHER THINGS, THE COMPANY'S ANTICIPATED OPERATING PERFORMANCE, THE VALUE OF THE COMPANY'S SECURITIES, DEBT OR ANY RELATED FINANCIAL INSTRUMENTS THAT ARE BASED UPON OR RELATE TO THE VALUE OF SECURITIES OF THE COMPANY (COLLECTIVELY, "COMPANY SECURITIES"), GENERAL ECONOMIC AND MARKET CONDITIONS AND OTHER FUTURE EVENTS. YOU SHOULD BE AWARE THAT ALL FORWARD-LOOKING STATEMENTS, ESTIMATES AND PROJECTIONS ARE INHERENTLY UNCERTAIN AND SUBJECT TO SIGNIFICANT ECONOMIC, COMPETITIVE, AND OTHER UNCERTAINTIES AND CONTINGENCIES AND HAVE BEEN INCLUDED SOLELY FOR ILLUSTRATIVE PURPOSES. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THE INFORMATION CONTAINED HEREIN DUE TO REASONS THAT MAY OR MAY NOT BE FORESEEABLE. THERE CAN BE NO ASSURANCE THAT THE COMPANY SECURITIES WILL TRADE AT THE PRICES THAT MAY BE IMPLIED HEREIN, AND THERE CAN BE NO ASSURANCE THAT ANY ESTIMATE, PROJECTION OR ASSUMPTION HEREIN IS, OR WILL BE PROVEN, CORRECT.

THIS DOCUMENT DOES NOT CONSTITUTE (A) AN OFFER OR INVITATION TO BUY OR SELL, OR A SOLICITATION OF AN OFFER TO BUY OR SELL, ANY SECURITY OR OTHER FINANCIAL INSTRUMENT AND NO LEGAL RELATIONS SHALL BE CREATED BY ITS ISSUE, (B) A "FINANCIAL PROMOTION" FOR THE PURPOSES OF THE FINANCIAL SERVICES AND MARKETS ACT 2000, (C)"INVESTMENT ADVICE" AS DEFINED BY THE FCA HANDBOOK, (D) "INVESTMENT RESEARCH" AS DEFINED BY THE FCA HANDBOOK, OR (E) AN "INVESTMENT RECOMMENDATION" AS DEFINED BY REGULATION (EU) 596/2014 AND BY REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF U.K. DOMESTIC LAW BY VIRTUE OF SECTION 3 OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("EUWA 2018") INCLUDING AS AMENDED BY REGULATIONS ISSUED UNDER SECTION 8 OF EUWA 2018. THIS DOCUMENT IS NOT (AND MAY NOT BE CONSTRUED TO BE) LEGAL, TAX, INVESTMENT, FINANCIAL OR OTHER ADVICE. EACH RECIPIENT SHOULD CONSULT THEIR OWN LEGAL COUNSEL AND TAX AND FINANCIAL ADVISERS AS TO LEGAL AND OTHER MATTERS CONCERNING THE INFORMATION CONTAINED HEREIN. THIS DOCUMENT DOES NOT PURPORT TO BE ALL-INCLUSIVE OR TO CONTAIN ALL OF THE INFORMATION THAT MAY BE RELEVANT TO AN EVALUATION OF THE COMPANY, COMPANY SECURITIES OR THE MATTERS DESCRIBED HEREIN.

NO AGREEMENT, COMMITMENT, UNDERSTANDING OR OTHER LEGAL RELATIONSHIP EXISTS OR MAY BE DEEMED TO EXIST BETWEEN OR AMONG DR. MILNER AND ANY OTHER PERSON BY VIRTUE OF FURNISHING THIS DOCUMENT. DR. MILNER IS NOT ACTING FOR OR ON BEHALF OF, AND IS NOT PROVIDING ANY ADVICE OR SERVICE TO, ANY RECIPIENT OF THIS DOCUMENT. DR. MILNER IS NOT RESPONSIBLE TO ANY PERSON FOR PROVIDING ADVICE IN RELATION TO THE SUBJECT MATTER OF THIS DOCUMENT. BEFORE DETERMINING ON ANY COURSE OF ACTION, ANY RECIPIENT SHOULD CONSIDER ANY ASSOCIATED RISKS AND CONSEQUENCES AND CONSULT WITH ITS OWN INDEPENDENT ADVISORS AS IT DEEMS NECESSARY.

DR. MILNER HAS NOT SOUGHT OR OBTAINED CONSENT FROM ANY THIRD PARTY TO USE ANY STATEMENTS OR INFORMATION CONTAINED HEREIN. ANY SUCH STATEMENTS OR INFORMATION SHOULD NOT BE VIEWED AS INDICATING THE SUPPORT OF SUCH THIRD PARTY FOR THE VIEWS EXPRESSED HEREIN. ALL TRADEMARKS AND TRADE NAMES USED HEREIN ARE THE EXCLUSIVE PROPERTY OF THEIR RESPECTIVE OWNERS.