Blur : Warranty terms 7 July 2017

DATED 2017

The Company has, by a resolution of the Board, resolved to create and issue the Warrants in registered form conferring the right to subscribe for the Warrant Shares in cash at the Subscription Price during the Subscription Period.

This Warrant Instrument and the issue of the Warrants is conditional upon Admission. This Warrant Instrument and the Schedules hereto constitute the Warrants.

1. INTERPRETATION

2. In this Warrant Instrument, the following expressions shall have the following meanings:

   "Act" means the Companies Act 2006 (as amended); "Admission" means the admission to trading on AIM of the Placing Shares (as defined in the Placing Agreement);

   "AIM" means the AIM market owned and operated by London Stock Exchange plc; "Articles" means the articles of association of the Company from time to time; "Auditors" means the auditors of the Company from time to time;

   "Board" means the board of Directors of the Company from time to time;

   "Business Day" means a day (excluding a Saturday, Sunday or a public holiday) on which the clearing banks are open for normal business in the City of London; "Certificate" means a certificate in respect of Warrants in the form set out in Schedule 1;

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   "Conditions" means the conditions of the Warrants as set out in Schedule 3; "CREST" means the system for the paperless settlement of share issues and transfers and the holding of uncertificated shares operated by Euroclear UK & Ireland Limited; "Director" means a director of the Company from time to time; "Encumbrance" means any mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third party right or interest, any other encumbrance of any kind, and any other type of preferential arrangement (including, without limitation, title transfer and retention arrangements) having a similar effect; "Extraordinary Resolution" means a resolution proposed at a meeting of the Warrantholders duly convened and held and passed by a majority consisting of not less than 75 per cent of the votes cast, whether on a show of hands or on a poll; "Final Exercise Date" means, in respect of a Warrant, the second anniversary of Admission or, if such date would fall within a "close" period of the Company (within the meaning of the AIM Rules for Companies) then the Final Exercise Date shall be the date that is one month after the expiry of that close period (or if any such day is not a Business Day, then 5.00 pm on the next following Business Day);

   "Notice of Exercise" has the meaning given in Condition 1.2;

   "Ordinary Shares" means ordinary shares of one penny each in the capital of the Company; "Placing Agreement" means the placing agreement dated on or around the date hereof between the Company and Nplus1 Singer Advisory LLP; "Register" means the register of Warrantholders kept in accordance with Condition 6; "Regulations" means the Uncertified Securities Regulations 2001 (SI 2001/3755); "Subscription Period" means, subject to Condition 4, the period from the first anniversary of Admission to and including the Final Exercise Date; "Subscription Price" means 3.5 pence per Ordinary Share; "Subscription Rights" means the right to subscribe for Ordinary Shares conferred by the Warrants; "Warrantholder" means a registered holder for the time being of Warrants;

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   "Warrants" means the 25,000,000 warrants constituted by this Warrant Instrument; "Warrant Instrument" means this deed including the Schedules hereto; and

   "Warrant Shares" means up to 25,000,000 new Ordinary Shares (subject to adjustment in accordance with Condition 3) to be subscribed for pursuant to the terms of this Warrant Instrument.

3. In this Warrant Instrument, unless the context requires otherwise:

4. references to Clauses and Schedules are references to clauses of and schedules to this Warrant Instrument and references within a sub-clause to "this Clause" shall refer to the whole Clause and not merely to the sub-clause in which it appears;

5. the Schedules form part of and are incorporated in this Warrant Instrument;

6. headings and sub-headings are included for ease of reference only and shall not affect the interpretation of this Warrant Instrument;

7. the singular shall include the plural and vice versa, and references to any gender shall include references to the other genders;

8. the expression "person" shall include individuals, corporations (wherever incorporated), unincorporated associations and partnerships;

9. any reference to a time of day is to London time;

10. any reference to any statute or statutory provision shall include that statute or statutory provision as from time to time amended, modified, replaced or re- enacted (whether before or after the date of this Agreement) and any order, regulation, instrument, by-law or other subordinate legislation made under it; and

11. the expression "including" shall not be construed so as to limit the generality of any foregoing words.

12. SUBSCRIPTION RIGHTS

13. The Company undertakes that upon the exercise of the Subscription Rights by a Warrantholder in accordance with the Conditions it shall allot and issue to that Warrantholder the relevant number of Ordinary Shares to be allotted and issued pursuant to the Subscription Rights in accordance with the Conditions.

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