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Important New Info:

• Important Information
• Terms And Conditions of Business
• Client Classification
• Best Execution Disclosure Statement
• Conflicts Policy
• Non-Independent Research

Best Execution Disclosure Statement

Introduction

When executing your orders, CEL will take all reasonable steps to obtain the best possible result for you. This does not mean that we will obtain the best possible result for each order; rather we will apply our execution policy to each order with a view to obtaining the best possible result. This is known as “best execution”. The purpose of this document is to provide you with appropriate information about our execution policy.

Our commitment to provide you with best execution does not mean that we owe you any fiduciary responsibilities over and above the specific regulatory obligations placed upon us or as may be otherwise contracted between us.

Services & Products

CEL offers to provide the following services to its clients:

Executing orders; and Receiving and transmitting orders.

The arrangements for achieving the best possible result, whether in terms of price or otherwise, differ according to the capacity in which the Company is acting. Further information on how we will provide best execution in relation to each service is provided below.

CEL offers the above services in relation to shares admitted to trading on AIM. AIM is not a regulated market (as defined by the FSA).

The Execution Factors

When executing orders or receiving and transmitting orders on your behalf, CEL will have regard to the following criteria (known as ‘execution factors’):

• 1. Price;
• 2. Costs;
• 3. Speed;
• 4. Likelihood of execution and settlement;
• 5. Size;
• 6. Nature; or
• 7. Any other consideration relevant to the execution of an order

The best possible result for your orders will be determined by reference to the total consideration involved in the execution of the order. This means that CEL will have regard to both the price at which the security is traded as well as any costs related to execution.

CEL will only place other considerations, such as market impact and likelihood of execution, over price where we believe that it is necessary to do so in order to deliver the best result for you.

Execution Arrangements

CEL may either execute your orders itself or it may transmit the order to a third party for execution. The arrangements for achieving the best possible result, whether in terms of price or otherwise, differ according to the capacity in which the Company is acting. The capacity in which CEL is acting will be made clear to you at the time of trading.

Executing Orders

Where CEL executes your orders it will always do so by trading with you as principal.

This means that CEL will sell securities to you from its own account (and vice versa).

CEL does not offer access to any other execution venues when executing your orders.

Transmitting Orders

CEL may transmit your orders to a third party for execution. Where it does so CEL will act as agent for you. CEL has selected the parties to which it will transmit your orders based on the following considerations:

The entities are themselves subject to the obligation to provide best execution; Each entity is a member of the LSE and has access to market makers for AIM listed securities; and

The costs associated with each entity are reasonable having regard to the market as a whole.

When transmitting a client order to a third party broker, CEL will have regard to the Execution Factors as set out above (i.e. that price is the determining factor).

Orders Above Standard Market Size

For orders which are above the standard market size, other factors may become instrumental in delivering the best possible result for you. Market impact and likelihood of execution may outweigh price considerations, particularly if there is limited liquidity in a security.