PROJECT

BOND BEYOND

This is an opportunity for you to join us on a journey beyond your expectations

Introducing The Wren & Fraser UK Funeral Bond TO ACCOMPANY YOUR FUNERAL BOND YOUR MEMORY LANE EVERLASTING EMOTIONAL BOND

The best of both worlds When you leave this world Because loving memories never die

Bond Beyond with the Memory Lane “Emotional Bond” = Later Life Sector Unique Selling Proposition https://wrenandfraserbondco.com

PROJECT

The market potential along with facts and figures around the opportunity

BOND BEYOND The Facts

•

30 million people are aged 40 years & over

•

Over 600,000 funerals annually in the United Kingdom

•

Only 16% of funeral are prepaid (Competition & Markets Authority Report “Funeral market Investigation” published 18 December 2020)

The Product A £5,000, 15 year investment bond managed by Baillie Gifford

1% annual coupon rolled up – paid at end of term

Built in funeral benefit option meaning funeral costs covered at time of need

Opportunity Sell 75,000 bonds over from Year 1 – 5 through the authorised financial advisors

Bonds Sold

Year 1 5,000

Revenues

£ 25,000,000

Net Profit (NP) Cum NP 12.5% Equity v £1.5M Investment Dividend Potential (DP) DP %

448,720 448,720 21,034 1.4%

Year 2 10,000

Year 3 15,000

Year 4 20,000

Year 5 25,000

£ £ £ £ 50,000,000 75,000,000 100,000,000 125,000,000 1,867,616 2,316,336 87,545 5.8%

3,733,643 5,950,261 8,409,642 6,049,979 12,000,240 20,409,882 175,015 11.7%

278,918 18.6%

394,202 26.3%

Based on 50% of retained profits being distributed

Offering & Rewards The company is offering a 12.5% stake in Wren & Fraser Ltd & Wren & Fraser Bond Co plc (Bond Listing Company in Frankfurt Stock Exchange) for an investment of £1.5 million to a suitable investor or investors. Pro rata investment available (EIS may be available on the investment for qualifying investors)

Year 5 - Potential for exit with possible ROI of over 600%

PROJECT

Seeking £1.5m of funding to facilitate marketing and sales efforts

BOND BEYOND

A financially superior approach to Later Life Planning INVESTMENT HIGHLIGHTS

Project Bond Beyond aims to provide a unique, disruptive offer within the rapidly growing UK Later Life Planning sector. They will be the first player within the market to offer customers an ability to fund their future funeral costs through their pension.

Project Bond Beyond will be the first Funeral Planning service to provide a planning product aligned with a listed investment bond. This funeral bond is the first of its kind.

Unique investment bond

Bond Beyond funeral bonds ensure all costs are met at the point of need, without the requirement for further top-ups.

Strong interest shown by IFAs to date.

Their bonds are fully funded at the outset.

Bond Beyond is seeking £1.5m of funding to facilitate management’s construction of an operations/marketing team to grow their business. This spend will enable them to reach the targets set out in their five-year plan below.

Investment into Bond Beyond will be at 12.5% of company shares for £1.5M.

1.

2.

Construct an operations/ marketing team

Bond Beyond structure enables two revenue streams: funeral bonds and investment yields from bonds.

Increase targeted marketing spend

3.

Generate sales through organic growth and marketing efforts

It is reported that only 6% of adults in the UK have a funeral plan and in 2018 that the UK Funeral market was worth >£2 billion per annum (Competition & Markets Authority’s 2018 Report.)

Bond Beyond bonds have strong marketability, especially to IFAs who can gain commission on their sale.

Bond Beyond believe that the UK market over time will begin to mirror mainland Europe, where the majority of people have funeral planning costs in place. This provides an exciting opportunity for Bond Beyond to pitch their unrivaled investment linked bond product to a growing marketplace.

Bond Beyond holders, uniquely, have a free Memory Lane online platform, to record cherished moments, to leave behind their ‘emotional bond’ legacy

The management team have over 120 years of business experience between them and have worked with some of the UK’s leading companies. The board responsible for Bond Beyond customers funds have an extensive background within asset/ investment management, having worked with some of the industry leaders within the UK financial services sector. To date £950k has been spent on the development of the business including the linking to the listed investment bonds on the Frankfurt Exchange.

5 Year Financial Projections: 140,000,000

30,000

120,000,000

25,000

100,000,000

20,000

80,000,000 £

15,000

60,000,000

10,000

40,000,000

5,000

20,000,000 0 Turnover Bonds sold Net Profit

1

2

3

4

5

25,000,000 5,000 445,720

50,000,000 10,000 1,867,616

75,000,000 15,000 3,733,643

100,000,000 20,000 5,950,261

125,000,000 25,000 8,409,642

Year Turnover

Bonds sold

Net Profit

0

Bonds Sold

Market Share and Potential Exit: Capturing a mere 0.5% market share of the 94% available within the funeral planning market will deliver over £1 Billion in funds under management for the Bond Beyond trust team to manage each year. An exit after year 5 generates 4-7x AUM profit plus trading profit: 4x = £78.5M 7x = £137.5M A 12.5% investment could be worth between c. £9.8M and £17.2M at the end of year 5.

STRICTLY FOR PRIVATE CIRCULATION ONLY Wren & Fraser Limited is a private limited company registered in Scotland, UK | Company Registration Number: SC595817 Registered Office Address: 5 Redwood Crescent, East Kilbride, Glasgow, Scotland, G74 5PA | T: 0345 355 3239 | E: [email protected]

PROJECT

BOND BEYOND

The Wren & Fraser UK Funeral Bond A Bond Beyond

• • • •

1% pa Coupon Interest rolled over to end of term Bondholder entitled to funeral benefits option during term Can simply roll over to a second Wren & Fraser UK Funeral Bond on Maturity

The Bond The Wren & Fraser UK Funeral Bond is a debt instrument that offers investors a fixed return over a 15year term. During the period of the Bond, holders will be able to claim on the funeral benefit option of the Bond.

.

Key Features √ Each Bond is equal to £5,000 on date of issue √ 15-year duration - Matures 31st December 2036 √ Available in GBP √ 1% Annual Coupon rolled up and paid at end of term √ Funds invested with Baillie Gifford √ Listed on the FSE The Issuer will on-lend the investor funds raised through Seeking £1.5m of funding to facilitate marketing and sales efforts the Bond to a borrower, Wren & Fraser Ltd. Wren & Fraser Ltd Wren & Fraser Ltd are a UK based company operating in the UK Later Life Planning sector. They have taken steps to launch the UK`s first Funeral Bond through Wren & Fraser Bond Co Plc. This will enable the Bond holder to have entitlement to all the funeral benefits through our regulated funeral partners from date of purchase but uniquely as part of their later life planning by using the Bond to be held within their SIPP (pension) arrangements. This will enable Bond Holders to have peace of mind knowing that the true cost of their funeral in the future is already paid for. Funds from bond holders are placed in Trust in the Wren & Fraser Signature Trust. Investment committee and investment details are shown on next page. Ownership of the Bond entitles the holder to the funeral benefits option throughout the period of their holding. At the term end, the holder may either receive their capital plus coupon in full or choose to convert the Bond funds to a second Funeral Bond at no additional cost. This then continues the funeral benefits option from the Bond for a further 15 year term.

The full Bond Instrument can be requested and viewed by your Financial Advisor.

Wren & Fraser Bond Co Plc 80 Cheapside, London.EC2V 6EE Tel: 0345 355 3239 Reg Number- 13734375

PROJECT

BOND BEYOND

The Wren & Fraser Trustee Board have over 120 years’ business experience between them and have worked with some of the UK`s leading companies. They bring a lifetime of experience and professionalism into the later life planning sector

The Bond Beyond team who will protect all invested funds

Ken Cunningham CBE Chair, trustees of Wren & Fraser Signature Funeral Trust. Appointed a CBE in recognition of services to Scottish education in 2002 and in 2015 was awarded an Honorary Doctorate of the University (D.Univ) from Heriot Watt University,

Helen Webster -

Head of Luxembourg /Managing Director (Lux) at Aberdeen Standard Investments. Ms. Webster has a firstclass honours degree in physics from Edinburgh University, and is a Fellow of the Institute and Faculty of Actuaries.

Nigel Hill -

Accredited Professional Pension Trustee. Established pensions professional with over 40 years experience. Council Member of the Association of Professional Pension Trustees (APPT).

Ken Lewandowski -

appointed Chairman of the Company in May 2019. In a career spanning over 35 years Mr Lewandowski has held a number of senior, executive & board positions in the technology, manufacturing, and banking sectors in the US and UK.

Stephen Bates, MD of Wren & Fraser Ltd co-

founded the Company in 2018 and has been researching & developing the Company’s unique offering since 2016. Having experience within the FinancialServices market he noticed a business opportunity within the Funeral Planning sector and aimed to develop a product which would outperform all other existing offerings

The trustees have a Statement of Investment Principles (SIP) which sets out their objectives in investing the trust’s assets. The primary objective is to achieve the return on the assets assumed by the actuary in his annual valuations of the fund, which is to exceed the increase in the Consumer Prices Index by a specified margin. The margin may be varied by the actuary from time to time. The trustees recognise that, to achieve this, it is necessary to take some investment risk. However, a degree of immunisation against inflation and interest rate risk is also sought. The trustees have very wideranging investment powers under the terms of the trust deed but have set out in the SIP their intention only to invest in pooled funds which spread stock-specific risk across several stocks, are readily realisable and are regulated in the UK. Within these constraints, the trustees are free to choose different fund managers, and different funds offered by those managers. Typically, the funds chosen will be institutional funds which are priced on a reasonably transparent basis. The choice of fund and manager may be varied at any time if the trustees think it appropriate. The trustees have no intention of investing in unregulated funds, or other classes of investment. Within the funds chosen, the fund manager is likely to have very wide discretion, for example to buy or sell stock, hold cash, reinvest income streams, subject only to the terms of the prospectus for the fund in question. The trustees have no control over the day-to-day dealings in the fund but are usually free to reduce or terminate their holding at short notice and realise the assets for cash. In general, for reasons of tax efficiency, and because the cashflow of the trust is expected to be more than adequate to meet calls on the trust’s assets for the time being, the trustees will choose to invest in growth rather than income-producing investments. There is always likely to be an element of dividend, coupon, or interest income and, in general, this will be reinvested by the fund manager.

Wren & Fraser Bond Co Plc 80 Cheapside, London.EC2V 6EE Tel: 0345 355 3239 Reg Number- 13734375

PROJECT

Underlying Fund Managers –

BOND BEYOND

Baillie Gifford & Co Ltd

Portfolio Fund Manager Iain McCombie

Iain joined Baillie Gifford in 2004 and became a partner of Baillie Gifford & Co. In 2020. He is a member of the Japanese Specialist Team. Most of Iain’s investment career has been focused on Emerging and Developed Asian markets. He has responsibility for managing various specialist Developed Asia, including Japan, portfolios and is also a member of the International All Cap Portfolio Construction Group. He became a Partner of the firm in 2020. Prior to joining Baillie Gifford, Iain worked for Goldman Sachs as an analyst in the Investment Banking division. He graduated BA in Modern History from the University of Oxford in 2000. Initially, the trustees intend to invest with Baillie Gifford and Co Ltd across perhaps three of their funds. One of the trustees’ important considerations is the Environmental, Social and Governance policy of their fund manager and the trustees believe that Baillie Gifford have a strong and positive approach to sustainable investment which will contribute to the performance of the assets in the medium and longer term. The likely initial investments of the trust will be, for example: Investment Grade Bond Fund - GB0030816481 Global Stewardship Fund - GB00BYNK7G95 Positive Change Fund - GB00BYVGKV59 A composite of the above is shown as under for reference only please see fund fact sheets above for detailed information.

26%

37%

13%

9% 1% 2%

4%

4%

5%

North American Equities

Other Bonds

European Equity

Other Equity

Japan Equity

Far East ex Japan Equity

Govt Gtd & Sovereign Bonds

UK Equity

Cash & Derivitives

Monthly updated versions of these factsheets are available at: https://www.bailliegifford.com/en/uk/intermediaries/literature-library/funds/oeics/bulletins/monthly-oeic-fund-focus/

Wren & Fraser Bond Co Plc 80 Cheapside, London.EC2V 6EE Tel: 0345 355 3239 Reg Number- 13734375

TO WHOM IT MAY CONCERN

Our reference DZT/W0741.0002

01 September 2022

Dear Sirs Distribution of the Wren & Fraser Funeral Bond Summary of regulatory advice provided This Firm has been engaged by Wren & Fraser Limited (“WFL”) and Wren & Fraser Bond Co. PLC (“the Issuer”) (together “the Companies”) with regard to the position of the Companies under UK financial regulatory law in terms of the roles they plan to play in the distribution of the Wren & Fraser Funeral Bond (“the Bond”). 1

The Bond

1.1

The Bond is a debt obligation of the Issuer, and has been listed on the Frankfurt Stock Exchange.

1.2

The Bond provides a 1% coupon, with all interest rolled up until redemption, and will provide the cost of a funeral to the Bondholder should the latter die during the 15-year term of the Bond. The final redemption proceeds, including the rolled-up income, can be used by the Bondholder at term to purchase a funeral plan, or can simply be repaid to him to do with as he pleases. The Bondholder in fact has the right to call for a redemption of the Bond, on 14 days’ written notice to the Issuer at any time, but the proceeds of such an “early” redemption are not guaranteed to provide for the cost of a funeral.

2

Distribution

2.1

The primary distribution channel has always been envisaged as being via independent financial advisers (“IFAs”) authorised and regulated by the UK Financial Conduct Authority (“FCA”).

Memery Crystal, 165 Fleet Street, London EC4A 2DY Telephone: +44 (0) 20 7242 5905 Fax: +44 (0) 20 7242 2058 LDE No: 156 Chancery Lane e-mail: [email protected] Web: www.memerycrystal.com RBG Legal Services Limited, trading as Memery Crystal, is registered in Englandand Wales with registered number 13287062 and is authorised and regulated by the Solicitors Regulation Authority. A list of directors of RBG Legal Services Limited, together with a list of those persons who are designated as partners of Memery Crystal, is available for inspection at the registered office of RBG Legal Services Limited at 165 Fleet Street, London, EC4A 2DY. Where the term 'Partner' is used it denotes a senior employee or consultant of the firm. For the avoidance of doubt, Memery Crystal is not a partnership and the use of the term “partner” does not create or imply a partnership. RBG Legal Services Limited is a wholly owned subsidiary of RBG Holdings plc (Company number 11189598).

-2-

01 September 2022

2.2

Discussion over the use of a white-labelled model for the Bond has also taken place, though this is still subject to further consideration.

2.3

It is envisaged that the Companies will produce a presentation with regard to the Bond that will be tailored towards informing IFAs of the Bond’s existence and potential. This will be an exempt financial promotion, as it is only intended to be presented by the Companies to IFAs’ who fall within the definition of “investment professional” in art. 19(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.

2.4

Any IFA interested in presenting the Bond to investors for whom it acts will need to present relevant information in oral or written form that that IFA has itself created (and which may be accompanied by material that the Companies prepare, but any such support material will then be treated for regulatory purposes as communicated by the IFA, not the Companies).

2.5

Proposals for significant changes to aspects of the FCA Conduct of Business Sourcebook (CIOBS) specifically at chapter 4 are due to come into force towards the end of 2022. While this will impose new or renewed obligations on IFAs with respect to how they distribute a product such as the Bond, it does not make any practical difference with respect to the manner in which the Companies promote the Bond to the IFAs in the first place. For completeness, we would confirm that the Bond is not a “speculative illiquid security” for the purposes of the FCA’s amended rules, since that term is only referable to an instrument whose issuer uses the proceeds to on-lend to a third party, and this is not happening here.

2.6

An investor that is advised by the IFA will be able to subscribe to the Bond on the basis that the IFA has first deemed the Bond to be a suitable investment (COBS 9), and it is then not material whether the investor applies to the Issuer to subscribe or the IFA does so in the investors behalf.

2.7

An investor with no advisory relationship with the IFA may consider an execution-only subscription by direct approach to the Issuer. It is possible that the IFA must first assess whether the Bond is appropriate for such investor (COBS 10), though there are exemptions from the appropriateness regime that may apply. These are matters for the IFA to address, not the companies.

2.8

While the proposed FCA rule changes referred to above will affect the application of COBS 9 and 10 (and supporting provisions for them in COBS 4), in our view this will not materially change the position expressed at 2.6 and 2.7 above.

3

The Companies

3.1

Neither of the Companies is authorised and regulated by FCA.

3.2

Neither of the Companies is deemed to be providing investment advice to any person as to the merits of the Bond.

3.3

The Companies’ roles facing the IFA are promotional alone. WFL is not involved in any arrangement of investment into the Bond. The Issuer by definition is not required to be regulated for the issue of its own indebtedness.

3.4

Neither of the companies is deemed to be providing the service of arranging a funeral plan under art. 59 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. Although the Bondholder is entitled to the value of a funeral as a term of holding the Bond, the funeral will be provided by a third party , which is authorised and regulated by FCA for these purposes. Issue of the Bond is not considered to

-3-

01 September 2022

be an arrangement by the Issuer of a funeral, because the Bond is a debt instrument with certain associated rights and benefits, and not a funeral plan in its own right. 3.5

In consequence, we have advised the Companies that neither of them is required to be regulated by FCA in order to distribute the Bond to IFAs for their onward promotion to their investors.

4

Function of this letter

4.1

This letter serves to demonstrate that the Companies have taken relevant legal advice with respect to the roles they intend to play in the distribution of the Bond.

4.2

It is not deemed to be legal advice to any person other than the Companies. Although it is being produced to you for your interest, to support a relationship that the Companies hope to develop with you, you are not entitled to treat this as being legal advice directed at yourself.

Yours faithfully

Memery Crystal Memery Crystal

PROJECT

BOND BEYOND

Your Memory Lane & Digital Doc Vault

A Secure login to store: Your memories Your pictures Your videos A story told in your words With your voice Together make your Memory Lane Add to that a secure PIN protected document storage facility. A safe home for those essential items All available on your phone, tablet or PC

PROJECT

BOND BEYOND

Contact details plus Terms & Conditions

For further details on the project, please contact the following Wren & Fraser Ltd professionals: Stephen Bates Director T: +44 (0)7999 543046 E: [email protected]

Michael Mone Director T: +44 (0)7989 953063 E: [email protected]

T h i s document is based on information provided by the owners of Project Bond Beyond(the “Company”). I t is being communicated on be half of the Company by Wren & Fraser Ltd(“WFL”) to you solely for information and for the exclusive use of the selected persons to whom it is addressed for the purpose (the "Permitted Purpose") of their considering whether to proceed with a further analysis of a potential transaction (the “Potenti al Transaction”) involving the Company. T h i s document should not be used for any other purpose. T h i s document is strictly for the intended recipient and m u s t not be disclosed, revealed, reproduced or redistributed, in whole or in part, to any other person. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the adequacy, accuracy, completeness or reasonableness of the information contained herein and, accordingly, none of the Company, its shareholders, affiliates or W F L (including their respective representatives, officers, directors, members, partners, affiliates, subsidiaries, employees, agents or advisers) accept any liability whatsoever arising directly or indirectly from the use of this document and liability is expressly disclaimed. No person has, or is held out as having, any authority to give any statement, warranty, representation, assurance or undertaking on behalf of any seller in connection with the Potential Transaction. The Company, its shareholders, affiliates or W F L (including their respective representatives, officers, directors, members, partners, affiliates, subsidiari es, employees, agents or advisers) are not responsible for communicating any changes or corrections to the recipients of this document. Recipients therefore shall not be entitled to assume that any or all statements in this document are unchanged or that the recipient will be informed of any or all changes or correcti ons. T h i s document includes certain statements, estimates and forecasts (including budgets) in relation to the anticipated future performance of the Comp any and its subsidiaries. Such statements, estimates and forecasts reflect various assumptions concerning future developments, and may or may not prove to b e correct. No representation or warranty is given as to the achievement or reasonableness of any future projections, estimates or statement s about the future prospects of the Company and its subsidiaries, or with regard to financial information contained herein which is included for illustrative purposes only. The information contained herein does not purport to be comprehensive and has not been independently verified. T h i s document is not intended to form the basis of any investment activity or decision. I t does not constitute or form part o f an inducement or offer to sell or issue, or a solicitation of an offer to purchase or subscribe for, any securities or other interests in the Company or any re lated entity and no legal relations shall be created by its issue. The information set out in this document or referred to in other written or oral information i n connection with the Potential Transaction shall not form the basis of any contract and should not be relied upon in relation to any contract or commitment. Only the express provisions of any written transaction agreement, if and when such transaction agreement is executed, shall h ave any legal effect in connection with the transaction between the parties thereto, and any prospective purchaser in relation to the Proposed Transa ction will be required to acknowledge in the transaction agreement that it has not relied on or been induced to enter into such transaction agreement b y any representation or warranty, save, as the case may be, for those expressly set out in such transaction agreement. The provision of this document shall not be taken as any form of commitment on the part of the shareholders of the Company or the Company or any related entity to proceed with any negotia tions or any transaction. Recipients are not to construe the contents of this document as constituting the provision of legal, commercial or tax advice , nor as a recommendation of any kind. Each recipient should make its own independent assessment of the m erits or otherwise of the Potential Transaction and should take its own professional advice. I n no circumstances will the Company, the shareholders of the Company or any of their respective represe ntatives, officers, directors, members, partners, affiliates, subsidiaries, employees, agents or advisers be responsible for any costs or expenses incurred by any prospective purchasers in connection with the Potential Transaction, including such prospective purchasers’ appraisal and investigation of the Company and/or any related entities and the evaluation of information contained in this document. T h i s document is for distribution only to persons who (i) have professional experience in matters relating to investments, or (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iii) to whom the document may otherwise lawfully be distributed (all such persons together being referred to as “Relevant Persons”). Recipients of this document should inform themselves about and observe all applicable legal requirements in the jurisdiction in which they reside or conduct business in order to satisfy themselves that they are a "Relevant Person". T h i s document is directed only at Relevant Persons and m ust not be acted on or relied on by persons who are not Relevant Persons and, by accepting this document, you represent that you are a Relevant Person. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. The shares in the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered, sold, delivered or transferred to (or for the account or benefit of) any U.S. person, or in or into the United States, except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act and in compliance with all applicable securiti es laws of any state or other jurisdiction of the United States. T h i s document shall not exclude any liability for, or remedy in respect of, fraud or frau dulent misrepresentation. T h i s document has been delivered to recipients on the express understanding that they will use it only for the Permitted Purp ose and, by accepting this document, you agree to be bound by the foregoing limitations. Any recipient who does not wish to continue with an investigation of the Potential Transaction m ust return or destroy this do cument.

S TR I C TL Y F OR PRIVATE CIRCULATION ONLY Wren & Fraser Limited is a private limited company registered in Scotland, U K |Company Registration Number: SC595817 Regist ered Office Address: 5 Redwood Crescent, East Kilbride, Glasgow, Scotland, G74 5PA |T: 0345 355 3239 |E: [email protected]