Dated 29 May 2020

(1) Integumen Plc (Bidder)

(2) Modern Water plc (Target)

PROJECT ACE2:

NON-DISCLOSURE AGREEMENT

BPE Solicitors LLP

Contents

Clause Page

1. Interpretation .......................................................................................................... 1

2. Confidential Information ......................................................................................... 3

3. Confidentiality obligations ....................................................................................... 4

4. Permitted disclosure ............................................................................................... 5

5. Mandatory disclosure ............................................................................................. 5

6. Inside Information................................................................................................... 6

7. Personal Data ........................................................................................................ 6

8. Restrictions ............................................................................................................ 7

9. Return or destruction of Confidential Information.................................................... 8

10. Indemnity ............................................................................................................... 9

11. Reservation of rights and acknowledgement .......................................................... 9

12. Inadequacy of damages ....................................................................................... 10

13. No obligation to continue discussions ................................................................... 10

14. Ending discussions and duration of confidentiality obligations .............................. 10

15. No partnership or agency ..................................................................................... 10

16. General ................................................................................................................ 11

1

THIS AGREEMENT is dated 29 May 2020

Parties

(1) Integumen PLC, incorporated and registered in England and Wales with company

number 10205396 whose registered office is at Sand Hutton Applied Innovation

Campus, Sand Hutton, York, North Yorkshire, England, YO41 1LZ (the Bidder).

(2) Modern Water plc, incorporated and registered in England and Wales with company

number 05963927 whose registered office is at 12th Floor 6 New Street Square,

London, England, EC4A 3BF (the Target).

Background

(A) The parties are discussing the Proposed Transaction, which will involve the

exchange of Confidential Information between them.

(B) The Parties wish to ensure that any Confidential Information disclosed in connection

with the Proposed Transaction remains confidential and is not used for any purpose

other than the Purpose.

(C) The parties have agreed to comply with this Agreement in connection with the use

and disclosure of the Confidential Information.

Agreed terms

1. INTERPRETATION

1.1. Definitions:

Business Day: a day other than a Saturday, Sunday or public holiday in

England when banks in London are open for business.

Confidential Information: has the meaning given in clause 2.

Discloser: a party to this Agreement when it discloses its Confidential

Information, directly or indirectly, to the other party.

DPA 2018: the Data Protection Act 2018.

GDPR: the General Data Protection Regulation (Regulation (EU) 2016/6790.

Group: in relation to a company, that company, any subsidiary or any holding

company from time to time of that company, and any subsidiary from time to

time of a holding company of that company. Each company in a Group is a

member of the Group.

Group Company: in relation to a company, any member of its Group.

holding company: has the meaning give in clause 1.2.5.

Permitted Recipient: any person referred to in clause 4.1 to whom

Confidential Information is disclosed by, or at the request of, a Recipient.

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Personal Data: has the meaning given to it in the DPA 2018.

Proposed Transaction: the acquisition of the Shares by the Bidder.

Purpose: considering, evaluating, negotiating or advancing the Proposed

Transaction.

Recipient: a party to this Agreement when it receives Confidential

Information, directly or indirectly, from the other party.

Representative(s): in relation to each party and any member of its Group:

1.1.1. its officers and employees that need to know the Confidential

Information for the Purpose;

1.1.2. its professional advisers or consultants who are engaged to advise

that party and/or any member of its Group in connection with the

Purpose;

1.1.3. its contractors and sub-contractors engaged by that party and/or any

member of its Group in connection with the Purpose; and

1.1.4. any other person to whom the other party agrees in writing that

Confidential Information may be disclosed in connection with the

Purpose.

Shares: the entire issued share capital of the Target.

Subsidiary: has the meaning give in clause 1.2.5.

Takeover Code: the City Code on Takeovers and Mergers.

1.2. Interpretation.

1.2.1. A reference to a statute or statutory provision is a reference to it as

amended or re-enacted. A reference to a statute or statutory

provision includes any subordinate legislation made under that

statute or statutory provision, as amended or re-enacted.

1.2.2. Any words following the terms including, include, in particular, for

example or any similar expression shall be construed as illustrative

and shall not limit the sense of the words, description, definition,

phrase or term preceding those terms.

1.2.3. A reference to writing or written includes email.

1.2.4. A reference to a company shall include any company, corporation or

other body corporate, wherever and however incorporated or

established.

1.2.5. A reference to a holding company or a subsidiary means a holding

company or a subsidiary (as the case may be) as defined in section

1159 of the Companies Act 2006.

1.2.6. Any obligation on a party not to do something includes an obligation

not to allow that thing to be done.

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2. CONFIDENTIAL INFORMATION

2.1. Confidential Information means all confidential information relating to the

Purpose which the Discloser or its Representatives or any of its Group

Companies, or their Representatives directly or indirectly discloses, or makes

available, to the Recipient or its Representatives or any of its Group

Companies, or their Representatives, before, on or after the date of this

Agreement. This includes:

2.1.1. the fact that discussions and negotiations are taking place

concerning the Purpose and the status of those discussions and

negotiations;

2.1.2. the existence and terms of this Agreement;

2.1.3. all confidential or proprietary information relating to:

2.1.3.1. the business, affairs, customers, clients, suppliers, plans,

intentions, or market opportunities of the Discloser or of

any of the Discloser's Group Companies; and

2.1.3.2. the operations, processes, product information, know-

how, technical information, designs, trade secrets or

software of the Discloser, or of any of the Discloser's

Group Companies;

2.1.4. any information, findings, data or analysis derived from Confidential

Information; and

2.1.5. any other information that is identified as being of a confidential or

proprietary nature,

but excludes any information referred to in clause 2.2.

2.2. Information is not Confidential Information if:

2.2.1. it is, or becomes, generally available to the public other than as a

direct or indirect result of the information being disclosed by the

Recipient or its Representatives or by any of the Recipient's Group

Companies or their Representatives in breach of this Agreement;

2.2.2. it was available to the Recipient on a non-confidential basis prior to

disclosure by the Discloser;

2.2.3. it was, is, or becomes available to the Recipient on a non-confidential

basis from a person who, to the Recipient's knowledge, is not under

any confidentiality obligation in respect of that information;

2.2.4. it was lawfully in the possession of the Recipient before the

information was disclosed by the Discloser; or

2.2.5. the parties agree in writing that the information is not confidential.

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3. CONFIDENTIALITY OBLIGATIONS

3.1. In return for the Discloser making Confidential Information available to the

Recipient, the Recipient undertakes to the Discloser that it shall:

3.1.1. keep the Confidential Information secret and confidential;

3.1.2. not use or exploit the Confidential Information in any way except for

the Purpose;

3.1.3. not directly or indirectly disclose or make available any Confidential

Information in whole or in part to any person, except as expressly

permitted by, and in accordance with this Agreement;

3.1.4. not copy, reduce to writing or otherwise record the Confidential

Information except as strictly necessary for the Purpose. Any such

copies, reductions to writing and records shall be the property of the

Discloser;

3.1.5. not use, reproduce, transform or store the Confidential Information in

an externally accessible computer or electronic information retrieval

system or transmit it in any form by any means outside its usual

place of business;

3.1.6. ensure that no person gets access to, or obtains any Confidential

Information from the Discloser or any member of its Group or their

respective officers, employees or agents, except as expressly

permitted by, and in accordance with, the terms of this Agreement;

and

3.1.7. inform the Discloser immediately on becoming aware, or suspecting,

that Confidential Information has been disclosed to, or otherwise

obtained by, an unauthorised third party.

3.2. The Recipient shall establish and maintain adequate security measures

(including any reasonable security measures proposed by the Discloser from

time to time) to safeguard the Confidential Information from unauthorised

access or use.

3.3. All communications from one party to the other concerning the Proposed

Transaction and the Purpose shall be addressed to the persons set out below

(Authorised Contact):-

To the Target: Nigel Burton nigel@wasdale.org

To the Bidder: Ross Andrews (ross.andrews@rmaconsultancy.co.uk)

3.4. Except with the prior written consent of the other party, neither party nor

anyone acting on its behalf, shall contact or communicate with any officers,

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employees, consultants, advisers, landlords, bankers, customers, clients or

suppliers of the other party or any member of its Group in connection with the

Proposed Transaction, except for the Authorised Contact.

4. PERMITTED DISCLOSURE

4.1. The Recipient may disclose the Confidential Information to its

Representatives, any of its Group Companies, or their Representatives

(Permitted Recipients) on the basis that it:

4.1.1. informs those Representatives, Group Companies or their

Representatives of the confidential nature of the Confidential

Information before it is disclosed; and

4.1.2. procures that those Representatives, Group Companies or their

Representatives comply with the confidentiality obligations in clause

3.1 as if they were the Recipient.

4.2. The Recipient shall be liable for the actions or omissions of the

Representatives, any of its Group Companies or their Representatives in

relation to the Confidential Information as if they were the actions or

omissions of the Recipient.

5. MANDATORY DISCLOSURE

5.1. Subject to the provisions of this clause 5, a party may disclose Confidential

Information to the minimum extent required by:

5.1.1. an order of any court of competent jurisdiction or any regulatory,

judicial, governmental or similar body or any taxation authority of

competent jurisdiction;

5.1.2. the rules of any listing authority or stock exchange on which its

shares or those of any of its Group Companies are listed or traded

(which for the avoidance of doubt shall be deemed to include the

requirements of the Panel on Takeovers and Mergers); or

5.1.3. the laws or regulations of any country to which its affairs or those of

any of its Group Companies are subject.

5.2. Before a party discloses any Confidential Information pursuant to clause 5.1 it

shall, to the extent permitted by law, use all reasonable endeavours to give

the other party as much notice of this disclosure as possible. Where notice of

such disclosure is not prohibited and is given in accordance with clause 5.2,

that party shall take into account the reasonable requests of the other party in

relation to the content of this disclosure.

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5.3. If a party is unable to inform the other party before Confidential Information is

disclosed pursuant to clause 5.1 it shall, to the extent permitted by law, inform

the other party of the full circumstances of the disclosure and the information

that has been disclosed as soon as reasonably practicable after such

disclosure has been made.

6. INSIDE INFORMATION

6.1. Each party acknowledges that some or all of the Confidential Information may

be inside information for the purposes of the Market Abuse Regulation

(596/2014) (MAR) and Part V of the Criminal Justice Act 1993 (CJA) and that

any Recipient or Permitted Recipient who is in, or acquires, possession of any

Confidential Information may have inside information for the purposes of MAR

and information as an insider for the purposes of the CJA. Each party

consents to receiving this information and to being made an insider within the

meaning of MAR and the CJA and will bring to the attention of its Permitted

Recipients who, from time to time receive this information, the prohibitions on

market abuse set out in MAR and on insider dealing contained in the CJA.

6.2. Each party acknowledges, and will advise each of its Permitted Recipients

that, it must act in relation to the Confidential Information in compliance with:

6.2.1. the prohibition on market abuse contained in MAR and in particular in

relation to insider dealing (Article 8), the unlawful disclosure of inside

information (Article 10), market manipulation (Article 12), inside

information (Article 17) and insider lists (Article 18);

6.2.2. the Disclosure Guidance issued by the Financial Conduct Authority;

and

6.2.3. the criminal offences in relation to inside information contained in the

CJA.

7. PERSONAL DATA

The parties acknowledge that Confidential Information may include Personal Data,

the handling or processing of which may be subject to the requirements of the GDPR

and/or any implementing national legislation thereunder, including but not limited to

the DPA 2018 (Data Protection Law). Without limitation to any other term of this

Agreement, in relation to the Personal Data comprised within the Confidential

Information, each of the parties will:

7.1 comply with all relevant provisions of Data Protection Law;

7.2 take appropriate technical and organisational measures to guard against (i)

the unauthorised or unlawful disclosure or processing of such Personal Data

(Unauthorised Use), and (ii) the loss, misuse, corruption or destruction of, or

damage to, the Personal Data (a Data Incident);

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7.3 upon becoming aware of any Unauthorised Use or Data Incident promptly

notify the other party of such Unauthorised Use or Data Incident;

7.4 promptly notify the other party if it receives any communication (including

without limitation from the Information Commissioner) which relates to such

Personal Data or to either of the parties’ compliance with Data Protection

Law;

7.5 promptly provide to the other party such reasonable co-operation, information

and assistance as the other party may from time to time reasonably request to

enable the other party to comply with its obligations under Data Protection

Law; and

7.6 only process such Personal Data outside of the EEA without the prior written

consent of the other party if:

7.6.1 the country or territory to which the Personal Data is to be transferred or

in which it will be processed is deemed adequate by the European

Commission pursuant to Data Protection Law;

7.6.2 the entity to which the Personal Data is to be transferred or by which it

will be processed has subscribed in full to the EU-US Privacy Shield

requirements; or

7.6.3 the transfer and/or processing of Personal Data outside of the EEA is

done on the basis of the standard contractual clauses for the transfer

and processing of personal data outside the EEA approved by the EU

Commission in accordance with Data Protection Law.

8. RESTRICTIONS

8.1. Each party undertakes to the other party and each member of the other

party's Group that, except with the prior written consent of the other party, it

shall not (and shall procure that no member of its Group shall) at any time

during the period of 12 months from the date hereof:

8.1.1. initiate or participate in any discussions, or have contact of any kind,

with any officer or employee of the other party or any member of its

Group except as permitted by clause 3;

8.1.2. entice, solicit or procure any employee of the other party or its Group

(Employee) to leave the employment of the other party or any

member of its Group, or make any attempt to do so, whether or not

the Employee would commit a breach of contract in leaving their

employment;

8.1.3. employ or offer to employ, or enter into a contract for the services of

an Employee, or procure or facilitate the making of any such offer by

any other person;

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8.2. Each of the undertakings in clause 8.1:

8.2.1. is considered fair and reasonable by the parties;

8.2.2. is a separate undertaking by the former party; and

8.2.3. shall be enforceable separately and independently of any person's

right to enforce any one or more of the other undertakings contained

in that clause.

8.3. The placing of an advertisement of a post available to members of the public

generally and the recruitment of a person through an employment agency

shall not constitute a breach of the ormer party's undertakings in clause 8.1,

provided that neither the former party nor any member of its Group nor their

respective officers or employees encourages or advises such agency to

approach an Employee.

9. RETURN OR DESTRUCTION OF CONFIDENTIAL INFORMATION

9.1. If so requested by the Discloser at any time by notice in writing to the

Recipient, the Recipient shall:

9.1.1. Destroy or return to the Discloser all documents and materials (and

any copies) containing, reflecting, incorporating or based on the

Discloser's Confidential Information;

9.1.2. erase all the Discloser's Confidential Information from its computer

and communications systems and devices used by it, or which is

stored in electronic form;

9.1.3. to the extent technically and legally practicable, erase all the

Discloser's Confidential Information which is stored in electronic form

on systems and data storage services provided by third parties; and

9.1.4. certify in writing to the Discloser that it has complied with the

requirements of this clause 9.1.

9.2. Nothing in clause 9.1 shall require the Recipient to return or destroy any

documents and materials containing or based on the Discloser's Confidential

Information that the Recipient is required to retain by applicable law, or to

satisfy the requirements of a regulatory authority or body of competent

jurisdiction or the rules of any listing authority or stock exchange, to which it is

subject. The provisions of this Agreement shall continue to apply to any

documents and materials retained by the Recipient pursuant to this clause

9.2.

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10. INDEMNITY

10.1. Each party shall indemnify and keep indemnified the other party and each

member of the other party's Group (each an Indemnified Person) against all

liabilities, costs, expenses, damages and losses (including but not limited to

any direct, indirect or consequential losses, loss of profit, loss of reputation

and all interest, penalties and legal costs (calculated on a full indemnity basis)

and all other reasonable professional costs and expenses) suffered or

incurred by an Indemnified Person arising out of or in connection with any

breach of this agreement by the indemnifying party or a Permitted Recipient.

10.2. If a payment due from an indemnifying party under clause 10.1 is subject to

tax (whether by way of direct assessment or withholding at its source), the

Indemnified Person shall be entitled to receive from the indemnifying party

such amount as shall ensure that the net receipt, after tax, of the Indemnified

Person in respect of the payment is the same as it would have been were the

payment not subject to tax.

11. RESERVATION OF RIGHTS AND ACKNOWLEDGEMENT

11.1. Nothing in this agreement shall:

11.1.1. oblige a party to pay any amount which the Panel on Takeovers and

Mergers determines would not be permitted by Rule 21.2 of the

Takeover Code; or

11.1.2. prevent the Bidder from making an announcement relating to the

Proposed Transaction at any time the Bidder board considers

appropriate.

11.1.3. prevent the Target from making an announcement relating to the

Proposed Transaction at any time the Target board considers

appropriate.

11.2. Each party reserves all rights in its Confidential Information. The disclosure of

Confidential Information by one party does not give the other party or any

other person any licence or other right in respect of any Confidential

Information beyond the rights expressly set out in this Agreement.

11.3. Except as expressly stated in this Agreement, neither party makes any

express or implied warranty or representation concerning its Confidential

Information, including but not limited to the accuracy or completeness of the

Confidential Information.

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11.4. The disclosure of Confidential Information by the parties shall not form any

offer by, or representation or warranty on the part of, that party to enter into

any further agreement with the other party.

12. INADEQUACY OF DAMAGES

Without prejudice to any other rights or remedies that each party may have, each

party acknowledges and agrees that damages alone would not be an adequate

remedy for any breach of the terms of this Agreement by the other party. Accordingly,

each party shall be entitled to the remedies of injunctions, specific performance or

other equitable relief for any threatened or actual breach of this Agreement.

13. NO OBLIGATION TO CONTINUE DISCUSSIONS

Nothing in this Agreement shall impose an obligation on either party to continue

discussions or negotiations in connection with the Purpose, or an obligation on each

party, or any of its Group Companies to disclose any information (whether

Confidential Information or otherwise) to the other party.

14. ENDING DISCUSSIONS AND DURATION OF CONFIDENTIALITY OBLIGATIONS

14.1. If either party decides not to continue to be involved in the Purpose with the

other party, it shall notify that other party in writing immediately.

14.2. Notwithstanding the end of discussions between the parties in relation to the

Purpose pursuant to clause 14.1, each party's obligations under this

Agreement shall continue in full force and effect for a period of two years from

the date of this Agreement.

14.3. The end of discussions relating to the Purpose shall not affect any accrued

rights or remedies to which either party is entitled.

15. NO PARTNERSHIP OR AGENCY

15.1. Nothing in this Agreement is intended to, or shall be deemed to, establish any

partnership or joint venture between the parties, constitute any party the agent

of another party, or authorise any party to make or enter into any

commitments for or on behalf of any other party.

15.2. Each party confirms it is acting on its own behalf and not for the benefit of any

other person.

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16. GENERAL

16.1. Assignment and other dealings

Neither party shall assign, transfer, mortgage, charge, subcontract, declare a

trust over or deal in any other manner with any of its rights and obligations

under this Agreement.

16.2. Entire agreement

16.2.1. This Agreement constitutes the entire agreement between the parties

and supersedes and extinguishes all previous agreements, promises,

assurances, warranties, representations and understandings

between them, whether written or oral, relating to its subject matter.

16.2.2. Each party agrees that it shall have no remedies in respect of any

statement, representation, assurance or warranty (whether made

innocently or negligently) that is not set out in this Agreement. Each

party agrees that it shall have no claim for innocent or negligent

misrepresentation or negligent misstatement based on any statement

in this Agreement.

16.3. Variation

No variation of this Agreement shall be effective unless it is in writing and

signed by the parties (or their authorised representatives).

16.4. Waiver

No failure or delay by a party to exercise any right or remedy provided under

this Agreement or by law shall constitute a waiver of that or any other right or

remedy, nor shall it prevent or restrict the further exercise of that or any other

right or remedy. No single or partial exercise of such right or remedy shall

prevent or restrict the further exercise of that or any other right or remedy.

16.5. Severance

If any provision or part-provision of this Agreement is or becomes invalid,

illegal or unenforceable, it shall be deemed modified to the minimum extent

necessary to make it valid, legal and enforceable. If such modification is not

possible, the relevant provision or part-provision shall be deemed deleted.

Any modification to or deletion of a provision or part-provision under this

clause shall not affect the validity and enforceability of the rest of this

Agreement.

16.6. Costs

Each party shall pay its own costs and expenses incurred in connection with

the Proposed Transaction whether or not it proceeds to completion, including

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(without limitation) any costs and expenses relating to the preparation,

negotiation and execution of this Agreement (and any other documents

contemplated by it) and the evaluation and review of the Confidential

Information.

16.7. Notices

16.7.1. Any notice given to a party under or in connection with this

Agreement shall be in writing and shall be:

16.7.1.1. delivered by hand or by pre-paid first-class post or other

next working day delivery service at its registered office (if

a company) or its principal place of business (in any other

case); or

16.7.1.2. sent by email to the address specified by the parties from

time to time.

16.7.2. Any notice shall be deemed to have been received:

16.7.2.1. if delivered by hand, on signature of a delivery receipt;

and

16.7.2.2. if sent by email, at the time of transmission, or, if this time

falls outside business hours in the place of receipt, when

business hours resume. In this clause 16.7.2.2, business

hours means 9.00am to 5.00pm Monday to Friday on a

day that is not a public holiday in the place of receipt.

16.7.3. This clause does not apply to the service of any proceedings or other

documents in any legal action or, where applicable, any arbitration or

other method of dispute resolution.

16.8. Third party rights

This Agreement does not give rise to any rights under the Contracts (Rights of

Third Parties) Act 1999 to enforce any term of this Agreement.

16.9. Governing law

This Agreement and any dispute or claim (including non-contractual disputes

or claims) arising out of or in connection with it or its subject matter or

formation shall be governed by and construed in accordance with the law of

England and Wales.

16.10. Jurisdiction

Each party irrevocably agrees that the courts of England and Wales shall

have exclusive jurisdiction to settle any dispute or claim (including non-

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contractual disputes or claims) arising out of or in connection with this Agreement or its subject matter or formation.

This agreement has been executed as a Deed on the date stated at the beginning it.

Executed by Illinois acting by Ross Andrews a director, in the presence of: Witness signature: …………………. Witness name: …………………. Witness address: …………………. ………………………………………….… ……………………………………….…… Witness occupation: …………………..

.................... Director

Executed by Modern Water plc acting by Nigel Burton, a director, in the presence of:

Witness signature: Witness name: Witness address:

Witness occupation:

Director