Accept the disclaimer to view Admission Document

1. This admission document is disclosed solely for the purposes of and in accordance with Rule 26 of the AIM Rules of the London Stock Exchange. It is the most recent admission document of Malvern International plc and is dated 13 December 2004;

2. This admission document was published some time ago and reflects the position at the time of publication. The information contained in it is therefore out of date, superseded and potentially inaccurate. No reliance should be placed on the information or opinions contained in this admission document or on its completeness. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of Malvern International plc or any of its directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions. Notwithstanding the aforesaid, nothing set out above shall exclude liability for any undertaking, representation, warranty or other assurance made fraudulently; and

3. This document does not constitute, or form part of, any offer or invitation to sell, allot or issue or any solicitation of any offer to purchase or subscribe for any securities, nor shall it (or any part of it) or the fact of its publication form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment for securities.