Instructions for exercising warrants issued to shareholders taking part in July 2012 placing

Details of warrants:-
Exercise price - 0.50p
Expiry date - 2 August 2013

Should you wish to exercise your warrants or have any questions please contact:-

Heather Peacock
Cyan Technology Ltd
Unit 2 Carisbrooke Court
Buckingway Business Park
Swavesey
Cambridgeshire
CB24 4UQ

Or email heather.peacock@cyantechnology.com

Please send the 'Notice of Exercise' that was included in your warrant instrument along with your Warrant Certificate and cheque to the above address giving details of the number of warrants to be exercised.

I refer you to clause 4. in the warrant instrument which sets out further details regarding the exercise process:-

4.	Exercise
4.1	A Warrantholder may exercise any of its Warrant Subscription Rights which have not lapsed under condition 7.2(b) at any time on or before the Final Exercise Date by lodging at the office of the Registrars with a copy to the Registered Office:
	(a)	the Warrant Certificate and a completed Exercise Notice (or such other documents as the Directors accept); and
	(b)	a remittance for the Exercise Price of the Ordinary Shares in respect of which the Warrant Subscription Rights are being exercised.
4.2	Once lodged, an Exercise Notice may not be revoked except with the consent of the Directors.  The Directors may require as a condition of exercise of any Warrant that the registered owner:
	(a)	certifies that the exercise is not being made with a view to a transfer of the Ordinary Shares to which it relates to an overseas person; and
	(b)	delivers to the Company such certifications as to nationality or residence as the Directors require.
4.3	On the service of an Exercise Notice the Company shall, subject to at all times compliance with the AIM Rules:
	(a)	within 14 days after (and with effect from) the relevant Exercise Date, allot the Ordinary Shares to which it relates; and
	(b)	within 28 days after the relevant Exercise Date, issue certificates for such Ordinary Shares and despatch them (free of charge and at the risk of the person entitled to them) to the Warrantholder(s) who have served the Exercise Notice (or, in the case of joint holders, to the one first named in the register) or to such other person as may be named in the Exercise Notice.
4.4	On a partial exercise of the Warrant Subscription Rights under a Warrant Certificate, the Company shall issue a fresh Warrant Certificate in the name of the Warrantholder for any balance of Warrant Subscription Rights remaining exercisable.
4.5	Ordinary Shares allotted on the exercise of the Warrants shall rank for dividends and distributions (including distributions by way of capitalisation of reserves) declared and payable to members shown in its register of members on or after the Exercise Date and except as provided by the articles of association of the Company shall be free from all liens, charges, encumbrances, equities, options and pre-emption rights.
4.6	While the Ordinary Shares are listed or dealt in on a stock exchange or public securities market, the Company will use all reasonable endeavours to ensure that Ordinary Shares issued on exercise of the Warrants will be admitted to listing or dealing.
4.7	No fraction of a share will be issued following exercise of a Warrant and the Company will make payment to the relevant Warrantholder of such sum as the Auditors certify to be the fair value of any fractional entitlement.