Timeweave PLC : - Recommendation of Mayfair Offer

3 October 2012

Change of recommendation by the independent directors of

Timeweave plc ("Timeweave" or the "Company") (formerly known as Alphameric plc)

to the offer by

Mayfair Capital Investments Limited ("Mayfair")
for the entire issued and to be issued share capital of

Timeweave

Recommendation of Mayfair Offer

Graham Parr and David Craven, being the independent directors of Timeweave (the "Independent Directors") note the announcement by Mayfair on 1 October 2012, which confirmed that:

(i)    its offer for the entire issued and to be issued share capital of Timeweave at 22 pence per share in cash (the "Offer") has received valid acceptances in respect of 68,642,967 Timeweave shares (representing approximately 30.45 per cent. of the existing issued share capital of Timeweave);

(ii)   it therefore either owns or has received valid acceptances of the Offer in respect of 136,243,536 Timeweave shares (representing approximately 60.44 per cent. of the existing issued share capital of Timeweave);

(iii)   its Offer is wholly unconditional in all respects; and

(iv)  its Offer will remain open for acceptance until 1 p.m. (London time) on 16 October 2012 (the "Closing Date").

The Independent Directors further note Mayfair's stated intention that Timeweave convene a general meeting of shareholders to seek approval for the cancellation of trading of Timeweave shares on AIM (which would require the approval of 75 per cent. of the votes cast at the general meeting). Consequently, as a result of the level of valid acceptances that Mayfair has received to date, the Independent Directors believe that:

(i)    there is a significantly increased likelihood that the Company's shares will be cancelled from trading on AIM following the Closing Date, with such cancellation significantly reducing the liquidity and marketability of any Timeweave shares not assented to the Offer; and

(ii)   the value of any such Timeweave shares will be significantly adversely affected as a consequence of such cancellation of trading on AIM.

The Independent Directors stated in the circular to shareholders dated 19 September 2012 that they believe that the Offer fails to reflect fully the value of Timeweave, its prospects and its strengths. Whilst the Independent Directors remain of this view, given the level of valid acceptances of the Offer received by Mayfair, and the potential implications for shareholders of the Company's shares being cancelled from training on AIM, the Independent Directors have now changed their recommendation.

The Independent Directors therefore recommend that shareholders accept the Offer before 1 p.m. (London time) on 16 October 2012.The Independent Directors have been advised by Investec, who in providing their advice have taken into account the Independent Directors' commercial assessments.

Forward-Looking Statements

This document contains statements that are or may be forward-looking with respect to the financial condition, results of operations and businesses and achievements of Timeweave. These statements can be identified by the use of forward-looking terminology such as "believe", "anticipate", "expects", "prospect", "estimated", "should", "may" or the negative thereof, or other variations thereof, or comparable terminology indicating expectations or beliefs concerning future events. These forward-looking statements include risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors which could or may cause actual results, achievements or developments to differ materially from those expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this document. The Company assumes no obligation to update or correct the information contained in this document, whether as a result of new information, future events or otherwise, except to the extent legally required.

Dealing disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in one per cent. or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in one per cent. or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

In accordance with Rule 30.4 of the Code, a copy of this announcement will be published on the Company's website atwww.timeweave.com by no later than 12 noon on 4 October 2012.