For the avoidance of doubt, this expense policy applies to all Managing Partners (MP) and Lumos Associates and any other party acting on behalf of Lumos and the clients of Lumos.

Lumos operates a low cost model, passing the resulting benefits to its clients. We carefully control all aspects of expense and cost, especially when on a client’s behalf.

Key principles:

• Only reasonable and necessary incurred expenses may be reimbursed
• First class travel is not permitted
• The use of taxis is allowed only in exceptional cases
• The use of cheap day travel is encouraged
• No expense above the value of £50 is to be incurred without a client’s or a MP prior consent
• All expenses are to be submitted within 30 days of being incurred, so they may be promptly charged to a client. If expenses are submitted after this time, and are subsequently not recovered from the client, then such expenses will not be honoured
• No entertaining of client staff is allowed without consent of the client and a Lumos MP. Only expenses supported by receipts will be reimbursed
• At all times the cheapest means of transportation is expected to be used, unless this interferes with the servicing of the client and or breaches Lumos duties to the client
• No mark up or margin will be added to any expense item
• Treat all expense items as if you are spending your own money and as if it is not recoverable from either a client or Lumos
• If in doubt do not incur expense without a MP's or client’s consent – if a client’s consent is sought, the client must be made aware they will be charged for such an expense.
• If an assignment is for a prolonged period, then we expect travel cards to be used, as they are cheaper
• For tube/bus travel we expect the Oyster card to be used, as this produces a substantial saving.

This policy will be updated from time to time. It is the responsibility of all those incurring expenses to be familiar with the latest version of the policy.

September 2010