CONFIDENTIAL

LEADING A NEW PARADIGM

IN MARKETINGMAY 2019

CONFIDENTIAL

1. 2018 results

2. Mirriad: a unique technology and position

3. The opportunity for the business

4. 2017 / 2018 missteps

5. The path to success

AGENDA

CONFIDENTIAL

1. RESULTS YEAR ENDED 31 DECEMBER 2018

INCOME STATEMENT AND BALANCE SHEET

15.2

0.2 1.0 0.4 0.2 0.3 1.6

26.4

1.6 1.1 0.4 0.2 0.2 2.1

Cash and cashequivalents

Intagible assets Trade and otherreceivables

Property, plantand equipment

Trade and otherreceivables

Tax receivables Trade and otherpayables

Balance Sheet (£m)

0.4 0.1 0.2

14.9

(14.4)

0.9 0.2 0.1

12.1

(11.3)

Revenue Cost of Sales Other OperatingIncome

Administrative expenses Operating Loss

Income Statement (£m)

20182017

EBITDA LOSS AND CASH BRIDGE

15.21.9

(12.0)(0.2) (0.9) (0.1)26.4

Opening Cash asat 1st Jan-18

Net Cash fromOperatingactivities

Investment insubsidiaries

Capitalisation ofdevelopment

costs

Purchase oftangible assets

Proceed fromissue of ordinaryshare capital (netof costs of issue)

Closing Cash asof 31st Dec-18

Cash Bridge - FY2018 (£m)

(11.8)

2.5

0.2(0.1)(14.3)

Net LossAmortisation and

DepreciationIncome Tax

Credit/Finance IncomeShare Based

Compensation Adjusted EBITDA Loss

EBITDA Bridge -FY2018 (£m)

REVENUE BY SEGMENT

£198,863

£109,541

£74,083

£18,593

£14,806

China

USA

Brazil

EMEA

India

2018 Revenue by Region

Group revenue decreased year on year mainly driven by H1 performance

RESULTS HIGHLIGHTS

416

874

711

344

18

17

16

15

Revenue (£000)£416K -52%

15,577

27,892

12,172

7,764

18

17

16

15

Net assets (£000)£15,577K -44%

(14)

(19)

(18)

(21)

EPS (p)(14)p -26%

13,106

9,032

6,866

4,421

18

17

16

15

Cash consumption (£000)£13,106K +45%

18

17

16

15

We monitor the Group against a range of KPIs

CONFIDENTIAL

2. MIRRIAD’S UNIQUE TECHNOLOGY

AND POSITION

CONFIDENTIAL

Multi-award winning computer vision and AI-powered platformMIRRIAD: A TRANSFORMATIVE TECHNOLOGY

Sci-Tech Academy Award in 2013 Next Generation Advertising Award 2018

Best Video Marketing and Advertising Platform 2018TV & Advertising Innovation Award 2019

Protected by 29 Patents and Patents pending in the US, Europe and Asia.

CONFIDENTIAL

• Only solution that offers a true in-video format

o Across linear AND digital platforms

o Using patented planar/3D tracking and AI for absolutely realistic in-content experience

• Can process any produced TV/video content

• Fully aligns the interests of viewers, advertisers and programme industry

Video embed

Video overlay

Dig

ital

Line

ar

Mirriad

Ben Ryff

TripleliftGUMGUM

Moviebook

Post productionPre production

Landscape

MIRRIAD: TRUE IN-VIDEO ACROSS PLATFORMS

CONFIDENTIAL

VideoInfluencer

AR/VR,Commerce

Linear TV

MIRRIAD: UNIQUELY PLACED FOR TV, VIDEO AND BEYOND

True nativein-video / TV

solution

Offer scale, accuracy and efficacy of programmatic:

brand safe

Extend reach into areas hardly

accessible for advertising

Expand into new experiential

formatsand commerce

User Generated

OTT

CONFIDENTIAL

3. THE OPPORTUNITY

CONFIDENTIAL

MARKET GROWTH AND DYNAMICS IN FAVOUR OF MIRRIAD’S OFFER

78,000

80,000

82,000

84,000

86,000

88,000

90,000

2017 2018F 2019F 2020F 2021F

TV and Online Video Market in $ Millions

USA

05,000

10,00015,00020,00025,000

2017 2018F 2019F 2020F 2021F

TV and Online Video Market in $ Millions

China EMEA (DE, FR, UK)

• US, EMEA top 3 (FR, DE, UK) are most significant addressable markets with 7.6% (US) and 21% (EMEA) growth forecasts from 2017 to 2021 in the US, 21.2% for EMEA and China flat

• Growing issues (data, transparency, brand safety) with video

• Rise of ad-free subscription platforms’ adding to issues of advertisers (audience reach) and broadcasters (ad revenue)

• Cost for content forces streaming services (from BritBox to Netflix) to add revenue on top of subscription

• Audiences generally increasingly difficult to engage

Mirriad offers a new way for the industry to reach audiences,

grow revenue and increase effectiveness

CONFIDENTIAL

88% 89% 91% 92%100% 95% 93% 97%

72% 74%

US India China

THE ALL DECISIVE FACTOR:VIEWERS PREFER OUR FORMAT

Source: Kantar Millward Brown // Maiozhen

Creative likeability Was innovative Made the program look more realistic

Naturally fit into the

program/show

CONFIDENTIAL

Up to

AWARENESS+26PPT

Up to

CONSIDERATION+20PPT

CREATIVE LIKEABILITY88%

Captures people’s minds and hearts

VIEWER PREFERENCE IS THE KEY TO UNPRECEDENTED/NEW LEVELS OF IMPACT

Note: Uplifts between control vs. exposed/test groups | Sources: Awareness 8 brands (MEC UK, Ipsos US), Consideration 3 brands (Miaozhen China, Ipsos US, Sky UK)Source: Kantar Millward Brown Nov18 / US Telecommunications brand / 21 Units

CONFIDENTIAL

68% 79% 75%78% 91% 87%

TV Ad Awareness Brand Favorability Consideration

Overall Audience: Brand Metrics

TV spot exposure TV Spot + Mirriad exposure

+12

T-Mobile branding in episodes of La Piloto led to double-digit increases for several metrics AS PROVEN BY LATEST RESEARCH

+12+10

CONFIDENTIAL

Mirriad is the gateway to a new paradigm of engagementENGAGEMENT DISRUPTION IN MARKETING

ALWAYS ON

NAT

IVE

PERSON

AL

DIRECT

Search

Social

Commerce

Entertainment

PEOPLE BRANDS

Connectedness

CONFIDENTIAL

CREATING AND MONETISING NEW INVENTORY IN CONTENTMIRRIAD brings massive growth opportunities to broadcasters/digital publishers

and then directly benefits from it

Shares revenue

Charges for the inventory in

seconds

BROADCASTERS /DIGITAL PUBLISHERS

BRANDS

InventoryPlatform

(Powered by Mirriad)

SCENARIO EXAMPLES

TV One Channel Digital One Show Format

0.7% AirtimeAverage Impressions (thousands) 4,000

£500/sec CPM $25

£85m (gross) Revenue per episode $316K

CONFIDENTIAL

4. MISSTEPS 2017/2018

CONFIDENTIAL

KEY ISSUES THAT PREVENTED PROGRESS

FLAWED GO-TO-MARKETMedia agencies are gate

keepers of budget but had not been addressed and engaged

with.

FOCUSService emphasized over

tech, platform not integrated enough for scale.

RESOURCESSpread over too many markets,

failed to address sustainable and recurring revenue opportunities.

STRATEGYNot clear.

No consistency.

CONFIDENTIAL

5. THE PATH TO SUCCESS

CONFIDENTIAL

Focus on core markets

New go-to-market strategy, accelerate sales

Build for scale

1

2

3

PRIORITIES TO DRIVE THE RESET

CONFIDENTIAL

We are allocating resources to activities and geographies that push most value, growth and scale

• US• UK • France• Germany • China

FOCUS ON CORE MARKETS

Source: Advertising Expenditure Forecasts December 2018 Zenith Optimedia

61

185

280

385

623

0

100

200

300

400

500

600

700

China France Germany UK USA

Advertising spending per capita in 2018

US

$

The US, China and EMEA top 3 (FR, DE, UK) are the most significant addressable markets

CONFIDENTIAL

8 10

214

24

1

2

15

0

10

20

30

40

50

60

Q3 2018 Q4 2018 Q1 2019

Inventory & Content Partners

Agency Groups

Client Direct

UPDATE NEW GO-TO-MARKET

ENGAGEMENT TRACKER (US, UK, F, GER, CN)

BROADCASTERS /DIGITAL PUBLISHERS

AGENCIES

BRANDS

CONFIDENTIAL

Planning & Pre-sales

• Content General Analysis • Opportunity Categorisation & Targeting • Volume Forecasting• Self-service UI

Production

• Scene Selection & Approval• Production Automation and Workflow Efficiency

Updates • Standardised Ad Unit Product

Post-campaign

Ad System Integration

• Billing Metrics • Campaign Reporting & Measurement

• API integrations to planning and booking systems • API integrations to serving / decisioning systems • API programmatic integrations

BUILD FOR SCALE

FIRST IN-VIDEO DYNAMIC SOLUTION

MediaPlanner

Media Buyer

VideoCMS

Analyze

Available Inventory

Embed

View inventory Load brand creative Place buy order

Order/inventory APIs

Content file transfers(via Aspera)

Content file transfers (via Aspera)

Embed package

Branded segments PartnerMirriad

InventoryPlatform

(Powered by Mirriad)