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This looks to be a big step change wording page 16 AR 2023 compared to the corresponding page 18 in the 2022 AR

2022 AR the path to scale what we achieved: executed full end to end proof of concept for in-content ads, introduced tech to facilitate mass versioning of creative assets, built third party connectors, created a 1st version of a tool allowing campaigns to be built and created business intelligence dashboards.

2023 AR the path to scale what we achieved: Linear-Scoped linear planning solution with Nielsen Audience planner to integrate Mirriad as a planning channel in agency/advertisers systems, Programmatic – scoped measurement solutions with all top

vendors to report audience delivery for programmatic distribution, Successfully tested programmatic measurement solution with Integral Ad Science, Launched a next-generation platform using open architecture and industry standard technologies which will facilitate future automation and integration, Advanced our generative AI capabilities for analysis of customer content, Enriched Mirriad IP for programmatic delivery of virtual product placement (“VPP”) and Operational process and automation to meet industry standard security requirements

2022 AR the path to scale Priorities for 2023: Expand supply partners in key markets and increase partner driven revenue with deeper integrations and end to end programmatic deals, Establish multiple partnerships, develop measurement and format standards and initiate programmatic with cloud migration, partner integrations and tool developments.

2023 AR the path to scale Priorities for 2024: Introduce programmatic buying with key US customers, Increase partner-driven revenue, Mapping partner and key advertiser audience data to vendors, Linear – Highlighting reach increase from content vs TV ads across partners to incorporate it in their sales proposition using their data sources. Programmatic – Readiness to measure programmatic campaigns aligned to partner/advertiser vendor preferences. Measurement planner for first campaign, Launch programmatic service based on new cloud partner and industry standard technologies, Ongoing development of Mirriad’s programmatic IP, Explore further AI opportunities within Mirriad’s workflow, Streamline Operations to cope with the demands of scale and Enhance platform functionality to further support channel partner sales.

I think it's very clear from the extreme difference in wording between these 2 corresponding pages that Mirriads capabilities have moved on considerably.

off now page 18 of 2023 AR

China 2022 balls up confirmed here not going to even go back any further very self explanatory in 22 Monumental mistake going over there

3 patents in China gone leaving 34 in 23 AR

2988 hours of content analysed in china against 1344 ROW

19,488 seconds of ad inserts done in China against 2732 ROW

The above resulted in a poxy £147,983 revenue (no wonder they shut China down in March 23) against £1,360,000 ROW

Huge China problem to sort out in 22 and 23 (orderly wind down of Tencent agreement announced in interim results Aug 11 2022) no wonder they had a strategic review in Jan 23.... I'm sure anyone can understand that Mirriad went into Mortal Kombat over there and came out battered and bruised but hopefully that's how you learn. End of China balls up.

2022 AR delivered 1st end to end programmatic trial 2023 AR programmatic testing with 5 partners......2024 H1????... not long left Stephan

Chairman 2022 the formal review was pivotal in closing the 3p fundraise

No mention of this years #MATESRATES Fundraise perhaps he wasn't even told about it only new ex Numis Chair consulted brutal

2022 AR CEO statement cost cuts, China, strategic review, covid-19 in China, company resilience, NBCU Amazon entering market (that looks to going to Mirriad now) extended time from 2023 fundraise for programmatic integration to robust pipelines, market turbulence, fundraise used to develop company's technology to allow the introduction of programmatic , introduced technology to automate the delivery of mass volume campaigns and AdExchanger Award for most innovative TV ad tech

2023 AR CEO Microsoft a prerequisite/building block for Tier 1 partnerships, TPN, scale scale true scale, increases in KPI's, Tier 1 partners. strong pipeline, labour intensive manual mode proposition in 2024 is already looking very different, 1st programmatic revenue expected in H1 24, active negotiations with more US Majors, last year was "hardest yards", majority of market now under contract or in serious discussions and multiple programmatic integrations underway.

Stakeholder engagement suppliers 2022 AR gain insight to issues impacting content suppliers and understand how to address them and to help develop the companies roadmap and ensure it is responsive to supply partners need

2023 AR To assist supply partners’ sales teams to grow sales of in-content advertising and To provide insight to the Company’s Technology Roadmap and ensure it is responsive to supply partners’ needs.......You can see the wording difference here from "develop and gain insight" too " assist suppliers to grow sales and provide insight to company's tech roadmap"

having a break page 15

2023

The financial statements have been prepared on a going concern basis notwithstanding the Group having made a loss for the year of £10.9 million (2022 restated: £15.3 million). The going concern basis assumes that the Group and Company will have

sufficient funds available to continue to trade for the foreseeable future and not less than 12 months from the date of approving

these financial statements.

The Group’s cash balance was £6.1 million at the year end and the Group remains debt free with no external borrowing. The

Group’s cash balance was £4.5m as at 31 March 2024.

The Company announced a successful Placing, Retail Offer and Directors’ Subscription that raised approximately £6.2 million

after fees on 7 May 2024. The Company said at that time that the Directors anticipated that the proceeds of this fundraise can

provide sufficient funding to trade cash flow break-even during 2025, based on base case forecasts which assume both revenue

growth and cost savings being achieved over the next 18 months. After making enquiries and producing cash flow forecasts

for the period up to 31 December 2025, the Directors have reasonable expectations, as at the date of approving the financial

statements, that the Company and the Group will have adequate resources to fund the activities of the Company and the Group

for at least the next 12 months from the date of approving these financial statements.

The Group and Company’s base case forecast suggests that the Group will not require additional external funding to be able to

continue as a going concern. However, in a severe but plausible downside scenario if either the revenue growth forecasts fall

below expectations by 50% ( which is still considerable growth on 2023) or cost saving initiatives are not achieved, additional

funding may be required, within 12 months of approving these financial statements which is not currently committed.

While the financial statements are prepared on a going concern basis, under a severe but plausible downside scenario the future

of the Group and Company is dependent on raising additional external funds from new equity, debt or customer contracts within

12 months from the date of approving these financial statements.

These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group’s and the

Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if

the Group and the Company were unable to continue as a going concern

2022

The financial statements have been prepared on a going concern basis notwithstanding the Group having made a loss for the

year of £15.10 million (2021: £10.97 million). The going concern basis assumes that the Group and Company will have sufficient

funds available to continue to trade for the foreseeable future and not less than 12 months from the date of signing these

financial statements.

The Group’s cash balance was £11.3 million at the year end and the Group remains debt free with no external borrowing. The Group

further announced that its cash balance was £7.52m as at 31 March 2023.

The Company announced a successful placing that raised £5.75 million, before fees, £5.2 million after fees, on 16 May 2023.

The Company said at that time that it anticipated that this funding would provide sufficient working capital for the Company to

continue to trade until the end of June 2024 based on base case forecasts which assume both revenue growth and cost savings

being achieved within that period. After making enquiries and producing cash flow forecasts for the period up to 31 December

2025, the Directors have reasonable expectations, as at the date of approving the financial statements, that the Company and the

Group will have adequate resources to fund the activities of the Company and the Group for the next 12 months from the date of

signing these financial statements. The Group and Company’s base case forecast suggests that the Group will require additional

external funding in July 2024 to be able to continue as a going concern. However in a severe but plausible downside scenario, if

either the revenue growth forecasts or cost saving initiatives fall below expectation, additional funding may be required, within

12 months of signing these financial statements which is not currently committed

While the financial statements are prepared on a going concern basis, under a severe but plausible downside scenario the future

of the Group and Company is dependent on raising additional external funds from new equity, debt or customer contracts within

12 months from the date of signing these financial statements.

These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group’s and the

Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result

if the Group and the Company were unable to continue as a going concern

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