PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2019/03/29/somero-enterprises-som-2018-full-year-results-presentation/ Jack Cooney (CEO), Howard Hohmann (EVP Sales) and John Yuncza (CFO) present Somero’s final results to 31st December 2018. Somero Enterprises, Inc. is a manufacturer of laser-guided equipment. The Company’s equipment automates the process of spreading and leveling volumes of concrete for commercial flooring and other horizontal surfaces, such as paved parking lots in North America. The Company’s products include S-22E, S-15R, S-15M, STS-11M, S-840, S-485, CopperHead XD 3.0, Mini Screed C, PowerRake 3.0, 3-D Profiler and SiteShape. Its Somero Floor Levelness System monitors Laser Screed performance, operator performance and reports alert percentages of issues. The Somero SiteShape System allows for grade shaping automatically using users’ motor grader, dozer or other grading machine. The Somero 3-D Profiler System allows automatic paving of contoured sites using a Somero Laser Screed equipment. The CopperHead XD machine encounters applications, such as chaired rebar, low slump and poor subgrades. The Somero eXtreme Platform (SXP) allows users use their Laser Screed equipment. Jack Cooney, CEO  Introduction – 00:18 History of Somero – 00:32 The Somero Customer – 04:28 Customer care – 07:10 2018 review – 08:50 Howard Hohmann, EVP of Sales Global reach – 09:47 Sales by territory – 10:04 Sales by product – 14:26 John Yuncza, CFO Financial Highlights – 16:05 Operating results – 17:39 Financial position – 19:26 Cash flow – 20:12 Dividends – 21:50 Jack Cooney, CEO  Current trading & outlook – 24:13 Q&A – 26:56

This video can be seen at: https://www.piworld.co.uk/2019/03/28/xlmedia-xlm-2018-full-year-results-interview-with-ceo-ory-weihs/?preview=true&_thumbnail_id=2559   XLMedia PLC is the United Kingdom-based online performance marketing company. The Company focuses on paying users from multiple online and mobile channels and directs them to online businesses who, in turn, convert such traffic into paying customers. The Company’s segments include Publishing, Media and Partners Network. The Company owns over 2,000 informational Websites in approximately 20 languages. Its Media division acquires online and mobile advertising targeted at online traffic with the objective of directing it to its customers. It buys advertising space on search engines, Websites, mobile and social networks and places advertisement referring users to its customers Websites or to its own Websites. It manages marketing partners, whose role is to direct online traffic to its customers. Its partner program enables affiliates to have a single point of contact for directing traffic. Strategic realignment – 00:24 Share buyback - 01:45 Regulation - 02:13 Website ranking recovery - 05:30 Acquisitions – 05:58 Outlook - 06:22

This video can be seen at: https://www.piworld.co.uk/2019/03/26/xlmedia-xlm-fy18-results-presentation-26-3-19/?preview=true&_thumbnail_id=2549   By Ory Weihs, CEO XLMedia PLC is the United Kingdom-based online performance marketing company. The Company focuses on paying users from multiple online and mobile channels and directs them to online businesses who, in turn, convert such traffic into paying customers. The Company’s segments include Publishing, Media and Partners Network. The Company owns over 2,000 informational Websites in approximately 20 languages. Its Media division acquires online and mobile advertising targeted at online traffic with the objective of directing it to its customers. It buys advertising space on search engines, Websites, mobile and social networks and places advertisement referring users to its customers Websites or to its own Websites. It manages marketing partners, whose role is to direct online traffic to its customers. Its partner program enables affiliates to have a single point of contact for directing traffic. XLM in numbers - 01:18 Key highlights - 02:02 Gambling regulatory summary - 04:18 Financials - 09:52 Revenue diversification – 10:50 Income statement - 11:33 Cash flow statement - 12:55 Balance sheet - 13:35 Growth strategy - 14:08 Focus on Publishing Expertise - 15:00 Reduced exposure to media activities - 15:33 The Personal Finance Sector - 16:04 US gambling opportunity - 16:35 M&A - 17:29 Summary & outlook - 18:03

This video can be seen at: https://www.piworld.co.uk/2019/03/26/judges-scientific-jdg-2018-full-year-results-presentation/   By David Cicurel, CEO & Brad Ormsby, CFO, present the group’s results for year end 31.12.18 Judges Scientific plc is a United Kingdom-based company, which is engaged in the acquisition and development of a portfolio of scientific instrument businesses. The Company’s activities are predominantly in or in support of the design and manufacture of scientific instruments. Its segments include Materials Sciences and Vacuum. Its subsidiaries include Armfield Limited, engaged in the design and marketing of engineering equipment and research instruments; Fire Testing Technology Limited, which is engaged in the design, manufacture and service of instruments that measure the reaction of various materials to fire; Scientifica Limited, which offers micropositioning equipment, microscopes and advanced imaging systems used in electrophysiology and neuroscience; Quorum Technologies Limited, which manufactures scientific instruments primarily used for electron microscopy sample preparation, and Sircal Instruments (UK) Limited, which designs, manufactures and distributes rare gas purifiers. David Cicurel, CEO Introduction – 00:18 About Judges Scientific – 01:10 Acquisitions – 03:18 Key messages – 04:50 Brad Ormsby, CFO Financial highlights – 07:05 Performance – 08:49 Order intake – 10:03 Revenue summary – 11:21 Profit bridge – 12:38 Balance sheet & cash flow – 12:47 Return on Total Invested Capital – 13:58 Diversification – 15:10  Financial history – 15:43 David Cicurel, CEO Growth drivers – 16:44 Acquisition criteria & delivery – 23:53 Outlook – 26:26 Investment case – 28:15 Q&A – 30:00

This video can be seen at: https://www.piworld.co.uk/2019/03/22/eagle-eye-solutions-group-eye-h1-2018-results-presentation-13-3-19/   by Tim Mason CEO & Lucy Sharman-Munday CFO. Eagle Eye Solutions Group plc is a software as a solution (SaaS) technology company. The Company is engaged in the marketing, validation and redemption of digital promotions in real-time for the grocery, retail and hospitality industries. The Company’s software platform, Eagle Eye AIR, integrates with all existing point of sale (POS) systems and creates digital offers, rewards and vouchers then delivers them to customers by e-mail, text or through a loyalty application for instant redemption. Eagle Eye AIR enables brands and merchants to set up targeted campaigns, choosing various media channels to reach specific demographics. Eagle Eye AIR captures real-time data on consumer activity and campaign success. Eagle Eye Promote is a rules-based platform for brands and retailers, which creates, builds and manages their promotional campaigns. Eagle Eye Gift allows tracking of gift vouchers, including redemption data. Eagle Eye Reward supports and enables the digitisation of loyalty schemes. Tim Mason CEO Our mission – 00:38 The Market Opportunity – 02:45 Investment case – 05:17 H1 exec summary – 06:02 Lucy Sharman-Munday, CFO Financial KPI’s – 07:08 The business model – 10:04 Contract lifecycle – 13:20 Tim Mason CEO Strategic update – 16:11 Delivering on our strategy – 17:17 New products and innovation – 20:07 Google Cloud Platform (GCP) – 24:07 New geographies – 27:03 Lucy Sharman-Munday, CFO H1 19 Income statement – 29:56 Bridge IFRS 15/16 – 32:39 Half on half analysis – 35:27 Cash bridge – 37:21 Half on half volumes – 38:40 Tim Mason CEO Outlook – 40:19 Q&A – 41

  This video can be seen at: https://www.piworld.co.uk/2019/03/18/miton-group-mgr-2018-full-year-results/ David Barron, CEO, gives an overview of the Group’s 2018 full year results. Miton Group plc is an investment management company. The Company provides fund management services. Its funds are invested in a range of asset classes under various investment mandates, including multi-asset, equity and portfolios of collective investment schemes. Highlights – 00:20 Performance – 01:04 Resilience – 02:02 The outlook – 03:00

This video can be seen at: https://www.piworld.co.uk/2019/03/19/ecsc-group-plc-ecsc-investor-presentation-at-sharesoc-march-13-3-19-by-ian-mann-ceo/ ECSC Group plc is a United Kingdom-based information and cyber security service provider. The Company offers a range of cyber security solutions and services to the sectors, including education, retail, legal, financial and local authorities. It offers services to e-commerce start-ups and global organisations. Its PROTECT division delivers the ECSC PCI DSS certified Security Operations Centre, which supports around the clock services for clients wishing to outsource their cyber security device management. The ECSC SOC supports a range of ECSC LABS security appliances, along with its ECSC SELECT vendor products. Its consultancy services, part of the ECSC ASSURE division, offer advice on compliance to industry standards. It offers a range of testing services, both technical and non-technical, to uncover its clients’ vulnerabilities and suggest an appropriate plan to resolve them. As part of its testing service line from ECSC ASSURE, it also certifies to Cyber Essentials requirements. What do we do? – 00:17 Our market – 05:12 2018 Financial Performance – 07:12 Organic growth – 11:35 KPIs – 12:01 Outlook – 17:00 Summary – 18:15 Q&A – 18:46

This video can be seen at: https://www.piworld.co.uk/2019/03/19/duke-royaltys-ceo-neil-johnson-interviewed-by-james-lynch-fund-manager-downing/   Downing bought a position in Duke Royalty (DUKE) in 2018. James elicits the key investment attractions of DUKE, and Neil gives a great overview of DUKE, royalty finance, the market place, risk management and much more, to answer all the questions investors may have. Duke Royalty Limited is a Guernsey-based diversified royalty investment company. The Company specialises in diversified royalty financing and provides alternative capital solutions to a diversified range of businesses in Europe and abroad. The Company’s investment policy is to invest in, without limitation and restrictions (including geographical restrictions), long-term, revenue-based royalties in private and/or public companies, and or other alternative asset classes and/or financing instruments from time to time that bear similar risk and return characteristics. The Company provides financing solutions to private companies that are in need of capital but whose owners wish to maintain equity control of their business. It provides capital to companies in exchange for rights to a small percentage of future revenues. Introduction by James Lynch – 00:26 Neil Johnson & DUKE’s background – 01:18 What’s the royalty finance model? – 02:22 The length of the funding? – 03:07 What’s the economics of the agreements? – 03:44 What is the investment case for DUKE? – 04:37  How big is the European market? – 05:52 What’s the market opportunity? – 06:39 Are there competitors? – 07:33 Capital Step acquisition? – 07:50 Can you explain the participation element? – 08:19 How do you see the DUKE portfolio evolving over the coming months? – 09:49 How do you manage risk? – 10:30 Royalty payment cover – 12:54 Alignment of interests with royalty partners? – 14:13 What’s the demand for royalty financing? – 16:27 On-going business with our royalty partners? – 17:57 DUKE management’s alignment with shareholders – 18:55 DUKE’s LTIP? – 19:42 The outlook? – 20:30

This viedo can be seen at: https://www.piworld.co.uk/2019/03/17/the-non-executive-director-with-chris-spencer-phillips-interviewed-by-tamzin-freeman/   Chris Spencer Phillips is MD of First Flight Non Executive Directors, who recruit NEDs and Chairs. Chris gives us a little insight into the world of Non Exec Directors (NED). What they do? Their background? How they are recruited. With case studies of when it works, and when it doesn’t. How did you get involved with recruitment of NEDs? – 00:48 What does a NED do for a company? – 02:08 Can you give an example where a NED has made a profound difference? – 03:17 How many hours does a NED contribute? – 04:24 What are the qualities and qualifications required of a NED? 04:58 Is a NED just an extra cost? – 05:58 (Guest appearance by Lord Lee – 06:18) What do you look for when selecting NED candidates for companies? – 07:33 Do the company’s board know what they want of a NED – 09:07 How do you find candidates? – 09:52 What qualifies a candidate to be considered – 10:32 Do you recruit mainly for listed or private companies? – 11:14 A successful NED: Angle – 12:17 A failed NED – 14:50 Patisserie Valerie (CAKE) – 14:58 Gender equality? – 18:16 What’s the optimum age for a NED? – 20:03 How much does a NED cost? – 21:42 How many NEDs should a company have? – 22:29 How should a company get the best out of their NED? – 23:20 Going forward do you see any changes in the NED arena? – 25:26 Find out more about First Flight Non-Executive Directors: https://firstflightnonexec.com

This video can be seen at: https://www.piworld.co.uk/2019/03/15/avacta-avct-presentation-at-sharesoc-london-13th-march-2019/   By Dr Alastair Smith, Chief Executive Shaping the Future of Cancer Therapy Dr Smith gives a comprehensive overview of Avacta, followed by Q&As. Avacta Group plc is a biotechnology company. Avacta’s focus is on its proprietary Affimer technology which is an engineered alternative to antibodies that has application in Life Sciences for diagnostics, therapeutics and general research and development. Affimer technology has been designed to address performance limitations of antibodies. Affimer technology is based on a small protein that can be generated to bind with specificity and affinity to a range of targets to enable diagnostics, research assays and therapeutics. Avacta has a pre-clinical therapeutic development programme with an in-house focus on immuno-oncology and bleeding disorders as well as partnered development programmes. Avacta is commercialising non-therapeutic Affimer reagents through licensing to developers of life sciences research tools and diagnostics. Introduction – 00:20 What are immuno-therapies? – 03:20 Patient survival is not reflecting the early promise of Immuno-therapies – 05:05 How do we improve survival? – 07:18 Affimer technology – 09:40 Avacta Therapeutics Strategy – 11:33 The tumour micro-environment – 14:09 Drug Conjugate – 15:35 Data from animal studies from lead inhibitor – 16:18 The immune cycle – 18:48 Sensitive linkers – 19:20 Principal Programme Milestones – 20:39 Pipeline: principal In-house Programmes – 24:02 Summary – 25:43 Q&A – 26:51