PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2019/02/19/ra-international-group-rai-presentation-at-mello-london-november-2018/   RA International Group PLC is a United Kingdom-based remote site service provider. The Company offers integrated camp services, from the construction of camp facilities to full life support services- including camp catering and camp maintenance services foe clientele operating in remote and challenging environments. It focuses on providing remote site solutions for those involved in humanitarian operations, and the oil and gas and mining industries. The Company’s service offerings include construction, operation and maintenance, integrated facilities management, supply chain, and accommodation. It provides its services to mining, oil and gas, and humanitarian. RAI: who are we and what do we do? – 00:18 Management – 00:45 What RAI does? – 01:20 The background – 02:50 Competitive position – 05:15 Customers – 06:32 RAI locations – 08:19 Financial summary – 09:48 Business profile in a new country – 11:24 Overview of contracts – 15:05 Financials – 17:54 Growth strategy – 18:30 Market opportunity & pipeline – 20:40 Our differentiators – 22:14 The tender process – 27:59 Compliance led approach – 31:40 IPO overview – 33:15 The Board – 33:28 Summary – 34:24

This video can be seen at: https://www.piworld.co.uk/2019/02/18/the-journey-of-the-investor-from-beginner-to-pro-with-graham-neary/ The journey of the investor, from beginner to pro – interview with Graham Neary by Tamzin Freeman, piworld. Graham discusses the investing options for individuals who want to manage their future financial security. He starts with an IFA, covers the use of passive funds, and then moves into the more sophisticated skills of self-investing. Graham describes aspects of his own investing journey, with reference to specific holdings in his own portfolio. Graham Neary is Director of Cube.Investments, the platform for objective, independent financial analysis, and writes the Stockopedia Small Cap Value Report with Paul Scott. Graham is a full-time investor and analyst with a decade of financial markets experience. He has worked on the sell-side as a fixed income analyst at independent research firms, and on the buy-side as equity portfolio manager for an international financial services organisation. Graham is a CFA Charterholder, also holding the Investment Management Certificate and the STA Diploma in Technical Analysis. He graduated in mathematics from Trinity College, Dublin. Introduction to Graham – 00:38 Graham’s views on IFA’s – 02:30 Passive funds – 03:49 Managing your own money - 07:56 Where to start doing your own research? – 10:02 What’s Graham’s style of investing? - 11:13 Losses? Being OK with a 50% drawdown - 12:57 What is the catalyst for Graham to sell? - 14:44 Value v Quality - examples - 15:49 Organic growth v acquisitions – 18:05 Tandem Group (TND) – low earnings multiple – 20:47 Quality holdings in Graham’s portfolio – 23:09 Customer concentration – 26:00 Financial stocks – 26:37 What rate of return are you looking to achieve? – 29:00 Risk management - 30:20 Position size in portfolio - 32:10 Outlook for 2019 – 33:51

This video can be seen at: https://www.piworld.co.uk/2019/02/02/the-analyst-with-gareth-evans-progressive-equity-research/   Gareth Evans, Founder Progressive Equity Research interviewed by Tamzin Freeman, piworld Gareth describes the role of the analyst, clarifying where the analyst sits within the bank/broker’s services, and where they sit commercially. He gives great insight to the delicate balance of client relationships, reputation and integrity. Finally, he covers off the effects of MiFID II. Gareth has over 15 years research experience covering pan-European Chemicals & Technology sectors. He founded Progressive Equity Research in 2012. Formerly, Gareth held research positions at ABN AMRO, Canaccord & Investec, where he was Joint Head of Research and was awarded techMARK Analyst of the Year in 2006. Gareth’s background – 00:25  Where does the analyst sit within a bank? – 02:30 What’s the typical day for an analyst? – 04:44 Do you cover the whole market? – 05:58 How are analysts briefed by their manager? – 11:14 Relationships within the corporate broker and the company – 13:09 The institutional investor v the company relationship – 15:32 The different roles of the corporate broker, analyst & salesman – 17:33 Broker ‘sell’ notes – 19:23 The poor results dilemma – 22:20 The effect of MiFID II – 26:14 How do you see research playing out on-going? – 31:29

This video can be seen at; https://www.piworld.co.uk/2019/01/26/international-biotechnology-trust-ibt-presentation-at-mello-london-november-2018/   By Carl Harald Janson, Lead Investment Manager, IBT International Biotechnology Trust plc is an investment trust company. The Company's investment objective is to achieve long-term capital growth by investing in biotechnology and other life sciences companies. The Company will seek to achieve its objective by investing in a diversified portfolio of companies, which may be quoted or unquoted and whose shares are considered to have growth prospects, with experienced management and strong potential upside through the development and/or commercialization of a product, device or enabling technology. It may invest through equities, index-linked securities and debt securities, cash deposits, money market instruments and foreign currency exchange transactions. Investments may also be made in related sectors, such as medical devices and healthcare services. Its portfolio is split between large, mid and small-capitalization companies, primarily quoted on stock exchanges in North America. Its investment manager is SV Life Sciences Managers LLP. Disclaimer and risk warning - 00:18 Agenda - 00:41 Video introducing IBT - 01:03 Management team - 03:50 SV Health Managers: The Manger of IBT - 04:18 Biotech is a high growth sector – 05:04 IBT dividend - 05:53 Growth drivers - 06:23 Risk: Politics in US and regulation - 09:28 Sector valuations at some of lowest in 20 yrs - 12:10 Performance of IBT - 12:47 Portfolio breakdown - 15:49 How to cope with pricing pressure and slow growth - 18:38 Portfolio changes - 19:09 Portfolio acquisitions in 17/18 - 19:47 Unquoted portfolio - 21:07 Investment process - 21:44 Risk mitigation - 22:52 Summary - 23:45

This video can be seen at: https://www.piworld.co.uk/2019/01/25/petards-group-peg-presentation-at-mello-london-november-2018/?preview=true&_thumbnail_id=2419   Introduced by Osman Abdulah, Group CEO. Presentation by Paul Negus, Group Business Development Director Petards Group plc (Petards) supplies advanced security and surveillance systems. The Company operates in the development, supply and maintenance of technologies used in advanced security, surveillance and ruggedized electronic applications segment. It offers software driven on-board digital video and sensor systems for fitment to new build or retrofitted to existing rolling stock, and its applications include driver only operation, condition monitoring, saloon car closed circuit television (CCTV), drivers view cameras and automatic passenger counting systems. It offers electronic defensive countermeasure systems for fitment to rotary and fixed wing aircraft, threat simulation systems and mobile radios predominantly for the United Kingdom Ministry of Defense. It offers mobile speed enforcement and automatic number plate recognition (ANPR) systems to law enforcement agencies, and is sold under the Provida brand. It serves markets, including transport, defense and emergency services. Introduction, Osman Abdulah – 00:17 Paul Negus, Group Business Development Director – 01:09 Overview of PEG: Markets – 02:40 Executive board – 03:34 Strategic plan – 03:50 Order highlights – 05:44 Video of PEG products – 06:54 Technology highlights 2018 – 09:41 Value creation in the ‘New Build’ market – 14:40 UK rail market opportunities 2019/20 – 17:16 Product roadmap – 19:08 The Rail outlook – 22:03 Traffic technology offering & highlights – 23:23 Defence Services Offering – 24:25 Petards Group – 25:00 Q&A – 26:00

This video can be seen at: https://www.piworld.co.uk/2019/01/19/the-financial-pr-with-reg-hoare-managing-director-mhp-communications/ piworld’s Tamzin Freeman interviews Reg Hoare about the role of the Financial PR. Reg’s background: Reg joined MHP in 2010 and has over 30 years City experience, initially gained with 11 years in investment banking and securities, principally at SG Warburg and Nomura. He switched to financial PR in 1995, and specialises in advising mid market companies, from FTSE 250 to AIM 100 across a number of sectors, and has a long track record of advising in complex situations including IPOs, fund raisings, M&A, crises and restructurings. He also served for 8 years as a Board member of the Investor Relations Society, Europe’s leading body for investor relations practitioners. Reg’s background and how he got into financial PR – 00:39 What is the role of the financial PR? – 02:53 What makes a good RNS? – 05:49 Why companies don’t put the consensus forecasts on their website? – 07:15 What notice do you have of the good news, or bad news, of a trading update? – 08:43 Profit warnings – 09:56 What’s the biggest challenge for the PR? – 13:31 As a PR, how do you feel about the retail investor? – 15:21 How do you gear a comms strategy to include the retail investor? – 17:00 The regulation that the companies have to adhere to? – 18:24 Has MiFIDII affected you, as a financial PR? – 23:14 How has the PR function changed over the period? – 26:13 How has the proliferation of media affected you? – 29:50 As a PR, what are the constraints for you as a private investor? – 32:04 If you weren’t a financial PR, what would you do? – 34:35

This video can be seen at: https://www.piworld.co.uk/2018/12/21/palace-capital-pca-presentation-at-mello-london-november-2018/ By Neil Sinclair, Chief Executive Stephen Silvester, Finance Director Richard Starr, Executive Director Palace Capital plc is a property investment company. The Company invests in commercial real estate in the United Kingdom. The Company's property portfolio includes investment properties located throughout England, predominantly regional investments outside London and consists of a diverse portfolio of commercial buildings. The Company's properties include Hudson House, York; Fraser House, Staines, and Midsummer Boulevard, Milton Keynes. The Company invests in a range of sectors, such as leisure, auto, legal, hotels, retail, health, research and development, and car parking. The Company's subsidiaries include Palace Capital (Leeds) Limited, Palace Capital (Northampton) Limited, Palace Capital (Properties) Limited, Palace Capital (Developments) Limited, Palace Capital (Halifax) Limited and Property Investment Holdings Limited. Introduction - 00:19 Investment case - 00:41 Regional UK commercial property market - 01:09 Track record of outperforming in UK Real Estate - 02:12 HY19 Sept 2018 highlights - 03:20 The financials - 04:24 The UK property market - 08:09 Permitted development impact on regional office stock - 08:59 Urbanisation & connectivity - 09:42 Portfolio overview - 10:29 Outlook - 16:00

This video can be seen at: https://www.piworld.co.uk/2018/12/20/eservglobal-esg-presentation-at-mello-london-november-2018/   eServGlobal (ESG) presentation at Mello London 2018 by John Conoley, Executive Chairman eServGlobal Limited is a provider of mobile financial technology, offering mobile money solutions. The Company covers a spectrum of mobile financial services, including mobile wallet, mobile commerce, analytics, advanced recharge, promotions and agent management. The Company is engaged in the provision of telecommunications software solutions to mobile and financial service providers on a global basis. The Company’s solutions include Mobile Money, Remittance and Recharge. The Company’s PayMobile platform is an end-to-end solution for mobile money and mobile financial services. PayMobile is a recharge solution, which includes a featured prepaid account recharge solution. The Company’s Remittance solution allows sending money. The PayMobile interfaces with the HomeSend global payments hub. The HomeSend is a solution, which enables cross-border transfer between mobile money accounts, payment cards, bank accounts or cash outlets. Introduction – 00:17 The two businesses – 01:05 The core business – 02:13 HomeSend – 03:20 Recent fundraise – 07:50 Newflow – 13:45 Typical finTechs – 15:40 Q&A – 20:34

This video can be seen at: https://www.piworld.co.uk/2018/12/19/john-rosier-reflections-on-2018-interview-by-tamzin-freeman/   John Rosier: reflections on 2018 John Rosier, a full time private investor with over 30 years’ investment experience and a regular contributor to the Investors Chronicle magazine. John runs a website, which is a journal of two live portfolios. It reports on the progress, explains the rational behind each investment decision and comments on latest company news, portfolio strategy, topical issues and performance. http://johnsinvestmentchronicle.com John’s background – 00:30 How’s the last year been? – 02:02 What have you learnt from the profit warnings? – 03:30 What are your views on the tricky market? – 09:13 What are your methods to remain balanced with a profit warning? – 14:08 What’s your cash position? – 16:37 The power of dividends – 18:00 What are you looking to buy? – 19:00 Where do you see the market going forward? – 25:00

This video can be seen at: https://www.piworld.co.uk/2018/12/09/zotefoams-ztf-presentation-at-mello-london-november-2018/   Zotefoams (ZTF) investor presentation at Mello London November 2018 By David Stirling, Group CEO Zotefoams plc is a United Kingdom-based cellular material technology company. The Company is engaged in the manufacture and sale of cross-linked block foams. The Company’s segments include Polyolefins, High-Performance Products (HPP) and MuCell Extrusion LLC (MEL). Polyolefins foams are made from olefinic homopolymer and copolymer resin. HPP foams include ZOTEK F foams and T-Tubes insulation, made from polyvinylidene fluoride (PVDF) fluoropolymer. Other products include foams made from polyamide (nylon) and PEBA. MEL licenses microcellular foam technology and sells related machinery. The Company offers a range of categories of products, such as AZOTE, including PLASTAZOTE, EVAZOTE and SUPAZOTE; ZOTEK, including ZOTEK F, ZOTEK N and ZOTEK PEBA, and T-FIT. Its products are used in a range of markets, including sports and leisure, packaging, transport, medical, Industrial, building and medical other construction, and other. Overview of Zotefoams – 00:43 Products overview – 04:44 Clients and end users – 06:34 Current locations – 07:39 H1 2018 Segmental Overview – 08:28 Strategy – 09:38 Demand influenced by global megatrends – 10:43 Major investment history – 13:13 Global investment strategy – 14:24 Unique technology – 15:36 Financial highlights – 19:20 KPIs – 20:46 Revenue & profit momentum – 22:15 The Zotefoams investment case – 24:43 Common questions – 24:55 Q&A – 29:30