PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2018/12/09/downing-monthly-income-fund-presentation-at-mello-london-november-2018/   Downing Monthly Income Fund presentation at Mello London 2018 By James Lynch, Fund Manager   Covering the key points of the fund, and how they do it Top quartile yield: the fund is committed to providing a market and sector beating yield. High conviction portfolio: 30 – 40 holdings allow best ideas to drive performance. Risk-adjusted portfolio construction: with our bottom-up approach, we believe we have a full understanding of our investments. Strong balance sheets, good cash generation and efficient operations reduce risk. Value-led: we aim to buy businesses at attractive valuations, to improve returns and protect against downside risk. Multi-cap approach: the fund applies Downing’s small-cap expertise across a range of UK market capitalisations. Distributions: income is paid monthly.   Duke Royalty (DUKE) – 00:27 Downing Monthly Income Fund – 01:21 Market backdrop – 01:31 Philosophy – 05:16 The positions: Adept Technology (ADT) – 07:50 Photo-Me International (PHTM) – 11:19 Maintel Holdings (MAI) – 14:29 Lock ‘nStore Group (LOK) – 17:14 Summary about Downing Monthly Income – 19:02   Q&A – 21:07

This video can be seen at: https://www.piworld.co.uk/2018/12/05/frontier-developments-fdev-presentation-at-mello-london-november-2018/   Frontier Developments (FDEV) presentation at Mello November 2018 By Alex Bevis, CFO Frontier Developments plc (‘Frontier’), is a world-class video game developer and publisher with multiple revenue generating franchises. Founded in 1994 by David Braben, co-author of the seminal Elite (1984), Frontier achieved success as a work-for-hire games developer over a twenty year period, with a proven track record over a variety of genres and many platforms. The rise of digital distribution was the catalyst to transition to a more profitable self-published model, and in 2013 Frontier supported the development of a self-published title, Elite Dangerous, through a combination of kickstarter funding and an IPO on AIM (FDEV).  Elite Dangerous launched in December 2014, followed by Planet Coaster in November 2016 and Jurassic World Evolution in June 2018. Frontier is therefore well positioned having successfully launched three revenue generating game franchises.  The most recent, Jurassic World Evolution, achieved the biggest launch to date – 1 million units in just 5 weeks.  Frontier has a proven track record of sustaining and nurturing existing franchises to deliver multi-year revenues, with each new franchise release providing a step-up in overall financial performance.  Franchise four is now in full development and targeted for release in FY20, and two more new franchises are in earlier stages of development. Frontier employs over 400 people in Cambridge and utilises its proprietary ‘COBRA’ game development technology to create innovative games, currently focusing on video game consoles and personal computers.  Revenue in FY18 (year ended 31 May 2018) was £34 million and analysts expectations for FY19 are £75-88 million.   Agenda – 00:30 FDEV overview – 0-:51 Our industry – 01:49 FDEV history to date – 04:32 Launching and sustaining a game franchise – 07:47 Financial performance with scale up of franchises – 12:17 Financial performance FY12 to FY22 – 13:54 Income statement – 15:28 Players in Games – 20:40 Future opportunities – 22:11 Summary and outlook – 25:15 Q&A – 25:49

This video can be seen at: https://www.piworld.co.uk/2018/12/03/biome-technologies-biom-presentation-at-mello-london-november-2018/   Biome Technologies (BIOM) presentation at Mello London November 2018 By Paul Mines, CEO Biome Technologies plc is a United Kingdom-based company engaged in the development of its business in bioplastics. The Company's operations are focused in two areas: Bioplastics and Radio Frequency (RF). The Company operates through three segments: Bioplastics, RF Technologies and Central costs. The Bioplastics division consists of Biome Bioplastics Limited and Aquasol Limited. The Bioplastics division supplies a range of bioplastic resins that replace existing oil based materials in a range of applications, such as flexible films, molded products, extruded sheets and food wraps. The RF Technologies division consists of Stanelco RF Technologies. RF Technologies division involves the design and manufacture of electrical/electronic systems based on advanced radio frequency technology. The Central costs division consists of senior management, corporate and administration functions, as well as facilities costs. Introduction – 00:18 Overview - 01:05 Key data - 01:43 Biome Bioplastics - 02:22 The business – 09:24 Stanelco RF Technologies - 10:52 Growth potential - 14:05 Summary: investment proposition - 14:45 KPIs - 15:36 Q&A - 16:30 Further viewing explaining the plastic predicament: What’s wrong with plastic? The presentation slides can be seen here.

The full video can be viewed here: https://www.piworld.co.uk/2018/12/02/adept-technology-adt-presentation-at-mello-london-november-2018/   AdEPT Technology (ADT) presentation at Mello London, November 2018 By Ian Fishwick, CEO, Phil Race, Group Managing Director, John Swaite, FD AdEPT Tehnology, formerly AdEPT Telecom plc, is engaged in providing managed services for information technology (IT), unified communications, connectivity and voice to over 100 Councils, NHS Trusts and other government bodies. The Company's segments are fixed line services (being calls and line rental services) and managed services (which are data connectivity, hardware services, IP telephony, support and maintenance services). It is engaged in the provision of voice and data communication services to both domestic and business customers. The Company offers technical and commercial options for onsite and cloud-based telephony. The Company serves approximately 20,000 commercial customers including worldwide and nationwide brand names. Introduction, and opportunity to win a bottle of champagne! -00:22 ADT key fundamentals - 01:45 Strategy: Telecoms – unified comms – IT & hosting – 04:35 ADT by numbers - 10:13 KPIs: Product revenue - 12:33 KPIs: Customer sector – 14:14 Partners - 16:36 Accreditations & awards - 17:31 Interim results highlights (Sept 18) - 18:17 Latest update – acquisitions - 25:13 Q&A - 27:11   Presentation slides can be viewed here.

The full video can be seen at: https://www.piworld.co.uk/2018/11/30/design-group-igr-h1-results-november-2018/     Design Group (IGR) H1 results (to 30.11.18) given November 2018 By Paul Fineman, CEO & Giles Willits CFO IG Design Group plc, formerly International Greetings plc, is engaged in the design, manufacture and distribution of gift packaging and greetings; stationery and creative play products, and design-led giftware. The Company’s geographic segments include UK and Asia; Europe; USA, and Australia. The Company sells its products in over 150,000 stores across approximately 80 countries. It also offers a portfolio of licensed and customer bespoke products suitable for sale through multi channel distribution. The Company’s products include crackers, pens and pencils, stickers, single cards and gift wrap. The Company offers its products under the brands A Star, B Stationery, Papercraft and Pepperpot. Its subsidiaries include Artwrap Pty Ltd, International Greetings UK Ltd, International Greetings USA, Inc, International Greetings Asia Ltd, The Huizhou Gift International Greetings Company Limited, Hoomark BV, Anchor International BV and Hoomark S.p.z.o.o. Paul Fineman, CEO Highlights H1 2018 – 00:17 Giles Willits CFO Financial performance – 04:55 Managing our challenges – 15:15 Our future promises – 18:40 Paul Fineman, CEO Future growth drivers – 20:06 Why invest? – 30:20 Q&A – 32:48

The video can be viewed at: https://www.piworld.co.uk/2018/11/28/codemasters-cdm-h1-results-presentation-november-2018/   Codemasters interim results presentation for the 6 months ending 30th September 2018 By Frank Sagnier, CEO & Rashid Varachia, CFO A United Kingdom-based video game developer and publisher. Through its subsidiary, The Codemasters Software Company Limited, the Company designs, develops and produces driving and racing games. The Company’s driving and racing games include DiRT, GRID, Micro Machines, ONRUSH and Formula 1 series of videogames. It produces Formula One’s range of games for the Playstation 4 console. Frank Sagnier, CEO Introduction – 00:18 Highlights – 00:53 Rashid Varachia, CFO Financials - 04:45 Frank Sagnier, CEO Outlook for H2 - 11:15 CDM strategy - 14:50 Q&A – 26:15

The full video can be seen at: https://www.piworld.co.uk/2018/11/23/creightons-crl-h1-results-november-2018/   Creightons (CRL) H1 (for period to 30.11.18) results presentation given 23.11.18 By Bernard Johnson, Group Managing Director, Paul Forster, Group Finance/Commercial Director Pippa Clark, Global Marketing Director Creightons plc is engaged in the development, marketing and manufacture of toiletries and fragrances. The Company operates through three business streams: private label business, contract manufacturing business and branded business. Its private label business focuses on private label products for high street retailers and supermarket chains. Its contract manufacturing business develops and manufactures products on behalf of third party brand owners. Its branded business develops, markets, sells and distributes products it has developed and owns the rights to. Its product portfolio includes bath and shower care, haircare, body care, baby and maternity, and fragrances, among others. Its services include market analysis, creative concept generation, product development, brand development, manufacturing and logistics. Its brands include Frizz No More, Volume Pro, Argan Body, Argan Smooth, Keratin Pro, Perfect Hair, Bronze Ambition, Sunshine Blonde, Beautiful Brunette and Just Hair. Bernard Johnson, Gp Managing Director Introduction – 00:18 Paul Forster – Gp Finance/Commercial Director Financial overview – 03:02 Operational overview – 11:22 Pippa Clark, Global Marketing Director The Market – 14:34 Division performance – 17:33 Order book – 18:34 Key business drivers – 19:15 Brand development – 21:35 Looking forward – 24:08 Bernard Johnson, Gp Managing Director Summary – 28:03 Q&A – 32:55

The full video can be seen at: https://www.piworld.co.uk/2018/11/23/forbidden-technologies-fbt-sharesoc-presentation-november-2018/     Forbidden Technologies (FBT) ShareSoc November presentation By Ian McDonough, CEO & Stephen Streater, Director of R&D Forbidden Technologies plc is a United Kingdom-based company engaged in the development and commercial exploitation of cloud-based video technology. The Company is engaged in developing cloud video platform used for its Forscene professional editing suite, its video social network, eva, and its online video editor, Captevate. The Company’s products are delivered through an integrated Web-based platform. The Company’s cloud-based technology and products enable news and sports broadcasters to get their Web and mobile highlights to markets; help post-production and broadcast clients; allow brands, influencers and celebrities to access audiences and their authentic content, and allow consumers to edit and share video in a new way. Forbidden Technologies Inc is the subsidiary of the Company. Ian McDonough, CEO Introduction – 00:20 The market – 01:00 Blackbird – 03:58 FBT’s evolution – 05:29 What customer’s say – 08:48 H1 2018 financial highlights – 09:48 Operational highlights – 10:40 Stephen Streater, Director of R&D Blackbird developments – 12:35 Blackbird demo – 14:18 Ian McDonough, CEO Investment case summary – 21:40 Q&A – 22:45

This video can be seen at: https://www.piworld.co.uk/2018/11/20/entertainment-one-eto-h1-results-presentation-november-2018/ Entertainment One CEO Darren Throop and CFO Joe Sparacio present the Group’s interim results for the period ending 30th September 2018.   Darren Throop, CEO Introduction – 00:20 Business review – 00:33 Joe Sparacio, CFO Financial Highlights – 17:17 Outlook & summary- 25:38   Q&A – 28:33

This video can be seen at: https://www.piworld.co.uk/2018/11/16/ilika-ika-sharesoc-presentation-november-2018/   Ilika (IKA) CEO Graeme Purdy and CFO Stephen Boydell give an overview of the company and an update at the ShareSoc Growth Company Seminar on the 14th November 2018. Ilika plc is the holding company. The Company is engaged in the production, design and development of high throughput methods of material synthesis, characterization and screening. It has developed solid-state battery technology to meet the demands of the Internet of Things (IoT). The Company has materials development programs addressing a range of applications, including the solid-state battery, aerospace alloys and electronic materials. It has developed a type of lithium-ion battery, which, instead of using the usual liquid or polymer electrolyte, uses a ceramic ion conductor. It offers Stereax M250 rechargeable, thin film battery. It has applications in autonomous sensor devices, smart homes (heating, ventilation and air conditioning (HVAC), security, light), automotive (infotainment, sensors), logistics (asset tracking), medical devices (biometric monitoring) and wearables. It is also developing superalloys, self-healing alloys and smart materials for electronic data storage. Graeme Purdy, CEO Introduction – 00:18 Business overview - 00:36 Business model – 01:18 Toyota collaboration – 02:18 Benefits of solid state - 04:13 Stereax product evolution - 05:41 Stereax road map - 06:10 Market applications - 07:47 Deployment projects - 10:38 Commercialisation - 12:48 Distribution - 13:53 Goliath – 15:00 Faraday battery challenge - 16:24 Powerdrive line - 17:17 MoseSS – 18:11 Battery architecture - 19:04 Goliath scale-up - 19:46 Stephen Boydell, CFO Financial results - 20:33 Recent placing - 21:45 Graeme Purdy, CEO Milestones achieved - 22:07 Milestones planned - 24:07 Q&A – 25:40