ADSLOT LTD. — Management Reports 2024

Nov 25, 2024

ASX: ADS Level 2, 419 Collins Street Melbourne Vic 3000 Australia Tel: +61 (0)3 8695 9100

ASX Announcement 26 November 2024

CHAIRMAN’s ADDRESS

Dear Shareholders and Valued Team Members,

A year ago, I stood here and declared ‘I am excited to have taken on the role of chair in June this year’, declaring ‘Our mission remains improving audience targeting and simplifying premium media trading through technology. The opportunity to do so is accelerating. The industry landscape is fundamentally being reshaped by tired consumers, regulation limiting the use of third-party data and Google’s publicly stated decision to deprecate third party cookies during 2024. We feel confident that market conditions were turning in our favour.’

As I stand in front of you this year it is with a mix of humility and determination. It has been a year filled with challenges, tests of resilience, moments that demanded tough decisions and the need to continually test where value could be found.

As became evident the global digital adverting industry is grappling with significant change whether it is being driven by tightening economic conditions, regulatory pressures or technological innovation.

We directly experienced this impact. Advertisers reduced their spend. Major holding companies tightened their belts. We lost three markets for our Symphony product. We also experienced longer sales cycles and challenges to move several key initiatives forward. These factors have undeniably impacted our performance, and it is essential to acknowledge this.

Notwithstanding this, the fundamental problems we are trying to solve remain - digital media industry economics are high cost and opaque as 50 – 70% of ads do not reach their target audience. Google’s consumer choice solution (rather than outright cookie depreciation) will further reduce advertisers’ ability to target audiences, manage frequency, measure impact and reconcile ad campaigns. In this environment first party data and signals become the only means to target 100% of audiences. Adslot is the only audience focused digital media trading solutions that is not consumer ID based.

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These hurdles, and the fundamental opportunity, required us to stand back and take a hard look all aspects of what we do. We developed a 10- point plan to ensure we remained in the game. It encompasses:

1. Appointing a new CEO with the skills required for this critical phase.

2. Managing the company as a portfolio of businesses, enforcing radical transparency and profitability in every business after all costs are fully allocated.

3. Repricing Symphony and REA contracts.

4. Completing the placement associated with the entitlement’s rights issue and raising additional capital to strengthen the balance sheet and obligations to publishers.

5. Implementing aggressive cost-cutting across non-breakeven businesses and corporate operations – we have made significant inroads towards breakeven on an operating basis.

6. Suspending investments with longer-term or uncertain payoffs.

7. Transitioning away from the ‘clearing house’ model to a pure fee for service model.

8. Focusing on sustainable management of publisher payments.

9. Shifting focus to publishers, leveraging their faster adoption, 1st-party data, and immediate value through the Storefront proposition.

10. Conducting a strategic review of our business portfolio, including engagement with potential acquirers of assets where appropriate.

We have made significant progress on points 1- 7 and are now focussing on the remaining 3.

I would like to extend my thanks to our teams, who have persevered and adapted though many of the challenges. Their hard work and commitment have stabilised the core business and prepared the stage for future growth and success. To our shareholders, thank you for your unwavering support and trust in our vision. Your confidence in our potential fuels us.

In closing, I want to reiterate my appreciation for everyone who has played a part in our journey this year. The path forward may still present challenges, but with the collective strength of our teams and the support of our shareholders, I am confident that we will emerge stronger and more resilient.

Andrew Dyer Chairman

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About Adslot

Adslot’s mission is to automate the trading of forward guaranteed display advertising, referred to as automated guaranteed. Our leading technology is a purpose-built, global media trading platform. Adslot benefits a global community of media buyers and sellers, including media agencies, publishers and advertisers, by providing trading efficiencies and effectiveness made possible only via technology, and by doing so the basis on which the $80B online display advertising industry will realise its full growth potential.

Adslot is a global organisation with operations in North America, Europe and Asia Pacific and is headquartered in Australia, operating Five Key Business Units:

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Future performance

This Announcement contains certain references to forecasts, estimates, assumptions and other forward-looking statements and statements regarding the intent, belief or current expectations of The Company. The words “likely”, “expect”, “aim”, “should”, “could”, “may”, “anticipate”, “predict”, “believe”, “plan” and other similar expressions are intended to identify forward-looking statements. Forward-looking statements, opinions and estimates provided in this Announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forwardlooking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This Announcement contains such statements, which are subject to risk factors associated with an investment in The Company. The Company believes that these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors that could cause actual results, performance or achievements of The Company to be materially different from future results, performances or achievements expressed or implied by such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Announcement.

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