Key New Executive Hire to Drive Growth in GS&S

NARF Industries plc ("NARF", the "Company", or the "Group"), (LSE: NARF) (OTCQB: NFIN.F) the cybersecurity group specializing in high-end threat intelligence for critical infrastructure security, is pleased to announce a significant executive hire to lead its Government Solutions and Services ("GS&S") business sector.

NARF is experiencing substantial growth in its GS&S sector through its exclusive five-year US Government Omnibus Contract for cutting-edge solutions to defend the nation's critical infrastructure. To spearhead this sector and drive its strategic growth, Austin Fletcher has joined NARF as the Vice President of GS&S. Mr. Fletcher is a former US Department of Defense cybersecurity researcher and engineer, and more recently Cybersecurity Research Director at Carlyle Group's Two Six Technologies.

• Fletcher will work alongside Dr. Michael Locasto, head of NARF's Government Research and Development (GR&D) sector, who joined NARF from SRI International, a world-renowned research organization. Under Dr. Locasto's leadership, NARF has grown GR&D too and is now working across five research and development contracts from multiple agencies including DARPA and DoE as well as its recently announced $1.8 million ARPA-H contract.

NARF reported full year revenue in 2022 of US$2.56 million and achieved half year 2023 revenue of US$3.26 million.

Steve Bassi, CEO of NARF commented: "NARF's ability to attract high impact players is critical to our strategic plans and in particular, this pivotal role in the future of our business. We are excited to have Austin join us and lead this high growth sector that, in tandem with GR&D successes, is propelling NARF to achieve record operational and financial results."

Government Research and Development ("GR&D")

• The Group has a successful history of tendering for, and winning, government R&D contracts for groundbreaking technologies, predominantly from DARPA. Its research work is focused on three, multi-billion cybersecurity market segments: critical infrastructure protection; open-source software (OSS) vulnerabilities; and threat intelligence.
• For these contracts, the Government agency retains government purpose rights, but the Group has the sole right to sell new solutions using the intellectual property (IP) to the government (i.e., GS&S business). For commercial markets the Group owns the IP rights.
• The GR&D contracting process may range from 9 to 15 months and once awarded, performance can range up to 18 months or longer. The Group projects stepped growth in its GR&D business targeting synergistic research areas that complement its current rich IP portfolio.

Government Solutions and Services ("GS&S")

• The Group develops solutions and performs services for various US government agencies. Its software solutions address immediate cybersecurity mission needs. These needs continually evolve as the nature of cybersecurity threats change, so it also provides on-going services supporting the operations of the delivered software solution.
• The Group enjoys a unique competitive position with GS&S work through a recently renewed 5-year omnibus contract. This streamlines government procurement cycles and gives multiple agencies access to the Group's solutions and services. Agencies execute task orders, many with awards justified on a sole source basis.
• The timing from ideation of task to award is 3 to 6 months. Tasks performance typically range from 6 to 12 months to complete, at which time software is delivered and integrated into an operational system.