Proposed Placing

Pulsar (AIM: PULS), the market leading audience intelligence business delivering Software-as-a-Service ("SaaS") solutions for the global marketing and communications industries is pleased to announce a proposed Placing of new ordinary shares of 5 pence each in the capital of the Company via an accelerated bookbuild (the "Bookbuild" or "Bookbuilding Process") to raise gross proceeds for the Company of up to £3.0 million (the "Placing").

The Company announced its results on 1 May 2025 which set out the Company's strategy built on three interconnected pillars:

• Streamline to Thrive - transforming global operations through platform consolidation, cost base reduction and automation.
• Scale with Impact - adopting a product-led growth model to drive adoption, renewals and upsell while reducing acquisition and servicing costs.
• Reinvent the Market - transforming client experience through continued investment in AI, that moves us into the realm of strategic intelligence and stakeholder engagement.

As part of this strategy, the Company has been very focussed on ensuring that it is structured as a streamlined and agile organisation, with the flexibility to respond to evolving market dynamics and client needs. This has led to the Company undertaking several initiatives aimed at creating an organisation that can deliver improved operational efficiencies and enhanced future cash generation.

As set out in the results announced on 1 May 2025, in the first four months of the current financial year the Group has seen continued Annual Recurring Revenue ("ARR") growth momentum delivering £0.6m of net ARR growth in the period. The Board believes that the expansion of key client relationships, combined with the acquisition of a diverse range of new customers, positions the Group for continued future growth in ARR across the business.The Board of the Company is very focussed on delivering against its strategic initiatives to deliver improved shareholder value and, as announced, the Group has already identified further cost reduction initiatives that will ensure that the underlying improvement in the Group's operations is reflected in an improved financial performance of the Group with enhanced cash generation.

The Placing, which is being undertaken using the Company's existing shareholder authorities, will be used to strengthen the Company's balance sheet and for general working capital purposes as it accelerates its cost reduction programme. It is anticipated that the identified cost saving initiatives that would be completed this year following the acceleration of this programme will deliver an in-year payback in the current financial year.

Looking ahead, the Directors are committed to maximising value for the Group. The Group's commitment to efficiency, paired with accelerating innovation, reinforces our confidence in delivering sustainable shareholder value and returns.

The Placing is to be conducted by way of an accelerated bookbuild process which will commence immediately following this Announcement and will be subject to the terms and conditions set out in Appendix IV of this Announcement

The Placing

The Placing comprises a placing of an aggregate of up to 7,894,736 New Shares at a price of 38 pence per New Share to raise up to £3.0m for the Company.

The Placing is subject to the satisfaction of certain conditions set out in this Announcement and the Appendices and is being conducted by way of an accelerated bookbuild, which will be launched immediately following the publication of this Announcement. Cavendish Capital Markets Ltd ("Cavendish") is acting as Nominated Adviser and Broker in connection with the Placing. The number of New Shares which are to be placed at the Placing Price will be determined at the close of the Bookbuilding Process. The timing of the closing of the Bookbuilding Process and the allocations are at the absolute discretion of Cavendish and the Company. Details of the number of New Shares to be placed will be announced as soon as practicable after the close of the Bookbuilding Process. The Placing is not being underwritten by Cavendish.

The Placing Agreement has been entered into between the Company and Cavendish in connection with the Placing. Pursuant to the terms of the Placing Agreement, Cavendish has conditionally agreed to use its reasonable endeavours to place the New Shares with certain institutional and other investors. The Placing Agreement is conditional upon, amongst other things, Admission becoming effective on or before 8.00 a.m. on 13 May 2025 (or such later time and/or date as the Company and Cavendish may agree, but in any event no later than 8.00 a.m. on 27 May 2025).

The Placing Agreement contains customary warranties and indemnities from the Company in favour of Cavendish in relation to, amongst other things, the accuracy of the information in this Announcement and other matters relating to the Group and its business. In addition, the Company has agreed to indemnify Cavendish and its affiliates in relation to certain liabilities they may incur in respect of the Placing. Cavendish can terminate the Placing Agreement at any time prior to Admission in certain circumstances, including in the event of a material breach of the warranties given in the Placing Agreement, the failure of the Company to comply with its obligations under the Placing Agreement, the occurrence of a force majeure event which in Cavendish's opinion (acting in good faith) has a material adverse effect on, amongst other things, the operation of investment markets in the UK, or a material adverse change affecting the financial position or prospects of the Group. If this right is exercised, the Placing will not proceed.

Application will be made for the Ordinary Shares to be issued pursuant to the Placing to be admitted to trading on AIM and it is expected that Admission will become effective and that dealings in such Ordinary Shares will commence at 8.00 a.m. on 13 May 2025. The Ordinary Shares issued pursuant to the Placing will, if and when issued, rank pari passu in all respects with the Existing Ordinary Shares.

PROPOSED DIRECTOR PARTICIPATION

It is anticipated that Christopher Satterthwaite, Sarah Vawda, Joanna Arnold and Mark Fautley will participate in the placing. Max Royde, a Non-Executive Director of the Company, is the founder and CEO of Kestrel Partners, the Company's largest shareholder. Kestrel Partners has indicated that it intends to participate in the Placing. Should the above named directors and Kestrel Partners participate in the Placing then such participation will be regarded as a related party transaction for the purposes of the AIM Rules.

UK Product Governance Requirements

Solely for the purposes of the product governance requirements Chapter 3 of the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK Product Governance Requirements") and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the UK Product Governance Requirements) may otherwise have with respect thereto, the New Shares have been subject to a product approval process which has determined that the New Shares are: (i) compatible with an end target market of: (A) retail investors; (B) investors who meet the criteria of professional clients; and (C) eligible counterparties (each as defined in MiFID II (as defined below)); and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "UK Target Market Assessment"). Notwithstanding the UK Target Market Assessment, distributors should note that: the price of the New Shares may decline and investors could lose all or part of their investment; the New Shares offer no guaranteed income and no capital protection; and an investment in the New Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The UK Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the offer. Furthermore, it is noted that, notwithstanding the UK Target Market Assessment, Cavendish will only procure investors who meet the criteria of professional clients and eligible counterparties. For the avoidance of doubt, the UK Target Market Assessment does not constitute an assessment of suitability or appropriateness for the purposes of Chapter 9A or 10A respectively of the FCA Handbook Conduct of Business Sourcebook, or a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the New Shares. Each distributor is responsible for undertaking its own target market assessment in respect of the New Shares and determining appropriate distribution channels.

EU Product Governance Requirements

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the New Shares have been subject to a product approval process which has determined that the New Shares are: (i) compatible with an end target market of: (A) retail investors; (B) investors who meet the criteria of professional clients; and (C) eligible counterparties (each as defined in MiFID II); and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "EU Target Market Assessment"). Notwithstanding the EU Target Market Assessment, distributors should note that: the price of the New Shares may decline and investors could lose all or part of their investment; the New Shares offer no guaranteed income and no capital protection; and an investment in the New Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The EU Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the offer. Furthermore, it is noted that, notwithstanding the EU Target Market Assessment, Cavendish will only procure investors who meet the criteria of professional clients and eligible counterparties. For the avoidance of doubt, the EU Target Market Assessment does not constitute an assessment of suitability or appropriateness for the purposes of MiFID II, or a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the New Shares. Each distributor is responsible for undertaking its own target market assessment in respect of the New Shares and determining appropriate distribution channels.

APPENDIX I

DEFINITIONS

APPENDIX IV

No prospectus

No prospectus or other offering document has been or will be submitted to be approved by the FCA in relation to the Placing or the New Shares and Placees' commitments will be made solely on the basis of the information contained in this Announcement and any Publicly Available Information and subject to any further terms set forth in the form of confirmation to be sent to individual Placees.

Details of the Placing Agreement and the New Shares

Cavendish has today entered into a Placing Agreement with the Company under which, on the terms and subject to the conditions set out in the Placing Agreement, Cavendish, as an agent for and on behalf of the Company, has agreed to use its reasonable endeavours to procure Placees for the New Shares at the Placing Price of 38 pence per New Share.

The New Shares will, when issued, be subject to the Articles and credited as fully paid and will rank pari passu in all respects with the Existing Ordinary Shares in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid in respect of such ordinary shares after the date of issue of the New Shares.

Application for admission to trading

Application will be made to the London Stock Exchange for Admission of the New Shares to trading on AIM.

It is expected that Admission will take place no later than 8.00 a.m. on 13 May 2025 and that dealings in the New Shares on AIM will commence at the same time.

Principal terms of the Placing

• The price per New Share is 38 pence and is payable to Cavendish as agent of the Company by all Placees.
• Subject to the Company's final approval, each Placee's allocation is determined by Cavendish following consultation with the Company and has been or will be confirmed orally by Cavendish and a form of confirmation will be dispatched as soon as possible thereafter. That oral confirmation will give rise to an irrevocable, legally binding commitment by that person (who at that point becomes a Placee), in favour of Cavendish and the Company, under which it agrees to acquire the number of New Shares allocated to the Placee at the Placing Price and otherwise on the terms and subject to the conditions set out in this Appendix IV and in accordance with the Articles. Except with the prior written consent of Cavendish, such commitment will not be capable of variation or revocation at the time at which it is submitted.
• Each Placee's allocation and commitment will be evidenced by a form of confirmation issued to such Placee by Cavendish. The terms of this Appendix IV will be deemed incorporated in that form of confirmation.
• Each Placee will have an immediate, separate, irrevocable and binding obligation, owed to Cavendish as agent for the Company, to pay to it (or as they may direct) in cleared funds an amount equal to the product of the Placing Price and the number of New Shares such Placee has agreed to acquire and the Company has agreed to allot and issue to that Placee.
• Irrespective of the time at which a Placee's allocation(s) pursuant to the Placing is/are confirmed, settlement for all New Shares to be acquired pursuant to the Placing will be required to be made at the same time, on the basis explained below under "Registration and Settlement".
• To the fullest extent permissible by law and applicable FCA rules, none of (a) Cavendish, (b) any of its respective affiliates, agents, directors, officers, consultants, (c) to the extent not contained within (a) or (b), any person connected with C avendish as defined in the FSMA ((b) and (c) being together "affiliates" and individually an "affiliate" of Cavendish), (d) any person acting on behalf of Cavendish, shall have any liability (including to the extent permissible by law, any fiduciary duties) to Placees or to any other person whether acting on behalf of a Placee or otherwise. In particular, neither Cavendish nor any of its affiliates shall have any liability (including, to the extent permissible by law, any fiduciary duties) in respect of their conduct in relation to the Placing or of such alternative method of effecting the Placing as Cavendish and the Company may agree.

Registration and Settlement

If Placees are allocated any New Shares in the Placing they will be sent a form of confirmation or electronic confirmation by Cavendish, as soon as it is able which will confirm the number of New Shares allocated to them, the Placing Price and the aggregate amount owed by them to Cavendish.

Settlement of transactions in the New Shares (ISIN: GB00BGQVB052) following Admission will take place within the CREST system, subject to certain exceptions. Settlement through CREST is expected to take place on 13 May 2025 unless otherwise notified by Cavendish and Admission is expected to occur no later than 8.00 a.m. on 13 May 2025 unless otherwise notified by Cavendish. Settlement will be on a delivery versus payment basis. However, in the event of any difficulties or delays in the admission of the New Shares to CREST or the use of CREST in relation to the Placing, the Company and Cavendish may agree that the New Shares should be issued in certificated form. Cavendish reserves the right to require settlement of the New Shares, and to deliver the New Shares to Placees, by such other means as they deem necessary if delivery or settlement to Placees is not practicable within the CREST system or would not be consistent with regulatory requirements in a Placee's jurisdiction.

Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above, in respect of either CREST or certificated deliveries, at the rate of 2 percentage points above prevailing base rate of the Bank of England as determined by Cavendish.

Each Placee agrees that if it does not comply with these obligations, Cavendish may sell, charge by way of security (to any funder of Cavendish) or otherwise deal with any or all of their New Shares on their behalf and retain from the proceeds, for Cavendish's own accounts and benefit, an amount equal to the aggregate amount owed by the Placee plus any interest due and any costs and expenses properly incurred by Cavendish as a result of the Placee's failure to comply with its obligations. The relevant Placee will, however, remain liable for any shortfall below the amount owed by it and for any stamp duty or stamp duty reserve tax (together with any interest or penalties) which may arise upon the sale of their New Shares on their behalf. Legal and/or beneficial title in and to any New Shares shall not pass to the relevant Placee until such time as it has fully complied with its obligations hereunder.

If New Shares are to be delivered to a custodian or settlement agent, Placees must ensure that, upon receipt, the conditional form of confirmation is copied and delivered immediately to the relevant person within that organisation. Insofar as New Shares are registered in a Placee's name or that of its nominee or in the name of any person for whom a Placee is contracting as agent or that of a nominee for such person, such New Shares should, subject as provided below, be so registered free from any liability to United Kingdom stamp duty or stamp duty reserve tax. Placees will not be entitled to receive any fee or commission in connection with the Placing.

Conditions of the Placing

Certain conditions may be waived in whole or in part by Cavendish, in their absolute discretion, by notice in writing to the Company and Cavendish may also agree in writing with the Company to extend the time for satisfaction of any condition. Any such extension or waiver will not affect Placees' commitments as set out in this Announcement.

Neither Cavendish, the Company nor any of their respective affiliates, agents, directors, officers or employees shall have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision any of them may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition to the Placing nor for any decision any of them may make as to the satisfaction of any condition or in respect of the Placing generally and by participating in the Placing each Placee agrees that any such decision is within the absolute discretion of Cavendish.

Termination of the Placing

• the Company fails to comply with its obligations under the Placing Agreement where such failure is material in the context of the Placing or Admission; or
• any statement of material fact contained in the Placing documents has become or been discovered to be untrue, inaccurate or misleading in any respect; or
• there shall have been, occurred, happened or come into effect any event or omission which materially (in the opinion of the Nomad, acting in good faith) and adversely affects the financial position and/or prospects of the Group, or which in the opinion of Cavendish, acting in good faith, is or will be or may be prejudicial to the Company or to the Placing or Admission; or
• there shall have occurred any change in national or international financial, monetary, economic, political, environmental, or stock market conditions which, in the opinion of Cavendish, acting in good faith, will, is or is likely to be, prejudicial to the Group or to the Placing or Admission.

By participating in the Placing, each Placee agrees with the Company and Cavendish that the exercise by the Company or Cavendish of any right of termination or any other right or other discretion under the Placing Agreement shall be within the absolute discretion of the Company and / or Cavendish and that none of the Company nor Cavendish need make any reference to such Placee and that none of the Company, Cavendish nor any of its respective affiliates, agents, directors, officers or employees shall have any liability to such Placee (or to any other person whether acting on behalf of a Placee or otherwise) whatsoever in connection with any such exercise.

Representations, warranties and further terms

By participating in the Placing, each Placee (and any person acting on such Placee's behalf) irrevocably represents, warrants, acknowledges, undertakes and agrees (for itself and for any such prospective Placee) that in each case as a fundamental term of such Placee's application for New Shares (save where Cavendish expressly agrees in writing to the contrary):

• none of the Company, Cavendish nor any of their respective affiliates, agents, directors, officers or employees has made any representation or warranty to it, express or implied, with respect to the Company, the Placing or the New Shares or the accuracy, completeness or adequacy of the Publicly Available Information;
• it has conducted its own investigation of the Company, the Placing and the New Shares, satisfied itself that the information is still current and relied on that investigation for the purposes of its decision to participate in the Placing; and
• has not relied on any investigation that either Cavendish or any person acting on its behalf may have conducted with respect to the Company, the Placing or the New Shares;

By participating in the Placing, each Placee (and any person acting on such Placee's behalf) agrees to indemnify and hold the Company, Cavendish and each of their respective affiliates, agents, directors, officers and employees harmless from any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings given by the Placee (and any person acting on such Placee's behalf) in this Appendix IV or incurred by the Company, Cavendish or each of their respective affiliates, agents, directors, officers or employees arising from the performance of the Placee's obligations as set out in this Announcement, and further agrees that the provisions of this Appendix IV shall survive after the completion of the Placing.

The agreement to allot and issue New Shares to Placees (or the persons for whom Placees are contracting as agent) free of stamp duty and stamp duty reserve tax in the United Kingdom relates only to their allotment and issue to Placees, or such persons as they nominate as their agents, direct by the Company. Such agreement assumes that the New Shares are not being acquired in connection with arrangements to issue depositary receipts or to transfer the New Shares into a clearance service. If there are any such arrangements, or the settlement related to any other dealings in the New Shares, stamp duty or stamp duty reserve tax may be payable. In that event, the Placee agrees that it shall be responsible for such stamp duty or stamp duty reserve tax and none of the Company or Cavendish shall be responsible for such stamp duty or stamp duty reserve tax. If this is the case, each Placee should seek its own advice and they should notify Cavendish accordingly. In addition, Placees should note that they will be liable for any capital duty, stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the United Kingdom by them or any other person on the acquisition by them of any New Shares or the agreement by them to acquire any New Shares and each Placee, or the Placee's nominee, in respect of whom (or in respect of the person for whom it is participating in the Placing as an agent or nominee) the allocation, allotment, issue or delivery of New Shares has given rise to such non-United Kingdom stamp, registration, documentary, transfer or similar taxes or duties undertakes to pay such taxes and duties, including any interest and penalties (if applicable), forthwith and to indemnify on an after-tax basis and to hold harmless the Company and Cavendish in the event that any of the Company and/or Cavendish has incurred any such liability to such taxes or duties.

The representations, warranties, acknowledgements and undertakings contained in this Appendix IV are given to Cavendish for itself and on behalf of the Company and are irrevocable.

Each Placee and any person acting on behalf of the Placee acknowledges and agrees that Cavendish may (at its absolute discretion) satisfy its obligations to procure Placees by itself agreeing to become a Placee in respect of some or all of the New Shares or by nominating any connected or associated person to do so.

References to time in this Announcement are to London time, unless otherwise stated.

All times and dates in this Announcement may be subject to amendment.

The New Shares to be issued or sold pursuant to the Placing will not be admitted to trading on any stock exchange other than AIM.