Unaudited Interim Results to 30 June 2024

13% increase in operating profit and an 8% increase in profit before tax

Team Internet Group Plc (AIM: TIG, OTCQX: TIGXF), the global internet company that generates recurring revenue from creating meaningful and successful connections: businesses to domains, brands to consumers, publishers to advertisers, is pleased to announce its unaudited financial results for the six months ended 30 June 2024 ("H1 2024").

Financial summary:

• Organic gross revenue growth(i) of approximately 9%, for the trailing twelve months ended 30 June 2024 ("TTM 2024")
• Gross revenue increased by 3% to USD 409.7m (versus six months ended 30 June 2023 ("H1 2023"): USD 396.4m)
• Net revenue (gross profit) increased by 7% to USD 97.7m (H1 2023: USD 91.2m), with gross margin increasing from 23.0% to 23.8%, a relative 3.5% uplift
• Adjusted EBITDA(ii) increased by 4% to USD 46.6m (H1 2023: USD 44.6m), with EBITDA margin increasing from 11.3% to 11.4%, a relative 0.9% uplift
• Operating profit increased by 13% to USD 22.9m (H1 2023 restated(iii): USD 20.2m)
• Profit before tax increased by 8% to USD 14.4m (H1 2023: USD 13.3m)
• Profit after tax increased by 4% to USD 9.8m (H1 2023: USD 9.4m)
• Adjusted EPS (diluted) increased by 12% to USD 10.74 cents (H1 2023 restated(iii): USD 9.63 cents)
• Net debt(iv) of USD 109.9m (31 December 2023: USD 74.1m) and leverage(v) of 1.2x pro forma TTM 2024 EBITDA, following non-operating cash outflows related to the initial cash outflow (net of cash acquired) for acquisition of the Shinez for USD 31.8m, repurchase of own shares of USD 12.6m and dividend payment of USD 7.2m
• Adjusted operating cash conversion of 87% (FY 2023: 96%), we expect cash conversion to normalise nearer to 100% over the remainder of the year

H1 highlights:

• In the Online Marketing segment, the number of visitor sessions increased by 16% to 6.1 billion for TTM 2024 from 5.3 billion for the trailing twelve-month period ended 30 June 2023 ("TTM 2023"). Revenue per thousand sessions ("RPM") decreased by 12% from USD 100 to USD 88
• The Online Presence segment recorded organic revenue growth of 8% in TTM 2024
• Adjusted EBITDA as a percentage of net revenue remains healthy at 48% for H1 2024 (H1 2023: 49%)
• On 26 April 2024, the Group acquired Shinez I.O. Ltd and its subsidiaries (together "Shinez") for an initial cash consideration of USD 31.8m (net of cash acquired), a further USD 1.3m subject to completion of operational milestones, and a further USD 4.3m retained to cover for customary warranties and indemnification. The acquisition includes additional contingent payments of up to USD 12.3m in cash, payable on Shinez achieving ambitious financial targets over the next two years
• FY2023 final dividend of 2.0 pence per share paid on 28 May 2024 (FY2022: 1.0 pence per share), an increase of 100% as the Group continues to pursue the progressive dividend policy launched in 2022
• On 10 April 2024, the Group announced that its ordinary shares began trading on the OTCQX® Best Market ("OTCQX") under the symbol "TIGXF". OTCQX is the premier tier of OTC Markets where more than 12,000 US and global securities trade. Trading on OTCQX will significantly enhance Team Internet's visibility and accessibility in the world's largest capital market

Post period end highlights:

• The Board intends to declare an interim dividend of 1.0 pence per ordinary share, subject to bank approval per the conditions of the Company's Facilities Agreement, which the Company expects to be granted. The Company will provide details on the proposed dividend timetable shortly.

Outlook:

Team Internet has once again delivered a strong quarter, with growth in both adjusted and statutory earnings. Although the Group prioritises earnings growth over top-line growth, a robust 9% organic revenue growth has been maintained on a pro forma basis for TTM 2024. Adjusted EBITDA conversion remained healthy at 48% (H1 2023: 49%) of net revenue, demonstrating continued strong profit margins.

The Directors remain confident in the Group's strategic investments in product innovation, vertical integration, and international expansion. These initiatives have positioned the Group for success. Given these strong foundations, the Directors are confident that the Group will meet market expectations for the full year.(vi)

Michael Riedl, CEO of Team Internet, commented: "Team Internet has delivered another strong set of trading results for the first half of the year. Year-on-year growth in trading results for Q2 2024 was slightly ahead of that seen in Q1 2024, with growth across revenue, net revenue and adjusted EBITDA, demonstrating momentum as we move into the second half of the year.

The addition of Shinez to the Group has introduced platform capability that addresses the 'awareness' stage of the advertising funnel, complementing our existing solutions: TONIC for 'consideration' and comparison platforms for 'conversion'. Our vision is to strategically integrate Shinez, TONIC and VGL into a synergistic platform designed to enhance advertising revenue. By doing so, we will drive future profitability through improved targeting, increased RPM, and the accumulation of valuable first-party data."

Results presentation:

There will be a webinar/conference call for equity analysts at 10am BST today. This event will be hosted by CEO Michael Riedl and CFO William Green.

Further, an Investor Meet Company session will be held at 12pm BST today: https://www.investormeetcompany.com/team-internet-group-plc/register-investor

(i)Pro forma revenue, adjusted for: acquired revenue, constant currency foreign exchange impact and non-recurring revenues is USD 954m for TTM 2024 and at USD 878m for TTM 2023

(ii)Earnings before interest, tax, depreciation, amortisation, impairment, non-core operating expenses, foreign exchange gains and losses, and share-based payment expenses

(iii)Please see note 12 for further information

(iv)Includes cash (USD 86.2m), bank debt and prepaid finance costs (USD 197.0) and hedging assets (USD 0.9m) as of 30 June 2024 (31 December 2023 cash (USD 92.7m), bank debt and prepaid finance costs (USD 166.6m) and hedging liabilities (USD 0.2m))

(v)Includes Net Debt as defined under(iv)(a) excluding prepaid finance costs, (b) plus guarantee obligations, and (c) plus the best estimate of any crystallised deferred consideration payable in cash, all divided by pro forma EBITDA, i.e. last twelve months' EBITDA including acquired entities' EBITDA on a pro forma basis, and adjusted for rental expenses capitalised under IFRS 16 and non-core expenses

(vi)Latest analyst forecasts are within a range of USD 931m and USD 984m for FY24 gross revenue and USD 105m and USD 115m for FY24 Adjusted EBITDA

MANAGEMENT COMMENTARY ON PERFORMANCE

Introduction

Team Internet continued to deliver growth in trading results, through a combination of organic growth and the strong performance of businesses acquired over the last several years.

Performance overview

The Group's key financial metrics are listed below:

* Certain prior period figures are restated, please refer to note 12 for further information.

Segmental analysis

Organic growth rates quoted below are calculated on a pro forma basis including all of the Group's constituents as of the last balance sheet dates and adjusted for non-recurring or non-cash revenues and on a constant currency basis.

Online Marketing segment

Gross revenue increased by USD 8.1m, or 3%, from USD 304.4m to USD 312.5m, with Net revenue increasing by 5% from USD 61.8m to USD 65.0m demonstrating improved operating margins. Organic gross revenue grew at a rate of 9% for TTM 2024, driven by 16% growth in the number of consumer journeys, from 5.3 billion for TTM 2023 to 6.1 billion for TTM 2024. Click prices continue to be under pressure on both the demand (revenue) and supply (cost of sales) side, with RPM decreasing by 12% from USD 100 to USD 88(1).

Our Online Marketing segment aims to become the leading Digital Audience Matching platform. We match audiences and advertisers between platforms that are not innately integrated, such as linking social media users with search ad campaigns on leading search engines, programmatic display, and video ad inventory. We also connect users starting their product search on search engines with leading e-commerce platforms and their marketplace partners. In line with our OM2 - omni-media, omni-monetisation - vision, we continually expand our network of digital audiences and demand sources. By harnessing the power of artificial intelligence, we enhance the relevance and value of our first-party data as we expand our international footprint.

The Group aims to leverage the Shinez platform to generate revenue from previously unmonetised TONIC and VGL visitor sessions through programmatic display and video advertising on a pay-per-view basis. In return, the behavioural insights gathered from TONIC and VGL will enable Shinez to more effectively connect advertisers with relevant audiences when viewing its content. By doing so, we will drive future profitability through improved targeting, increased RPM, and the accumulation of valuable first-party data.

Online Presence segment

Reported gross revenue in this segment increased by 6% from USD 92.0m in H1 2023 to USD 97.2m in H1 2024. Net revenue increased by 11% from USD 29.4m to USD 32.7m, with much improved operating margins. Organic gross revenue growth for the Online Presence segment was 8% for TTM 2024, continuing the year-on-year growth which the segment demonstrated throughout 2023, driven by the structural shift in demand towards Top Level Domains where Team Internet has a competitive edge.

The number of processed domain registration years decreased by 3% from 13.8m for TTM 2023 to 13.4m for TTM 2024, and the average revenue per domain year increased by 13.3% from USD 10.5 to USD 11.9(2).

The Online Presence segment empowers businesses and individuals worldwide to create, maintain, and protect their digital identities, starting with a domain name. This segment serves its global subscriber base through both direct and indirect channels.

Michael Riedl

Chief Executive Officer

• Based on analysis of c.81% of the Online Marketing segment which can be adequately and reliably described by this KPI
• Based on analysis of c.86% of this segment which can be adequately and reliably described by this KPI

All amounts relate to continuing activities

• Non-core operating expenses include items related primarily to acquisition, integration and other related costs, which are not incurred as part of the underlying trading performance of the Group, and which are therefore adjusted for, in line with Group policy. * Certain prior period figures are restated, please refer to note 12 for further information.

The financial statements on pages 1 to 20 were approved by the Board of Directors and authorised for issue on 12 August 2024.

* Certain prior period figures are restated, please refer to note 12 for further information.

• Share capital represents the nominal value of the Company's cumulative issued share capital.
• Share-based payments reserve represents the cumulative value of share-based payments recognised through equity and deferred tax assets arising thereon.

* Certain prior period figures are restated, please refer to note 12 for further information.

** Dividend paid of USD 7.2m is USD 0.8m greater than the dividend in the consolidated statement of changes in equity of USD 6.4m. This is due to funds advanced to the paying agent, which will be returned to the Group.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

General information

Team Internet Group Plc is the UK holding company of a group of companies whose principal activities create meaningful and successful connections from businesses to domains, brands to consumers, publishers to advertisers, enabling everyone to realise their digital ambitions. The Company is registered in England and Wales (company number 08576358). Its registered office and principal place of business is 4th Floor, Saddlers House, 44 Gutter Lane, London EC2V 6BR.

Basis of preparation

The financial results for the six months ended 30 June 2024 have been prepared in accordance with the accounting policies outlined in the Group's 2023 statutory financial statements, except for the changes to IAS 1: Presentation of Financial Statements effective 1 January 2024 and the classification of the reassessment of contingent consideration in the income statement, and comply with the disclosure requirements of IAS 34: Interim Financial Reporting. The financial statements have been restated for the changes in accounting policies and errors in respect of contingent consideration, please refer to note 12 for further information.

The Group adopted the following new pronouncements during the period to 30 June 2024, which did not have a material impact on the Group's interim financial statements:

• Amendment to IFRS 16 - Leases on sale and leaseback; and
• Amendment to IAS 7 and IFRS 7 - Supplier finance.

The unaudited financial results are condensed and do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2023, upon which the auditors issued an unqualified opinion, are available on the Group's website and did not contain statements under section 498(2) or (3) of the Companies Act 2006. These interim financial statements for the six-month period ended 30 June 2024 have been reviewed, not audited.

Going concern

As at 30 June 2024, the Group had access to over USD 136.2m of liquidity, comprising cash and cash equivalents of USD 86.2m and access to an undrawn Revolving Credit Facility (RCF) of USD 50.0 million. In considering whether the Group's financial statements can be prepared on a going concern basis, the Directors have reviewed the Group's business activities together with factors likely to affect its performance, financial position and access to liquidity (including consideration of financial covenants).

The Group has net current assets of USD 14.0m at 30 June 2024. Current liabilities include USD 23.5m of liabilities not expected to result in a cash outflow in the foreseeable future, comprising deferred revenue of USD 5.7m and payments received on account from customers of USD 17.8m. Excluding these liabilities, the Group has net current assets of USD 37.5m.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Segment analysis

The Group has two reporting segments, Online Marketing and Online Presence. Online Marketing is comprised of three operating segments which meet the qualitative and quantitative thresholds for aggregation as one reporting segment. Online Presence is comprised of one operating segment.

Our Online Marketing segment aims to become the leading Digital Audience Matching platform, matching audiences and advertisers between platforms that are not innately integrated. Our Online Presence segment enables business and individuals globally to create, maintain and protect their digital identity online, commencing the journey with a domain name. The Online Presence segment is serving its global subscriber base through direct and indirect channels.

The Group's reporting segments performed as follows during the period:

The Group's revenue is invoiced directly to the following geographical areas:

* Certain prior period figures are restated, please refer to note 12 for further information.

Net finance costs

* Certain period figures are restated, please refer to note 12 for further information.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Earnings per share

Earnings per share has been calculated by dividing the consolidated profit after taxation attributable to ordinary Shareholders by the weighted average number of ordinary shares in issue during the period, plus vested options, as these options have little or no exercise price, less shares held in treasury and by the Group's Employee Benefit Trust.

* Certain prior period figures are restated, please refer to note 12 for further information.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Intangible assets

* Certain prior period figures are restated, please refer to note 12 for further information.

Net debt is shown in the table below:

The Group's drawn-down RCF of USD 50.0m (31 December 2023: USD 20.0m, 30 June 2023: USD 5.0m) is classified as a non-current liability following the IAS 1 amendment effective 1 January 2024 (see note 12 for further information). The RCF would become repayable if the Group breaches a quarterly covenant, which are leverage and interest cover covenants. There is no indication that the Group will breach these covenants.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Business combinations

Acquisition of Shinez I.O. Ltd

On 26 April 2024, Team Internet Group Plc acquired the entire issued share capital of a leading Israel-based online marketing business, Shinez I.O. Ltd from its current shareholders.

Shinez specialises in the production and promotion of highly engaging content across diverse channels such as social media, search engines, and native networks. Its current 40 popular portals include ourfashiontrends.com, falafelandcaviar.com and travelerdreams.com. Leveraging this expertise, Shinez monetises real-time visits through an expansive network of advertising exchanges, utilising cutting-edge technology and strategies. This approach maximises the revenue potential of each piece of content, and positions Shinez at the forefront of digital marketing innovation.

Team Internet acquired Shinez for an enterprise value of USD 41.8m, on a net debt-free basis and subject to customary adjustments for net working capital, payable in cash. The initial consideration represents a multiple of 4.0x Shinez's FY23 Adjusted EBITDA. Additional contingent consideration of up to USD 12.3m will be due subject to Shinez achieving ambitious financial targets over the next two years, payable in cash. As the USD 12.3m of contingent payments is also contingent on continued employment of the shareholders, the fair value of this consideration will be charged to the income statement within non-core expenses as remuneration, and is therefore not included within consideration in the table below.

Total consideration payable in the table below of USD 42.5m comprises the enterprise value of USD 41.8m, less discounting of deferred consideration of USD 0.7m, plus working capital adjustments totalling USD 1.4m. Initial cash consideration, net of cash acquired, is USD 31.8m (USD 37.6m of initial cash consideration, less cash acquired of USD 5.8m).

The following table summarises the consideration paid for Shinez I.O. Ltd and the fair values of the assets and liabilities at the acquisition date, in line with Group policies. The fair values of the acquired assets and liabilities are provisional pending completion of the purchase price allocation as required under IFRS 3: Business combinations ("IFRS 3").

USD m

For the period post acquisition to 30 June 2024, revenues of USD 10.7m, adjusted EBITDA of USD 0.1m and a post tax loss of USD 0.6m, including amortisation of acquired intangibles, have been generated by Shinez. If the acquisition had been made on 1 January 2024 the contribution to the Group's results, for the six months ended 30 June 2024, would have been revenues of USD 39.3m, adjusted EBITDA of USD 1.2m and a profit after tax of USD nil, including amortisation of acquired intangibles.

Goodwill arising on the acquisition primarily relates to the specific synergistic benefits able to be realised through Shinez being part of the larger Team Internet Group, as well as goodwill in relation to employees.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Business combinations (continued)

Deferred consideration payments

During the six-month period ended 30 June 2024 the following deferred consideration payments were made:

• The final deferred cash consideration payment of USD 0.1m was made for the acquisition of NameAction in January 2024
• The final deferred cash consideration payment of EUR 1.0m (USD 1.1m) for the acquisition of SK-NIC was made in two instalments: EUR 0.4m (USD 0.4m) on March 2024 and EUR 0.6m (USD 0.7m) on May 2024
• A deferred cash consideration payment of USD 0.4m for the acquisition of Shinez I.O. Ltd was made on June 2024 in respect of operational milestones achieved
• Share buyback programme and Employee Benefit Trust

During the period, the Company repurchased 7,074,384 shares under its share buyback programme at an average share price of GBP 1.34 (FY2023: 22,136,411 shares at a share price of GBP 1.27). These shares are held in treasury by the Company. The total share repurchase in H1 2024 is USD 11.9m.

At 30 June 2024 the Employee Benefit Trust ("EBT") held 7,532,894 shares (31 December 2023: 9,104,431 shares, 30 June 2023: 10,115,916 shares). In H1 2024, the number of shares held in the EBT reduced due to satisfying the exercise of share options by employees of the Group. During H1 2024, 546,551 share options were granted, 1,555,964 share options were exercised and 614,676 share options were forfeited.

The number of shares held, and outstanding share options is as follows:

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Changes in accounting policies and correction of errors

Restatements have been made to the financial statements for the periods ended 31 December 2023 and 30 June 2023 as described below. There are no changes to taxation in respect of the restatements.

Classification of borrowings and reassessment of contingent consideration - change in accounting policies

The consolidated statements of financial position at 31 December 2023 and at 30 June 2023 have been restated in line with the amendments to International Financial Statement IAS 1: Presentation of Financial Statements ("IAS 1"), effective 1 January 2024.

Following the changes to IAS 1, amounts drawn from the Group's RCF, and all prepaid finance costs, are classified as non-current liabilities in the financial statements. This is based on the Group's ability to defer payments for at least twelve months from the date of the financial statements as long as the Group is still in compliance with its banking covenants. This change in accounting policy has been applied retrospectively, with comparative figures for 31 December 2023 and 30 June 2023 restated, i.e. borrowings of USD 18.6m at 31 December 2023 and of USD 3.6m at 30 June 2023 have been reclassified from current to non-current borrowings.

The Group has also changed its policy in respect of the classification of changes in fair value of contingent consideration in respect of business combinations. Previously changes in the fair value of contingent consideration were recognised within finance costs. The Group has changed its policy to recognise such items within operating profit in instances where the fair value is reassessed as a result of over or underperformance by the acquired entity resulting in more, or less, consideration payable in relation to an earn-out. This change in accounting policy provides reliable and more relevant information on the nature of these transactions. Consequently, a credit of USD 2.8m in the six-month period ended 30 June 2023, and in the year ended 31 December 2023, has been reclassified from finance costs to operating expenses (non-core expenses).

Contingent consideration - correction of errors

Fair value reassessments of contingent consideration after the finalisation of their fair value, but within twelve months of the date of acquisition, were previously accounted for as adjustments to goodwill. Under IFRS 3, such changes should be accounted for within the income statement. To correct this, USD 2.1m has been credited to operating costs (non-core expenses) within the income statement in the six-month period ended 30 June 2023, and in the year ended 31 December 2023. Goodwill has increased by USD 2.7m at 30 June 2023 and USD 2.1m at 31 December 2023. Accrued contingent consideration increased by USD 0.5m at 30 June 2023. There has also been an increase of USD 0.1m to goodwill in respect of foreign exchange differences which impacted the year ended 31 December 2023 related to these adjustments, six-month period ended 30 June 2023 USD nil.

Contingent consideration should be reassessed at the end of each reporting period. Management did not fully reassess the contingent consideration at December 2023. Having now done so, based on the information available as at 31 December 2023, a further USD 2.1m has been credited to operating costs (non-core expenses) in the income statement for the year ended 31 December 2023 to correct this error and reduce the contingent consideration.

In line with IFRS 3, contingent consideration linked to the continued employment of owners of acquired entities should be treated as remuneration, charged to the income statement over the contingent period. Previously the Group treated these payments as part of the acquisition consideration for an acquired entity and included these amounts within goodwill. Consequently, in respect of one business combination, goodwill has been reduced by USD 5.6m at both 30 June 2023 and 31 December 2023, and operating costs (non-core expenses) have increased by USD 3.6m in the year ended 31 December 2023 (of which USD 2.2m relates to six-month period ended 30 June 2023). The impact on finance costs for the unwinding of the discount of deferred consideration is a reduction in finance costs of USD 0.2m for the year ended 31 December 2023 (of which USD 0.1m relates to the six-month period ended 30 June 2023). Deferred consideration decreased by USD 5.1m at 31 December 2023 and USD 5.6m at 30 June 2023. Accruals in respect of contingent consideration treated as remuneration of USD 1.9m have been recognised at 31 December 2023 (30 June 2023: USD 3.3m). The impact on retained earnings at 1 January 2023 is USD 1.1m comprising contingent consideration treated as remuneration.

Impact on earnings per share

Earnings per share for the year ended 31 December 2023 have been impacted by the adjustments described above; there is no impact from the above adjustments for earnings per share for the period ended 30 June 2023.

In line with the audited 31 December 2023 financial statements, adjusted earnings per share for 30 June 2023 have been restated to exclude deferred tax, which mainly relates to items adjusted for within amortisation.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

• Changes in accounting policies and correction of errors (continued)

The consolidated statement of comprehensive income, consolidated statement of financial position and consolidated statement of cash flows have been restated as follows:

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

• Changes in accounting policies and correction of errors (continued)

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

• Changes in accounting policies and correction of errors (continued)

Subsequent events

The Board intends to declare an interim dividend of 1.0 pence per ordinary share, subject to bank approval per the conditions of the Company's Facilities Agreement, which the Company expects to be granted. The Company will provide details on the proposed dividend timetable shortly.

Independent review report to Team Internet Group Plc

Report on the consolidated interim financial statements for the six-month period ended 30 June 2024

Our conclusion

We have reviewed Team Internet Group Plc's consolidated interim financial statements (the "interim financial statements") for the six-month period ended 30 June 2024 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the AIM Rules for Companies.

The interim financial statements comprise:

• the consolidated statement of financial position as at 30 June 2024;
• the consolidated statement of comprehensive income for the period then ended;
• the consolidated statement of cash flows for the period then ended;
• the consolidated statement of changes in equity for the period then ended; and
• the explanatory notes to the interim financial statements.

The interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the AIM Rules for Companies.

Basis for conclusion

Conclusions relating to going concern

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The interim financial statements are the responsibility of, and have been approved by the directors. The directors are responsible for preparing the interim financial statements in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the company's annual financial statements. In preparing the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the AIM Rules for Companies and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP

Chartered Accountants

London

GLOSSARY

Adjusted earnings per share

Adjusted EBITDA

Adjusted operating cash conversion

Net debt

Non-core operating expenses

Organic revenue growth

Revenue by geographical location of indirect consumer

Revenue per domain year

Revenue per thousand sessions ("RPM")

Revenue generated for every thousand sessions or visits to a website.

Revenue per visitor session

Revenue generated from each visitor session to a website.

Top-Level Domain or 'TLD'