Ann: CEO's AGM Presentation, page-15

To be honest im in two minds with the entrance into digital influencer.

On one hand i am afraid of macro factors and want to reduce my holding. But the current share price is at a significant discount to what i believe the company is worth. And this at the moment is contributed to both subscription (people not realizing the decline has been arrested) and investment into digital influencer

On the other from a long tern perspective the investment is necessary and will in time outgrow both subscription and q and a divisons. I have no doubt about it. They need to accumulate the most influencers, maybe at a significant discount initially and accumulate clients so i dont expect them to make any profit in the first 3 years - and really they shouldnt make much money because the more influencers and clients they could get the better as it means they will dominate the market (of course within the countries in which they operate which is primarily europe at the moment) so it makes sense to discount a lot to build this up. Similiar to uber.

This will mean share price might remain depressed until such time people realise its got massive potential and this may provide us with 500-1000 percent return. How many years is the question

So whilst i am mindful of macro factors i am happy to hold.