Ann: Chairman's Letter to Shareholders, page-4

Ok. What does this mean?

“LiveTiles continues to deliver positive momentum and revenue driving initiatives“ - we spend a lot of money and hope to make some

“Having delivered strong underlying financial results in FY22, the Board implemented a strategic review to reduce costs and improve efficiency.“ - we cut down on everything because it went so well

“We diligently undertook the strategic refresh to support our long-term growth objectives.“ - we don’t reach our quarterly goals so we prefer to focus on our long-term objectives

“I can confirm the Company is delivering on its strategy and confirm the business is performing to our expectations, having recently announced a number of major initiatives consistent with our strategy.“ - we don’t expect more than new initiatives and it’s fine (and even expected) if cash receipts decrease by 30%. As long as we follow our strategy, all good

“We have the right Board in place to execute on our highly attractive strategy, as we consolidate our place as a leader in the Employee Experience market.“ - we think it’s cool to earn a lot of money and really enjoy shifting focus all the time and doing fun events with Simon Sinek. And while others are bigger, have more customers, more revenue and a higher company value, we are still the leader in consolidating

„Excellent financial performance, with revenue growing 17% to $52.8 million“ - and with a reduction in cash receipts of about 30% in Q1 2023 alone we still dream about past times

“Value enhancing acquisitions, including The Human Link, BindTuning and My Net Zero, alongside minority investments in BrainPac and Hide & Seek“ - which is clearly reflected in a share price 80% lower than before these acquisitions

„Board stability is a vital competitive advantage.“ - That‘s why we replaced the entire board 15 months ago and just did it again with the exception of me, Jesse