Ann: Change in substantial holding, page-5

latest MST research out August 7th

Investment Thesis
Transition to platform provider widens market scope: Adherium now can
cover all managers of large patient populations with chronic respiratory disease
in the US healthcare value chain (such as integrated delivery networks, hospitals,
and physician groups), which provides an opportunity to scale rapidly.

Adoption of reimbursement for RPM in US a major opportunity: The
availability and expansion of reimbursement in the US for RPM (for physiological
data) supports the adoption of Adherium’s Hailie solution.
We believe the successful deployment of the Hailie platform and ongoing value-adding
enhancements will attract more clients and allow the company to realise its true value.

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