18 March 2020

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S⁴ Capital plc

("S⁴Capital" or the "Company")

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Unaudited 2019 preliminary results

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New age/new era digital marketing model continues to deliver strong growth

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Financial Highlights

������ Billings* �455.8 million and pro-forma** billings �513.2 million

������ Revenue �215.1 million up 292% from �54.8 million, like-for-like *** up 41%, pro-forma up 37%

������ Gross profit �171.3 million up 361% from �37.2 million, like-for-like up 44%, pro-forma up 39%

������ Operational�EBITDA****��33.4 million up 612%, like-for-like up 51%, pro-forma up 47%

������ Operational EBITDA margin 19.5%, up 6.9 margin points on 2018, like-for-like 18.6%, pro-forma 20.1%

������ Operating loss �3.8 million, which includes adjusting items of �35.0 million (acquisition expenses and amortisation and share-based compensation), versus an operating loss of �8.5 million in 2018 and pro-forma operating profit of �2.5 million

������ Result before income tax �9.2 million (loss), which includes adjusting items, versus a loss of �9.1 million in 2018 and pro-forma result before income tax of �2.8 million (loss)

������ Result for the period �10.0 million (loss) which includes adjusting items after taxation versus �8.1 million (loss) in 2018 and pro-forma result for the period of �5.7 million (loss)

������ Adjusted basic net result per share 5.2p versus 1.0p in 2018 and 6.0p pro-forma

������ Basic and diluted net result per share 2.7p (loss) which includes adjusting items after tax versus 3.3p (loss) in 2018 and pro-forma adjusted basic net result per share 1.3p (loss)

������ Year-end net cash***** �23.7 million, including the �42.4 million loan drawn to partly fund the combination with MediaMonks

������ Good start to 2020 with January gross profit up over 30%, not seeing any material impact from Coronavirus, and will update the market appropriately

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Operational Highlights in 2019 and Outlook

������ In April, MightyHive merged with ProgMedia, a leading Brazil-based data and programmatic consultancy in Latin America and MediaMonks acquired the assets of robotic food and drink studio Caramel Pictures in Amsterdam

������ In June, MediaMonks announced the combination with Adobe and digital transformation specialist BizTech. This transaction partially closed in December

������ In August, MediaMonks combined with IMA, an Amsterdam and New York-based influencer marketing agency

������ In October, MediaMonks combined with Firewood, the largest Silicon Valley-based independent digital agency and MightyHive with ConversionWorks and Datalicious, UK and South Korea- based data and analytics consultancies, partially funded by a �100 million equity raise

������ In November, MediaMonks announced the combination with WhiteBalance, an Indian-based digital creative and production agency. This transaction is expected to close in April of 2020

������ Post year end, in January 2020, MediaMonks announced its merger with Latin America-based digital agency, Circus Marketing. This transaction is expected to close in the first quarter of 2020

������ The Group now has approximately 2,500 people in 30 countries, almost double where we were this time last year

������ Significant new business assignments from Google, SoFi, Amazon, Netflix, Facebook, P&G, Nestl�, The Coca Cola Company, AB Inbev, Vodafone, Merck, Shiseido, Akzo Nobel and Ace Hardware

������ Current pipeline running at stronger level than last year

������ Appointment of three leading female, technology experienced US, Japanese and Chinese Non-Executive Directors and industry knowledgeable Executive Director to the Board

*Billings is gross billings to client including pass through costs

**Pro-forma numbers relate to unaudited full year non-statutory and non-GAAP consolidated results in constant currency as if the group had existed in full for the year and have been prepared under comparable GAAP with no consolidation eliminations

***like-for-like relates to 2018 being restated to show the unaudited numbers for the previous year of the existing and acquired businesses consolidated for the same months as in 2019 applying currency rates as used in 2019

****Operational EBITDA is EBITDA adjusted for non-recurring items and recurring share-based payments and is a non-GAAP measure management uses to asses the underlying business performance

*****Net cash including bank loans

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Sir Martin Sorrell, Executive Chairman of S⁴Capital plc said:

"Our first full financial year was outstandingly successful. We grew our top line and bottom line at industry leading rates. We broadened and deepened our content and data and programmatic practices through organic growth and the addition of six content and three digital media and data companies. We integrated our client offering around our content and data and programmatic practices. We broadened and deepened our client roster. We achieved $ and � Unicorn status in terms of stock market value. We have achieved brand awareness and brand trial. We now have to demonstrate that we can achieve significant client conversion at scale, both with existing and new clients. We have not seen a material impact from Coronavirus as yet and will update the market appropriately."

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Results webcast and conference call

A webcast will be held at 9.00am GMT. A live audio webcast of the presentation will be available during the event at: https://webcasting.brrmedia.co.uk/broadcast/5e37f241b9710760e292523c�

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For Q&A:

UK: +44 (0)330 336 9125

US: +1 929-477-0324

Confirmation code: 7030503

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A further conference call to cover the results will be held today at 8.00am EST / 12.00pm GMT:

US: +1 929-477-0402

UK: +44 (0)330 336 9411

Confirmation code: 4831927

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Enquiries to:

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About S⁴Capital

S⁴Capital plc (SFOR.L) is a new age/new era digital advertising and marketing services company established by Sir Martin Sorrell in May 2018.

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Its strategy is to build a purely digital advertising and marketing services business for global, multi-national, regional, local clients and millennial-driven influencer brands. This will be achieved initially by integrating leading businesses in three areas: first party data, digital content, digital media planning and buying, along with an emphasis on "faster, better, cheaper" or "speed, quality and value" executions in an always-on consumer-led environment, with a unitary structure.

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Digital is by far the fastest-growing segment of the advertising market. S⁴Capital estimates that in 2019 digital accounted for approximately 45 per cent. or approximately $300 billion of total global advertising spend of $650 billion (excluding about $500 billion of trade support, the primary target of the Amazon advertising platform), and projects that by 2022 this share will grow to approximately 55 per cent.

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S⁴Capital integrated with MediaMonks, the leading, Advertising Age A-listed creative digital content production company,�led by Victor Knaap and Wesley ter Haar, in July 2018, and with MightyHive, the market-leading programmatic solutions provider for future thinking marketers and agencies, led by Pete Kim and Christopher S. Martin, in December 2018. The Company has since added six content and three data and programmatic companies to its two content and data and programmatic practices.

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Victor Knaap, Wesley ter Har, Pete Kim, Christopher�S. Martin, Scott Spirit and Peter Rademaker (formerly Chief Financial Officer of MediaMonks, now Chief Financial Officer�of S⁴Capital), all joined the�S⁴Capital Board as Directors. The S⁴Capital Board also includes Rupert Faure Walker, Paul Roy, Daniel Pinto, Sue Prevezer, Elizabeth Buchanan, Naoko Okumoto and Margaret Ma Connolly.

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The company has a market capitalization of approximately �600 million ($750 million) and approximately 2,500 people in 30 countries, across the Americas, Europe, the Middle-East and Africa and Asia-Pacific.

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Sir Martin was CEO of WPP for 33 years, building it from a �1 million "shell" company in 1985 into the world's largest advertising and marketing services company with a market capitalization of over �16 billion on the day he left, in comparison to under �6 billion currently. Prior to that he was Group Financial Director of Saatchi & Saatchi Company plc for nine years.

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Chairman's Letter

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Dear Shareowner,

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My Executive colleagues, Victor Knaap, Wesley ter Haar, Pete Kim, Christopher S. Martin, Peter Rademaker, Scott Spirit and I are delighted to present our first full year results for the period ending 31 December 2019 to all our shareowners.

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In 2019, we continued to build our existing and new client base, with significant new assignments from Google, SoFi, Amazon, Netflix, Facebook, P&G, Nestl�, The Coca Cola Company, AB Inbev, Vodafone, Merck, Shiseido, Akzo Nobel and Ace Hardware. We have one or two "Whoppers" (clients with revenues over $20 million per annum) already, but we believe we now have several more potential "Whoppertunities".

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2019 also saw significant strengthening and deepening of our content and data practices. MediaMonks added Caramel Pictures, a robotic food and drink studio, BizTech, an Adobe specialist, IMA an influencer marketing agency, Firewood, the largest Silicon Valley digital agency, announced WhiteBalance, an Indian-based creative digital agency and, finally, after the year end, Circus, a Latin American digital agency. MightyHive was no slouch either, adding data and programmatic consultancy ProgMedia in Latin America and two data and analytics consultancies, UK-based ConversionWorks and Korea-based Datalicious. All nine additions are being rebranded over time to the MediaMonks content brand and the MightyHive data and programmatic brand. In addition, separate offices are being consolidated on a city by city basis, as existing leases end and property consolidation opportunities arise. We are also starting to increasingly consolidate our strategic, client content and data and programmatic offer at the S⁴Capital level.

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Our focus on geographical expansion, particularly in Asia Pacific, was further underlined by the appointment of Scott Spirit to the Board of S⁴Capital plc and as Chief Growth Officer. The Board was also strengthened by the appointment of three female Non-Executive Directors. Elizabeth Buchanan has extensive media agency experience in Australasia and the United States. Naoko Okumoto is well versed in Japanese and Silicon Valley internet businesses and Hong Kong-based Margaret Ma Connolly has a grounding in Asia-Pacific and, particularly, China.

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Turning to the results themselves, we thought it would be most useful to compare the reported results not only with last year's reported results, but also on an unaudited like-for-like and unaudited pro-forma basis, particularly given the rapid inorganic expansion of the Company in 2019.

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Billings were �455.8 million, up 671% on reported, up 46% like-for-like and up 47% pro-forma. Controlled Billings, that is billings we influenced in addition to billings that flowed through our income statement, were approximately $ 2.6 billion. Revenue was �215.1 million, up 292% reported, 41% like-for-like and 37% pro-forma.� Gross profit was �171.3 million, up 361% reported, 44% like-for-like and 39% pro-forma. Operational EBITDA was �33.4 million, up 612% on reported, 51% like-for-like and 47% pro-forma. Operational EBITDA margin was 19.5% versus 12.6% reported in 2018, 18.6% like-for-like and 20.1% pro-forma. Adjusted basic net result per share was 5.2p versus 1.0p in 2018, 3.2p like-for-like and 6.0p pro-forma. Result for the period was �10.0 million (loss), versus a reported �8.1 million (loss) in 2018, like-for-like of �17.2 million (loss) and pro-forma of �.5.7 million (loss).� Basic and diluted net result per share were 2.7p per share (loss), versus 3.3p (loss) in 2018, like-for-like 4.7p (loss) per share and pro-forma 1.3p per share (loss). Year-end net cash was �23.7 million, despite taking out a �42.4 million loan to partly fund the MediaMonks combination. In line with our first half statement in September 2019, Operational EBITDA margins improved significantly in the second half from 13.7% to 23.5%, as the first half increased investment in people yielded higher productivity in the second half.

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Pro-forma billings were �513.2 million. Pro-forma revenue was �271.0 million and pro-forma gross profit was �224.2 million up 37% and 39% respectively on 2018. Pro-forma operational EBITDA was �45.0 million, up 47% on 2018, with operational EBITDA margin at 20.1%, up 1.1 margin points on the previous year. Pro-forma adjusted operating profit excluding adjusting items of �40.0 million, was �42.5 million, up 47% on the previous year. Pro-forma adjusted pre-tax profits were �37.1 million versus �23.6 million in the previous year, up 58%. Pro-forma adjusted result for the period was �27.0 million, up 52%.�Adjusted pro-forma basic earnings per share before exceptional items were 6.0p, up from 3.9p in the previous year. In accordance with our previously announced policy, your Board will not declare a dividend, particularly bearing in mind the need to balance funding future growth versus immediate shareowner return, but will be considering the payment of a nominal dividend in the future.

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By geography, on a pro-forma basis, the Americas accounted for 71% of gross profit against 72% in 2018.� Europe, the Middle-East and Africa represented 22% of gross profit against 24% in 2018. Asia-Pacific represented 7% of gross profit against 4% in 2018. Gross profit was up 39% in the Americas, 27% in Europe, Middle-East and Africa and 107% in Asia-Pacific. Our long- term objective is to achieve a geographic distribution of 40% in the Americas, 20% in Europe, the Middle-East and Africa and 40% in Asia-Pacific, particularly given the likely continuing rise of China and India.

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By practice, on a pro-forma basis, digital content accounted for 73% of gross profit against 76% in 2018. The data and programmatic practice represented 27% of gross profit against 24% in 2018. Gross profit was up 33% at the content practice and 59% at the data and programmatic practice. Our long-term objective is to achieve a practice distribution around two-thirds content and one-third data and programmatic, emphasising the growing importance of digital video.

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Significant new business wins include assignments from Google, SoFi, Amazon, Netflix, Facebook, P&G, Nestl�, The Coca Cola Company, AB Inbev, Vodafone, Merck, Shiseido, Akzo Nobel and Ace Hardware amongst others. Our current pipeline is ahead of last year's level.

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The Environment, Society and Governance

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In 2019, the Company upped its game significantly in all three areas. We actively track our CO² emissions and perform better than average compared to a sample of other companies. We have committed to achieve zero greenhouse gas emissions by 2024, in response to the World Economic Forum 2020 Davos Manifesto.

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Last year, we averaged a 1.01 female to male ratio in our Content practice and 0.80 in our Media practice.

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Across S⁴Capital we donated to 28 charities and, in addition, aim to contribute to society and the needs of the planet with our Projects for Good, which are all related to the United Nation's Sustainable Development Goals. In 2019, we delivered 20 Projects for Good.

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We also launched S⁴ Impact Day globally, a volunteering day when all our 2500 people in 30 countries can tangibly give back to their communities of which they are a part.

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As regards Governance, we significantly enhanced the Board with the addition of four new Directors of whom three were female as mentioned above.

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Outlook and current trading

All-in-all, we were firing on all cylinders in 2019, with like-for-like revenue and gross profit up 41% and 44% and pro-forma revenue and gross profit growth of 37% and 39% and an adjusted operational EBITDA margin of almost 20%, after central costs. This performance is planned to continue into 2020, with budgets and plans targeting strong revenue, gross profit growth and improving operational EBITDA margin and with January showing gross profit like-for-like growth of over 30%.

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To date, the impact of the Coronavirus pandemic has been limited. January seemed unaffected. Our Chinese operations, which are small in the context of our overall operations, were closed most of February, but have now re-opened. There have been some limited ripple effects in Europe and the United States and some offices have recently been working from home, as a precaution, with remote working technology, which digital industries are well versed in. As it is difficult to assess the impact of the crisis on our business, we will update the market appropriately. The health and wellbeing of our people, clients and stakeholders remains our priority.

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It is clear that the Company's purely digital model based on first party data fueling digital advertising content and data and programmatic is resonating with clients. Our tag line "faster, better, cheaper" or "speed, quality, value" and unitary, one P&L structure also appeal strongly. The imperative will be to move beyond brand awareness and brand trial to client conversion at scale.

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As with the Company's three-year plan for the period 2019-2021, which we are more than on track on, its three-year plan for 2020-2022 calls for a doubling of revenue and gross profit organically over pro-forma 2019, with an improvement in EBITDA margin.

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Best wishes,

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Sir Martin Sorrell

Executive Chairman

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