Actual Experience : Shareholder Circular and Notice of General Meeting

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document or as to the action you should take, you are recommended to seek your own personal financial adviceimmediatelyfrom your stockbroker, bank manager,solicitor, accountant or other independent financial adviser authorised under the under the Financial Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from another appropriatelyauthorised independent financial adviser.

If you have sold or otherwise transferred all of your Existing Ordinary Shares, please immediately forward this document to the purchaseror transferee,or to the stockbroker,bank or other agent through whom the sale or transfer was effected, for delivery to the purchaser or transferee. If you have sold only part of your holding of Existing Ordinary Shares, please contact your stockbroker, bank or other agent through whom the sale or transfer was effected immediately.

The Directors (whose names and functions appear on page 6 of this document) and the Company (whose registered office appears on page 6 of this document) accept responsibility, both collectively and individually, for the information contained in this document and compliance with the AIM Rules. To the best of the knowledge and belief of the Directors and the Company, the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.

The Existing Ordinary Shares are admitted to trading on AIM. Application will be made to the London Stock Exchange for the Fundraising Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Fundraising Shares will commence on 10 October 2022. The Fundraising Shares will, on Admission, rank pari passu in all respects with the Existing Ordinary Shares and will rank in full for all dividends and other distributions declared, made or paid on Ordinary Shares after Admission.

AIM is a marketdesigned primarily for emergingor smaller companies to which a higher investment risk tends to be attached than to larger or more established companies. AIM securities are not admitted to the Official List of the Financial Conduct Authority ("FCA"). A prospective investor should be aware of the risks of investing in such companies and should make the decision to invest only after careful considerationand, if appropriate, consultationwith an independent financial adviser. The London Stock Exchange has not itself examined or approved the contents of this document. Prospective investors should read this documentin its entirety.

This document contains no offer of transferable securities to the public within the meaning of section 102B of the FSMA, the Act or otherwise. Accordingly, this document does not constitute a prospectus within the meaning of section 85 of the FSMA and has not been drawn up in accordance with the Prospectus Regulation Rules or approved by the FCA or any other competent authority.

Actual Experience plc

(Incorporated under the Companies Act 1985 and registered in England and Wales with registered number 06838738)

Proposed ConditionalPlacing and Subscription to raise £3.0 million

Broker Option to raise up to £0.5 million

Cancellation and Grant of Options, Board Changes, Proposed Appointment of

a Non-ExecutiveDirector and Appointment of Joint Broker

and

Notice of GeneralMeeting

Your attention is drawn to the letter from the Chair of the Company which is set out at page 12 to page 20 of this document and which contains, amongst other things, the Directors' unanimous recommendationthat you vote in favourof the Resolutionsto be proposed at the General Meeting.

Singer Capital Markets Advisory LLP which is authorised and regulated in the United Kingdom by the FCA, is acting as nominated adviser to the Company in connection with the proposed Fundraising and Admission and will not be acting for any other person (including a recipient of this document) or otherwise be responsible to any person for providing the protections afforded to clients of Singer Capital Markets Advisory LLP or for advising any other person in respect of the proposed Fundraising and Admission or any transaction, matter or arrangement referred to in this document. Singer Capital Market Advisory LLP's responsibilities as the Company's nominated adviser are owed solely to London Stock Exchange and are not owed to the Company or to any Director or to any other person in respect of his decision to acquire shares in the Company in reliance on any part of this document. Apart from the responsibilities and liabilities, if any, which may be imposed on Singer Capital Markets Advisory LLP by the FSMA or the regulatory regime established thereunder,Singer Capital Markets Advisory LLP does not accept any responsibility whatsoever for the contents of this document, and no representation or warranty, express or implied, is made by Singer Capital Markets Advisory LLP in relation to the contents of this document, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company, the Ordinary Shares or

the Fundraising and Admission and nothing in this document is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or future. Singer Capital Markets Advisory LLP accordingly disclaims all and any responsibility or liability whether arising in tort, contract or otherwise which it may otherwise have in respect of this document or any such statement.

Singer Capital Markets Securities Limited ("Singer Capital Markets") which is authorised and regulated in the United Kingdom by the FCA, is acting as joint broker and joint bookrunner to the Company in connection with the proposed Fundraising and Admission and will not be acting for any other person (including a recipient of this document) or otherwise be responsible to any person for providing the protections afforded to clients of Singer Capital Markets or for advising any other person in respect of the proposed Fundraising and Admission or any transaction, matter or arrangement referred to in this document. Singer Capital Markets' responsibilities as the Company's joint broker and joint bookrunner are owed solely to London Stock Exchange and are not owed to the Company or to any Director or to any other person in respect of his decision to acquire shares in the Company in reliance on any part of this document. Apart from the responsibilities and liabilities, if any, which may be imposed on Singer Capital Markets by the FSMA or the regulatory regime established thereunder, Singer Capital Markets does not accept any responsibility whatsoever for the contents of this document, and no representation or warranty, express or implied, is made by Singer Capital Markets in relation to the contents of this document, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company,the Ordinary Shares or the Fundraising and Admission and nothing in this document is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or future. Singer Capital Markets accordingly disclaims all and any responsibility or liability whether arising in tort, contract or otherwise which it may otherwise have in respect of this document or any such statement.

Turner Pope Investments (TPI) Limited ("Turner Pope"), which is authorised and regulated in the United Kingdom by the FCA, is acting as joint bookrunner and joint broker to the Company in connection with the Fundraising and will not be acting for any other person (including a recipient of this document) or otherwise be responsible to any person for providing the protections afforded to clients of Turner Pope or for advising any other person in respect of the Fundraising or any transaction, matter or arrangement referred to in this document. Turner Pope is not making any representation or warranty, express or implied, and takes no responsibility for the contents of this document, the proposals described in it, including the Fundraising or for the General Meeting. Turner Pope's responsibilities as the Company's joint broker and joint bookrunner are owed solely to London Stock Exchange and are not owed to the Company or to any Director or to any other person in respect of his decision to acquire shares in the Company in reliance on any part of this document. Apart from the responsibilities and liabilities, if any, which may be imposed on Turner Pope by the FSMA or the regulatory regime established thereunder, Turner Pope does not accept any responsibility whatsoever for the contents of this document, and no representation or warranty,express or implied, is made by TurnerPope in relation to the contents of this document, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company,the Ordinary Shares or the Fundraising and nothing in this document is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or future. Turner Pope accordingly disclaims all and any responsibility or liability whether arising in tort, contract or otherwise which it may otherwise have in respect of this document or any such statement.

Notice of a General Meeting of Actual Experience plc, to be held at offices of Osborne Clarke LLP at One London Wall, London EC2Y 5EB at 10.00 a.m. on 7 October 2022, is set out at the end of this document. Please note that a Form of Proxy is not enclosed with this document. All Shareholders are urged to complete their proxyvote online at www.signalshares.comso as to have been received by the Company's registrars, Link Group, not less than 48 hours (excluding weekends and public holidays) before the time appointed for the meeting or any adjournment of it. Any power of attorney or other authority under which the proxy is submitted must be returned to the Company's registrars at Link Group,PXS1,Central Square,29 Wellington Street,Leeds,LS1 4DL. If a paper form of proxyis requested from the registrars, it should be completed and returned to Link Group, PXS1, Central Square, 29 Wellington Street, Leeds, LS1 4DL to be received not less than 48 hours before the time of the meeting (excluding any part of a day that is not a workingday). Completion of a vote by proxy will not prevent a Shareholder from attendingand voting in person at the General Meeting.

Shareholders who hold their ExistingOrdinary Sharesin uncertificated form in CREST may alternatively use the CREST ProxyVoting Servicein accordance with the procedures set out in the CREST Manual as explained in the notes accompanying the Notice of General Meeting at the end of this document. Proxies submitted via CREST must be receivedby,the registrars, Link Group, (ID RA10) by no later than 10 a.m. on 5 October 2022 (or, if the General Meeting is adjourned, 48 hours (excluding any part of a day that is not a working day) before the time fixed for the adjournedmeeting). The appointment of a proxy using the CREST Proxy VotingService will not preclude Shareholdersfrom attending and voting in person at the GeneralMeeting should they so wish.

A copy of this document is available at the Company's website https://actual-experience.com/reports-results.

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IMPORTANT NOTICE

Cautionary note regarding forward-looking statements

This document includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will", or "should" or, in each case, their negative or other variations or comparable terminology. These forward-lookingstatements include matters that are not historical facts. They appear in a number of places throughout this document and include statements regarding the Directors' current intentions,beliefs or expectations concerning, among other things, the Group's results of operations, financial condition, liquidity,prospects, growth,strategies and the Group's markets.

By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual results and developments could differ materially from those expressed or implied by the forward-looking statements.

Forward-looking statements may and often do differ materially from actual results. Any forward- looking statements in this document are based on certain factors and assumptions, including the Directors' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's operations, results of operations, growth strategy and liquidity. Whilst the Directors consider these assumptions to be reasonable based upon information currently available, they may prove to be incorrect. Save as required by law or by the AIM Rules, the Company undertakes no obligation to publicly release the results of any revisions to any forward-looking statements in this document that may occur due to any change in the Directors' expectations or to reflect events or circumstances after the date of this document.

Notice to overseas persons

The distribution of this document in certain jurisdictions may be restricted by law and therefore persons into whose possession these documents comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The Fundraising Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "US Securities Act") and may not be offered, sold or delivered in, into or from the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. Subject to certain exemptions, this document does not constitute an offer of Ordinary Shares to any person with a registered address, or who is resident in, the United States. There will be no public offer in the United States. Outside of the United States, the Fundraising Shares are being offered in reliance on Regulation S under the US Securities Act. The Fundraising Shares will not qualify for distribution under the relevant securities laws of Australia, Canada, the Republic of Ireland, the Republic of South Africa or Japan, nor has any prospectus in relation to the Fundraising Shares been lodged with, or registered by, the Australian Securities and Investments Commission or the Japanese Ministry of Finance. Accordingly, subject to certain exemptions, the Fundraising Shares may not be offered, sold, taken up, deliveredor transferred in, into or from the United States, Australia, Canada, the Republic of Ireland, the Republic of South Africa, Japan or any other jurisdiction where to do so would constitute a breach of local securities laws or regulations (each a "Restricted Jurisdiction") or to or for the account or benefit of any national, resident or citizen of a Restricted Jurisdiction. This document does not constitute an offer to issue or sell, or the solicitation of an offer to subscribe for or purchase, any Ordinary Shares to any person in a Restricted Jurisdiction and is not for distribution in, into or from a Restricted Jurisdiction.

The Fundraising Shares have not been approved or disapproved by the US Securities and Exchange Commission, or any other securities commission or regulatory authority of the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the Fundraising Shares nor have they approved this document or confirmed the accuracy or adequacy of the information contained in this document. Any representation to the contrary is a criminal offence in the US.

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Presentation of financial information

Certain data in this document, including financial, statistical and operational information has been rounded. As a result of the rounding, the totals of data presented in this document may vary slightly from the actual arithmetical totals of such data. Percentages in tables have been rounded and, accordingly,may not add up to 100 per cent. In this document, references to "pounds sterling", "£", "pence" and "p" are to the lawful currency of the United Kingdom.

Presentation of market, economic and industry data

Where information contained in this document originates from a third party source, it is identified where it appears in this document together with the name of its source. Such third party information has been accurately reproduced and, so far as the Company is aware and is able to ascertain from information published by the relevantthird party,no facts have been omitted which would render the reproduced information inaccurate or misleading.

No incorporation of website information

The contents of the Company's website or any hyperlinks accessible from the Company's website do not form part of this document and Shareholders should not rely on them.

Interpretation

Certain terms used in this document are defined and certain technical and other terms used in this document are explained at the section of this document under the heading "Definitions". All times referred to in this document are, unless otherwise stated, references to London time. All references to legislation in this document are to the legislation of England and Wales unless the contrary is indicated. Any reference to any provision of any legislation or regulation shall include any amendment, modification, re-enactment or extension thereof. Words importing the singular shall include the plural and vice versa, and words importing the masculine gender shall include the feminine or neutral gender.

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CONTENTS
	Page
DIRECTORS,SECRETARYAND ADVISERS ...................................................................................................	6
FUNDRAISING STATISTICS....................................................................................................................................	7
EXPECTED TIMETABLE OF PRINCIPAL EVENTS ............................................................................................	8
DEFINITIONS .................................................................................................................................................................	9
LETTER FROM THE EXECUTIVECHAIR OF ACTUAL EXPERIENCEPLC...........................................	12
NOTICE OF GENERAL MEETING ...........................................................................................................................	21

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