Cascade AI PLC - Letter to Shareholders

29 October 2026

Cascade Studio AI plc

("Cascade" or the "Company")

Letter to Shareholders

Cascade Studio AI (AQSE: CASC), the AI-native production platform built for filmmakers, creators, agencies and brands, has today published a letter to shareholders. The purpose of the letter is to explain to shareholders who were on the register prior to the recent acquisition of Cascade Holdings Limited, what has happened in terms of the acquisition process, what Cascade does, the market opportunity and the team behind the business.

A copy of the letter will shortly be posted to all shareholders named on the Company’s share register as of today. The full text of the letter can also be read below.

To the shareholders of Cascade Studio AI plc (formerly Mollyroe plc)

Dear Shareholder,

You may not be aware but the company you own shares in has changed completely following an acquisition. Mollyroe plc, which was an investment company, has acquired Cascade, an AI-native film production platform. The Company has been renamed Cascade Studio AI plc and its stock market ticker has changed from MOY to CASC.

You do not need to do anything. You still own your shares and they are still traded on the Aquis Stock Exchange. What has changed is what those shares represent: no longer an investment vehicle, but a wholly owned technology business with a live product. We are now onboarding paying customers and have funds to grow.

This letter explains what has recently happened, what Cascade does and why we believe it is good news for you.

What happened: a substantial acquisition

On 9 October 2026, shareholders approved the acquisition of Cascade Holding Limited at a General Meeting and new shares issued in connection with the acquisition were admitted to trading on 12 October 2026. Through this substantial acquisition, a private operating business joins an existing listed company and that listed company takes on the new business as its own.

How we got here. Mollyroe was originally Secure Property Development Plc, which was listed for more than 20 years but liquidated its last property investments by early 2024. In April the same year, a group of new investors took a stake, renamed the Company and repositioned it as a technology investment vehicle. After a planned medical technology investment fell through in 2025, the Board turned its attention to Cascade. From September 2025, Mollyroe invested £725,000 into Cascade through convertible loan notes, making Cascade its sole investment. Once Cascade's platform launched publicly in June 2026, it made sense to bring the whole business inside the listed company.

The main terms.

• Acquisition: The consideration of £4.68 million to acquire Cascade was satisfied through the issuing of new shares (1,759,144,693 shares at 0.266p each).
• Fundraise: £1.93 million (net of expenses) was raised from new and existing investors at the same 0.266p price, to fund Cascade's growth.
• Loan note conversion: £445,000 of convertible loan notes issued by Mollyroe in March 2026 converted into 178,000,000 shares.
• Founders locked in: The Cascade founders cannot sell their consideration shares for 12 months, and any sales in the 12 months after that must be made in an orderly way through the Company's broker.

What this means for your shareholding.

• Share consolidation: On 14 October 2026, every 10 existing shares were combined into 1 new share. If you held 100,000 shares, you now hold 10,000. The share price adjusts by roughly the same factor, so the value of your holding is unaffected by the consolidation itself. Holdings in CREST have been updated automatically; certificated holders will receive new share certificates.
• Dilution: Shares issued to the Cascade founders, new investors and advisers mean the Company has far more shares in issue than before. Shareholders on the register before the acquisition now hold a smaller percentage of the Company. However, the Company now has an operating business with a live product and cash to back its growth strategy.
• Name change: Your existing share certificates in the Secured Property Developments Plc and Mollyroe name remain valid. Please keep them.

What Cascade does

Cascade is a single online platform where a film can be made from first idea to final cut, using artificial intelligence to do much of the heavy lifting, while people keep every creative decision. It runs in a web browser, needs no special hardware and is sold by subscription at cascadestudio.ai.

Today, making even a short film with AI tools requires juggling many separate apps: one for scripts, another for images, another for video, another for sound and another for editing. Characters change appearance from shot to shot, files get lost between programmes and costs pile up across multiple subscriptions. Cascade replaces that patchwork with one connected workspace.

Every stage of production in one place. A filmmaker can move through each step without leaving the platform:

1. Artboard: an open canvas to develop ideas and test concepts.
2. Script: write or upload a screenplay and turn it into a shooting script.
3. Storyboard: lay out the film shot by shot.
4. Characters, environments and props: design the people, places and objects in the story once, then reuse them throughout.
5. Scenes and video: generate the moving pictures for each scene.
6. Audio: add dialogue, voices and sound, including voice cloning.
7. Editor: cut and polish the finished piece on a timeline.

Consistency is the breakthrough. Cascade's proprietary asset system remembers every character, location and prop, so a hero looks the same in the final scene as in the first. This has been one of the biggest weaknesses of AI video and it is what makes Cascade suitable for series, franchises and brand campaigns, rather than one-off clips.

A personal AI assistant called Gary. Users simply talk to Gary in plain language. Gary directs a team of specialist AI agents behind the scenes, so the whole platform works together on the user's request.

Built for professionals. Several people can work on the same project at once. Users' work is never used to train AI models, and their intellectual property stays theirs. Cascade brings together leading AI models chosen specifically for filmmaking, under one subscription.

Who it is for? Independent filmmakers, production studios, advertising agencies, brands, publishers and anyone who owns stories they want to bring to screen. Projects already made on the Cascade platform range from short films and animated series to trailers, commercials and music videos.

The team and early progress

Cascade was built by people who have worked on some of the biggest films of the past decade, including Avengers: Endgame, No Time To Die, Wicked and Masters of the Air.

Progress since launch.

• June 2026: Cascade opened to the public as an open beta with a free trial, releasing product updates every week.
• Partner production: With bully! entertainment, a studio known for work on the Avatar and Jurassic World franchises, Cascade produced the trailer for the sci-fi story world Vega from script to finished trailer in three weeks, entirely inside the platform.
• Major IP agreement: Cascade has signed a services agreement with a major intellectual property rights holder, which will use the platform to make videos and films based on its own characters and stories.
• First enterprise customers: The first enterprise-level customers have been onboarded, and a pipeline of trials with studios, agencies and rights holders is building. Some of these are expected to become enterprise client relationships in the final quarter of 2026.
• 9 October 2026: The beta closed and the platform became fully live.

Why this is good news for you

Before this deal, your shares were in a company with no trading business. Mollyroe had no revenue, ongoing costs and little value. A shell like that only creates value if it finds the right business to own. The Board believes Cascade is that business.

• You now own part of a real operating company. Your shares are backed by a live product, a proprietary technology platform, a growing user base and its first enterprise customers.
• The business is funded. The £1.93 million raised will pay for marketing, customer acquisition, key hires and further development of the platform, so Cascade can push for growth now that it is fully live.
• It is in one of the fastest-moving markets in the world. AI is changing how films, advertising and online video are made. Cascade aims to be the platform where that work happens, rather than one tool among many.
• The people running it have proven track records in film, visual effects and games, and they have built and led creative technology businesses before.
• Management's interests are tied to yours. The founders were paid entirely in shares, not cash, and their shares are locked in for at least a year. They only do well if the share price does well.
• A clearer story for the market. As Cascade Studio AI plc, the Company now has a name, a product and a growth plan that investors can understand, which gives it a far better chance of attracting attention and investment than an anonymous shell.

As with any early-stage technology company there are risks. Cascade must turn early interest into recurring subscription revenue, compete with well-funded AI companies, rely on third-party AI models and cloud services and may need further funding as it grows. We will be open with you about progress against these challenges.

Our ambition

Our goal is to build Cascade into a major filmmaking tool over the coming years: the platform that independent creators, studios, agencies and brands turn to by default when they want to tell a story on screen.

We intend to get there in clear steps:

1. Convert and grow: turn trial users into paying subscribers and expand our user base through a creator programme, community building, content marketing and a presence at industry events and festivals.
2. Win larger customers: convert our pipeline of studio, agency and rights-holder trials into enterprise contracts, starting this quarter.
3. Keep building the product: release Cascade V1, add more collaborative features and, in time, a desktop version that can run on a user's own hardware.
4. Grow with partners: work with publishers and owners of characters and stories to help them turn their intellectual property into films, series and campaigns.

The founders' description of Cascade is "the Unreal Engine of storytelling": the foundation that a whole industry builds on. That is the scale of our ambition and we are delighted that you are part of it.

We will keep you updated through regular announcements and we encourage you to try the platform for yourself at cascadestudio.ai. Thank you for your continued support.

Yours sincerely,

Dominic Wheatley

Non-Executive Chairman, Cascade Studio AI plc

This letter contains forward-looking statements about the Company's plans and ambitions. These reflect current intentions and are not guarantees of future performance. The value of shares can go down as well as up. If you are unsure about your investment, please consult an independent financial adviser.

ENDS

For further information, please contact:

Cascade Studio AI plc

Darren Hopkins, Chief Executive Officer

+44 (0) 7595 641 591

Cairn Financial Advisers LLP - Aquis Corporate Adviser

Mark Anwyl

Ed Downes

+44 (0) 20 7213 0880

Fortified Securities – Lead Broker

Guy Wheatley

Guy.Wheatley@Fortifiedsecurities.com

Yellow Jersey PR

Charles Goodwin

Alex Crean

+44 (0) 20 3004 9512

cascade@yellowjerseypr.com

About Cascade

Cascade is an all-in-one production platform built to scale professional-grade productions. It takes projects from first idea to finished film, series or micro-drama - in one place, with one subscription. Write the script, develop storyboards, create the assets, generate video and audio, and polish the final edit without switching between apps or losing the thread of a project.

Built by a multi-award-winning team with deep roots in filmmaking, VFX and virtual production, Cascade connects every stage of the creative process through a single environment. Proprietary AI and asset-management technology keep characters, worlds and creative decisions consistent from scene to scene - delivering the control and quality of a professional production, without the cost or complexity.

One platform. Every stage. Total creative control.