From: Pary Bell Date: July 7, 2025 Subject: Important Update from The Podcast Exchange (TPX) Since 2018, The Podcast Exchange (TPX) has been a pioneer in building the podcast advertising market in Canada. We’ve worked hard over the years to support advertisers and publishing partners and deliver real value. Despite those efforts, the business has faced sustained financial challenges for some time. We have reached the point where we can no longer continue to operate in the normal course. Because of this, TPX will be filing what is called a Notice of Intention to Make a Proposal (NOI) under the Bankruptcy and Insolvency Act. I want you to know this is not a step I wanted to take. I was brought in to help stabilize the business and we worked hard to find another path, but we have simply run out of time and options. This is a formal legal process that gives us time to evaluate our obligations and try to develop a realistic plan with our creditors. It is intended to create time and structure to address the situation in an orderly way rather than in chaos. I want to be clear that I understand this news will be upsetting and frustrating, especially for valued partners who are owed money. Filing an NOI does not erase those obligations. It creates a structured legal process to work with creditors on what can realistically be paid and on what terms. This is not an easy message to share. We are taking this step because failing entirely without any plan would be worse for everyone involved. Our goal in the immediate term is to continue delivering where we can, collect receivables, and preserve as much value as possible to support any proposal to creditors. I know this will raise questions and concerns. I will do my best to answer them honestly. Please feel free to reply to this email if there is anything you would like to discuss or clarify. More About This Process: The Company has been experiencing financial difficulties. In an effort to address these difficulties, the Company will be filing a Notice of Intention to Make a Proposal (a “NOI”) under the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (Canada) (the “BIA”). The NOI filing is intended to provide the Company with time to develop a proposal to its creditors and to work to stabilize the business. A NOI is the first step in a legal process in which the Company may effect a restructuring and provides the Company with an initial thirty-day stay of proceedings, during which its creditors cannot take steps to commence or continue enforcement proceedings against the Company. During this period, the process is designed to help ensure that suppliers are paid for goods and services provided to the Company so that operations can continue in an orderly way. The Company will be working with its professional advisors during the proposal period to determine if a viable proposal can be made to its creditors that would allow the Company to continue as a going concern. TDB Restructuring Inc. is the proposed trustee under the NOI and will providing you with additional information in due course. They will be leading the next phase of this process in close coordination with the Company. Thank you for your understanding. Best regards, -pary Pary Bell CEO, The Podcast Exchange (TPX)