ENTREPRENEURIAL CAPITAL

| N e o V e n t u r e s M a n a g e m e n t | n e o v e n t u r e s . n e t | | h e l l o @ n e o v e n t u r e s . n e t |

OVERVIEW /01

Open-ended investment partnership, focused on a funding cap in Europe’s seed through early stage VC market

Track record in backing founders from emerging Europe and Israel

Focus on emerging Europe: · 7% EU’s GDP* · 15% European VC funding · 20% of European unicorns

3 investment

themes

3 consumer verticals

20% target

IRR

30% seed

stage

70% early stage

€0.5-3M per company

* Excluding Israel and Russia

6-8 investments

Team & track record /02

MANAGER Two entrepreneurs with venture capital experience

Support team

24 principal investments; 8 exits

Raised €45m in two EU based VC funds

Average deal IRR of 15% in Fund I

Net IRR including unrealised gains in Fund II: 19.3%

VENTURE PARTNERS

Industry operators

Technology and product

Sector experts

Current employment: Facebook, Havas, Oracle

Past senior roles: AWS, eBay, Microsoft

Experience in technology investing /03

INVESTMENTS in fund II

Selected exits in Funds I & II Business Intelligence SaaS on AI E-commerce SaaS Real estate market place Cloud collocation center Content management PaaS

IRR 5.2% 3.0% 14%

22.1% 13.0%

Cash Multiple 1.6x 1.3x 1.7x 2.3x 1.6x

Fund or company Neveq I Neveq II Neo Ventures Sofica Group exDebt

Vintage 2007 2014 2017 2005 2014

Industry median 8% 25% 20% n/a n/a

Fund IRR 1%

19.3% 10%

>200% 120%

EXITS ACQUIRERS

investment Strategy: stage & sectors /04

Amount available from single investor (in EUR million)

50.00

CAPITAL GAP IN EUROPE: SEED THROUGH EARLY STAGES*

NEO VENTURES TARGETS CORE B2C SECTORS ~1/2 OF “WALLET”

2% 3%

20.00 IPO 5% 5%

Household goods and services Education

10.00 7.50 Late stage

VC

Private equity

7% 8%

Communication and media Leisure and recreation

5.00 2.50 1.00 0.50

Early stage VC

9%

11%

14%

Hotels and catering

Food and beverages

Health goods and services

0.25 0.05

Angels 17%

18%

Transport

Durable goods and services

Concept and seed stage Start-Up Early Stage Expansion Consolidation and Later stage

*Sources: The Shortage of Risk Capital for Europe’s High Growth Businesses (AFME 2017) ATKearney: consumer wealth and spending: the 12-trillion-opportunity

Clothing and footwear

Alcoholic beverages and tobacco

CONSUMER INVESTMENT SECTORS THEMES

/05

HEALTH

TRANSPORT

COMMUNICATIONS AND MEDIA

DATA ANALYTICS

COMPUTER VISION

investment strategy

SECURITY

BUSINESS MODEL

B2CB2B

Investment strategy: allocation /06

RISK NUMBER GROWTH RETURN

SEED

High

Medium

Low

1-2

1-2

1-2

200%

100%

50%+

20x

10x

5x

MRR* TICKET TIME**

*Monthly recurring revenue ** Stage duration in months

FOLLOW ON INVESTMENT

EARLY

€50K+

€0.5-2M

€1-2M

6m

24m

60m

€0

€50K

€100K+

/07

EXITS

Acquired by US:PROS

OTHER INVESTMENTS

DEAL FLOW

transport communications and media

Acquired by Sirma Group

Experience in target sectors

health

Electric vehicle rental

Acquired by Equinix

ISP provider in India Optimising health of bees

Portfolio - January 2019 /08

*EU Grant

SERV

ICES

prob

lem

MAR

KET S

IZE

14M+ UK patients annually not accurately diagnosed from urine specimens. Cost of testing is high, results can be inaccurate

An app turns phone’s camera into a clinical grade scanner for immediate and accurate test results for either urinary tract infections or pregnancy

Global tracking of assets, telemetry and monitoring of infrastructure for telco and utilities

A platform with spectrometry, image analysis and data analytics deliver results to a secure app on a smartphone or desktop

CubeSats in Low Earth Orbit lack capacity to interconnect. Each CubeSat requires own or rented Ground Station investment

Legalisation of medical cannabis calls for quality control and consistency. Recreational requires labelling similar to alcohol and tobacco products.

$5B in 2025 $12B in 2018 $35B in 2024

Pipeline - January 2019 /09SE

RVIC

ES pr

oble

mM

ARKE

T SIZ

E

Software cloud service providing highly reliable information about traffic and other happening under the surveillance cameras via artificial intelligence.

Self-service platform providing an easy and an affordable access to interactive and lightweight, rich media and video banners.

Traditional tools for traffic data analysis are unreliable, time consuming, expensive, insecure and do not contain any behavioural information.

The most popular technology for building rich media ads is not well optimised for video and animation. Some of the major issues are weight, loading time, SEO challenges and browser incompatibility.

$30B in 2017 $24.2B in 2017

Rich Media Mobile Ad SpendingVideo Surveillance for safety and security

Fund overview /10

Size

NEVEQ I € 22.5 M

NEVEQ II € 20M

NEO VENTURES > €50M target Opening

NEO VENTURES 20/9/2017

Vintage Domicilie Structure Legal advisor Auditor Fees IRR Status NAV Investments

2007 Cayman Islands LP Conyers Dill EY 2.5/20 -1.26% Invested Quarterly 8

2014 Luxemburg SICAR Arendt Mazaars 3/20 19.3% Invested Quarterly 14

2017 Bulgaria LP with shares Cameron McKenna Deloitte 2/20 Target: 20% Fundraising Bi-annual EY Target: 7

First closing Second closing Third closing Hurdle rate Corporate tax Dividend tax Distribution Arbitration

03/2018 07/2018 05/2019 6% 10% 5% Mandatory 90% UK Law

Legal Structure /11

FRAMEWORK

Limited Partners

A B C PE DD

NEO VENTURES KDA

Manager investment

Management services

Fee and Carried Interest

NEO VENTURES MANAGEMENT OOD

A B C D

Manager

50% 50%

Evergreen investment partnership Onshore structure based in EU Bulgaria partnership limited by shares, benefiting from 10% corporate tax rate Low cost administration SHA regulated by English law Limited liability partners subscribe shares, based on NAV Manager is responsible for the overall management of the partnership Returns are delivered through dividends, shares buy-back and liquidation

RAISED CAPITAL BY COUNTRY:

Switzerland USABulgariaCanadaFranceAustralia

53%

23%

18%

VENTURE PARTNERS INVESTMENT MANAGER

INVESTOR ADVISORY BOARD

/12

SOURCING DEAL MONITORING EXITS DISTRIBUTIONS

TOOLS Neo QuickFit Neo Scorecard Compliance

Independent NAV-EY KYC Conflicts check Anti-fraud / AML

INVESTMENT COMMITTEE

Risk management & Infrastructure

DUE DILIGENCE

TERM SHEET

INVESTMENT MEMO EXIT OR HOLD

DIVIDENDS

CARRIED INTEREST

COMPENSATIONS

ANNUAL REPORT

BOD MEETINGS

QUARTERLY REPORT

MONTHLY KPI s

IC APPROVAL

QUICK GO/NO GO

“Escape velocity” support /13

VENTURE PARTNERS EXPERTISE

Sourcing

Industry expert Product/Tech expert Industry

Entry Deal

Manager

Exit Deal

Venture Partners

Manager

BUSINESS CONFIGURATION

Profit model

Structure

Network

PRODUCT STRATEGY

Product performance

Product ecosystem

Channel

CUSTOMER EXPERIENCE

Service

Brand

Customer experience

Entry Growth

Manager

Venture Partners

Co-founders of Neo Ventures

PAVEL EZEKIEV

Co-founder, Neo Ventures Finance, languages & neuroscience Co-founder of NEVEQ I & II, emerging markets venture capital funds backed by private and institutional investors Co-founder and chairman of Sofica Group, acquired by TeleTech (US:TTEC) Former chief country officer of Deutsche Bank Bulgaria and investment banker at Deutsche Bank London

DEYAN DOBREV

Co-founder & CFO, Neo Ventures Economics & finance Founder of exDebt, a debt management solution provider Former CFO, senior executive & board member in consumer goods, technology & telecommunications, energy, general industry & agriculture companies

/14

Team /15

Investment Team

Co-founder of a BPO firm, acquired by TeleTech Microsoft, Deutsche Bank Ex-CEO of InvestBulgaria

10 years in corporate finance M&A advisory 10 joint transactions with Pavel Ezekiev

Digital brand and platform building for multinationals in technology, financial services and consumer goods

Venture Partners

BIOGRAPHY RELEVANT EXPERIENCE

Pavel Ezekiev Partner

Deyan Dobrev Partner

Galatea Nyagolova OPERATIONS Management

Raised and invested €50m for 2 EU VC funds 8 exits with average 1.5x MoC and 12% IRR Over €50m raised in follow-on investments Financial and public-private sector leadership roles

Experienced entrepreneur CFO of industrial and services corporates Founder of a successful debt management firm 5 years of joint experience with the GP team

6+ years of experience in managing digital products, mobile and web within media and digital agencies 4+ years of experience in leading UX, design and development teams

Alvaro Millan

Commercial CFO of Havas Media Over 15 years in media/tech Formerly with eBay and brokerage Renta4

Ivan Ivanov

Cybersecurity manager at Facebook Led AI teams at Facebook Formerly Amazon, Google. London

Ben Matheson

Group Vice President, Oracle 20 years in leading technology companies Formerly Amazon Web Services, VMWare, Formerly finance and marlketing, Microsoft

Christian Thaler-Wolski

Advisor at Hotjar Startup advisor and mentor to early and growth stage entrepreneurs in B2B SaaS and enterprise software Formerly investor with Paua Ventures and Wellington Partners

DISCLAIMER

These materials are delivered for informational purposes only and are based on information obtained from publicly available sources, internally developed research and other sources assumed to be reliable. No guarantee, warranty or representation, express or implied, is given as to completeness or accuracy of the information provided. In the case information is not obtained from internally developed or external sources, such information reflects our current views which constitute our good faith judgment as of this date, but shall in no case constitute an advice or recommendation and may be subject to change at any time without notice. All information is subject to change without notice. By providing these materials Neo Ventures Management Ltd. shall incur no obligation to provide any further information or to issue an invitation to any party to participate in any process related to any current and potential transactions mentioned in this document. These materials are intended for the sole use of the person or entity to which they are addressed. The materials may not be transmitted further, reproduced, redistributed or passed on to any other person or entity or published, in whole or in part, for any purpose, without the written consent of Neo Ventures Management Ltd. If an entity which is not the named addressee or the authorized representative receives these materials, it agrees that it shall not disclose, reproduce, distribute or disseminate these materials or any part of them. These materials do not constitute an offer or solicitation to sell or purchase any securities or participation in any projects and are not a commitment by Neo Ventures Management Ltd. to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Neo Ventures Management Ltd. and any of its representatives or employees disclaim any liability whatsoever for any direct or consequential loss arising from any use of these materials or their contents. In particular, we disclaim all liability to any entity with regard to anything done or omitted to be done, and with respect to the consequences of anything done or omitted to be done, wholly or partly, in reliance upon information provided in these materials. If you have received these materials in error, please notify the sender immediately, delete all electronic files, which are affected by the error and discard any paper copies of this message. All third party data is copyrighted by and proprietary to its provider.

CONTACTS

Neo Ventures Management Ltd.

14 Tzar Osvoboditel Blvd, Floor 1 1000 Sofia, Bulgaria

Pavel Ezekiev Managing Partner +359 894 733 169 pavel@neoventures.net

Deyan Dobrev Managing Partner +359 885 033 486 deyan@neoventures.net

www.neoventures.net