Confidential 1

Investor Presentation January 2018

Confidential 2

Subash Menon

Managing Director

Subash co-founded Pelatro in April

2013. Prior to Pelatro, Subash was the

CEO and Founder of Subex – a

company he transformed from a

systems integrator in telecoms

hardware to a global leader in telecoms

software for business optimisation.

Subash also guided Subex through a

successful IPO in 1999 and through

seven acquisitions in the UK, US and

Canada.

Nicholos Hellyer Finance Director

Nic, is a Chartered Accountant and

former investment banker of over 25

years of experience. Nic spent the

majority of his banking career at UBS

and HSBC, advising on a wide range of

transactions including public takeovers,

private M&A, IPOs and other equity

fund raisings. Nic has also spent time in

industry as CFO of Buddi Limited, and

is currently consultant to Opus

Corporate Finance.

Presentation Team

2

Confidential 3

Overview

Founded in 2013, Pelatro has developed and deployed its proprietary

technology, mViva, to provide precision marketing, particularly for

Telcos

mViva uses Big Data analytics to channel the right offer, to the right

customer, at the right time

Pelatro’s precision marketing delivers Telcos up to 5% incremental

revenue per year

Existing customer base includes Tier 1 Telcos in developing markets

such as Robi Axiata and Dialog – proceeds from the IPO will be used to

grow in developed markets

Profitable, cash generative and has visibility

PAT of $0.82m on revenue of $1.55m for the 6 month period

ended 30 June 2017

Visibility of $3.2m revenue for the year ending 31 December

2017

Headquartered in the UK, with subsidiaries in US and Singapore and

software development in India

Proven ability to win business in emerging markets; fundraising to

accelerate market opportunity in developed markets

Founding team has track record of execution

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Confidential 4

The Market

CSPs lag behind other verticals in rolling out comprehensive MCCM capabilities. The market

offers good growth opportunities for vendors. There are a small number of CSPs, mostly in

emerging markets, which will have 50 different real-time, multichannel campaigns — most are still

working with one or two campaigns.

Multi Channel Campaign Management Report 2017

Gartner Inc.

CSP – Communications Service Provider

MCCM – Multi Channel Campaign Management

In the telecom industry, emerging markets have faced tougher competition, making it necessary for them to be more

innovative with marketing initiatives

Developed telecoms markets seen as mature and ex-growth; always looking to increase ARPU to drive top line

Pelatro has developed proprietary technology which is end-to-end, robust, flexible and easy to use

Competitive positioning – chosen by Tier 1 Telcos to replace solutions from IBM, Oracle etc.

Pelatro’s strong position in emerging markets places the Company well to enter new geographies in the developed

markets

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Confidential 5

Telco Market Dynamics

Source: Strategy & Research and Analysis 2017

Average Revenue Per User

(ARPU) dropping Subscriber addition dropping

Source: GSMA Intelligence 2016 A

RP

U

Unique mobile subscriber penetration (global average)

Mobile subscriber penetration Subscriber growth (year-on-year)

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Confidential 6

Peter

Margaret

Marketing to a Segment of One (N=1)

Highly relevant offers

Contextually connected offers

Closed loop marketing

Using data-driven insights to deliver the right message, to the right person, at

the right time, through the right channel

Precision Marketing

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Confidential 7

Pelatro Methodology

Generate a detailed profile for each subscriber by collecting all available data from

different data sources within the Telco’s operations

Generate personalised campaigns that will be relevant to each individual

subscriber, on the basis of the analysis of profile and behavioral data available

Dispatch campaigns through relevant channels, track response and fulfill rewards

Keep improving the efficacy of the campaigns through machine learning

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Confidential 8

mViva deploys customised and proprietary Big Data technology to deliver end-to-end

solution – patent filing in process for IP protection of highlighted technologies

Proprietary Technology

Smart

Hypercube

Based data

modelling

Nimble

In-Memory

distributed

cache

Intelligent N

Dimensional

Vector search

framework

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Confidential 9

Singapore

Bangladesh

Sudan

Global Footprint

US

Cambodia

Office Locations

Customer Locations

Morocco

UK

Sri Lanka

Malaysia

9

Bahamas Senegal

Confidential 10

IPO to help

expand in US and Europe

Active opportunities

in pipeline

Growing Markets

Product in deployment

phase in three telcos

Product deployed in five telcos

Asia – 7

Africa – 5

Caribbean – 2

Latin America-1

Central and Eastern

Europe – 3

Currently focused on

growing markets

with financially

stable telcos

Current Deployment & Pipeline

10

70m subscribers

0.25m subscribers

15m subscribers

12m subscribers

14m subscribers

12m subscribers

14m subscribers

3m subscribers

Confidential 11

Robi Axiata – Case Study

Robi Axiata is the 2nd largest mobile operator in Bangladesh

Previous providers: UK company, Business Logic Systems (wholly owned by

NASDAQ listed Evolving Systems Inc.) could not meet Robi’s requirements.

FlyTxt replaced them through a conventional RFP, but could not implement

Robi resorted to a different process and invited various providers (IBM, SAS,

Intersec, Lumata, Pelatro and others) to demonstrate a set of use cases. This

process was repeated three times as the use cases became more complex and

some providers were shortlisted

Those on the final shortlist were thoroughly examined on a number of technical

aspects like product architecture, deployment architecture, scalability, high

availability, computing environment etc. and Pelatro was chosen for a Proof of

Concept (PoC) implementation

Upon successful completion of the PoC, Robi Axiata entered into a contract

with Pelatro and paid us the recurring licence fee for 25m subscribers

After a few months, Robi procured a licence for unlimited subscribers 11

Confidential 12

Robi Axiata – Case Study Contd.

Benefits for Robi Axiata

Campaign take up rate doubled

RoI of 8 to 10 months

Incremental revenue of US$ 3 mln in the 1st year (including the ramp up

period) going up to US$ 4 to 5 mln from the 2nd year onwards

Benefits for Pelatro

Large and well respected network belonging to the Axiata Group as

reference, with operations in 8 countries

Contracts won with other Axiata Group opcos like Smart, Cambodia and

Dialog, Sri Lanka

Other opcos of the Axiata Group are in discussion with Pelatro

More opcos of the Axiata Group opting for mViva from Pelatro

demonstrates their appreciation of mViva and their confidence in Pelatro

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Confidential 13

Telco Market Opportunity – Medium Term

Total : 12

Target Group : 5

Total : 116

Target Group : 60

Total : 140

Target Group : 120

Total : 160

Target Group : 105

Total : 34

Target Group : 26

Total : 56

Target Group : 46

North America

Latin America

Africa

Europe

Middle East

APAC

Overall market forecast to grow to US$ 2.7Bln in 2019

CAGR from 2014 to 2019: 19% Source: Markets & Markets 2016

362

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Confidential 14

Corporate Structure

100% ownership

Pelatro Plc, UK

Pelatro Pte. Ltd.

Singapore

Pelatro Solutions Pvt. Ltd., India

Pelatro LLC

USA

14

Confidential 15

Captive software development

centre (SDC) staffed by highly

experienced and skilled software

professionals and data scientists in

Bangalore, India

Personnel have significant telecom

domain experience

All intellectual property is owned by

Pelatro Pte. Ltd., Singapore

Pelatro Solutions, India

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Confidential 16

Revenue Gain Share

Licence

Managed Services

Pelatro earns a share of the

monthly revenue gain

generated by our product –

10% to 20%

Customers:

Bahamas Telecom

Sudatel

Expresso

Licence: Pelatro licenses the

product with additional

licence fee based on growth

of subscribers in the network

Includes on-going

maintenance income

ranging from 10-15% of the

cumulative licence fee and

Change Requests

Customers:

All other customers

Pelatro earns a fixed monthly

fee for providing the product

and managing the operations

Revenue Models

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Confidential 17

No. of Customers – 1 No. of Customers – 2

No. of Customers – 6

Customer Concentration

Increasing diversity of customers and regions – reducing

customer concentration over time

2015 2016

2017

17

Confidential 18

18

Historical Financial Information

Profit and Loss 2015 2016 H1 2017

US$’000 US$’000 US$’000

Continuing operations

Revenue 1 353 1,205 1,548

Cost of sales 2 (239) (632) (354)

Gross profit 114 573 1,194

Other income 45 - -

Administrative expenses 3 (129) (213) (222)

Profit before tax 30 360 972

Income tax expense - - (153)

Profit for the year from continuing operations 30 360 819

Discontinued operations

(Loss) for the year from discontinued operations 4 17 (49) -

Profit for the period/year 47 311 819

Attributable to:

Owners of the Company 45 314 822

Non-controlling interests 2 (3) (3)

47 311 819

FX differences 19 (19) (2)

Other comprehensive income 19 - 817

Total comprehensive income 66 292 817

Attributable to:

Owners of the Company 62 297 820

Non-controlling interests 4 (5) (3)

66 292 817

Earnings per share

From continuing operations 5 0.3c 2.0c 4.5c

Notes:

1) Revenue (and cost of sales) for 2017 includes $262,000

arising from sale of hardware to a customer

2) Other than the amount referenced in Note 1, Cost of Sales

represents amounts invoiced from Pelatro India and

expensed

3) Includes amortisation of intangibles of $43,000 (2015),

$139,000 (2016) and $65,000 (H1 2017)

4) Discontinued operations represent Pelatro India, acquired

in July 2015, disposed of in April 2016; figures shown are

net of notional inter-company profit of $20,000 (2015) and

$10,000 (2016) – underlying profit/(loss) in subsidiary was

$36,000 (2015) and ($34,000) (2016)

5) Pro forma before issue of new shares

Confidential 19

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Historical Financial Information

Balance Sheet as on 31.12.2015 31.12.2016 30.06.2017

US$’000 US$’000 US$’000

Non-current assets

Intangible assets 1 130 357 529

Total non-current assets 130 357 529

Current assets

Trade and other receivables 250 157 923

Cash and bank balances 67 196 347

317 353 1,270

Assets classified as held for sale 2 603 - -

Total current assets 920 353 1,270

Total Assets 1,050 710 1,799

Current liabilities

Trade and other payables

3 80 331 523

Deferred revenue - - 80

80 331 603

Liabilities directly associated with assets

classified as held for sale

4

941 - -

Total current liabilities 1,021 331 603

Total liabilities 1,021 331 603

Equity

Capital 20 20 20

Retained earnings 45 359 1,181

Foreign exchange reserve 17 - (2)

Equity attributable to owners of the Company 82 379 1,199

Non-controlling interests (53) - (3)

Total equity 29 379 1,196

Total equity and liabilities 1,050 710 1,799

Notes:

1) Represents value of amounts invoiced from Pelatro India

and capitalised (c. 40% in 2015, 36% in 2016, 72% in H1

2017)

2) Represents gross assets of Pelatro India (including

goodwill of $515,000 but net of $352,000 of inter-company

amounts)

3) Net of inter-company amounts per Note 2

4) Represents gross liabilities of Pelatro India

Confidential 20

2017 2018 2019

Gain Share 1.00 2.00 1.60

Support - 0.21 0.32

Licence 2.20 1.34 0.35

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

US

$ M

illi

on

Revenue Visibility

Visibility is based on licence revenues from existing licence contracts, services

revenues from existing licence contracts based on historical trend and continuing

revenue from existing gain share contracts based on expected trend 20

Confidential 21

Growth Strategy

Telco

Telco – US

& Europe

Telco

Finance

Retail

Telco

Telco – US

& Europe

Telco

Telco – US

& Europe

Telco

Finance

Retail

2018 2019 2020

Current Product,

Current Market

Current Product,

New Market

New Product,

Current Market

Current Product,

New Vertical

21

Confidential 22

Summary

A global group with world wide operations

Enabling corporate clients to reach deeper into

their customer base

Helping clients to generate incremental value

from their existing customer base

Historic revenue growth, profitable and cash

positive

Growth profile underpinned by long term

contracts

22

Confidential 23

Appendix

23

Confidential 24

Customer Reference

Campaign management is an area which needs tremendous flexibilities as new requirements and

new ideas keep on coming every day and Pelatro scores high from both technical and people

perspectives. mViva’s state of the art technology framework optimizes not only the infrastructure cost

with the use of Hadoop but also accelerates time to market, thanks to the compatibility with

virtualized environment. From a people perspective, Pelatro team has a comparatively better Telco

business understanding compared to other vendors we have worked with, namely in their ability to

come up with proactive recommendations to improve the business outputs. The tremendous rigor to

handle new requirements and the can-do mindset from top to bottom are to be praised. We

compliment Pelatro’s high spirited team who are always willing to go beyond limits to reach

excellence.

Supun Weerasinghe, Group CEO

Dialog Axiata Plc, Sri Lanka

In the past, telcos mainly focused on customer addition to achieve growth. Given the

penetration and competition, that strategy will not work anymore. This means telcos must focus

on customers quite extensively in order to mine them deeply. For that to be possible, telcos

must have deep understanding of each customer which can only be attained using big data

analytics and campaign management solution. Thus, now and in the years to come, campaign

management is a critical function that all telcos will stress upon and invest in as the key activity

for sustained growth. This is evident from the CLM teams that telcos are now setting up to work

exclusively in this critical area.

Kamal Okba, Director B2C

Inwi, Morocco

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Confidential 25

Customer Reference

Robi was looking for an end to end campaign management system with the capability of smart

profiling, segmentation, dynamic offer creation, intelligent communication, execution and campaign

performance analysis. Having all these under one platform was really challenging. The integration of

mViva in Robi Axiata was a very complex and difficult project due to the number of points of

integration, critical nature of the network elements, velocity of transactions, real time operation and

the extremely large volume of data involved. Pelatro excelled in this task due to their deep

knowledge of the domain and network thereby ensuring a smooth, efficient and successful

implementation. Pelatro has been welcoming our new requirements with great spirit. They are

always willing to go beyond the scope to excel in performance.

Mohammad Saiful Islam,

GM – IT & Charging Tech.

Robi Axiata Limited, Bangladesh

25

Confidential 26

Board Members

Subash Menon Sudeesh Yezhuvath

Nic Hellyer Richard Day

Founded Subex and

led its growth from

zero revenue to US$

120 million in telecom

software within a

span of 8 years

during which period

he took the company

public and also

concluded several

acquisitions.

As COO of Subex,

was responsible for all

business functions

including Sales,

Marketing,

Engineering, Product

Management, Human

Resources etc. He has

had varied experience

in leadership positions

over a 26 year period.

Nic, is a Chartered

Accountant and former

investment banker of

over 25 years’

experience. Nic spent

the majority of

his banking career at

UBS and HSBC, and

has also spent time in

industry as CFO and

consultant .

A qualified solicitor,

co-founded Arden

Partners. Was

instrumental in

launching and

Cogenpower to the

AIM market. Is the

CFO of AIM listed

iEnergizer and is on

the board of Greka

Drilling & EGS Energy.

Managing Director Executive Director Finance Director Non-Executive Chairman

Pieter Verkade

Non-Executive Director

Pieter spent 20 years

working in numerous

C-level and board

roles for various

companies within the

telecom industry.

These included

Telenor, Orange and

MTN, where he

worked across both

Europe and Africa.

26

Confidential 27

1999 2004 2008

Start-up competing

with Ericsson,

Alcatel, HP etc

Start-up

75+ Installations

40+ Countries

Global Leader

200+ Customers

70+ Countries

Global Dominance

Founded by Subash in telecom Fraud & Revenue Assurance space

- Revenue grew from US$ 3.24 million in 2000 to over US$ 100

million in 2012, recording a CAGR of 33% – Listed on NSE (India),

BSE (India), LSE, Singapore Exchange and

Luxembourg Exchange

Track Record – Subex Story

27

Confidential 28

Current Shareholding Structure of Pelatro Plc

Note: Kiran Menon and Varun Menon are the sons of Subash Menon; Sudeesh Yezhuvath and Suresh Yezhuvath are the brothers of Subash Menon

28

Name of the Shareholder No. of Shares Holding

Kiran Menon 4,842,122 19.9%

Varun Menon 4,842,122 19.9%

Sudeesh Yezhuvath 3,309,309 13.6%

Suresh Yezhuvath 2,294,613 9.4%

Herald Investment Management Ltd. 1,600,000 6.6%

Artemis Fund Managers Ltd. 1,200,000 4.9%

Rathbones Investment Management 1,089,828 4.5%

Maven Capital Partners UK LLP 800,000 3.3%

Free Float 4,335,258 17.8%

Total 24,313,252 100.0%

Confidential 29

Disclaimer

The following presentation, including these slides, other materials distributed and any verbal information given

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29