Nov 2018

TABLE OF CONTENTS

1. Who we are

2. Our Expertise

3. The Team

4. Our Process

5. Case Studies & Testimonials

6. Our Addressable Market

8. Our Competition

10. The Roadmap & Milestones“By pushing the boundaries of science and technology, our mission is to improve

the efficiency of global crop production, and

to feed the world’s growing population

sustainably.”

We provide advanced crop analytics to farmers, using Machine Learning based algorithms of imagery captured by drones, satellites and planes.

WHO WE ARE

#1 Machine Learning player for drone/satellite/plane imagery of crops

4x revenue growth YoY

>100 customersacross 6 countries

32 employees (Data Scientists, Engineers & Sales)

Key partnerships with major Agribusiness & Agronomy firms globally

Proven ROI through targeted inputs

More than 95% customer retention

50,000

100,000

0

200,000

150,000

UAV Hectares Flown (UK cumulative)

2016 2017 2018

Forecast volume of data processed (terabytes)

Actual volume of data processed (terabytes)

80

60

40

20

0

Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018 2019 2020

Accumulation of substantial data sets

1

Hummingbird’s Expertise

Hummingbird's software applies Machine Learning science to satellite, plane and drone imagery in order to help farmers and the Big Ag supply chain to:

Protect / increase yields

Optimise inputs (e.g. chemicals, water, seed)

Make earlier and better decisions

Be more sustainable

2

Will Wells CEO & Founder

Ed PlowmanCSO

Tom GreenChairman

Keith NormanBoard Advisor

Petri Lehtonen CTO

THE TEAM

● Track record of tech and entrepreneurial ventures

● 10+ years of Hedge Fund management and M&A experience

● MBA at INSEAD

● Experienced CTO ● Software architecture and

platform scaling expert● Track record of building

engineering teams locally and in Ukraine

● Computer vision expert with extensive experience in Machine Learning

● 19+ years leadership at ARM and through Softbank acquisition

● Extensive global experience at leading Agritech businesses

● Former CEO, Spearhead, led through Paine Schwartz Partners buyout

● Chairman of LEAF Marque and Director at Pessl Instruments

● Head of Google UK Retail● Founder of Glasses Direct, led

through VC backing ● Built starts ups to successful exit

(Glasses Direct in 2013)

● 29+ years at Velcourt as Technical Director

● Agricultural background and leading UK Ag Tech figure

Kip PendletonConsultant

Jamie Murray-Wells Non-Executive Director

3

● Previously Founder, CEO and Chairman of DirectAg

● 18 years in the biotech industry, with DuPont Pioneer, Syngenta Northrup King and Dow AgroSciences Mycogen Seeds

● Chairman, Tillerman Seeds, Chairman, BioControl, Director, Farmobile

HOW WE DO IT IN UNDER 24 HOURS?

4

WHAT TANGIBLE VALUE DO WE DELIVER TO OUR CUSTOMERS?

GAIYIELD

PREDICTION MAP

PO

TATO

VALUE ADD: Better

Storage

ROI: £30 p/h

WEED MAP

Case Studies & Testimonials

ROI: £10 p/h

VALUE ADD:

Targeted Herbicide

VALUE ADD:

Targeted N

PLANT COUNTING

ROI: £14 p/h

VALUE ADD:

Replanting

SU

GA

RB

EE

T

CE

RE

ALSPRODUCT:

Yield Prediction

PRODUCT: Canopy

Management

PRODUCT: Weed

Classification

PRODUCT: Plant

Counting

“With Hummingbird we are farming to potential, not hope.”

Farmer, Lincolnshire

“Hummingbird’s variable rate nitrogen tool allows us to generate detailed application plans based on the actual needs of the crop.”

Farmer, Dorset

“The shapefile download enables me to easily input application plans into my machinery.”

Farmer, Worcestershire

“Hummingbird’s platform is intuitive, easy to use and accessible on both my computer and phone when I’m field walking.”

Farmer, Wiltshire

ROI: £49 p/h

OS

R

5

Hummingbird’s global opportunities with key strategic customers...

MARKET OPPORTUNITY

CANADA>50 million hectares

UK >3 millionhectares

UKRAINE >32 millionhectares

RUSSIA>123 millionhectares

CHINA>119 million

hectares

AUSTRALIA>30 million

hectares

NEW ZEALAND>13.9 million hectares

BRAZIL>28 millionhectares

USA>65 millionhectares

6

OUR ADDRESSABLE MARKET HAS EXPANDED WITH A WIDENING APPEAL OF THE VALUE PROPOSITION...

Institution? Primary Driver Secondary Driver Tertiary Driver % 2020 Forecast Revenues

Financing Stage

Large Farms Save time Optimise inputs Environmental compliance

10 Seed

Farm Mgmt Co’s Optimise inputs Performance benchmarking

Environmental compliance

15

Independent Agronomists Efficacy of product choice

Manage more hectares Assert independence 10

Agronomy Distributors Sell more product Deepen customer ties Start conversations 10

AgChem - Crop Protection Efficacy of product Deepen distributor/ customer ties

Environmental compliance

15

AgChem - Plant Nutrition Efficacy of product Deepen distributor/ customer ties

Environmental compliance

10

Ag Equipment Proprietary technology enhancement

Customer acquisition Driverless push 5

Govt Departments Environmental KPIs Improved spending Monitoring 5

Big Food Increase food production

Environmental sustainability

Customer led demand

5

Science & Academia Augment R&D Access to new data and imagery streams

Commercialise research

5

FInancial Services Manage and price risk Help customers be more efficient

Sustainability 10Series B

7

Machine Learning, Sophisticated

Analysis

Hardware Orientated, Manual Analysis

WHO DO WE COMPETE WITH?

Agronomy Led, Crop Specific Focus

High Level Analysis, Generic Play 8

Our focus is on high value knowledge and action

IN SUMMARY● Market leading, Machine Learning powered platform● Proven Return on Investment (ROI) for customers● Data-centric problem solving

We offer...A crop analytics and field insights platform using remote sensing, based on smart algorithms, computer vision and machine learning combined unlike our competitors

Why would farmers use us?To dramatically improve yields, and optimise inputs. Results are increased profits, reduced overspends and steps towards a more environmentally sustainable mode of farming. 2018 optimisation of inputs for customers was up to 45% improved.

Our users are..Making more informed, real time & accurate predictive decisions to manage farms, fields and crops both efficiently and effectively - downloadable shapefiles in under 24hrs

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WHAT’S NEXT IN OUR EXISTING ROADMAP...

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Platform design enhancement

Advanced weed classification Irrigation zoning, soil prediction

Enhanced image processing & machine learning

Field varieties support

Enhanced & smart scouting

API integration with major industry players

Adv notifications

Self-onboarding

Field management zones

Deep Learning, Reports & Informatics

Data layers & modelling

Q4 2018

Q1 2020

Market Expansion

Global satellite

Plane Data Layer Disease detection

Crop damage estimatesEngagement

Remote sensing

Usability

10

MILESTONES

2017

Prototype creation Field monitoring

Roll out to paying customers

22 analysis & application maps across 7 crops

Mobile App

Global satellite offering

Redesign of platform

Global self-onboarding

API integration

Personalised dashboard

Predictive forecasting and detection

Historical comparison

Yield prediction

Full scope mobile scouting application

Start of UAV flights

Development of image processing pipeline

Machine learning classifier model development

Experimentation with Hyperspectral imaging

Automation of image processing and calibration

Machine learning classifier accuracy of c.80%

600% Y-o-Y increase of flight data processed Q2 & Q3

R&D of hyperspectral data

Introduction of high precision products (plant counting, canopy management, crop variability)

Improvement of Machine Learning algorithm accuracy to 90%+

Deployment of Hyperspectral analysis

Deployment of Machine Learning forecasting model to 90% accuracy

Increase accuracy of weed vs crop vs soil segmentation to 80-85%

Establishment of distributed development teams

Integration of thermal and hyperspectral satellites

Integration of LIDAR sensors

Commercialisation of hyperspectral sensors

What have we achieved so far and where are we heading?

Pro

du

ctTe

chn

ical

2016 2018 2019 202011

MILESTONES

Velcourt strategic partnership

Incubated at Imperial College

Awarded £250,000 of support from Google via credits

50 paying customers

Brazil trials

Large scale trials with BASF

2 UK innovation government grants won

Won European Space Agency project

Key new partners: Beeswax Dyson

4x Y-o-Y revenue growth

Start of operations in Brazil, Australia, New Zealand, Russia, and Ukraine

Core team growth to 32

ROI for oilseed rape of 40%+

>100 customers

Key partners: DEFRA, NIAB, Cranfield

Won Innovate UK Peas grant

CogX Best AI product for Agriculture

3.2x Y-o-Y revenue growth

Start of operations in North America

Core team grows to 50

Key partners: AB Sugar, PepsiCo, John Deere

Financial product development

Targeting 1.5x upsell on each customer

LTV : CAC ratio of 3.0+

2x Y-o-Y revenue growth

Start of Africa operations

Core team grows to 80

Key partnership with FIGs

>5,000 customers (incl. satellite only customers)

What have we achieved so far and where are we heading?

Com

mer

cial

20172016 2018 2019 202012

CASH OUT

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Satellite data £200k

Int’l expansion£400k

Machine learning agronomy £1M

Storage & processing£1M

Equipment costs£800k

WHERE WE ARE ON DECEMBER 2017 FUNDRAISE DELIVERY PLAN

Current Operational burn £1.7M

Satellite data incorporated into platform

Australia market entry

Current cash £400k

Cash flow breakeven

CASH IN

Accelerate international expansion - North America

MILESTONES ON OUR ROUTE TO BREAK EVEN

Core team reaches 25

>50% of all flights now outsourced

Other £600k

2019 YE cash £300k

Complete

TODAY

On track

£3.4MInvestment

Revenue£4M

£1.5MPilots & Academics

Core team PayrollTech & Sales

£2M

Brazil trials end

European growing season begins Russia &

Ukrainemarketentry

Soybean product developed

10 months of runway

Cumulative 1 million hectares analysed

#1 Market Share in Europe

13

By scaling our platform globally and developing high value products, we aim to be profitable by 2020

Profitability through scale and proven

4x revenue growth

Rapid customer growth85%+ year-on-year

Proven pipeline conversion

Value per core customer up 55%+ year-on-year

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APPENDIX

Will Wells CEO

Petri Lehtonen CTO

Vadym KononenkoCFO

Ed PlowmanCSO

Alexander JevonsCMO

Helen KeevilHead of Customer Experience

Rehana Anwar Head of Product

Nick AndersonAgronomist

Alesdair HitchinsSenior Image Analyst

Virginie BonnefondImage Processing Engineer

Will SchwierSoftware Engineer

Austin Chungath Big Data Engineer

Said KharboucheSenior Data Analyst

Shaun DowlingData Scientist

Carlos Ortega HuetosTechnical Lead

Tomasz LisSoftware Engineer

Louise RixSales Account Manager

Pedro de CarvalhoSales Account Manager

Bruce MilliganAgronomist

Ben SmithField Ops Manager

Arthur Soames Bus Development

Jake Willis Fleming Research Analyst

Jeff GouldingBus Development

Mélissande MacheferData Analyst

Tom Green Chairman

Jamie Murray-Wells Head of Google UK Retail

Keith NormanConsultant

Advisory Board}François Lemarchand

Data Analyst

Marcello RamosHead of Brazil

Jack Williams-EllisResearch Analyst

Zack HartshorneHead of Australia & NZ

We have an experienced team with in-depth technological expertise

Incubated at Imperial College London

Team of INSEAD MBA graduates, experienced engineers and Phd scientists

Product developed with commercial and agronomy teams at European Agribusinesses

Kip PendletonConsultant

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The Hummingbird Demo

CLICK TO PLAY

PROCESS

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Structural ‘winds of change’ are helping to accelerate our growth

PROCESS

Delivery mechanisms for analysis and integration of IOT on farm devices

● IOT digitalisation of farms● Variable rate spraying● An uptake in delivery

capabilities through the broadening of 3G/4G

● Smart irrigation

Aviation regulations are easing

• Introduction of Extended/Beyond Visual Line of Sight EVLOS / BVLOS

• Hummingbird already front of queue • Dramatic cost reduction• FAA momentum, with CAA to follow

Hardware & Software Improvement

• Lower costs through rapid innovation and commoditization in hardware: increased battery life, greater range (UAVs);

• Higher camera resolution, greater availability of data sets and raw cloud computing power all serve to unlock Hummingbird’s Machine Learning potential Public Support?

• EU and other legislation for technological innovation that encourages targeted inputs in crop management

• Greater public awareness and support across the food chain for responsible farming and environmental stewardship

22

M&A Comps - Fundraising environment is robust

Date Company HQ Description Raised Valuation Noteable Investors

Nov-2018 Taranis Israel Precision agriculture intelligence platform $20m n/a Viola. Nutrien, Vertex, OurCrowd, Sumitomo, Finistere Ventures

Sep-2018 Sentera USIntegrated remote sensing, analytics, and Iot solutions - hardware sensors $14m n/a S2G Ventures, Continental Grain Group, Middleland Capital

Jun-2018 Ceres Imaging US Computer vision and spectral imaging tech $25m n/a Insight Venture Partners, Romulus Capital

May-2018 Resson Canada Drone, satellite and robot based data platform $14m n/a Mahindra, McCain, Rho Canada Ventures, BDC, Monsanto

Feb-2018 TerrAvion USA Aerial imagery from manned aircraft to farmers $10m n/a Merus Capital, Promus Ventures, Initialized Capital, 10x Group

Jan-2018 Precision Hawk US Aerial data & safety solutions for commercial UAVs $75m n/a Comcast, Intel, Yamaha Motor, Verizon Ventures

Jan-2018 Kisan Hub UK Digital agronomy platform and data dashboard £1.75m n/a Notion Capital, IQ Capital, Calibrate Management

Nov-2017 Ceres Imaging US Computer vision and spectral imaging tech $2.5m n/a Romulus Capital

Oct-2017 Solvi US Machine learning analytics startup $12m n/a Scale Venture Partners

Jul-2017 Prospera Israel AI, cameras, climatic sensors for greenhouses $15m $35m Bessemer, Qualcomm

May-2017 Mavrx US Satellite and plane imagery for agriculture exit n/a Taranis

May-2017 Taranis Israel Precision agriculture intelligence platform $7.5m n/aFinistere Ventures, Vertex Ventures, OurCrowd, Mindset

ventures

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Date Company HQ Description Deal Valuation Investors

Aug-2017 Blue River US Machine learning weed detection for iceberg lettuce Exit $305m John Deere

Jul-2017 Precision Planting US Develops precision seed spacing and depth control products Exit n/a AGCO acquired

May-2017 Mavrx US Satellite and plane imagery for agriculture Exit n/a Taranis

Mar-2017 Resterra (IPF/AgSpace) UK Precision agronomy through data science Exit £16m Origin Enterprises

“ By pushing the boundaries of science and technology, our mission is to improve the efficiency of global crop production, and to feed the world’s growing population sustainably. ”

Will Wells (CEO & Founder)will@hummingbirdtech.com35 Soho Square, London, W1D 3QX

UNITED KINGDOM - AUSTRALIA - NEW ZEALAND - BRAZIL - RUSSIA - UKRAINE

www.hummingbirdtech.com

@HummingbirdTechUK

@TechHummingbird

Get in touch

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