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Forward Looking Statements management’s projections will be realized. In particular, financial projections from periods Industry and Market Data
The information in this presentation and the oral statements made in connection therewith further in the future require reliance on more assumptions than for periods in the near This presentation includes market data and other statistical information from sources
include “forward-looking statements” within the meaning of Section 27A of the Securities future, and accordingly, the actual results for such periods may be more likely to differ believed to be reliable, including independent industry publications, governmental
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as substantially from the information presented herein. NPA’s independent auditors have not publications or other published independent sources. Some data is also based on the
amended. All statements, other than statements of present or historical fact, regarding audited, reviewed, compiled, or performed any procedures with respect to the projections good faith estimates of respective management teams of AST and NPA, which are derived
a proposed business combination between New Providence Acquisition Corp., a Delaware for the purpose of their inclusion in this presentation, and accordingly, have not expressed from a review of internal sources as well as the independent sources described above.
corporation (“NPA”), and AST & Science LLC (“AST”), the ability to consummate the an opinion or provided assumptions and estimates underlying the projected information Although AST and NPA believe these sources are reliable, neither have independently
transaction, the benefits of the transaction and the combined company’s future financial are inherently uncertain and are subject to a wide variety of significant business, economic verified the information and cannot guarantee its accuracy and completeness.
performance, strategy, future operations, estimated financial position, estimated revenues, and competitive risks and uncertainties that could cause actual results to differ materially
and losses, projected costs, prospects, plans and objectives of management are forward from those contained in the projected information. Inclusions of the projected information Trademarks and Trade Names
looking statements. The words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” in this presentation should not be regarded as a representation by any person that the NPA and AST own or have rights to various trademarks, service marks and trade names
“estimate,” “expect,” “project,” the negative of such terms and other similar expressions results contained in the projected information will be achieved. that they use in connection with the operation of their respective businesses. This
are intended to identify forward-looking statements, although not all forward-looking presentation also contains trademarks, service marks and trade names of third parties,
statements contain such identifying words. These forward-looking statements are based Product Images which are the property of their respective owners. The use or display of third parties’
on current expectations and assumptions about future events and are based on currently The images of the products that appear in this presentation, including AST technology the trademarks, service marks, trade names or products in this presentation is not intended to,
available information as to the outcome and timing of future events. Except as otherwise SpaceMobile service, are renderings based on management’s current expectations and are and does not imply, a relationship with NPA or AST, or an endorsement or sponsorship by
required by applicable law, NPA and AST disclaim any duty to update any forward-looking not meant to be representative of the actual product; AST technology and the SpaceMobile or of NPA or AST. Solely for convenience, the trademarks, service marks and trade names
statements, all of which are expressly qualified by the statements in this section, to reflect product are still under development and the final products may differ from the renderings referred to in this presentation may appear without the ®, TM or SM symbols, but such
events or circumstances after the date of this presentation. presented in this presentation. references are not intended to indicate, in any way, that NPA or AST will not assert, to the
fullest extent under applicable law, their rights or the right of the applicable licensor to
NPA and AST caution you that these forward-looking statements are subject to numerous Important Information For Investors and Shareholders these trademarks, service marks and trade names.
risks and uncertainties, most of which are difficult to predict and many of which are In connection with the proposed business combination, NPA intends to file a proxy
beyond the control of either NPA or AST. These risks include, but are not limited to, statement with the SEC. The definitive proxy statement and other relevant documents Financial Information
with respect to AST, loss of its senior management or technical personnel, its limited will be sent or given to the shareholders of NPA and will contain important information Non-GAAP Financial Terms Certain financial information and data contained this
operating history, potential delays or technical difficulties in developing and establishing about the proposed business combination, information about AST and related matters. presentation is unaudited and does not conform to Regulation S-X promulgated by the
a global satellite based communications system, its reliance on third parties for a supply NPA shareholders and other interested persons are advised to read, when available, SEC. Accordingly, such information and data may not be included in, may be adjusted
of equipment and services, its inability to adequately protect intellectual property rights, the proxy statement in connection with NPA’s solicitation of proxies for the meeting of in, or may be presented differently in, any proxy statement/prospectus or registration
global economic conditions and continued effects of COVID-19. Information concerning NPA shareholders to be held to approve the business combination because the proxy statement statement or other report or document to be filed or furnished by NPA and AST with the
and risks associated with an investment in securities of NPA can be found in its periodic will contain important information about the proposed business combination. When SEC. Furthermore, some of the projected financial information and data contained in this
filings with the Securities and Exchange Commission (the “SEC”), including its Annual available, the definitive proxy statement will be mailed to NPA shareholders as of a record presentation, such as EBITDA (and related measures), has not been prepared in accordance
Report on Form 10-K for the fiscal year ended December 31, 2019 and subsequent quarterly date to be established for voting on the business combination. Shareholders will also be with United States generally accepted accounting principles (“GAAP”). NPA and AST believe
filings on Form 10-Q. NPA’s SEC Filings are available publicly on the SEC”s website at able to obtain copies of the proxy statement, without charge, once available, at the SEC’s these non-GAAP measures of financial results provide useful information to management
www.sec.gov website at www.sec.gov and investors regarding certain financial and business trends relating to AST’s financial
condition and results of operations. AST’s management uses these non-GAAP measures
You should not construe the contents of this presentation as legal, business, or tax advice Participants in Solicitation for trend analyses and for budgeting and planning purposes. NPA and AST believe that
and should consult with your own attorney, business advisor, and tax advisor as to legal, NPA, AST and their respective directors and officers may be deemed participants in the the use of these non-GAAP financial measures provides an additional tool for investors
business, tax, and related matters related hereto. You must rely on your own examination solicitation of proxies of NPA’s shareholders in connection with the proposed business to use in evaluating projected operating results and trends in and in comparing AST’s
of NPA and AST, and this summary, including the merits and risks involved and not on any combination. NPA shareholders and other interested persons may obtain, without charge, financial measures with other similar companies, many of which present similar non-GAAP
representation made or alleged to have been made by NPA, AST or any agent of NPA or AST. more detailed information regarding the directors and officers of NPA in NPA’s Annual financial measures to investors. Management of AST does not consider these non-GAAP
You should also consult your own legal, tax, or investment counsel regarding the legality Report on Form 10-K for the fiscal year ended December 31, 2019. Additional information measures in isolation or as an alternative to financial measures determined in accordance
or suitability of your investment in these securities under applicable legal, investment, will be available in the definitive proxy statement when it becomes available. with GAAP. The principal limitation of these non-GAAP financial measures is that they
or similar laws, regulations, or fiduciary standards. The information in this presentation is exclude significant expenses and income that are required by GAAP to be recorded in AST’s
not targeted at the residents of any particular country and is not intended for distribution No Offer or Solicitation financial statements. In addition, they are subject to inherent limitations as they reflect
to, or use by, any person in any jurisdiction or country where such distribution or use This presentation does not constitute a solicitation of a proxy, consent or authorization the exercise of judgments by management about which expense and income are excluded
would be contrary to local law or regulation. Furthermore, the securities referred to in this with respect to any securities or in respect of the business combination. This presentation or included in determining these non-GAAP financial measures. You should review AST’s
presentation are not available to persons resident in any jurisdiction or country where such also does not constitute an offer to sell or the solicitation of an offer to buy securities, audited financial statements, which will be presented in NPA’s proxy statement to be filed
distribution would be contrary to local law or regulation. nor will there be any sale of securities in any state or jurisdiction in which such offer, with the SEC, and not rely on any single financial measure to evaluate AST’s business. A
solicitation or sale would be unlawful prior to registration or qualification under the reconciliation of non-GAAP financial measures in this presentation to the most directly
Use of Projections securities laws of any such jurisdiction. No offering of securities will be made except comparable GAAP financial measures is not included, because, without unreasonable
The financial projections presented in this presentation represent the subjective views by means of a prospectus meeting the requirements of Securities Act of 1933, as amended, effort, AST is unable to predict with reasonable certainty the amount or timing of non-GAAP
of AST and their management’s current estimates of future performance based on many or an exemption therefrom. adjustments that are used to calculate these non-GAAP financial.
assumptions which management believes are reasonable, but which may or may not be
actually realized. There can be no assurance that management’s views are accurate or that
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AST Investor The Introduction 04
Presentation
The Market 13
The Technology 19
The Business 23
The Financials 27
The Transaction 33
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Appendix 39
The
Introduction
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Management Team
New Providence
Acquisition Corp. Alexander Coleman
Chairman
Citicorp Venture
Capital
Gary Smith
Chief Executive Officer
• Extensive private equity experience, including senior positions • CEO of Big Red Inc. where he successfully acquired and built
at Citicorp Venture Capital and Dresdner Allianz a diversified beverage company recently sold to KDP in 2018
• General telephony experience with financing emerging mobile • Co-CEO and COO of Red Bull, NA during introduction, expansion
New Providence Acquisition Corp. companies and as a lead investor in PCS and mobility service and growth in North America; held senior management positions
companies at PepsiCo
(NASDAQ: NPA) is a $230 million • MBA from Cambridge and BA in Economics from University • MBA from The University of Dallas and a BA in finance
publicly-traded Special Purpose of Vermont from Mississippi State University
Acquisition Company (SPAC) formed
in partnership with UBS O’Connor
and a proven management team James Bradley, CFA UBS O’Connor, LLC
• 25 years of finance, accounting and M&A experience including • UBS O’Connor LLC sits in the asset management arm of UBS AG,
10 years as CFO of Big Red Inc and is dedicated to absolute return investment management,
• Broad M&A experience across numerous industries in KPMG’s with over $6.6 billion of assets under management
Transaction Services practice and Arthur Andersen’s Corporate • Approximately 50 investment professionals with broad experience
Finance practice across asset classes and capital markets
• BBA in Finance from University of Texas where he graduated • Member of the sponsor group, New Providence Management, LLC
with honors
NPA Highlights
• Management has over a decade Management and UBS O’Connor • NPA believes AST SpaceMobile
working together with a proven have originated extensive possesses the attributes to
track record of executing on deal flow generate superior returns to
difficult initiatives to drive growth Reviewed over 400 companies investors through a proprietary
and profitability to deliver superior and engaged in discussions with and protected business model
returns to shareholders 50 potential opportunities across which will transform the multi-
a wide variety of industries faceted mobile wireless industry
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Global Mobility
Market
Designed to eliminate coverage
gaps and enable billions of people
Significant financial opportunity globally to stay connected through
that will change the lives of billions
of people around the globe
their mobile phones
$1 Trillion
global mobile wireless services market
5 Billion
mobile phones moving in and out
of coverage
51%
global population without mobile
broadband
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Transaction Valuation Capital Ownership
Transaction Structure Structure
Summary
• New Providence • $1,298mm of equity • AST SpaceMobile is • 43% AST SpaceMobile
Acquisition Corp. issued to existing expected to receive Founder
(NASDAQ: NPA) is a AST SpaceMobile $423mm in proceeds,
publicly-listed special shareholders (100% net of transaction • 28% Other existing
purpose acquisition rolled equity) expenses AST SpaceMobile
company with $232mm shareholders
in trust • Anticipated $1,392mm • Post transaction close,
pro forma enterprise cash proceeds will • 13% PIPE shares
• $230mm PIPE value be used to fully fund
commitments, Phase 1 commercial • 16% SPAC shares 1
Note: Please see slide 2 for more information regarding
including strategic and • Implied 1.4x 2024E launch
non-GAAP measures. financial investors EBITDA of $1,014mm
1. Assumes no redemptions of New Providence
Acquisition Corp.’s existing shareholders and
offers attractive • No debt on balance
transaction expenses of $39mm see slide 34 • Existing AST SpaceMobile investor entry point sheet at close
for additional details.
shareholders will be
subject to 12-month
lock-up
• AST SpaceMobile
employee stock options
will be subject to two-
year lock-up
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Tom Severson
Experienced
• Former CFO of EMC, Myxer, Nicklaus, Paxson,
early on Sinclair Broadcast Group and KPMG
Chief Operating Officer • $3.2bn in acquisitions, $6.2B in capital raise
Chief Financial Officer • $1.5bn in sales transactions
Technology
Leadership Dr. Huiwen Yao • 30+ years RF engineering + satcom
• Prior: Northrop Grumman Innovation
Chief Technology Officer Systems (Orbital ATK)
• 40+ GEO satellites built
1. Source: space.com
• 5 billion mobile-phone installed user base • 750+ patent claims provide technological barrier
• Advances in mobile technology and related to entry
infrastructure, in particular cloud-based network • First-mover advantage of a new technology solution
virtualization and superior system architecture
• Satellite launch costs have fallen 90% since 2008 1 • Binding, mutually exclusive commercial agreements
• Advances in miniaturization and reduced power needs with large, global wireless companies
driving low latency, low earth orbit satellite system
architecture
• Broadband serves as a human necessity and
a human right
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Strategic Investors Customers
Industry-Leading
Strategic
Partners #1 Mobile Network
Operator
(Outside China)
#1 e-Commerce
Platform in Asia
(Outside China)
Source: Nasdaq, WCIS, Gartner and S&P Global.
#1 Global Cell
Tower Company
#1 Manufacturer of
Mobile Phones
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Key
Giant total addressable market
Global wireless services market generates over $1 trillion 11:40 5Gs
in annual revenue via 5 billion mobile phones
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The
Market
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Everyone
Connected
all the time
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Market $1 Trillion 5 Billion 4 Billion
Opportunity addressable wireless mobile phones today people remain
services market that constantly move unconnected to
globally in and out of coverage cellular broadband
“AST & Science has the potential “At Vodafone we want to ensure
to support our efforts to connect everyone benefits from a digital
users across Japan through society – that no-one is left
mobile innovation, expanding behind. We believe SpaceMobile
national coverage from is uniquely placed to provide
metropolitan to remote areas universal mobile coverage, further
and bolstering the network in enhancing our leading network
times of natural disaster.” across Europe and Africa -
especially in rural areas and
during a natural or humanitarian
disaster - for customers on their
15
existing smartphones.”
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3.3 Billion Key Regions SpaceMobile Penetration
Connecting the Covered, but
0.7 Billion
Not covered and • Equatorial region has large portion • Phase 1 deployment targets key Equatorial
Unconnected
of unconnected population regions with greatest connectivity need
not connected not connected • India and Africa are densely • Phase 1 will provide access to connectivity
to cellular populated with limited access for 1.6bn people
broadband to reliable mobile connections • Subsequent phases expand into Europe
and North America while increasing
penetration in high-need Equatorial areas
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Direct via Indirect via First & Only Direct
Expanding Specialized Complex, Expensive Broadband
beyond Mobile Phones Hardware To Mobile Phones
traditional
satellite end
markets
Today Coming
1. Market size based on the sum of 2019A revenues
of included providers, AST SpaceMobile market size
based on GSMA estimate of total cellular wireless
market spend. Providers
Project Kuiper
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SpaceMobile LEO Systems Advantage
low earth
orbit network User Terminal
Cost
$1,000 per subscriber
today, declining over time
$0
comparison
By connecting directly to existing mobile Expected Total $510 million (Equatorial)
phones, SpaceMobile will have the lowest Many $ billions
customer acquisition costs and immediate
Project Cost $1.7 billion (Global + MIMO)
access to the $1 trillion cellular wireless
market, offering a unique opportunity for
an attractive entry point valuation
Number of 20 (Equatorial)
Many thousands
Satellites 168 (Global + MIMO)
Source: News reports, including articles regarding space
sector investments and LEO projects
https://www.cnbc.com/investing-in-space/
Enterprise, Maritime,
End Market Aviation, Government, Cellular Wireless
Residential
Expected
Saturated end markets 373 million (2027)
Subscribers
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Technology Patented
Ultra-powerful satellites
Highlights leveraging proven technologies
Seamless
Automatic roaming from
land networks to space
Everywhere
Truly global 4G/5G speeds
on land, at sea and in flight
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Superior
space-based Satellites at 700km altitude
offer low-latency and attractive
low-latency look angles
architecture
fixed terrestrial cells globally with
broadband capacity
Direct link to
Gateways Terrestrial
unmodified mobile
/ Partner Telecom
phones and other
Network Network
cellular devices
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Design Build Integrate & Test Launch
Executing the
vision with
Tier 1 Partners Potential launch
partners
1 1
AST SpaceMobile owns all key
technologies and partners with
the best suppliers globally to design,
build and launch satellites
PSLV
3
161
space scientists
and engineers
24
of whom
are PhDs
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The
Business
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Executed Commercial Signed MOUs
Key Commercial Agreements
Partners
610mm
50/50 Revenue Share 344mm 57mm
SpaceMobile service will be offered to the
1.3 billion existing subscriber relationships
of AST SpaceMobile’s wireless partners
(very efficient super-wholesale model)
171mm
Source: Company filings and company websites.
19mm 3mm
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Phase 1 Commercial service expected to be Country Covered Population Unconnected
(Land Mass Covered)
Markets
Under MOU
Indonesia - 100% 273,523,615 95,074,234
Nigeria - 80% 164,911,671 82,687,914
Coverage addresses over 700 million
Brazil - 50% 106,279,709 31,499,440
unconnected people
Colombia - 100% 50,882,891 14,698,579
Venezuela - 100% 28,435,940 6,692,729
Other Markets Under MOU 27,051,939 6,952,270
Source: Estimated population data per GSMA. Total Markets Under MOU 651,085,765 237,605,166
Other Markets
Ethiopia - 75% 86,222,691 58,542,800
Ivory Coast - 100% 26,378,274 12,815,642
Cameroon - 95% 25,218,570 12,299,816
Guinea - 80% 10,506,236 5,451,016
Sierra Leone - 100% 7,976,983 4,105,170
Other Covered Markets 287,449,232 127,562,725
Total Other Covered Markets 443,751,985 220,777,169
Coverage Equatorial
constellation
Phase 2
45 Satellites
North America,
Europe and Asia
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The
Financials
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Super-wholesale, 50/50 Provides access to upside of service adoption, while
Business revenue share model partners cover portion of costs (e.g., marketing, customer
acquisition, backhaul)
Model
Substantial revenue Automated service offered to existing installed user base allows
Highlights growth revenue to ramp quickly
Phased network Satellite launches and commercial service split up into phases
builds so only $510mm total expected cost for Phase 1 (cash flow
positive thereafter)
Reduced project Significantly lower costs than other LEO networks because
costs no user antenna and fewer satellites required
Clearly identified More capacity can be added dynamically to the network to scale
28
ROIC with demand
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Commentary Projected Subscribers
Financial Millions
• ARPUs appropriately priced for developed countries $7.62 $7.62 $7.62 $7.62 $7.62
vs. developing countries based on GSMA monthly
cellular pricing data
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Commentary Projected Revenue
Financial $mm
Projections • Telco subscriber base in place upon commercial Global Equatorial 107% 3-yr CAGR
launch accelerates revenue generation
(cont’d)
$181 $1,070 $2,625 $5,812 $9,655
• Low-cost operating model expected to result in 90%+ $130 $1,014 $2,560 $5,731 $9,554
EBITDA margins
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2023 2024 2025 2026 2027
Financial
$ in Millions,
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
except ARPU figures
Cumulative Satellites
Projections
- 20 110 168 168 168 233 336 336 336
Deployed
Equatorial Revenue
-
-
-
-
$1.03
$67
$1.03
$208
$1.03
$508
$1.03
$993
$1.03
$1,423
$1.03
$1,670
$1.03
$1,919
$1.03
$2,221
Monthly ARPU - - $2.67 $2.62 $2.62 $2.62 $2.66 $2.69 $2.71 $2.70
Phased financial plan, becoming
profitable in three years and delivering Global Revenue - - $114 $862 $2,116 $4,819 $8,233 $10,721 $12,166 $14,225
significant growth and profits thereafter Total Subscribers - - 9 44 108 234 373 467 531 620
Monthly ARPU - - $1.68 $2.02 $2.02 $2.07 $2.15 $2.21 $2.21 $2.21
Note: Please see slide 2 for more information regarding
Total Revenue - - $181 $1,070 $2,625 $5,812 $9,655 $12,391 $14,086 $16,445
financial projections and non-GAAP measures.
1. 2021E-2023E capex shown reflects full global
coverage with MIMO deployed in Japan, Europe % Growth NM NM NM NM 145% 121% 66% 28% 14% 17%
and North America.
Less: OpEx (36) (47) (51) (56) (65) (81) (102) (116) (125) (138)
EBITDA ($36) ($47) $130 $1,014 $2,560 $5,731 $9,554 $12,275 $13,960 $16,307
Unlevered FCF ($159) ($697) ($797) $1,014 $2,560 $5,651 $8,922 $11,367 $13,960 $16,307
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Company Phase 1 Estimated Project Cost Anticipated Company Timeline
Execution Plan All major tier 1 and tier 2 vendors 2021 Continue buildout of
manufacturing facilities
are selected with detailed costs
and bill of materials validated Launch and test BlueWalker
3 satellite
BlueWalker 3 Satellite 48
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Transaction Sources & Uses Pro Forma Valuation $
Overview Sources
1,298
%
74%
Share Price
181.55
SPAC Cash in Trust 2 232 13% Pro Forma Equity Value 1,816
SPAC
• $423mm in net • Founder 10:1 high-vote Shares
proceeds to be used shares 13%
for manufacturing
and launch of Phase 1 • AST SpaceMobile existing
constellation shareholders subject to
12-month lock-up
• Phase 1 commercial Other
service and operations • Employee stock options AST Existing AST
expected to be fully- subject to two-year Founder Shareholders
34 43% 28%
ast-science.com funded upon closing lock-up
Satellite
Growth Space
Operational
Leader Tourism Telcos Cable Towers High Growth SPACs
Benchmarking 490%
Overall Median: 8%
145%
105%
100%
98%
95%
72%
65%
61%
57% 58%
45% 44%
% EBITDA Margin
37% 39%
35%
29% 28%
10%
35 1 1 1 1
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Satellite
Growth Space
Valuation
Leader Tourism Telcos Cable Towers High Growth SPACs
16.7x
14.1x
13.3x
12-mo
avg 11.8x
9.8x
8.3x
7.3x
7.9x
6.8x
4.1x
3.5x
1.4x
1.8x 1.6x
De-SPAC Transaction
36 1 1 1 1
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Transaction Transaction
Value
Intrinsic
Value
Commentary
Value vs.
Intrinsic Value
$ in Enterprise Value Discounted 3 Years • 2024 Projected EBITDA of
Billion at 20% Discount Rate $1,014mm assumes only 0.9%
subscriber penetration rate
$10.3
and $2.02 monthly ARPU
$8.8
Projected 2024 Revenue
of $1,070mm represents only
Transaction value offers opportunistic
0.1% of today’s $1 trillion global
entry point for investors Implies 83% Median $8.2
discount to
wireless services market
midpoint EV
$7.6 • Transaction enterprise value
Note: Please see slide 2 for more information regarding
financial projections and non-GAAP measures. implies discount of 83% to the
$6.2 midpoint potential enterprise value
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Conclusion
Unique approach Elegant solution for Large and growing
for universal and global easier consumer addressable market
connectivity adoptability
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Appendix
39
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Significant 2017 2018 2019 2020
drive future
Software Technical Capabilities Signed 10-year, Launched Signed Signed commercial
Company
developed language included rent-free lease BlueWalker 1 strategic agreement with:
founded
for eNodeB in FY2019 House for Texas factory under AT&T partnership
Policy Bill experimental with Safran
growth
spectrum
license
Began assembly
Patents filed of BlueWalker 3
on key
technologies Series A Signed binding
Signed MoUs FCC public
Controlling Investment commercial
with multiple comment
investment in agreement with:
eNodeB wireless period begins
ground test providers Series B for U.S. market
completed globally Investment access
24
of whom
are PhDs
40
Maryland Barcelona India Abel
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Space Assembly
Lab
Mechanical
Design
Digital Signal
Processing Avellan
Pre-Merger Investors Board of Directors
and board
Chairman of the Board Director
CEO, Chairman, CEO
AST SpaceMobile of Rakuten
Ed Knapp
Abel Avellan Observer
Founder, Chairman CTO,
American Tower
and CEO
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Phase 1: By Package $ in millions By Region $ in millions
37
566
395
353
$508 $508
13
97
202 847
180 609
591
$208 $208
5 425
40
83
302
$67 $67
74 217
27 13
124 24 89
40 29
2023 2024 2025 2026 2027 2023 2024 2025 2026 2027
Ad Hoc Get connected plan Wherever you go enterprise Africa Central & Southern Asia
42 Latin America & the Caribbean Middle East & North Africa
ast-science.com Oceania, Eastern & South-Eastern Asia
Transforming how
the world connects