HARWELL CAPITAL INVESTOR PRESENTATION

© Harwell Capital SPC 2019

INTRODUCTION
✦ Harwell Capital (Harwell) was established in 2011 as an
independent venture capital investor focused on UK technology
companies
✦ Harwell provides accelerator capital and strategic support to
proven businesses with innovative proprietary technology,
solving existing or emerging problems in clearly identifiable
markets, led by high impact management teams with
exceptional track records in scaling businesses
✦ Harwell offers Family Office investors the opportunity to invest
in these companies through co-investment and discretionary
portfolios
✦ Harwell assesses each new investment opportunity against
strict investment criteria, which have been set to identify
companies that have scalable business models yet need capital
to accelerate commercial growth
✦ Investment sizes vary on a deal by deal basis, however Harwell
targets equity holdings of 5% to 25% in each of its portfolio
companies
✦ There is a team of 5 in London, 4 in Jersey, and 3 in Hong Kong
✦ Since 2011 Harwell has backed 19 technology portfolio
companies, in core sectors, split between hardware and
software, including:
✦ H a r d w a r e - m o b i l e co n n e c t i v i t y , b r o a d b a n d ,
environmental / detection, compressor, biotechnology and
renewable energies
✦ Software - crowd intelligence platforms, inventory
management, database architecture, anti-piracy, cyber-
security, artificial intelligence and communications
✦ Through this selection and investment, Harwell has developed
and proven itself as capable of sourcing high-quality deal flow,
completing deep due diligence, and sourcing investments
ranging from typically £250k to £25m+
✦ Harwell is exclusively a venture stage technology investor. Since
inception Harwell has refined its investment criteria to be
focused on Series A revenue generating software companies,
but will still include hardware, where significantly game-
changing and impactful. Investors must note that Venture
Capital is a high risk asset class and failure rates even at Series A
stage still average 30-40%+ across the industry
DEPLOYMENT AND ACHIEVEMENT HIGHLIGHTS
✦ AMN - backed by Facebook / Intelsat / EIB, contracted to MTN
and Orange, over 350 towers operating

✦ Muso - trusted by mega corporate and trade bodies, including

Sony, EU IPO and US ITC

✦ Genesis - proven technology with world's largest telcos,

including Cincinnati Bell and CenturyLink

✦ Strada - world records for deepest, cheapest and fastest well

drilled, in >200MPa granite

✦ Osirium - Gartner's 2018 Magic Quadrant, multiple high-profile

contracts, listed on AIM

✦ Phasor - over $300m of contracts, leading partners and

funders, solving connectivity on the move

✦ JustOne (Edge) - backed by Scott McNeally and Jerry Yang,

2018 Best Emerging Tech in Big Data

✦ Zilico - NHS in the North Excellence in Supply Clinical

Innovation, Investment Deal of the Year - Bionow

✦ Detego - contracts with Levi's, Adidas and G-Star

✦ Lontra - multiple awards including Innovation Entrepreneur of

the Year
2019 FUNDING ROUNDS

✦ Harwell is seeking to follow-on fund three high conviction
portfolio companies: AMN, Detego and MUSO:
✦ AMN is at Series B+ phase and is raising $35m equity and
$50m debt for tower capex and rollout
✦ Detego is at Series B stage and raising funds for UK contract
expansion and US delivery
✦ Muso is at Series B stage and raising funds for US rollout
✦ Exit valuations have been calculated using current market
multiples and management forecast financials (it should be
noted that dilution will affect the exit share price, as such
money on money returns and IRRs cannot be calculated from
this table)
COMPANY OVERVIEW: AMN
✦ Africa Mobile Networks Limited (AMN) builds and sustainably ✦ Exit objective: 2023 for $750m-$1bn
operates network base stations in sub-Saharan Africa,
connecting the unconnected rural population, which represents ✦ Company founded 2013, Reg Number: 08531564, UK
200-300m people and is forecast to double by 2050
✦ CEO: Michael Darcy
✦ Working with two Tier 1 clients, which have very low default risk
✦ www.africamobilenetworks.com
✦ Currently has over 350 sites in service and is targeting to have
12,900 operational by 2023 ✦ Harwell position: c.25%
✦ First investment 2014, latest investment 2019
✦ AMN has received c.$14m grant capital (non-dilutive) from
Facebook, in addition to strategic resource to develop the tech ✦ Invested c.£5.8m via structure and c.£3m directly
and further enhance its competitive advantage

✦ Has recently closed a strategic investment of $9m from Intelsat

and is currently engaged for a further $16m AMN Forecast
P&L ($'000) 2019 2020 2021 2022 2023

✦ AMN has refined its tower structure to be highly scalable Revenue 16,601 51,153 88,523 128,042 159,478
(erected in a day) and cost efficient ($10k per tower)
Cost of sales -7,296 -17,906 -29,165 -41,046 -48,057
✦ The company is shifting its business model from revenue share Gross pro!t 9,305 33,247 59,358 86,995 111,420
to the traditional fixed-fee model favoured by traditional Tower
Operating costs
Companies. Average revenue per site per month is c.$1250 -4,242 -7,284 -11,697 -16,518 -20,327
under both business models EBITDA 5,064 25,964 47,661 70,478 91,093

✦ Key financial points:

✦ c.$40.3m invested to date
✦ Forecast revenue c.$2.5m in FY18
✦ 2023 forecast revenue c.$160m revenue with 57% EBITDA
COMPANY OVERVIEW: DETEGO

✦ Detego provides an innovative SaaS solution for global fashion ✦ 4 year forecast of €41.5m revenue and €17.7m EBITDA
retailers to track garments accurately throughout the supply
chain to the point of sale. Detego partners RFID (Radio ✦ Exit objective: 2023 for €415m+
Frequency Identification) technology with its SaaS solution to
track every garment with an in-built chip from manufacture ✦ Company founded 2011, Reg Number: 10084823, UK
through to sale ✦ CEO: Kim Berknov
✦ Detego's solution delivers 99%+ inventory accuracy vs. industry ✦ www.detego.com/en/
averages of 60-70%, revenue increases of 10-15%, net margin
increase of 1-2% and ROI of 6-9 months ✦ Harwell position: c.2.5%
✦ Working with 16+ global Tier 1 clients, which have low default ✦ First investment 2017, latest investment 2018
risk, including: Adidas Group, Levi Strauss, Marc O'Polo and G-
Star Raw ✦ Invested c.€530k

✦ The company holds core strategic global partnerships with

Avery Dennison, Intel, Microsoft and SAP
Detego Forecast 2018 2019 2020 2021 2022
P&L (€'000)
✦ Fully owned systems IP with 11 patents and in-house developed
technologies Revenue 3,571 6,296 13,322 25,907 41,513
Cost of sales -1,298 -1,716 -3,433 -6,192 -9,513
✦ Detego's solution is operational in: Europe, USA, China and CIS
Gross pro"t 2,273 4,580 9,889 19,715 32,000
✦ Highly experienced management team with deep technology Operating costs
and fashion retail experience -3,772 -4,069 -7,572 -11,078 -14,301
EBITDA -1,499 511 2,317 8,637 17,699
✦ Key financial points:
✦ €15m invested to date
✦ Forecast revenue c.€6m in current financial year
COMPANY OVERVIEW: MUSO

✦ Muso is a leading data driven content protection specialist ✦ Forecast revenue c.£1.8m in current financial year
delivering market-changing solutions to the global online media
industries, transforming the problem of piracy into an ✦ 4 year forecast of £72.5m revenue and £42.6m EBITDA
opportunity for rightsholders
✦ Exit objective: 2023 for £510-566m+
✦ Muso has developed leading proprietary IP to protect clients'
content and is the only company creating an opportunity for ✦ Company founded 2009, Reg Number: 07351174, UK
rightsholders to understand and monetise the vast piracy ✦ CEO: Andy Chatterley
audience
✦ www.muso.com
✦ The product range shares data, trends and patterns of piracy
across all its solutions and maintains itself at the forefront of ✦ Harwell position: c.28%
piracy activity, not based on guesswork but real-time piracy
usage, backed by over 9 years of piracy data ✦ First investment 2017, latest investment 2019

✦ 1,000+ clients including Sony Interactive, Fieg, MBC, AIM and ✦ Invested c.£5.2m via structure and c.£600k directly
EUIPO

✦ The company's addressable market is $153bn, comprised of

$27bn for content industries, $62bn for live sport sponsorship
and $64bn for programmatic ad spend

✦ Highly experienced board and senior management

✦ Forecasting 70-100% growth year on year from FY17/18 to
FY18/19

✦ Key financial points:

✦ £5.7m invested to date
2019 FOLLOW-ON FUNDING ROUNDS - UNDER REVIEW
✦ Harwell is currently conducting a review into three of its
portfolio companies that are seeking follow-on investment:
Aitekz, Edge Intelligence and Strada
✦ Contingent on the results of Harwell's revised due diligence,
refreshed market reviews and valuation testing, these
companies may qualify for further capital deployment
✦ Exit valuations have been calculated using current market
multiples and management forecast financials (it should be
noted that dilution will affect the exit share price, as such
money on money returns and IRRs cannot be calculated from
this table)
2019 FOLLOW-ON FUNDING ROUNDS - UNDER REVIEW (CONTD)
✦ Aitekz is a B2B SaaS company applying deep data and machine
learning (Artificial Intelligence - 'AI') to power a professional
wealth management FinTech platform
✦ The core IP draws on the founders' deep data, machine learning
AI, and broad commercial experience applied to prior financial
models and technology start-ups
✦ During the Aitekz development and validation phase, the
platform's learning core has been refined and tested with clients
including: Accenture, RBS, Canon, BNP, Addeco, Old Mutual -
companies for which the AI has been applied to automate needs
analysis, identify knowledge gaps, and deliver knowledge and
learning via an 'EdTech' platform
✦ Aitekz is now focused on the launch of its next-generation
FinTech vertical App targeting the Wealth Management sector,
which has completed successful pilots with global players,
including FTSE 100 company Informa plc and NASDAQ quoted
Envestnet Inc
✦ Company founded 2013, Reg Number: 10117990, UK
✦ CEO: Colin Lucas-Mudd
✦ www.aitekz.com
✦ Edge Intelligence has reinvented analytics for the next decade.
Its technology is the first distributed analytics software, which
has been designed to support edge & hybrid cloud computing
✦ The solution has been through a pilot with a government entity
with a deployment of 100M subscribers, 1 trillion records and
petabyte scale storage
✦ Edge Intelligence's solution eliminates the need for a central
approach to data analytics, which requires data to be
transferred globally (which can take days, weeks, or even
months). With the rise of the Interest of Things (IoT), central
analytics is no longer going to be viable due to the volume of
veracity of data being produced, as such, edge computing will
become the go to solution due to speed and cost
✦ The company has globally patent-protected IP, which provides a
long-term sustainable advantage
✦ Company founded 2010, Reg Number: FC030113, US
✦ CEO: Kate Mitchell
✦ www.edgeintelligence.com
2019 FOLLOW-ON FUNDING ROUNDS - UNDER REVIEW (CONTD)

✦ Strada disrupts the global energy markets by unlocking

previously unattainable geothermal resources, uniquely solving
the world's electricity, district heating/cooling and clean water
needs, from a renewable resource

✦ The company has set world-records for deepest, fastest &

cheapest hard-rock geothermal well and has drilled large
diameter wells >4,500m in some of the world's hardest granite.
It uses Rigs which are designed for percussion drilling and
accommodate its patented water hammer operating system

✦ The innovative patented solutions and deployment

methodologies lowers the cost of geothermal development >
70%

✦ It is currently estimated that only 6% of the world's known

geothermal resources are accessed. This figure is prior to
Strada's technology providing the platform for large-scale
geothermal projects in hard-rock environments, which could
uncap this figure

✦ The company has a highly experienced management team of

geothermal and drilling industry experts

✦ Company founded 2014, Reg Number: 116583, Jersey

✦ CEO: Ben Strange
✦ www.stradaenergy.com
2019 LATE STAGE PIPELINE

✦ AI and Predictive analytics company for human-to-human and

human-to-avatar interactions

✦ Leading global platform for gaming aggregation and

distribution

✦ The first FCA regulated blockchain platform for tokenising

assets, transforming asset investment, custody and
administration

✦ SaaS platform for the $17trn corporate barter market

✦ AI platform to automate and optimise compliance processes
✦ API hub platform for Open-Banking and PSD2
✦ Market intelligence platform for Agri Commodities
✦ Blockchain platform for tracking ethical Physical Commodity
supply chains

✦ Private user data authentication and verification control

platform
HARWELL CAPITAL: DEAL-FLOW ACCESS
✦ Harwell sources its deal-flow through a combination of personal
and institutional networks, including Midven, Imperial College
London, Warwick University and Bean Partners
✦ Harwell's investment criteria include: established businesses
with differentiated innovative world class technology developed
in-house, boasting strong patented or patentable IP; clearly
identifiable market with a real-world problem that needs
solving; scalable business models to achieve business plans;
attractive and realistic valuations, both pre-money and target
exit value; revenue generating and thus commercially proven
technology, with high revenue growth rates; repeat and quality
customers which can be engaged with to understand why they
are using the technology and what it can do for a customer that
no other company can; low churn rate on customers with
typically ramping-up contract value; low concentration of both
key customers and target customers; high impact management
teams with vision, drive, proven track records in multiple market
environments and who are uniquely capable of delivering on the
opportunity; and for the bulk of research and development
(R&D) to be complete, and where funding can be used for
commercialisation, growth acceleration and delivering into sales
pipelines
✦ In 2018, Harwell reviewed >300 investment opportunities,
connected with >50 companies, completed initial due diligence
on three companies and signed terms with one company
✦ Current areas of focus: FinTech, AI, Cyber, Augmented Reality,
Gaming and E-commerce
✦ Harwell is currently well engaged with nine companies and aims
to sign terms with at least one or two of these companies during
Q1 2019 to then launch in Q2 2019
HARWELL CAPITAL: INVESTMENT PROCESS

✦ The Harwell process covers the investment cycle with pre- ✦ Post-investment: Harwell look to take Board Director or
investment work, fundraising activities and post-investment Observer positions in every portfolio company so that it can
duties work closely with the company to add and realise value through
✦ Pre-investment: Harwell reviews investment opportunities commercial consultancy, financial planning and through
against its commercially considered investment criteria and once strategic initiatives. Further, Harwell distributes quarterly
satisfied then looks to engage the management of the investee updates to all investors, incorporating information provided by
company in a multi-stage evaluation process that looks at both the portfolio company during the reporting period. This will
the qualitative and quantitative aspects of the opportunity. If include commentary on the progress made during the quarter,
the company meets the commercial expectations of the Harwell including technology and commercial milestones achieved,
investment team, thorough due diligence and market analysis is together with key financial data
then performed over the opportunity and if successful, legal
documents are signed
✦ Fundraising: Harwell presents new investment opportunities to
its High Net Worth, Ultra High Net Worth and Family Office
investors in a curated and considered manner to ensure that
there is a strategic fit for both the investor and the investee
company
 HARWELL CAPITAL: STRUCTURE

✦ The key requirements for all investors are that any structure be
(i) easy to understand, (ii) fully transparent, (iii) mitigate any
counterparty risk, (iv) protect investors' rights, (v) properly
align the investors' interests with those of Harwell Capital and
its partners, and (vi) where possible be tax-efficient
✦ All investments are made in a Cayman Islands SPC or
Segregated Portfolio Company, with a separate SP or
Segregated Portfolio established for each investee company.
The SPC will represent clients' interests in the investee
company, also offering an attractive solution for the investee
companies that allows them to raise funding from a number of
investors whilst maintaining a clean share register and dealing
with one shareholder on an ongoing basis
✦ Harwell Capital (Jersey) Ltd is licensed and regulated by the
Jersey Financial Services Commission, and acts as investment
adviser to Harwell Capital SPC, assisting the company in
sourcing new investment opportunities and providing general
administration support
✦ Harwell Capital SPC issues Participating Shares in the
Segregated Portfolio specific to the underlying technology
company investment to investors, with the rights of investors,
risk factors and Harwell structure set out in detail in the
offering documents drawn up by Ogier, Harwell's international
lawyers. These comprise the Subscription Agreement
(including Application Form), Private Offering Memorandum
(POM) and Supplement to the POM specific to each
investment opportunity. The Private Offering Memorandum
sets out the general investment terms in detail, with
comprehensive coverage of the risk factors involved. The
Supplement sets out the specific terms of each investment,
with risk factors specific to each technology and company's
particular stage of development

✦ Harwell Capital SPC has appointed Fairway Fund Services

Limited, an Administrator regulated by the Jersey Financial
Services Commission, to administer the company's segregated
portfolios, handle the processing of applications and act as sole
signatory to each segregated portfolio's bank accounts held
with Lloyds in Jersey
HARWELL CAPITAL: TEAM
David French
Chairman and Co-Founder of Harwell Capital. David has been
investing into and advising early and growth stage technology
companies since 2004, following a successful career in Financial
Services
Rupert Gladitz
CEO and Co-Founder of Harwell Capital. Rupert is a seasoned
international business professional, with experience at senior
management level within one of Asia's leading groups, and has
proven entrepreneurial experience
Daniel O'Brien
Managing Director of Harwell Capital, with responsibility for
management of the group and leading the investment team.
Daniel has invested directly since 2008 across a number of sectors,
and advises growth stage Venture Capital technology companies
specifically within Renewable Energy, Artificial Intelligence and
SaaS sectors
Simon Gaston
Partner at Harwell Capital, leading the distribution team. Simon
has extensive international Financial Services experience spanning
more than 25 years, having worked internationally for much of his
career across Africa, Middle East, Switzerland and the United
Kingdom
Giles Mallindine
Vice President with responsibility for finance and operations at
Harwell Capital. Giles is a qualified Chartered Accountant with
strong analytical and commercial expertise gained from broad
ranging experience whilst working in the investment advisory
industry
Claire Bedford
Operations and Marketing Manager for Harwell Capital, working
closely with the key stakeholders across the business. Claire's role
covers many of the operational aspects of the business as well as
the development and implementation of the company's marketing
strategies
Oliver Batiste
Investment Associate for Harwell Capital and is responsible for
sourcing deal flow, performing market reviews and completing
company due diligence, in addition to monitoring and advising
existing portfolio companies. Oliver is a big four trained
Accountant and CFA Level 3 candidate
DISCLAIMER
Reliance on this Presentation
The Participating Shares are offered only on the
basis of the information contained in the Private
Offering Memorandum and the relevant
Supplement. Any further information or
representations made by any dealer, broker or
other person should be disregarded and
accordingly, should not be relied upon.
Investor Responsibility
No representations or warranties of any kind are
intended or should be inferred with respect to
the economic return from, or the tax
consequences of an investment in the relevant
Segregated Portfolio. Before making an
investment in a Segregated Portfolio,
prospective investors should review the
Memorandum and the relevant Supplement
carefully and in its entirety and consult with
their legal, tax and financial advisors.
Distribution and Selling Restrictions
This document and any other ancillary
documents does not constitute an offer or
solicitation by anyone in any jurisdiction in which
such offer or solicitation is not lawful or in which
the person making such offer or solicitation is
not qualified to do so or to anyone to whom it is
unlawful to make such offer or solicitation.
Risks
An investment in a Segregated Portfolio entails
substantial risk. The nature of the investments
of a Segregated Portfolio involves certain risks
including, but not limited to, those listed below
and the Directors may utilise investment
techniques which carry additional risks. Potential
investors should carefully consider the following
factors and the specific risks identified in the
Private Offering Memorandum and the relevant
Supplement, among others, in determining
whether an investment in a Segregated
Portfolio is suitable for them.
The value of the Participating Shares may go
down as well as up and investors may not get
back the amount invested. There is no public
market for the Participating Shares, nor is a
public market expected to develop in the future.
The Company is not a regulated mutual fund and
it is not required to, nor does it intend to,
register under the laws of any jurisdiction. As a
consequence, securities laws, (which may
provide certain regulatory safeguards to
investors) generally will not apply. The
investment results are reliant upon the success
of the Directors and no guarantee or
representation is made.
An investment in the Company should be
regarded as a passive investment. Shareholders
have no right to participate in the day-to-day
operations of the Company, nor are they
entitled to receive notice of, attend or vote at
general meetings of the Company.
Consequently, they have no control over the
management of the Company or over the
appointment and removal of its Directors and protection and non-disclosure agreements to
service providers. establish and protect their proprietary rights,
which may be essential to the growth and
Technology-Related Risks
profitability of a technology company. There can
Certain of the technology companies in which
be no assurance that a particular company will
each Segregated Portfolio invests may allocate,
be able to protect these rights or will have the
or may have allocated, greater than usual
financial resources to do so, or that competitors
amounts to research and product development.
will not develop or patent technologies that are
The securities of such companies may
substantially equivalent or superior to the
experience above-average price movements technology of a company in which a Segregated
associated with the perceived prospects of
Portfolio invests. Conversely, other companies
success of their research and development
may make infringement claims against a
programs. In addition, companies in which each
company in which the Company invests, which
Segregated Portfolio invests could be adversely
could have a material adverse effect on such
affected by lack of commercial acceptance of a
company.
new product or products or by technological
The markets in which many technology
change and obsolescence. Some of these
companies operate are extremely competitive.
companies may have limited operating histories.
New technologies and improved products and
As a result, these companies may face
services are continually being developed,
undeveloped or limited markets, have limited
rendering older technologies, products and
products, have no proven profit-making history,
services obsolete. Moreover, competition can
may operate at a loss or with substantial
result in significant downward pressure on
variations in operating results from period to
pricing. There can be no assurance that
period, have limited access to capital and/or be
companies in which a Segregated Portfolio
in the developmental stages of their businesses,
invests will successfully penetrate their markets
have limited ability to protect their rights to
or establish or maintain competitive advantage.
certain patents, copyrights, trademarks and
other  trade secrets, or be otherwise adversely
affected by the extremely competitive markets
in which many of their competitors operate.
Further, many technology companies with
proprietary technology rely on a combination of
patent, copyright, trademark and trade secret