Corporate Presentation 2019

November 2019

AXON PARTNERS GROUP

2

DISCLAIMER

This presentation is issued on a confidential basis by Axon Partners Group (“Axon”) solely for the information of the person to whom it has been delivered (the “Recipient”).

By accepting this presentation and its related materials (the “Presentation”), each Recipient agrees to the following:

• This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The Recipient should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. The Recipient should consult its own counsel, tax and financial advisors as to legal and related matters concerning any transaction described herein. This presentation does not purport to be all-inclusive or to contain all of the information that the Recipient may require.

• Any information or opinion expressed herein is subject to change without notice. No representation or warranty, both explicitly or implied, is or will be made in relation to, and no responsibility or liability is or will be accepted by Axon (or any of its respective directors, officers, employees, advisers, agents, representatives and consultants) as to or in relation to, the accuracy or completeness of this material or any further written or oral information made available to you or your advisers. Axon expressly disclaims any and all liability which may be based on such information, errors therein or omissions there from. In particular, no representation or warranty is given as to the accuracy of any information (financial or otherwise) contained herein, or as to the achievement or reasonableness of any forecasts, projections, targets, or performance. In addition, our analyses are not and do not purport to be appraisals of any assets, holdings or undertakings.

• The information contained in this Presentation must be treated in a confidential manner and may not be reproduced, used or disclosed, in whole or in part. Any reproduction or distribution of this Presentation, in any format, whether in whole or in part, or the disclosure of its contents (apart from the Recipient’s professional advisers who are contractually and/or professionally bound to keep such information confidential) is prohibited without the prior written consent of Axon. The reception of this Presentation does not imply that its content remains exact after the date of the present notice.

• Past performance is not necessarily indicative of future results. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein.

• This Presentation has not been approved by any regulatory authority.

3

AXON PARTNERS GROUP AT A GLANCE

Axon is an investment and advisory firm founded in 2006 with presence in over 40 countries. Axon combines the flexibility and speed of boutiques, and the capabilities and reach that only large organizations can provide. Axon supports early entrepreneurs in their ventures, advices in M&A transactions, helps mid-sized companies to get equity finance, and provides support to governments in defining digital economy policies.

GLOBAL PRESENCE

5 local offices in Madrid, Seville, Bogota, Mexico City and Istanbul

3 DIVISIONS

Investment – Advisory – Wealth Management

+14 YEARS OF SOLID TRACK RECORD

The management team holds more than 60 years of combined experience

MORE THAN 70 EMPLOYEES

From more than 12 different nationalities

Multi-Sectorial Know-How & outstanding track record

Excellence in execution of international companies and the flexibility and entrepreneurship spirit of boutiques

REAL VALUE & GLOBAL REACH

for its clients & partners

Deal of the Year for Wuaki, 2012

Best Fund for Fondo Amerigo, 2013

ITU sector member, since 2016

ISO 9001 Standard Quality, since 2017

Jury Award, 2019

4

EXTENSIVE INVESTOR NETWORK & GLOBAL PRESENCE

Axon has long-term relationships with internationally reputable Institutions, Investors, Private Clients and Governmental Institutions.

INVESTORS

+100 investors in our investment funds and direct relationship with more than 1000 VC investors worldwide.

PRIVATE CLIENTS

+300 advisory projects with “blue chip” companies in the broad technology sector, with special focus on the ICT space.

GOVERNMENTAL INSTITUTIONS

+200 advisory projects with Public Policy Bodies and National Regulatory Authorities of +60 countries.

Mexico City

Bogotá

Madrid (HQ)

Seville

Istanbul

Axon Offices Projects Undertaken

EXAMPLES

EXAMPLES

5

DIVISIONS

INVESTMENT ADVISORY WEALTH MANAGEMENT

Axon currently manages over €250m AUM across 2 main strategies

DIRECT INVESTMENT:

5 VC Funds managed: 3 Europe, 1 in Latam and 1 in India, each managed by fully dedicated local team.

34 tech investments and 12 exits, achieving a 37% gross aggregate IRR and 2.2x MOIC.

FUND OF FUNDS (FoF):

Axon manages the 1st Fund of VC Funds in Europe with an exclusive focus on both Life Sciences and ICT.

Leading Advisor with +500 completed projects in +60 countries in the broad technology sector.

STRATEGY AND OPERATIONS:

Specialist management & strategy consulting services to an international client base in the broad technology sector as well as digital marketing advisory.

PUBLIC POLICY AND REGULATION:

End-to-end support in the definition and drafting of the whole legislative/regulatory process for traditional and emerging ICT services.

CORPORATE FINANCE:

Successfully executed transactions of over €1bn in technology and innovation sectors and its partners have advised in transactions worth over €50bn.

Axon Wealth Management manages ~€150m from ~7,000 clients, increasing by €10m a month.

FINIZENS:

Wealth Advisory Division is a stand-alone unit serving as a wealth manager specializing in passive investment.

Combining the latest advances in the fields of technology and finance (“robo-advisor”) to spread the advantages of high-quality investment services with greater convenience than traditional banking services.

The product is distributed through the EVO Banco and Caser, as well as CTT in Portugal.

6

INVESTMENT DIVISION: Direct Investment

Years of experience1 Track record

VC funds managed Local investment teams

Portfolio Companies Exits

IRR on Realized Exits Realized MOIC

Overall gross IRR Overall MOIC

+60 top quartile

5 3

34 12

96% 2.3x

37% 2.2x

KEY METRICS3 GLOBAL INVESTMENT THROUGH LOCAL TEAMS

Pan-European region Latin America South-East Asia

• 3 funds managed• Stages: early – growth• Sector: technology

• 1 fund managed• Fundraising fund 2• Stages: early – growth• Sector: ICT

• 1 fund managed• Stages: early – growth• Sector: technology

• Axon’s international footprint, uniquely accompanied by local offices in its countries of interest, enables it to provide companies with a global strategy and local knowledge

• Axon’s on-the-ground investment teams can identify opportunities early and its proven “Research-driven Approach”, ensures that the strongest investment opportunities are pinpointed

• +10 years of proven and solid Track record, achieving an overall gross IRR of 37% with a write-off ratio as low as 8%

Sample of Axon’s Co-investors2

1 Cumulated experience of the management team.2 Non-exhaustive list.3 Date as of Sept. 30, 2019Source: Preqin.

7

INVESTMENT DIVISION: Direct Investment

Overview of Axon’s Track Record by Fund

Fund Vintage Committed Capital (m)

Gross Net1

IRR MoIC IRR TVPI DPI RVPI

ICT I 2012 €7 67% 3.2x 38% 2.4x 2.4x 0.0x

ICT II 2014 €10 30% 2.9x 22% 2.1x 0.3x 1.8x

ICT III 2016 €44 75% 3.7x 54% 2.8x 0.4x 2.4x

India Opportunities 2012 €31 10% 1.4x 6% 1.2x 0.3x 0.9x

Amerigo Ventures Pacifico 2013 $52 31% 1.6x 14% 1.3x 0.1x 1.2x

POR

TFO

LIO

EXIT

S

Note: Data as of Sept 30th 2019. The calculation of the IRR is based on the investments and divestments of all Axon funds. The value of the companies has been based on third parties, latest round or currently discussed valuations.1 Net of management fees.

8

INVESTMENT DIVISION: FUND OF FUNDS

• The 1st FoF Manager in Europe covering both ICT and Life Sciences in the Venture Capita space

• High value-added strategy combining primary investments, co-investments and secondary transactions

• Portfolio of around 25 of the leading VC funds and exposure to around 300 tech companies

• Exposure to the most dynamic and best performing sectors within the European VC ecosystem: Technology and Life Sciences

• Stage-agnostic: from early to growth

The FoF provides the best risk-adjusted return alternative, due to:• The active investment strategy (maximizes returns & reduces risk)• The diversification across investment type, geography, sector, vintage

and stage

• The fund is already backed by EIF (European Investment Fund) as well as the largest Spanish Pension Funds and Insurance Companies as anchor investors

PIONEER

STRATEGY

BEST RISK-ADJUSTED RETURN ALTERNATIVE

ANCHOR INVESTOR

Multi-strategy

Exposure and access

Wide investment focus

F1 F20

C1 C2 C3

FoF

9

ADVISORY DIVISION: OVERVIEW

Years of experience1 Clients worldwide

Specialized consultants Countries

Advisory projects globally Transactions advised2

+50 +100

+50 +60

+500 +50 € bn

KEY METRICS LEADING ADVISORY FIRM IN THE BROAD TECHNOLOGY SECTOR

Strategy and Operations

Specialist management & strategy consulting services to an international client base in the broad technology sector as well as digital marketing advisory

• Axon’s international footprint, uniquely accompanied by local offices in its countries of interest, enables it to provide companies with a global strategy and local knowledge

• Axon’s expert team of consultants can advise global clients in the ICT sector on various strategy and regulatory topics with assured success

• Experience in managing over 100 clients and more than 500 projects globally, as well as building an award-winning company, offering access to best-in-class investment products

Sample of Axon’s Engagements

1 Cumulated experience of the management team.2 By Axon’s.management team in Corporate Finance

Public Policy and Regulation

End-to-end support in the definition and drafting of the whole legislative/regulatory process for traditional and emerging ICT services

Corporate Finance

Successfully executed transactions of over €1bn in technology and innovation sectors and its partners have advised in transactions worth over €50bn.

10

ADVISORY DIVISION: STRATEGY & OPERATIONS– SERVICE PORTFOLIO

Axon helps TMT, Energy, Broadcasting and Postal companies on defining strategies, improving operations and ensuring a profitable growth that will yield a sustainable competitive advantage.

Axon offers detailed strategic opportunity analysis, business planning design and financial statement forecasting both for current business models and innovative ones such as: 5G, Internet of Things (IoT), AI, etc.

Axon makes sure companies become agile & customer focused with the optimum functional design by providing business transformation strategies and the needed operational systems for their transition to a desired future

Axon offers thorough analysis of company’s P&L under different perspectives and the definition of supporting actions on margin assurance, price plan design, geographical channel deployment and segmented proposition

Axon offers support in spectrum auctions for both regulator authorities and telecoms operators by evaluating the spectrum, calculating reserve prices and defining the potential bid strategies

STRATEGY AND BUSINESS PLANNING

PROFITABILITY MANAGEMENT

BUSINESS TRANSFORMATIONAND TECHNOLOGY OPTIMISATION

SPECTRUM VALUATION AND AUCTION SUPPORT

11

ADVISORY DIVISION: STRATEGY & OPERATIONS – RELEVANT PROJECTS

Support on management accounting and tax strategy advice for a multisubsidiary operator

Definition of a network sharing strategy for the FTTX deployment in order to optimize the investments in new NGA networks

Development of a profitability management tool for the analysis of the commercial tariffs’ profitability

Support in the definition of the strategy and business planning for fixed broadband markets

Strategic assessment of alternative 4G network sharing scenarios and prioritization of business opportunities

Support in the asset reversal negotiation process with the Colombian State

Support in the identification of the IoT optimal opportunity and definition of both business planning and future strategy

Review of the existing operating model, regularization of B2B fixed services and revenue assurance of the practices

Analysis of the financial implications of various 5G use cases on behalf of a European ICT service provider

Reference consultant for all bid processes and spectrum valuation practices within the operator (+5 individual projects)

CENTRAL AMERICA TELECOM OPERATOR

OPERATOR IN EUROPE OPERATOR IN AFRICA VODAFONE TURKEY TURKCELL

OPERATOR IN THE MIDDLE EAST

TELEFONICA COLOMBIA TELEFONICA MEXICO OPERATOR IN EUROPE STC

12

ADVISORY DIVISION: PUBLIC POLICY AND REGULATION– SERVICE PORTFOLIO

Axon works in industries in which regulation plays a substantial role, influencing the competitive landscape, the viability of business models and the pace of innovation.

Axon offers support in the definition, review, update, drafting and monitoring in any of the legislative/regulatory processes for both traditional and emerging ICT services

Axon offers a proved methodology for reviewing/auditing the regulatory accounting on behalf of NRAs as well as a successfully proven cost accounting system implemented in +10 operators

ICT LAWS, POLICY AND REGULATIONS

REGULATORY ACCOUNTING

Axon offers support in assessing the competitive dynamics of economic markets, defining those subject to ex-ante regulation, identifying SMP players and imposing remedies to pursue effective competition

Axon offers an in depth understanding of the US economics as well as its impact on the market and consumers, identifying the specific areas which should be covered by Universal Service Funds

MARKET AND COMPETITION ANALYSIS

UNIVERSAL SERVICE

Axon offers +10 years experience in preparing robust, sound and fact-based responses/arguments to margin and/or price squeeze allegations, having worked for both regulators and operators

Axon offers successfully proven definition, implementation and development of Top Down, Bottom Up and Hybrid techno-economical models (BU-LRIC, TD LRIC, etc.) to define wholesale regulated charges

MARGIN AND PRICE SQUEEZE

COST MODELLING

13

ADVISORY DIVISION: PUBLIC POLICY AND REGULATION – RELEVANT PROJECTS

Definition and development of the BU-LRIC models to define the fixed and mobile termination rates in the 31 EEA countries

Study on the implications of 5G deployment on future business models and industries

Review of top-down accounting separation models in Portugal, Spain, Italy, Greece and Cyprus for more than 5 consecutive years

Assessment of the technical, economical and social implications of including Broadband within Universal Service in the EU

Development of BU-LRIC Models for calculating both the costs of postal, fixed and mobile network services

End-to-end support in the design and implementation of the Cloud Computing regulatory framework in KSA

Preparation of a Replicability Tool to support arguments in a price squeeze legal process

Study on the access-to-finance conditions to foster the deployments 5G and other adjacent technologies in Europe

Definition of the regulatory roadmap to address the opportunities and challenges of the digital ecosystem

Market analysis of the telecom sector, covering market definition, competition assessment, SMP identification and remedy proposition

EUROPEAN COMMISSION BERECAGCOM, ANACOM, CNMC, EETT & OCECPR

EUROPEAN COMISSION OCECPR

WORLDWIDE ICT PROVIDER

CITC EUROPEAN INVESTMENT BANK

IFT TRC

14

ADVISORY DIVISION: CORPORATE FINANCE SERVICES

Axon provides first class corporate finance and business development services to companies throughout the world.

Axon offers buy and sell side mandate services, including deal structuring, identification of acquisition targets and entire funding roadshows in the mid-market range

Axon offers its clients market entry strategy and business development services, especially into its regions of specialty: Southern Europe, Latin America and South Asia

Axon Corporate offers thorough due diligence analysis, valuations and benchmarking services. It complements this with its ability to create successful transaction strategy and execution

BUY/SELL SIDE AND FUNDRAISING MANDATES

CORPORATE DEVELOPMENT

DUE DILIGENCE & TRANSACTION SUPPORT

Throughout all of its divisions, Axon provides support to businesses in all phases, from early stage to maturity.

This gives Axon Corporate significant in-house cross-industry and cross-sector expertise to effectively support its clients across the entire value chain.

Axon has an extensive network of professional contacts and investors throughout the Americas, Europe and South Asia, all with specific interest in technology sectors.

Axon Corporate has successfully executed transactions of +$1bn in technology and innovation sectors and its partners have advised in transactions worth +$50bn.

Multi-sector experience

Extensive Contact Network

Proven Track Record

15

ADVISORY DIVISION: CORPORATE FINANCE SERVICES– RELEVANT PROJECTS

Axon acted as sole advisor & deal manager in the sale of La NR to foodpanda

Valuation of processing business prior to acquisition.Inc. BP & valuation model development.

Arrangement of USD 50m financing for expansion into LatAm. Inc. Business Plan development.

Axon acted as sole advisor and deal manager in the sale of Pizzabo to Rocket internet.

Axon leads the MBO process for a young Spanish wine group executing the entry of a new investment.

Business Plan development & Corporate Strategy advisory.Arrangement of USD 50m financing for 10%

Selection & prioritization of target countries; definition of the service proposition, draft of the business case & support in initial discussions with potential partners.

Obtained EUR 20m financing for launch of multi-device, online video distribution platform. Inc. Preparation of all application material & managing entire process.

Obtained EUR 5m financing for online, multiplatform video club.Inc. Managing application process, preparing documentation & guiding interactions with the different financing entities

LA NEVERA ROJASIDE SELL MANDATE

DD/TRANSACTION SUPPORT

CAMBIO 16SELL SIDE MANDATE

PIZZABOSIDE SELL MANDATE

SPANISH WINE GROUPSIDE SELL MANDATE

GO-TO-MARKET STRATEGYGRUPO INTERECONOMIA NICE PEOPLE AT WORK WUAKI.TV

M&A

TR

ANSA

CTIO

N S

UPP

OR

TCO

RPO

RTA

E DE

VELO

PMEN

T

FUN

DAR

ISN

G

EUR 80m

Sole Advisor

USD 250+m

Sole Advisor

USD 50m EUR 55m

Sole Advisor Sole Advisor Sole Advisor

Sole Advisor Sole AdvisorSole Advisor Sole Advisor

16

WEALTH MANAGEMENT DIVISION: FINIZENS

Finizens offers a unique, multi-device digital user experience, of a quality far

beyond market standards

And works with some of the strongest partners in the market

As a result, it has already earned recognition

BestFintech

2017

BestRobo-advisor

2019

BestPrivate Bank

2019

Award100 Best Ideas

2018

BestPrivate Banking

Wealthtech2018

Top TenFintech

2019

BestRobo-advisor

2018

Most diversified portfolios in the market

Vastest product suite at European level

Only robo-advisor in the market with B2B distribution agreements

Sole robo-advisor in the market with a 100% digital experience

Lowes entry minimum in the market

Finizens is Axon’s Wealth Management’s award-winning product which offers access to best-in-class investment products with no barriers, high flexibility, independence & fairness, and safety & security that is unprecedented in the Spanish market

17

www.axonpartnersgroup.com