Project StarJuly 2020

1

Presentation Team

Subash MenonManaging Director & CEO

Nic HellyerFinance Director

o Subash co-founded Pelatro in April 2013

o 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 optimization

o Subash guided Subex through a successful IPO in 1999 and through seven acquisitions in the UK, US and Canada

o Nic, is a Chartered Accountant and former investment banker with over 25 years of experience

o 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

o Nic joined Pelatro in mid 2017 and has been responsible for the finance function since its IPO in December of that year

2

Pelatro Overview

o Pelatro is a provider of customer engagement software to telcos to enable relevant, contextual andpersonalised interactions with subscribers to increase the telco’s revenue and reduce churn

o Headquartered and listed in the UK with offices around the world employing approximately 160 people

o Addressable market of £1.8bn growing at circa 14% per annum

o Currently serving 19 telco customers (up from 6 in 2017) in 17 countries who collectively have almost 1bnsubscribers

o Large pipeline and long sales cycle provides excellent visibility – currently $5.0 million for 2020

o Pelatro is looking to raise c.£3.0m - £4.0m+ via an equity placing, of which circa £2.3m qualifies for EIS/VCTtax relief, to accelerate growth opportunities

Key Telco Customers

Business summary

Key Stats

78% revenue CAGRsince 2016

Annual recurring revenue of $4.7m

59% adj PBT CAGRsince 2016

3

History

Critical partner for Tier 1 telcos across the Globe providing a suite of solutions that delivering significant value

Improving stature – increasing credibility – strong foundation for the future

First product Launched

2015 to 2017

Tier 1customers won

2017 to 2018

Suite of solutions as a platform

2018 to 2019

Large recurring revenue deals

2019 to 2020

Years of growth with significant

portion of revenue being

recurring

4

Case Study – Vodafone India

1) Lack of new revenue streams from existing subscribers

2) Reducing Average Revenue Per User (ARPU)

3) Increasing customer churn - retaining customers is cheaper and moreprofitable than acquiring new customers

4) Increasingly commoditized and unable to effectively leverage andmonetize customer data

The Problem Pelatro’s Solution

1) Proprietary technology to drive underlying subscriber engagement,generating incremental revenue for Telcos of up to 5% per year whilstalso reducing churn

2) Enable Telcos to partner with the B2C players and provide a mobileadvertisement and sales platform for non-Telco products to thesubscriber base

3) Deep analytics to profile subscribers and act in real time with an easy touse end-to-end solution

o 5 year Managed Services contract worth $10m to $12m

o Replaced SAS and FlyTxt who were were unable to adapt to Vodafone India’s changing campaign requirements on real time data

o Pelatro’s technology provides user data within 2/3 minutes from initial impression, rather than the scheduled reports produced over number of days

o Access to real time data enables the Telco to push targeted ads to users in response to their online activity increasing the probability of a sale

o Many competitors are focused on different areas of the value chain and not end-to-end solution, which is how Pelatro has been able to displace global software companies

Largest Managed Services contract signed with Vodafone India

5

Key Product / Service Offering

o mViva collects data on a real time basis which enables the platform to develop accurate profiles of millions of subscribers on the actual usage of different products and demographics spread over a long period of time

o Pelatro’s mViva technology processes and analyses the subscriber data in a real time manner to reveal patterns, trends and key behavioral traits as they evolve to have an accurate of each subscriber at all times

o mViva facilitates continuous, relevant and contextual interactions in a true omni channel engagement model to influence the usage behavior thereby increasing revenue and reducing churn

Contextual Campaign Management Data Monetisation Platform Loyalty Management Solution

Telecoms is a mature industry and the marketplace is characterised by intense price competition and low levels of customer loyalty. Pelatro's mViva software products help telcos retain customers and increase average revenue per user (ARPU)

Enables telcos to send contextual, relevant and personalised offers in real time to subscribers to facilitate curated

customer journey

Enables telcos to earn additional revenue by facilitating marketing

campaigns from other B2C companies to their consenting subscribers

Enables telcos to set up and run relevant and contextual loyalty programs

covering telco and non-telco products across multiple partners

6

Technology

Micro-segmentation Campaign Orchestration

Customer Journey Management Network insights

7

Global Customers

8

Global Customers – significant cross selling opportunities

Customer Country No. of Subscribers Products currently used

ContextualMarketing

Data Monetization

Loyalty Management

Bangladesh 90m

Philippines 75m

Bangladesh 65m

Vietnam 40m

Myanmar 20m

Sri Lanka 15m

Malaysia 15m

Nepal 15m

Morocco 15m

Sudan 14m

Kazakhstan 10m

Cambodia 8m

Bulgaria 3m

Maldives 0.3m

Bahamas 0.3m

Cyprus 0.3m

9

Competition Matrix – Prepared by a Customer of Pelatro

Feature Pelatro Party AAmerican

multinational technology company

Party BAmerican

multinationalSoftware company

Party CFrench

Software Developer

Party DDutch

Software Developer

Easy to use by marketers without scripting, querying etc. and without the help of technical personnel

Campaigns – Scheduled, Real Time, Contextual, Retailer, Quad, Enterprise etc.

AI/ML – Slicing & Dicing and What If Analysis

Modelling

Offers – Personalised to match usage pattern

Real time customer insights and drill down analysis

Real time campaign tracking and reporting of performance

Easily create events for campaigns

This is an excerpt of the evaluation report that resulted in the customer choosing Pelatro’s product

10

Revenue Models

Pelatro earns a share of the monthly revenue gain generated by using its product

10% to 20%

Customers:

Pelatro licenses the product withadditional licence fee based ongrowth of subscribers in the network

Includes on-going maintenanceincome ranging from 10-15% of thecumulative licence fee and ChangeRequests

Customers:All other customers

Licence

Pelatro earns a fixed monthly feefor providing the product andmanaging the operations

Customers:

Revenue Gain Share Managed Services

Transition from licence to recurring revenue

11

Financial Highlights

o 78% revenue CAGR since 2016

o Annual recurring revenue of $4.7m vs $1.8m in 2018

o 59% adjusted PBT CAGR since 2016

o Revenue and profit drop in 2019 is solely due to the change in revenue model

o In 2019, had all the contracts been for license, revenue and EBITDA would have increased by at least $5m each leading to significant growth

o Strategic shift in 2019 was to sacrifice the short term for a superior future

o Cash of $1.10m as at 31 December 2019

$0.0m

$1.0m

$2.0m

$3.0m

$4.0m

$5.0m

Jan-18 Jan-19 Jan-20 Current

Recurring Revenue Run Rate US$M

2016 2017 2018 2019 2020H1

Recurring Revenue as % of Total Revenue

15%

30%

44%

61%

12

Current Trading & Outlook

o Revenue visibility for the year is at $5m – up from $4m at the start of the year

o Replaced SAS and FlyTxt on Vodafone, India – a 5 year Managed Services contract worth $10m to $12m

o Pipeline continues to be strong at about $16m

o Several contracts under discussion are “recurring” in nature

o Existing customers are increasingly procuring services from the company – adding to “recurring” revenue

o Roll out of 7 new modules this year thereby expanding the offering

o With the increase in revenue visibility, we are confident about the future

Opportunity to become a $25m revenue business in the medium term with high recurring revenue and strong cash generation

13

Telco Market Dynamics

Source: Strategy & Research and Analysis 2017

Average Revenue Per User (ARPU) droppingSubscriber addition dropping

Source: GSMA Intelligence 2016

AR

PU

Unique mobile subscriber penetration (global average)

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

o Global mobile advertisement market was $138bn in 2018, growing at 15% CAGR – Statista 2019

o Assuming a similar growth rate, market opportunity for Telcos in 2020, assuming 5% market share, is $9bn

o Pelatro operates on revenue share model in this virgin market – average revenue share is 20% i.e. a potential market size of $1.8bn

14

Growth Strategy & Use of Proceeds

Pelatro is at an inflexion point and is therefore looking to raise approximately £3.0m - £4.0m+ via an equityplacing, of which circa £2.3m qualifies for EIS/VCT tax relief.

Use of Proceeds:

o £0.75m (approx.) will be used for marketing at various industryconferences and events to broaden Pelatro’s brand recognition andnetwork

o £0.75m (approx.) will be used to strengthen the sales team in bothexisting emerging and new developed markets

o £1.0m (approx.) will be used for the repayment of short and long termdebt

o The remaining proceeds will be used to fund the working capital forManaged Services, which will enable Pelatro to tender for largercontracts

Growth Strategy:

o Use platform to take market share from competitors and partner withmore Tier 1 Telcos

o Win Managed Services contracts in new geographies (Europe, MiddleEast and Central Asia)

o Cross sell products modules and add-ons to existing Telco customers

o Carefully considered strategic acquisition opportunities

15

Current Shareholding Structure of Pelatro

*: Bannix Management LLP (“Bannix”) is the investment vehicle of Kiran Menon, Varun Menon and Sudeesh Yezhuvath

Shareholder Number of Shares %OS

Bannix Management LLP* 12,993,553 39.9%

Chelverton Asset Management 2,121,872 6.5%

Rathbones Investment Management 1,663,335 5.1%

Herald Investment Management 1,154,035 3.5%

Killik & Co. LLP 943,440 2.9%

Maven Capital Partners 902,397 2.8%

16

Investment Summary

1. Opportunity to become a $25m revenue business in the medium term with high recurring revenue and strongcash generation

2. Opportunity to expand our customer footprint significantly

3. Addressable market of £1.8bn growing at circa 14% per annum

4. Significant barriers to entry with mViva technology

5. Fundraise will accelerate growth and facilitate an increase in profitability

17

Disclaimer

These presentation slides and the accompanying verbal presentation (together the “Presentation”) are strictly confidential and has been prepared by Pelatro plc (the “Company”) solely for use in connection with a proposed fundraising through the issue of new ordinary shares in the Company “Fundraising”).

By accepting this Presentation, you agree to be bound by the following limitations and acknowledge that its content and any discussion surrounding the Presentation falls within the definition of a ‘market sounding’, as defined in the Market Abuse Regulation. By agreeing to receive the market sounding, you acknowledge that you will receive information that the Company considers to be inside information, and you are required to assess for yourself whether you are in possession of inside information or when you cease to be in possession of inside information.You are prohibited from using, or attempting to use, the inside information: by acquiring or disposing of, for your own account or for the account of a third party, directly or indirectly, financial instruments relating to that information; or by cancelling or amending an order which has already been placed concerning a financial instrument to which the information relates. This Presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of the Company nor should it or any part of it form the basis of, or be relied on in connection with, or act as an inducement to enter into any contract or commitment whatsoever.

This Presentation has been produced by the Company alone and not by or in conjunction with any of its advisers. The information and opinions in this Presentation are entirely those of the Company. None of the Company’s advisers have any authority whatsoever to give any information or to make any representation or warranty on behalf of the Company, the Company’s directors, officers, employees, its shareholders, or any of their respective advisers or any other person in connection with the Fundraising or any other acquisition or investment in securities of the Company or otherwise.

No reliance may be placed for any purpose whatsoever on the information contained in this Presentation or the completeness or accuracy of the same.

The information in this Presentation or on which this Presentation is based has been obtained, in part, from sources that the Company believes to be reliable and accurate. However, none of the Company, the Company’s directors, officers, employees, its shareholders or any of their respective advisors, or any other person has independently verified such information in this Presentation and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this Presentation as a whole and no reliance should be placed on such information or opinions. Any opinions, projections, estimates or forecasts contained in this Presentation constitute a judgement of the Company only and should not be relied upon and are provided as at the date of this Presentation and are subject to change without notice. In giving this Presentation the Company does not undertake or agree to any obligation to provide you with access to additional information or to update the Presentation or to correct any inaccuracies or omissions from this Presentation which become apparent. To the extent permitted by law and regulation, neither the Company nor any officer, director, employee or representative of any of them accepts any responsibility or liability whatsoever for any loss, damage or liability howsoever arising, directly or indirectly, express or implied, contractual, tortious, statutory or otherwise from any use of this Presentation or its contents or otherwise arising in connection therewith. The recipient of this Presentation shall be responsible for conducting its own investigation and analysis of the information contained or referred to in this Presentation and for evaluating the merits and risks involved in the securities forming the subject matter of this Presentation.

This Presentation does not constitute an offer of securities for sale in Australia, Canada, Japan, the Republic of Ireland, the Republic of South Africa or the United States of America (each a “Restricted Territory”) or in any other country where such distribution may lead to a breach of any legal or regulatory requirement, nor may they be distributed to persons (as defined in Regulation S under the United States Securities Act of 1933 (as amended)) with addresses in the United States, or to any individual outside a Restricted Territory who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy or subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicable exemption. It is the responsibility of each recipient outside the United Kingdom to ensure compliance with the laws of and regulations of any relevant jurisdiction. Neither this Presentation nor any copy of it may be taken or transmitted into or distributed in a Restricted Territory or to any resident thereof.

Neither this Presentation nor any copy hereof may be distributed in any other jurisdictions where its distribution may be restricted by law and any persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions.

The content of the Presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance on the Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. Any person who is in any doubt about the subject matter to which the Presentation relates should consult a person duly authorised for the purposes of FSMA who specialises in the acquisition of shares and other securities.

The Presentation does not constitute an offer of transferable securities to the public for the purposes of section 85 FSMA. The Presentation is exempt from the general restriction set out in section 21 FSMA on the communication of financial promotions on the grounds that it is directed only at (i) persons outside the United Kingdom (other than any jurisdiction where its distribution may be restricted by law); or (ii) persons having professional experience in matters relating to investments who fall within the definition of investment professionals in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”); or (iii) persons in the business of disseminating information within the meaning of Article 47 of the Order; or (iv) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order; or (v) persons who are 'professional clients' as defined in the FCA's Glossary and for the purpose of chapter 4 of the FCA's Conduct of Business Sourcebook. Any other person who receives this communication should neither rely on nor act upon the contents of this communication and should return it immediately without reproducing, distributing or passing it on to any other person.

This Presentation contains forward‐looking statements, including but not limited to statements in relation to the Company and its respective subsidiaries, affiliated companies and projects, the future price of, and demand for, products, services, platforms, technologies, operations, licences and new growth market opportunities. Such statements are generally identifiable by the terminology used, such as “may”, “will”, “could”, “should”, “would”, “anticipate'', “believe'', “intend”, “expect”, “plan”, “estimate”, “budget'', “outlook'' or other similar wording. By its very nature, such forward‐looking information requires the Company to make assumptions that may not materialise or that may not be accurate.

Such forward‐looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company and/or its respective subsidiaries and/or its affiliated companies, to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current product development; conclusions of economic evaluations and studies; bank liability; political instability; insurrection or war; delays in obtaining governmental approvals or financing or in the completion of product development.

Furthermore, the forward‐looking information contained in this Presentation is made as at the date of this Presentation and the Company does not accept any obligation to disseminate any updates or revisions to such forward‐looking statements. The forward‐looking information contained in this Presentation is expressly qualified by this cautionary statement.

This document is not intended to be, and should not be construed as, any advice on the merits of, or any recommendation to any recipient or reader of this document in relation to, the purchase of shares in the Company. Recipients and readers of this document should seek their own independent legal, investment and tax advice as they see fit.

By receiving this Presentation you agree to be bound by the foregoing limitations

18

Historic Financials

Income Statement for the year ended 31 December

2018$’000

2019$’000

Revenue 6,123 6,667

Cost of sales (555) (999)

Gross profit 5,568 5,668

Administrative expenses (2,421) (4,048)

Operating profit 2,551 1,118

Finance income/(expense) (38) (110)

Profit before taxation 2,513 1,008

Income tax expense (334) (194)

Net income 2,179 814

Adjusted earnings per share (cents) 10.2 4.2

19

Historic Financials

Balance Sheetfor the year ended 31 December

2018$’000

2019$’000

Non-current assets 11,604 12,558

Current assets 6,430 7,178

Total Assets 18,034 19,736

Non-current liabilities 1,635 947

Current liabilities 1,037 2,587

Total Liabilities 2,672 3,534

Total Equity 15,362 16,202

20