BRITBOTS

1. BRITBOTS This presentation is intended only as short introduction to the British Seed Robotics Fund., trading as “Britbots” Interested parties should make sure they read and understand the relevant Britbot’s Information Memorandum in full before investing any funds. This document is available from Sapphire Capital Partners LLP and outlines the fund’s potential benefits and risks, and sets out the fees in detail. Sapphire Capital Partners LLP is a specialist investment management firm authorised and regulated in the UK by the Financial Conduct Authority. Sapphire Capital Partners LLP has verified and approved the contents of the British Robotics Seed Fund's Information Memorandum for the purposes of section 21 of the Financial Services and Markets Act 2000.

2. WHY IS THIS A GOOD TIME TO INVEST IN ROBOTICS AND AUTOMATION? • Growing market • The robotics market is forecast to see compound annual growth rates in excess of 45%, with the global market to exceed $237 billion by 20221 1https://www.tractica.com/newsroom/press-releases/the-robotics-industry-will-reach-237-billion-in-revenue-worldwide-by-2022/

3. WHY IS THIS A GOOD TIME TO INVEST IN ROBOTICS AND AUTOMATION? • Universally applicable technology • “Smart automation will power the fourth industrial revolution”2 • Robotics and automatization are general purpose technologies applicable to a wide range of industries just as steam power was in the first industrial revolution, electricity in the second and computing in the third McKinsey analysis of average work activities from more than 800 occupations across the US economy to assess the percentage of time spent on activities with the technical potential for automatization 2https://www.ubs.com/microsites/…/en//...=/nores-automation-and-robotics.pdf

4. WHY IS THIS A GOOD TIME TO INVEST IN ROBOTICS AND AUTOMATION? • Liquidity events and valuations – 2018 overview

5. WHY ROBOTICS AND AUTOMATION MATTER: THE BIG PICTURE • For the last 50 years, global GDP growth has been driven by the twin engines of: • Productivity growth (approx. 1.8% annually); and • Labour growth (approx. 1.7% annually) • Today, global consumption continues to rise, driven by: • Population growth; and • Rising wealth levels “Global consumption could grow by $23 trillion between 2015 and 2030”3 • However, productivity growth has slowed and labour growth is now shrinking… “Roughly half of the sources of economic growth from the past half century [employment growth] will evaporate as populations age. Even at historical rates of productivity growth, economic growth could be nearly halved.”4 3https://www.mckinsey.com/~/media/mckinsey/featured%20insights/future%20of%20organizations/what%20the%20future%20of%20work%20will%20mean%20for%20jobs%20skills%20and%20wages/mgi%20jobs%20lost-jobs%20gained_report_december%202017.ashx 4https://www.mckinsey.com/~/media/mckinsey/featured%20insights/Digital%20Disruption/Harnessing%20automation%20for%20a%20future%20that%20works/MGI-A-future-that-works-Executive-summary.ashx 4

6. WHY ROBOTICS AND AUTOMATION MATTER: THE BIG PICTURE • Falling global productivity Source: The Resolution Foundation 2016

7. WHY ROBOTICS AND AUTOMATION MATTER: THE BIG PICTURE • Shrinking global labour pool • An aging global population and shirking fertility rates will result in the global number of employees flatling by c.2050

8. WHY ROBOTICS AND AUTOMATION MATTER: THE BIG PICTURE • Increasing global workloads • On the face of it, increasing workloads could be explained by the need to service growing global consumption (as per slide 5) • Yes this is a large factor, but global workloads are increasing for additional reasons: • Rising customer expectations of products and services leading to organisations needing to create more complex offerings • Increasingly complex levels of domestic and international regulatory compliance • Increasing levels of data and the need to management this

9. ROBOTICS AND AUTOMATION AS A SOLUTION • Robotics and automation are likely to become a significant global economic growth engine as employment growth wanes GDP growth for G19 and Nigeria, (compound annual growth rate %) Source: The Conference Board Total Economy database; United Nations Population Division

10. WHY INVESTING IN ROBOTICS AT START-UP LEVEL MAKES SENSE • Irrespective of the macroeconomic picture, investing in robotics and automatisation at the start-up level is becoming increasingly attractive: • Falling cost of robotics • Failing prototype costs – advances in 3D printing & improved modelling • Robotics are increasingly cheap relative to labour

11. WHY INVESTING IN ROBOTICS AT START-UP LEVEL MAKES SENSE • Growing data sets allow more nuanced software development • Increased absolute levels of global data . The International Data Corporation predicts that the amount of data in the world will grow 10x by 2025 to 163 zettabytes from the 16.1 zettabytes generated in 2016. • Increased levels of shared data - in particular facilitated by developments in cloud computing. • Growing sophistication of cognitive computing • Increasingly sophisticated analysis of data we already have including classes of data such as voice, video and imagewhich previously haven’t been analysable. • UK Governmental support • In 2017, UK Government launched a £68 million Industrial Strategy Challenge Fund for artificial intelligence and robotics research. • SEIS qualifying robotics investments are de-risked • UK Government effectively underwrites ~60% of investment for higher-rate tax-paying investors. See Appendix 1 for more information on the SEIS system.

12. BRITBOTS INVESMENT THESIS • We believe that over the next decade companies will seek to automate almost all types of direct labour inputs where there is technical potential to do so (as per the chart on slide 3) given the widening gap between labour costs and robotics (as per slide 9). We focuses on exploiting this trend. • We invest in capitally frugal robotics, automatisation and AI companies operating in large markets, whose offerings create large-scale productivity improvements5,6and whose road-map is focused on created an autonomous product offering. 5 Companies in the current BRITBOTS’ portfolio offer productivity improvements (measured in terms of cost reduction) of between c.200%- 500% over existing solutions to the same problem. 6 We also subscribe to the view that a company’s relative productivity is an important source of a value premium in equity returns.

13. BRITBOTS PORTFOLIO • We believe robotics and automatisation are general purpose technologies. Our investments span a wide range of sector verticals. • INDUSTRIAL • COMMERCE & DIGITAL FOX LOGISTICS • CONSTRUCTION & AGRICULTURE • SECURITY FOX CYBER- SECURITY • CONSUMER • HEALTH • AUTOMOTIVE • EDUCATION GENIE CONNECT

14. APPENDIX 1 – SUMMARY OF SEIS / EIS REGIME • An SEIS/EIS fund gives investors five tax benefits in one: • Income Tax relief: The fund gives you between 40% and 50% income tax relief on the amount you invest • Capital Gains Tax (CGT) re-investment relief: Re-invest a taxable gain into a SEIS fund and get tax relief for half of the CGT owing • No CGT on exit: There's no CGT to be paid on any gains you make in the fund • Share loss relief: If an investee company doesn’t succeed, you can still benefit from share loss relief at your marginal rate of tax • Inheritance Tax (IHT) relief: Once you've completed a two year holding period, your investment becomes IHT exempt

15. THANK YOU