8GT marketing doc sep 151008 -...

September 2015

Investor Proposal

DRAFT&FOR &DISCUSSION &PURPOSES&ONLY

This document does not constitute and should not be construed as an offer, or solicitation of an offer, to buy or sell any securities or other financial instruments or to engage in any other transaction.

The price and value of investments as well as any income derived from them may fluctuate. Past performance is not necessarily an indication of future performance, future returns are not guaranteed, and a loss of original capital may occur, including a permanent and unrecoverable loss.

The investments discussed herein may be unsuitable for investors depending on their specific investment objectives and financial position. Investors must independently evaluate each particular investment product in light of their own objectives, risk profile and circumstances and seek, where appropriate, professional advice including tax advice.

The information contained in this document should not be deemed to constitute the provision of financial, investment or other professional advice in any way

The Eight Great Technologies Investment Fund LP (“8GT” or the “Fund”) will be managed and promoted by Farm Street Partners Investment Management LLP, authorised and regulated in the United Kingdom by the Financial Conduct Authority.

This document creat ed / modified 10/8/15 7:48 P M

DISCLAIMER

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A specialist technology venture capital fund focussing on the eight technologies identified by the UK government for support and development, where Britain has real scientific strength and there are global market opportunities

Fund: investing in new UK technology companies! Target fundraise £500m from investors in China, GCC states and UK/Europe

! Strong risk management through rigorous academic and business process

! Capitalise on unique access, insight and knowledge surrounding significant funding gap

! Target >30% IRR or 5x multiple 1

Team: 8GT investment and advisory board comprised of the leading academics and professionals at the best UK institutions, combined with commercial and finance professionals

Note 1: This figure represents a targeted minimum hurdle return, which is based on financial analysis that relies on certain assumptions. While 8GT believes the assumptions underlying this targeted return and the related financial analysis to be reasonable, there can be no assurance that the underlying assumptions or the target return itself will be met. 8GT is available to discuss the analysis and assumptions underlying the target return with prospective investors. Past performance is not necessarily indicative of future results.

Executive summary

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! More Nobel prizes in relation to R&D spend than any other country

! 16% of the world’s most highly cited articles, second only to USA

! Leading universities consistently high in global rankings – feed through to world class technology

! Examples:

— All genetic sequencing technologies developed in Oxford and Cambridge

— World leader in small satellites developed in spin-off from University of Surrey

— Graphene developed in research cluster around Manchester University

— Motor engineering behind Formula 1 based in Oxfordshire and Northamptonshire

— World’s most popular small computer – Raspberry Pi – designed in Cambridge, manufactured in South Wales

UK - world leader in new technology

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! Backed by institutional and private funding from China, GCC states and UK

! Founded by The Rt Hon Lord Willetts

— British Cabinet Minister for Science and Universities 2010-2014

— Board member of of Biotech Industry Association and National Council for Universities and Business

! Building on international collaboration including Premier Li Keqiang’s vision for a strategic partnership in science and technologies

Public'Support'for'Science'&'Technology'in'UK,'China'and'GCC'States

Industry

UniversitiesResearch-InstitutesResearch-Councils

Investment'community

Fund Aim: leading commercial funder of UK emerging technologies

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UK&Emerging&technologies


! Lack of resource to commercialise research

— Opportunities missed

— Under-capitalised companies

! Few Venture Funds financing major new technology development outside drug development and software/digital industry

! Pension funds too fragmented to invest in new technology start-up funding

! Major opportunity for well-funded venture capital fund with real expertise in key technologies delivering credibility amongst the research community

Addressing the UK’s funding gap

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! Unrivalled knowledge of people and places

— Leading experts who command the trust of scientific community

— Based at leading research institutes and universities

— Provide real-time intelligence on emerging technologies and business opportunities

! Ability to command trust of scientific community

— Explicitly seek better relationship with researchers – access to follow-up funding and long-term, patient funding to avoid dilution

! Board members hugely influential in both politics and academia, chaired by The Rt Hon Lord Willetts who previously led many of the joint Anglo/Chinese/GCC Scientific partnership initiatives and identified the ‘8 Great Technologies’ initially targeted by UK Government

A unique competitive edge

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Scientific Advisory Committee

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agric@tech

High'performance'computing'

Life'sciences,'agri@tech

Digital'Tech,'Life'Science

5G'mobile'and'internet

Space'and'Physical'Sciences,'Nuclear'fusion'and'remote'operations

Members are:• Leading Scientists,• Technologists and• Representatives of leading

Universities

The Rt Hon Lord Willetts – ChairmanAndy Green, IT and SpaceAlan Greenberg, IT and Ed TechProfessor David Lane, Robotics and Autonomous SystemsProfessor Mischa Dohler, Internet of ThingsProfessor Richard Kitney, Synthetic BiologyProfessor Douglas Kell, Agri TechProfessor Sir Colin Humphreys, Advanced materialsProfessor Steve Cowley, Energy and Robotics

Robotics'and'autonomous'systems


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IT and Digital technologies

Robotics, autonomous systems The Internet of Things

Satellites and space

Regenerative medicine and med tech

Synthetic Biology

Agri-techAdvanced materials

Energy storage and energy efficiency

Eight&GreatTechnologies

Fund Focus


! Tech City, London: one of the world’s liveliest hubs for digital business

! Software and hardware convergence/ investment in electronic systems

! Educational technologies transforming vocational training in dentistry and nursing

! City of London financial services strength combined with Tech City is creating exciting Fintech opportunities.

! The Internet of Things: Research clusters in Cambridge, Liverpool, London and Innovate UK, are leading the push to make UK the most digital nation in G8 personally backed by UK’s PM.

IT and Digital Technologies

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! Key strengths in robotics operating in hostile environments— North Sea exploration: new subsea

technologies to monitor and repair oil rigs

— Intense temperatures in nuclear fusion research: new devices for remote handling used in nuclear decommissioning - Culham Oxford

! Mining machining to cope with narrow seams and dangerous conditions for humans as well as inaccessible zones.

! Driverless cars using different technologies from Google-Oxford University

Robotics and autonomous systems

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Oxford& Technologies&LtdOxford&d riverless&car

Edinburgh&Cent re&fo r&Robotics,&SeeByte Ltd,&Subsea7


! Satellites increasingly important collectors of data and data transmitters

! Collapsing launch costs leading to small satellites sprinkled over trouble spots and major sporting events

— Hardware in small and nano-satellites and systems needed to power them

— Software around satellite data such as navigation systems for trains and aeroplanes,earthquake warning systems, maritime warning systems and monitoring deforestation.

— Satellite Applications Catapult at Harwell Oxford - centre for expertise

Satellites & space technologies

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Fermosat 7 &– weath er&monitoring&satellite,&Surrey&Satellite&Technology


! Significant advances in diagnostic services- specific opportunity in Vantix Systems

! Anti-microbial resistance -distinguishing between viral and bacterial infections

Regenerative Medicine and med tech

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Bionsensor Assay&at&Vanitx Diagnostics,&Cambridge

Scanning&electron&micrograph&of&MRSA&(image&cou rtesy&NIAID )


! Application of engineering methods to genetics.

! Reconstructs genes to create new materials and fuels and foods.

! Imperial College is a global centreof expertise

Synthetic Biology

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MultiRdimensional&fluorescence&Imaging&– Photonics&Group,&Impe rial&College


! Breakthroughs in nutrition, informatics, satellite imaging, remote sensing, meteorology and precision farming mean the agriculture sector is one of the world’s fastest growing sectors

! Britain had high hopes of GM technologies being developed but domestic and political pressure stalled much promising research

! Specific opportunities include 2020 wheat project increasing the average yield of wheat per hectare to 20 tonnes per hectare and Rice that resists salt water flooding

Agri-tech

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! Surge in interest in Graphene after Nobel Prize winning discovery by Manchester University physicists

! Gallium Nitride - centre of expertise at Cambridge University - the most important semiconductor material since silicon

Advanced materials

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Images&from&The&University&of&Manchester


! Lithium-ion battery developed at Oxford in the late 70’s but commercialised in Japan is still the work-horse of many electronic devices.

! More advanced work is underway to create more effective and lighter batteries.

Energy storage and energy efficiency

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Oxford&University:&Nanoparticle&catalysts&for&methanol&and&hydrogen&production&

Oxford&University:&A&lowRcost&solar&cooker&for&the&developing&world&


! UK lacks resources to fully commercialise its research

! Fragile under-capitalised, under-managed companies end up being bought cheaply by international companies

! Increasing risk aversion of venture capital firms — Focusing on mid and late stage

private equity

— Little early stage outside software, drugs or digital.

Angels'crowd'funders'and'VCs

Too'little'money'backing'early'stage'

technology'development

8GT

8GT'aims'to'be'the'principal'‘go'to’'

Fund'in'the'UK'for'early'stage'funding

8GT Fund: An unprecedented leading funding role in UK 8GT Fund exploits a major gap in the funding market

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Building trusted relationships with scientists and technologists

Other'Venture'funds'

co@investment'opportunities

Scientific &'Commercial

Advisory'BoardUK'Universities'and'research'

centrestechnologies'sourcing

Strategic Advisory'Board

Advising'and'Supporting' the'

Inventors

(concept'to'product)

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! Management Board plus up to 4 Portfolio Managers & 8 sector analysts with industry expertise & experience, delivering investment screening, opportunity modelling and preparation and portfolio management

! Target portfolio return of 30% IRR or 5x

— Equates to 30x or 60% IRR, over 7 years, to be achieved by 20% of portfolio (with no return from 80%)

! Screen out weak prospects early in the process— Create a diversified portfolio of between 15-20 companies with typical enterprise value £3m-15m— In addition the Fund will also invest in a portfolio of under £1m early stage opportunities— Filter out weakness in technology, commercial rationale, management, market or regulatory uncertainty

! Thorough due diligence— Scientific claims, commercial rationale, market dynamics, scope of value creation, probable exit value

! Correct entry price and investment terms. Capital allocated for future funding rounds to preserve value— Phased investment with significant position and board representation

Investment Team and Process

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Investment Process

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Deal'Sourcing

InitialScreen

Investment'Committee

Scientific'Advisory'Board

Fund'Oversight

• Direct'from'authors

• Sponsored'by'Scientific'Advisory'Board

• Sourced'by'Investment'Team

• Min'criteria' set'by'Investment'Team

• Filtering'by'Fund'Professionals

• Initial'investment'approval

• On@going'investment'review

• Follow'on'funding'proposals

• Monthly'Board• Approve'all'

new'investments

• Review'on@going'portfolio'investments

• Fund'Professionals

• Initial'and'on@going'financial'and'operational'due'diligence

• Board'reports


Unparalleled scientific and technological investment approach

Early'Stage'Review'committee

Advisory Heads/Scientists, chief technologists lead process with the introduction of a new technology.

Summary case for investment

Management +PMs+ relevant 8GT silo analyst present to evaluate

Early'Stage'due'diligence'committee

Relevant Advisory panel member plus investment team members created for each opportunityExtensive DD in many cases will involve independent industry reviews commissioned by 8GTEnsures proper corporate governance and effective management to avoid any scientist/Investment team psychology bias.

Final'investment'decision

Investment committee makes the ultimate decision to go ahead as lead or co-investor.

Portfolio'support

Active role in assisting commercial growthStaged, ‘Boot-strapped’ funding eg at scoping, pilot and delivery for early stageFunds allocated for future rounds


! Once an investment is at the stage that the traditional ‘Venture Capital’ Fund would sell it, Fund investors will be given co-investment rights in a new vehicle1

for longer term holding of completed investments

! Investments may be sold by the Fund on commercial terms to the ‘Permanent Capital’ vehicle

! LPs will have a right to invest in the ‘Permanent Capital’ vehicle, in line with their original commitments and will be offered additional investment where other LPs do not take up the right

! This gives the authors of the technologies and Fund investors the option to realise the some or all of the value of the company at the right stage in its evolution

! Importantly, both scientists and Fund investors retain the option to continue a much longer term holding and association with the companyNote 1: The structure of the ‘8GT Permanent Capital’ will be determined at the time of the first realisable investment, dependent investor take-up and market conditions. It will either be an entity to be listed (in London or internationally) or a follow-on Limited Liability Partnership.

A separate ‘Permanent Capital’ vehicle will be created for long term investments

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Advisory Team

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The Rt Hon Lord WillettsChairman of the Fund and Head of Advisory Board

David served as the Member of Parliament for Havant from 1992 to March2015. He has worked at HM Treasury, the Number 10 Policy Unit, andserved as Paymaster General in the last Conservative Government. Hehas also previously served as the Shadow Secretary of State forInnovation, Universities & Skills, Shadow Secretary of State for Work &Pensions and forTrade & Industry.

He is a Governor of the Ditchley Foundation, a member of the Council ofthe Institute for Fiscal Studies, a member of the Advisory Board of RoyalSociety and Visiting Professor at King’s College, London.

From May 2010 to July 2014 David served as Minister for Universities andScience. He was appointed as a Privy Councillor in June 2010.

David is married to Sarah Butterfield. She is an artist and has exhibited inLondon, New York, Hong Kong and Shanghai. They have two children:Imogen and Matthew

David and Sarah are keen walkers on the South Downs and swimmers.David has swum for charity against an Olympic hopeful and raised £1,500for charity cycling in the Paris to Hayling ride.


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Andy2Green24 IT2and2Space2Andy&has&spent&most&of&his&career&in&the&Telecoms,&IT&and&Technology&world&with&many&years&of&boardroom&experience&in&the&UK,&US,&Europe&and&Asia.&He&has&a&fascination&with,&and&a&unique&perspective&on,&the&impact&of&the&Digital&Age&on&business&strategy&across&all&sectors&of&the&economy.&He&is&a&trusted&advisor&to&companies&and&governments.His&not&for&profit&work&focuses&on&supporting&the&development&of&a&vibrant,&entrepreneurial&technology&sector&in&the&UK&and&Europe&built&on&the&skills&and&enthusiasm&of&well&qualified&young&people.He&supports&a&number&of&charities&and&has&a&particular&interest&in&housing&and&women’s&development&in&Africa.He&works&with&his&wife&Susan&Jukes&who&is&an&international&brand,&strategy&and&communication&expert.&He&is&ably&supported&by&PatMcAlinden.&He&works&closely&with&the&team&at&Metellus.Andy&and&Susan&divide&their&time&between&their&homes&in&Islington,&UK&and&Sydney,&Australia&and&travel&extensively&in&US,&Asia&and&Europe&for&business&and&pleasure.Current&Positions:&Chairman&Designate&IG&Group&plc,&Independent&NonRExecutive&Director&ARM,&Chairman&DockOnAG,&Chairman&npGroup,&Chairman&Connected&Digital&Economy&Catapult,&CoRChair&Space&Leadership&Council&and&President&UK&Space,&NonRExecutive&Director&CBI,&Trustee&ABESU.&&He&also&supports&Shelter&and&&Josh&Carrick&Foundation

Alan2Greenberg2– ex2Apple2ItunesU –Ed2Tech2Alan's&contributions&to&the&paradigm&shift&in&the&online&dissemination&of&education&content&have&had&truly&global&significance.&He&managed&Apple&Education’s&Higher&Education&business&in&Europe,&then&Asia,&between&2004R2009.&There,&he&project&managed&the&launch,&deployment&and&adoption&of&Apple&iTunes&U&and&‘Beyond&Campus’&initiatives&throughout&Europe.&He&also&launched&the&iPhone&University&Developer&Program&and&Apple’s&mobility&strategy&throughout&Asia.


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Professor2David2Lane,2Edinburgh2Centre2for2RoboticsDavid&Lane&is&founding&Director&of&the&Edinburgh&Centre&for&Robotics&(edinburghRrobotics.org),&a&£35M&joint&venture&between&HeriotRWatt&and&Edinburgh&Universities&training&100&innovationRready&PhD&graduates&across&Engineering&and&Informatics&disciplines.&In&2001&he&founded&SeeByte Ltd/Inc.&(seebyte.com)&and&as&CEO&until&2010&lead&the&company’s&organic&evolution&from&startRup&to&a&multiRmillion&dollar&organization.&Through&commercialisation&of&his&team’s&20&year&portfolio&of&research&in&autonomous&marine&robotics&into&the&international&offshore&energy&and&defence&markets,&the&business&grew&at&an&average&45%&pa&during&the&recession,&continually&cash&positive,&with&75%&of&its&business&in&exports&to&three&continents&and&offices&in&Edinburgh,&San&Diego&and&Seattle.&SeeByte won&the&2010&Praxis&Unico Business&Impact&Achieved&Award&and&2013&Scottish&Digital&Technology&Award&for&International&Growth,&with&the&founders&exiting&in&2013&for&an&8Rfigure&sum&to&Bluefin&Robotics,&Mass.&In&public&leadership&roles&during&2013/15,&he&led&development&of&the&UK’s&national&Robotics&innovation&strategy&for&the&UK&Minister&for&Universities&and&Science&and&was&a&Director&of&euRobotics aisbl shaping&the&EU&Horizon2020&Robotics&publicRprivate&partnership.&He&continues&to&lead&a&technical&team&in&EPSRC&and&EU&funded&robotics&research&projects&developing&persistent&and&collaborative&autonomy,&and&bioRinspired&sensing&systems.&He&has&been&elected&to&Fellowships&of&the&Royal&Academy&of&Engineering and&Royal&Society&of&Edinburgh.

Professor2MischaDohler,2King’s2College2London2– The2Internet2of2Things2Mischa Dohler is&full&Professor&in&Wireless&Communications&at&King’s&College&London,&Head&of&the&Centre&for&Telecommunications&Research,&coRfounder&and&member&of&the&Board&of&Directors&of&the&smart&city&pioneer&Worldsensing,&Fellow&and&Distinguished&Lecturer&of&the&IEEE,&and&EditorRinRChief&of&the&Transactions&on&Emerging&Telecommunications&Technologies and&the&EAI&Transactions&on&the&Internet&of&Things.He&is&a&frequent&keynote,&panel&and&tutorial&speaker,&and&has&received&numerous&awards.&He&has&pioneered&several&research&fields,&contributed&to&numerous&wireless&broadband,&IoT/M2M&and&cyber&security&standards,&holds&a&dozen&patents,&organized&and&chaired&numerous&conferences,&has&more&than&200&publications,&and&authored&several&books.&He&has&a&citation&hRindex&of&39.He&acts&as&policy,&technology&and&entrepreneurship&adviser,&examples&being&Richard&Branson’s&Carbon&War&Room,&House&of&Parliament&UK,&UK&Ministry&BIS,&EPSRC&ICT&Strategy&Advisory&Team,&European&Commission,&Tech&London&Advocate,&ISO&Smart&City&working&group,&and&various&startRups.He&is&also&an&entrepreneur,&angel&investor,&passionate&pianist&and&fluent&in&6&languages.&He&has&talked&at&TEDx.&He&had&coverage&by&national&and&international&TV&&&radiol&and&his&contributions&have&featured&on&BBC&News&and&the&Wall&Street&Journal.


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Professor2Richard2Kitney (Imperial)2– Synthetic2BiologyRichard&Ian&Kitney OBE,&FREng,&DSc&(Eng),&FCGI is&Professor&of&Biomedical&Systems&Engineering&in&the&Department&of&Bioengineering,&Senior&Dean&and&Director&of&the&Graduate&School&of&Engineering&and&Physical&Science,&Imperial&College&London.&Over&the&last&30&years,&Professor&Kitney has&focused&on&the&application&of&engineering&and&physical&science&to&biomedical&problems.&He&has&published&over&300&papers&in&the&fields&of&biomedical&signal&and&image&processing,&medical&visualisation,&medical&informatics&and&the&general&application&of&computers&to&healthcare.Professor&Kitney works&within&the&Centre&for&Synthetic&Biology&and&Innovation,&CSynBI,&alongside&researchers&at&SSHM&on&a&programme&of&research,&training&and&dissemination&to&enhance&capabilities&to&understand&the&ways&that&developments&in&synthetic&biology&impact&and&shape&the&world&around&us.&Through&a&combination&of&high&quality&social&science&research&and&engagement&with&policy,&the&project&seeks to&influence&the&trajectory&of&this&novel&and&rapidly&developing&area&and&contribute&to&the&development&of&an&appropriate&governance&regime.

Professor2Douglas2Kell,2Manchester,2Agri4tech2Douglas&Kell is&Professor&of&Bioanalytical Science&in&the&School&of&Chemistry&and&the&Manchester&Institute&of&Biotechnology&and&former&Chief&Executive&of&the&Biotechnology&and&Biological&Sciences&Research&Council&(BBSRC).&&He&focuses&on&the&development&and&application&of&novel&analytical&methods&to&the&solution&of&complex&biological&problems.&He&is&a&Fellow&of&the&American&Association&for&the&Advancement&of&Science&(AAAS).&Top&Scholar,&Bradfield&College,&Berks&(1996R1970).&B.A.&(Hons)&Biochemistry&at&St&John's&College,&Oxford&(1975)&(Class&2R1&with&Distinction&in&Chemical&Pharmacology).&Senior&Scholar&of&St&John's&College,&Oxford,&M.A.&(Oxon),&D.Phil.&(Oxon)&1978.&SRC&Postdoctoral&Research Fellow&(1978R1980),&Postdoctoral&Research&Assistant&(1980R81)&and&SERC&Advanced&Fellow&(1981R 1983),&and&'New&Blood'&lecturer&in&Microbial&Physiology&(1983R 1988),&all&at&the&Department&of&Botany&&&Microbiology,&University&College&of&Wales,&Aberystwyth.&Reader&in&Microbiology,&Dept of&Biological&Sciences,&UCW,&Aberystwyth,&1988R1992,&and&Founding&Director,&Aber Instruments&Ltd,&Science&Park,&Aberystwyth.&Personal&Chair,&The&University&of&Wales,&1992.&Director&of&Research,&Institute&of&Biological&Sciences,&UWA&1997R2002.&Founding&Director,&Aber Genomic&Computing,&2001R.&EPSRC/RSC&Research&Professor&of&Bioanalytical Science,&UMIST&2002R ,&The&University&of&Manchester&2004Rpresent.&2005R8&Director,&BBSRC&Manchester&Centre&for&Integrative&Systems&Biology&(www.mcisb.org/).&He&has&published&over&400&scientific&papers,&50&of&which&have&been&cited&over&100&times&(as&judged&by&WoK).&His&HRindex&is&77&(WoK)&or&91&(Google&Scholar).&Total&citations&>20,000&(WoK)&or&>30,000&(GS).


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Professor2Sir2Colin2Humphreys2(Cambridge)2–Advanced2materials2Colin&Humphreys&is&the&Goldsmiths'&Professor&of&Materials&Science,&Cambridge&University,&Professor&of&Experimental&Physics&at&the Royal&Institution&in&London,&and&a&Fellow&of&Selwyn&College&Cambridge.&He&is&also&the&Director&of&the&Rolls&Royce&University&Technology&Centre&at&Cambridge&on&NiRbase&superalloys for&turbine&blades&for&aerospace&engines&and&the&Director&of&the&Cambridge&Gallium&Nitride&Centre.&He&was&the&President&of&the&Institute&of&Materials,&Minerals&and&Mining&for&the&two&years&2002&R 2003.&He&is&now&the&Chairman&of&its&Managing&Board.&He&is&a&Fellow&of&the&Royal&Academy&of&Engineering&and&a&Member&of&the&Academia&Europaea,&a&Liveryman&of&the&Goldsmiths'&Company&and&a&Member&of&the&Court&of&the&Armourers&and&Brasiers'&Company&and&a&Freeman&of&the&City&of&London.&He&is&a&Member&of&the&John&Templeton&Foundation&in&the&USA&and&the&Honorary&President&of&the&Canadian&College&for&Chinese&Studies&in&Victoria,&Canada.&He&was&President&of&the&Physics&Section&of&the&British&Association&for&the&Advancement&of&Science&in&1998&R 99&and&Fellow&in&the&Public&Understanding&of Physics,&Institute&of&Physics&1997&R 99

Professor2Steve2Cowley,2Culham 4 Energy2and2roboticsProfessor&Steven&Cowley is&Chief&Executive&Officer,&United&Kingdom&Atomic&Energy&Authority&and&Head&of&EURATOM/CCFE&Fusion&Association.&&Steven&Cowley became&Head&of&CCFE&in&September&2008&and&was&appointed&as&Chief&Executive&Officer&of&the&United&Kingdom&Atomic&Energy&Authority&in&November&2009.&He&received&his&BA&from&Oxford&University&and&his&PhD&from&Princeton&University.&Professor&Cowley's postRdoctoral&work&was&at&Culham and&he&returned&to&Princeton&in&1987.&He&joined&the&faculty&at&the&University&of&California&Los&Angeles&in&1993,&rising&to&the&rank&of&Full&Professor&in&2000.&From&2001&to&2003&he&led&the&plasma&physics&group&at&Imperial&College,&London.&He&remains&a&partRtime&professor&at&Imperial&College.&He&has&published&over&100&papers&and&articles.&Professor&Cowley coRchaired&the&US&National&Academy's&decadal&assessment&of,&and&outlook&for,&plasma&science:&Plasma&Science:&Advancing&Knowledge&in&the&National&Interest&(National&Academy&Press&2007).&He&is&a&Fellow&of&the&American&Physical&Society&and&the&Institute&of&Physics,&and&the&recipient&of&the&IOP's&2012&Glazebrook Medal&for&leadership&in&physics.&In&June&2011,&Professor&Cowley was&appointed&to&the&Prime&Minister's&Council&for&Science&and&Technology&and&in&May&2014&he&was&elected&a&Fellow&of&the&Royal&Society.


! 8GT helps to deliver national objectives set out by the British Government working in association with other nations

! International companies will be able to license key British technologies to be deployed by them in their home markets

! It will form the basis for international partnerships to help develop emerging markets

8GT is an unprecedented opportunity to open up UK’s best Scientific initiatives to global investors

The opportunity for 8GT’s partners:

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Our aim is to be quite simply the leading commercial funder of the major general purpose technologies emerging from the British research base. There is already a significant amount of analysis of the key technologies and substantial public funding going in to them. Now is the time for commercial investors to seize the opportunity for profitable follow on funding. We will be investing for the long term, protecting the interests of researchers and inventors, and establishing close, trusting relations with Britain’s scientific community

The Rt Hon Lord Willetts

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! Management Team

! Fund Advisors

! Fund Terms

Appendixes

30


31

Management Team

Farm Street Partners is a speci alist merchant bank and asset management busi ness based in Mayfair. Its cli ents i ncl ude corporates and indivi duals with a focus i n the UK. Advice includesmultiRasset class portfoli o management, public and private equity , r eal estate (resi denti al/commerci al devel opment/inves tment), capital str ucturing and M&A. It is regulated by the Fi nanci alConduc t Authority i n the UK. Farm Str eet Partners is the sponsor and manager of the Ei ght Gr eat Technologi es Investment Fund, provi di ng management, risk and investment pr ocess andregul atory governance.

MALCOLM GLA ISTER Chi ef Executive Officer, 8GT

Malcolm Gl aister is a founder of Farm Street Partners andCEO. Prior to forming Farm Street Par tners in 2012, hewas head of Key Clients and Private Banki ng for LloydsBanki ng Gr oup, and a member of the executive committeefor the Wealth and Inter national Division of the Gr oup.Malcolm joi ned Ll oyds Banki ng Gr oup i n 2009 fr om AIGInves tments where he was r esponsibl e for Eur opeanprivate cli ent business i n private equity, r eal estate andhedge funds. For 8 years prior to this, Malcolm worked forJPMorgan i n London. As Head of Family Offi ces , he hadresponsi bility for delivering the services of the Inves tmentBank , Asset andWealth Management and Treasury

Services . Earli er, Malcolm was Chief Operati ng Officer for JPMor gan Private Bankin London. His earlier commercial career was with GE Capital. Mal colm served inthe Royal Navy from 1987 to 1997 culminati ng i n an appointment as one of theyounges t Commandi ng Officers afl oat. Malcolm graduated from the University ofDurham with a BSc i n Natural Sci ences. He is amember of the Charter ed Instituteof Investments .

He is a director of a number of family businesses , encompassing real es tate,farming, food pr oduction and events and is a committee member of the CountryLand and Busi ness Associ ati on. Ac tively i nvolved i n chariti es for military veter ans,he is also i s on the boar d of Trini ty House, with specific responsi bility for the £150mcharitabl e foundati on. Married with 3 young childr en, he is a keen yachtsman andcyclist.

ARBEN2KRYEZIU 2R Special &Advisor&8GT

Arben is a hi ghly success ful technology start up i nvestorand entr epr eneur. He is the founder and general partnerof Mbloom , an early stage, sector agnosti c ventur ecapital fund, Prior to mbl oom , Arben founded four othercompani es still operating today. This i ncl udes: CodeRebel (NASDAQ: CDRB), a remote desktop for Macsthat recently went publicl Ozolio, a live HD webcamstreaming sol ution that i ncreases awareness andengagement with brandsl FlikMedia, which devel ops anddesigns vi deo applications for mobil e pl at forms l andKontur Labs (fka BumpNetworks), an awardRwinni ng

digi tal agency that delivers technical sol uti ons for data analysis and visualizati on,disaster management, medi a distribution, and travel and hospi tali ty.

A gifted CTO and peopl e manager , Ar ben has l ed devel opment at severalcompani es, i ncludi ng: echo echo, a location mappi ng tool and BBC Top Ten Appof the Year in 2011l UBAl ert, a r ealRtime di saster r eporti ng and mappi ng networkland Fr esh Island Fish Co., Hawaii’s lar gest fish dis tributor. He is currently anadvisor to Fotofwd, an onsite social photo printing service and br andi ng sol uti on,and VER on Demand, a digi tal s treaming platform connecti ng fans around theworld with cultural and educational content.

Arben r eceived a B.S. in Logisti cs fr om Berufsakademi e Stuttgart and a B.S. inComputer Sci ence from Fachhochschul e Darmstadt. He hol ds five US patents insuccessive interac tive vi deo viewi ng and medi a data pr ocessi ng. In his r aremoments of free time, Arben enjoys kiteboar di ng off the shor es of Maui, writingpoetry, and tr avelling.


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GEORGE F. KATZAROS Investment Director, 8GT

Geor ge Katzar os i s CIO and a founder of Farm Str eetPar tners. He has over 25 years of experience, speci alisingin both publicly quoted equi ties and private equity . Pri or tojoini ng, he was a foundi ng par tner of Ki Capital LLP, anasset management and advisory partnershi p. He coRmanaged the European Long Short equity fund. Prior to this ,he coRfounded and r aised capi tal for vari ous private equi tycompani es i n the fi eld of emissi on r educ tions (WES LLCand Van Dyne SuperTurbo Inc).

Over hal f of his car eer has been spent specializi ng i nSpanish equities, Eur opean equi ties , and as a banksanalyst, building models and structuring major single stock

transacti ons i ncl uding the recapitalizati on of Spai n’s thir d l ar ges t banki ng group, thesal e of s takes i n Spai n’s lar gest indus trial gas company Carburos Metalicos, l argesthypermarket ( now Carrefour Spai n) and motorway concessi on, Aumar. Duri ng histime i n i ns tituti onal equities, Geor ge was CEO of Fl emings Spain, MD of JPMor gan,and also hel d senior positions i n Cazenove, ABN Amro and Dillon Read. He has aB.A. Singl e Hons degr ee i n French fr om the University of Birmingham. Geor ge waseducated at Worth Abbey.

Married with 3 children, George lives with his family in central London.

REHBER LOOKMAN Portfolio Manager, 8GT

Rehber Lookman is one of the targeted four por tfoliomanagers at Ei ght Great Technologi es. He holds an MBAfrom the Schulich School of Busi ness and Bachelor ofAppli ed Sci ence (Bi omedical & El ectrical Engineering) fromthe University of Toronto.

Most r ecently, he was an Investment Manager forNorthwater Capi tal’s Intellec tual Pr operty Fund ($450m)focusi ng on technol ogy, semiconductor, communicati on,clean tech and energy i nvestments . He was r esponsi bl e foridentification, due diligence and selection of all early stage

investments and r an his own portfolio wi th a focus on optical communicati ons.Rehber completed 15 success ful debt and equity finances during his years inNorthwater.

Before j oini ng Northwater, he also worked on heal thcar e r elated i nvestments in thesocial and impact space.

Rehber’s pri or experience includes over 10 years in the tech sector wher e he was asenior member of technical staf f supporti ng new product devel opment for theFiber/Optical Communication group at Maxim Integrated Products.


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PAUL2HARRISON Investment&Direc tor ,&8GT

Paul Harrison is a founder of Farm Str eet Partners LLPand Head of Merchant Banki ng. He was formerly apar tner of Ri verwi de Capital Partners and Intri nsicCapital LLC .

He is a hi ghl y experienced corpor ate financi er who hastransacted over $1bn of capital raisi ngs over the l ast 10years. These included financi ng the first major mi ne i nPanama which, today is the Firs t Quantum $8bn copperproj ect, arranging a major debt facility for what is todaythe worl d’s four th l argest Iron or e pr oducer, with threemajor S Kor ean Chaebol compani es. In additi on, he hasadvised and raised capital for diamond and coal mi nes i nS Africa and Indonesi a, gold, nickel and copper mi nes i nAustr alia, oil expl oration pr ojects in Russia, U .S,

Austr alia, Canada and Africa.

Aside fr om miner al and oil expertise he has also been r esponsi bl e for fundi ng andadvising a number of technol ogy innovati ons. He was one of the founders ofNeoStem Inc, which today is a U.S NASDAQ listed s tem cell developmentcompany , advi sed and r aised capital for a break through water purificationbusiness, an optical intelligence software company , two bioRmedical compani esand a world l eadi ng new technology on gol d and pr eci ous metal extr ac tion.

His earlier career i ncl uded heading US Broker age and NY Capital Markets for HillSamuel and the Eur opean Equity Divisi on for Sal omon Brothers. Havi ng adviseda U .S dini ng car d busi ness whil e at Sal omon, i n 1994 he r esigned to coRfoundboth the European and Asi a Pacific arms of the U.S parent. Both Tr ansmedi aEur ope and Tr ansmedi a Asia Pacific wer e success fully fl oated on NASDAQ andat their peak had a combi ned market cap in excess of $500m . He stepped downfrom both compani es in 2001. He subsequently founded Leopar d Rock CapitalPar tners, a private equity bouti que and was an advisor for Loeb Arron & Co.He recently served as CEO of AIM lis ted Ir on or e pr oducer Strategic Mi nerals forjust under two years, r aising the capital necessary to put the oper ati on i ntoproducti on and generating r evenues it its firs t year.

CHRIS HANCOCK, Chi ef Financi al Officer 8GT

Chris Hancock is an experienced and wellRroundedfinance professional. Pr eviousl y a founding partner ofDeer Cr eek Advisors LLP, he previously established hisown consulting busi ness i n 2009 to help family businessowners and entr epr eneurs with their cor porate fi nanceneeds . He was formerly a Director of JPMor ganCazenove, JP Morgan’s i nves tment banking busi ness inthe UK.

Chris has spent the last 18 years i n cor porate fi nance wi than increasi ng focus on entr epreneur and family ownedbusinesses . During this time he has advised cli ents on thefull range of M&A tr ansacti ons from public bids anddefences to IPOs, tr ade sales, bond issues and

refinanci ngs. He has built an extensive network of r el ationshi ps wi th weal thmanagement pr ofessi onal s, investment banks, family offices and other advisoryfirms. He has a sustai ned tr ack r ecord of success on behal f of his clients wi thtransacti ons r angi ng from the IPO of a Polish TV business (current market cap.£1.6bn) to a $100m debt and equi ty pl acement for an FMCG startRup. He has alsoadvised on the purchase of gr and cr u vi neyards , Côte d'Azur pr operty andbusinesses in the Peopl e’s Republic of China and Iceland. He pri des himsel f onputti ng his cli ents’ interes ts first and is proven i n demandi ng and unusualsituati ons.

Chris r ead classics at Oxfor d University and qualified as a Chartered Accountantwith Arthur Andersen before entering investment banki ng with Baring Br others. Hejoined JP Morgan i n 1999, moving to work exclusively with privatel y hel dbusinesses in 2002. Married with 3 chil dren, he is a keen sail or.


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RICHARD2WARDLE– Special&Advisor&8GT

Richard War dle is the Founder of vantix®DIAGNOSTICS, a privately hel d US company which isfocused on meeting the gr owing need for point of car ediagnostics by pr ovi ding physici ans with a compl etediagnostic sol uti on from sampl e collec tion thr oughmedi cal recor ds integr ati on. This patented r evolutionarytechnology will provide lab quality results to physici ans i nreal time resulti ng i n enhanced physician/pati entinterac tions , incr eased heal thcar e effici encies, andimproved pati ent outcomes.

Starti ng back i n 1996 Richar d l ed a team that i dentified and eval uatedinnovati ons from Russia. After i denti fying the bi osensor opportunity he built ateam ar ound it to i niti ate the development process. Richard has been the drivingforce behi nd vantix® DIAGNOSTICS fr om its incepti on to the present time.

Richard has been the Managi ng Direc tor of a number of technol ogy compani esinitially specializi ng i n Eastern Eur opean technol ogi es. Earli er in his car eerRichard specialised i n foundi ng si gnificant commerci al companies which i ncl udedAquaRSalve, specialisi ng i n ship salvage and dredgi ngl Tr umac/Aspida, a majorproperty devel opment company and contract cons truc tion company, whichincluded clients such as IBM , Shell, r evitalised Cartwri ght a major internati onalhaul age company, etc. l Monitor/Metropolitan a publishing gr oup wi th officesthr oughout Souther n Engl and publishing 16 di fferent titl es all in the commercialspacel NRM/QROS, hiRtech companies in the di agnos tics space, both s tillsuccessfully tradi ngl consultancy to the Government of the Republic of Tatars tanwith significant del egated authority


The following summary is subject to the detailed provision of the Partnership Agreement in respect of the Partnership and is qualified in its entirety by reference to such Partnership Agreement. These terms are in any event subject to modification.

Investment Focus Investment in technology companies globally which have economic or other links with the UK

Portfolio Limits The Fund will not invest more than 10% of the committed capital in any single company. The Fund will target investments in the following categories: (1) up to £2m, (2) £2 to £20m and (3) £20m+.

Investment Type Investments will be made in equity, equity based securities, convertible loans and other forms of securities at the Manager's discretion

Investment Objective The investment objective of the Fund is to maximize returns for Investors through capital growth. The target gross return is in excess of 5x capital invested

Fund Size Target £500m ($750m) with a First Close of £250m ($375m) to be achieved on a date before 31 December 2015 (“First Closing Date”). Maximum size of £750m ($1bn) can be extended with Investor consent

Structure UK Limited Partnership. Parallel partnership structures in other jurisdictions may be created if applicable to Investors

Manager Farm Street Partners Investment Management LLP

General Manager Eight Great Technologies LLP

Fund Terms

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Term Ten years from the First Closing Date with the provision for extensions subject to investor consent

Management Fee Management Fee of 2% per annum of Total Commitments, reducing after the end of the Commitment Period (5 years from First Closing Date) to 2% per annum of drawn-down commitments less the acquisition cost of investments that have been realized or written off. The Fee will be paid quarterly in advance

Distribution 100% to investors until return of drawn-down Commitments plus an 5% preferred return. Thereafter 80% to all Investors and 20% to the Carried Interest Partner after an 80/20 catch-up for the Carried Interest Partner.

The Manager at its discretion may hold back proceeds from disposals of up to 10% of the Fund size for reinvestment in existing investments

Establishment Costs Establishment costs of up to a maximum of 1% of the Total Commitments to be paid by the Fund

Closing Dates 12 months after First Closing Date

Investment Period Investment within 5 years

Divestment Period Divestment within 10 years

Fund Terms (cont’d)

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General Partner Eight Great Technologies LLP of Lion House, Red Lion Street, London WC1R 4GB

Manager Farm Street Partners Investment Management LLP of Lion House, Red Lion Street, London WC1R 4GB

Depositary Langham Hall UK LLP of 5 Old Bailey, London EC4M 7BA and Administrator

Auditors Saffery Champness of Lion House, Red Lion Street, London WC1R 4GB

Legal Advisers HJB Gateley LLP of Exchange Tower, 19 Canning Street, Edinburgh, Midlothian, EH3 8EH

Norton Rose Fulbright LLP of 3 More London Riverside, London SE1 2AQ

Fund Advisors

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