This is the pitch deck we used at Duco in 2018 for a $28bn Series B equity fund raise, when Duco was still relatively small. Duco is a SaaS company that provides data integrity solution in Financial Services, Insurance and elsewhere.

1. Duco Investment Presentation
Series B Fund Raise – January 2018

2. Data is exploding in enterprises.
Inconsistencies and format
proliferation are costing firms
billions.

3. Controlling this data is highly complex.
Yet inflexible tech and spreadsheets are
all enterprises have.
The resulting fixed cost is an existential
business risk.

4. Duco provides low-touch
SaaS solutions to complex
data problems.
We are building the leader
in self-service data integrity
in the cloud.
3

5. So far, we have cracked “self-service” data
reconciliation in finance
• Product launched in April 2013
• Critical, sticky use cases
• Step change in “time to value” – months to hours
4

6. There is a wide and deep market for this
Healthcare
Insurance
Retail
“Reconciliation” tech spend in
financial services*
$1.27bn
Retail
banking
Capital
markets
This is is mission critical and this alone is enough for
a $100m revenue company!!
*AITE Group report, 2016 5

7. Many paths lead to $100m ARR – here is a plausible example
No. Firms How
Average ARR
Target
Total
Universal Banks 20 Direct / Partner $1,500,000 $30,000,000
Brokers 150 Direct Sales $100,000 $15,000,000
Asset Managers 50 Direct Sales $300,000 $15,000,000
Hedge Funds 300 Partner $40,000 $12,000,000
Retail Banks 100 Direct / Partner $250,000 $25,000,000
Payment Companies 30 Direct Sales $100,000 $3,000,000
Total 850 $100,000,000
6

8. Solving core use cases
• Reconciliation of disparate data sets
• Normalisation and aggregation
• System migration and consolidation
• Huge variety of insertion points, often solving
urgent needs in days
7
Duco in a nutshell
Core innovation
• Statistical matching algorithm
• Natural Rule Language for data manipulation
• A company with Computer Science DNA
Low-touch, highly scalable model
• 80% gross margin potential (74% FY18E)
• SaaS only, self-service, no prof. services required
• Secure, ISO 27001 certified, SOC2 in progress
Strong Track Record
• 100% growth three years running
• Global, prestigious client base
• Strong customer relationships & references
Sticky use cases
• Critical to operations, system of record
• Integrated up and downstream
• Low churn
Big expansion potential
• Cross-vertical potential, in $102bn (2020)
data management/integration market
• Strong Americas potential (54% of pipeline)
• “Viral” land and expand within firms: 49%
pure upsell growth in last full year
Note: from this point onwards amounts are in GBP. “Fiscal” years are April
to March and we are now in FY18

9. Use cases in capital markets
Banks
• Clearing reconciliation
• Exchange
reconciliation
• Inter-system
• Client reconciliation
• Fees and commission
• Regulatory
Brokers
• Clearing and
exchange
reconciliation
• Fees and commission
• Inter-system
• Regulatory
Buy Side
• Broker reconciliation
• Fund admin / NAV
• Custodian
reconciliation
• Regulatory
Service Providers
• Data integrity
• “Black box”
component via API
• On-boarding
acceleration
General ledger/cash, reference data, system migration projects
8

10. We are seeing high growth and low churn
Committed
ACV
ACV
Growth
Gross
Annual
Churn
Net Rev
Churn
Gross
Margin
ARPA CAC
CAC
Payback
(Months)
LTV
FY17** £3.6m 98% 2.9% -47% N/A***
<Redacted>
FY18E £6.5m 81% 5.5% -33% 74%
£0.8m
2015
£1.8m (+119%)
2016
£3.6m (+98%)
2017
Contracted ACV Growth
(Full year ending March)
9
* See Appendix for definition ** Duco FY is April to March, current is FY18 *** Methodology changed in FY18
<<Quarterly trend picture redacted>>

11. <<Competition slide redacted>>
10
Overview of competition strengths / weaknesses

12. 11
<<“The secret sauce” redacted>>
Overview of competitively differentiating / unique algorithms and technology

13. Our approach to execution – go viral for velocity!
Middle office dept.
- Global bank
Portfolio
reconciliation
Inter-system
recs
Collateral
management
Insertion point:
narrowest, most
urgent use case
Trade & order
reconciliation
Other use cases
quickly identified.
Usage expands.
12

14. It spreads in firms once adopted
Portfolio
reconciliation
Collateral
management
Trade & order
reconciliation
Inter-system
recs
Middle
office
Balance sheet
reconciliation
Migration
project
Accounting
systems
System
migration
Finance
department
IT
13

15. x
And then to clients and counterparties!
Middle
Office
Back
Office
Finance
Front
Office
Prime
Brokerage
Compliance
Bank 1
Client 1
Middle
Office Bank 2
Finance
Back Office
Client 2
Client 3
Client 4
Etc etc
14

16. Proven Land and Expand at Major Accounts
Client 1 – 3.4x Growth
• System migration integrity, exchange
reconciliation, Excel elimination
• £180k ARR insertion point
• £610k ARR within 1 year 3 months
0
200
400
600
800
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018
ARR(,£££)
0
50
100
150
200
250
Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018
ARR(,£££)
Client 2 – 3.4x Growth
• Full take-over of all recon activity
• £60k ARR insertion point
• £205k ARR within 1 year
• Scope extended / strategic partnership
0
100
200
300
400
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018
ARR(,£££)
Client 3 – 2.1x Growth
• Regulatory (MIFID, EMIR) and finance
(general ledger, balance sheet) recon
• £180k ARR insertion point
• £378k within 1 year 11 months
15

17. 0
1
2
3
4
5
6
7
8
9
10
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
BillionsofRows
Total Volume Stored / Processed
5,305
Reconciliations
configured by
operations users
Growing 1bn/month
Empowering People – It Works
9
Billion records
processed
46
Terabytes of data
16

18. Deeper Dive
17
1. Investment round
1. Use of funds
1. Other verticals
2. Don’t take our word for it

19. 18
<<Investment structure redacted>>
Explanation of primary and secondary capital raise and cap table impact

20. 2018
Function Current H2 2018 H1 2019 H2 2019
R&D 17 32 42 42
Tech Ops 5 7 7 13
Sales & Marketing 12 25 33 39
Client Services 8 12 15 22
General & Admin 4 6 9 9
19
Use of funds
Grow sales & marketing
• Push USA strategy. We have the office, clients,
now need to push hard!
• Scale new business sales team
• Build dedicated account management function
• Build inside sales
• Dedicated partnership/channel managers
Increase R&D delivery capability
• Critical to maintain upsell momentum
• Under-resourced – need to double capacity
Open presence in Asia in 2018
• Vital for scaling in global accounts (our clients in
India/Malaysia/Philippines)
• Start with 3 or 4 Client Services reps
• Most likely Singapore

21. £XX average
entry deal
XX days cycle
from start
36% Sales/Mkt
Spend
Our deal structure is good*
We are underspending, lacking
pipe generation. Need more
people to widen funnel
Sales (New)
Winning big
names*
No dedicated
account team
Many >$1m pa
potential accts*
Build acct mgmt capability
Target 40% upsell growth YoY
Increase R&D spend (see below)
Acct Mgmt
Dev
100% capacity
on feature dev
Need “happy
customer” time
Need
innovation time
Double dev capacity
Critical to upsell agenda
20
Use of funds – rationale

22. Integrity issues exist in all verticals
Insurance
• Claims vs policy
• Settlement vs policy
• Policy vs quoted
• Integrity issues as no
complete cross-silo
solutions
Medical
• Medical exchanges
• Insurance carrier
vs. provider
• Patient record
duplication
• Patient billing
Retail/Logistics
• Inventory records
• Invoices
• Payments
Telecom
• Bills vs plans
• Payments
• Customer record
proliferation
• Roaming /
interchange billing
General ledger, finance/treasury, customer and CRM data
Tens of thousands of companies worldwide 21

23. 22
<<Financial forecast redacted>>

24. 23
Don’t take our word for it
“Duco Cube does a lot of the legwork that would have
previously been done manually, saving us time on a daily basis
and reducing operational risk.”
Richard Hunter - Deputy Head of Single Investment Manager Operations, Man Group
“Duco Cube represents a new,
transformative approach to data
management and control that aligns
with our forward-thinking culture.”
Yves Dupuy, CIO, Societe Generale Bank and Trust
“We’re pleased to offer our member firms an innovative solution to
help streamline [...] processes. Duco’s service will reduce manual
work, drive efficiency and ensure accuracy between parties.”
Bryan Durkin - Chief Commercial Officer CME Group
10 Fintech firms to watch 2017

25. Appendix
24

26. 25
Methodology
Gross Margin Items
Cost of sale items include hosting cost, any sourced software (e.g. SWIFT), full support and customer
success team and associated costs, and portion of dev/tech ops team needed for “run the business” tasks
rather than R&D.
Committed ACV
ARR plus committed agreements or step-ups within Fiscal Year.
Annually Recurring Revenue (ARR) Recognition
ARR is monthly recognised revenue times at a given point in time times twelve. Duco recognises all
revenue on a monthly, in-arrears basis. ARR lags ACV at Duco slightly because:
– Contracts signed after 15th not recognised until following month
– Forward-starting contracts within FY not recognised until service starts

27. 26
Methodology
CAC Calculation
Includes all sales and marketing cost divided by new clients won in preceding 12m. Account management
not yet broken out.
LTV Calculation
Large deal size deviation and negative churn makes the 1 / churn model for lifetime unrealistic (LTV would
be far too high). Discounted cash flow used instead as per http://www.forentrepreneurs.com/ltv/ - growth
rate assumption 40% p.a., discount factor 15% p.a.:

28. 27
Duco story from zero to today – calendar years
2010 -
2011
2012 2013 2014
NEX Seed Stage
Selling software (JP Morgan, Credit Suisse)
“Natural Rule Language” innovation
Matching algorithm innovation
NEX 1st Round
“Duco” brand created
Duco Cube launched
Software business killed
Jan 2014: 1st Client
16 clients added in Y1
2015 2016
NEX 2nd Round
>> Duco story starts here
Pivot
time!
1st major bank
US business incorporated
Luxembourg branch opened
£1.4m ACV in Dec
Market conversations
Building SaaS platform
2017
£3.2m ACV in Dec
Pitching!
Pre-Duco <<
£4.0m ACV in Sep
2018
Pedal to the metal!