VC Pitch that WORKED to raise initial angel funds in 2010 for my company TeleTrust. Problem is up front, and the product description follows.

1. TeleTrust
Trusted Identity
Ned Hayes
September 2010
Confidential & Proprietary | TeleTrust.us

2. goal
fix identity
(real world)
Confidential & Proprietary | TeleTrust.us 2

3. problem
Confidential & Proprietary | TeleTrust.us 3

4. identity
is broken
Confidential & Proprietary | TeleTrust.us 4

5. (online identity) ?
Logins? Passwords?
Confidential & Proprietary | TeleTrust.us 5

6. No.
(real)
identity
is broken
Confidential & Proprietary | TeleTrust.us 6

7. how do I prove
who I am?
Confidential & Proprietary | TeleTrust.us 7

8. Phone Number (Caller ID)
Name/Address
Past Addresses
Employment
PII Data
(DOB, Mother’s Name, etc.)
SSN - Social Security
Number
Confidential & Proprietary | TeleTrust.us 8

9. Phone Number (Caller ID) = easily spoofed / faked
Name/Address = stolen ID / found online
Past Addresses = buy from data brokers
Employment
PII Data = found online/Facebook
(DOB, Mother’s Name, etc.)
SSN - Social Security = reverse engineered
Number (Carnegie Mellon, 2009)
Confidential & Proprietary | TeleTrust.us 9

10. Phone Number (Caller ID) = easily spoofed / faked
Name/Address = stolen ID / found online
Past Addresses = buy from data brokers
Employment
PII Data = found online/Facebook
(DOB, Mother’s Name, etc.)
SSN - Social Security = reverse engineered
Number (Carnegie Mellon, 2009)
Confidential & Proprietary | TeleTrust.us 10

11. cost
(just 1 year)
11 Million US Adults - Victim of Identity Theft
Confidential & Proprietary | TeleTrust.us 11

12. not to mention
money
Confidential & Proprietary | TeleTrust.us 12

13. $ 54 Billion
US adult victims of identity fraud **
Fraud victims as % of US population
banks
Total one year fraud amount *
Mean Fraud amount per fraud victim ***
Median fraud amount per fraud victim
Mean consumer cost
Median consumer cost
($$$)
Mean resolution time (hours)
Median resolution time (hours)
© 2010 Javelin Research & Strategy
Confidential & Proprietary | TeleTrust.us 13

14. TeleTrust
solution
Confidential & Proprietary | TeleTrust.us 14

15. identity
is
Confidential & Proprietary | TeleTrust.us 15

16. phone = identity
Confidential & Proprietary | TeleTrust.us 16

17. phone = (secure) identity
(your phone is your GUID)
Confidential & Proprietary | TeleTrust.us 17

18. the holy trinity
(of phone based identity)
1. Telco Billing System
2. Network
3. Handset
18

19. barriers to entry
= significant
1. Telco Billing System
2. Network
3. Handset
19

20. barriers to entry
= significant
1. Telco Billing :
Regulated Data, only Telcos have access, only
TeleTrust has an approved agreement here,
because of decades-long relationships with
key players in telecommunications industry.
20

21. DATA PARTNERS
1. Telco Billing System: Name / Address /
Phone Service Start / Port Date / Address History
-- VERIFIED against secure telco internal billing records in
real time – this is a proprietary source that cannot be
accessed by the general public or by data aggregators
-- CERTIFIED – data is certified as telco grade – not
aggregated in any other database, not available to ID thieves.
STATUS
• Approved Verbal Agreement with AT&T
• Signed NDA with AT&T Wireless
• Review of T&Cs on Agreement with AT&T
• Agreed access to all other wireless data
21

22. barriers to entry
= significant
2. Network :
Complex big-iron SS7 network. Difficult for Web-based
identity services to access. Gaining access to SS7 is non-
trivial. Key players on our team literally “wrote the
book” on SS7 system. Our partners, and key players
have already cracked this puzzle, waiting to implement.
22

23. barriers to entry
= significant
3. Handset :
Many small companies are focusing on individual
elements on the handset – even creating a new token
that would sit at the handset. With data in the Billing
System, and Network data, our knowledge of elements
that sit on the handset (SIM, EMEI, location) allow us to
leverage a complete telco identity “dashboard.”
23

24. 3. Handset: TeleTrust “Dashboard”
Companies are working on individual components – no one has aggregated
elements into one telco-based identity “Fingerprint”
ELEMENT PARTNERS
•Phone Location and Location Pattern
•Locked, Secure CallerID
•Phone Service Start Date
•Velocity Score tied to Phone (not card)
•Past Addresses tied to phone
•Biometrics tied to phone (key entry pattern, etc.)
•IP and secure session activity on the phone
More as Needed…
STATUS
•Approved Verbal Agreement with TrustID.
•Signed NDA & Working Agreement with TeleSign
•Ongoing discussions with other vendors
24

25. what we’ve done: planned
1. Self-Funded -- boot strapped first 6 months
2. Vetted strategy, product direction with industry experts
- Raine Bergstrom, CTIA (former AOL Wireless)
- Ty Nam, InCode Wireless (former VeriSign GM)
- Don Thibeau, Exec Director Open ID Foundation / OIX
- Hank Skorny, Real Networks SVP
- Pat Cox, TrustID CEO (former MetroOne, Qsent)
3. Landed initial Advisors
- Raine Bergstrom, CTIA (former AOL Wireless)
- Ty Nam, InCode Wireless (former VeriSign GM)
- Don Thibeau, Exec Director Open ID Foundation / OIX
4. Recruited critical talent to launch company
- Gerry Christensen, CTO, Technical Lead
- Brian Golden, Acting CFO / Controller
- Reese Solberg, Counsel of Record / Legal
Confidential & Proprietary | TeleTrust.us 25

26. what we’ve done: execution
1. Self-Funded -- boot strapped first 6 months -- $100k investment
2. Negotiated initial agreement for access to AT&T Wireless
(SS7 Data Gateway to Verizon Wireless, T-Mobile, Sprint)
3. Refined financial model, revenue projections, pro forma
4. Created initial technical specs
5. Reviewed requirements with Technical Lead, outsource firms
1. Identified initial customers, target use cases, query volumes, fees
2. Engaged first opportunities – Experian, Equifax, Western Union
Confidential & Proprietary | TeleTrust.us 26

27. next 180 days
1. Beta Deployment of Data Gateway – Internal testing/QA
2. Secure Beta Test Customers – Finalize 5 for early release
Sign data test agreements, execute agreements with at least 2
3. Test with AT&T & Customers – Test Phase 1/10 – 3/15
4. Final sign off for deployment 3/15/11
5. Sales, Sales, Sales
Confidential & Proprietary | TeleTrust.us 27

28. are you in?
28

29. extra
29

30. TeleTrust Description
• Founded April 2010: Bootstrapped by founders for first 6 months.
• Team with deep telecommunications experience and identity
verification experience: trusted leaders in the Call Identity,
Caller Name, Identity Verification and On-Device Payments.
• Founders created over $1.4 Billion in value for VeriSign, Illuminet,
Vulcan Enterprises, Adobe Systems, and TNSI.
TeleTrust LLC is dedicated to creating new value in identity
and verification systems for emerging new classes of
telecommunications providers and call connection networks.
Confidential and Proprietary | TeleTrust.US | 2010
30

31. TeleTrust Builds on Trusted History
• 2010-2011: TeleTrust builds on CNAM expertise for verification
- Architecting and planning a robust, scalable system to use telco data in
regulatory-compliant methods to ensure fraud prevention for merchants.
• 2011-2012: Verification Apps-stand alone and on-device apps
1990 1995 2000 2005 2010 2015
CNAM: LIDB VeriSign Planning for TeleTrust plans to
Illuminet LIDB
Supports became Telco Assured TeleTrust
launch lead market
Caller ID with dominant data Verification services Launches
• 1st to offer in telco data
Name LIDB/CNAM by Company&
nationwide for verification &
telco provider LIDB / CNAM Services
connectivity fraud assurance
• LIDB established to Forum (national)
help prevent fraud
Confidential and Proprietary | TeleTrust.US | 2010
31

32. Market Opportunity
• Today: identity verification today is only
predicated on credit card and machine
identity, both of which can be falsified. No
system today can target and prevent mobile
identity fraud by verifying the actual mobile
device through the telco carrier.
• Tomorrow: TeleTrust is the trusted broker
who cross-references every telco data
element together to map and lock identity
to a single phone. This identity is based on
authentic phone record and call-in-progress
information derived directly from the
telecommunications system. Phone = Identity
Confidential and Proprietary | TeleTrust.US | 2010
32

33. Three Phases: Roadmap to Value
PHASE 3: NEXT GEN TRUSTED IDENTITY & MOBILE WALLET
Verified Multi-Factor Identity, Verified PII
Verified Mobile Wallet + Payments, etc.
PHASE 2: TRUSTED IDENTITY ON DEVICE Market
Perceived Value
Verified Location, Verified IP, Velocity Score value
vector
Verified Name+Address, Verified Portable Identity
PHASE 1: ADVANCED MOBILE IDENTITY
Verified Caller ID, IP Address,
Name+Address Matching
TODAY: BASIC MOBILE IDENITY .
Non-Telco Data, Inaccurate,
Weak Caller ID : Easily Faked .
Past Present Future
Confidential and Proprietary | TeleTrust.US | 2010

34. Revenue Roadmap: 5 years
• 2015 Revenue $90.0 $82M
Forecast =
$80.0
• Verification steady $70.0
incremental revenue
$60.0
• Dashboard as
Mobile Apps
$50.0 3 Mobile Wallet
Growth Driver 2 Dashboard
$40.0 1 Verification
• Long-Term Growth $30.0
CNAM Storage
Consulting
in Mobile Wallet
$20.0
• Baseline Consulting, CNAM
Storage & CNAM Access $10.0
$0.0
2011 2012 2013 2014 2015
Confidential and Proprietary | TeleTrust.US | 2010 34

35. Product Architecture
TeleSign MaxMind
Callback IP Address &
Services Location
AT&T Verizon Sprint T-Mobile
Telco Data Telco Data Telco Data Telco Data
TrustID FinSphere
Verified Mobile Location
CallerID
TeleTrust Proprietary Value Add
Telco Data Layer & Matching (LIDB / CNAM / ENUM) Telco-Derived Data (SS7 / IP)
TeleTrust Proprietary Data Correlation & Data Scoring
TeleTrust Query Response (VPN / SOAP)
TeleTrust Confidential and
Proprietary |
Customers Major On-Phone Credit Major TeleTrust.US |
Banks Purchases Bureaus Retailers 2010 35

36. Phase 2+3: Network & Handset
Identity Dashboard
– All Elements Telco Derived
Verified
Location Name
Provisional Patents applied for of Phone Address
(Lat/Long)
Telco-Based Identity Dashboard
IP and
Aggregates together multiple Phone
telco-derived data elements: ID (SIM)
Telco Data Fields (Name, Address, Phone Type)
Actual Phone Location, Biometrics, Velocity,
ENUM IP Address, Caller ID
TeleTrust
Patents Pending 2010 Verified ID
Confidential and Proprietary | TeleTrust.US | 2010 36