The Future Capital Bitcoin Fund (FCBF) is an Australian-based $USD30 million fund, launched in May 2014, to make equity investments, globally, into companies facilitating payments, exchanges, trading and smart property rights based around the Bitcoin and other digital currency ecosystem. The fund is conditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP) under the Australian Venture Capital Act 2002, providing investors fully tax free returns. Potential investors should always obtain their own independent financial and taxation advice.

1. 1
Investor Presentation
July 2014
“Bitcoin represents something fundamental and powerful”
– Fred Wilson, Union Square Ventures

2. 2
Future Capital Bitcoin Fund
$30m Fund
Equity
Investments
Bitcoin and
digital currency
ecosystem
Experienced
investment
management
team
Registered in
Australia
Tax Free returns *
Accepting
investments
globally including
in Bitcoin
Sourcing
opportunities
globally
*The Fund is pre-registered as an Early Stage Venture Capital Limited Partnership (ESVCLP) under the Australian Venture Capital Act.
Provides investors fully tax free returns (whether on income or capital account) including dividends.
Potential investors should always obtain their own independent financial and taxation advice.

3. 3
Overview
1. The Bitcoin Investment Opportunity
2. Price and Takeup
3. Future Capital Bitcoin Fund
Appendix

4. 4
Why Bitcoin?
1. The Bitcoin Investment Opportunity
2. Price and Takeup
3. Future Capital Bitcoin Fund
Appendix

5. 5
What VCs are saying about Bitcoin
Fred Wilson
Union Square Ventures
• “We believe that bitcoin represents something fundamental and
powerful, an open and distributed peer to peer protocol for
transferring purchasing power. “
Tim Draper
Draper Fisher Jurvetson
• “Bitcoin has the potential to transform the world the way the
Internet did … All finance / commerce can be transformed by
Bitcoin.”
Mark Andressen
Andreesen Horowitz
• “Personal computers in 1975, the Internet in 1993, and – I believe
– Bitcoin in 2014.”
Chris Dixon
Andressen Horowitz
• “Bitcoin is the first plausible proposal for an economic protocol for
the Internet.”
Jim Breyer
Accel Partners
• “I’m confident you’ll see major worldwide retailers adopting
…Bitcoin.”

6. 6
…and they are putting their
money in…
High profile
Bitcoin
investments
from past 18
months
$160M: Total VC funding reported in more than 30 Bitcoin deals
$50M: Amount invested by Andreessen Horowitz into Bitcoin startups
$40M: Investment in Xapo - The largest total investment into a Bitcoin company
$30M: Investment in Bitpay – A Richard Branson backed Bitcoin company
$25M: Funding of Coinbase – A Sillicon Valley backed Bitcoin company
$15M: Liberty City Ventures own “Digital Currency Fund”
$11M: Winklevoss Capital investment directly into Bitcoin
$2M: Peter Thiel (Paypal) personal contribution to a Bitcoin fund
60 Number of investors in “BitAngels”, a Bitcoin angel investment network
Bitcoin startups present a high potential investment option

7. 7
…and accelerating
$40M
Series B
July 2014
$30M
Series B
March 2014
2014 run rate of US$284m, almost 3x the 2013 total investment of $99.5m
Q1
$64.5m
2013 Total
$99.5m
Note: *Includes first sequence venture deals but excludes late-stage 1995 internet investments ($257.6m). For additional disclosure on methodology see http://www.coindesk.com/following-money-
trends-bitcoin-venture-capital-investment/

8. 8
Financial Institutions are watching
Type Activity
Investment Bank Report
Investment Bank Report
Investment Bank Report
Investment Bank Report
Ratings Agency Report
Asset Management Investment
Consultancy Report
“We believe Bitcoin can
become a major means of
payment for e-commerce
and may emerge as a
serious competitor to
traditional money transfer
options.”
David Wood
Bank of America/Merrill Lynch

9. 9
…and thought leaders are
seeing promise
“I’m a big fan of
Bitcoin …
Regulation of
money supply
needs to be
depoliticized”
Al Gore
Former US Vice President
“Bitcoin may hold
long-term
promise”
Ben Bernanke
Former US Fed Reserve Chairman
“Bitcoin is a
technological tour
de force”
Bill Gates
Microsoft Co-founder
“We have elected
to put our money
and faith in a
mathematical
framework that is
free of politics and
human error”
Tyler Winklevoss
Entrepreneur

10. 10
Opportunity Areas
Bitcoin Aiming to Disrupt $457bn+ Total Market Cap
Payment
Processors:
e.g. Visa,
Amex,
Mastercard
$381BN
Payment
Hardware:
e.g. NCR,
Micros,
Verifone
$25BN
Money
Transfer / ATM
Outsourcing:
e.g. Western
Union, Money
Gram
$14BN
Bank
Software:
e.g. Fidelity,
Fiserv
$37BN
Total
$457BN+
Source: CoinDesk, Wedbush Securities – As at 8 April 2014

11. 11
… offering large potential
transaction cost savings
Potential annual net savings with Bitcoin based on 2013 volumes
2013 Market Size ($bn) Retail Ecommerce Remittances
$ volume by market 10,383 609 549
Prevailing average pricing 2.5% 2.9% 8.9%
Bitcoin pricing 1.0% 1.0% 1.0%
Prevailing transaction fees 259.6 17.8 48.9
Bitcoin transaction fees 103.8 6.1 5.5
Potential Savings with Bitcoin ($bn) 155.7 11.8 43.4
Source: Goldman Sachs Global Investment Research

12. 12

13. 13
Opportunity Areas
Bitcoin Companies can be grouped into 6 categories
Payment processors
Mining hardware
Financial services
Exchange
Wallets
Universal
Exchange

14. 14
Bitcoin Penetration
1. The Bitcoin Investment Opportunity
2. Price and Takeup
3. Future Capital Bitcoin Fund
Appendix

15. 15
As a “currency”, the price has recovered
Source: CoinDesk Bitcoin Price Index daily closing price (taken at 00:00 UTC)

16. 16
… opinions vary on where it could be
Sound economic models developed
by senior bank officials…
“Our current view
implies a maximum
fair value of bitcoin =
US$1,300”
David Wood
Bank of America/Merrill Lynch
…To those that
are “true believers”
“We believe Bitcoin
could reach $US
$10,000”
Tyler Winklevoss
High profile Bitcoin advocate/Facebook

17. 17
While Bitcoin as money is small
2,705
255
8 7
0
500
1,000
1,500
2,000
2,500
3,000
US Australia Guatemala Bitcoin
M1MoneySupply(US$BN)
Rank Country Money Supply ($BN)
90 Bitcoin 6.15
91 Afghanistan 5.92
92 Sudan 5.85
93 Macau 5.84
94 Uzbekistan 5.84
95 Serbia 5.79
96 Ghana 5.77
97 Uruguay 5.32
98 Papua New Guinea 5.30
99 Malta 5.27
100 Yemen 5.14
Bitcoin is small compared to US, Australian currencies
… but there are 100 countries that have a
smaller currency supply than Bitcoin

18. 18
Its use in commerce is growing
Region Businesses
North America 1,563
Europe 1,478
South Asia / Australia 227
South America 167
India 94
Africa 24
Approx. 60,000 merchants accept Bitcoin ... mostly online Physical businesses accepting Bitcoin

19. 19
Bitcoin advancing on other networks
Bitcoin Western Discover Paypal Discover Amex Union Pay Master Card Visa
AverageDailyTransactionVolume(US$)
(Pulse)
$100M
$1BN
$10BN
$20BN
$41M
$216M
$299M $397M $438M
$2.4BN
$7.5BN
$9.8BN
$16.5BN
Source: Coinometrics.com, 30 April 2014

20. 20
Bitcoin access by merchants and
customers is becoming easier
Point of Sale By Internet By Mobile Bitcoin ATMs

21. 21
The Opportunity
1. The Bitcoin Investment Opportunity
2. Price and Takeup
3. Future Capital Bitcoin Fund
Appendix

22. 22
Investment Highlights
$30m Fund
Equity
Investments
Bitcoin and
digital currency
ecosystem
Experienced
investment
management
team
Registered in
Australia
Tax Free returns *
Accepting
investments
globally including
in Bitcoin
Sourcing
opportunities
globally
*The Fund is pre-registered as an Early Stage Venture Capital Limited Partnership (ESVCLP) under the Australian Venture Capital Act.
Provides investors fully tax free returns (whether on income or capital account) including dividends.
Potential investors should always obtain their own independent financial and taxation advice.

23. 23
Experienced Investment Team
Domenic Carosa
Over 20 years of
experience in Technology,
StartUps, Corporate
Finance and Funds
Management ASX listed
companies incl growing
destra to revenues of over
$100M
Tony Stephen
25 years PwC. Fellow Tax
Institute Australia. Dealt
with major corporations,
billion dollar transactions
and high growth tech
companies
Leon-Gerard Vandenberg
Deep technology and
commercialisation
experience in defence,
authentication, mobile and
card payment systems incl
CTO for US Navy smartcard
Company
Remco Marcelis
CFO/COO for
technology/cleantech
businesses for 10 years,
preceded by 4 years in
venture capital. Raised
and invested nearly $40
million
Holger Arians
Holger last worked in the
German Defence Industry.
He is an Alumni from
Harvard Business School and
did an Executive MBA in
Germany and France.

24. 24
Previous Investment Experience

25. 25
Tax Free Returns*
 Pre-registered as an Early Stage Venture Capital Limited
Partnership (ESVCLP) under the Australian Venture Capital Act
2002.
 Provides investors fully tax free returns (whether on income or
capital account) including dividends.
* Potential investors should always obtain their own independent
financial and taxation advice.
Refer: http://www.ausindustry.gov.au/programs/venture-capital/esvclp/Pages/default.aspx

26. 26
Fund Investment Allocation
Example of investment allocation amounts over successive funding rounds
Stage
No of
Investments
A$ investment
per company A$ invested
Seed 20 $250k $5M
Series A 8 $500k $4M
Series B 4 $1.5M $6M
Series C 2 $3M $6M
Total $21M
Note: Series A,B,C represent successive follow-on funding rounds
Example based on a $30m raising

27. 27
Sample Opportunities
bitSIM Mobile-to-Mobile transfer of Bitcoin
bitPOS Point of Sale solutions for merchants
CoinJar Cloud based Wallet
Monetas Digital Finance Platform
Bitcoincloudmining Cloud-based Bitcoin mining

28. 28
Open for Investment
Information Memorandum
available
Investors welcome globally -
AUD, USD, EUR, Yuan
Investment via bitcoin welcome

29. 29
Next Steps
Participate in the global Bitcoin phenomenon
Contact:
Domenic Carosa
dom@futurecapital.com.au
+61 411 19 69 79
Holger Arians
holger@futurecapital.com.au
+61 439 716 110
www.futurecapital.com.au/bitcoinfund

30. 30
Overview
1. The Bitcoin Investment Opportunity
2. Price and Takeup
3. Future Capital Bitcoin Fund
Appendix

31. 31
What is Bitcoin?
A quick introduction
Digital
Currency:
• The world’s first decentralised digital currency
Peer-to-Peer:
• Can be transferred from person to person
through the internet without an intermediate
financial institution
Open Source:
• A secure, consensus-guided payment network
that is powered by its users with no central
authority or middlemen
Fast-growing:
• Grown from $0 to $7.7BN market cap in 5 years
with millions of dollars transacted daily
Bitcoin
(BTC)

32. 32
Getting Started
How do I get Bitcoins?
Receive Bitcoins as payment
for goods or services
Purchase Bitcoins at
a Bitcoin exchange
Exchange Bitcoins with
anyone in the world
Earn Bitcoins through
competitive ‘mining’

33. 33
Bitcoin for users
Simple, frictionless transactions
A mobile Bitcoin wallet allows
a user to send and receive
Bitcoins
Send and receive any
amount of money, instantly
anywhere in the world, at
any time
No merchant account
needed
Bitcoin payments are easier
to make than debit or credit
card purchases
Payments can be made via
unique ID, QR code or
tapping phones
Private with no customer
personal information at risk
Convenient,
low cost,
instant

34. 34
Bitcoin for Business
Enabling new markets, reducing admin costs
Bitcoin transactions are secure and irreversible protecting
merchants from fraudulent chargebacks
Bitcoin eWallets and terminals are encrypted and do not
expose sensitive or personal information
Merchants can use Bitcoin payment where either credit
cards are not available or costs unacceptably high
Higher trust is created as unwanted or unnoticed charges
can’t be made as can happen with other payment methods
No volatility if the merchant decides to retain funds in Bitcoin

35. 35

36. 36
Attachments
 BTC Criticism and History
 BTC Mining Explained

37. 37

38. 38

39. 39
Bitcoin Mining
Creating Bitcoins by managing the network
Traditional
mining
Bitcoin
mining
Bitcoin
mining
snapshot:
1. The process of co-managing the network by processing
transactions, providing encryption and synchronising the
system
2. ‘Miners’ operate in all countries and no individual has
control over the network
3. This secures the entire network and ‘miners’ receive
Bitcoins in exchange
5. New coins are created annually until 21M coins are in
circulation
6. Once all coins are in circulation the miners are supported
by transaction fees