guidance 2019 2021 - mount wish · 2019. 5. 8. · overnight investments 127,926 38,646 206 67 cash...

GUIDANCE 2019 – 2021 incl. audited 2018 results

1

April 19 Mount Wish Corporation | Guidance 2019 – 2021 | New York 2

The slides contained herein include prospects, statements of future expectations and other forward-looking statements

that are based on management's current views and assumptions and involve known and unknown risks and

uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such

forward-looking statements.

Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive

situation, particularly in the Mount Wish’s core business and core markets, (ii) performance of financial markets

(particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, (v) persistency

levels, (vi) changes in laws and regulations, including tax regulations, (vii) re-/financing conditions and strategic

investments, including related integration issues, and reorganization measures, and general competitive factors, in each

case on a local, regional, national and/or global basis.

Unless stated otherwise all monetary values are presented in US Dollar.

Mount Wish Corporation

Disclosure

May 19 Mount Wish Corporation | Guidance 2019 – 2021 | New York 3

Content

1. Group

1.1. Group Summary

1.2. Group Financials and Statistics

1.3. Valuations and IPO Plans

1.4. Our 5% and other CSR initiatives

1.5. Achieving the mission of the IMF

1.6. Our contribution to economic change and global peacekeeping

2. RiskPool

3. Rock+Water Asset Management

4. Marketplaces (Fincato)

4.1. Fincato CAMA formerly known as FinCaT

4.2. Fincato MEDA formerly known as FundMaster

4.3. Fincato BATI formerly known as BiSure

5. DAO formerly known as FinTelligence Data

6. DAO Advisory formerly known as FinTelligence Advisory

7. M16 Platform as a Service

8. Other Operations

9. Entity Structure and Organizational Chart

10. Appendix

Leading FinTech with regards

to the cross-sector

integration between forex,

rates, commodities and

insurance

First-mover with regards to

fully automated FICC

exposure insurance

Exceptional revenue and

profit growth

Political support and social

impact are helping us to

scale internationally

Significant network and scale

effects paired with long times

to market (regulatory

reasons) giving us an unfair

competitive advantage which

makes it incredibly hard for

new market entrants to catch

up with us

Top talent bundling specific

know-how in the areas of IT,

insurance, banking, treasury

and FICC.

Contracts worth ARR (gross)

of 60.4bn EUR at the end of

FY 2018

Technological, structural and

financial advantages

including long non-

compete agreements with

key staff and external

distribution partners

including some of the

largest international banks

Contract Value in terms of

ARR (gross) 2016 to 2021

CAGR: 8,2834,876%

Since our risk management

approach achieves the

mission of the IMF with a

much higher degree of

efficiency and efficacy we

were able to secure political,

regulatory and strategic

support worldwide

Around 3 years and 220bn -

400bn EUR in gross

revenues head start

compared to potential

competitors already now.

First-mover-advantage

increases over time.

Currently growing the team

to more than 1,500 highly

experienced and talented

employees across the

globe.


Group Summary


Markus Wunsch - Founder, Chairman and CEO

Markus Wunsch

Founder, Chairman and CEO

Interims-Chief Product Officer, RiskPool

Markus has substantial experience in intra- and entrepreneurial ventures with subject-matter and management responsibilities spanning

a range of topics as broad as finance (esp. FP&A, M&A, treasury and transfer pricing), digital transformation, strategy and marketing.

Hence he is used to working on multiple projects and in several roles at once as well as to handle ambiguous tasks and high pressure

with self-confidence, creativity and an exceptionally good sense for people.

What's more, Markus is a truly passionate strategist, competitive doer of things and resilient visionary who loves to go running (He is

also competing in marathons for some charities like Cancer Research UK), hiking or racing sailing boats in his little spare time but also

enjoys cooking, travelling and reading to keep his mind sharp and alert. With regards to the latter, Markus is also taking seemingly

disparate classes (e.g. philosophy, politics, psychology, economics, business management, computer and data science) at well-kown

universities (e.g. Harvard, Oxford, LSE) and online (e.g. Udemy, Google, CFA) on a regular basis which again leads him to innovative ideas

or compelling solutions for current challenges and finally to new business opportunities. Hence Markus can be considered a classic

"expert-generalist".

Markus is an Industrial Management Assistant (IHK) by training, Certified Business Facilitator (Daimler), CFA charterholder and currently

participates in the Owners and Presidents Management Program at Harvard Business School.

Beyond this, Markus is a true risk-taker who has gone all-in (having invested all he had plus gone into personal debt) to revolutionize

the world of finance and thus to make a true impact benefitting society as a whole.


Clearer messaging with five dedicated brands starting in Q2 2019

RiskPoolRock+Water

Asset ManagementFincato DAO M16

RiskPool is our core product which tracks,

pools and covers all financial risks of our

customers.

Rock+Water Asset Management is our

inhouse insurance asset manager.

Rock + Water as name for the insurance

asset management provider within Mount

Wish has been chosen to symbolise solidity

and reliability (Rock) as well as liquidity

(Water). Furthermore, Rock as a metaphor is

related to Mount again and somehow these

two words also put us in a category

reminiscent of two other large players in the

asset management industry and hence

symbolize our ambition to reach comparable

if not even a bigger scale.

The dark grey color in the logo stands for

Rock and the aqua color for water while the

plus sign color connects the brand again to

the color scheme of the Mount Wish Group.

Fincato is our new central brand for all

marketplace products and thus replaces

FinCaT, FundMaster and BiSure as stand-

alone brands.

This change allows us to communicate the

financial marketplace character more

effectively (mercato is the latin word for

marketplace and hence we used it as the

base of the product name), reduces

potential confusion and limits possible brand

disputes.

Additionally it allows us to modularize the

various sub categories more easily and

hence react faster to potential changes in

the market.

The logo consist of two shaking hands

symbolizing the mutually beneficial deals

made between the various stakeholders via

fincato.

The new brand for our information and

data-driven solutions as well as FIG advisory

services is DAO.

DAO is the abbreviation for Data Access

Object and a well known term in the tech

industry while it can also be referred to the

Chinese word DAO which means way and

represents a wisely elaborated and flexible

strategy (playing a central role in Daoism).

Hence you could also interpret it as a data-

derived / data-driven guide on where to go

or how to react to various situation.

This change again helps us to roll-out the

product globally without any brand issues.

The two boxes in the logo symbolize wither

DAOs access to multiple data-sources or

simply a user interface. However, it could

also be seen as combining ecosystem and

single entity views in a clever way.

M16 is our brand for all backend products

and services (e.g. banking / insurance core

system software, infrastructure solutions,

and related digital services) as well as for our

own inhouse bank and shared services

centers but also opens our product range to

other fields and customer segments with

dedicated (white label) offers.

The letter M stands for Mount Wish or our

initial office location in Munich while (20)16

is the year in which Mount Wish was

founded.

It’s also the holding brand for a couple of

complementary services and tech brands

which continue to exist in wide-parts under

their own label as well as the parent

company for fleek (metaaccounts).

by Mount Wish

by Mount Wish by Mount Wish

by Mount Wish

by Mount Wish

by Mount Wish


New Global Headquarters – One Vanderbilt


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix


Total addressable market as of 2019 with RiskPool market growing around 8% per year

16.45

2.05

1.52

1.16

0.640.46

0

5

10

15

20

25

Markets in trillion USD

Other and Metaccounts

Insurance/ Banking as a Platform and

rel. Software including financial cloud

solutions

FinTelligence Data

Financial Services Marketpaces

Asset Mgmt Fees (R+W)

RiskPool

FundMaster

67%

FinCaT

20%

BiSure

10%

Other

3%

Marketplaces Split

Standardized

Non-FIG

29%

Standardized FIG

(Addressable Only)

52%

Synthetic Hedging

19%

Magma

0%

RiskPool Split

Sources:

Bank for International Settlements, International

Monetary Fund, World Bank, McKinsey & Co,

Oliver Wyman


Consolidated Balance Sheets – Assets I

All values in million USD 2021 2020 2019 2018 2017 2016

Total Cash & Due from Banks 170,568 51,528 317 102 (0)

Overnight Investments 127,926 38,646 206 67

Cash & Due from Banks Growth 231.02% 16,166.98% 209.47%

Investments - Total 2,863,942 794,587 46,636 140

Trading Account Securities 182,833 85,027 18,485 50

Federal Funds Sold & Securities Purchased 231,596 70,163 3,278 29

Federal Funds Sold 92,638 28,065 1,311 18

Securities Bought Under Resale Agreement 138,958 42,098 1,967 6

Treasury Securities 277,915 84,195 3,933 14

Other Securities 1,460,597 266,834 4,060 9

Other Investments 340,446 63,848 1,147 7

Third Party Investment Funds and Similar 370,554 224,521 15,733 30

Investments Growth 260.43% 1,603.79% 33,268.50%

Net Loans 22,396 72,463 19,073 37

Unconsolidated lntercompany Loans 19,758 71,455 18,690

Employee Loan Program 914 488 380 2

Advances and Strategic Loans 1,723 520 3 35

Loan Loss Allowances (Reserves) 23 15 5

Loan growth post loss allowance (69.12%) 279.95% 50,806.17%

Deferred Acquisition Costs including Sales Option Pool Equity Schedule 14,531 2,297 5,689 701

Deferred Acquisition Costs Growth 532.68% (59.63%) 711.69%


Consolidated Balance Sheets – Assets II


Strategic Investment Total 125,951 103,557 53,808

Strategic Minority Investments (less than 25%) 118 153 1,021

Strategic Minority Investments (25-50%) 1,122 7,480 33,020

Investment in Unconsolidated Subs. 67,307 62,928 2,223

To be fully consolidated acquisitions (Goodwill already excluded) 57,403 32,997 17,544

Strategic Investment Growth 21.62% 92.46% #DIV/0!

Net Property, Plant & Equipment 225,838 39,877 16,538 6 0 0

Net Property / Plant 96,429 4,235 0 0 0 0

IT Infrastructure 13,459 6,820 4,847 4

Equipment 62 31 20 2

Other 115,889 28,791 11,671 1

Net Property, Plant & Equipment Growth 466.34% 141.12% 257,756.96%

Other Assets (Including Intangibles) 69,727 29,269 12,699 5,620 114 7

Other Assets 1,661 631 249 29 0 0

Goodwill 14,351 8,249 4,386

Intangible Assets 53,715 20,389 8,064 5,591 114 7

Other Assets (Including Intangibles) Growth 138.23% 130.48% 125.97% 4,829.67% 1,528.35%

Tax and Held for Sale Assets 3,175

Deferred Tax Assets 739

Non-current assets and assets of disposal groups classified as held for sale 2,436

Total Assets 3,496,151 1,093,593 154,765 6,607 114 7

Assets - Total Growth 219.69% 606.62% 2,242.54% 5,695.36% 1,528.83%

Return On Average Assets 17.76% 16.06% (13.24%) (9.43%) (0.06%) (0.38%)


Consolidated Balance Sheets – Liabilities


Unearned Premiums Account Balance 55,164 23,860 4,083 758

Unearned Premiums Growth 131.20% 484.41% 438.35%

Total Deposits 208,845 22,519 44

Deposits Growth 827.43% 51,182.05%

Total Debt excluding Unearned Premiums and Deposits 618,650 166,068 54,786 104

ST Debt & Current Portion LT Debt 618,650 151,068 24,783 104

Current Portion of Long Term Debt 49,284 5,789 - 4

Short Term Debt 569,366 145,280 24,783 100

Long-Term Debt - 15,000 30,000 -

LT Debt excl. Capitalized Leases - 15,000 30,000

Federal Loans 3

Long Term Debt Growth (100.00%) (50.00%)

Total Debt / Total Assets 0 0 0 0

Reserves for Loss, Insurance and Investment Contracts 252,002 111,070 19,122 25

Reserves for Loss Adjustments

Reserves for insurance and investment contracts 252,002 111,070 19,122 25

Liabilities of disposal groups classified as held for sale 120 1

Liabilities of disposal groups classified as held for sale 120 1

Deferred Tax Liabilities 13,447 20,171 26,895 2,329

Deferred Taxes - Credit 3,575 5,362 7,149

Deferred Taxes - Debit 17,022 25,533 34,044 2,329

Other Liabilities and Convertible Bonds classified as Debt

Other Liabilities

Other Liabilities (excl. Deferred Income)

Convertible Bonds and Mezzanine Capital classified as Debt

Total Liabilities 1,148,108 343,688 105,049 3,218 - -

Total Liabilities Growth 234% 227% 3164%


Consolidated Balance Sheets – Equity


Convertible and Preferred Stock 26,559 3,608 24,000

Convertible Bonds and Mezzanine Capital classified as Equity 24,000

Preferred Stock (Carrying Value)

Non-Redeemable Preferred Stock

Securitised RiskPool Contracts* 26,559 3,608

Convertible and Preferred Stock Growth 636.09% (84.97%)

Common Equity 96,000 96,000 16,000 0 0 0

Common Equity (Total) 96,000 96,000 16,000 0 0 0

Common Stock Par/Carry Value

Additional Paid-In Capital/Capital Surplus

Total Shareholders' Equity 96,000 96,000 40,000 0 0 0

Total Shareholders' Equity / Total Assets 0 0 0 0 0 0

Return On Average Total Equity 5 3 4 17,237,071 28,630,346 14,703,930

Retained Earnings 1,946,832 539,886 (99,470) 56

Retained Earnings Growth 260.60% (642.76%)

Cumulative Translation Adjustment/Unrealized For. Exch. Gain 93,156 17,561 (1,025)

Cumulative Translation Adjustment/Unrealized For. Exch. GainGrowth 430.48% (1,813.67%) #DIV/0!

Unrealized Gain/Loss Marketable Securities 108,383 39,045 3,419

Unrealized Gain/Loss Marketable Securities Growth 177.58% 1,041.99%

Treasury Stock, SOP and Other Appropriate Reserves 77,113 53,805 106,792 3,333 114 7

Other appropriate reserves 75,574 53,067 17,610 10

SOP Reserve 1,539 738 89,151 701 - -

Treasury Stock

Reserves and revaluations (Change of legal form UK Ltd to Delaware C Corp.) 2,632 104 7

Treasury Stock, SOP and Other Appropriate Reserves Growth 0 (0) 31 28 15

Common Equity / Total Assets 0 0 0 0 0 0

Accumulated Minority Interest

Total Equity 2,348,043 749,905 49,716 3,389 114 7

Equity Growth 213.11% 1,408.39% 1,367.16% 2,872.15% 1,526.39%

Liabilities & Shareholders' Equity 3,496,151 1,093,593 154,765 6,607 114 7


Equity, Tier-1 Capital and Liabilities over time

2016 2017 2018 2019 2020 2021

Common Equity 16,000 96,000 96,000

Tier 1 Capital 23,321 689,691 2,119,945

Total Equity 7 114 3,389 49,716 749,905 2,348,043

Liabilities 0 0 3,218 105,049 343,688 1,148,108

Debt to Equity Ratio 0.00% 0.00% 94.95% 211.30% 45.83% 48.90%

0.00%

50.00%

100.00%

150.00%

200.00%

250.00%

0

500000

1000000

1500000

2000000

2500000

All values in million USD


All values in million USD 2021 2020 2019

Common Equity Tier-1 Capital (CET 1) 2,119,945 689,691 23,321

Common Equity Tier-1 Quota (CET 1) 2.06 2.01 0.89

Common Equity Tier-2 Capital (CET 2) 3,591,110 1,099,888 (41,874)

Common Equity Tier-2 Quota (CET 2) 3.50 3.21 (1.60)

Internal Capital Adequacy Ratio 1 3.51 3.71 0.80



Liquidity Coverage Ratio 11.23 16.03 9.61

Stressed Liquidity Ratio 23.37 27.07 (3.06)

Total Risk-Weighted Assets 1,027,236 342,752 26,233

Total Economic Capital 673,424 307,704 157,761

Stressed Net Liquidity Position (sNLP) 1,197,037 366,629 (13,958)

Leverage Exposure 946,503 282,905 100,717

Solvency-II Capital Ratio 1.97 1.32 (0.09)

Leverage Ratio 0.33 0.31 0.68

Cash Ratio 4.92 5.23 0.96

Quick Ratio 4.94 5.53 1.21

Current Ratio 5.18 5.76 1.62

Regulatory Capital and Liquidity Requirements


Summarized Income Statements


FY H1 FY H1 FY H1 FY H1 FY H1 FY H1

Total Profit / Loss from Operations 722,918 322,594 183,900 79,927 (3,781) (15,754) (737) (91) (0) (0) (0) (0)

Growth Capacity Utilization 1,924 962 251 126 260 130

Extraordinaries 241 78 92 30 (4) (1)

Net Interest Income after Provision (1,430) (465) (1,465) (476) (571) (186) (1) (0)

Sec and trading 162,575 59,912 58,568 21,405 5,129 804

Other Commission & Fee Income 813 264 293 95 26 8

Other Operating Income 183 59 66 21 6 2

Human Talent Expenses 16,236 5,318 6,615 2,189 1,888 638 1 0 0 0 0 0

Insurance and Banking Charges 6,733 2,742 3,253 1,203 (42) (9) 0

Plant, Equipment and IT Expenditures 132,314 43,002 4,802 1,561 336 109 0 0 0 0 0 0

Marketing & Brand 8,547 2,778 6,487 2,108 318 104 0 0 0 0 0 0

Operating Expense (HQ) 1,164 378 929 302 898 292 0 0 0 0 0 0

Miscellaneous Non Operating Expense 262 148 32 14 14 5 0 0 0 0 0 0

Professional Services 6,182 2,267 10,203 3,402 14,811 5,484 0 0 0 0 0 0

Equity in Affiliates (Pretax) 5,115 46 46 838 838

Unusual Expense

Pretax Income 720,900 326,772 209,430 90,396 (16,322) (20,782) (739) (91) (0) (0) (0) (0)

Pretax Margin22.26% 23.71% 15.98% 16.47% (6.46%) (75.45%)

Taxes and Tax Credits 99,787 40,519 34,323 10,900 4,173 (4,106) (116) (14) 0 0 0 0

Effective Tax Rate 13.84% 12.40% 16.39% 12.06% (25.58%) 19.76% 15.75% 15.75% 15.75% 15.75% 15.75% 15.75%

Net Income 621,113 286,253 175,107 79,496 (20,495) (16,676) (623) (77) (0) (0) (0) (0)

Net Margin 19.18% 20.77% 13.36% 14.48% (8.11%) (60.55%)

Post-Tax Extraordinaries (75) 50 501

Net Income Available to Common 621,038 286,303 175,608 79,496 (20,495) (16,676) (623) (77) (0) (0) (0) (0)

EPS (Basic) 0.12 0.06 0.04 0.02 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)

EPS (Diluted) 0.08 0.04 0.02 0.01 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)


Summarized Cash Flow Statements



Operating Activities

Total Funds from Operations 1,231,287 530,848 439,964 180,410 37,804 (4,154) (9) (4) (0) (0) 0 0

Group Operations - Holding Expenditures 37,362 12,982 23,632 8,243 16,047 5,779 1 0 0 0 0 0

Growth Capacity Utilization, Extraordinaries and Tax (97,493) (39,409) (33,966) (10,737) (3,898) 4,245 117 14 0 0 0 0

Net Operating Cash Flow 1,096,432 478,457 382,366 161,430 17,859 (5,688) 107 10 (0) (0) (0) (0)

Investing Activities

Security Gains and Prop Trading 162,575 59,912 58,568 21,405 5,129 804

Capital Expenditures (Fixed Assets) 196,964 140,745 27,473 13,943 16,538 6,999 140 17 0 0 0

Capital Expenditures (Other Assets) 34,987 13,760 12,956 5,279 2,722 699 381 43 0 0 0

Net Assets from Acquisitions

Sale of Fixed Assets & Businesses 653 273 228 97 17 2 0 0 0

Strategic acquisitions, investments, PMI and uncons. subsidiaries (45,454) (124,914) (68,555)

Other Sources (including Strategic Loan Repayments) 59,434

Net Investing Cash Flow (54,742) (94,320) (106,548) 2,280 (82,670) (6,892) (521) (60) (0) (0) (0)

Financing Activities

Cash Dividends Paid 124,223 57,251 35,021 15,899 (125) (15)

LT Debt (16,700) (17,550) 30,000 30,000

Convertible Bonds and Mezzanine Financing (88,526) 24,000

Common / Preferred Stock 80,000 16,000

Securitised Products 26,559 3,608

Unearned Premiums (RiskPool) 55,164 23,332 23,860 11,212 4,083 4,037 758 87

Other Sources and Uses 40 20 1,920 288 510 255

Net Financing Cash Flow (59,159) (33,899) (31,709) (4,399) 74,593 34,292 883 102

Exchange Rate Effect 207,874 94,037 76,779 29,649 (5,494) (5,961) (98) (12) (0) (0) (0) (0)

Free Cash Flow 1,190,404 444,275 320,887 188,959 4,288 15,751 371 40 (0) (0) (0) (0)

Free Cash Flow Growth 271% 135% 7383% 1100% 1057% 39284%


Free Cash Flow and Market Effects over time

2016 2017 2018 2019 2020 2021

Market Effects 0 0 -98 -5,494 76,779 207,874

Free Cash Flow w/o Realized Market Effects 0 0 469 9,782 244,108 982,530

-10,000

190,000

390,000

590,000

790,000

990,000

1,190,000

1,390,000



Cyclicality – Total Sales per Quarter

1st Qtr

38%

2nd Qtr

20%

3rd Qtr

28%

4th Qtr

14%

1st Quarter:

▪ Fast growth mainly driven by full-year planning cycles and according ability to

pitch customers based on their annual reports (full treasury accounting year)

▪ Growth is also supported by a high number of refinancing deals (FundMaster)

usually starting in Q1 each year

2nd Quarter:

▪ Late annual reports as pitch basis and investor discussions ahead of various annual

meetings leading to further contracts signed

3rd Quarter:

▪ Half-year results driving sales a bit more than quarterly figures

▪ Full year effect post launch from a Mount Wish perspective

▪ Lots of relevant trade fairs helping us to drive sales

▪ Customer starting their full year planning processes again while preparing for

year-end-activities and hence many deals close with a starting date in Q1 of the

following year

4th Quarter:

▪ Year-end sales driving growth to a certain degree yet since we don’t run excessive

discount campaigns in order to maintain our price levels there are hardly any

extraordinary sales effects

▪ A lot of supporting discussions (often initiated in Q3) leading to the strong sales

figures in Q1


Unearned Premiums – Net Flows

-5000

0

5000

10000

15000

20000



Elaborated Group Guidance: Gross Revenues by business line

2021 2020 2019

FY H2 H1 FY H2 H1 FY H2 H1

Total Gross Revenues 3,238,444 1,843,431 1,378,236 1,310,837 762,116 548,826 252,571 223,499 159

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

RiskPool Rock+Water FundMaster FinCaT BiSure FinTelligence Data Plattform Services, Advisory and Other



Elaborated Group Guidance: Income from Operations


FY H2 Q4 Q3 H1 Q2 Q1 FY H2 Q4 Q3 H1 Q2 Q1 FY H2 Q4 Q3 H1 Q2 Q1

Operating Profit and Loss

Total Profit / Loss from Operations 722,918 426,970 216,385 210,585 322,594 164,216 157,080 183,900 111,744 57,039 54,705 79,927 41,924 38,002 (3,781) 11,721 8,122 3,600 (15,754) (8,240) (7,513)

Profit / Loss from RiskPool 437,934 252,986 132,505 120,481 184,947 100,055 84,893 134,719 79,307 41,733 37,574 55,412 30,787 24,625 8,742 12,529 7,645 4,884 (3,786) (2,103) (1,683)

17.38% 17.38% 17.38% 17.38% 17.38% 17.38% 17.38% 12.69% 12.69% 12.69% 12.69% 12.69% 12.69% 12.69% 4.96% 7.11% 7.42% 6.68% #DIV/0! #DIV/0! #DIV/0!

Profit / Loss from Rock+Water 30,819 21,298 11,687 9,611 10,978 6,813 4,165 9,983 6,972 3,824 3,149 3,707 2,213 1,494 599 656 533 124 (27) 38 (64)

66.70% 70.30% 70.53% 70.02% 69.00% 69.49% 68.22% 63.95% 69.59% 70.11% 68.98% 66.28% 67.37% 64.73% 47.41% 59.30% 63.38% 46.41% (17.08%) 24.82%

(1,930.15%

)

Profit / Loss from Marketplaces 216,543 120,329 54,712 65,617 102,896 44,840 58,056 52,198 29,616 13,704 15,912 24,007 10,589 13,418 6,134 9,308 5,719 3,589 (3,746) (1,873) (1,873)

Profit / Loss from FundMaster 145,450 77,679 31,909 45,770 70,755 27,580 43,175 27,505 15,293 5,986 9,308 13,636 4,949 8,687 2,902 5,570 3,609 1,961 (2,668) (1,334) (1,334)

81.13% 83.03% 79.70% 85.53% 82.54% 78.51% 85.33% 63.52% 67.96% 62.27% 72.20% 65.57% 58.02% 70.82% 32.04% 67.62% 73.01% 59.52% #DIV/0! #DIV/0! #DIV/0!

Profit / Loss from FinCaT (incl. White Bank) 68,968 40,099 21,248 18,850 31,154 16,628 14,526 24,302 13,867 7,394 6,473 10,436 5,621 4,815 3,317 4,090 2,286 1,804 (727) (363) (363)

83.02% 87.14% 87.78% 86.44% 84.06% 84.91% 83.10% 72.78% 78.49% 79.56% 77.32% 73.34% 74.76% 71.74% 68.86% 84.91% 86.29% 83.24% #DIV/0! #DIV/0! #DIV/0!

Profit / Loss from BiSure 2,125 2,551 1,554 996 988 632 356 391 456 325 131 (65) 19 (84) (85) (352) (176) (176) (352) (176) (176)

49.85% 85.14% 87.48% 81.75% 68.94% 73.96% 61.53% (12.41%) 36.55% 45.05% 24.93% (8.97%) 4.47% (26.80%) (100.00%) (100.00%) (100.00%) (100.00%) (100.00%) (100.00%) (100.00%)

Profit / Loss from FinTelligence Data 43,120 31,424 16,952 14,472 23,253 12,200 9,755 (11,774) (3,593) (1,938) (1,655) (2,663) (1,397) (1,266) (18,838) (10,544) (5,646) (4,898) (8,057) (4,226) (3,831)

33.60% 42.62% 42.63% 42.61% 42.58% 42.59% 37.58% (37.52%) (19.93%) (19.93%) (19.93%) (19.94%) (19.94%) (19.95%)

(1,152.66

%) (645.17%) (518.18%) (899.16%) #DIV/0! #DIV/0! #DIV/0!

Profit / Loss from FinTelligence Advisory Business (3,195) 701 395 306 394 236 158 (820) (380) (181) (199) (440) (212) (228) (51) (25) (12) (13) (26) (13) (13)

(107.19%) 38.32% 38.99% 37.48% 34.21% 35.65% 32.28% (310.71%) (61.80%) (53.26%) (72.38%) (113.67%) (95.51%) (138.18%) (330.33%) (184.43%) (52.75%) (68.09%) (101.20%) (86.63%) (120.86%)

Profit / Loss from Plattform as a Service 891 760 439 322 409 234 175 (325) (125) (72) (53) (67) (38) (29) (321) (205) (118) (87) (110) (63) (47)

12.37% 16.23% 16.23% 16.23% 16.23% 16.23% 16.23% (11.02%) (6.51%) (6.51%) (6.51%) (6.51%) (6.51%) (6.51%) (45.66%) (44.85%) (44.85%) (44.85%) (44.85%) (44.85%) (44.85%)

Profit / Loss from Other Operations (3,194) (529) (305) (224) (285) (163) (122) (82) (53) (31) (23) (29) (16) (12) (47) 2 2 (0) (0) (0) (0)

(58.20%) (228.56%) (228.56%) (228.56%) (228.56%) (228.56%) (228.56%) (15.73%) (280.68%) (280.68%) (280.68%) (280.68%) (280.68%) (280.68%) (4.35%) 107.09% 104.04% (718.25%) (199.98%) (257.66%) (222.89%)

Growth Capacity Interims-Utilization 1,924 962 481 481 962 481 481 251 126 63 63 126 63 63 260 130 65 65 130 65 65

Extraordinaries 241 163 90 72 78 48 30 92 62 34 28 30 18 11 (4) (3) (1) (1) (1) (1) (0)

Operating Income Growth 3 3 3 3 3 3 3 (50) 9 6 14 (6) (6) (6) 4 (20) (15) (53) 173 162 187

Average Operating Income Margin 19.85% 23.51% 23.57% 23.21% 20.71% 21.13% 19.23% (19.38%) (11.51%) (10.08%) (13.71%) (23.54%) (20.59%) (28.01%) (164.41%) (72.05%) (42.40%) (181.61%)

Weighted Operating Margin 40.52% 41.12% 39.22% 43.11% 42.08% 39.01% 45.04% 35.68% 33.53% 32.10% 35.17% 34.04% 31.02% 37.69% (5,857%) 657.26% 431.01% 1,314.60%


Elaborated Group Guidance: Holding Income and Expenses



Total Interest Income 1,278 862 479 383 415 256 160 418 282 157 125 136 84 52 23 16 9 7 8 5 3

Interest and Fees on Loans 19 13 7 6 6 4 2 10 7 4 3 3 2 1 3 2 1 1 1 1 0

Interest Income on Fed. Funds 438 296 164 131 142 88 55 189 127 71 57 61 38 24 17 12 7 5 6 3 2

Interest Income on Fed. Repos 197 133 74 59 64 39 25 61 41 23 18 20 12 8 5 4 2 2 2 1 1

Interest on Bank Deposits 542 366 203 163 176 108 68 138 93 52 41 45 28 17 (2) (1) (1) (1) (1) (0) (0)

Other Interest or Dividend Income 81 55 30 24 26 16 10 21 14 8 6 7 4 3 (0) (0) (0) (0) (0) (0) (0)

Total Interest Expense 2,685 1,812 1,007 805 873 537 336 1,868 1,261 701 560 607 374 234 590 398 221 177 192 118 74

Interest Expense on Bank Deposits 3 2 1 1 1 1 0 1 1 0 0 0 0 0 1 1 0 0 0 0 0

Interest Expense on Unearned Premiums 2,705 1,826 1,014 811 879 541 338 1,815 1,225 681 545 590 363 227 557 376 209 167 181 111 70

Interest Expense on Debt (181) (122) (68) (54) (59) (36) (23) (9) (6) (3) (3) (3) (2) (1) 35 24 13 11 11 7 4

Other Borrowed Funds 158 107 59 47 51 32 20 60 41 23 18 20 12 8 (2) (2) (1) (1) (1) (0) (0)

Net Interest Income (1,407) (950) (528) (422) (457) (281) (176) (1,450) (979) (544) (435) (471) (290) (181) (567) (383) (213) (170) (184) (113) (71)

Loan Loss Provision 23 16 9 7 8 5 3 15 10 6 4 5 3 2 5 3 2 1 2 1 1

Net Interest Income after Provision (1,430) (966) (536) (429) (465) (286) (179) (1,465) (989) (549) (440) (476) (293) (183) (571) (386) (214) (171) (186) (114) (71)

Securities Gain and Trading Account Income 162,575 102,662 54,442 48,220 59,912 37,153 22,759 58,568 37,163 20,043 17,120 21,405 12,456 8,949 5,129 4,324 3,215 1,109 804 720 84

Other Commission & Fee Income 813 549 305 244 264 163 102 293 198 110 88 95 59 37 26 17 10 8 8 5 3

Other Non-Interest Holding Income

Human Talent Expense (HQ), Pension and Benefits, Education and

Training Expenses 2,762 1,823 1,006 817 939 564 375 2,470 1,628 898 730 842 505 337 1,888 1,250 691 560 638 385 254

t/o Pensions and Benefits 1,330 898 499 399 432 266 166 1,182 798 443 355 384 236 148 920 621 345 276 299 184 115

t/o Education and Training 532 359 200 160 173 106 67 473 319 177 142 154 95 59 368 248 138 110 120 74 46

Employee Profit Share 13,473 9,094 5,052 4,042 4,379 2,695 1,684 4,146 2,798 1,555 1,244 1,347 829 518 - - - - - -

Plant and Equipment Expenes 131,675 88,881 49,378 39,503 42,794 26,335 16,459 4,366 2,947 1,637 1,310 1,419 873 546 174 117 65 52 56 35 22

t/o Real Estate Acquisitions 92,194 92,194 92,194 4,235 4,235 4,235

IT Infrastructure (HQ) and Outsourced Cyberdefence Services 658 444 247 198 214 132 82 628 423 235 189 204 125 78 235 158 88 70 76 47 29

Insurances 3,166 1,583 791 791 1,583 791 791 833 417 208 208 417 208 208 27 14 7 7 14 7 7

Banking and transaction charges 3,568 2,408 1,338 1,070 1,159 714 446 2,420 1,634 908 726 787 484 303 (69) (46) (26) (21) (22) (14) (9)

External Research, Information and Data 127 86 48 38 41 25 16 120 81 45 36 39 24 15 104 70 39 31 34 21 13

Marketing & Brand 8,547 5,769 3,205 2,564 2,778 1,709 1,068 6,487 4,379 2,433 1,946 2,108 1,297 811 318 215 119 96 104 64 40

Miscellaneous Non Operating Expense 262 114 63 51 148 34 114 32 19 10 8 14 6 8 14 10 5 4 5 3 2

Other Operating Income and Expenses (HQ) (854) (576) (320) (256) (277) (171) (107) (743) (502) (279) (223) (242) (149) (93) (789) (533) (296) (237) (256) (158) (99)

Professional Services 6,163 3,902 2,127 1,775 2,261 1,306 955 10,011 6,672 2,771 3,900 3,339 1,883 1,457 14,739 9,278 5,048 4,230 5,461 3,140 2,322

t/o Financial Advisory, Audit and Tax 509 255 127 127 255 127 127 653 326 163 163 326 163 163 2,126 1,063 531 531 1,063 531 531

t/o M&A Advisory 912 456 228 228 456 228 228 1,698 849 424 424 849 424 424 1,135 567 284 284 567 284 284

t/o IPO-related expenses 40 20 10 10 20 10 10 1,920 1,632 38 1,594 288 144 144 510 255 128 128 255 128 128

t/o Legal Expenses (HQ) 4,603 3,107 1,726 1,381 1,496 921 575 5,602 3,781 2,101 1,681 1,821 1,120 700 10,836 7,314 4,063 3,251 3,522 2,167 1,354

t/o Advisory and Other Outsourced Labor 98 64 35 29 34 20 14 138 83 45 39 55 31 25 133 78 42 37 54 30 25


Elaborated Group Guidance: Taxes, Net Income Levels and Earnings Per Share



Equity in Affiliates (Pretax) 5,115 46 46 46 838 838 838

Unusual Expense

Pretax Income 720,900 415,659 207,591 208,068 326,772 167,298 158,176 209,430 126,805 65,761 61,045 90,396 47,889 42,506 (16,322) 4,207 4,864 (656) (20,782) (10,571) (10,210)

Pretax Margin 22.26% 22.55% 21.81% 23.33% 23.71% 23.10% 24.19% 15.98% 16.64% 16.60% 16.68% 16.47% 16.18% 16.82% (6.46%) 1.88% 3.82% (0.68%) (75.45%) (83.47%) (68.62%)

Income Taxes 99,787 62,660 26,962 35,697 40,518 20,309 20,005 34,323 24,647 8,399 16,248 10,900 5,857 5,043 4,175 8,241 8,780 (538) (4,106) (2,090) (2,016)

Income Tax - Current - Domestic 109,163 62,723 31,249 31,474 49,831 25,334 24,292 31,362 18,943 9,803 9,140 13,643 7,197 6,446 (2,708) 544 676 (132) (3,292) (1,683) (1,608)

Income Tax - Current - Foreign (180) (90) (45) (45) (90) (45) (45) 35 17 9 9 17 9 9 8,511 8,511 8,511 0 (0) (0)

Income Tax - Deferred - Domestic (739)-

(739) (739) 64-

64 64- - -

Income Tax - Deferred – Foreign 8,511 8,511 8,511-

8,511 8,511 8,511-

0 0 0-

Income Tax Credits 16,969 8,484 4,242 4,242 8,484 4,242 4,242 5,649 2,825 1,412 1,412 2,825 1,412 1,412 1,629 814 407 407 814 407 407

Equity in Affiliates 44 44 44 670 670 670

Effective Tax Rate 13.84% 15.07% 12.99% 17.16% 12.40% 12.14% 12.65% 16.39% 19.44% 12.77% 26.62% 12.06% 12.23% 11.86% (25.58%) 195.89% 180.52% 82.03% 19.76% 19.77% 19.74%

Other After Tax Income (Expense) 3 3

Consolidated Net Income 621,113.3

4 352,999.56 180,628.85 172,370.71 286,253.46 146,989.30 138,170.61

175,107.1

2 102,158.53 57,361.48 44,797.05 79,495.66 42,032.05 37,463.60

-

20,494.95

-

4,031.66

-

3,916.18

-

115.48

-

16,675.60

-

8,480.56

-

8,194.16

Minority Interest Expense

Net Income 621,113 353,000 180,629 172,371 286,253 146,989 138,171 175,107 102,159 57,361 44,797 79,496 42,032 37,464 (20,495) (4,032) (3,916) (115) (16,676) (8,481) (8,194)

Net Margin 19.18% 19.15% 18.98% 19.33% 20.77% 20.30% 21.13% 13.36% 13.40% 14.48% 12.24% 14.48% 14.20% 14.82% (8.11%) (1.80%) (3.07%) (0.12%) (60.55%) (66.97%) (55.08%)

Extraordinaries & Discontinued Operations 50 50 50 501 501 501

Extra Items & Gain/Loss Sale Of Assets

Cumulative Effect - Accounting Chg

Discontinued Operations (125) (125) (125)

Net Income After Extraordinaries 621,038 352,875 180,504 172,371 286,303 147,039 138,171 175,608 102,659 57,361 45,298 79,496 42,032 37,464 (20,495) (4,032) (3,916) (115) (16,676) (8,481) (8,194)

Preferred Dividends- - - - - - - - - - - - - - - - - - - - -

Net Income Available to Common 621,038 352,875 180,504 172,371 286,303 147,039 138,171 175,608 102,659 57,361 45,298 79,496 42,032 37,464 (20,495) (4,032) (3,916) (115) (16,676) (8,481) (8,194)

Net Income Available to Common 621,038 352,875 180,504 172,371 286,303 147,039 138,171 175,608 102,659 57,361 45,298 79,496 42,032 37,464 -20,495 -4,032 -3,916 -115 -16,676 -8,481 -8,194

EPS (Basic) 0.124 0.071 0.036 0.034 0.057 0.029 0.028 0.035 0.021 0.011 0.009 0.016 0.008 0.007

-

0.004

-

0.001

-

0.001

-

0.000

-

0.003

-

0.002

-

0.002

EPS (Diluted) 0.087 0.049 0.025 0.024 0.040 0.021 0.019 0.025 0.014 0.008 0.006 0.011 0.006 0.005 -0.003 -0.001 -0.001 0.000 -0.002 -0.001 -0.001

EPS (Diluted) Growth 254% 244% 215% 281% 260% 250% 269% -957% -2646% -1565% -39490% -577% -596% -557% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!


Elaborated Group Guidance: Income from Operations share by business line over time

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

FY 2021 H2 2021 Q4 2021 Q3 2o21 H1 2021 Q2 2021 Q1 2021 FY 2020 H2 2020 Q4 2020 Q3 2020 H1 2020 Q2 2020 Q1 2020 FY 2019 H2 2019 Q4 2019 Q3 2019 H1 2019 Q2 2019 Q1 2019

RiskPool Rock+Water FundMaster FinCaT BiSure FinTelligence Data FinTelligence Advisory Plattform Services Other Operations





Total Funds from Operations 1,231,287 717,151 373,050 344,100 530,848 282,073 248,776 439,964 269,538 142,093 127,445 180,410 98,132 82,277 37,804 42,098 28,213 13,934 (4,154) (2,040) (2,114)

RiskPool 885,294 512,944 272,068 240,876 372,350 206,071 166,279 360,812 218,628 116,761 101,868 142,184 79,630 62,554 32,210 32,210 21,816 10,395- - -

Rock+Water 37,934 25,042 13,731 11,311 12,892 8,029 4,863 13,754 8,795 4,725 4,070 4,959 2,908 2,050 909 909 721 188 27 84 (56)

Marketplaces 215,048 117,729 54,010 63,718 100,704 44,330 56,374 52,040 29,441 13,721 15,719 24,181 10,791 13,390 7,148 9,545 5,764 3,781 (2,679) (1,339) (1,339)

FundMaster 144,951 76,087 31,823 44,263 68,864 27,293 41,572 29,469 15,521 6,246 9,274 13,948 5,249 8,699 3,771 5,513 3,517 1,996 (2,090) (1,045) (1,045)

FinCaT (incl. White Bank) 68,874 39,807 21,060 18,747 31,177 16,603 14,574 23,142 13,721 7,303 6,419 10,425 5,600 4,825 3,400 4,032 2,247 1,785 (589) (294) (294)

BiSure 1,222 1,835 1,127 708 663 435 228 (571) 198 171 27 (193) (58) (135) (24)- - - - - -

FinTelligence Data 91,127 58,493 31,552 26,941 43,302 22,718 20,584 16,203 12,235 6,600 5,636 9,061 4,753 4,307 (2,341) (591) (132) (459) (1,531) (803) (729)

FinTelligence Advisory 1,000 640 360 279 360 215 145 (2,694) (296) (137) (158) (369) (175) (194) (195) (64) (6) (8) (19) (9) (10)

Plattform as a Service 3,516 2,466 1,423 1,044 1,328 759 569 1,051 769 444 326 414 237 178 130 88 51 37 48 27 20

Other Operations (2,632) (163) (94) (69) (88) (50) (38) (1,201) (35) (20) (15) (19) (11) (8) (57) (0) (0) (0) (0) (0) (0)

Growth Capacity Interims-Utilization 2,072 1,036 518 518 1,036 518 518 271 135 68 68 135 68 68 280 140 70 70 140 70 70

Group / Holding Expenditures 37,362 24,380 13,420 10,960 12,982 7,679 5,303 23,632 15,389 8,460 6,928 8,243 4,886 3,357 16,047 10,267 5,615 4,653 5,779 3,370 2,409

Extraordinaries 222 150 83 67 72 44 28 85 57 32 25 28 17 11 (3) (2) (1) (1) (1) (1) (0)

Changes in Working Capital

Funds from Operations Growth (YoY)180.16% 166.07% 162.54% 170.00% 194.24% 187.44% 202.36% 1,064.13% 540.44% 403.77% 814.86% (4,442.90%) (4,909.89%) (3,992.17%) (413,041%) (989,105%) (1,315,78%) (660,580%) 100,257% 98,125.17% 102,405%

Tax 99,787 62,660 26,962 35,697 40,518 20,309 20,005 34,323 24,647 8,399 16,248 10,900 5,857 5,043 4,175 8,241 8,780

-

538

-

4,106

-

2,090

-

2,016

Net Operating Cash Flow 1,096,432 631,297 333,269 298,027 478,457 254,648 224,013 382,366 229,696 125,333 104,362 161,430 87,474 73,956 17,859 23,727 13,888 9,889

-

5,688

-

3,251

-

2,437

Net Operating Cash Flow Growth186.75% 174.84% 165.91% 185.57% 196.39% 191.11% 202.90% 2,040.98% 868.08% 802.47% 955.32% (2,938.13%) (2,790.89%) (3,134.33%) 16,662.44% 24,936.35% 16,017.34% 114,808% (56,822%) (55,873%) (58,144%)

Elaborated Group Guidance: Cash Flow from Operations




Security Gains and Prop Trading 162,575 102,662 54,442 48,220 59,912 37,153 22,759 58,568 37,163 20,043 17,120 21,405 12,456 8,949 5,129 4,324 3,215 1,109 804 720 84

1,278 862 479 383 415 256 160 418 282 157 125 136 84 52 23 16 9 7 8 5 3

Capital Expenditures (Fixed Assets) 196,964 55,580 28,661 26,919 140,745 24,901 115,844 27,473 13,094 7,007 6,087 13,943 5,144 8,799 16,538 9,377 5,032 4,344 6,999 3,683 3,316

Capital Expenditures (Other Assets) 34,987 19,154 10,223 8,931 13,760 7,388 7,564 12,956 7,460 4,014 3,445 5,279 2,843 2,436 2,722 2,023 1,212 811 699 390 309

Net Assets from Acquisitions

Sale of Fixed Assets & Businesses 653 380 199 181 273 150 123 228 131 68 62 97 53 44 17 15 14 2 2 1 1

Purchase/Sale of Investments - - - - - - - - - - - - - - - - - - - - -

Purchase of Investments - - - - - - - - - - - - - - - - - - - - -

Sale/Maturity of Investments - - - - - - - - - - - - - - - - - - - - -

Strategic Investments / Acquisitions 36,127 36,127 36,127 53,458 49,865

PMI Costs 5,419 5,419 5,419- - - -

24,056- - - - - -

7,480- - - - - -

Funds from Strategic Investments 5,115 5,115 5,115- - - -

(46,399)- - - - - -

(11,210)- - - - - -

Data and BI Tech 2,217 (33,345) (11,115)

Investor Relations Tech 1,770 1,770 1,770 (11,987)

Governance Tech 1,329 1,329 1,329 (1,035) (20)

Other investments (201) (201) (201) (32) (75)

Mount Wish Corporate VC Fund (9,023) (9,023) (9,023) (1,000)

Increase in Loans

Decrease in Loans

Other Uses

Other Sources 59,434 59,434 59,434

Net Investing Cash Flow (54,742) 42,288 29,738 12,550 (94,320) 5,015 (100,526) (106,548) 16,740 9,090 7,650 2,280 4,522 (2,242) (82,670) (7,060) (3,015) (4,044) (6,892) (3,352) (3,540)

Elaborated Group Guidance: Cash Flow from Investing Activities




Cash Dividends Paid - Total 124,223 70,600 36,126 34,474 57,251 29,398 27,634 35,021 20,432 11,472 8,959 15,899 8,406 7,493

Common and Class B Dividends 124,223 70,600 36,126 34,474 57,251 29,398 27,634 35,021 20,432 11,472 8,959 15,899 8,406 7,493

Preferred Dividends

Decrease in Deposits

Increase in Deposits

Change in Capital Stock

Repurchase of Common & Preferred

Stk.

Issuance of Convertible Bonds

treated as equity 24,000

Convertible Bond Buybacks 88,526

Sale of Common & Preferred Stock 80,000 16,000

Proceeds from Stock Options

Issuance of Securitised Products 26,559 26,559 26,559 3,608 3,608 3,608

Issuance of Long-Term Debt 30,000 30,000 15,000 15,000

LT Debt Interest Expenses 2,685 1,812 1,007 805 873 537 336 1,868 1,261 701 560 607 374 234 590 398 221 177 192 118 74

Reduction in Long-Term Debt 16,700 16,700 16,700 17,550 17,550 17,550

RiskPool Pre-Payments (Unearned

Premiums) 55,164 31,832 16,689 15,144 23,332 12,661 10,671 23,860 12,648 6,699 5,949 11,212 6,205 5,007 4,083 46 3,212 (3,166) 4,037 2,294 1,743

Other Uses

Other Sources 40 20 10 10 20 10 10 1,920 1,632 38 1,594 288 144 144 510 255 128 128 255 128 128

Net Financing Cash Flow (59,159) (28,889) (9,568) (19,320) (33,899) (16,727) (16,953) (31,709) (20,093) (18,677) (1,417) (4,399) (2,058) (2,341) 74,593 301 3,340 (3,039) 34,292 17,422 16,870

Elaborated Group Guidance: Cash Flow from Financing


Mark-Up Matrix (Likelyhood that if we are

selling the below we are also selling the

right item)

RiskPoolRock+

Water

Market-

places FundMasterFinCaT BiSure

FinTelligence

Data

FinTelligence

Advisory

Plattform

as a ServiceOther

Uncon-

silidated

Other

Aggregated

Markup

Factors

RiskPool 0.00 0.98 0.50 0.65 0.20 0.35 0.00 0.00 0.10 0.20 3.43

Rock+Water 0.50 0.00 0.10 0.25 0.65 0.10 0.50 0.10 0.22 2.59

Marketplaces 0.00

FundMaster 0.65 0.10 0.00 0.70 0.20 0.30 0.00 0.10 0.00 0.40 2.45

FinCaT (incl. White Bank) 0.75 0.20 0.20 0.00 0.20 4.00 0.00 0.00 0.10 0.18 5.63

BiSure (incl. unconsildated income from

Digital Fineprint) 0.05 0.05 0.10 0.00 0.50 0.00 0.00 0.00 0.03 0.73

FinTelligence Data 0.20 0.08 0.05 0.08 0.02 0.00 0.00 0.00 0.10 0.12 0.69

FinTelligence Advisory 0.65 0.20 0.20 0.20 0.05 0.90 0.00 0.25 0.00 0.01 2.61

Plattform as a Service (incl. unconsildated

income from figo) 0.75 0.25 0.25 0.20 0.05 0.35 0.00 0.00 0.10 0.95 3.07

Other 0.99 0.70 0.03 0.05 0.02 0.15 0.00 0.05 0.00 0.01 2.03

Unconsildated / Other 0.05 0.03 0.10 0.10 0.00 0.20 0.00 0.05 0.00 0.60

Aggregated Markdown Factors 4.59 2.51 1.48 2.33 0.74 7.40 0.10 0.95 0.50 2.11

Cross-Selling Effects


Central Sales and Relationship Management Unit Calculation 2021 2020 2019

Central Sales Commission and Fee Income 33,301 15,858 91

Additional Sales Boni 1,524 967 221

Sales Employee Expenses 1,079 626 179

Travel, Meeting and Entertainment Expenses / Relationship Management 996 478 177

Partnership Management FIG 418 211 63

Relationship Management Expense Growth 1 2

Sales Material Expenses 529 137 16

Sales Operation Expenses 187 62 9

Sales Other Expenses 416 229 94

Total Costs 38,450 18,357 787

Share

RiskPool 11,908 5,686 244

Rock+Water 1,458 696 30

Marketplaces - - -

FundMaster 2,984 1,424 61

FinCaT (incl. White Bank) 2,285 1,091 47

BiSure (incl. unconsildated income from Digital Fineprint) 1,247 595 26

FinTelligence Data 11,557 5,518 236

FinTelligence Advisory 4,290 2,048 88

Plattform as a Service (incl. unconsildated income from figo) 278 133 6

Other 2,381 1,137 49

Unconsildated / Other 62 30 1

Central Sales Calculation



Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix

- 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000

Price / Embedded Value

Embedded Value Method

Regression Analysis II…

Regression Analysis I…

Regression Analyses

DDM

DCF Model (capped at twice the 75th quartile of other unrelated valuation methods)

Discounting Methods

EV

EV/EBITDA

EV/AUM

Enterprise Value-based Methods

P/BV

P/CF

P/S

P/E

Public Comparables Range

Median Range

Average Range

Combined and Weighted Range

Valuation bandwidths in million USD based on 2019 figures (excl. outliers)

April 19 32Mount Wish Corporation | Guidance 2019 – 2021 | New York

Combined & Weighted

1,236,576.10

Overall Median

1,499,736.80 Overall Average

1,732,635


We target a valuation which lies within the “Combined and Weighted” range

All values in million USD Minimum (25th quartile) Median Average Maximum (75th quartile)

Public Comparables Range 60,653 824,842 578,000 1,589,031

P/BV 60,653 305,122 182,953 305,254

P/CF 221,701 360,100 433,946 646,192

P/S 394,010 1,170,853 991,521 1,589,031

P/E 525,935 634,501 703,579 881,223

Enterprise Value-based Methods 741,438 1,863,204 1,822,375 2,984,970

EV 1,058,110 1,650,651 1,816,563 2,575,016

EV/EBITDA 741,438 1,545,602 1,863,204 2,984,970

EV/AUM 847,249 1,545,602 1,787,359 2,727,468

Discounting Methods 961,370 3,323,930 2,831,027 5,686,490

DDM 961,370 1,499,737 1,650,480 2,339,589

DCF Model (capped at twice the 75th quartile of other unrelated

valuation methods) 2,336,658 3,645,186 4,011,574 5,686,490

Regression Analyses 97,408 2,220,946 1,946,205 4,344,485

Regression Analysis II (P/BV vs RoAE); discounted 3,211,141 3,777,813 3,777,813 4,344,485

Regression Analysis I (Net Flows) 97,408 114,597 114,597 131,787

Embedded Value Method 3,135,522 4,479,316 5,061,628 6,987,734

Price / Embedded Value 3,135,522 4,479,316 5,061,628 6,987,734

Other 86,024 129,049 129,043 172,062

Multiples – (Debt + Preferred Equity) / Total Capital 86,024 129,049 129,043 172,062

Overall Median 741,438 1,499,737 1,650,480 2,339,589

Overall Average 1,052,094 1,604,472 1,732,635 2,413,177

Combined and Weighted 810,664 1,236,576 1,271,927 1,733,189


Valuation over time in million USD

-

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

2019 2020 2021

Median Combined & Weighted


Weighted and Combined Valuation Details

Method Typically used for: 25th quartile Median Valuation 75th quartile

P/BV Banks and insurance firms 60,653 305,122 305,254

P/CF Broker / dealers, exchanges and marketplaces 221,701 360,100 646,192

P/S Tech Industry 394,010 1,170,853 1,589,031

P/E All types of companies 525,935 634,501 881,223

EV/EBITDA FinTechs, broker / dealers, csset managers 741,438 1,545,602 2,984,970

EV/AUM Asset management companies 847,249 1,545,602 2,727,468

DDM Banks, insurance and specialty finance firms 961,370 1,499,737 2,339,589

DCF Model (capped at twice the 75th quartile of other unrelated methods) Broker / dealers, exchanges and marketplaces 2,336,658 3,645,186 5,686,490

Regression Analysis II (P/BV vs RoAE); discounted Banks and insurance companies 3,211,141 3,777,813 4,344,485

Regression Analysis I (Net Flows) Asset management companies 97,408 114,597 131,787

Price / Embedded Value Insurance companies (especially life insurance) 3,135,522 4,479,316 6,987,734

Multiples – (Debt + Preferred Equity) / Total Capital Insurance companies 86,024 129,049 172,062

CategoryMethods to be

considered

Total weight per

category

Weight per

method

25th quartile

valuation

Median valuation

relative to category

weight

75th quartile

valuation

Mixed Tech, Financial

Information, BI, Data: 1 4.95% 4.95% 29,694.67 35,824.42 49,754.48

Internet Market Places: 2 26.52% 13.26% 125,204.98 245,709.58 336,202.66

FinTech: 3 12.40% 4.13% 68,670.53 138,506.19 225,482.57

Exchanges: 4 11.09% 2.77% 106,068.41 171,489.93 282,763.79

Banking: 4 12.20% 3.05% 139,318.97 182,002.99 230,404.33

Insurance 6 22.66% 3.78% 289,252.79 392,363.99 502,553.30

Asset Managers: 3 3.86% 1.29% 20,897.90 32,608.92 53,154.19

Commodities: 1 6.00% 6.00% 31,556.09 38,070.08 52,873.36

Valuation 810,664.33 1,236,576.10 1,733,188.67



WACC


Capitalization Table

Share class

Overview ESOP Reserve Sales Option Pool Reserve

Pre-Seed Investors

(voting rights controled by the founder via proxy

agreement)

Founder

(90% held of his shares are held via the Wunsch Foundation

and 10% via Wish Ventures, LLC)

Votes per

share

Authorized

stock Issued stock

t/o out-

standing

shares

thus voting

rights

outstanding

sharespercentage

held per class

equals voting

rights of

Economic

valueshares

percentage

held per class

equals voting

rights of

Economic

valueshares

percentage

held per class

equals voting

rights of

Economic

valueshares

percentage

held per class

equals voting

rights of

Economic

value

Common 1 5,000,000 2,500,000 2,500,000 2,500,000 1,000,000 40.00% 3.64% 20.00% 250,000 10.00% 0.91% 5.00% 100,000 4.00% 0.36% 2.00% 1,150,000 46.00% 4.18% 23.00%

Founder

Shares10 5,000,000 2,500,000 2,500,000 25,000,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2,500,000 100.00% 90.91% 50.00%

Totals 10,000,000 5,000,000 5,000,000 27,500,000 #REF! 3.64% 20.00% #REF! 0.91% 5.00% #REF! 0.36% 2.00% #REF! 95.09% 73.00%

Pre-Money 2,750,000 500,000 550,000 23,700,000

Median 1,499,736 299,947 74,987 29,995 1,094,807

Weighted

Valuation1,236,576 247,315 61,829 24,732 902,700

New Investors (We are raising 16B USD in 2019 and 80B USD in 2020)

New Common

Shares Issued 388,169

Diluted

Economic

Value

7.20% 18.56% 4.64% 1.86% 67.74%

Diluted Voting

Rights1.39% 3.59% 0.90% 0.36% 93.77%

Value of share 96,000 247,326 61,832 24,786 902,687


Recent studies show that dual-class structures might be optimal in certain scenarios.

Firms with growth opportunities as well as the need for external equity financing often convert to dual-class shares or in transformative phases. And it has to be noted that aggressive-growth and family-

controlled dual-class companies display higher long-term shareholder returns.

This said, MSCI’s recent analysis shows that unequal voting stocks outperformed the market over the period from November 2007 to August 2017.

Some of the largest companies of recent times by market capitalization, such as Facebook, Alphabet, and Alibaba, carry dual class-shares. So do some older, family-controlled firms, such as Ford Motor Co.

and The New York Times Co.

Alphabet, Under Armour, Blue Apron, and Snapchat have taken this practice to an extreme by offering common shares with zero voting rights. Yet, investors price Alphabet’s Class C stock, which carries no

voting rights, almost no differently than Alphabet’s Class B stock, which carries voting rights. Investors’ continued clamor for inferior-voting shares, even those with zero voting rights, suggests there must be

some economic reason for their existence.

Indeed the use of dual-shares has been growing recently: One-fifth of companies that listed on U.S. stock exchanges last year had dual-class shares.

Almost 50% of recent technology listings have a dual-class status. HBS explored reasons for the growing use of the dual-class structure in an case study among technology companies. Their nickel summary

is that their growing popularity is due to the increasing importance of intangible investments, the rise of activist investors, and the decline of other protection mechanisms available to existing management

such as staggered boards and poison pills. A dual-class structure, offering immunity against proxy contests initiated by short-term investors, could be optimal if it enables founder-managers to ignore

pressures from the capital markets and avoid myopic actions such as cutting research and development and delaying corporate restructuring.

Source: Harvard Business Review

The benefits of dual class share structures from a long-term investor perspective

https://www.journals.uchicago.edu/doi/10.1086/261354

https://www.sciencedirect.com/science/article/pii/0304405X9090067A

https://www.sciencedirect.com/science/article/pii/S0929119905000040

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3006669

https://www.msci.com/www/blog-posts/putting-the-spotlight-on/0898078592

https://www.cii.org/files/Board%20Accountability/2018Q1%20IPO%20Stats%20for%20Website.pdf

https://hbsp.harvard.edu/product/BH903-PDF-ENG


Fully diluted voting and economic rights pre and post targeted funding

ESOP; 3.64%Sales Option Plan

; 0.91%

Pre-Seed

Investors; 0.36%

Founder; 95.09%

New Investors;

1.39%ESOP; 3.59%

Sales Option Plan

; 0.90%

Pre-Seed

Investors; 0.36%

Founder; 93.76%

New Investors;

7.20%

ESOP; 18.56%

Sales Option Plan

; 4.64%

Pre-Seed

Investors; 1.86%

Founder; 67.74%

ESOP; 20.00%

Sales Option Plan

; 5.00%

Pre-Seed

Investors; 2.00%

Founder; 73.00%

Pre funding Post funding

Voting rights

Economic rights


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations

9. Entity Structure, M&A Plans and Organizational Chart

10. Appendix


5% Initiative

Starting January 2019 all future customers will now per contract be required to give at least 5% of the cost savings achieved with our products to social causes.

This means that by 2021 more than 250 billion USD will go to charity via this initiative alone.

-

50,000

100,000

150,000

200,000

250,000

300,000

2019 2020 2021All values in million USD


RiskPool credits and preferred conditions:

Use of network effects in favor of those who need it:

Our pledge is that we will use at least 1% of our

long-term sustainable EBIT until reaching 10bn EUR

in profits. Thereafter the amount shall increase to 5%

and upon reaching 100bn EUR to 10%. The amounts

shall be granted as in-kind-giving (RiskPool credits

and preferred rates) to selected social enterprises

and organizations.

Charity program:

Mount Wish will additionally and under the same

conditions donate an amount equal to at least 10%

of the previously mentioned in-kind giving to various

charities.

The final charities in this case shall be chosen by our

employees.

Other CSR initiatives

Transformative redundancy program:

As our solution will cost many jobs due to the

high degree of automation we will team up with

well-known consulting and coaching firms to help

every new customer or business partner in

managing the difficult transition in terms of

finding new and attractive career and live paths

for the then in their prior role no longer needed

employees.

Financial Literacy:

Mount Wish is dedicated to enhancing financial

literacy especially among young people since we

think that it is absolutely shocking that according

to a recent OECD study a huge part is still

insufficiently educated with regards to financial

questions. Well, we are not talking about

analysing the most complex financial instruments

here but about the absolute basics needed today.


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix

With increasing international scale we are able to offset a growing volume of contrary risk positions and hence we can set more and more long-term FX and interest rates as well as commodity prices which again

stabilizes financial markets.

The latter goes so far as to enable us to help central banks and governments to entirely mitigate financial crises by finding, assuming and netting falling and surging risk positions across various countries, industries and

customer company stages and as a result to give our customers the aforementioned long-term and reliable rates in exchange for a small percentage (currently 1.94% and declining over time) of their revenues which is

still a lot cheaper then they could hedge these market risk on their own (2.86%).

With increasing size we are also put in a position to drive a socially accepted change from old to new industries since we become the institution bearing the spread and making the market between the two different

required rates. Higher rates will drive creative destruction and hence benefit younger, innovative companies while low interest rates drive asset prices and keep a lot of “zombie” companies alive. It is also a chance to

end Quantitative Easing (QE) and thus bring equity funding volumes and rates together again and hence get back to normality where central banks can take effective actions again.

Achieving the mission of the International Monetary Fund (IMF) – Financial Markets Stability


Since customers with RiskPool do no longer have to worry about FX rates they can expand and trade more easily across borders which again will foster the global exchange of goods and services and hence lead to

sustained growth for all.

It might over time even be possible to approach real free trade with fair rates targeting hegemonistic actions since free trade increases prosperity for the citizens of all participating nations by allowing consumers to buy

more, better-quality products at lower costs. It also drives economic growth, enhanced efficiency, increased innovation, and the greater fairness that accompanies a rules-based system. These benefits increase as

overall trade—exports and imports—increases.

Achieving the mission of the International Monetary Fund (IMF) – International Trade


The longer-term we can set the FX and interest rates as well as commodity prices by assuming the risks from all parties the more sustainable becomes the entire economy as market risk become quasi-extinct or at

least very limited.

Beyond this, we can act with increasing size like an independent global central bank and thus set terms on our platform benefitting society as a whole and thus drive sustainable growth as we bear all financial risks.

It will also drive a socially accepted change from old to new industries since we become the institution bearing the spread and making the market between the two different required rates as the current monetary

policy and system alone can’t serve both interests.

Achieving the mission of the International Monetary Fund (IMF) – Sustainable Economics


Poverty alleviation and fair market access happens via two aspects:

First RiskPool is allowing entrepreneurs in developing and emerging markets to tap into abroad funding more easily since they do no longer have to spend insane amounts on hedging FX rates which again leads to

the effect that their national interest rates adjusts to and stabilizes at a more global level as well and hence their overall economy will grow. This again contributes to the aforementioned international trading activity.

Secondly, it happens via our complementary yet seamlessly in RiskPool integrated market places (FinCaT, FundMaster, BiSure, etc) allowing them to interact more easily with banking, insurance and finance partners

around the world more easily and hence really receive the best solution for their needs on the market.

Achieving the mission of the International Monetary Fund (IMF) – Poverty Alleviation



Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix

By assuming all financial risks and netting them across customers, regions and industries and providing

open and transparent financial services marketplaces we deliver an important part of peacekeeping since

global inequality and hence migration and war is a result of current financial policy and limitations acting

in a hegemonistic, counter-innovative and old-industry-focused manner. Thus low interest rates are

neither in the interest of creative destruction nor international trade where countries exchange goods

based on their specific strengths and consequently grow their economies.

Instead current politics have led to an asset bubble.

Hence RiskPool in combination with its complementary marketplaces can help to drive global trade and

innovation while hedging current terms for its mature-industry customers and where necessary make a

market between the needs of these different stakeholders.

This said our solution will lead to economic growth in critical regions and hence help to solve migration

crises and distribution wars since it will benefit younger, innovative industries in established countries as

increased global trade tends to compromise older industries which are consequently moving to these

emerging markets. Over the long run we will see that conditions and industrial bases harmonize globally

and hence the key differentiator will be innovation only.

At the same time it buys industrialized countries sufficient time to adapt (forcing them into the required

change) without hurting the growth of developing countries. Beyond this, long-term global harmonization

will be a driver to sustainable and modern social policies as required with increasing automation.

Thus we will provide the way into an innovation-driven world with socially fair and inclusive conditions for

all.

This said, our solution and thus contribution to global peacekeeping and fighting extremism will be even

more important in the upcoming financial crisis as this crisis otherwise might have the potential to give

rise to global security and social issues by worsening general conditions for large parts of the global

population. With regards to all customers (no matter where they are or what they do) our solution will also

help them to get better through the next financial crisis as major risks are born by us and netted on a

macro-level which means that they do not have to worry about extreme volatility or plummeting markets.

The macro-level risk pooling and netting will also help to keep financial markets a lot more stable in

general and thus make it more unlikely to see extreme financial crises. .

Hence we can achieve the mission of the UN, IMF and World Bank with a far higher degree of efficiency

and efficacy.

Beyond this, our unique access to data at large scale paired with world-class analytics capabilities enables

us to work with security and intelligence agencies to detect and fight criminal activities.

A fair and sustainable game plan to normalize and stabilize financial markets is key to global peace



Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix


RiskPool: Enjoy the advantages of the worlds very first true and fully automated FICC risk insurance

NETWORK EFFECTS

EBITDA boost

Significant network effects and scale-based savings resulting

from our cross-customer hedging and netting approach as

well as partially from the insurance asset management

contribution increase your EBITDA by up to 12% p.a. (i.e. our

risk pooling process resulting in strong network effects)

which again is equal to an increase of 16% in sales. Add to

this selected commodity upsides, e.g. various sorts of steel

or rare earths which thanks to RiskPool become hedgeable

for the very first time, and you might see up to an 80%

annual net profit increase in total. Hence with RiskPool your

EBITDA and net profit will go up sharply.

COMPLIANT

Simple and clean insurance solution.

RiskPool reduces compliance burdens tremendously; just

think of MiFID II, EMIR, KYC checks, and the likes, which for

an insurance policy are no longer applicable from a

customer’s perspective. At the same time you are getting rid

of all potential legal litigations over contract details (e.g.

derivatives pricing) related to hedging transactions.

ERP INTEGRATED

Works with all leading systems.

Our close collaboration with major ERP system providers

ensures a seamless integration and stable processes. For

now RiskPool and our other products work with the

following systems:

CROSS-PRODUCT INTEGRATION

Seamless integration with complementary products.

RiskPool is seamlessly integrated with all other products

(hence our independent marketplaces FundMaster, FinCaT

and BiSure) including those provided by third parties since

this way we can achieve the maximum utility for you. Thus

cross-border transactions and financings or other

international finance solutions won't be a complex or

challenging issue anymore.

AUTOMATION

No treasury department needed anymore.

Enjoy an increased focus on your core business with

automation taking all the financial risk management hassles

(e.g. now being able to go global without worrying about FX

rates) and potential human errors out while the use of

artificial intelligence and the business model inherent

insurance asset management contributions are improving

results further.

WHOLISTIC APPROACH

Counterparty risk and overlay effect optimized.

Our approach is wholist since the algorithms account for

FICC and other non-FICC-related overlay effects reducing

costs further and effectively mitigate counterparty risk since

all risks are pooled (broader base in counterparties

compared to single-party derivative transactions) and hence

as outlined before only the post-netting residual risk needs

to be hedged with derivatives which has another advantage

namely a significant reduction in financial institution

counterparty risks which is an important aspect considering

recent market conditions.


TECHNICAL OVERVIEW:

1. Real-time tracking of exposures via ERP system plugins

2. Immediate transfer of identified exposures from the customers balance sheet to our own one

(insurance pool)

3. Maximising total utility: Automatic rate, duration and volume setting (price optimisation considering

real costs – incl. point 4 prev. months results – and customer benefits) and global netting process (“across

customers, regions and industries” -> economic zero-sum game in FICC markets)

4. Hedging of residual risks (incl. overhedging) and market making as appropriate

5. Calculation of premiums depending on applicable risk classes, insurance asset management

contribution, exposure transferred and mentioned real costs

6. Annual calculation and redistribution of excess premiums paid based on our 2.25% initial invoice and

actual results. (Please note that our 2.25% payment terms come with a capped gross margin agreement

and refund policy comparable to a traditional mutual insurance. Also not that the average company

currently spends around 2.86% of their revenues on financial risk management as per a 2017 KPMG study

and hence our charge of 2.25% is already quite a bit cheaper. Prices will improve over time with growing

scale.)

RiskPool: How our core product works


RiskPool: Annual Recurring Gross Premiums (ARGP)

2016 2017 2018 2019 2020 2021

New Contract Values (ARGP) 913 15,204 44,285 298,169 771,051 1,551,947

Aggregated Contract Values (ARGP) 913 16,117 60,402 358,571 1,129,622 2,681,569

Gross Premiums Collected 176,098 1,061,349 2,519,135

Unearned Premiums Collected 758 11,891 44,380 113,448

0

500000

1000000

1500000

2000000

2500000

3000000



RiskPool: Growth Curve

1665%

275%

494%

215%

137%

2016 2017 2018 2019 2020 2021

Growth rate Expon. (Growth rate)

Novelty wearing off while we are

working towards the launch and the

clearance of regulatory hurdles.

Sales on the other hand benefit from

our new referral marketing campaign

and growing media attention

TechCruch of Innovation =

extraordinary growth and early

adopters

Actual launch (in Q3 2019) and partially

the IPO (Convertible Bond round in Q2

2019 and Listing in 2020) along with

increased marketing spend are pushing

customer interest up and thus creating a

quasi second TechCrunch of Innovation

Effect

Growth starts to normalize and

thus falls below the 200% rate

for the first time


RiskPool: Profit / Loss Statement

All values in million USD 2,021 2,020 2,019 2,018 2,017 2,016


Standardised FICC business

Insured Volume 242,971,576 104,746,350 58,227,912 41,594,688 18,483,052

LoIs worth annual premiums of NEW

ACQUISTIONS 1,551,948 902,458 771,050 448,366 298,169

LoIS total annual gross premiums 2,681,569 2,032,079 1,129,622 806,937 358,571

Total Addressable Market Share 23% 10% 3%

Market Share w/o FIG 49% 22% 7%

Gross Premiums Paid 2,190,206 924,974 982,514 404,139 151,111

Gross Premiums Paid Growth YoY 123% 129% 550%

Netting Quota 89% 80% 72%

Hedging Costs 759,017 320,550 340,836 140,197 53,200

Overhedging 151,803 64,110 85,209 35,049 21,280

Reserves 219,021 92,497 103,164 42,435 16,622

Insurance Taxes 349,697 147,685 156,872 64,526 24,127

Central Sales Fees 10,353 5,263 209

Partner Sales Commissions 20,533 8,672 18,422 7,578 7,933

Deferred Acquisition Costs 10,267 4,336 9,211 3,789 3,967

Net Premiums 669,515 287,124 263,537 110,566 23,773

Gross Marging Pre-Redistribution

Agreement 31% 27% 16%

Average Gross Margin Cap Agreement 20% 15% 13%

Redistributions 226,390 95,609 112,547 46,294 4,340

Effective Premiums Paid 1,963,816 829,364 869,967 357,845 146,771

Effective Premiums Paid Growth YoY 126% 493%

Effective Customer Pricing 1% 1% 2%

Cost savings for customers 4,985,171 2,105,350 795,352 327,154 51,460

5% social responsibility rule 249,259 105,268 39,768 16,358 2,573

Net Premiums post redistribution 443,125 187,142 150,990 62,107 19,433

Net Premium post redistribution

growth YoY 193% 677%

Net Marging Growth YoY 32% 20%



.All values in million USD 2,021 2,020 2,019 2,018 2,017 2,016


Synthetic Commodity Hedges (e.g.

Mixed Steel)

Insured Volume 8,504,005 3,666,122 2,037,977 1,455,814 646,907

Gross Premiums Paid 328,340 138,665 78,686 32,366 24,977


Hedging Costs 135,257 57,122 41,744 17,171 14,986

Overhedging 27,051 11,424 9,393 3,863 2,997

Reserves 32,834 13,867 7,869 3,237 2,498

Insurance Taxes 52,424 22,140 12,563 5,168 3,988

Central Sales Fees 1,552 422 35

Partner Sales Commissions 3,078 1,300 1,475 607 1,311

Deferred Acquisition Costs (Equity

Incentive -> Sales Option Pool) 1,539 650 738 303 656

Net Premiums 74,604 32,162 4,483 2,017 (1,494)


Agreement 23% 6% -6%


Redistributions

Effective Premiums Paid 328,340 138,665 78,686 32,366 24,977

Effective Customer Pricing 0 0 0

Cost savings for customers 76,613 32,355 18,360 7,552 5,828

5% social responsibility rule 3,831 1,618 918 378 291

Net Premiums post redistribution 74,604 31,507 4,483 1,844 (1,494)



.All values in million USD 2,021 2,020 2,019 2,018 2,017 2,016


Magma (Cryptocurrencies)

Insured Volume 11,776 4,973 2,985 1,228 207

Market Share (Addressable Market) 37% 13% 1%

Gross Premiums Paid 589 249 149 61 10


Hedging Costs 32 13 9 4 1

Overhedging 21 9 7 3 1

Reserves 147 62 37 15 3

Insurance Taxes 94 40 24 10 2

Deferred Acquisition Costs - Partner

Sales 7 3 7 3 1

Central Sales Fees

Net Premiums 287 121 64 26 3


Agreement 49% 43% 33%


40% 43% 33%

Redistributions 51 22- - -

Gross Premiums Paid 538 227 149 61 10

Effective Customer Pricing 4.60% 5.00% 5.00%

Cost savings for customers 463 196 104 43 7

5% social responsibility rule 23 10 5 2 0

Net Premiums post redistribution 236 99 64 26 3


Share of FX, interest rate, commodity and energy price hedges on average 2019 – 2021

42%

24%

33%

1%

34%

FX Interest Rates Commodities Energy





Total Insured Volume 251,487,357 108,417,446 60,268,875 43,051,730 19,130,165

Total Cost Savings 5,062,246 2,137,901 813,816 334,749 57,295

Total 5% social clause 253,112 106,895 40,691 16,737 2,865

Total Gross Premiums 2,519,135 1,063,888 1,061,349 436,567 176,098

Total Net Premiums 517,964 218,748 155,536 63,977 17,943

Unearned Premiums Paid 113,448 47,983 44,380 17,891 11,891 4,037 758 87

Employee and Labour Costs 370 156 280 115 200 82 15 2 0 0 0 0

Biz Development 1,914 808 1,155 475 660 272 23 1 0 0 0 0

Office Rent 25 12 24 12 23 11 11 1 0 0 0 0

Equipment Expense 6 3 6 2 6 2 9 1 0 0 0 0

IT Costs 22,404 9,462 5,369 2,208 1,704 701 152 17 0 0 0 0

Other Operating Expense 4,944 2,088 1,185 487 376 155 15 2 0 0 0 0

R&D (e.g. A&B Testing of new

modules) 20,719 8,750 4,965 2,042 1,576 648 421 48 0 0 0 0

Legal and Lobbying Expenses 15,539 6,562 4,282 1,762 2,719 1,118 15 2 0 0 0 0

Marketing & Brand 3,425 1,446 972 400 648 267 38 4 0 0 0 0

Advisory Expenses and Outsourced

Labor 10,685 4,513 2,578 1,060 1,289 530 11 1 0 0 0 0

Extraordinaries - -

Profit / Loss from Operations 437,934 184,947 134,719 55,412 8,742 (3,786) (711) (79) (0) 0 0 0

Net Operating Margin 17.40% 17.40% 12.70% 12.70% 5.00%


RiskPool: Cash Flow Statement


FY FY FY FY FY FY

Standardised FICC business 838,676 353,822 407,191 169,446 44,927-

Synthetic Hedging Business 123,990 52,364 16,822 6,919 2,843-

Magma 458 194 108 44 7

Operational Expenses 36,165 15,275 10,193 4,195 5,637 2,320 142

Gross Operating Cash Flow 1,026,226 433,090 452,759 187,870 51,333 (0)

Changes in Working Capital (140,932) (60,739) (91,947) (45,687) (19,123)

Net Operating Cash Flow 885,294 372,350 360,812 142,184 32,211 (0)


Total Capital Expenditures 40,883 16,391 9,301 3,826 2,953 1,215 516 59 0

Capital Expenditures and R&D 20,719 7,875 4,469 1,838 1,418 583 379 43 0

Capital Expenditures (Fixed Assets) 20,164 8,516 4,833 1,988 1,534 631 137 16 0

Capital Expenditures (Other Assets)

Sale of Fixed Assets & Businesses 604 248 192 79 17 2 0

Net Investing Cash Flow (40,278) (16,142) (9,110) (3,747) (2,936) (1,213) (516) (59) (0)


Increase in Prepayments 113,448 47,983 44,380 17,891 11,891 4,037 758 87

Decrease in Prepayments 56,724 23,992 19,208 5,964 6,596

Interests on Pre-Payment Program 1,560 660 1,312 716 1,213

Prepayment Program Cash Flow 55,164 23,332 23,860 11,212 4,083 4,037 758 87

Net Financing Cash Flow 55,164 23,332 23,860 11,212 4,083 4,037 758 87

Free Cash Flow 900,180 379,540 375,562 149,648 33,358 2,824 242 28 (0)


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix

Rock+Water, LLC: Strong positioning among competitors with strategic focus shown in blue


BROAD

PRODUCT

BREADTH

NARROW

AFFILIATED DISTRIBUTION OPEN

DISTRIBUTION POWERHOUSE

Mount Wish has solid access to various financial institutions thanks to our marketplace products

FundMaster, FinCaT and BiSure as well as FinTElligence Data sales.

SOLUTION PROVIDER

Mount Wish as the Go-To-Provider for Insurance Asset Management and

investors with comparable requirements as we can leverage our broad multi-

asset expertise which is also required to provide RiskPool in an efficient manner.

Beyond this we offer a high degree of diversification by combining Funds-of-

Fund and proprietary asset management approaches while expanding the latter.

BETA FACTORY

Focus on liquidity and risk levels of

investments as per regulation given as is

operating scale due to RiskPools

tremendous growth and hence developing

a robust product pipeline comes natural to

us based on the most comprehensive data

pool and top notch experts across a variety

of relevant fields.

ALPHA SHOP

Mount Wish as leading risk

manager with extensive insights

and know-how on

macroeconomic topics, FICC

business and related areas.

Best in class cost structure to

manage proprietary and

foreign portfolios’ FICC risks

with our very own approach.


0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2018 2019 2020 2021

RiskPool Free Cash Flow Third Parties Planned Acquisitions Potential Acquisitions

Rock+Water, LLC: AuM and Portfolio Mix

Equities and Equity Derivatives*

Fixed Income and FI Derivatives*/**

Real Estate and Direct Infrastructure Investments (Bricklane Capital, LLC)

Private Equity and Venture Capital (FoF)

Commodities

FX

Corporate Art

Other (incl. Transport Finance)

* includes active and passive investment strategies

** includes our Micro-Finance Fund


Rock+Water, LLC: Headquartered in Greenwich, CT we face strong growth perspectives

By 2021 and mainly driven by RiskPool insurance funds we will become…

… the 17th largest Asset Manager worldwide if measured by AuM (1,964B USD)

… the fastest growing asset manager globally by funds-raised over a five-year-period

… the largest hedge fund globally by AuM (800-900B USD)

… the largest real estate fund by AuM (196B USD)

… the fastest growing Private Equity fund by AuM growth

… largest commodity fund (41B USD in AuM)

… largest FX trader (42B USD in AuM)

… manage one of the largest Cororate Art funds (35B USD in AuM)

… one of the top 20 preeminent crypto funds (196M USD in AuM)

… the 5th largest infrastructure investor worldwide by AuM (40B USD)

… the worlds largests micro-finance investor (70B USD in AuM)

This said our aim is to become number 1 in all categories by 2024 and hence we will increasingly

start to leverage Rock+Waters strategically perfect location in Greenwich, CT to grow even faster.


All values in million USD 2021 2020 2019 2018

FY H1 FY H1 FY H1 FY H1

Average AUM (w/o M&A deals) 1,964,032 875,603 561,301 319,203 26,222 9,478 234 23

Increase in AUM via RiskPool 115,450 97,445 50,935 42,271 5,775 - - -

RiskPool Cummulative 629,043 362,132 167,241 107,641 23,100 - - -

Free Cash Flow 1,223,726 513,471 394,060 211,562 3,122 9,478 234 23

Third Parties 111,263

Management Fees 14,232 5,007 4,792 1,633 352 34 1 0

Returns 159,882 54,517 54,096 19,796 4,560 620 16 2

t/o RiskPool / Prop Trading 145,974 54,517 54,096 19,796 4,560 620 16 2

Success Fees 31,976 10,903 10,819 3,959 912 124 3 0

Total Fees 46,209 15,911 15,611 5,593 1,264 158 4 0

Central Sales Fee 1,458 696 30

Employee and Labour Costs 151 76 144 72 131 66

Employee Boni 12,791 4,361 4,328 1,584 365 50

Office Rent 4 2 4 2 4 2

Equipment Expense 1 1 1 1 1 1

IT Costs 7 4 6 3 6 3

Other Operating Expense 648 324 224 112 25 13

Legal and Lobbying Expenses 172 86 112 56 53 26

Marketing, Brand, Biz Dev &

Sales 120 60 72 36 1 0

Marketing & Brand Expense

Growth

Advisory Expenses and

Outsourced Labor 38 19 40 20 49 25

Extraordinaries

Profit / Loss from Operations 30,819 10,978 9,983 3,707 599 (27)

Margin 1 1 1 1 0 (0)

Rock+Water, LLC: Income Statement



FY H1 FY H1 FY H1

Management Fees 13,411 4,718 4,515 1,539 332 32

Success Fees 29,517 10,065 9,987 3,655 842 114

Total Fees 42,928 14,783 14,502 5,194 1,174 146

Central Sales Fees 1,346 - 642 - 28 -


Employee Boni 4,328 1,584 365 50 - -

Office Rent 4 2 4 2 - -


IT Costs 6 3 6 3 5 3



Marketing, Brand, Biz Dev & Sales 111 55 66 33 1 0


Labor 34 17 36 18 44 22

Cash Flow from Operations 36,599 12,892 13,110 4,958 909 27


Total Capital Expenditures 10 4 1 0 0 0

Capital Expenditures (Fixed Assets)

Capital Expenditures (Other Assets) 10 4 1 0 0 0

Net Investing Cash Flow (10) (4) (1) (0) (0) (0)


Prime Brokerage Account Balance 49,284 17,296 5,789 2,230

Reduction in Long-Term Debt

Other Sources

Net Financing Cash Flow 49,284 17,296 5,789 2,230 -

Free Cash Flow 85,873 30,184 18,898 7,188 908 27

Rock+Water, LLC: Cash Flow Statement


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix

Marketplaces: BCG commentary on recent developments and strategic options

We also believe that it is no longer possible to be all things to all people. Banks can hold key

relationships with some clients and source products as necessary, and they can also maintain a

competitive or pole position in other products. But the days of being both a relationship leader and a

product leader in multiple products are over.

“Indeed, it is better for investment and corporate banks to commit to a few product lines in which they

can gain the pole position and succeed in today’s scale-driven, (often electronic,) winner-takes-all

environment, rather than competing in too many areas and achieving only low, loss-leading market

shares.”


“The need for major investments in technology in several important markets means

that investment banks are faced with stubbornly high CIRs (CIR = Cost-Income-Ratio).

In cash equities, FX, rates and commodities, for example, CIRs are running

dangerously close to 100 percent. Under the additional weight of not only research

costs but also high brokerage, clearing, and exchange fees (relative to other asset

classes), profits have been severely eroded, bordering on breakeven in most years.”

“The introduction of mandatory derivatives clearing under the European Market

Infrastructure Regulation (EMIR) has been a precursor to wider market change in the

region. As seen in the US, trading venues and alternative liquidity providers will likely

emerge to challenge investment banks and reduce margins. Generally speaking, the

regulatory burden has fallen hardest on FICC, dramatically slowing a traditional driver

of revenues.”

“Further derivatives regulation is set to come online in Europe over the next two

years, further intensifying pressure on the traditional operating model. Several

institutions exited the commodities trading business already in 2014, continuing an

exodus that began two or three years ago, and the few remaining players have

gained revenues and market share as a result. But FICC businesses remain

prohibitively expensive to run, with high front-office, technology, and operating costs.

In foreign exchange (FX), more firms will continue to consider exiting the business or

sourcing from other parties such as larger banks, as liquidity in the G-4 currencies

becomes further concentrated among the leading firms. Thus, for the remaining,

reducing the size of derivatives portfolios has been a particular focus, given that Basel

III imposes a credit valuation adjustment (CVA) charge to address counterparty credit

risk. The more punitive treatment of risk-weighted assets (RWA) under Basel III has

obscured Capital Market and Investment Banking (CMIB) balance sheet reduction

programs. In 2013, for example, banks reduced RWA significantly—but new standards

meant that reported RWA remained more or less the same as in the previous year.”

RiskPool

• A disruptive and market leading solution to cover FICC risks with a real (mutual) and fully automated

insurance

• Significant competitive advantages (strong network effects, first-mover advantage and very high market

entry barriers)

• Integrates perfectly with many of the side products shown on the right

• Established sales partners required to grow equally in all regions worldwide to keep ALM model in

balance and achieve the promised network effects in a short period of time (secures our pole position)

• However, we will expand our direct sales over time and hence increasingly grow into a risk-focused

relationship leader as well

Rock+Water Asset Management

• Initially used as another barter deal option but will be increasingly insourced especially since it’s a scale-

driven business and hence we are in a competitive position (closely related to RiskPool in terms of AuM)

• Solution Provider Strategy: Focused on Insurance Asset Management and investors with comparable

needs

• Due to our massive data sets and broad insights as well as scale resulting from RiskPools high growth we

are also carrying strong Beta Factory traits

• Distribution Powerhouse traits given via our Sales Partner Network (RiskPool and Marketplaces)

• Hence we position us as a “Insurance Asset Management Beta Factory and Solution Provider” who is

increasingly leveraging its access to sales partners to reach customers with comparable needs.

Alpha Shop strategies on the other side are limited.

FinCaT, BiSure, FundMaster

▪ Strength-based customer sharing

(we focus on FICC risks

management and partners on their

strengths like transaction banking,

trade finance, corporate insurance,

corporate finance, etc.)

▪ Complements the FICC risk module

nicely by turning it into a full-

fledged and widely automated

treasury suite

▪ Always bearing in mind a risk

management perspective to protect

our customers (FI counterparty risk,

technical capabilities and market

trends) and help them find the

optimal solution (product-customer-

fit and perfect price)

▪ Sales directly linked to real-time ERP

data (though only RiskPool will get

such comprehensive access due to

its many advantages and thus we

are so far the only ones who can

build and selll such a deeply

integrated and bank independent

Financial Services market place for

enterprise and SME customers)

Further Products and Monetization

▪ FinTelligence

Data-driven information products,

research and advisory based on our

large data pool

▪ Infrastructure as a Service

Helps us to achieve scale effects and

thus to increase profitability further

while also boosting our learning

curve without harming our own

products (errors more wide-spread

across products) and at the same

time strengthens our relationships

with financial institution partners

and hence fosters our position as a

financial services expert and risk

manager (great insights into FS

operations, risks and trends) ->

doing it the Amazon way

▪ Non-Core business

Complements our soltions nicely,

strengthens our position as financial

institutions partner, access to data

and makes risk analyses more real-

time

▪ Metaaccounts and Other

Helps us to reach new customer

segments (primarily white label) and

integrates well with RiskPool

Marketplaces: Hence we decidedly focus on financial risk management and source the rest


Relationship LeaderProduct Leader Product Leader

https://techcrunch.com/2017/05/14/why-amazon-is-eating-the-world/


BANKS CUTTING BACK THEIR FICC BUSINESS BANKS W/ STRONG PERFORMING

FICC BUSINESS

BANKS W/ “NO RELEVANT“

FICC BUSINESS

Category 1 2 3 4 5

FICC-wise category International retail and

global lower tier CIBs

(Highly)

Underperforming

Bulge Brackets

Successful Bulge Brackets a) Boutique IBs;

b) Traditional Insurance

Companies, Asset

Managers, other

FinTech-Startups

Local Banks

Why do they not switch

to our business model

themselves?

Losses in the past years, legacy systems, legal issues,

and challenging regulatory environment reduced risk

appetite and capability to try innovating in this area

while at the same time shareholders demand a clearer

focus on the remaining strong business fields outside

the investment banking and markets business.

Change would undermines their current profit rate

quite severely in the short-run; involves a prisoners

dilemma in regards to peers, MNC focus is shifting

increasingly towards FIGs due to better margins (less

efforts in counterparty risk management) and hence

interested in outsourcing many corporate mandates

Regional or other business focus; regulatory challenges;

lack of global size (since global sales in our business is a

must to achieve network effects); lack of specific

expertise to run our business model, protection of own

balance sheet since impact (short-to-mid-run) would be

quite severe in a negative sense for them.

Lack of shareholder support (focus on core business

areas and markets)

Coopetition/Co-

operation based on

which argument?

(Access to their

customers)

They can focus on their core strengths (Transaction

Banking, ABS Servicing, mid-market IB, Credits and

Project Finance,…) and get rid of loss-generating FICC

business; regulatory burdens and challenging financial

positions making it near impossible to gain ground in

the FICC business for these banks especially when

considering our significant first-mover advantage and

recent track record.

Ability to gain access to the global SME market more

easily and drive revenues in key areas while optimizing

cost and risk structures; reduced efforts as the approach

also reduces the number of FICC counterparties;

improved compliance, more business via barter deals

and other initiatives, Sales Option Pool returns,

prisoners dilemma (fear of missing out and hence

loosing – even large – customers in the long run since

other global banks cooperate and thus we are well

positioned to reach scale faster based on partners and

our shorter times to market needed (yround two to

three years head start paired with strong network

effects giving us an unfair advantage which they are

unable to attain in the foreseeable future)

Business extension on

commission basis and

improved deal flow for

own areas.

-> hence low risk income

and more deals

Enhanced access to

international customers

from abroad who couldn’t

be reached so far

Marketplaces: Why don’t other banks try to build RiskPool themselves and copy or strategy


Marketplaces: Understanding the market

With overall competition picking up and increasing FinTech attacks trying to detoriate commercial lending as

well as commerical and corporate payment revenues it becomes even more critical to banks to have strong

FinTech partners on the digital customer account management side helping to defend the market share in other

core segments (payments, lending, advisory, cash management and partially asset management) where many of

them are strongly positioned from a regulatory and structural perspective but lacking tech-power.

Therefore, partnering with Mount Wish in the RWA heavy and increasingly complex FICC business (winner takes

it all market) makes perfect sense since in return highly attractive (internal perspective with regards to ROE)

products can be sold using the FinCaT market place.

Hence, we will take over FICC risk management where we are exceptionally strong offering a best in-class

customer-centric solution (the unrivaled and hard to catch up with RiskPool) while coopetitors gain access to

our customer-insight-driven financial services marketplace to attract new revenues in areas where they have a

clear competitive advantage in serving our customers wit the optimal solution.

Furthermore, our ERP-System integrated marketplace acts in parts as additional and effective shield against

other FinTech competitors who otherwise might pose a serious threat to the respective banks. Not to mention

that only our RiskPool solution is granted ERP access as customers usually expect very high returns and

overwhelming benefits (not achievable with today’s cash management and transaction banking or trade finance

products, etc.) for such generous insights in and access to their highly-protected (real-time) financials.

Based on our believe that sustainability in Banking and Finance is paramount we will maximize the results for

our customers yet we won’t push our third party providers / marketplace partners beyond reasonable cost levels

since we are not intending to suffocate them and thus put business critical services for our customers at risk.

This said entirely free of charge banking services are nice and occasionally a valid thing yet mostly unsustainable

so that we will balance customer interests with our partners going concern needs.

Plus price is by far not the only ranking and recommendation criteria.

We even go so far and weight product-customer-fit, quality of service, technical capabilities and many other things

to an equal degree to ensure best results (price-value-ratio) for our customers from a treasury and risk

management perspective.

Hence, our team constantly monitors our financial services partners and assess their specific risks, macroeconomic

trends and does everything to avoid a rise in threats to our customers and general systemic risks.

With regards to the latter we also cooperate closely with regulators, central banks and government agencies worldwide.


Marketplaces: Taking sustainability and systemic risks into account


Banks are increasingly seeking to exit

their FICC business and thus team up

with Mount Wish since we are having

significant competitive advantages and

a clear head start in this area while also

being able to serve customers much

better

Transaction banking,

corporate financing

and advisory among

others as remaining key

areas for banks

Other Fintechs

attacking banks in

these remaining, tech-

heavy areas with agility

and often better IT (no

legacy systems)

Mount Wish as White Knight (digital

front office and solution provider who is

deeply integrated in the customers ERP

system) and strong partner helping

established industry players to achieve

much better business results (in the

remaining areas) and compete with

other fintechs

Mutual benefits

achieved for all

stakeholders

(Customers, Banks

Mount Wish)

Cooperation with other fintechs (contrary to a pure withe knight strategy):

▪ At the same time we also cooperate with cutting edge fintechs to give the

customers the best solution available

▪ We help banks and other established financial services firms to connect with

these FinTechs on our platform and at our quarterly held panel event

▪ Mount Wish about to become the joint backbone and digital front office for

both with our complementary Infrastructure as a Service model and deep

access to customers -> hence banks and other fintechs will in the long-run

become mere product suppliers and middle office players for their respective

services

▪ RiskPool will be connected to all these solutions

▪ FinTelligence becoming the most comprehensive and accurate real-time

data base in finance / financial services covering almost all aspects one can

think of

▪ Joint innovation forum between all market participants and intermediary

between regulators, banks, insurance companies, fintechs/insurtechs, other

finance firms as well as customers

▪ As the preeminent risk manager who is also controlling the global backbone

and marketplace front office world gives us utmost power and profit

potential while staying flexible to always integrate new approaches on the

middle layer / product side

Marketplaces: Partner strategy summary


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix


Fincato – CAMA module: Product Summary

FinCaT is basically an ERP-data-driven platform to help our customers make smarter choices in the

field of cash management, payments, escrow, and trade finance solutions as it combines

predictive financial modelling and automated risk assessments (e.g. counterparties, supply chain,

etc.) with a comprehensive marketplace where banks, fintechs and other providers offer their

services in this field.

Hence, we are talking about a highly transparent commercial and corporate banking marketplace

with a built-in robo advisor recognizing your potential needs for action early on and helping you

to secure the best deals, services, and most suitable products and solutions globally.

A further boost in this context will come with the launch of our virtual captive product, "White

Bank" since it will add an additional layer of flexibility and strengthen your brand on the outside.

Therefore, if you like to put it this way it’s fully automated Treasury as a Service, depending on

how much room you like to give our sophisticated algorithms to make choices on your behalf.

Complementary the system is also be able to cater for intra-group funding and cash structures

and hence can help you to reduce your tax burden.

To sum it up, it is a global marketplace and thus even local banks are competing globally on our

platform which again is resulting in a win-win situation since you get access to the best solutions

no matter where the banks/providers are (much more choice and competition) while now even

local banks can showcase their strengths globally and attract new business customers who were

previously out of reach for them.

Thus, we are giving you back control by increasing market and product transparency by taking a

truly comprehensive and global approach while embedding advanced data analytics in your day-

to-day cash management processes and helping you to secure your cash flows and short-term

liquidity needs (for long-term liquidity needs you will be referred to our FundMaster product suite).

At the same time, all related steps are benchmarked against industry standards and optimized by

using FinTelligence data which also includes an assessment of your business partners financial

health, payment behavior, and based thereon the option to activate our general terms and pricing

support engine.

We aso offer customer-spanning order bundling to optimize costs for you as a customer while

allowing our partner banks to achieve better unit economics.

http://mountwish.org/fundmaster.html

http://mountwish.org/fintelligence-data.html




Market Size (Brokerage Only) and Share 135,410 128,828 122,905 117,594 112,856

Cash Management and Corporate Payments 25,353 24,614 23,897 23,201 22,525

Market Share 42.19% 0.19 0.06 0.02 0

Trade Finance 53,592 49,394 45,524 41,958 38,671

Market Share 42.19% 0.19 0.06 0.02 0

White Label 56,465 54,821 53,484 52,435 51,660

Market Share 8.44% 3.84% 1.28%

Order Bundling (Groupon for FinCaT products) 145,492 110,819 96,527 214,437 201,396

Market Share 30.94% 14.07% 4.68%

Revenues 83,078 37,063 31,895 14,229 4,817

Cash Management and Corporate Payments 10,695 4,771 4,723 2,107 763

Trade Finance 22,608 10,086 9,477 4,228 1,453

White Label 4,764 2,125 2,104 938 341

Order Bundling (Groupon for FinCaT products) 45,010 20,080 15,592 6,956 2,260

Central Sales 2,285 1,091 47

Employee and Labour Costs 76 35 67 32 61 30 1

Office Rent 4 2 3 2 3 2 0 0

Equipment Expense 1 0 1 0 1 0 0 0

IT Costs 2,095 1,047 502 251 159 80 2 1

Other Operating Expense 185 92 49 24 19 10 0 0

Legal and Lobbying Expenses 410 205 246 123 225 113 3 1

Marketing, Brand, Biz Dev & Sales 723 362 1,119 559 241 121 3 2

R&D 8,308 4,154 5,582 2,791 723 361 9 5 0

Advisory Expenses and Outsourced Labor 25 13 23 12 22 11 0 0

Profit / Loss from Operations 68,968 31,154 23,214 10,436 3,317 (727) (18) (9) (0) (0)

Margin 83.00% 84.10% 72.80% 73.30% 68.90%

Fincato – CAMA module: Income Statement




Cash Management and Corporate

Payments 9,873 4,404 4,359 1,945 704

Trade Finance 20,869 9,310 8,748 3,903 1,341

White Labeling 4,398 1,962 1,942 866 315

Order Bundling 45,010 20,080 15,592 6,956 2,260

Total Revenue 80,150 35,757 30,641 13,670 4,620


Employee and Labour Costs 76 35 67 32 61 30 1


Equipment Expense 1 1 1

IT Costs 387 193 93 46 29 15




R&D 7,509 3,754 5,045 2,522 653 327


Labor 23 11 21 11 20 10

Net Operating Cash Flow 68,874 31,177 23,142 10,425 3,400 (589) (7) (3)


Total Capital Expenditures 1,547 773 371 185 118 59 1 1

Capital Expenditures (Fixed Assets) 1,547 773 371 185 118 59 1 1

Capital Expenditures (Other Assets)

Net Investing Cash Flow (1,547) (773) (371) (185) (118) (59) (1) (1)

Free Cash Flow 67,328 30,403 22,771 10,240 3,282 (647) (8) (4)

Fincato – CAMA module: Cash Flow Statement


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix


Fincato – MEDA (Mezzanine, Equity, Debt and Alternative Funding) module: Funding volumes can

range from a few thousand USD to large multimillion Post-IPO transactions and hence we offer the

first funding platform which is able to serve all customer no matter their needs and size

EQUITY FUNDING

▪ Common Shares (listed and non-listed)

▪ Preferred shares (listed and non-listed)

▪ Private Market Secondaries

HYBRID AND ALTERNATIVE FUNDING

▪ Mezzanine

▪ Convertible Loans

▪ Reverse Repos

▪ Factoring

(only if combined with FinCaT)

▪ Reverse Factoring


▪ SAFEs

▪ Crypto Solutions (planned but currently

not offered)

DEBT FUNDING

▪ Secured and Unsecured Loans

(Single and Syndicated)

▪ Asset Backed Securities

▪ Bonds

▪ Overdraft Facilities



The Fincato – MEDA (Mezzanine, Equity, Debt and Alternative Funding) module ecosystem

Public and private companies

Also available as SaaS

solution

Investors

(Existing and Potential Ones)

Banks

Financial Media

Register and Compliance

Reporting

FundMaster

Lawyers

Non-FIG Customer

Auditors

Funding Platforms and Stock

Exchanges

Robo Advisory and

Capital Management

Software

Market place for

funding and according

support services across

all asset classes

Process Management,

Structuring and

Collaboration Software

„Fully Connected

Single Point of Truth”

(eRegister and

Document Storage)

FIG Customer

Complementary Services (e.g.

Pitch Deck Agencies)

Semi-automated Digital IR


Fincato MEDA: The first funding platform able to serve all customer no matter their needs and size

1. START

System recognises that more cash is needed (via predictive modelling) or you tell us that you want to raise funding for some reason.

2. REQUIREMENTS ANALYSIS

Automatic evaluation whether short or long-term financing is required based on your forecasted cash flow statements (historic and comparable data will be used for plausibility checks), balance sheets and P&L.

3. WACC ASSESSMENT

FundMaster creates the relevant WACC model and assesses the appropriateness of various debt, equity and hybrid financing options while also incorporating market and business profile data to spot among others windows of opportunities*.

4. OPTION SCORECARD

FundMaster automatically gives you a full list and scorecard highlighting the advantages and disadvantages of the available financing options in your specific case. It also creates the relevant league tables and product rankings to make selection even easier

and allows to filter results by various aspects.

5. RFP PROCESS

Once you select your funding option the banks, funding platforms and/or investors will be notified in an anonymised way and thus be able to enter their final and binding pitch or offer in a pre-set form which again allows you to more easily compare the

final possibilities. This said banks can also choose to deviate from your selected funding option but then have to provide clear explanations why they recommend something else in a separate field (this is then reviewed and validated by independent experts

for you on a regular basis to protect you as much as possible).

6. OFFER SELECTION

Select your offer and/or partner(s)

7. TRANSACTION BEGINS / CLOSES

Necessary data is now released to the selected bank, platform or investor and the required documents are created and prepared to execute the fundraising round depending on the financing option about which we are talking in your specific case. Hence

standard loans and similar instruments will close online at this stage already while more complex products such as structured financings and securitisations, DCM or M&A/ECM deals will continue with the next steps.

8. PROCESS MANAGEMENT

FundMaster now opens the financing process management tool defining the detailed and as appropriate binding timeline while at the same time allowing the selected investment banks or partners to outsource certain tasks to relevant third parties if the

like (e.g. give mandates to auditors, pitch deck agencies, law firms, etc. who will be pitching via FundMaster for work from the investment banks or partners. This process again is critically monitored by us to avoid illegal price arrangements or unnecessary

fees for you).

9. ENSURING DATA CONSISTENCY

All processes are managed and executed within the FundMaster system and hence utmost data consistency and cost, as well as process transparency, is ensured. Even all the Excel, Word and PDF files will be linked to ERP system data via the FundMaster-

Add-Ons (hence financial models are getting built as used to in Excel but at the same time automatically validated by the FundMaster XLS-Add-On which also uploads for example cash flow data to the Fund Master dashboard so that everyone will have the

same understanding and data of the deal). Beyond this data can also be shared with regulatory authorities and exchanges where required. Due to this level of transparency, the lead bank can also steer the entire process in an efficient manner and control

involved third parties more easily.

10. DEAL CLOSING

Finally, the deal closes and relevant data is booked in the ERP system, a final plausibility check conducted as well as a continuous reporting is set up if required.

POST-DEAL REPORTING

With regards to the reports, it is possible to fully automate them via built-in tools or brokered Digital IR agencies doing the reporting (semi-)manually based on the provided data from the FundMaster tool.

*With regards to the mentioned windows of opportunities notifications can be turned on and thus you will receive according information throughout the year. However, we don’t like to pressure you to take unnecessary funding and thus maybe inappropriate risks

for basically two reasons: First our core product is RiskPooland secondly FundMaster is primarily developed as an effective treasury system application and not a sales channel since the latter is just a way to make things easier for you as a customers by integrating

everything related to treasury management as much as possible.

http://mountwish.org/riskpool.html




Market Size (Brokerage and Robo-

Advisory Only) 517,136 504,823 492,511 535,967 579,424 246,256

Robo Advisory Revenues 173,257 83,164 41,521 19,930 8,237

SaaS Revenues - IB 988 528 1,135 606 442

SaaS Revenues - Corporate (Extra

module to manage the involved

lawyers, auditors, actuaries, design

agencies, etc. -> included for banks

participating in marketplace with

finance products) 5,029 2,031 645 260

Total Revenues 179,275 85,722 43,301 20,796 8,680

Central Sales 2,984- 1,424- 61 -

Employee and Labour Costs 76 35 67 31 61

Office Rent 4 2 3 2 3 1 0 0 0 0 0

Equipment Expense 1 - 1 - 1 - - - - - -

IT Costs 2,775 1,388 1,335 667 973 334 0 0 0 0 0

Other Operating Expense 286 143 119 60 88 30 0 0 0 0 0

Legal and Lobbying Expenses 676 338 246 123 225 62 0 0 0 0 0

Marketing, Brand, Biz Dev & Sales 3,617 1,808 3,513 1,756 2,722 878 0 0 0 0 0

Marketing & Brand Expense Growth - -

R&D 17,326 8,663 7,266 3,633 1,236 1,817 2 1 0 0 0


Labor 64 32 42 21 87 11 0 0 0 0 0

Extraordinaries

Profit / Loss from Operations 145,450 70,755 27,505 13,636 2,781 (3,131) (3) (2) (0) (0) (0)

Margin 81% 83% 64% 66% 32%

Fincato MEDA module: Profit and Loss Statement




Revenues 165,485 79,128 39,970 19,197 8,012

Central Sales 2,754 - 1,315 - 56

Employee and Labour Costs 76 35 67 31 61


Equipment Expense 1 - 1 - 1

IT Costs 512 256 246 123 180 90



Marketing, Brand, Biz Dev &

Sales

3,339 1,669 3,243 1,621 2,513 1,257

R&D 15,660 7,830 6,568 3,284 1,117 558

Advisory Expenses and

Outsourced Labor

58 29 38 19 79 39

Cash Flow from Operations 144,951 68,864 29,469 13,948 3,771 (2,090) (1) (1)


Total Capital Expenditures 2,049 1,025 986 493 718 359

Capital Expenditures (Fixed

Assets)

2,049 1,025 986 493 718 359

Capital Expenditures (Other

Assets)

Sale of Fixed Assets &

Businesses

49 25 36 18

Net Investing Cash Flow (2,000) (1,000) (950) (475) (718) (359)

Free Cash Flow 142,951 67,864 28,519 13,473 3,053 (2,449) (2) (1)

Fincato MEDA module: Cash Flow Statement


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix


Fincato BATI (business and trade insurance) module: An independent marketplace for corporate

insurance policies

Planing to acquire a suitable, digital corporate insurance broker per region and a matching insurance analysis platform to spot underinsured areas and compare different strategies and policies.

All else will be similiar to FinCaT after the post-transaction-integration phase. Beyond this parts of the marketplace will again be ERP data-driven.

Key rationale: Allows us to cooperate sales-wise with the large insurance firms and local brokers and thus increases our reach further in terms of sales partners while earning commissions.

Plus more data for FinTelligence.


All values in million USD 2021 2020 2019 2,018


Target Market Size: Insurance Brokerage Fees 26,731

Insurance Bulk Ordering Market Size 15,422

Revenues 4,262 1,433 1,938 727 645

Central Sales 1,247 595 26

1,974

Employee and Labour Costs 19 9 17 9 16 8 0 0

Office Rent 1 1 1 0 1 0 0 0

Equipment Expense 0 0 0 0 0 0 0 0

IT Costs 4 2 3 1 2 1 0 0

Other Operating Expense 3 1 2 1 2 1 0 0



R&D 362 181 165 82 97 48 0 0

Advisory Expenses and Outsourced Labor 6 3 7 3 6 3 0 0

Extraordinaries

Profit / Loss from Operations 2,125 988 (240) (65) (85) (352) (2) (1)

Fincato BATI module: Profit and Loss Statement


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix

Based on the incredibly large data pool which we have due to our ERP-driven

services (strict Chinese Walls apply with data protection being paramount of

course) we are able to provide you with in-depth analytics and assessments

of consumer market trends (e.g. products, prices), shifts in purchasing

behaviour/power and propensities to pay, supply-chain-risk developments,

the overall sentiment (also drawing data from further souces) as well as with

sophisticated advise on potential counterparty and market risks, financial

strategies, investment opportunities and economic developments both on

macro and micro level. Additionally, the data enables us to issue ratings of

corporates and to provide highly accurate solvency analyses / credit checks

of end-customers (hence private persons / households) around the globe.

The latter data points can also be used in combination with our fincato

marketplace for cash management, payments and trade finance again.

Complimentary we help you to benchmark various aspects relevant to your

organisation (e.g. operations, sales, cost levels, churn rates, etc.).

Additionally we offer a service called verified by FinTelligence so you can

mark your releases and statements as automatically plausi-checked and

verified which helps to create trust in an era of fake news.

Traditional Research Reports

Comprehensive research packages prepared by our highly sought after

analysts.

Our Terminals

We can also grant you access to select raw data via FinTelligence Terminals

so that you can create your very own models and research.

MS Office Add-Ons

Via these add-ons we are also providing business case and strategy deck

templates which can be automatically updated using real-time data and

market statistics (e.g. price developments, country developments, inflation

rates, spending analytics,…) plus access to general statistics and information

databases (quantitative and qualitative product, segment or industry

information).

Bloomberg

Factset

CapIQ

BlackRock Aladdin

Charles River

MISYS

Quandl

Prequin

Statista and other

business databases

▪ More real-time data and analytics based on having access to tens of thousands of

ERP systems at once in all regions and across all industries in addition to similar

historical data makes up for competitors advantage in having decades of

historical market data. However historical market data shall be added over time.

▪ Full-fledged solution used actively by both buy-side (Investors) and sell-side (IR

departments) creates a more direct experience

▪ Purpose-built for algorithmic traders with a fully integrated order management

systems which blends in nicely with or backbone of finance strategy (= better

systems integration)

▪ Comparable risk analytics to Aladdin but with better forecasts based on ERP data

▪ Combination of quantitative and qualitative data

▪ Integrated investment accounting system

▪ Beating Quandl and others since FX, rates and commodities are our core business

and hence we have more direct market feedback in these area based on RiskPool

▪ Lacking behind in some other niche areas like venture capital yet this is made up

by our way stronger cross-assets class capabilities and comprehensiveness of

data. Beyond this M&A deals could be an attractive growth path here.

▪ ERP access-based statistics and analytics giving a much better insight

▪ Benchmarking, business case and other modelling and analyses features

integrated with Excel and PowerPoint (including a vast amount of professional

templates)

▪ Greater breadth and depth of data (globally and qualitative)

Competitor Winning Strategy


DAO Intelligence: A compelling and competitive product offering


All values in million USD 2,021 2,020 2,019 2,018 2,017

FY H1 FY H1 FY H1 FY H1 FY H1

Total Revenues 128,330 54,605 31,381 13,353 1,634

Central Sales 11,557 - 5,518 - 236 - - - - -

Intercompany Charges 1,520 647 532 226 186 79 0 0 0 0

Employee and Labour Costs 200 95 147 63 101 47 0 0 0 0

Office Rent 13 6 9 5 6 3 0 0 0 0

Equipment Expense 7 3 5 3 6 3 0 0 0 0

IT Costs 31,698 13,488 20,722 8,817 17,691 7,528 1 1 0 0

Other Operating Expense 624 266 408 174 348 148 1 0 0 0

Legal and Lobbying Expenses 4,492 1,911 2,040 868 570 243 1 0 0 0

Marketing, Brand, Biz Dev & Sales 6,416 2,730 2,040 868 49 - 0 - 0 -

Marketing & Brand Expense Growth - - - -

R&D 12,833 5,461 7,845 3,338 1,062 - 2 - 0 -

Advisory Expenses and Outsourced Labor 27 13 20 8 14 6 0 0 0 0

Costs for business assistant like Alexa 15,823 6,733 3,869 1,646 202 - 0 - 0 -

Extraordinaries

Profit / Loss from Operations 43,120 23,253 (11,774) (2,663) (18,838) (8,057) (7) (2) (0) (0)

Margin 0 0 (0) (0) (12) #DIV/0!

DAO Intelligence: Profit and Loss Statement


2021 2020 2019

Consumer & Students Accounts 213 3 0

Verified by FinTelligence Badge 15,273 1,250 81

Socological and Political Data 1,715 149 10

Consumer Reports and Sentiment Data 2,014 258 17

Premium Statistics and Market Data 8,966 289 19

Basic Statistics and Market Data 6,641 345 22

Competitor Intelligence / Advanced BI 3,099 245 16

Supplier and SCM Intelligence 5,479 686 44

Product Pricing Tools 16,470 4,375 282

Operational Benchmarking Tools 17,639 6,834 440

Financial Information Advanced 23,920 9,267 597

Financial Information Basics 23,425 9,075 585

Premium Proprietary Research 7,493 1,875 121

Proprietary Research 5,963 2,310 149

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

DAO Intelligence: Revenue Split




Revenues 118,458 50,405 28,967 12,326 1,509


Intercompany Charges 1,403 597 491 209 172 73




IT Costs 4,389 1,868 2,869 1,221 2,449 1,042 0 0 0 0 0 0

Other Operating Expense 559 238 365 155 312 133 1 0 0 0 0 0

Legal and Lobbying Expenses 4,146 1,764 1,883 801 526 224

Marketing, Brand, Biz Dev & Sales 5,923 2,520 1,883 801 45

Marketing & Brand Expense Growth

Advisory Expenses and Outsourced Labor 24 11 18 8 12 6

Costs for business assistant like Alexa 14,530 6,183 3,553 1,512 185

Cash Flow from Operations 91,127 43,302 16,203 9,061 (2,341) (1,531) (1) (0) (0) (0) (0) (0)


Total Capital Expenditures 36,672 15,604 23,474 9,988 14,865 5,910 3 1 0 0 0 0

Capital Expenditures (Fixed Assets) 24,871 10,583 16,259 6,918 13,880 5,906 1 0 0 0 0 0

Capital Expenditures (Other Assets) 11,801 5,022 7,215 3,070 985 4 2 0 0 0 0 0

Net Investing Cash Flow (36,672) (15,604) (23,474) (9,988) (14,865) (5,910) (3) (1) (0) (0) (0) (0)

Free Cash Flow 54,454 27,697 (7,271) (928) (17,206) (7,442) (4) (1) (0) (0) (0) (0)

DAO Intelligence: Cash Flow Statement


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations

9. Entity Structure, M&A Summary and Organizational Chart

10. Appendix


DAO Advisory

The advisory group at Mount Wish provides advice to financial institutions, financial market regulators, market intermediaries, and government entities to address their most critical, and often most complex

financial issues, including capital markets, balance sheet, operational, and regulatory challenges. Operating at the intersection of capital markets, balance sheet management, and regulation allows us to

provide our clients with results-oriented strategic consulting and advisory services. Mount Wish’s focus on Data and Analytics affords clients a sophisticated quantitative assessment in support of our broad

advisory services.

Financial Markets Expertise

across all asset classes with

deep practicioner’s insights

and cutting-edge research

capabilities

Unrivaled analytics and data

management capabilities

leveraging state-of-the-art

technology, modelling

expertise and our global risk

analytics platform

Understanding of regulation

and enterprise risk

management practices which

combine policymakers’ and

practioners’ perspectives to

address clients specific needs

Tailored advisory framework

and delivery model

Proven project management

capabilities and ability to

lead complex, multifaceted

assignments


DAO Advisory: Profit and Loss Statement



Advisory Revenues (FIG, Regulators and Governments Only) 2,981 1,152 1,002 387 68 26 0.08 0.03 0.03 0.01 0.02 0.00

Analyst Access 976 377 117 45 14 5 0.01 0.01 0.00 0.00 0.00 0.00

Central Sales Fees 4,290 2,048 88

Employee and Labour Costs 1,043 403 451 135 30 12 0.00 0.00 0.01 0.01 0.01 0.00

Operating Expenses 1,656 650 688 215 135 20 0.01 0.00 0.00 0.00 0.00 0.00

Marketing, Brand, Biz Development and Relationship Management 163 81 1,043 522 52 26 0.00 0.00 0.00 0.00 0.00 0.00

Profit / Loss from Operations (3,195) 394 (3,112) (440) (223) (26) 0.08 0.03 0.02 0.01 0.01 0.00

The advisory business is also seen as a highly effective and important relationship management tool and hence could also be deemed an extended marketing expense.


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations


10. Appendix


M16 Platform

Use full scale effects and learning curve to drive business development the Amazon way.

“By carving out an operational piece of the company as a platform, we could future-proof the company against inefficiency and technological stagnation” and “By systematically rebuilding most of our

internal tools as an externally consumable service […] the “extra revenue [AuM and liquidity as well as more diversified income streams from a risk management perspective] might be great but the real value

is in honing our internal tools”.

What’s more, this increases customer value due to taking a holistic approach, perfecting processes and allows us to keep up with future trends while effectively using our capital at hand and positioning us as

a cutting edge-innovator in finance overall.

It also allows us to enlarge our data pool and thus to make better decisions and recommendations.

Clearing and Settlement Clearing and settlement services especially for FICC and selected other instruments to reduce costs and improve real-time data basis as well as to

strengthen the relationship with our financial services partners.

Reporting and Servicing Solutions Fully automated reporting and servicing solutions related to FundMaster. However we only focus on standardized solutions here which will

become an industry norm (setting electronic filing and reporting standards in close collaboration with all involved stakeholders).

In more specialized cases brokerage to relevant partners applies.

Brokerage of unregulated services Brokerage of various unregulated banking services especially B2C HuaaS, individualized reporting solutions, or clearing and settlement services

for instruments not covered by us or exceeding our capacities (load management).

Service Centers (B2B only) Operation of own service and call centers with highly trained staff and additional provision of these services on behalf our partners for their B2B

customer products only (this allows us to improve our own responses in the call center since the link between our partners standard reactions

and us as intermediary / marketplace operator becomes much shorter and hence we can find better solutions for our customers).

Software Solutions and Basic Cloud Infrastructure Banking and insurance software and infrastructure solutions as well as specific software development projects.

Interest Income and [brokered] IaaP / BaaP solutions

(regulated yet modularized services)

Brokerage of IaaP, BaaP and related services.

This allows us to become the leading intermediary between fintechs and new market participants as well as established industry players and helps

us to stay relevant by spotting and understanding trends from a very early stage on.


All values in million USD 2021 2020 2019 2018


Total Revenues 5,755 2,014 2,736 958 703 246

Clearing and Settlement 282 99 66 23

Reporting and Servicing Solutions 116 40 54 19

Commissions for Brokerage 308 122 119 42

Service Centers and Trainings 690 227 222 78

Software Solutions and Basic Cloud Infrastructure 3,557 1,245 1,978 692 697 244

Interest Income and [brokered] IaaP / BaaP solutions

(regulated yet modularized services)554 194 252 88

Other 248 87 46 16 6 2

IC Charges 1,452 508 211 74 0 0

Central Sales Charges 278 133 6


Office Rent 55 19 44 15 37 13


IT Costs 755 264 420 147 148 52



Partner Fees 173 60 82 29

Marketing, Brand, Biz Dev & Sales 1,726 604 821 287 105 37

R&D 2,158 755 1,095 383 351 123

Advisory Expenses and Outsourced Labor 123 43 80 28 53 19

Profit / Loss from Operations 891 409 (325) (67) (321) (110)

Margin 12.40% 16.20% (11.00%) (6.50%) (45.70%) (44.90%)

M16 Platform: Income Statement


Content

1. Group

1.1. Group Summary






2. RiskPool









8. Other Operations and Complementary Non-Core Business


10. Appendix


Other Operations: Metaaccounts, PWM, Captive Bank and Special Networking Events

Metaccounts:

Metaaccounts is a private bank account specifically designed with frequent travelers and high net-worth

individuals in mind.

This said we are actually using FinCaT technology and manage our customer accounts via several

corporate / fiduciary bank accounts worldwide to execute various transactions on their behalf. So its

basically corporate cash management transferred to UHNWIs and frequent travelers.

Hence the customer accounts are connected in real-time to thousands of corporate / trust accounts (also

diversifying counterparty risk) around the world and hence we can guarantee that our customers always

get the best value. Beyond this we actively use enterprise-like cash management techniques (e.g.

overnight-surplus-investing) to maximize their value even further.

We also offer Metaccounts as White-Label solution to banking partners so they can attract customers in

the mass affluent sector more easily.

Plus we link this to RiskPool extending its reach to private banking customers.

PWM Services

We offer inhouse private banking services to our

senior staff and executives in close collaboration

with selected partners.

Beyond this, the PWM unit is also responsible for

employee credit offers which we introduced to

retain top talent.

Special Networking Events (e.g. MW Annual CFO Summit)

To foster our deep relationships we host several networking and technical events throught the year such

as the annual CFO Summit, the bi-annual MW FinTech Platform where banks and fintechs can connect,

the, Global Investors Conference, etc.

Inhouse Bank / Captive

The inhouse bank provides services similar to

those of a commercial banks, such as offering

payment processing, liquidity management and

collection functions to various subsidiaries of the

Mount Wish Group and hence helps us to save

costs and increase reputation (no obvious

banking partners from the outside signalling

independce).



FY H1 FY H1 FY H1

Revenues M16 Meta-Accounts 1,821 637 196 69 -

PWM Revenues (Executive Services) 0 0 0 0 0 0

CFO Summit and Other Events 36 13 33 12 2

Inhouse Bank Results 2 1 0 0 0 0

R&D 546 191 294 21 - -

Operations 219 77 35 8 - -

Marketing & Sales Metaaccounts 455 159 20 7 -

Cross Charges (Platform Operations) 1,453 508 211 73 0 0

Central Sales Share 2,381 - 1,137 - 49 -

Results Other Operations (3,194) (285) (1,466) (29) (47) (0)

Margin (58.20%) (228.56%) (15.73%) (280.68%) (4.35%) (199.98%)

Other Operations: Metaaccounts, PWM and Special Networking Events

Investor Relations and Corporate Communications:

We aim to acquire a major social media platform known for short and precise messages which has

already become a favourite among corporates, politicians and celebrities with a highly customizable

news feed.

This shall become the new standard solutions for ad-hoc news, general corparate communications

and direct analyst (comparable to Bloomberg messages) and press messaging.

This platform will also feature various access and customization levels on the business side while

staying entirely open on the consumer side. Beyond this the platform will also be a first to come

with our “Verified by FinTelligence” solution.

In addition to that we will acquire a leading digital IR firm. This said we aim to complement

FundMaster this way and offer a more wholistic approach in this regard. At the same time it will give

us highly relevant data for social sentiment analyses and trend discovery (political, economically,

social, etc.) and hence be an integral source of information for FinTelligence again.


Non-Core Technology Strategy

Independent ERP and CRM data storage in a smart hybrid-cloud environment:

We plan to acquire a major data center company and offer provider-independent storage of ERP

and CRM data so that customers can more easily switch from one ERP/CRM solution provider to

another one and easily add or delete further third party solutions.

This setup will also allow much faster computing times and a higher degree of reliability for

RiskPool and ERP-based marketplace solutions as well as a enable a more seamless customer

interaction.

Additionally it will improve the performance of FinTelligence which again also helps our customers

by giving them access to a better data set paired with an attractive BI suite (own and third party

apps).

The cloud solution will be of course a hybrid one where we focus exclusively on financial data and

applications and provide smart connections to other cloud providers for more operational

applications of our customers creating a best in class-experience.

Beyond this, the cloud will also be crucial when it comes to offering modern banking and insurance

software products as well as infrastructure solutions to our financial services partners and hence

really allows us to become the backbone of global finance.

Further details shall be announced in due time.

Governance Tech:

To improve customer experience with less friction we also want to acquire a major entity and

equity management provider as this will significantly enhance the FundMaster experience but also

help to improve intra-group funding, tax and cash structures more easily with a full FinCaT

integration and help customers to reduce costs significantly.

It also improves compliance (e.g. KYC, board resolutions, etc.) and strengthens the customer

relation. Beyond this it adds we can also connect it quite well to our data center solutions (board

documents and notes, voting systems, ERP/CRM data linked directly to different entities, etc.)

Unconsolidated other:

Enhancing customer experience further and getting access to new customer segments as well as

attractive product categories and asset classes. Some of these applications also strengthen the

reach or capabilities and use of FundMaster, FinCaT or foster our backbone of finance strategy

and thus our access to strategic financial services partners.

Additionally these solutions mean more data points for FinTelligence again and often provide us

some great cost saving potential.

More details to be provided in due time.

Financial Knowledge and Education Platform:

We need to provide a platform where everyone can learn about finance no matter their prior state

of knowledge and hence make more informed decisions.

This will help us to further improve our image but more importantly also improve the experience

with our products since all customer now have access to well written explanations or can easily

look up unclear technical terms and their precise meaning. The latter will also help to imcrease

compliance since everything is clearly explained for the customer.

Beyond this, it will intensify the customer relationship with seminars and a virtual learning

environment for financial topics. The letter can also be used to attract new employees by creating

new touchpoints with universities or a general finance website.



Investor Relations and Corporate Communications Tech 2,276 (11,987) (25)

Communications Business 2,270 (11,955) (25)

A to be acquired social media platform 304 (1,601) (3)

IR and Corp Releases 272 (1,433) (3)

Communications Center 133 (700) (1)

Newly created journalist and press hub of the acquired platform 41 (215) (0)

Data Sales 1,520 (8,005) (17)

A to be acquired and leading digital PR company 2 (9) (0)

Other 5 (24) (0)

ERP and CRM Data Storage 2,217 (33,345) (11,115)

A major to be acquired cloud storage provider 142 (2,128) (709)

A major to be acquired cloud computing provider 2,011 (19,660) (6,553)

IC Loan for New Data Centers 59,434 (893,735) (297,912)

Other 65 (971) (324)

The Central Hub 9,568 (10,586) (3,529)

Governance Tech 1,329 (1,035)

A to be acquired entity management and governance tech company 446 (348) -

A to be acquired equity management software provider 149 (116) -

Other (e.g. Brokerage of Registered Offices, Lawyers, etc) 734 (571) -

Unconsolidated Other 152 (10) (15)

A to be acquired crypto company (subsidiary of Magma) 47

A to be acquired alternative investment platform 35

A to be acquired broker-free stock trading app 70

Our own financial information and education website and knowledge / training center (237) (15) (25)

Other 299 (7) (10)

TOTAL 15,605 (56,985) (14,719)

Non-Core Returns


Non-Core business to become profitable after 3 and reach break-even in around 7 years



Content

1. Group

1.1. Group Summary






2. RiskPool











10. Appendix


Mount Wish Corporation(New York)

Mount Wish Global Services

(Delaware)

Mount Wish North America Services

(Delaware)

Mount Wish US Services

(New York)

Mount Wish Canada(Toronto)

Mount Wish Mexico(Mexico City)

Mount Wish EMEA Services(London)

Mount Wish Europe SE

(Dublin)

Mount Wish UK(London)

Mount Wish Deutschland AG

(Munich)

Mount Wish France(Paris)

Mount Wish Netherlands

(Amsterdam)

Mount Wish Italia(Milan)

Mount Wish Greece(Athene)

Mount Wish Espana(Madrid)

Mount Wish Luxemburg

(Luxemburg)

Mount Wish Nordics(Stockholm)

Mount Wish MEA(Dubai)

Local Sales Entities

Mount Wish APAC(Hong Kong)


Mount Wish China(Shanghai)

Mount Wish Latin America(Chile)


Mount Wish Switzerland

(Zurich)

Mount Wish Partner Services

(New York)

Mount Wish Partner Services Western

Hemispere(BVI)

Mount Wish Partner Services North

America(New York)

Mount Wish Partner Services Europe

(Dublin)

Mount Wish Partner Services Latin

America(Chile)

Mount Wish Partner Services MENA

(Malta)

Mount Wish Partner Services Israel

(Tel Aviv)

Mount Wish Partner Services Africa

(Capetown)

Mount Wish Partner Services Eastern

Europe and Russia(Vienna)

Mount Wish Partner Services Eastern

Hemispere(Seychelles)

Mount Wish Partner Services Australia and

Oceania(Auckland)

Mount Wish Partner Services SEA(Singapore)

Mount Wish Partner Services Japan

(Tokyo)

Mount Wish Partner Services China

(Shanghai)

Mount Wish Partner Services India

(Mumbai)

Mount Wish Partner Services China

(Shenzen)

Mount Wish Partner Services International

(London)

Mount Wish Extended Regional

Services (Luxemburg)

Mount Wish Russia(Moscow)

Mount Wish Eastern Europe

(Budapest)


Mount Wish Call Center

(Upstate New York)

Mount Wish CC Latin America (Chile)

Mount Wish CC NA East

(Vancouver)

Mount Wish CC Auckland

Mount Wish CC Bangkok

Mount Wish CC Seychelles

Mount Wish CC Amsterdam

RiskPool(New York)

Magma(San Francisco)

Acquisition Target(New York)

Acquisition Target(Paris)

Rock+Water(Stamford, CT)

Bricklane Capital(Chicago)

Acquisition Target (New York)


Acquisition Target (Westport)

Acquisition Target (Boston)


Acquisition Target (Chicago)

Acquisition Target (Bahamas)

R+W Global Solutions(New York)

Mount Wish Brokers (Delaware)

Fincato Corporate Finance

(New York)

Acquisition Target Acquisition Target

(Berlin) Acquisition Target

(New York) Acquisition Target

(San Francisco)

Acquisition Target(Part 1)

Add-Ons (Audit, Tax, PPT, Other)

(Amsterdam)

Finacto Cash Management

(London & Hong Kong)

Acquisition Target (Hamburg)

WhiteBank(Amsterdam)

Fincato Insurance(Guernsey)

Acquisition Target (London)

DAO(Washington D.C.)

DAO Intelligence(Washington D.C.)

Acquisition Target (San Francisco)

Acquisition Target (Somerville)

Acquisition Target

Acquisition Target

Acquisition Target (Munich)

Acquisition Target (Toronto)

Acquisition Target (Chicago)


Acquisition Target (Seattle)

FinTelligenceSolutions

(New York)

Verified by DAO(Geneva)

DAO Advisory(New York)

FinTelligenceAdvisory North

America(New York)

FinTelligenceAdvisory APAC

(Singapore)

FinTelligenceAdvisory Europe

(Frankfurt)

FinTelligenceAdvisory

International(London)

M16 Group(Boston)

M16 Financial Services

(Delaware)

Mount Wish Captive(New York)

Mount Wish Captive Europe

(Luxemburg)

Mount Wish Captive North America

(New York)

Mount Wish Captive MEA

(Dubai)

Mount Wish Captive APAC

(Hong Kong)

Mount Wish Captive Latin America(Puerto Rico)

Mount Wish Captive UK

(London)

M16 Bank (Modularized) (Amsterdam)

Mount Wish Private Bank

(Zurich)

Mount Wish Private Bank Europe and

RoW(Vienna)

Mount Wish Private Bank US

(Los Angeles)

Mount WoshEmployee Bank APAC

(Hong Kong)

M16 Meta Accounts(New York)

M16 Meta Account US

(Austin)

M16 Meta AccountEU

(Luxemburg)

M16 Meta AccountAPAC

(Hong Kong)

R+W Savings Account(Delaware)

R+W Savings Account US

(San Francisco)

R+W Savings AccountEU

(Liechtenstein)

R+W Savings AccountAPAC

(Singapore)

M16 Platforms(Los Angeles)

Acquisition Target (Menlo Park)

M16 Shared Services(Chengdu, China)

M16 Shared Services (Edinburg)

M16 Shared Services (Valencia)

M16 Shared Services (Nashville)

M16 Shared Services (Miami)

M16 Shared Services (Los Angeles)

M16 Shared Services (Auckland)

M16 Shared Services (Vietnam)

M16 Shared Services (Tel Aviv)

M16 Digital(Seattle)

Acquisition Target (Redwood)

Acquisition Target (Las Vegas)

Acquisition Target (Paris)

Acquisition Target (Zurich)

Acquisition Target(Stuttgart)

Acquisition Target (Part2)


SmartTools (smart contracts, AI-bots,

etc.)(Seattle /

Washington)

Acquisition Target (Part3)

M16 Financial Communications

(Toronto)

Media Services and Tools

(New York)

Media Services and Tools US

(New York)

Media Services and Tools EMEA and

APAC (London)

IR Conferencing and Analyst Chats(Stockholm)

MW Media Productions (Inhouse)

(Los Angeles)

Acquisition Target (Munich)

Acquisition Target (San Francisco)

JVs with GettyImagesand Infogram

MW Labs(Boston)

FinTech² Accelerator (Stamford)

M16 Ventures(New York)

FinanceCoach(Los Angeles)

Mount Wish Inhouse Audit and Consulting

(Copenhagen)

Holding or internal services company Product entity

Customer facing sales entity

Acquisition Target

Entity Structure


17,931

86,244

36,127

96,692

10,000

0

2

4

6

8

10

12

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2019 2020 2021 potential acquisitions Corporate VC Fund

Total M&A Deal Value per year Cummulative M&A Deal Value Number of Deals

M&A Deal Values



Excerpt of our M&A Strategy (more details for qualified investors upon request)

M&A SummaryPlanned

acquisitionsComment

A major treasury software provider, a core banking system provider and an insurance

core system provider

3 companies - Treasury software and core banking systems as basis for our own products in order to offer our customers a

modular and wholistic approach

- Banking systems provider as basis for our backbone of finance strategy with deep integration into the

previous acquisition target to create an even more seamless dual-sided experience

- Insurance systems provider as basis for our backbone of finance strategy

A major real estate management software provider 1 company - Real estate investment and property management Software suiting our RE asset management division

- Extending our data sets in Real estate (FinTelligence)

- Strengthening our backbone of finance strategy

A leading cloud storage provider and a major data center operator as well as two

hybrid cloud startups, plus maybe two other data center operators in Asia and

Europe

4-6 companies - OEM independent, cloud-based ERP data storage, smart document linking and BI functions via modular

proprietary and third party applications

- Data for FinTelligence

An augmented search company and a data visualization company 2 companies - BI tools with augmented input functions

- Business Intelligence and Data Visualization yet open to third party BI and visualization tools

The mentioned social media platform and digital IR company 2 companies - Please refer to the relevant strategy slide

The mentioned entity management software provider and an equity management

company

2 companies - Improving the efficiency of FundMaster and creating a more seamless experience

- Manage intra-group finanancings, tax and cash structures more easily (FinCaT and FundMaster)

- Direct inegration of entity and equity management

Two leading algorithmic trading companies which complement each other, a large

private equity group and two cutting-edge hedge funds, a specialist weather fund,

plus maybe two other diversified asset managers

5-7 companies - Increase AuM and thus competitiveness

- Access to experts and opening Rock+Water to the outside

- Diversify insurance asset portfolio in a cost efficient way

A collection of relevant marketplaces which fit with FinCaT, BiSure and FundMaster

pus a well-established a savings marketplace and a company making it easier to

switch accounts

5 companies - Strengthen FinCaT, BiSure and FundMaster

A securitization platform 1 company - Allow banks to securitize granted credits immediately and easily and hence create a better funding market

for our customers

- Extend FundMaster to FIGs with a very special offer

An automated due diligence solution provider 1 company - Creating a better customer experience with FundMaster with a more effective and efficient due diligence

process

A supply chain risk analysis company, various financial information providers (which

complement each other), a satellite-supported information company

5-6 companies - FinTelligence Data

A financial education and knowledge platform 1 company - Please refer to the relevant strategy slide

A stock brokerage app 1 company - RiskPool-integration and Metaaccount connection and thus extending RiskPool via Consumer Cash

Management to Equity Hedges and at the same time increasing AuM and strengthening our backbone of

finance strategy

An fx information specialist 1 company - FinTelligence Data

- Aqui-Hiring

Chief Executive Officer

President

Regional Management, North

America

Regional Management, EMEA

Regional Management, APAC

Regional Management, Latin

America

Regional Management, Rest of

World

Strategy & Innovation

Project Management Office

Internal Audit (IA) and Inhouse

Consulting

Executive Office

Chief Marketing and Growth

Officer

Customer and Partner Training

Programs

Marketing, Brand and External

Communications

Internal Communications

Direct Sales

Sales Partner Management

Customer Journey

Management, Cross-and-

Upselling- Concepts and

Cross-Product-Integration

Chief Financial Officer

Investor Relations

Financial Reporting and

Accounting

Tax and Transfer Pricing

IPO Readiness and Finance

Excellence

Product and Actuarial Pricing

(dotted lines from ALM and

CMGO)

Managerial Accounting

Corporate Developement and

M&A

Corporate Finance

Chief Investment and Risk

Officer / CEO, Rock+Water

Chief Economist

Financial Policy Office

(dotted line from Managerial

Accounting and Internal

Policies)

Rock+Water Asset

Management

Treasury Cash Management

and Payments

Financial Risk and Asset-

Liability-Management

M16 Financial Services

(Captive, M16 Bank incl. Meta-

Accounts and R+W Savings

Accounts, BaaP, etc.)

FinTelligence Research

FinTelligence Advisory

(Chinese Walls apply)

General Counsel

Regulatory and Governmental

Relations

Compliance

Legal

Legal Tech and Automation

Corporate Social Responsibility

Office of the Company

Secretary

Internal Policies

(Non-Financial)

Chief Technology Officer

Data and Cloud Architecture

Information Security

Software Development and

Engineering

FinTelligence Data

M16 Financial Communications

M16 Digital Services and

Governance Tech

Chief Operations Officer

Business Process Management

Global Procurement and

Provider Management

Corporate Operations (Office

Management) and Assets

Human Talent Management

Service/Call Centers,

Onboarding and Continuous

CRM (dotted line from CMGO)

Chief Product Officer, Risk Pool

FX

Rates

Commodities

Synthetic Commodity Hedges

Non-Traditional Markets and

Magma

CPO, Brokered Products

FundMaster

FinCaT

BiSure

M16 Platform (Third Party

Solutions)

Non-Financial Product

Brokerage


Organizational setup


Content

1. Group

1.1. Group Summary






2. RiskPool











10. Appendix


Valuation – Comparables

Shiller P/E RatioForward P/E

Multiple P/E Multiple P/S Multiple P/BV Multiple P/CF Multiple

Weight include = x include = x 2019include =

x 2019include =

x 2019include =

x 2019include =

x

Mixed Tech, Financial Information, BI, Data:4.95% 39.35285714 21.59857143

29.08666667

5.486222222

14.86571429

22.97428571

Oracle % 26.01 x 14.41 x 52.21 x 5.25 x 6.57 x 15.64 xGoogle 52.27 x 24.63 x 23.57 x 6.074 x 4.53 x 39.64 xMicrosoft 42.22 x 22.21 x 25.11 x 7.3 x n/a x n/a xMorningstar 43.52 x n/a 30.06 x 5.15 x 5.47 x 21.81 xF5 Networks 34.62 x 15.29 x 22.56 x 4.489 x 6.75 x 13.88 xCisco Systems 31.92 x 16.75 x 19.1 x 4.78 x 5.67 x 18.31 xSoftbank n/a x n/a x 7.32 x 1.188 x n/a x n/a xMoody's 44.91 x 21.37 x 22.93 x 7.45 x 71.67 x 24.05 xTwitter n/a x 36.53 x 58.92 x 7.695 x 3.4 x 27.49 xBox Inc. n/a x n/a x n/a x n/a x n/a x n/a xBloomberg n/a x n/a x n/a x n/a x n/a x n/a xBenzinga n/a x n/a x n/a x n/a x n/a x n/a x

Internet Market Places: 26.52% 216.2 110.082 x 48.71 7.036 9.628 458.85Amazon 414.81 x 57.81 x 80.16 x 3.58 x 18.61 x 47.79 xJingdong n/a x n/a x n/a x n/a x n/a x n/a xAlibaba n/a x 27.03 x 46.15 x 9.08 x 6.98 x 21.47 xB2W n/a x n/a x n/a x n/a x n/a x n/a xFarfetch LTD n/a x n/a x n/a x n/a x n/a x n/a xShopify n/a x 434.25 x 41.41 x 18.38 x 9.45 x 2188.61 xGroupon n/a x 17.45 x 38.78 x 0.71 x 7.49 x 18.66 xEbay 17.59 x 13.87 x 37.05 x 3.43 x 5.61 x 17.72 x




FinTech: 12.40% 45.35333333 19.8525 42.785

6.202857143

11.28128571

43.71333333

Temenos AG n/a x n/a x 62.56 x 13.3 x 44.2 x 42.47 xFIS 52.99 x 14.43 x 51.51 x 4.19 x 3.19 x 25.69 xION Group n/a x n/a x n/a x n/a x n/a x n/a xFiserv 49.1 x 24.63 x 20.44 x 6.05 x 14.8 x 29.45 xFinastra n/a x n/a x n/a x n/a x n/a x n/a xPaypal delisted x delisted x 51.58 x 7.51 x 7.3 x 73.36 xKreditech n/a x n/a x n/a x n/a x n/a x n/a xSAP 33.97 x 19.65 x 24.22 x 3.93 x 4.61 x 39.87 xKyriba n/a x n/a x n/a x n/a x n/a x n/a xOanda n/a x n/a x n/a x n/a x n/a x n/a xRakuten n/a x n/a x 7.45 x 1.23 x 1.899 x n/a xSunguard n/a x n/a x n/a x n/a x n/a x n/a xWorldpay n/a x 20.7 x 110.51 x 7.21 x 2.97 x 51.44 xIG Markets n/a x n/a x 14.01 x n/a x n/a x n/a xRevolut n/a x n/a x n/a x n/a x n/a x n/a xN26 n/a x n/a x n/a x n/a x n/a x n/a xNordFX n/a x n/a x n/a x n/a x n/a x n/a xeToro n/a x n/a x n/a x n/a x n/a x n/a xICM Brokers n/a x n/a x n/a x n/a x n/a x n/a xMIG Bank n/a x n/a x n/a x n/a x n/a x n/a xAlpari n/a x n/a x n/a x n/a x n/a x n/a x

Exchanges:11.09% 35.68 21.995 x

29.08285714 6.416 2.402

18.49666667

Intercontinental Exchange 35.89 x 19.72 x 21.1 x 6.89 x 2.47 x 19.18 xCME 35.47 x 24.27 x 30.1 x 13.74 x 2.39 x 25.41 xLondon Stock Exchange n/a x n/a x 46.79 x 7.65 x 4.39 x 10.9 xGroup Deutsche Börse n/a x n/a x 24.87 x 1.54 x 0.85 x n/a xKraken n/a x n/a x n/a x n/a x n/a x n/a xBitfinex n/a x n/a x n/a x n/a x n/a x n/a xCoinbase n/a x n/a x n/a x n/a x n/a x n/a xHong Kong Stock Exchange n/a x n/a x 42.69 x n/a x n/a x n/a xTokyo Stock Exchange n/a x n/a x 24.41 x 2.26 x 1.91 x n/a xEuronext n/a x n/a x 13.62 x n/a x





Banking: 12.20% 39.36857143 11.08222222

8.945294118

2.099090909

1.229090909

10.43333333

Morgan Stanley n/a x 8.65 x 9.03 x 1.88 x 0.97 x 13.6 xCiti 27.57 x 10.29 x 13.27 x 2.41 x 0.89 x 5.8 xBank of America Merrill Lynch 34.55 x 10.08 x 10.58 x 3.19 x 1.13 x 7.58 xJPM Chase 18.13 x 10.55 x 11.75 x 3.23 x 1.45 x 23.77 xGoldman Sachs 11.94 x 7.79 x 7.86 x 2.23 x 0.9 x 5.86 xDeutsche Bank 125.13 x 18.27 x 0 x 0.65 x 0.24 x na xBarclays n/a x n/a x 10.99 x n/a x n/a x n/a xCredit Suisse n/a x n/a x 14.87 x 1.58 x 0.88 x n/a xUBS 37.23 x 8.61 x 9.81 x n/a x n/a x n/a xHSBC n/a x n/a x 0 x 2.55 x 0.83 x n/a xMoelis n/a x 15.7 x 16.11 x 2.48 x 4.93 x 5.99 xNomura 21.03 x 9.8 x 14.03 x 1.21 x 0.53 x n/a xICBC n/a x n/a x 7.29 x n/a x n/a x n/a xChina Construction Bank n/a x n/a x 5.54 x 1.68 x 0.77 x n/a xBank of China n/a x n/a x 4.66 x n/a x n/a x n/a xFosun n/a x n/a x 11.24 x n/a x n/a x n/a xArgicultural Bank of China n/a x n/a x 5.04 x n/a x n/a x n/a x

Insurance 22.66% 22.2275 34.33666667 19.064 1.945 3.224

82.85571429

AIG n/a x 9.25 x 37.78 x 0.8 x 0.67 x 489.54 xTravelers 15.12 x 12.11 x 14.4 x 1.17 x 1.52 x 8.06 xZurich Insurance n/a x n/a x 12.89 x n/a x n/a x n/a xChubb n/a x 142.06 x 14.1 x 9.16 x 16.86 x 29.79 xThe Hartford Group n/a x n/a x 9.48 x n/a x n/a x n/a xFannie Mae n/a x n/a x 3.23 x 0.68 x n/a x 7.24 xAXA n/a x n/a x 9.33 x 0.39 x 0.66 x n/a xArriva n/a x n/a x 12.01 x n/a x 0.82 x n/a xAllianz n/a x n/a x 10.63 x 0.77 x 1.35 x n/a xLiberty Mutual n/a x n/a x 11.56 x n/a x n/a x n/a xMarsh McLennan 36.8 x 19.61 x 28.45 x 3.25 x 6.14 x 22.09 xMetLife n/a x n/a x 8.32 x n/a x n/a x n/a xBerkshire Hathaway 25.07 x 15.5 x 11.25 x 2.18 x 1.41 x 21.44 xPrudential 11.92 x 7.49 x 8.06 x 0.63 x 0.78 x 1.83 xHiscox n/a x n/a x 94.47 x 0.42 x 2.03 x n/a xLloyds of London (Insurance Market) n/a x n/a x n/a x n/a x n/a x n/a x





Asset Managers: 3.86% 19.025 14.51 16.714 5.595 2.2 23.79KKR 15.27 x 12.71 x 12.28 x 6.38 x 2.32 x n/a xBaupost n/a x n/a x n/a x n/a x n/a x n/a xBlackRock 22.78 x 16.31 x 16.02 x 4.81 x 2.08 x 23.79 xHudson River Trading n/a x n/a x n/a x n/a x n/a x n/a xCitadel n/a x n/a x 25.94 x n/a x n/a x n/a xT. Rowe Price n/a x n/a x 13.67 x n/a x n/a x n/a xJones Lang LaSalle n/a x n/a x 15.66 x n/a x n/a x n/a x

Mixed Commodities 6.00% 18.45 11.12 16.83 0.38 1.22 9.8Glencore 18.45 x 11.12 x 16.83 x 0.38 x 1.22 x 9.8 x

Combined and Weighted99.69% 80.5436092 45.52312933

29.95471141

4.553873692

5.993151973

151.8432423


guidance 2019 2021 - mount wish · 2019. 5. 8. · overnight investments 127,926 38,646 206 67 cash...

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