- Commercialising the data aggregated through Byhiras • At inception, Cagera will own the beneficial interest in Byhiras - Minority interests in Byhiras will be placed and sold to institutional investors , turning Byhiras into a utility - Wider adoption of Byhiras will result in increase of AuM on t

gy to Byhiras for AuM-based fees - Commercialising the data aggregated through Byhiras • At inception, Cagera will own the beneficial interest in Byhiras - Minority interests in Byhiras will be placed and sold to institutional investors , turning Byhiras into a utility - Wider adoption of Byhiras w

. . . , , , , ••• •••• ....... -• "' Cagera 8 Strictly Private & Confidential EFTA00622284 Byhiras is unique • The differences between Byhiras and potential competition are largely due to the difference purposes of each proposition - Data firms: provide extensive market and public data set

- Commercialising the data aggregated through Byhiras • At inception, Cagera will own the beneficial interest in Byhiras - Minority interests in Byhiras will be placed and sold to institutional investors , turning Byhiras into a utility - Wider adoption of Byhiras will result in increase of AuM on t

gy to Byhiras for AuM-based fees - Commercialising the data aggregated through Byhiras • At inception, Cagera will own the beneficial interest in Byhiras - Minority interests in Byhiras will be placed and sold to institutional investors , turning Byhiras into a utility - Wider adoption of Byhiras w

• •••• or. ••• se •Mi Cagera 8 Strictly Private & Confidential EFTA_R1_02014061 EFTA02687156 Byhiras is unique • The differences between Byhiras and potential competition are largely due to the difference purposes of each proposition - Data firms: provide extensive market and public data set