ImageSat International (I.S.I) Ltd.

Investor Presentation • Jan 31, 2022

A LEADING PROVIDER OF SPACE-BASED INTELLIGENCE AND INFORMATION SOLUTIONS

January 2022 Roadshow Presentation

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DISCLAIMER (2/2)

This Presentation includes certain financial measures not presented in accordance with International Financial Reporting Standards ("IFRS"), including EBITDA and Operating Free Cash Flow Conversion. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing I.S.I's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net loss or other measures of profitability, liquidity or performance under IFRS. You should be aware that I.S.I's presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. The I.S.I and its licensors have proprietary rights to trademarks used in this Presentation. 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OFFERING STRUCTURE

Issuer	• ImageSat International (I.S.I) Ltd ("ISI" or the "Company")
Listing venue	• Tel Aviv Stock Exchange
Offer size	• ILS 320-480 m / US\$ 100-150 m1
Offering structure	• Primary: 2/3 from Offer size • Secondary: 1/3 from Offer size
Use of primary proceeds	• Towards growth capex/investments for planned constellation launches during the next two years: • \$30million for EROS C3 • \$30m for new satellite ("presumably EROS C4 satellite") • \$40m for funding Global Eye constellation
Offering type	• Initial Public Offering • Offering both to investors in Israel and international institutional investors outside of the US (Regulation S) • Offering in the US under Rule 144A - to QIBs
Syndicate	• Sole Global Coordinator and Bookrunner: UBS • Local (Israeli) Distributors: Discount Capital, Barak Capital
Lock-ups	• 12 months lock up for the Company and certain members of the Company's management • 6 month lock up for existing shareholders • Subject to certain customary exemptions

TODAY'S PRESENTERS

A LEADING PROVIDER OF SPACE-BASED INTELLIGENCE AND INFORMATION SOLUTIONS¹

Source: Company information and Commercial Due Diligence Report

Note: 1. Provides solutions and services in image collection, analytics and infrastructure (source: company information) 2. Total Addressable Market (TAM) to the end of 2030 includes areas across both defense (\$24bn) and commercial (\$51bn) sectors, in the areas of systems and infrastructure, electro-optical data processing and distribution, and AI and analytics. Covers all geographies, some of which are not accessible. 100% penetration would only take place under highly favourable circumstance (source: CDD Report). 3. Depends on the value of the analytics solutions delivered and on the range of use cases (source: CDD Report) 4. Very Very High Resolution (source: Company information) 5. As of December, 31 2021 (source: Company information) 6. Based on lower end of 2024E Revenue and EBITDA guidance. Revenue and EBITDA guidance based on company's backlog and pipeline expectations for 2024, based on certain assumptions and adjustments of management are subject to number of uncertainties (source: Company information) 7. Total value of potential opportunities currently being pursued by the company, valued until (and including) 2032 (source: Company information) 8. Signed contracts pending operational execution (source: Company information) 9. This amount is calculated based on the actual backlog as of December 31, 2021 (USD 153.4M) and an additional USD 17.7M which represents the unrecognized revenues from a new agreement signed subsequent to the balance sheet date and has a retroactive effect for 2021 (Source: Company information)

7

WE ARE AT A GROWTH INFLECTION POINT

Following substantial investments over the last 5 years, ISI has reached an inflection point with a step-change increase in capabilities and expanding opportunities to accelerate growth

Note: 1. World's second largest commercial EO satellite at time of launch (source: Company information)

AI & ANALYTICS SPACE-BASED INTELLIGENCE

PLAN's Northern-Theatre Fleet Patterns-of-Life Analysis

BEHAVIOR PATTERN PREDICTION

Correlation of behavior patterns of vessels in remote Naval bases enables prediction of future activities

COMMERCIAL PATTERNS OF LIFE ANALYSIS

Shipyard Dalian Steel Works

PetroChina Refinery

Dalian

Naval Port

Mining Terminal Terminal

Container Terminal

Grain Terminal

Crude Oil Terminal

12

Iron Ore Terminal

Dalian Bay

Ship Monitoring

ISI – A LEADING PROVIDER OF SPACE-BASED INTELLIGENCE AND INFORMATION SOLUTIONS

A leading provider of space-based intelligence and information solutions, delivering insights from a comprehensive, integrated portfolio of high-quality, multi-source imagery data, AI-driven analytics, and turn-key space infrastructure solutions

Differentiated strategic partnerships providing ISI with exclusive commercial access to one of the leading VVHR¹ satellite constellations

Significant growth potential through a newly-expanded range of capabilities, leveraging a strong existing position with the most demanding customers worldwide

Operating in an attractive, large and fast-growing market – with ISI's TAM expected to grow from \$19.9bn² to \$26.3bn³ by 2025 and grow to \$76.0bn³ in 10 years

A scalable business model with strong revenue visibility

Entrepreneurial, innovative and experienced team driving ISI's transformative strategy and business execution, bringing ISI to the forefront of the space industry

Source: Company information, Commercial due diligence Report

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6

5

4

3

2

13 Note: 1. Very very high resolution (source: Company information) 2. Market size of ISI's solutions across defense and commercial applications in 2020A (source: CDD Report) 3. Total potential in defense (2025: \$11.3bn, 2030: \$25bn) and commercial (2025: \$15.0bn, 2030: \$51bn) sectors, in areas of systems and infrastructure, electro-optical data processing and distribution, and AI and analytics. Covers all geographies, some of which are not accessible. 100% penetration would only take place under highly favourable circumstances (source: CDD Report)

BROAD SET OF SOLUTIONS, SOLVING CUSTOMERS' KEY CHALLENGES

ISI's integrated portfolio of solutions addresses customer needs across the space intelligence value chain

• Exclusive access to customers over a defined area
• Predominantly serving Governmental clients

• Analytics to identify trends and patterns
• Cloud based platform GEOIMPACT

Q1-Q3 2021A 2024E

1

AI & ANALYTICS

• Advanced ground segments for real-time planning, command and control
• SPACE-BASED INTELLIGENCE Innovative sensor technologies

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1

Source: Company information

Note: 1. Expected direction of travel of revenue breakdown by product line. Shift in breakdown is expected to come from ISI diversifying offerings, and bringing more focus to the new, less traditional product lines (source: Company information)

DEDICATED AND EXPERIENCED R&D TEAM

ISI has been continuously investing in its R&D team as it develops innovative space-based intelligence and information solutions

1

1 ISI'S COMPETITIVE LANDSCAPE

ISI competes with a range of companies across its product lines, with only a few having the capabilities to compete across three

INFRASTRUCTURE

• Larger satellite manufacturers tend to be price-sensitive, while smaller peers pursue projects with narrower scope
• Vertically integrated operators compete with ISI but are more focused internally

DATA COLLECTION

• Competes with Maxar and Airbus on VHR while Planet and Satellogic are low resolution
• Little commercial overlap with Asian Satellite operators

AI & ANALYTICS

• Very few firms specialises in defense and intelligence
• Most earth-observation satellite operators like ISI have built-in analytics capabilities which they are scaling

ISI'S COMPETITIVE LANDSCAPE (CONT'D)

ISI's cost effective, agile and flexible solutions can serve premium markets and customers through its full suite of high-performance products

Company
Core focus	Earth observation and intelligence	Space infrastructure	Aircraft design and manufacturing	Satellite imaging as a service provider	Earth observation
Customer focus	Govt./defense focussed, new in commercial areas	Focus on defense and commercial areas	Focus on defense and commercial areas	Defense/intel focus, limited on commercial	Focus on commercial areas, limited on defense
Cost-Effective, Flexible
High-Performance Imagery Data
Offers Priority Access to VHR
Constellation Revisit Rate
Multi-sensor Constellation	1				2
Premium Market Focus
Direct Access by Customer
Solutions3 Infrastructure					4
Intelligence Specialization

1

Source: Commercial due diligence Report

Note: 1. Includes ISI's future SAR satellites (source: CDD Report) 2. Planet uses SAR data but does not plan to operate SAR satellites (source: CDD Report) 3. To include sale of bundled satellites, ground and service (source: CDD Report) 4. Vertically integrated but not a merchant supplier (source: CDD Report)

CHILE – CASE STUDY FOR TURN-KEY INFRASTRUCTURE PROGRAM

ISI's full complement of space solutions was the key factor for the success in Chile, facilitating future contract wins

Source: Company information

18 Notes: 1. The highlights from the contract is not an exhaustive list (source: Company information) 2. Chile has the option to increase services for another \$9.6m (source: Company information) 3. Two Chilean owned Runner satellites and services from one ISI owned Runner satellite (source: Company information)

2 OUR DIFFERENTIATED LONG TERM STRATEGIC PARTNERSHIPS

ISI's strategic partnerships provide access to valuable satellite imagery data and technologies creating a leading satellite constellation on an asset-light, capital efficient basis

Reciprocal use #1

3 SIGNIFICANT LONG-TERM GROWTH IN SATELLITE-BASED DATA SOLUTIONS

EROS NG constellation is expected to strengthen ISI's position and expand its available market, opening new selling opportunities

EROS NG Imaging Collection Capacity¹(m sq. km/year)

Source: Company information, commercial due diligence Report

20 Note: 1. Includes owned capacity, capacity potentially available for commercialization pursuant to ISI's strategic partnerships, and the projected retirement of EROS B at the end of 2025 (source: Company information) 2. Per annum, includes 20% markup resulted from the analytical services; at current market pricing levels; includes common quantity discount rates (source: Company information and CDD Report) 3. Due to inclined orbit to which all the EROS NG satellites were/shall be positioned (source: CDD Report) 4. These results are expected by the end of 2026 after the full constellation is launched (source: Company information) 5. EROS C1 and C2 have been commercialized earlier this year so 2021 capacity has been achieved (source: Company information)

ISI COVERS THE GEOSPATIAL NEEDS OF END-MARKETS

ISI's products & services address the needs of different end-customers across the Geospatial Intelligence (GEOINT) value chain

4

DEFENSE & INTEL END-MARKETS—THE KEY DRIVER FOR GEOINT 4A

Global defense and intelligence spending exceeds \$2tn. These pockets of spending represent the foundation for today's geospatial ecosystem

Source: Commercial due diligence report Note: 1. Defense spend as of 2020

4A DEFENSE & INTEL END-MARKETS—USE CASES

Largely derived from defense and intelligence budgets, spending for GEOINT programs unlocks a variety of defense use cases

Defense use cases

Monitoring and predicting adversary or nonstate actor activities over particular AOI

Protection and monitoring of infrastructure

Maritime domain awareness (MDA) for surveillance of coastlines and open oceans

Managing domestic security

Border security

Defending against new threats (e.g. emergent missile and hypersonic weapon technologies)

4B COMMERCIAL END-MARKETS

High imagery costs and limited availability historically constrained commercial adoption to higher value use cases where few alternatives existed, however, a variety of new opportunities are being unlocked

Future commercial use cases

Established commercial markets

EXPANSION OF COMMERCIAL END-MARKET IS EXPECTED TO SUPPORT 4 ISI'S FUTURE GROWTH THROUGH ITS EXPANDED SET OF OFFERINGS

Strong near-term market growth with significant room for accelerated growth in the long-term

Source: Company Information, Commercial due diligence Report

Note: 1. 2020A-2030E commercial CAGR (source: CDD Report) 2. 2020A-2030E defense CAGR (source: CDD Report) 3. TAM breakdown by product line (source: CDD report) 4. Total potential in defense and commercial sectors, in areas of systems and infrastructure, electro-optical data processing and distribution, and AI and analytics. Covers all geographies, some of which are not accessible. 100% penetration would only take place under highly favourable circumstances (source: CDD Report)

FAVOURABLE GROWTH DRIVERS ACROSS ALL PRODUCT LINES DRIVING MARKET GROWTH

Source: Commercial due diligence review report

4

26 Note: 1. Total Addressable Market of ISI's solutions across defense and commercial applications, covers all geographies, some of which are not accessible (see section 7). 100% penetration would only take place in highly favourable conditions (source: CDD report) 2. Total potential across the three product lines 3. 2020-2025 CAGR 4. 2020-2030 CAGR

5 GROWING REVENUE BACKLOG AND PIPELINE YEAR-ON-YEAR

ISI's comprehensive set of solutions has driven impressive growth in pipeline and revenue backlog

GROWING REVENUE BACKLOG¹ (\$M)

GROWING PIPELINE² (\$B)

Source: Company information

Note: 1. Signed contracts pending operational execution (source: Company information) 2. Total value of potential opportunities currently pursued by the company, valued up to (and including) 2032 (source: Company information) 3. This amount is calculated based on the actual backlog as of December 31, 2021 (USD 153.4M) and an additional USD 17.7M which represents the unrecognized revenues from a new agreement signed subsequent to the balance sheet date and has a retroactive effect for 2021 (Source: Company information)

5 SIGNIFICANT REVENUE POTENTIAL WITH EXPANDING PROFITABILITY

Strong revenue growth and operating leverage expected to feed into margin growth over time

EBITDA² REVENUE (\$M) ² (\$M)

Source: Company information

28 Note: 1. Calculated using lower range of Revenue and EBITDA guidance (source: Company information) 2. Revenue and EBITDA guidance based on company's backlog and pipeline expectations for 2024, based on certain assumptions and adjustments of management are subject to number of uncertainties (source: Company information)

5 INDUSTRY LEADING FINANCIAL METRICS

ISI delivers an attractive and differentiated mix of high growth and profitability and cash flow generation

Company		1	1	2	2
2021E-2024E Rev. CAGR	High	Moderate	High	High3	High
EBITDA Margin (2021E)	High	Moderate	Moderate	EBITDA loss4	EBITDA loss
Conversion5 OpFCF	Cash generative	Cash generative	Cash generative	Expect to be cash generative by 2025	Expect to be cash generative by 2024

Source: Company information, Commercial due diligence report, Factset consensus as of 13-Jan-22

Note: 1. Source: Factset consensus as of 13-Jan-22 2. Source: Investor presentations (Planet: Jul-21, BlackSky Feb-21) 3. FYE Jan 2022E to FYE Jan 2025E (source: Planet investor presentation: Jul-21) 4. FYE Jan 2022E (source: Planet investor presentation: Jul-21) 5. Operating free cash flow = EBITDA – capex. OpFCF conversion = Op. FCF/EBITDA (source: Company information for ISI, CDD report for Maxar and investor presentations for Planet and Blacksky)

ENTREPRENEURIAL AND DRIVEN MANAGEMENT TEAM WITH STRONG 6 EXPERIENCE IN SPACE INTELLIGENCE

ISI IN A NUTSHELL

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4

1

A leading and long-standing space intelligence and information solutions provider

• At a growth inflection point, leveraging 5 years of R&D and accelerating contracted backlog
• 3 Superior technical and AI/analytics solutions across entire value chain to win
  • \$20bn TAM¹ growing at 14% p.a. through to 2030
• 5 A trusted partner with long-term, deep relationships with blue chip customers

6 Already EBITDA and OpFCF² positive

Source: Company information, Commercial due diligence report

31 Note: 1. Total Addressable Market (TAM) to the end of 2030 includes areas across both defense (\$25bn) and commercial (\$51bn) sectors, in the areas of systems and infrastructure, electro-optical data processing and distribution, and AI and analytics. Covers all geographies, some of which are not accessible. 100% penetration would only take place under highly favourable circumstances (source: CDD Report) 2. OpFCF = EBITDA – Capex (source: Company information)

APPENDIX

GLOSSARY

GLOSSARY (1/3)

Term	Definition
AI	Artificial Intelligence
AOI	Area of Interest
Backlog	Expected revenue from signed contracts pending operational execution
COTS	Commercial Off-The-Shelf
DRS	Direct Receiving Station
EBITDA	Net income plus depreciation, plus finance expenses (net), plus taxes on income
Global Eye	ISI's future constellation which is to be formed of Runner and Knight satellites, and over a longer-term time horizon will provide ISI with capital efficient revisit rate expansion
Ground Station	The command, control, communications and data processing systems to operate satellites and process the information received

GLOSSARY (2/3)

Term	Definition
IAI	Israeli Aerospace Industries
New Space Satellite	Use COTS components, with shortened processes and minor adjustments to the space environment. Smaller and lower resolution than traditional satellites
OpFCF	Operating Free Cash Flow = EBITDA - Capex
Pipeline	Total value of potential opportunities currently pursued by the company and expected to translate into revenue by 2024
Resolution	The ability to distinguish details on the surface of the Earth, by means of the satellite's payload system. Measured by the area in square meters on the surface of the Earth that is measured by a single pixel in the satellite
Revisit rate	An index that describes the number of times in a 24-hour period that a satellite can monitor a certain point on earth's surface
Satellite Constellation	A group of satellites operated in operational/commercial synchronization of their orbits around the Earth

GLOSSARY (3/3)

Term	Definition
SAR	Synthetic Aperture Radar
Sensing Satellite	A satellite whose function is to remotely monitor activity on earth's surface with an electro-optical sensor, a radar (SAR) sensor
TAM	Total addressable market. ISI's total potential market size in defence and commercial sectors, in areas of systems and infrastructure, electro-optical data processing and distribution, and AI and analytics
Traditional Satellite	A satellite developed and constructed based on components and processes specifically intended for the space environment, that is not a New Space Satellite
UHF	Ultra High Frequency
Very High Resolution (VHR)	Between 0.5-1.5m2
Very Very High Resolution (VVHR)	Less than 0.5m2