FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Investor Presentation 2020

Jul 30, 2020

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FirstWave Cloud Technology Investor Update

31 July 2020

Disclaimer

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Not an offer

The material contained in this presentation is for information purposes only and is intended to be general background information on FirstWave Cloud Technology Limited ( FCT ) and its activities and is dated 31 July 2020. It is for information purposes only and is not, and should not be considered to be, an invitation, offer or recommendation to acquire shares or any other financial products.

Summary information

The information in this presentation is supplied in summary form, is of a general background nature and does not purport to be complete or to provide all information that an investor should consider when making an investment decision. It should be read in conjunction with FCT’s periodic and continuous disclosure announcements filed with the Australian Securities Exchange, and in particular, FCT’s full year results for the financial year ended 30 June 2019.

Not financial product advice

This presentation is for information purposes only and it is not financial product nor investment advice (nor tax, accounting or legal advice) nor a recommendation to acquire shares and has been prepared without taking into account the objectives, financial situation or needs of recipients of this presentation. It is not intended that it be relied upon as advice to investors or potential investors, who should make their own enquiries and investigations regarding an investment in FCT and in relation to all information in this presentation (including but not limited to the assumptions, uncertainties and contingencies which may affect the future operations of FCT and the value and the impact that different future outcomes may have on FCT) and before making any investment decisions, should consider the appropriateness of the information having regard to their specific investment objectives, financial situation or particular needs and should seek independent professional advice appropriate to their jurisdiction before making an investment decision. Neither this presentation nor anything contained in it forms the basis of any contract or commitment and no agreement to subscribe for securities will be entered into on the basis of this presentation. FCT is not licensed to provide, and this presentation does not constitute the provision of, investment or financial product advice in respect of FCT’s shares. Cooling off rights do not apply to the acquisition of FCT’s shares. An investment in FCT shares is subject to investment and other known and unknown risks, some of which are beyond the control of FCT. FCT does not guarantee any particular rate of return or the performance of FCT, nor does it guarantee the repayment of capital from FCT or any particular tax treatment.

Financial data

All amounts are in Australian Dollars ($ or AUD) unless otherwise indicated. The results for FY20 have not yet been audited. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

Investors should also be aware that certain financial data included in this presentation may contain information that is "non-IFRS financial information” under ASX Regulatory Guide 230 (Disclosing non-IFRS financial information). The non-IFRS financial information financial measures do not have a standardised meaning prescribed by Australian International Financial Reporting Standards ( AIFRS ) and, therefore, may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with AIFRS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial measures included in this presentation.

Future performance

Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding FCT’s intent, belief or current expectations with respect to business and operations, market conditions, results of operations and financial condition, including, without limitation, forecasted economic indicators, performance metric outcomes and the potential impact and duration of the COVID-19 pandemic. This presentation contains words such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. These forward-looking statements reflect FCT’s current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond the control of FCT, and have been made based upon FCT’s expectations and beliefs concerning future developments and their potential effect on FCT. There can be no assurance that future developments will be in accordance with FCT’s expectations. A number of important factors could cause FCT's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including but not limited to, general economic conditions in Australia; exchange rates; competition in the markets in which FCT will operate, the inherent regulatory risks in the businesses of FCT and the duration of the COVID-19 pandemic. Assumptions on which forward-looking statements in this presentation are based may or may not prove to be correct and there can be no assurance that actual outcomes will not differ materially from these statements. None of the Associated Persons nor any other person referred to in this presentation makes any representation as to the accuracy or likelihood of fulfilment of the forward-looking statements or any of the assumptions upon which they are based. When relying on forward-looking statements to make decisions with respect to FCT, investors and others should carefully consider such factors and other uncertainties and events. FCT is under no obligation to update any forward-looking statements contained in this presentation, as a result of new information, future events or otherwise, after the date of this presentation. As such, undue reliance should not be placed on any forward-looking statement.

Past performance information (including past share price performance of FCT) given in this presentation is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood or achievement or reasonableness of any forward-looking statements, forecast financial information, future share price performance or their forecast. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty, or guarantee as to the past, present or the future performance of FCT.

Disclaimer

No representation or warranty, express or implied, is made as to the accuracy, completeness, reliability or fairness of the information, opinions and conclusions contained in this presentation. Any information in this presentation is made only at the date of this presentation, and opinions expressed reflect FCT's position at the date of this presentation, and are subject to change. FCT is under no obligation to update this presentation. Neither FCT, its related bodies corporate, shareholders or affiliates, nor any of their officers, directors, employees, affiliates, agents, contractors, advisers or any other associated persons (collectively, “ Associated Persons ”) represents or warrants in any way, express or implied, that the information, opinions, conclusions or other information contained in this presentation, any of which may change without notice, is fair, accurate, complete, reliable, up to date or correct. FCT does not represent or warrant that this presentation is complete or that it contains all material information about FCT or which a prospective investor or purchaser may require in evaluating a possible investment in FCT or an acquisition or other dealing in FCT shares. To the maximum extent permitted by law, FCT and its Associated Persons each expressly disclaims and excludes all direct, indirect, consequential or contingent loss, damage or liability (including, without limitation, any liability arising from fault or negligence) that may arise from, or is connected to, this presentation, or the use of this presentation, or any other written or oral information provided by or on behalf of FCT. 2

2 2

Agenda

Chairman’s Update

FY20 Results

FY21 Plan Summary Appendix

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Focus and Action

Chairman’s Update

Executive Chairman John Grant

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4

The elements are in place to reward shareholders’ patience

World class product

As independent Proofs of Value (PoV) continue to demonstrate

Large global addressable market

Now $1.88b with line of sight to $60m ARR

Committed partners to scale rapidly

130 partners with 28 billing Leveraged channel model – one to many to many more – that can drive exponential growth

Global delivery platform

Now supporting customers on 5 continents

Time and money

Shareholders have delivered the money and the Company now has the resources to execute its forward plan

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5

4 Appointments strengthen leadership

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Neil Pollock To Chief Executive Officer

• 30-years of experience across the global ICT, telecommunications, defence and technology sectors

• Chief Executive Officer of Indian-based data centre and managed services company, Nxtra Data Limited

• Senior positions in Bharti Airtel and SingTel Optus with experience in startups, M&A and developing and executing accelerated growth strategies

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Iain Bartram Chief Financial Officer

• A strategic CFO with multi-site and international experience in high growth, technology businesses

• • Current ASX and AIM listed experience • Raised multiple rounds of finance from angels, VC, PE, and as an ASX listed

• • Fusion Payments Group CFO & Australian MD and Telstra Relationship Manager

• Stripe Radio MD and ConnXion Limited CFO

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David Acton Non-Executive Director

• Extensive experience leading high performing teams and securities businesses in Australia and overseas

• • 2000 – 2016 Goldman Sachs in New York, Singapore and Sydney as an equity specialist

• 2006 – 2016 Partner at Goldman Sachs

JBWere and a Managing Director at Goldman Sachs where he held board and risk committee roles

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Kevin Bloch Technology Advisor to FCT

• Brings almost 40 years of experience in the technology sector in Australia and globally

• Joins as an advisor to the Company on technology and markets

• Chief Technology Officer for Cisco Systems ANZ 2008 – 2020 where he led strategy, innovation and engineering, following nine years in other senior leadership roles for ANZ

• CTO JNA Telecommunications 1985 – 1998 where he led R&D and systems integration and sale of JNA to Lucent Technologies

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6

Shareholder support for EGM resolutions closes out capital raise

At the Company’s EGM on 29 July shareholders approved:

Ratification of issue of 47,405,494 shares on 29 May under the placement Issue of 30M options @ 5 cents to Sub-Underwriters Election of David Acton as a Non-Executive Director

FirstWave Cloud Technology Limited Rights Plan allowing Directors and Senior Managers to salary sacrifice for Rights

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Summary

• FY20 Performance was in line with previous communication

• Leadership has been strengthened

• FirstWave is funded to execute its FY21 Plan

• The Company will continue to report quarterly in detail to shareholders

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8

Focus and Action

FY20 Results

Chief Executive Officer Neil Pollock

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FY20 results were mixed and impacted by external factors

Total revenue dropped 7% YoY[#]

Churn from the end of life Cisco web appliance in our Telstra revenues plus COVID-19 stalled the momentum built in H1

IARR* commenced an upward trajectory

IARR grew from $12k to $448k

130 partners on the path to revenue up from 23 28 billing partners up from 3

Lead indicators all positive

11 platforms covering all global regions End point protection product launched to address COVID-19 Seats: E:170k, W:~63k, F:83: EPP: 8k

$1.3m in-year cost out delivered

Met AGM commitment Represents $2m annualised savings

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$15.4m cash at year end

Successful $14.9m capital raise in Q4 Total net capital raised in FY20 ~$20m Projected to support operations to cash flow break even

FY20 numbers are unaudited

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• International Annualised Recurring Revenue

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FY20 Financial Results[#]

Total Revenue – declined 7% YoY, as a result of COVID-19

Domestic Revenue – declined 11% YoY, mainly due to product sunset by Cisco and Telstra internal changes

International Revenue – grew from $14k to $386k driven by conversion opportunities and more billing partners

Cost – Delivered cost out initiatives committed at AGM (see next slide)

Cash – Cash at bank $15.4m following successful capital raise in Q4

FY20 numbers are unaudited

(000)’s	FY19	FY20#	VAR
Total Revenue $8,832 $8,253 -7%
Domestic	$8,818	$7,867	-11%
- Recurring Revenue	$7,923	$7,155	-10%
- Non-Recurring Revenue	$895	$712	-20%
International	$14	$386	2,672%
- Recurring Revenue	$6	$203	3,292%
- Non-Recurring Revenue	$8	$183	2,205%
Gross Margin	$4,984	$4,482	-10%
Margin %	56%	54%
Total Expenses	$14,053	$15,345	9%
Labour (excl. Capitalised labour)	$9,204	$10,073	9%
Non-Labour	$4,849	$5,272	9%
NPAT	-$11,007	-$13,187	20%
Capitalised Expense	$2,329	$3,593	55%
Cash at Bank	$8,195	$15,415	88%

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FY20 operating expenditure reduced by $1.3m from Q1 run rate*

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$4.5m
$4.0m
$4.0m
$3.8m
$3.7m
$0.55m
$3.5m
One off
$3.2m
$3.0m
$2.5m
$2.0m
Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20
----- End of picture text -----*

• Q4 operating expenses excluding one off charges $3.2m

• $552k one off charges included:

• $181k Capital raise

• $119k Service Rights Plan

• $191k Retention & sign-on

• $ 61k Non operating accrual

*AGM advice was in year reduction in Opex of $1.3m and $2m annualised

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FY20 Cash Flow

Net increase / (decrease) in cash held ($’000)

	Q4 FY20	FY20
Cash and cash equivalent at beginning ofperiod	$5,779	$8,195
Receipts from customers	$1,117	$8,110
Payments relatingto operatingactivities
Product and OperatingCosts	-$1,646	-$5,384
Staff Costs	-$1,590	-$9,426
Other Operatingcosts	-$ 880	-$2,155
Net cash from /(used in) operating activities	-$2,999	-$8,855
Net cash from /(used in) investing activities	-$1,082	-$3,901
Net cash from /(used in) financing activities	$13,717	$19,974
Effect of movement in exchange rates on cash held	$0	$2
Cash at end ofquarter	$15,415	$15,415

• Q4 cash payments of $5.2m in line with forecast

• $19.97m FY20 capital raise (net of fees)

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13

Focus and Action

FY21 Plan

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The FY21 Plan focuses on revenue and cashflow outcomes

Projected total revenue grows 38%[1] Projected IARR[3] grows to $9.5m Gross margin improves to 59%

Total revenue grows from $8.3m to $11.3m Total annual recurring revenue grows 43% to $10.5m International recurring revenue grows to $3.3m[2] Up from $448k in FY20

Driven by higher margin international recurring revenue

YoY total cost projected to increase by less than 2%

Diligent cost and cashflow management Maintains investment in technology development Increased investment in sales and marketing

$4.8m cash at year end

Average monthly cash out drops to less than $1m at year end Projected to support operations to cash flow break even

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• 1Assumes business returns to business from October 2020

• 2In-year FY21

• 3International Annualised Recurring Revenue

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FY21 Plan projects revenue growth; improved margins and cashflow

Potential Revenues	FY20 (m)	FY21 (m)	% change 20/21
Total Revenue	$8.3	$11.3	38%
Recurring Revenue	$7.4	$10.5	43%
Domestic	$7.2	$7.2	1%
International	$0.2	$3.3	1,532%
Non-recurring Revenue	$0.9	$0.8	-7%
Domestic	$0.7	$0.6	-11%
International	$0.2	$0.2	9%
Gross Margin	$4.5	$6.7	51%
Gross Margin %	54%	59%
Ave monthly cash out – Annual	-$1.0m	-$0.9m	15%

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Revenue – is projected to grow rapidly (38%), driven by growing international revenue

Recurring Revenue – is projected to grow faster – Annualised Recurring Revenue forecast to be $18m by end FY21 vs $7m in FY20

Gross Margin – is projected to increase, driven by higher margin international recurring revenue

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The FY21 Plan delivers through on-ground action

Increased investment in sales and marketing

More sales and pre-sales people to secure more partners and improve opportunity conversion to revenue Increased marketing budget to promote CCSP

Team incentivised to over-perform

Internal Targets, KPIs, and Incentives that are clear and unambiguous

Sustained investment in product and technology

To stay ahead of the competition To deliver advanced detection and response capability

Streamlining and automating engagement with partners

A new partner portal delivers a better experience and accelerates path to revenue

Expanding 24/7 operational support

At the right cost To sustain end-customer experience as a differentiator

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The FY21 Plan projects growth across all lead indicators

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TARGET REVENUE PRODUCT MORE MORE MORE MORE
MARKET LINE LINE OF PARTNERS ACTIVE BILLING GLOBAL
GROWTH OF SIGHT SIGHT PIPELINE PARTNERS PLATFORMS
GROWTH GROWTH
FY20 $1.88b $60m 3.3m 130 55 26 11
FY21
$2.03b $80m 3.5m 140 60 40 15
ARR EMAIL SEATS
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The FY21 Plan projects more sales of existing and new products

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FY20 FY21
Email
PRODUCT (#) FY20 FY21
Email 172,683 735,000
Web Advanced
Detection Web 62,984 100,800
& Response
Firewall 83 1,900
(‘ADR’)
Endpoint Protection 8,094 35,000
Firewall
ADR will be offered progressively from Q1 to
Q4 across each product
Endpoint
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19

Focus and Action

Partner Feedback

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Partner feedback varies by geography but the themes are consistent

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Sales Customer Security Decision The New
Activity Focus Requirements Making Normal
- - - - -
Sales activity Customers are End point Decision- Confirms what
reduced shifting to SaaS protection making is faster we know
- - - -
Sales teams Movement emerging as a Pricing Working
remain stood away from on- key requirement pressure is securely from
down premise “boxes” for end increasing home - WSFH
customers
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….and in summary it tells us….

• Strengthening macro demand for cyber security as a service

• Near term COVID-inspired restraint

• Determination emerging to get back to business

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Global Project Insights

• European Tier One telco in proof of value

• New firewall solution in proof of concept with major Indian Tier 1 Telco

• Nigerian telco planning launch of endpoint protection in Q1[1]

• Working with potential new Level 1 partner to expand reach – now in proof of value

• First on-premise platform deployment outside ANZ underway

• Telstra Business Cyber Security Services suite now includes endpoint protection

• Replacement web-security product available by end Q1

• https://www.thisdaylive.com/index.php/2020/07/30/netcom-moves-to-address-it-security-partners-top-global-companies/

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Summary

COVID-19 impacted FY20 and continues into Q1 FY21

Our partners remain committed

Our product and service offering remains fit for purpose

Our objectives are clear and our activity high

Funded to deliver FY21 Plan

Pivoted quickly to launch remote worker cyber security Stalled momentum in H2 FY20

FY21 projections assume business back to pre-COVID levels from October 2020

The macro focus on cyber security is increasing Near term COVID-inspired concern remains Determination emerging to get back to business

Enhanced functionality of core EWF offering New detect and respond capability will sharpen value proposition for partners and customers

To bring on new partners To convert more opportunities to revenue To deliver technology to stay ahead of the competition Diligent focus on cost and cash Investment if Product constant year on year Increased investment in sales and marketing

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Focus and Action

Thank you

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25

Focus and Action

Appendix

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Experienced Management Team to Execute

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John Grant

Chairman

Australian industry leader

MD of Data#3 (ASX:DTL) for c. 20 years

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Neil Pollock

CEO

Global Business Leader with 27 years of ICT, telco and energy sector experience across Asia Pacific, the Middle East and India

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Roger Carvosso

Director – Product & Innovation

Product professional with more than 20 years of experience in the global telco industry

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Simon Ryan

CTO

Globally recognised leader and innovator in cloud technology with more than 12 years in AI, machine learning and data mining

Inaugural chair of Australian Rugby League

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In FY21 our target market is projected to grow to $2.03b

‘EWF’

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‘EWF’ ‘E’
TAM : $15.53b
TAM: TOTAL ADDRESSABLE MARKET - TAM - Worldwide
Worldwide MSS/Cloud-Based Firewall & Content Enterprise Endpoint
Security (Telco/SP-served) Security Market
SMB + % Medium
Businesses (<200
employees) only
SAM: SERVICEABLE ADDRESSABLE SAM: SMB
MARKET - Portion of Total Enterprises Portion of TAM
served < 200 employees in size (target (<200
end customer profile) employees) SAM = 37% * TAM = $5.75b
• Accessible Geo Markets &
SOM: Accessible
SOM: SERVICEABLE OBTAINABLE Telco/SPs via (Current) FCT
market via
MARKET - Proportion of worldwide Channel Partners (75%)
Telco/SPs,
Telco/SPs accessible (Geos/ Partner
‘switchable’ spend, •
Adjustment of Telco/SP retail
reach), FCT wholesale revenue
FCT resale rev revenues to FCT wholesale
share /resale level (45%)
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+

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‘E’
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TAM : $13.89b SMB + % Medium Businesses (<200 employees) only

SAM = 12% * TAM = $1.67b

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• Accessible Markets & Telco/SPs via FCT Channel Partners (40%)

• ‘Switchable’ % of EPP customer buyer base per annum (30%)

• Adjustment of Telco/SP retail revenues to FCT resale level (*45%)

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SOM = 40%30%45% of SAM = $0.09b

SOM = 75% * 45% of SAM = $1.94b

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FY21 projected Line of Sight through 40 billing partners ~$80m ARR

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Billing
Partners
FY21 10,000s of
Level 2 Partner
Enterprise/SMB
Accessibility
$2.03b global market FY21 customers
opportunity 7
Level 1
Partner FY21 35
10,000s of
FCT
Enterprise/SMB
13 customers
15
76 10,000s of
10
Enterprise/SMB
customers
14
7 10
1,000s of
140 Enterprise/SMB
customers
40
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As our partner ecosystem and product offerings expand, so does our addressable market
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COVID-19 Partner Feedback

• UK Region Partner SE Asia Partner Middle East Partner Asia-wide Partner TTSL

• ▪ Sales activity - overall, we have ▪ Demand - We are seeing impact ▪ Demand - COVID has definitely ▪ Demand - We are seeing a surge ▪ Activity levels – for traditional seen less than 50% of sales on business activity amongst all impacted business activity in our in demand for cybersecurity telecom products are definitely activity volume in this Quarter our client groups. Telcos are region. We are seeing budgets services as customers are facing lower compared to pre-Covid-19 (April-June) compared to runresilient in consumer, but B2B is being frozen, and further delays sudden lockdown with no clarity days but for cloud-based rate sales for the same time starting to take a hit. We usually in decision making. Contract on when employees can get back products, traction is significantly period in the prior years. have 20%-30% of our client renewals have been stalled. to their workplaces. higher. Hopefully, overall activity activity on digital transformation; levels will come back to normal

• ▪ Customer buying - is shifting since early April, this has become ▪ Cybersecurity demand or ▪ Products - We are seeing more by September – October of this from On-Prem IT and Comms 100% of our business activity revenue for Working-From-Home demand for Endpoint, Web year. products to those on Cloud with clients. (WFH) has slowly started even Security and Firewalls, and less (SaaS). We are seeing faster though it hasn’t been advocated for Email security. In the Indian ▪ Marketing traction – the traction decision making from customers ▪ Sectors - We are seeing an uplift much yet publicly. market customers are looking for for solutions which enabled in Secure connectivity and in our Public Services client work, advanced Endpoint solutions - work-from-home increased Endpoint security. especially in Health Care (due to ▪ An example of this is the 9Mobile Endpoint Detect & Respond significantly during this period. COVID support) and the Police. decision to launch the Endpoint (EDR). Our Inside Sales team has

• ▪ Outlook – we should see an Sectors most challenged are service. They got delayed in started engaging with customers increase in Guardian security Automotive and Insurance. getting people to launch their ▪ Terms - We are also seeing over the telephone. That sales (FirstWave enabled service) marketplace and we are delayed customers negotiating harder approach was adopted by our starting Aug/ Sept as we start to ▪ Outlook - We are seeing faster as a consequence. We cannot due to the economic conditions. Channel Partner ecosystem as bring our sales teams back into decisions from all our clients. We even get their internal staff to Customers don’t want to make well and this seems to have our business. We also anticipate are also seeing greater push progress on the contract long term arrangements. The become the new normal. our partners bringing their sales towards cloud-based services. agreement as people have typical 36-month terms are staff back in by September. We expect security needs to moved into home-based coming down to 12-month ▪ Product traction – End-pointincrease as more businesses working.] terms. Security is part of our work-fromstart to redeploy their employees home Portfolio. We launched the to work from home after they service about a month back and return from furlough. we have got a good response from our customers as well as our Channel Partners.

Excerpts from calls with key customers in June/July 2020 (in each case with CEO, Head of Partnerships or equivalent

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30

Focus and Action

FirstWave Technology

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31

FirstWave Cloud Technology

Firstwave’s Cloud Content Security Platform (CCSP) is the only orchestration and automation platform that supports a full array of multi-vendor best-of-breed email, firewall, web and endpoint security applications via “a single pane of glass”

To deliver its solution, FirstWave partners with major telecommunication and IT groups – both directly and via FirstWave’s OEM relationship with Cisco

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CCSP
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Cloud Content Security Platform (CCSP)

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• ✓

• ✓

• ✓

• ✓

• ✓

• ✓

• Functionality - Highly flexible, feature rich security orchestration platform

• Security - Addresses the key requirements of multi-national Telcos and MSSPs

• Deployment - Standardises and simplifies the deployment and management of multivendor security products & revolutionises the economics

• Versatility - Automated, multi-tenanted orchestration for delivery across multiple cloud environments

• Scalability - Highly scalable architecture and operations model able to be replicated on any Service Provider (SP) environment

• Breadth - Allows Service Providers to deliver a wide variety of security solutions and sell them as-a-service

• ✓ Proprietary - Fully developed in-house with over A$40m invested

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Why is CCSP so compelling?

TO PARTNERS

Telcos, MSSPs and GSVs

• Simplified enterprise-grade security solution that works

• Sell security-as-a-service to all market segments

• Compelling economics

• Supports multi-vendor best-of-breed security appliances

• Simplified configuration and management through one pane of glass

• Rapid deployment and market entry

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----- Start of picture text -----

Web Firewall Advanced
Email Security Security Security Endpoint
Security Security
Simplify
Automate
Cloud content security platform Scale
Enterprise Gov SMB
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TO END CUSTOMERS

SMBs, Enterprises, Government

• Enterprise-grade holistic cybersecurity protection delivered as-a-service

• Compelling economics

• Fully managed solution from a trusted provider

• Bundled with other communications or IT services

Only FirstWave enables Global Partners to deliver enterprise-grade security across their entire client base

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There are five key elements of the FCT partner ecosystem

		•	Cisco, Palo Alto Networks, Fortinet, Trend Micro
Technology partners 1		•	Supply enterprise-grade cyber-security threat vector technology for multi-tenanting and integration into the FCT cloud content security platform
		•	Projected to expand as new offerings are developed and brought to market
		•	Telstra, NTT Data, Cisco, Digital Wholesale Solutions (DWS), SHELT
Level 1 partners 2		• •	Generate revenue and margin selling CCSP or CSMP through Level 2 partners – usually as white-label offering Can sell directly to end customers (eg. Telstra) but majority of revenue is through Level 2 partner network
		•	Characterised by being tech-savvy with strong partner networks and existing technology-related relationships with their partners
		•	Mobifone, Orient Telecom, KSM Telecom, Netcom
Level 2 partners 3		• • •	Generate revenue and margin selling CCSP or CSMP direct to end user customers either as white-label offering or FirstCloud Characterised by having existing billing relationships with end customers usually through a suite of technology offerings Can employ the FCT offering to either increase share of wallet from existing customers or break ground and develop
			relationships with prospective customers
		•	Level 1 or Level 2 partners which have sold services and “on-boarded” end user customers
Billing partners 4		• •	Have reached the “revenue” milestone on the path to revenue Are being invoiced for services consumed on either CCSP or CSMP
		•	Are a subset of the Level 1 or Level 2 partner list
		•	Are consumers of FCT services on either CCSP or CSMP
End user customers 5		•	Can be a partner OR customer of a partner
		•	Characterised by having a customer operations relationship with both a partner and FCT

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5
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End user
customers
FY21 Projected Line of Sight ~$80m ARR 4
3 Billing
Partners
FY21 10,000s of
Level 2 Partner
1 Enterprise/SMB
Accessibility
customers
2 FY21
7
Technology
partners Level 1
35
Partner
10,000s of
FCT
Enterprise/SMB
13 customers
15
76 10,000s of
10
Enterprise/SMB
customers
14
$2.03b global market
7 10
opportunity 1,000s of
140 Enterprise/SMB
customers
40
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As our partner ecosystem and product offerings expand, so does our addressable market

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A Simple Guide to Acronyms in our Presentation

Definitions for the Path to Revenue model

• ‘Level 1’ Partner– this is a GSV or GSI partner of FCT (leveraged partner model)

• ‘Level 2’ Partner– this is a customer of a ‘Level 1’ Partner (leveraged go-to-market model) or a direct customer of FCT e.g Telstra

• –

• ‘Level 1’ / ‘Level 2’ PoC/PoV ‘Level 1’ Partner or ‘Level 2’ Partner starts full trial on the platform that if successful will then provide the confidence for the respective ‘Level 1’ Partner or ‘Level 2’ Partner to on-sell to their customers

• ‘Level 1’ Partner OEM/Reseller Agreement - this is a collective term for an agreement between FCT and a ‘Level 1’ Partner

• OEM Agreement – this is an OEM agreement between FCT and a ‘Level 1’ Partner being a Global Security Vendor (GSV)

• ‘Level 2’ Partner MSA / Reseller Agreement – This is a master services agreement between FCT and a ‘Level 2’ Partner with approved pricing and service definitions

• FCT Platform Certification – This is a technical certification by the ‘Level 1’ Partner or ‘Level 2’ Partner that allows their customers to be provisioned onto the platform

• Sales/Support Enablement – All ‘Level 1’ Partner and/or ‘Level 2’ Partner sales teams have been trained on and provided with FCT product and service information

• GTM Launch – When the ‘Level 1’ Partner and/or ‘Level 2’ Partner launches the FCT CCSP-enabled service to their customers

• PoV (Proof of Value) for End Customer – End customer full trial on the platform that if successful is then provides catalyst to sign order

• PoC (Proof of Concept) for Partner – Partner customer full trial on the platform that if successful is then provides catalyst to sign agreements

• End Customer Order & On-boarding – End customer orders FCT solution from ‘Level 2’ Partner is on on-boarded to the service

• End Customer Bill – End customer is billed by ‘Level 2’ Partner which allows FCT to bill ‘Level 1’ Partner or ‘Level 2’ Partner

• Products X-Sell/Upsell – ‘Level 2’ Partner sales teams cross-sell and up-sell other FCT– enabled solutions

• SAM – Serviceable Addressable Market

• SMB – Small to Medium Business (sometimes also called a ‘SME’ or Small to Medium Enterprise)

• SOM – Serviceable Obtainable Market

• TAM – Total Addressable Market

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A Simple Guide to Acronyms in our Presentation

FirstWave plays in a highly technical world so here are some definitions to help you navigate terminology

• BDM – Business Development Manager – sales executive

• CCSP – Cloud Content Security Platform

• Content Security – a product market category that comprises email security and web security

• CWS – Cloud Web Security - a cloud-based Secure Web Gateway service offering from Cisco (ex-Scansafe, a company acquired by Cisco)

• • EMEA – Europe, Middle East & Africa

• EWFE – A FCT-conceived abbreviation for an Email + Web + Firewall + Ednpointsolution package or offer bundle from a Telco/SP to an Enterprise/SMB customer

• Exit revenue – Annualised Monthly Recurring Revenues (AMRR) as at June 30 of the corresponding fiscal year

• GSI – Global Systems Integrator

• GSV – Global Security Vendor – e.g. Cisco, Palo Alto Networks, Fortinet

• MRR – Monthly Recurring Revenue

• MSS – Managed Security Services

• MSSP – Managed Security Service Provider – e.g. a Telco/SP that offers MSS to its enterprise/SMB

• OEM – Original Equipment Manufacturer - a company that produces equipment , marketed and sold by another manufacturer – e.g. what FirstWave does with Cisco

• OSS/BSS – Operational Support System / Business Support System (Telco/SP core IT systems)

• SaaS – Security as a Service

• SWG – Secure Web Gateway – a category of content security product or technology that inspects user web traffic for security and content control purposes

• SP – Service Provider – a term used for a Telco or a network services provider or communications service provider

• Telco – a telecommunications company , whether a fixed network or mobile network operator or both

• Umbrella – Cisco Umbrella - a cloud-based Secure Internet Gateway (SIG) offering from Cisco

• WSA – Cisco Web Security Appliance - a proxy-based Secure Web Gateway (SWG) product from Cisco

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