Tal Elyashiv, the founder and Managing Partner of SPICE VC, the leader in investing in the digital securities ecosystem and tokenised assets, gives an overview of the investment landscape that SPICE and he have pioneered.

1. www.spicevc.com
Blockchain Investing

2. 2
WHAT IS SPiCE VC?
SPiCE is a Venture Capital fund providing investors
exposure to the massive growth of the
Blockchain / Tokenization ecosystem
SPiCE is a leading brand name in the Blockchain
industry and its founders are considered
visionaries of the Digital Securities industry.

3. 3
Blockchains, Tokenization, and the underlying
Distributed Ledger Technology (DLT)
have transformational potential for any
industry where transactions, data
sharing across entities, trust,
or regulatory compliance
play a major role.

4. 4
CURRENT
BLOCKCHAIN
BUSINESS
APPLICATION
LANDSCAPE
FINANCE
CORPORATEPROCESSES
OTHERS
Capital markets
Crypto
currencies
Banking
Insurance
Fundraising
Payments &
money
Transaction
processing
Data security/
privacy
Data sharing
Compliance
management
Supply chain
management
Healthcare
Energy market
Global trade &
commerce
Commodities
trading
Telco
IoT
Genomics
Charity
Digital advertising
Official registries

5. 5
CAPITAL MARKETS
This is one of the areas where Blockchain has profound potential
impact and is already showing significant traction. This cluster
includes securities (private and public), funds management (Hedge
Funds. VC funds, Private Equity), primary issuance, custody,
exchanges/ATSs and OTC trading, asset management, etc.
CRYPTO CURRENCIES
With the growing popularity of crypto currencies, significant related
ecosystem of providers and products has developed, including:
wallets, exchanges, OTC marketplaces, staking, lending, custody
providers, hedge, funds, etc.
BANKING
As a digitized, secure, and tamper proof ledger, blockchain could
improve most banking functions (In essence serving as critical
storehouses and transfer hubs of value), injecting enhanced accuracy
and information-sharing into the financial services ecosystem.
INSURANCE
FUNDRAISING
PAYMENTS & MONEY
FINANCE
Fraud prevention, claims management, health insurance
and reinsurance all benefit greatly in processing speed
and simplicity fromblockchain based processes
Tokenization allows for new ways of fundraising from
crowdfunding, through private offering securities and to
full fledged IPOs
Using blockchain accelerates payment processing and
settlement, reduces costs, enables micropayments, and
dramatically simplifies cross borderpayments

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DIGITAL SECURITIES ECOSYSTEM:
STRUCTURE
Primary
Market
Secondary
Market
(1) Parties who ensure legal compliance and manage operations
(2) Parties who informs investors of the quality and risks of issued securities
ISSUER
INVESTORS
INVESTORS
CUSTODY
Custodians
SECONDARY TRADING
Exchanges/ATS/MTF
Over the counter
ISSUANCE
Issuance
platforms
DISTRIBUTION
Underwriters
Investment banks
Broker-dealers
Distribution networks (eg.
Family offices)
Equity crowdfundingplatforms
Transfer agent
Issuance platform
Issuer
Compliance services (eg.
KYC/AML) (1)
MANAGEMENT
Underwriters
Rating agencies
Auditors (2)
QUALITY
ASSURANCE

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DIGITAL SECURITIES ECOSYSTEM:
PLAYERS SAMPLE MANAGEMENT
QUALITY
ASSURANCE
Primary
Market
Secondary
Market
ISSUER
INVESTORS
INVESTORS
CUSTODY
SECONDARY TRADING
ISSUANCE
Issuance
platforms
DISTRIBUTION

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THE DIGITAL SECURITIES MARKET
IS SHIFTING
The initial motivation for the development of the Digital
Securities industry was digitization of non liquid assets
Over the past year major banks and institutional
players started moving into the industry
recognizing that this technology ecosystem is
significantly superior to current technology for
issuing, managing and settling securities.

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INSTITUTIONAL
PARTICIPATION
ISSUERS
Announced
STRATEGIC
INVESTORS
BUILDING
IN-HOUSE
CAPABILITIES

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Using blockchain, transaction verification, control, recording
and sharing across business entities is immediate and
immutable; resulting in higher speed, efficiency and security
Blockchain technology can enhance data security and protect
data against manipulation
CORPORATEPROCESSES
Sharing data across business entities is a difficult, cumbersome,
and sensitive process. Blockchain technology makes it simple
and immediate while keeping the whole process more secure
TRANSACTION PROCESSING
DATA SECURITY/ PRIVACY
DATA SHARING
Blockchain and tokenization through the use of smart contracts
allows automating enforcement of regulations, business rules,
and process compliance during business execution
Supply chain management involves complex cross corporate
transactions, data sharing, tracking, control, and status
updates. Blockchain simplifies and speeds up this process
dramatically while increasing quality and timeliness of reporting
COMPLIANCE MANAGEMENT
SUPPLY CHAIN MANAGEMENT

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OTHERS
Blockchain technology is being leveraged to
remodel the collaborative exchange of
research and healthcare data, as well as to
provide secure and tamper proof access to
patients' medical data. It can also help track
supplies and ensure authenticity of drugs
HEALTHCARE
Blockchain allows smart metering of
electricity generated by solar panels of
individuals to record, trade, and settle on a
ledger. This way, individuals can be both
consumers and producers of energy and
drive a more efficient market
ENERGY MARKET
This industry suffers from lack of trust and
poor coordination between exporters and
importers; and operational inefficiencies due
to manual and paper based processes.
Blockchain can dramatically improve cross-
border coordination, trade settlement, and
standardization through the automation of
agreements, business events, and other
manually intensive processes
GLOBAL TRADE & COMMERCE
Commodities trading represent 25% of
international trade. It is highly inefficient and
paper based. Using blockchain technology the
industry can significantly reduce costs related
to fraud, delays, and loss of income and
opportunity
Telcos face many challenges, and blockchain
represents a potential source of relief for issues
like roaming, identity management and 5G
transition
COMMODITIES TRADING
TELCO
IoT
GENOMICS
Blockchain provides a simple infrastructure for
Internet Of Things devices to communicate
and share data autonomously and securely
With blockchain, it is now possible to send
anonymous genetic information around the
world. This aggregation of data can help
advance preventive and personalized medicine
Blockchain could salve the anti-trust problems
charities are increasingly facing, through greater
transparency to donors. Furthermore, blockchain
tech could help NPOs distribute funds more
efficiently, manage their resources better, and
enhance their tracking capabilities
Blockchain based models will replace the current
digital advertising models of aggregating and
mobile data tracking and will put more power
and control in the hands of consumers, resulting
in better targeting and value both to consumers
and to advertisers
Blockchain based registry platforms enhance
transparency and streamline the process of
registering and sharing registry data. Examples
include notary, intellectual Property, and royalty
protection)
CHARITY
DIGITAL ADVERTISING
OFFICIAL REGISTRIES

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BACK TO SPiCE VC
SPiCE is a Venture Capital fund providing investors
exposure to the massive growth of the
Blockchain / Tokenization ecosystem
SPiCE is a leading brand name in the Blockchain
industry and its founders are considered
visionaries of the Digital Securities industry.

13. 13
PERFORMANCE
TO DATE
Period Jan’18 to Feb’20
9.6%
-14.2%
-7.9% -10.1%
-13.9%
65%

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WHAT DO WE INVEST IN?
The tokenization world is growing fast but is still in its infancy.
Many services and capabilities are still being built to support
this huge industry.
Companies building the Tokenization industry
ecosystem
Those who stand to benefit the most from
the massive growth of the industry.
SPiCE invests in the pioneers who tokenize the world,
building the technology and businesses enabling this
new domain.

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LONG TERM GLOBAL POTENTIAL FOR SECURITY
TOKENS IS IN THE HUNDREDS OF TRILLIONS
REAL ESTATE
$217 Trillions
COMMERCIAL
AGRICULTURE
RESIDENTIAL
DEBT
$215 Trillions
DEVELOPED
MARKETS
EMERGING
MARKETS
DERIVATIVES
$544 Trillions
STOCK
MARKETS
$544 Trillions
RoW
UK
JAPAN
CHINA
EURO US
BITCOIN
(FOR REFERENCE)
$100 Billions

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WHAT IS OUR INVESTMENT
STRATEGY?
SPiCE’s investment strategy is to provide exposure for investors
to the best of this fast growing tokenization industry
• Great time to enter: significant traction despite early stages and ability to benefit from
second wave successes
• Large institutional players already moving into the tokenization domain (JPM, HSBC,
Fidelity, Santander, Citi, MUFG, NYSE, Barclays, SIX, Nomura, Societe Generale…)
• Major infrastructure, services and capabilities gaps still exist to fully support this
growing industry
• Many companies spring up to address various elements of this ecosystem
• Significant opportunities exist for leveraging on and creating
ecosystem synergies within our investment portfolio
• We apply strict selection criteria and perform thorough
due diligence to select candidate portfolio
companies for investment

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PORTFOLIO SELECTION CRITERIA
Team
Traction
Strategic Direction
Product Market Fit
Business Model
Forecasts And
Assumptions
Ecosystem State
Timing
Portfolio Synergies
Resiliency To Changes
Fit To Fund’s Time
Horizon

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CURRENT PORTFOLIO
Started investing April 2018
Primary issuance & lifetime
compliance digital securities
platform
Transparency Trading
Protocol and Analytics
Blockchain based GPU NW Real Estate Tokenization
Platform
a platform for easy
application of pre-built
machine-learningmodels
Enables seamlessly buying,
selling, storing and spending
digital assets
A domain leader in taking
officially sanctionedgames
mobile
Redefininginvestment in
exchange-traded, single-
property commercial real
estate
Institutional Focused
Secondary Digital Assets and
DS Marketplace
Stable Coin. Reserve-backed
global digital currency
Institutional asset-backed
digital securities exchange,
UK
DS Investment Banking
Platform and a Digital
Securities Exchange,
Singapore
Blockchain based Financial
provider for South America
A platform empowering
corporate deployment of
Blockchain applications
Blockchain based model for
digital media to reward the
contributors that power the
network.

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WHO ARE WE?
Combining institutional , hands-on entrepreneurial, and
investment experience

20. 20
WHO WE ARE?
CARLOS DOMINGO
San Francisco
Senior executive,entrepreneur
and investor
• CEO Securitize, CEO Telefonica R&D,
CEO Telefonica Innovation, CEO
Telefonica Corp VC
• COO Celartem, CEO Lizardtech, CEO
Extensis
• Founder: Wayra, Sling Ventures, Dubai
Angel Investors, SPiCE, Securitize
TAL ELYASHIV
Tel Aviv
Senior executive,entrepreneur
and investor
• CIO Capital One, CIO Bank of America
• COO BondDesk, CTO & Head of New
Businesses 888
• Founder/CEO: Navion, Exactor, Yallo,
SPiCE, Securitize
• Early stage investor
RENE EICHENBERGER
Zurich
Private Equity and Venture Capital leader
• Founder and Managing Partner Crossbow Ventures
(VC), Founder and CEO Horizon21 (over $10Bn AUM),
Founder and Vice Chairman ClearSky utilities fund,
Founder and Chairman Alternative 2 AG
• Executive Chairman, Viva Investments Partners AG;
Investor in Sargon, global pension fund operator (Over
$65Bn AUM), Vice Chairman Acron AG (leading Real
Estate investment company), Executive Vice Chairman
Pulse Evolution

21. 21
OUR ADVISORS
Brendan is the inventor of
popular programming language
JavaScript, co-founder of
Mozilla, a pioneer of the open
source movement, and more
recently the founder and CEO
of Brave, which famously
completed a $35M ICO for the
Basic Attention Token in 30
seconds. LinkedIn
B R E N D A N E I C H L O I C L E M E U R
Named one of "Europe's Tech25"
by the WSJ, Loic co-foundedLe-
Web, one of the largest European
tech events. He is a serial
entrepreneur currently workingon
his new startup Leade.rs, after he
founded and sold 4 startups. He
is also an active business angel
who investedin companies such
as LinkedIn, Evernote and
Lending Club. LinkedIn
Eyal is a pioneer, visionary, and
passionate advocate of the
blockchain movement. Eyal is a co-
founder and the architect of Bancor,
the token liquidity protocol (used
by SPiCE VC), which raised $150M
in an ICO to develop the Bancor
platform. Prior to Bancor Eyal was
the co-founder and president of
MetaCafe, the video sharing
platform. LinkedIn
E Y A L H E R T Z O G
SPiCE is honored to have some of the world leading tech and blockchain experts on our advisory team.
Julie is a leading backer of
entrepreneurs in Europe (over $1Bn
in transactions). She was the
founder of Ariadne, and is the CEO
and co-founder of VIP. A former
INSEAD Board Director, Julie also
receivedan honorary PhD in
Applied Economics from Warwick
University. Julie is a World
Economic Forum Global Leader for
Tomorrow. LinkedIn
J U L I E M E Y E R

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OUR TRACK
RECORD
SPiCE management team has been involved in hundreds of tech funding
rounds totalling billions of dollars; as entrepreneurs, investors and executives
INVESTMENTS M&A / EXITS
TOP LEVEL
CORPORATIONS COMPANIES FOUNDED
SPiCE VC
Mobilus.io
Navion
Navion

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DISCLAIMER
The information contained herein is confidential information regarding Spice VC (the “Fund”). By accepting this information the recipient agrees that it,
and its officers,directors and employees will use the information only to evaluate its potential interest in the Fund and for no other purpose and will not
divulge such information to any other party. Any reproduction of this information, in whole or in part, is prohibited. The information contained herein
has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any securities or any
interest in the Fundor any other Fund or to participate in any trading strategy. If any offer to purchase any interest in the Fund is made in due course it
shall be made only pursuant to a definitive OfferingDocument prepared by or on behalf of the Fundwhich would contain material information not
contained herein and which shall supersede this information in its entirety. Any decision to invest in the Fund should be made only in compliance with
and subject to the limitations imposed by applicable laws applying to the ability to offer these securities to prospective investors in their relevant
jurisdictions and after reviewingthe definitive OfferingDocument,conductinginvestigations as deemed necessary by the investor and consultingthe
investor’s own investment,legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an
investment in the securities.
With the exception of approved Accredited Investors who have been directly approached under Rule 506 (c) of Regulation D of the United States
Securities Act of 1933 the Fund will not accept investments from any US person and this presentation is not for use by any US person other than those
who have been specifically approved by the Fund. No registration statement has been filed with the United States Securities and Exchange
Commission or any U.S. State Securities Authority with respect to the shares of the Fund. None of the Shares in the Fund have been or will be registered
under the United States Securities Act of 1933, as amended (the “1933 Act”). Except as noted above none of the Shares in the Fund may be offered,
sold, transferred, assigned or delivered, directly or indirectly,in the United States of America, its territories and possessions, any State of the United
States of America or the District of Columbia (the “United States”), or to any U.S. Person as definedherein.
All performance and risk targets contained herein are subject to change without notice. There can be no assurance that the Fundwill achieve any
targets or that there will be any return on capital. Historical returns are not predictive of future results. The Fund is intended to be a specialist vehicle
for investment in the early stage technology sector and digital assets. Investments in early stage technology and digital assets carry greater risks and
may be considered high risk and volatile. There is a risk of total loss of the principal and interest invested– please refer to the definitive Offering
Document for a full list of risks.

24. www.spicevc.com
Let’s Tokenize The World!