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Drones:About Robolution Capital

Robolution Capital is the first private equity fund dedicated to service robotics in the world. Robolution Capital'smission is to invest in innovative companies of the fast growing service robotics market, mainly within Europe.Robolution Capital is managed by Orkos Capital, an experienced and well known private equity managementcompany.

Robolution Capital aims to invest in professional and personal service robotics companies (including integratedproducts, hardware, software, components, services, smart products, etc.) from seed to expansion capital runby outstanding entrepreneurs. The Robolution Capital team intends to play a major role in propelling the servicerobotics industry forward, through its expertise and its wide-ranging connections provided to the investeecompanies, for the benefit of their development.

Market Overview

© 2014, Robolution Capital, All rights reserved. 2

IntroductionThe aerospace industry is experiencing a new revolution with the recent development of drones.

Also known as Unmanned Aerial Systems (UAS), these aircraft without a human pilot aboard

can be controlled either autonomously or by a remote pilot from a distant location.

Originally developed by the defense industry, and deployed in the military context for several

decades for purposes of monitoring or combat, drones are now able to offer a wide range of

possibilities for the benefit of society, ranging from environmental control, security, as well as a

fascinating variety of commercial and consumer services. The combination of their greater

flexibility, stronger efficiency, and lower costs allows unmanned aircraft to be a transformative

technology in fields as diverse as urban infrastructure management, farming, and oil and gas

exploration for example. They can perform air operations that manned aviation can hardly do,

with evident economic savings and environmental benefits while reducing the risk to human life.

Table of ContentsPresentation .................................................. 3

Market Opportunity ......................... 4

Regulation ...................................................... 5

Applications ................................................ 7

Market Stakeholders ........................ 8

Selected Company Profiles .... 9

Investment Activity ........................... 13

About Robolution Capital ...... 14


A drone can be defined as an aerial vehiclethat does not carry a human operator. Thisunmanned aircraft that can fly autonomouslyor be piloted remotely uses aerodynamicforces to provide vehicle lift. It can beexpendable or recoverable, and it can carry apayload.

Most of drones are comparable to aircraftexcept that their shape is constrained by theneed to house a pilot: combinations ofaerodynamic propulsion formulas thus beinglarger. The shape of a drone is determined bythe nature and the profile of its mission.Therefore, any task can be accomplished witha dedicated solution.

Components of a drone fulfill the samefunctions as on a plane: The airframe houses the payload, the

engine and the monitoring system as wellas the fuel/battery.

Lift can be provided by a fixed wing likeairplanes or a rotary wing as on helicopters.The latter is chosen for specific tasksrequiring hovering flights (inspection oflarge structures for instance) and a flexiblehandle.

The engine also depends on the missionassigned to the drone: it is determined bythe size of the machine (and its weight),the altitude and the duration of its mission.Drone can thus be powered by pistonengines with or without turbocharger

turbines, propellers, jet engines or electricmotors.

Monitoring systems are essential because theyprovide drones with automatic piloting andnavigation. They can operate completelyindependently or according to orders issuedfrom the ground by an operator responsiblefor conducting the mission. These systemscontrol several devices and components:sensors, calculators, memory and actuators.That is why they belong to the service roboticsproduct family.

The payload is one of the key components ofthe drone system. Indeed, it is the elementthat achieves the mission. Often placed belowthe structure, it consists of a set of equipmentthat can perform three essential functions: Data acquisition by sensors Data processing by calculators Selection of "useful" information to be

transmitted towards the ground

All these data can also be recorded on boardfor delayed transmission or subsequentoperation. A system for transmitting databetween the drone and the ground carriesboth orders from the ground and informationsent by the drone. This transmission can beperformed by telecommunication or opticalsystems over short distances (up to 150 km)or by using a relay (a satellite or anotherairborne vehicle).

Presentation


Market OpportunityThe precise scale of potentialdrone market is very difficultto predict. Nevertheless,according to Teal Group's2013 market study, thecurrent worldwide spendingon drones is $6.6 billion peryear and is estimated tonearly double to $11.4 billionover the next ten years. Themarket value of UAVs willaccount for $89 billionworldwide over the sameperiod. Currently, there areclose to 2,000 differentdrones referenced in theworld, of which more than500 in Europe, beingproduced by about 500manufacturers.

In France, an initial regulationhas led to an increase of thenumber of approvedoperators from 86 inDecember 2012 to more than400 in February 2014.

Nevertheless, total revenuesof French dronemanufacturers and operatorsdid not exceed €100 millionin 2013, according to Xerfiestimates. The Frenchcompetitive landscape ischaracteristic of an emergingmarket as illustrated by themyriad of start-up that hasseized the opportunity of thisgrowing market. Of course,some of them have metsuccess, but the competitionis tough: the giants of theaviation industry, such asAirbus, or consumerelectronics, such as Parrot,also want their share of thecake. Similar market growthhas been seen in otherEuropean countries such asGermany, Sweden andSwitzerland.

Based on the 2013 TealGroup’s analyses (soon to be

updated), civil applicationsrepresent 12% of total usestoday and are predicted toreach 30% of the globalmarket in 2030.

Lower prices combined withan increased robustness anda new regulation should allowthe use of these new flyingmachines by mass marketconsumers. Photography,video and entertainmentshould be the firstapplications covered by thesenew types of B2C drones.

As a consequence of thepromising development of thedrone business, the market ofpayloads is also expected todouble in the next ten years,from $2.3 billion in 2013 to$4.6 billion in 2022,according to Teal Group.

© 2014, Robolution Capital, All rights reserved.


Currently, the expansion ofthe drone market is inhibitedby the absence of anadequate regulatoryframework in most countriesand the need to obtainindividual authorizationsfrom each country wheremanufacturers would like tosell or where providers wouldlike to operate.

The development of dronesfor civil applications requiresensuring that none of themcould represent a threat tocitizens’ privacy or physicalintegrity. However, regulationis about to change with theappearance of the first lawsauthorizing the developmentof drones in civil airspace.

Some countries haveadopted legislation forsimple operations by lightdrones to avoid this case-by-case authorizationprocess. In France, theDGAC has published a firstdecree in April 2012. In theUSA, the first regulationshave been implemented inMay 2012 and a flightauthorization for all types ofdevices should be voted by2015. Canada, Australia andBrazil preceded this trend byadopting favorableregulations some yearsbefore.

In December 2013, theEuropean Council asked theEuropean Commission todevelop a framework for thesafe integration of dronesinto civil airspace as from2016.

Regulation



A&B C D E F G

6

The French Example

In France, the use of drones is regulated bytwo Ministerial decrees from April 11th 2012. The first one concerns the manufacture of

drones, the conditions of their use and therequested capabilities of people who pilotthem.

The second text focuses on the use ofairspace by drones. Today, one of themain concerns about the use of drones isthe need to share their flight space withaircraft.

To ensure a more harmonious cohabitation,the DGAC (Directorate General of CivilAviation) has also provided four scenarios.They mainly depend on the type of flight(direct view or out of sight of the pilot) andthe overflight site (non-populated area oragglomeration). These scenarios imply themaximum weight of authorized drones (up to25 pounds), the distance between the pilotand the vehicle and the maximum altitude ofthe latter. If drones or conditions of use donot fit in these criteria, operators need aspecial permit from the Civil Aviation.

For these air standards for UAVs, the DGAC classified drones into 7 categories (A to G) by weight:

Model aircraft (with size limitations for Cat. A)

Tethered unmanned aircraft that are not model aircraft

Unmanned aircraft (excl. cat A,B,C) with a weight<2 kg

Unmanned aircraft (excl. cat A,B,C,D) with a weight<25 kg

Unmanned aircraft (excl. cat A,B,C,D,E) with a weight<150 kg

Unmanned aircraft (excl. cat A,B,C,D,E, F) with a weight>150 kg

The four scenarios provided by the DGAC:

SCEN

ARIO

S1

SCEN

ARIO

S3

SCEN

ARIO

S2

SCEN

ARIO

S4

UNPOPULATED

AREA

VISUAL FLIGHT

UNPOPULATED

AREA

VISUAL FLIGHT

ALTITUDE DISTANCE WEIGHT

150m 100m

25kg

150m

100m

UNPOPULATED

AREA

FPV*FLIGHT


50m 1000m

25kg


150m ∞2kg

UNPOPULATED

AREA

VISUAL FLIGHT

50m

1000m

*First-Person View

POPULATEDAREA

VISUAL FLIGHT


150m 100m

4kg

150m

100m

UNPOPULATED

AREA

FPVFLIGHT

150m

Unlimited

*First-Person View

77

Drones are very useful when human presenceon board does not provide any added value orin case of very high danger. Their operatingflexibility and efficiency allow them to accesssites in the best conditions for observation,transmission and use of data.

Recent military operations have demonstratedthe effectiveness of drones in terms ofsurveillance and intelligence, combat support,and combat itself. In the civil field, drones areable to provide an appropriate response to theneeds of a wide range of users - public andsemi-public - but also in the private sector(construction, telecommunications, oil andgas exploration, etc.). When human presenceon board is unnecessary or dangerous, dronesare the ideal solution. In the future dronescould make it possible to develop moreefficient wind turbines and produce more"green" electricity, or to complete coverage oftelecommunications in a cost-effective way.

At the opposite side of the scale, engineersare working on micro drones which could beused to tackle gas or chemical leaks, or whichcould be programmed to act like bees topollinate plants.

The sector is evolving very fast with industriesflagging their interest in adapting drones toexecute specific services for which there is amarket.

Applications

Examples of applications in the civil field

Agriculture: crop monitoring, fertilizer and pesticide application, etc. Civil security: policy and firefighter equipment Emergency monitoring (fires, avalanches, flooding, rescues, etc.) Infrastructure: monitoring of High Voltage lines, dams, TGV lines, road networks, wind

farms, etc. Commercial and Motion Picture Filmmaking Media: event coverage Urban and industrial development Mining and quarrying: operation monitoring, volumetric measurements, etc.



Market stakeholdersThe drone industry is structured into distincttypes of players from the construction of thevector itself, using specialized componentsand technologies, to its exploitation byqualified operators.

Manufacturers and Assemblers design andproduce drones (vectors) and embeddedsensors (payload). Some ensure the entireproduction, others only assemblecomponents.

Component suppliers provide manufacturersand assemblers with components used forthe construction of vectors and payloads:sensors, engines, batteries, electronics,etc.

Technology suppliers develop solutions forcontrolling and operating drones:

localization and mapping solutions toautonomously generate a map of anunknown environment and track the droneposition at the same time, software for theexploitation of aerial images (conversioninto geo-referenced 2D mosaics, 3Dsurface models and point clouds), etc.

Operators control drones from the groundto pilot civil or military operations.

Training centers offer certifications to theirstudents to operate drones for civil andmilitary missions.

E-shops specialized in drones are alsoemerging for their B2C distribution to massmarket consumers.

The constructors revenue model is mainlybased on the sale of the drone itself, whichcan vary pretty much depending on the kindof drone, and the type of sensors that itcarries. For professional drones, maintenancecontracts are often part of the offer.

While consumer drones (such as Parrot ARDrone, DJI Phantom) are available for a fewhundreds euros, the price of professionaldrones can go up to tens of thousands euros.Some constructors also offer to rent theirdrone instead of selling them. This revenuemodel is closer to the one of the drone

operators, which usually charge a fee permission to operate the drone. Then, the dataanalysis can be realized either by the droneoperator, or by a specialized company (TerraDrones, Exametrics, etc.), or by the endcustomer himself.

Some drone operators also leverage theirposition by developing training centers. Forinstance, Delta Drone has created the EcoleFrançaise du Drone, and Drone RC haslaunched the Centre de Formation etd’Apprentissage du Drone.

The drone industry structuration:

TECHNOLOGYSUPPLIERS

COMPONENTSUPPLIERS

MANUFACTURERS

ASSEMBLERS

TRAININGCENTERS

OPERATORS

E-SHOPS

CIVIL &MILITARY

APPLICATIONS

B2CAPPLICATIONS


Positioning: ConstructorClients: B2C & B2BCountry: ChinaFounded: 2013Headcount: 800Financing: n.a.2013 turnover: $131m

The star product of DJI is thePhantom, a mass market dronelaunched in January 2013, andavailable from $500 (without thecamera). The company hasgrown its sales very quickly,with an average of 20k units permonth since its launch, and isnow Parrot’s most seriouschallenger on the B2C market.DJI has released a secondversion of the Phantom in

December 2013. The Phantomnow starts to be used forsurveillance and film-shootingpurposes.

Selected company profiles

From commercial drones for civilapplications to military unmannedaircraft, this selection of game-changing companies reveals thepotential of the very fast growing dronemarket. The selected companies arebased all around the world, with a focuson Europe and France, in line with thestrategy of Robolution Capital.

Positioning: ConstructorClients: B2BCountry: USAFounded: 2012Headcount: n.a.Financing: n.a.2013 turnover: n.a.

Titan has developed a solarpowered drone that cannavigate for up to three years ata twenty kilometers altitude.The drone is 15 meters longwith a 50 meters wingspan.

Google bought Titan in April2014, and could use its dronesto enable Internet access inremote areas, in addition totaking high-quality images for

Google maps. Facebook hadallegedly entered intodiscussions with Titan a fewmonths before its acquisition byGoogle.

Positioning: Constructor/OperatorCountry: FranceFounded: 2011Headcount: 30Financing: €3.9m (IPO)2013 turnover:€696k

Delta Drone has developed twodrones: one with a fixed wing,the other with a rotary wing.The main focus is inspection,but the drones can also operatein sectors such as agriculture orgeology.

The company offers both arenting model and a servicemodel. It has created the EcoleFrançaise du Drone, to train

drone operators. Unlike itscompetitors, Delta Drone hasdecided to go public veryquickly, and is listed onAlternext since June 2013.


Positioning: ConstructorIntegratorCountry: FranceFounded: 2010Headcount: 10Financing: €1.6m2013 turnover: n.a.

With the help of INRA, Airinovhas desiged a sensor thatanalyzes the reflection of thesunlight on the plants, so as toestimate the crop health. Thedata is then analyzed in adedicated software.

The sensor is implemented inSensefly’s eBee.

Parrot took a minority stake in

Airinov (20,9%) in February2014.

Positioning: ConstructorClients: B2BCountry: SwitzerlandFounded: 2014Headcount: 3Financing: n.a.2013 turnover: n.a.

Gimball aims to operate ininaccessible places. The dronecan navigate close toinfrastructures, since it will notbe damaged if hitting anobstacle thanks to its sphericalcarbon fiber protection. It canbe used for inspecting tunnels,power plant boilers, windturbine blades, etc. The dronealso has a strong B2Cpotential, since it is less

dangerous than usual drones.The company is a spin-off fromEPFL.

Positioning: ConstructorClients: B2BCountry: SwitzerlandFounded: 2009Headcount: 50Financing: €4m2013 turnover: €6,3m

The main product of Sensefly isa fixed wing drone called theeBee. Its applications rangefrom agriculture (monitoring ofcrop health, with a dedicatedsensor developed by Airinov) to3D mapping (via a softwaredeveloped by Pix4D, anotherParrot subsidy). More than 500drones were sold in 2013, at aprice around €15k.

Parrot took a majority share(56,6%) in Sensefly in July2012.

Positioning: ConstructorClients: B2C & B2BCountry: FranceFounded: 2010*Headcount: 900Financing: n.a.2013 turnover: $42m*

Founded in 1994 by HenriSeydoux, Parrot has beenwidely investing in the dronesector since 2010, and hasbecome a global leader in B2Cdrones with its famous A/Rdrone - until the arrival of DJIon the market. The companystrategy is to accelerate itssales in the B2C market bylaunching new products (Beboplaunch forecasted end of 2014)

and enhancing its distributorsnetwork, while developing itsB2B business (whichrepresented 15% of 2013turnover). This strategy relies onboth internal and externalgrowth.

Parrot is listed on Euronext(PARRO), with a capitalizationof ca. €225m.

* Droneactivity


Positioning: ConstructorClients: B2B-B2CCountry: USAFounded: 2012Headcount: n.a.Financing: $1m2013 turnover: n.a.

Techject has gained a lot ofvisibility with its Dragonflydrone, which was originallyfinanced through a $1m grantfrom the US Air Force, and thenwith a Indiegogo campaign thathelped raise more than $1m.The drone is 15cm long andimitates the fly of a dragonfly,with flapping wings, whichallows it to be used in spyingand security scenarios. The

drone is the result of four yearsof R&D at Georgia Tech. Asimilar approach has beentaken by the Americancompany AeroVironment($250m of turnover), with itsHummingbird drone.

Positioning: OperatorClients: B2BCountry: FranceFounded: 2013Headcount: n.a.Financing: n.a.2013 turnover: n.a.

Redbird is an operator. Thecompany does not manufacturedrones, but it flies them.

Among the drone constructorssupplying Redbird areDelairTech and Gatewing (fixedwing), MicroDrones (rotarywing).

Missions include inspection oftransportation networks, mines

and quarries, realization of 3Dmaps (photogrammetry),surveillance, etc.

Positioning: ConstructorClients: B2BCountry: FranceFounded: 2006Headcount: 9Financing: €1.5m2012 turnover: €508k

Novadem is a French companyspecializing in rotary wingeddrones.

It has developed three dronesfor three specific markets:military, inspection, andphoto/video.

One of Novadem’s dronesadvantages is that they can beeasily folded, which is key for

the military market in particular.

Positioning: ConstructorClients: B2C & B2BCountry: SwitzerlandFounded: 2014Headcount: 5Financing: n.a.2013 turnover: n.a.

Fotokite offers a differentapproach to the drone market.Considering that flying a droneis a rather complicated task,requiring usually hours oftraining, Fotokite has developeda drone attached to a tether,hence very easy to operate: theuser orientates the drone, turnsit on, and then releases it; hecan move the drone with thetether, just like he would do with

a dog - or a kite. Other thanphoto/video usages in the B2Cmarket, Fotokite hasapplications in the B2B Market:photo/video journalism,inspection, etc.


Positioning: ConstructorClients: B2BCountry: FranceFounded: 2014Headcount: n.a.Financing: n.a.2013 turnover: n.a.

Ciel Aero is developing anlenticular airship drone.

Its main advantages are itsendurance, its high payload incomparison to other civildrones, and its silence.

Positioning: Constructor /OperatorCountry: ScotlandFounded: 2008Headcount: 20-50Financing: £1.3m2013 turnover: n.a.

Cyberhawk drones conductclose visual and thermalinspections of industrial assetsboth on-shore and off-shoresuch as flares, wind turbinesand utility transmission towers.Using a drone to realize suchhazardous tasks means thatthe infrastructures do not haveto be shut down during theinspection, which allows torealize important savings.

Cyberhawk’s clients are mainlyoil and gas companies, such asExxon Mobil, Shell, Total andBP. Cyberhawk raised £1.25min June 2013, so as toaccelerate its growth and enternew markets

Positioning: ConstructorClients: B2BCountry: GermanyFounded: 2005Headcount: 100Financing: n.a.2013 turnover: n.a.

The star drone, the md4-1000,has a flight time of up to 88min. and a payload of 1200g. Itcan be used for security,surveillance and inspection. TheGerman police, as well as theSwedish and Chinese police,are among its clients. Thecompany has sold more than athousand drones, and focuseson expanding its resellersnetwork.

Microdones also distributes thePIX4D software (in which Parrothas invested in July 2012) tocomplete its offer.

Positioning: Constructordefense contractorCountry: USAFounded: 1955Headcount: n.a.Financing: $2.4bn2013 turnover: n.a.

General Atomics is an Americandefense contractor. Its MQ1-Predator drone is one of themost famous military drones,and has been used in manyexterior operations by severalarmies. It is 8 meters long witha 17 meters wing-span, and itsmax endurance is 40 hours.The following version, thePredator B (MQ-9 Reaper), hasbeen sold to the American,

French, British and Italianarmies. The Predator C(“Avenger”) is currently undertesting.


Investment Activity

Focus on selected recent M&A deals in the drone market (2013-14)

Selected recent fundraisings in the drone market (2013-14)

Venture capital investments into drone startups has hit €75m since May 2012, with prominentinvestors such as Google and Andreessen Horowitz.

€75

m

07-2012 05-201412-2012 07-2013 12-2013

VC funding given to startups in the last two years

DATE COMPANY FOUNDED ACTIVITY AMOUNT RAISED INVESTORSNAT.

May-14 2013 2D and 3D Imaging €9.7M Google Ventures, ffVC, Avalon ventures and Sherpalo VenturesUS

Apr-14 2008Surveillance, intelligence

and reconnaissancen.a. Vivasanté (majority stake)FR

Feb-14 2010 Agriculture €1.6M ParrotFR

Dec-13 2012 Photography €0.4M Buongiorno SpA, BLOMASAIT

Nov-13 2008Search and rescue missions,

bridge inspections €5.1M Lux CapitalUS

Nov-13 2011 Industry and agriculture €3.0M Holding Andromede, Parrot, Private investorsFR

Sep-13 2009 Multicopters €22.0MFoundry Group, True Ventures, O'Reilly Alfatech

Ventures, SK VenturesUS

Aug-13 2010 Agriculture €0.7M Bob Young Innovate Indiana Fund OF Indiana UniversityCA

Jul-14 2013 2D and 3D imaging €2.4MSK Ventures, Sierra Maya Ventures, Sherpalo

Ventures, Google VenturesUS

Jun-13 2011 Inspection €3.9MIPO (Alternext) –

Introduction valuation: €69mFR

Jun-13 2008 Inspection €1.6M Scottish Equity Partners, Scottish Investment BankUK

May-13 2011 Processors €10.1MAndreessen Horowitz, Google Ventures, Shasta

Ventures, Promus Ventures, First Round Capital, RRE Ventures, Lemnos Labs, Y Combinator

US

May-13 2013 Management platform n.a. AngelpadUS

Feb-13 2008 Surveillance, intelligence and reconnaissance

€0.9M Aquitaine InnovationFR

Jan-13 2011Short distance drone delivery

service €1.1M QueensBridge Venture Partners, Adam Pisoni, Andreessen Horowitz, Scott Banister, Fadi GhandourUS

DATE COMPANY FOUNDED ACTIVITY DEAL VALUE ACQUIRORNAT.

Apr-14 2001 Surveillance and inspection €7.0M ECA Robotics (Groupe Gorgé)FR

Apr-14 2012 High-flying solar drones n.a. GoogleUS

Feb-14 2010 Inspection n.a. HexagonGE

May-13 2006 Airborne wind turbines n.a. GoogleUS


Robolution Capital is the first private equityinvestment fund dedicated to service roboticsin the world. Robolution Capital's mission is toinvest in innovative companies of the fastgrowing service robotics market, mainly withinEurope.

A mix of recognized successful entrepreneursand seasoned investors

The Robolution Capital I fund has beenlaunched on the initiative of Bruno Bonnell, amulti-entrepreneur and specialist in newtechnologies, who has been investing in theservice robotics market since 2006: founderof Robopolis and Awabot, president ofSyrobo, the French industry association andinitiator of the first Innorobo salon. He haspartnered with Orkos Capital, which hasmanaged Private Equity funds specialized ininformation and communication technologiessince 1990, and Renaud Champion, expert inservice robotics.

Orkos Capital is a Private Equity managementcompany licensed by the AMF. Its fivepartners have been working together for morethan 15 years. Orkos Capital has activelyworked with European companies that areleaders in their markets oftelecommunications, media, Internet andmobile services. From its beginnings, theteam has invested more than 400 millioneuros in more than 50 companies in Franceand Europe.

Robolution Capital organized its first closingearly 2014 and received commitments ofalmost €80m from corporations, institutions,sovereign funds and family offices.

An engine to fuel the service robotics sector

The mission of Robolution Capital goes furtherthan simply supporting the industry's leadersfinancially. The Robolution Capital team aimsto play a major role in propelling the servicerobotics industry forward. Its expertise, wide-ranging connections and experience in thisdomain enable it to help projects grow,develop, structure themselves, industrializeand situate themselves as leaders in theirsegment of the market.

As a privileged partner, Robolution Capital, isat the heart of this ecosystem. It seeks tocreate a virtuous circle. Its action, at thecenter of the ecosystem, can be summed upas follows: Robolution Capital is a federator at the

heart of the ecosystem of entrepreneurs,industrial and research centers. The projectbenefits from French academic excellencein this domain due to the multidisciplinarynature of the country's training programs.

Robolution Capital is a financial andstrategic facilitator of external growth andindustrial partnerships.

Robolution Capital is an accelerator throughfacilitating financing growth, aidinginternationalization, and supporting theconsolidation process.

A passageway to the academic milieu andresearch centres

Robolution Capital and its management teammaintain privileged relationships with RoboticsLaboratories Universities all over Europe to: Bring together a network of top-notch

experts Stay attuned to the state of the art in

robotics research Anticipate R&D synergies between start-

ups and researchers Spot entrepreneurial projects at the seed

money phase Negotiate in advance policies of intellectual

property transfer

About Robolution Capital

This document has been compiled for informational purposes only and should not be construed as asolicitation or offer to buy or sell any securities or related financial instruments. This paper relies on dataand insights based on information available to the public and other sources deemed reliable. While everyeffort has been made to guarantee exactitude and reliability, Robolution Capital neither Orkos Capitalcannot be held responsible for omissions or errors.© 2014, Robolution Capital, All rights reserved.

Robolution Capital2, rue Fléchier - 75009 Paris

+33 (0)1 75 44 22 [email protected]