Sargon was a high-growth fintech company based in Australia, New Zealand and Hong Kong founded by Phillip Kingston. It grew to A$60+ billion in assets and A$55+ million in annual recurring revenue (ARR) within 4 years and was backed by Peter Thiel. This presentation is titled "1HFY20 Preliminary Results & Analysis" and is the last management presentation from the company covering the period of July 1, 2019 to December 31, 2019 with a forecast out to June 30, 2020 (FY20 = Australian 2020 financial year).

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Sargon
1HFY20 Preliminary Results &
Analysis
CONFIDENTIAL
29th January 2020
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ONLY

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Important notice
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This presentation has been prepared by Sargon Capital Pty Ltd (“Sargon“ or “Company”). It does not purport to contain all the
information that an investor may require in connection with any investment decision relating to the Company. You should not treat
the contents of this presentation, or any information provided in connection with it, as financial advice, financial product advice or
advice relating to legal, taxation or investment matters.
No representation or warranty (whether express or implied) is made by the Company or any of its officers, advisers, agents or
employees as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or
implied) arising out of, contained in or derived from this presentation or provided in connection with it, or any omission from this
presentation, nor as to the attainability of any estimates, forecasts or projections set out in this presentation.
All currency amounts are in $AUD unless stated otherwise.
This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained
in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The
Company reserves the right to update, amend or supplement the information at any time in its absolute discretion (without incurring
any obligation to do so).
Neither the Company, nor its related bodies corporate, officers, their advisers, agents and employees accept any responsibility or
liability to you or to any other person or entity arising out of this presentation including pursuant to the general law (whether for
negligence, under statute or otherwise), or under the Australian Securities and Investments Commission Act 2001, Corporations Act
2001, Competition and Consumer Act 2010 or any corresponding provision of any Australian state or territory legislation (or the law of
any similar legislation in any other jurisdiction), or similar provision under any applicable law. Any such responsibility or liability is, to
the maximum extent permitted by law, expressly disclaimed and excluded.
Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not
include all available information and should not be used in isolation as a basis to invest in the Company.
Forward-looking statements
This presentation contains reference to certain intentions, expectations, future plans, strategy and prospects of the Company. Those
intentions, expectations, future plans, strategy and prospects may or may not be achieved. They are based on certain assumptions,
which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and
operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No
representation or warranty, express or implied, is made by the Company, or any of its directors, officers, employees, advisers or
agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be
achieved.
Given the risks and uncertainties that may cause the Company's actual future results, performance or achievements to be materially
different from those expected, planned or intended, recipients should not place undue reliance on these intentions, expectations,
future plans, strategy and prospects. The Company does not warrant or represent that the actual results, performance or
achievements will be as expected, planned or intended.

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Pro forma Profit & Loss (1HFY20)
• Employee expenses
$1.41m of one-off employee expenses
YTD are included due to termination
costs of non-continuing employees.
Employee count was higher in 1HFY20
than expected due to slower
integration phases. See page 8 for
longer term thinking on employee
costs.
• Professional services expenses
$2.8m of one-off professional services
expenses YTD are included from
acquisition-related integration, legal,
accounting and tax costs.
Professional services expenses are still far
too high across the group and
management is reducing reliance on third
party advisers in 2HFY20.
• General, administration & other
$0.33m of non-continuing leases YTD are
included due to leases in Adelaide (Tidswell),
Sydney (Madison) and Melbourne (Diversa)
which are no longer used.
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• See page 7
• See page 7
• Platform revenue
Platform revenue includes ordinarily
recurring revenues where
contractually, by law or by custom
revenue is highly repeatable and does
not need to normally be ‘re-won’ on a
regular basis. It is still exposed to
market volatility due to it generally
being based on AUM.
• Other revenue
Other revenue includes non-recurring
items such as client establishment,
fund setup and once-off revenues.

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0
20
40
60
80
Statutory
Statutory
Statutory
Statutory
Statutory
Statutory
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Jul-19A Aug-19A Sep-19A Oct-19A Nov-19A Dec-19A Jan-20F Feb-20F Mar-20F Apr-20F May-
20F
Jun-20F
Cumulative revenue YTD & FY20F
Platform revenue Other revenue
Revenue analysis (FY20F)
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Revenue has been
generally stable and
trending upward month-
on-month (adjusting for
market volatility) through
1HFY20 which was focused
on integrating 4 acquired
businesses in FY19 and
developing our sales and
marketing teams to
facilitate organic growth as
the pipeline is expanded
and converted following
critical regulatory reforms
in late FY19.

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Pipeline analysis (FY20F)
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-
0.5
1.0
Feb-20F Mar-20F Apr-20F May-20F Jun-20F
$ revenue added per month from client wins
0
1,000
2,000
3,000
4,000
Feb-20F Mar-20F Apr-20F May-20F Jun-20F
$million AUM added per month from client wins
0
5
10
Feb-20F Mar-20F Apr-20F May-20F Jun-20F
# Clients wins expected per month to end FY20
RE/CT clients onboarded RSE clients onboarded Advisers onboarded
Commercial matters:
• Sargon targets RSE and CT/RE clients that can generate
$800,000+ per annum in revenue ($70k per month) and advice
clients that can generate $200,000+ per annum in revenue
($17k per month).
• These revenues result from a blend of minimum fees, activity
fees, setup, scale (AUM) and other fees.
• RSE avg. revenue is 6-7 bps p.a. Avg. fund target size is $1bn.
• CT/RE avg. revenue is 2-3 bps p.a. Avg. fund target size is $2bn.
• Advice revenue is approx. $200,000 per practice (a blend of
minimum fees and % of practice fees)
• Whilst averages are useful for high-level analysis, clients and
fees vary and it Is helpful to think of Sargon having a bi-modal
distribution of large clients (high AUM, lower bps fees) and
small clients (low AUM, higher bps fees) as well as high-velocity
clients (many product changes & growth initiatives) vs. low-
velocity.

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Concentration in FY19A
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# Client FY19 revenue % total Jun-19 FUM % total
1 Corporate Trust 3.1 8.5% 2,111.7 3.9%
2 Superannuation 2.4 6.7% 789.0 1.4%
3 Corporate Trust 1.5 4.3% 59.6 0.1%
4 Superannuation 1.3 3.6% 5,903.3 10.8%
5 Superannuation 1.2 3.3% 2,844.9 5.2%
6 Superannuation 1.1 3.1% 84.9 0.2%
7 Superannuation 1.0 2.8% 221.8 0.4%
8 Superannuation 0.7 2.0% 44.2 0.1%
9 Superannuation 0.7 1.9% 186.0 0.3%
10 Superannuation 0.5 1.4% 1,261.5 2.3%
11 Superannuation 0.5 1.4% 259.4 0.5%
12 Superannuation 0.4 1.0% 32.2 0.1%
13 Corporate Trust 0.3 0.9% 3.8 0.0%
14 Corporate Trust 0.3 0.9% 547.6 1.0%
15 Corporate Trust 0.3 0.8% 926.6 1.7%
16 Superannuation 0.3 0.8% 22.5 0.0%
17 Corporate Trust 0.3 0.7% 15.5 0.0%
18 Corporate Trust 0.2 0.7% 662.9 1.2%
19 Corporate Trust 0.2 0.7% 816.5 1.5%
20 Superannuation 0.2 0.7% 459.0 0.8%
21 Corporate Trust 0.2 0.6% 813.9 1.5%
22 Superannuation 0.2 0.6% 0.0 0.0%
23 Corporate Trust 0.2 0.6% 467.3 0.9%
24 Superannuation 0.2 0.6% 422.0 0.8%
25 Corporate Trust 0.2 0.6% 302.3 0.6%
Subtotal 17.8 31.1% 19,258.5 35.3%
Total Sargon Group 57.2 100.0% 54,541 100.0%
Client concentration is expected to
diminish significantly over time as
the organic sales effort starts to
kick-in early 2HFY20.
20%
21%
54%
5%
Super & KiwiSaver
CT + RE
Advice & Robo
Other
YTD revenue composition by segment
YTD revenue composition by country
Australia 97.6%
Hong Kong 1.9%
New Zealand 0.5%

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Employee analysis (FY20 Normalised)
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Integration activities
A significant number of transitional staff are employed
by the company(either temporarily retained after
acquisition, or hired specifically) to assist with licence
migration (then cancellation) and business integration.
Board consolidation
15 current NEDs are being reduced to 9 as part of a
board rationalisation process to be announced in early
February 2020.
• Employee expenses
The difference between this
number and the employee
expenses in the 1HFY20A P&L
on page 3 is loading above
salary + super such as work
cover, payroll tax, etc.

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Employee analysis
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0
10
20
30
40
50
60
70
80
Less than
$80,000
$80,000 to
$120,000
$120,000 to
$160,000
$160,000 to
$200,000
$200,000 to
$240,000
$240,000 to
$280,000
More than
$280,000
Compensation Distribution (1HFY20) n=173
0
5
10
15
20
25
30
35
40
45
50
Less than
$80,000
$80,000 to
$120,000
$120,000 to
$160,000
$160,000 to
$200,000
$200,000 to
$240,000
$240,000 to
$280,000
More than
$280,000
Compensation Distribution (FY20F) n=130
Pay distribution
Due to efficiency gains from
automation and ongoing
rollout of STC to existing
clients, Sargon is able to fully
optimise veteran experienced
staff for high-value tasks and
hire lower-paid, more junior
employees to fulfil baseline
system processing functions.
Longer-term, Sargon expects
to reduce total headcount in
its existing markets, with
staff comprising:
• a small group of software
engineers and risk,
regulatory & compliance
experts;
• a sales and business
development team located
in key financial centers;
and
• lower-skilled processing
performed by a base of
junior support staff.

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Forecast scenarios
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Fully-costed fixed cost structure
Sargon’s standing costs across its
6 offices and fully integrated
product & technology team,
governance, risk and compliance
team, legal team, finance and
operations teams means that the
vast majority of revenue growth in
FY20F and sales pipeline drops to
the bottom line. The exception is
Sargon’s advice business that has
an increase in distribution costs for
an increase in revenue.
Revenue growth expected in second half
FY20 revenue forecast 43% of total year revenue to be
generated in 1H, with 57% expected in 2H, driven by:
• sales and marketing efforts that ramped in late 1HFY20;
• majority of M&A integration now being complete; and
• regulatory reforms being clarified for industry
participants and clients.
Primary risk to 2H revenue forecast is timing of client
purchasing decisions, which can be slow and hard to predict,
particularly in the retirement funds space (i.e. RSE,
KiwiSaver).
Expenses fixed & flat
Forecast assumes mostly fixed
expenses over the year due to
the business being fully-costed
and technology driven to
support anticipated revenue.

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Balance Sheet as at 30th Dec 2019
Balance Sheet 30 Dec 2019 30 June 2019
Current Assets
Cash at bank 59.6 40.5
Trade & other receivables 12.0 17.0
Total Current Assets 71.5 57.5
Non-Current Assets
Property, plant & equipment 1.4 0.8
Investments - Sequoia 5.3 3.9
Intangibles 38.0 37.6
Goodwill on consolidation 88.2 88.2
Total Non-Current Assets 132.9 130.5
Total Assets 204.5 188.0
Current Liabilities
Trade & other payables 54.0 22.6
Payments to vendors 36.1 30.7
Secured Loans 1.6 6.0
Total Current Liabilities 91.8 59.3
Non-Current Liabilities
Payments to vendors 4.7 10.1
Unsecured Loans 5.5 0.0
Secured Loans 40.8 51.6
Total Non-Current Liabilities 50.9 61.7
Total Liabilities 142.8 121.0
Equity
Share Capital 110.0 110.0
Accumulated losses (48.3) (42.9)
Total Equity 61.7 67.0
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Cash at bank approx. $40mm higher than
expected due to a CT transaction with client funds
held in our accounts at the end of the half. Trade &
other payables up by same amount. Cash includes
restricted cash for regulatory capital purposes.
Comprises $30mm loan to Westpac and $10mm
loan to TIM.
• Secured Loans
• Cash at bank
• Trade & other payables
See above.
Will shortly be converted to equity.
• Unsecured Loans

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(4.4)
(1.9)
12.1
2.8 2.1
0.6
1.3
5.7 1.4 0.1
(1.0) (1.5)
5.0
(10)
(5)
-
5
10
15
FY19
statutory
EBITDA
AET
(4 months)
Heritage
(6 months)
Decimal
(6 months)
Diversa FY19
adjusted
statutory
EBITDA
Savings from
realised and
implemented
synergies
Disc.
Operations -
Heritage
Personal
Trust
Product
development
expense
One-off
transaction
costs
Diversa Public
company
and other
FY19 pro
forma
EBITDA
FY19E statutory to pro forma
Revenue bridge (A$ millions)
EBITDA bridge (A$ millions)
• Statutory adjustments reflect the full-year impact of
acquisitions during the period.
• Acquisition cost-out synergies predominantly relate to
headcount reduction, occupancy and compliance costs
resulting from duplication of roles, offices and licensing
post-acquisition.
• Product development expenses relate to non-capitalised
costs across technology and product development including
Sargon’s unique Small APRA Fund (SAF) product.
• One-off transaction costs are the costs associated with
acquisitions during the period.
• Diversa’s full-year impact has been added, as it was
completed in late June 2019.
Statutory adjustments Pro forma adjustments
Statutory adjustments Pro forma adjustments
1 1
57.2
67.2 66.8
3.8 0.6 0.7
4.9
(0.4)
40
50
60
70
FY19 statutory
revenue
AET
(4 months)
Heritage
(6 months)
Decimal
(6 months)
Diversa FY19 adjusted
statutory revenue
Disc. Operations -
Heritage Personal
Trust
FY19 pro forma
revenue