We compare and contrast to ASX-listed, global, SaaS companies - AV1 and DUB. Given DUB is more progressed in its global SaaS sales journey, we identify key insights for AV1 investors, based on DUB's historical experience.

1. Level 5, 1 Collins St,
Melbourne, VIC 3000
investors@bletchleyparkcapital.com.auBLETCHLEY Park
Capital
This document does not constitute investment advice to any reader and is not a recommendation to buy or sell any securities of any company.
We do not accept any responsibility for updating or correcting any errors or omissions whichmay become apparent after this has been issued.
OrdinaryEquity 2019A
Shares on issue (m) 187.6
Share price (A$) – close 19 Nov 2019 0.20
Market cap (A$m) 37.5
12mth high-low (A$) 0.235 - 0.08
TABLE 1: AV1 CAPITAL STRUCTURE
Is Adveritas (AV1)
the next Dubber (DUB)?
Share Price – Up 138% in the last 12 months, from 8.4cps on
15 Nov 2018 to 20 cps on 19 Nov 2019. AV1 pivoted into its
new business model from August 2018 and commenced
active TrafficGuard sales from Jan 2019.
Business model – DUB is the world’s leading and only call
recording Platform as a Service for Telecommunications Service
Providers, adopted as core network infrastructureby leading
telecommunicationscarriers in North America, Europe and Asia.
See investor presentation here.
Business model – AV1 provides anti-fraudsoftware-as-a-
service (SaaS) solutions to the global digital marketing sector.
See investor presentation here.
Share Price – Up 227% in last 12 months, from 42.5cps on 15 Nov
2018 to $1.39 on 19 Nov 2019. Over the last 2 years, DUB is up
+297% from 35cps on 15 Nov 2017.
TABLE2: DUB CAPITAL STRUCTURE
Annualised Recurring Revenues (ARR) Growth
AV1 commenced active commercial sales from Jan 2019.
Since then, ARR has grown to ~A$1.6m, with key trends:
• 78% ARR growth in the 6 months to October 2019
• 209% ARR growth, monthlyaverage annualised.
Ordinary Equity 2019A
Shares on issue (m) 189.6
Share price (A$) – close 19 Nov 2019 1.39
Market cap (A$m) 263.5
12mth high-low (A$) 1.76-0.39
050100150
12-NOV-18 12-FEB-19 12-MAY-19 12-AUG-19 12-NOV-19
DUB share price (cps)
41424
08-NOV-18 08-FEB-19 08-MAY-19 08-AUG-19 08-NOV-19
SHAREPRICE(CENTSPERSHARE)
AV1 share price (cps)
Revenue Growth
ContractedARR of $10.2m as at 30 September 2019. Two
years into its global growth journey, operating revenue
increases are:
• +195% from FY17 $0.8m to FY18 $1.5m.
• +269% from FY18 $1.5m to $5.54m in FY19.
EXECUTIVE SUMMARY-20 Nov 2019
AV1 and DUB are ASX-listed, SaaS companies, scaling globally with Tier1 global enterprise clients. A comparison is instructive
because DUB is in Year 3 of its global sales rollout, whilst AV1 is merely commencingits second year of global sales.
DUB is 7.0x larger than AV1 in market cap, whilst AV1 trades at an ~9% discount to DUB. At DUB’s valuation, AV1 would be
priced at 22cps. Arguably, AV1 should trade at a relative premium given its higher growth market, ongoing upsell potential
(“Land and Expand” contracts), proprietary tech based on internal “big data” set, capital markets discipline, limited sales
resources to date and high sales leverage model through Campaign Management Platforms and ad agency MUV.
AV1 is at 23.5x market cap/trailing ARR (vs DUB 25.8x), reducing to 7.6x (vs DUB 7.0x) if the last 12-months growth rate is
extrapolatedfor the next 12-months. Table 3.
0.6
0.9 0.9
1.2
1.3
1.3 1.3
1.6
0.5
0.7
0.9
1.1
1.3
1.5
1.7
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19
A$M
Annualised Recurring Revenue (A$M)

2. Level 5, 1 Collins St,
Melbourne, VIC 3000
investors@bletchleyparkcapital.com.auBLETCHLEY Park
Capital
LEGAL DISCLAIMER
Thiscontent is provided on an as is basis, without warranty (express or implied). Whilst theContent hasbeen prepared with all reasonable care from sources we believe to be reliable, no responsibility or liability shall be
accepted by BPC for any errors or omissions or misstatementshowsoever caused. Any opinions, forecasts or recommendationsreflect our judgment andassumptionsat thedate of publication andmay changewithout
notice. BPC will not accept any responsibility for updating any advice, views, opinions or recommendationscontained in this document. TheContent isintended to provide background information only anddoes not
purport to makeany recommendation upon which you may reasonably rely without takingfurther andmore specific advice. You should makeyour own decision whether to participate or take any investment action based
on your own enquires. Potential investors must maketheir own independent assessment and investigation of theopportunity and should not rely on any statement or theadequacy or accuracy of the information provided.
Small company securities in early growth stage typically involve higher risk and more volatility than securities of more established companies. As such, an investment in theCompany must beconsidered as speculative.
GENERAL ADVICE WARNING
TheContent hasbeen prepared for general information purposes only and is not (and cannot be construed or relied upon as) personal advice nor as an offer to buy/sell/subscribe to any of thefinancial products mentioned
herein. Theinformation provided does not purport to cover all relevant information about any potential investment in theCompany. Noinvestment objectives, financial circumstances or needs of any individual or other
potential investor have been taken intoconsideration in thepreparation of theContent. Financial products are complex, entail risk of loss, may rise andfall, and are impacted by a range of market andeconomic factors, and
you should alwaysobtain professional advice to ensure trading or investing in such products is suitable for your circumstances, and ensure you obtain, read andunderstandany applicable offer document. Accordingly,
potential investors are advised to seek appropriate independent advice, if necessary, to determinethe suitability of this investment.
DISCLOSURES
Theinformation containedherein (Content) hasbeen prepared and issued by Bletchley Park Capital, a Corporate Authorised Representatives (CAR) of BR Securities Australia Pty Ltd ACN 168 734 530, holder of an
Australian Financial Services Licence (AFSL No. 456663). TheDirectors of BPC advise that they andpersons associated with them do have an interest in theabove securities and that they earn brokerage, commissions, fees
and other benefitsand advantages, whether pecuniary or not and whether direct or indirect, in connection with themakingof a recommendation or a dealing by a client in these securities, and which may reasonably be
expected to be capable of havingan influencein themakingof any recommendation, andthat someor all of our representatives may beremuneratedwholly or partly by way of commission.
Tier 1, high quality, low credit risk clients
Go-Jek –US$9.5 bn valuation, based in SE Asia, backed by
Temasek, Google, Blackrock, KKR and others
Rappi – Latin-American US$2.5 billion food-delivery business
MUV (WPP) – subsidiary of world’s largest ad agency, WPP
(US$12.3 billion market capitalisation)
Large and Rapidly Growing Addressable Market
TrafficGuard® addresses a large and rapidly growing global
market of digital marketing fraud, such as “human click fraud
farms”, which defrauded advertisers of US$42 bn in 2019³,
forecast to grow to US$100 bn fraud by 2023.
This fraud is a subset of the total digital marketing market,
forecast to rise from US$294bn in 2019 to US$520bn by 2023
(Juniper Research).
Highly scalable global B2B Software-as-a-Service (SaaS)
product called TrafficGuard® .
Upsell Potential
Upgradedclient contractsis a growth option across AV1 the
customer portfolio. Recent upgrades include Rappi (up from
US$15k to US$22.5k/mth)and MUV (up from US$2k to
US$10k/mth), demonstrating client satisfaction and upsell
potentialacross the customer portfolio.
Proprietary tech - patent-pending, 100% owned.
Proprietary big data from previous marketing campaigns
creates competitive entry barriers and sustainable
competitive advantage.
Disruption - A disruptive innovator in the multi-billion dollar
call recording industry, removing the need for hardware,
productization or capital expenditurevia a Software as a Service
model.
Disruptive businessmodel – Disrupting the mobile digital
marketingsegment, leading the world in blocking attempted
mobile phone all install fraud at the click level (per client
contract wins in competitive processes to date).
Until now, the industry merely acts to measure ad fraud “after
the event” throughMobile MeasurementPlatforms.
TrafficGuard’s disruption is to block attempted ad fraud “at the
click level”, rather than simply measuring fraud after the event.
Highly scalable BroadCloud platform – described as “the
world’s most scalable call recording service…removes the
customer’s need for hardware, prodctsation or capex
Proprietary tech – provides call recording for compliance
and voice dara for AI, analytics and “big data” applications.
Artificial intelligencewill be enabled for every phone.
Large and Rapidly Growing Addressable Market
Disrupting the multi-billion dollar call recording industry.
Limited data publicly available in relation to industry size and
growth rates.
Tier 1, high quality, low credit risk clients
DUB has been chosen by 113 telco service providers globally.
AT&T Collaborate – a flexible unified communications
solution that blends voice, video, IM and conferencing.
Cisco Systems - DUB is a core service provider for Cisco, the
world’s largest networking company.
IBM – capture voice data for Insights, sentiment, AI and value
added services
Upsell Potential
Limited commentaryin DUB ASX releases in relation to upsell
revenue generation.
Is Adveritas (AV1)
the next Dubber (DUB)?

3. Level 5, 1 Collins St,
Melbourne, VIC 3000
investors@bletchleyparkcapital.com.auBLETCHLEY Park
Capital
LEGAL DISCLAIMER
Thiscontent is provided on an as is basis, without warranty (express or implied). Whilst theContent hasbeen prepared with all reasonable care from sources we believe to be reliable, no responsibility or liability shall be
accepted by BPC for any errors or omissions or misstatementshowsoever caused. Any opinions, forecasts or recommendationsreflect our judgment andassumptionsat thedate of publication andmay changewithout
notice. BPC will not accept any responsibility for updating any advice, views, opinions or recommendationscontained in this document. TheContent isintended to provide background information only anddoes not
purport to makeany recommendation upon which you may reasonably rely without takingfurther andmore specific advice. You should makeyour own decision whether to participate or take any investment action based
on your own enquires. Potential investors must maketheir own independent assessment and investigation of theopportunity and should not rely on any statement or theadequacy or accuracy of the information provided.
Small company securities in early growth stage typically involve higher risk and more volatility than securities of more established companies. As such, an investment in theCompany must beconsidered as speculative.
GENERAL ADVICE WARNING
TheContent hasbeen prepared for general information purposes only and is not (and cannot be construed or relied upon as) personal advice nor as an offer to buy/sell/subscribe to any of thefinancial products mentioned
herein. Theinformation provided does not purport to cover all relevant information about any potential investment in theCompany. Noinvestment objectives, financial circumstances or needs of any individual or other
potential investor have been taken intoconsideration in thepreparation of theContent. Financial products are complex, entail risk of loss, may rise andfall, and are impacted by a range of market andeconomic factors, and
you should alwaysobtain professional advice to ensure trading or investing in such products is suitable for your circumstances, and ensure you obtain, read andunderstandany applicable offer document. Accordingly,
potential investors are advised to seek appropriate independent advice, if necessary, to determinethe suitability of this investment.
DISCLOSURES
Theinformation containedherein (Content) hasbeen prepared and issued by Bletchley Park Capital, a Corporate Authorised Representatives (CAR) of BR Securities Australia Pty Ltd ACN 168 734 530, holder of an
Australian Financial Services Licence (AFSL No. 456663). TheDirectors of BPC advise that they andpersons associated with them do have an interest in theabove securities and that they earn brokerage, commissions, fees
and other benefitsand advantages, whether pecuniary or not and whether direct or indirect, in connection with themakingof a recommendation or a dealing by a client in these securities, and which may reasonably be
expected to be capable of havingan influencein themakingof any recommendation, andthat someor all of our representatives may beremuneratedwholly or partly by way of commission.
Is Adveritas (AV1)
the next Dubber (DUB)?
Sales & marketing resources
AV1 appearsto have a much lower level of sales
resources compared to DUB.
Following its 14 August 2018 capital raising, AV1 added 4
sales staff in the USA and Brazil.
Sales & marketing resources
Sept Quarter 2019 – DUB hire 26 additional full-time staff, with
15 in sales and 11 in technology.
Funding
18 Sep 2017 - $7m capital raising at $0.35 per share
14 Dec 2017 - $6.5m capital raising at $0.35 per share
28 Nov 2018 - $5m capital raising at $0.38 per share
3 April 2019 - $22m raising at $0.75 per share
(9.6% discount to 5-day VWAP)
Total = $40.5m raised
Funding
AV1 has raised much less than DUB and appears to have
managed capital markets conservatively, with a track record
of only raising small sums of capital at par or a premium.
23 Oct 2018 - $2.4m capital raising at $0.045 per share
9 April 2019 - $2.0m capital raising at $0.165 per share
(in line with 14-day VWAP)
14 Aug 2018 - $2.8m capital raising at $0.10 per share
(13.6% premium to last close share price)
Total = $7.2m raised
CONCLUSION
AV1 and DUB are both ASX-listed, SaaS companies, scaling globally with Tier1 global enterprise clients. Given DUB is in Year 3 of
its global sales rollout, compared to AV1 commencingits second sales year, a comparison provides insights into AV1’s outlook.
AV1 compares favourably to DUB on many levels. Both companies have high quality, enterprise level clients and are servicing
multi-billion dollar markets. However, AV1 appears to have superior capital market discipline, proprietary tech based on
internally captured big data, sales efficiency, a larger and faster growing addressable market and greater upsell contract
potential(AV1 calls this its “land and expand” strategy).
AV1 trades at an ~9% discount to DUB, with 22 cps being the AV1 share price which equates to DUB’s revenue multiple. AV1
is trading at 23.7x market cap/trailing ARR (vs DUB 25.7x), which reduces to 7.3x (vs DUB 7.0x) if the last 12-monthsARR/revenue
growth rate is extrapolatedfor 12-months. Table 2.
AV1 has grown with limited sales resources, limited capital and only recently set the foundations for growth throughnew sales
staff and integrating with new partnersfor sales leverage (ie. Campaign ManagementPlatforms and ad agency MUV).
DUB demonstrates it is possible for emergingcompanies like AV1 to scale globally whilst servicing global enterprise level clients.
TABLE 3: AV1 vs DUB COMPARISON TABLE
Ordinary Equity AV1 DUB
Shares on issue (m) 187.6 189.6
Share price (A$) – close 19 Nov 2019 0.20 1.39
Market cap (A$m) 37.5 263.5
ARR (A$M) 1.6 10.2
Market cap/trailing ARR (x) 23.5x 25.8x
Last 12-months ARR growth (%) 209% 269%
Extrapolating ARR using last 12-months growth rate (1) (A$M) 4.9 37.6
Note (1): This is not a forecast. This is merely mathematical extrapolation.