Ast Spacemobile, Inc. · NASDAQ:ASTS
Ast Spacemobile — New Providence Acquisition — SPAC Merger (December 2020)
42 slides from Ast Spacemobile's SPAC merger presentation, Dec 16, 2020
Slide 1: Transforming how the world connects
(= Tspacemobile Transforming how the world connects Investor Presentation
Slide 2: Forward Looking Statements
Forward Looking Statements ‘The information in this presentation and the oral statements made in connection therewith include “forward-looking statements” within the meaning of Section 27A of the Securities, ‘Act of 1893, as amendad, and Saction 21€ of the Securities Exchange Act of 1934, as amended
Slide 3: AST Investor Presentation
AST Investor Presentation FAS Tspacemobile The Market he Technology he Business he Financials he Transaction Appendix The Introduction O04 13 19 a3) 27 33 39
Slide 4: The Introduction
The Introoilliemtal “ 04 ie : °F sriencaori’”- 3c FAS Tedcetonie os oo
Slide 5: New Providence Acquisition Corp.
New Providence Acquisition Corp. New Providence Acquisition Corp. (NASDAQ: NPA) is a $230 million publicly-traded Special Purpose Acquisition Company (SPAC) formed in partnership with UBS O’Connor and a proven management team, 0s ast-science.com FAS Tepacertonite Management Team a => Alexander Colem
Slide 6: Global Mobility Market
Global Mobility [AS Tspacemobile Market Designed to eliminate coverage gaps and enable billions of people Significant financial opportunity globally to stay connected through that will change the lives of billions their mobile phones of people around the globe Source: GSMA market data. $1 Trillion g
Slide 7: Transaction Summary
Transaction Summary Note: Please see slide 2 for more information regarding non-GAAP measures. 1. Assumes no redemptions of New Providence Acquisition Corp's existing shareholders and transaction expenses of $39mm see slide 34 for additional details. 07 ast-science.com FAS Topacertonite Transaction
Slide 8: Experienced Technology Leadership
Experienced Technology Leadership Founder-led leadership and deep team with decades of successful execution 08 ast-science.com FAS Tspacemobile Abel Avellan Chairman and CEO 25+ Years Space Industry Experience Co-inventor of 18 U.S. Patents Former Founder and CEO of EMC (Emerging Markets Communicati
Slide 9: SpaceMobile connects directly to mobile phones
SpaceMobile connects directly to mobile phones Just one click to add new subscribers Subscribers will need one click to stay connected and no additional intervention will be needed as subscribers move between tower base connectivity and SpaceMobile, 09 ast-sclence.com FAS Tspacemonile What is SpaceM
Slide 10: SpaceMobile solves a big problem
SpaceMobile solves a big problem 5 billion mobile phones in service today will no longer need to go dark when out of range of cell towers 1. Source: space.com, 10 ast-science.com FAS Tepacertonite What problem does SpaceMobile solve? + Broadband connectivity to existing mobile phones when out of ran
Slide 11: Industry-Leading Strategic Investors
Industry-Leading Strategic Investors G@ustemers Strategic Partn Els O vodafone #1 Mobile Network 6) vodafone Telefonica Operator (Outside China) k #1 e-Commerce @ Rakuten Platform in sia Rakuten 7 #1 Global Cell TELECOM Tower Company yO AMERICAN TOWER SAMSUNG Eee Hes tio |= Sater vi NE)> T Mobile Ph
Slide 12: Key Investment Highlights
Key Investment Highlights SpaceMobile will be a one-of-a-kind service with unmatched distribution and user simplicity 2 ast-science.com FAS Topacertobite Giant total addressable market Global wireless services market generates over $1 trillion in annual revenue via 5 billion mobile phones Revolution
Slide 13: Connected all the time
FAS Tepacemobite
Slide 14: The Market
Con nected all the time
Slide 15: Market Opportunity
Market Opportunity 16 ast-science.com FAS Tspacemobite $1 Trillion addressable wireless services market globally 5 Billion mobile phones today that constantly move in and out of coverage Mickey Mikitani Chairman, CEO of Rakuten “AST & Science has the potential to support our efforts to connect users
Slide 16: Connecting the Unconnected
Connecting the Unconnected SpaceMobile service will bring affordable cellular broadband service to hundreds of millions of people, for the first time, helping countries and companies achieve rural and universal coverage goals Source: GSMA market data. 16 ast-science.com FAS Topacertobite 3.3 Billion
Slide 17: Expanding beyond traditional satellite end markets
Expanding beyond traditional satellite end markets Existing satellite communications businesses have served the needs of narrow customer segments, but AST SpaceMobile will meet the needs of the mass market 1, Market size based on the sum of 2019A revenues of included providers, AST SpaceMobile marke
Slide 18: SpaceMobile low earth orbit network comparison
SpaceMobile low earth orbit network comparison By connecting directly to existing mobile phones, SpaceMobile will have the lowest customer acquisition costs and immediate access to the $1 trillion cellular wireless market, offering a unique opportunity for an attractive entry point valuation Source:
Slide 19: The Technology
The Technology 19 ast-science.com
Slide 20: Technology Highlights
Technology Highlights With 750+ patent claims, AST SpaceMobile’s technology provides global broadband service directly to unmodified mobile phones 20 ast-science.com FAS Topacertobite YL oy Patented Ultra-powerful satellites leveraging proven technologies 2G/3G/4G LTE/5G & NBIoT connectivity No modi
Slide 21: Superior space-based low-latency broadband architecture
Superior space-based low-latency broadband architecture SpaceMobile will offer connectivity from low Earth orbit, akin to cell towers in space 2 ast-sclence.com FAS Trpacemobile Low- and mid-band frequencies shared with wireless partners on non- interference basis Direct link to unmodified mobile ph
Slide 22: Executing the vision with Tier 1 Partners
Executing the vision with Tier 1 Partners AST SpaceMobile owns all key technologies and partners with the best suppliers globally to design, build and launch satellites 4, Design contract with Safran is a “work for hire” agreement. 2.Under contract with AST 3.51% AST SpaceMobile owned company. 22 as
Slide 23: The Business
The. BUSINESS | 23 ast-science.com FAS Trpacemotite Fc
Slide 24: Key Commercial Partners
Key Commercial Partners SpaceMobile service will be offered to the 1.3 billion existing subscriber relationships of AST SpaceMobile’s wireless partners (very efficient super-wholesale model) Source: Company filings and company websites, 24 ast-sclence.com FAS Trpacemobile Executed Commercial Agreeme
Slide 25: Phase 1 commercial service coverage
Phase {| Commercial service expected to be au awerees CCoMSRGHEED ena offered beginning in 2023 across Vodafone Markets will provide 49 equatorial countries a TTS coverage for 1.6 Sa Ses BS io 7 Peru - 50% 16,485,927 4,440,611 Billion people sitar go a Total Vodafone Markets 270,776,844 Markets Unde
Slide 26: Global coverage phases and projected subscribers
Global Supported by Phase 1 cash flow, key global markets expected Phase 1 to be added to SpaceMobile network on a rolling basis 20 Satellites Equatorial Coverage sanstation Phase 2 45 Satellites North America, Europe and Asia 1, SpaceMobile subscribers based on market level data, company estimates
Slide 27: The Financials
The Financials
Slide 28: Business Model Highlights
Business Model Highlights Unique super-wholesale model, resulting in expected 90%+ EBITDA margins 28 ast-sclence.com FAS Tspacemobile Super-wholesale, 50/50 revenue share model Substantial revenue growth High EBITDA margins Attractive free cash flow Phased network builds Reduced project costs Clearl
Slide 29: Financial Projections
Financial Projections Near-term low single-digit market penetration combined with affordable, market-based pricing Note: Please see slide 2 for more information regarding financial projections. 1, Represents AST SpaceMobile’s share of subscriber revenue generated by service. 29 ast-science.com FAS T
Slide 30: Financial Projections (cont'd)
Financial Projections (cont’d) Projected to achieve $1bn EBITDA in 2024 and over $9bn by 2027 Note: Please see slide 2 for more information regarding financial projections. 30 ast-science.com FAS Topacertobite Commentary + Telco subscriber base in place upon commercial launch accelerates revenue gen
Slide 31: Financial Projections Summary
SinMilions: 20216 2022€ 20236, 20246, 2025E 2026E, 2027E 20286, 2029 2030E Financial except ARPU figures Cumulative Satellites Pp roj 8 cti ons Baplayed - 20 110 168 168 168 233 336 336 336 Subscribers (Equatorial) - - 5 7 a 81 15 136 156 180 S U mM mM ary Monthly ARPU - - $1.03 $1.03 $1.03 $1.03 $1
Slide 32: Company Execution Plan
Phase 1 Estimated Project Cost Anticipated Company Timeline Company Execution Plan All major tier 1 and tier 2 vendors 2021 Continue Puilclow'e oF 5 r manufacturing facilities are selected with detailed costs and bill of materials validated Launch and test BlueWalker 3 satellite Launch of 20 Phase 1
Slide 33: The Transaction
The Trensacion
Slide 34: Transaction Overview
Transaction Sources & Uses Pro Forma Valuation $ Ove IF vi ew Sources $ % Share Price 10.00 Existing AST Equity Holders 1,298 TA% Pro Forma Shares Outstanding"? 181.55 SPAC Cash in Trust? 232 13% Pro Forma Equity Value 1,816 PIPE Equity 230 13% Plus: Debt - Total Sources 1,760 100% Less: Cash on Bal
Slide 35: Operational Benchmarking
Operational Benchmarking AST SpaceMobile’s superior growth, margins and TAM are unparalleled Source: Company Filings, FactSet, Market data as of 12/14/20, 4, Based on Company projections at time of announcement. 35 ast-sclence.com FAS Trpacemobite % YoY Revenue Growth. % EBITDA Margin Satellite Grow
Slide 36: Valuation Benchmarking
Satellite Growth Space Leader Tourism Telcos cable Towers High Growth SPACS Valu at lon Ee enon ero | cvrmecoron [EYE] e/aecsron | i ec e Benchmarking or Metis Median: 10.8x Median: 23.9x AST SpaceMobile’s 1.4x EV / ‘24E EBITDA 33.5x is attractively priced versus industry composites Source: Company
Slide 37: Transaction Value vs. Intrinsic Value
Transaction Value vs. Intrinsic Value Transaction value offers opportunistic entry point for investors Note: Please see slide 2 for more information regarding financial projections and non-GAAP measures 37 ast-science.com FAS Topacertobite Transaction Value $ in Billion implies 83% — Median $8.2 dis
Slide 38: Conclusion
Conclusion (AS Ts pacemobite Marquee sponsorship from New, Providence Asset Management and UBS O'Connor 38 ast-sclence.com FAS TSpacemobile © Unique approach for universal and global connectivity BY Support from marquee partners and investors QO vodafone Rakuten a Elegant solution for easier consume
Slide 39: Appendix
Appendix 29 ast-science.com FAS TSpccemovite
Slide 40: Significant milestones drive future growth
Significant milestones drive future srowth 40 ast-science.com FAS Topacertobite o—=0 ° o—o—=o o——=0 ° ° ° Shay Ones tach ype ES an te on 22020 Augast October Software Technical Capablies Sine 10-year, Launched signed signed commercial ane Geveloped language included rent-ee lease sluewalkert strateg
Slide 41: Pre-Merger Investors and Board of Directors
Pre-Merger Investors equity sponsors and board Oueitine Rakuten A AMERICAN TOWER’ SAMSUNG NE>:T HICISNEROS Abel Avellan Founder, Chairman and CEO a ast-science.com FAS Topacertobite Board of Directors Abel Avellan, Chairman of the Board CEO, AST SpaceMobile Luke Ibbetson i Director y Head of R&D. an
Slide 42: Phase 1 Revenue Profile and Growth
By Package $ in millions By Region $ in millions Phase 1: Revenue Profile ows and Growth The Phase 1 constellation covers 49 equatorial countries and is targeted to begin commercial service in 2023 @ AdHoc @ Getconnected plan @ Wherever you go enterprise @ Africa © Central & Southern Asia 42 @ Latin
New Providence Acquisition — SPAC Merger (December 2020) on 6ix