Highlights THE BIGGEST B ULGARIAN IT COMPANY , BOASTING A DOMINANT - PowerPoint PPT Presentation

C APITAL RAISE INVESTMENT PRESENTATION Private & Confidential | NOVEMBER 2 0 1 8

Highlights THE BIGGEST B ULGARIAN IT COMPANY , BOASTING A DOMINANT POSITION IN THE REGION AND DEVELOPING SALES CAPACITY IN E UROPE AND N ORTH A MERICA TO PROVIDE A WIDE RANGE OF IT SERVICES , INNOVATIVE AI TECH AND A DIVERSIFIED PRODUCT PORTFOLIO IS LOOKING TO RAISE EUR 20 M ON THE B ULGARIAN STOCK EXCHANGE  The only software developer listed on the Bulgarian S tock Exchange; O NE OF THE MOST LIQUID  THE B ULGARIAN 60% + free float; NAMES ON S TOCK E XCHANGE  Mostly retail investor ownership.  Top system integrator on the regional market; C ORE BUSINESS PROVIDES  EUR 4.4m+ CFO during 2017, on small share of public sector income; STABLE CASH FLOW TO  Own infrastructure – tier IV datacenter and cloud based systems; FINANCE THE TECH STRATEGY  300+ IT specialists with revenue per employee of EUR 68k.  S ignificant know-how accumulated in AI / cognitive software development; F OCUS IS ON DEVELOPING  Leading text analytics and graph database software; CORE AI PLATFORM TO CASH  IN BUILT - UP EXPERIENCE Large share of products have j ust been brought to market or are still in beta. S OFTWARE PORTFOLIO HIGHLIGHTS : CUTTING EDGE TECHNOLOGICALLY SUPERIOR PRODUCTS Cloud based package Museum management Cognitive analytics Loyalty client Chronic disease engineering suite, software technology based on management system management software available as white leading proprietary label OTC graph database 2

Key Points O VERVIEW S TRATEGIC FOCUS S IRMA G ROUP E EUR 20 M S IRMA G ROUP IS A DIVERSIFIED IT HOLDING PROVIDING A WIDE RANGE OF IS LOOKING TO RAIS TO FINANCE ITS OLUTIONS , PRODUCTS AND S TRATEGIC INITIATIVES , WHICH WILL S S EEK TO ACCELERATE GROWTH AND S ERVICES TO ITS CLIENTS IMPROVE PROFITABILITY BY  S pecialized in providing complex IT solutions for various  sectors, migration and upgrade of legacy systems; Concentrating R&D   Leading financial software provider on the local market; Commercialization of developed products  Proprietary graph database and semantic analysis tech;  Expansion of products’ functionality  Package engineering suite is the preferred equipment  Focusing on sales and marketing manufacturer OTC solution;  Corporate restructuring  Most comprehensive museum management product;  50% of EUR 21.5m R&D budget for 2015-2017 period was spent on core tech development (30%on Loyax platform). K EY NUMBERS R EVENUE AND N ET INCOME MARGIN S IGNIFICANT MARGIN IMPROVEMENT ON TOP OF 24% AVERAGE REVENUE Long history proving management capacity to 26 YEARS GROWTH OVER THE LAST 3 YEARS THANKS TO INCREAS ED GLOBAL PRES ENCE grow €30,0m 20% AND IMPROVED REVENUE MIX €26,6m 5y average top line growth highlights consistent 24%+ €25,0m €22,9m financial performance €21,2m 15% €19,0m €20,0m €17,4m International share in revenue is expanding, ~50% 12% reducing local market risk €15,0m 10% 9% Spent p.a. on R&D on average over last 3 years EUR 7 M 7% 7% €10,0m to secure future growth 5% 5% €5,0m IT specialists with university cooperation 300+ platform to further expand the team €0,0m 0% 2015 2016 2017 9m 2017 9m 2018 3

The Offering I SSUER S IRMA G ROUP H OLDING AD Industry Information technology Listing Bulgarian S tock Exchange Ticker S KK Current equity EUR 43.33m Issued shares 59 360 518 Free float 60% Market cap / price per share EUR 27.62m / EUR 0.47 Issue size Up to 39 573 678 shares / EUR 20m Minimum subscription target 50% Issue price per share EUR 0.51 (BGN 1.00) EPS EUR 0.024 BVPS EUR 0.91 Use of proceeds S oftware development, investment and sales Schedule Nov’ 18 – Feb’ 18 4

Use of funds C LEAR 3 PILLAR USE OF FUNDS PLAN TARGETING 1) ANDING FUNCTIONALITY AND BRINGING DEVELOPED TECH TO MARKET ; EXP 2) S EMANTICS KNOW - HOW ; ECURING OWNERS HIP OF S 3) I NCREAS H IN ON MARKET LEADING INNOVATION . ING THE S ALES AND MARKETING CAP ACITY TO CAS Target fundraising: EUR 20m Software development, including: EUR 5.11m S ENPAI (Core AI platform) EUR 3.73m Bolt-on acquisitions for S ENPAI EUR 0.77m Industrial software products EUR 0.51m Healthcare and life science products EUR 0.36m Financial sector products EUR 10.48m Buy-out of semantic analytics SPV minority shareholders EUR 2.05m Marketing and sales 1) Expansion of the sales and marketing teams; 2) Third party sales EUR 7.28m and marketing services; and 3) Bolt-on acquisitions to expand international sales capacity; 5

Historical performance P ROFIT AND LOSS STATEMENT B ALANCE SHEET 2015 2016 2017 9m 2018 2015 2016 2017 9m 2017 9m 2018 €38.57m €45.74m €56.56m €57.9m Non-current assets €21.26m €26.61 €17.37m €19.0m €22.9m €18.83m €15.61m €11.21m €14.4m m Current assets Revenue €38.06m €39.49m €41.53m €10.61 Equity * €45.3m €8.37m €9.77m €7.9m €7.6m m Salaries €7.24m €9.09m €13.34m €14.6m Liabilities €12.01 €7.55m €9.28m €9.1m €12.4m m OpEx, incl.  The assets of the group are concentrated in IP and €3.48m €4.21m €4.18m €3.7m €1.5m goodwill related to acquisitions; D&A  The group holds relatively low levels of debt. €4.94m €6.42m €8.17m €5.6m €4.3m EBITDA €1.46m €2.21m €3.99m €1.9m €2.8m EBIT C ASH FLOW STATEMENT Financial €4,54m €0.14m €0.07m €0.31m €0.3m €0.1m €4,41m expense €3,68m €2,91m (net) €2,21m €1,55m €1,09m €0,57m EBT €1.32 €2.14 €3.67 €1.7m €2.7m €0.18m €0.27m €0.51m €0.0m €0.0m -€1,60m Tax -€4,03m Minority €0.30m €0.66m €0.97m €0.8m €1.0m -€5,39m interest -€7,29m 2015 2016 2017 9m 2018 Net Income* €0.83 €1.21 €2.20 €0.9m €1.7m CFO CFI CFF * At t ribut able t o shareholders 6

Revenue breakdown R EVENUE BY SEGMENT H1 2018 REVENUE BY ORIGIN AND ACTIVE SEGMENT 2015 2016 2017 9 M 2017 9 M 2018 Bulgaria Cognitive Core/ SENPAI €1.93m €1.93m €2.69m €1.06m €1.19m Core | Cross Industry | Industrial solutions | Retail | Finance | Market Intelligence and Publishing €10.00m €12.76m €17.34m €11.20m €14.31m Cross Industry Finance €1.86m €2.35m €3.20m €2.35m €3.70m 47% Europe North America Market Intelligence and €2.11m €2.04m €1.09m €2.50m €2.53m Publishing Core | Cross Industry | Core | Cross Industry | 16% Industrial solutions | Industrial solutions €1.33m €1.62m €1.48m €1.18m €0.91m 37% Industrial solutions | Retail | Retail | Finance | Finance | Healthcare & Life Healthcare & Life Sciences Retail and Utility €0.05m €0.39m €0.68m €0.52m €0.04m Sciences | Market Intelligence | Market Intelligence and and Publishing Publishing €0.09m €0.16m €0.13m €0.19m €0.17m Healthcare & Life Sciences €17.37m €21.26m €26.61m €19.00m €22.86m R EVENUE ANALYSIS  Most revenue is generat ed by t he Cross indust ry division, providing cust om solut ions, out sourcing, int egrat ion services and infrast ruct ure. The group has a st rong background in t his segment and is seeking t o scale up t hrough it s represent ative office in t he US , leveraging it s local labor force abroad;  The Finance division is a local leader, and t he management believes wit h adequat e market development could be replicated t hroughout Europe;  “ Y oung” divisions – Ret ail and Healt hcare & Life sciences are st ill in t heir early st ages of commercialization;  Core t ech will be added t hroughout t he product port folio; AI capacit y should improve global sales prospect s. 7

Financial forecast in EUR '000 2018 2019 2020 2021 2022 Key Assumptions Revenue per segment Market Int elligence and Publishing 2 579 3 353 4 846 6 300 8 191 - Management push t o Cross Indust ry 19 105 23 021 29 427 38 843 50 496 develop high margin, Finance 4 033 5 081 6 612 8 332 10 581 recurring revenue segments Indust rial S olut ions 1 466 2 126 3 665 4 765 6 433 should positively affect Cognit ive group level growt h Core/ S ENPAI 1 642 2 463 7 240 10 136 14 291 potential Ret ail and Ut ilit y 126 278 1 181 2 008 3 414 Healt hcare and Life - Presence in US and need t o S ciences 419 1 049 3 543 5 315 6 644 migrate from legacy Total Revenue 29 370 37 371 56 514 75 699 100 050 systems is expected to drive Revenue growt h 10% 27% 51% 34% 32% revenue from complex int egration proj ects in Cross Operating expenses industry segment and S alaries 10 818 13 621 18 777 27 123 39 857 reduce OpEx for equipment Ot her OpEx 14 351 18 069 27 411 33 510 39 432 Total OpEx 25 169 31 690 46 188 60 633 79 289 - Growt h will require EBITDA 5 822 6 983 12 585 17 756 24 432 increase in headcount, EBITDA margin 20% 19% 22% 23% 24% which will drive up salary expenses. EBIT 4 201 5 680 10 328 15 066 20 759 EBIT margin 14% 15% 18% 20% 21% - R&D costs should decrease Key rat ios 2018 2019 2020 2021 2022 as share of revenue as Sirma starts to monetize Headcount 449 570 666 777 910 developed products Average salary (EUR p.a.) 24 094 23 897 28 193 34 908 43 799 R&D in m EUR 5,9 6,6 7,4 8,6 10,1 S hare of revenue 20% 18% 13% 11% 10% WC in m EUR 20 2 4 4 7 Debt in m EUR 10 6 3 3 3 Source: FFBH estimates Debt / EBITDA 169% 91% 23% 17% 12% 8