October 2015

EcoSummit

GlobalTechnologyLeaderinUltracapacitors

2

1.COMPANY

SkeletonTechnologies- Ultracapacitors

51 employees, 9 phDsPatented technology -

50% lower production cost13 M EUR raised to date

€

3

2.MARKETOPPORTUNITY

GreenandCostEffectiveEnergy-Ultracapacitors

Ultracapacitor111kW/kg

Li-ionbattery1kW/kg

Ultracapacitor1,000,000 cycles

Li-ionbattery2,000cycles

Ultracapacitor3,000C

Li-ionbattery10C

Deepcharge/dischargecycles ChargerateSpecificpower

4

„Elon Musk Says Supercapacitors Not Batteries, Will Be Breakthrough…“

5

1,539

365

1,256

446

446

Source: IDTechEx research report "Electrochemical Double Layer Capacitors: Supercapacitors 2013-2021"

AddressableMarket2021– $4,052mm

295

3075

167

6

AddressableMarket2014– $573mm

2.MARKETOPPORTUNITY ANDUCUSAGE

UltracapacitorsAreSetToBecomeAMainstreamTechnology

Renewables Misc.(e.g.Grid)Industrial AutomotiveTransportation

6

2.MARKETOPPORTUNITY ANDUCUSAGE

GrowthExample:HeavyTransport

+270kWfor7.4seconds

+USP:

+Higherefficiency

+Loweroverallsystemcostduetodownsizedcoolingsystem

Regenerative braking system forFrenchhybridtruckintegratorAdgero

7

2.MARKETOPPORTUNITY ANDUCUSAGE

GrowthExample:SkelStart24VEngineStartModule

Costsavings• Lead-acid battery life-time increased 1,5 times• Fuel savings due to reduced idling• No need for jump starts• No delayed deliveries

Reliable starting for the trucking industry• Engine starts, always, even with - 40 C• No need to wake up to idle the truck

Easytoinstall• Only ESM in European D02 standard size• Under 60 minutes• Any mechanic could do it

8

SalesProcess2.MARKETOPPORTUNITY ANDUCUSAGE

Focus on Europe

• 30% of global market, growing to bedominant

• Advantage: only local manufacturer

End-to-End Sales Process

• Multi-step qualification, nurturing and closingprocess

• Pre – and after-sales focus to close the loop

Paying Customers

• Leading Automotive OEMs and AutomotiveTier 1s

• European Space Agency• Adgero

9

DirectCompetitors

MaxwellTechnologies,US(marketleader)

+ 2014UCrevenue$136mm

+ ManufacturingintheUS

Ioxus,US(Start-up)

+ Raised$21mmbeforegeneratingrevenue

+ Raisedtotalfunding(over$50mm)from

NESSCAP,SouthKorea

+ 2012revenue$11mm,2014revenue$22mm

+ LSMtron,SouthKorea

+ 2014UCrevenue$30mm

+ NipponChemi-Con, Japan

+ 2012UCrevenuebelow$5 mm, 2014UCrevenue$40mm

3.COMPETITION

10

+ Proprietaryultracapacitordesigntolowertheinternalresistanceandincreasethespecificpowerninetimes

+ Power density numbers confirmed by customers

Upto9xHigher PowerDensityVSCompetition4.COMPETITIVEADVANTAGE

111

13.8 8.5 6.2 8.6 7.7

143

15.68.7 9.1 9.5 9.8

Skeleton500F

Maxwell310F

Nesscap360F

NipponChem400F

Ioxus350F

LSMtron400F

Specificpower(kW/kg) Powerdensity(kW/l)

11

10.1

7.46.0

5.05.7 5.8

14.1

9.6

7.7

5.9

7.7 7.7

Skeleton3500F

Maxwell3400F

Ioxus3000F

NipponChem2300F

Nesscap3000F

LSMtron3000F

Specificenergy(Wh/kg) Energydensity(Wh/l)

2xHigher EnergyDensityVSMostCompetitors4.COMPETITIVEADVANTAGE

+ Proprietarynanoporous carbide-derived-carbonmanufacturingandpost-treatmenttechnologytodoubletheenergydensitycomparedtomostcompetitors

12

5.7kWat0,2sec178g0.124l

5.5kWat0,2sec510g0.4l

SkelCap - MoreCompactandLightweight4.COMPETITIVEADVANTAGE

5PATENTS16PATENTSPENDING

13

Manufacturingoverhead:10%Equipmentdepreciation: 3-5%

Grossmargin :50%

Materials: 70%

Directlabour: 5-8%

Othercosts: 5-7%

COGS:50%

WhyDoesSizeMatter?4.COMPETITIVEADVANTAGE

+ Materialcostsare70% ofCOGS

+ SmallerUCmeanslessmaterialswhichyieldsacheaper product

+ Cost reduction over 50%

Costadvantage

+ Integrationintocompact systems

+ Lightdesignsforweightrestrictedapplications

Usabilityimprovement

14

5.TEAMOVERVIEW

ExperiencedIndustryExpertsandEntrepreneursTaavi Madiberk,CEO+ Co-Founder ofSkeleton+ FormerChairmanoftheSupervisoryBoardofEstonianRailways+ Serialentrepreneur

OliverAhlberg,CIO+ Co-founder ofSkeleton+ Serialentrepreneur+ Successfullyco-foundedandsoldlocale-commercecompanytomarketleader

Indrek Kaldoja,CFO+ 12yearsofexperienceinthefinancialsector+ FounderpartnerandformerCOOatEssentia Capital+ PreviouslyfundmanageratSwedbank InvestmentFundsandExGeneralManageratHansa PrivateEquityPartners

Dr.KaiVuorilehto,VPofProduction+ Ledtheramp-upofa€70mmLi-ionbatteryplantinFinlandforEuropeanBatteriesOY+ ProfessoratAaltoUniversity,SchoolofChemicalTechnology,Finland+ Authorof5energystoragerelatedpatents

Dr.VolkerDudek,CTO+ FormerCTOandSVPofTelefunkenSemiconductors+ FormerheadofR&DAtmel+ Authorandco-authoredmore than30scientificpublicationsandmorethan30patentapplications

Non-Executive Director Mr.JamesMcDougall+ CEOofYounicos.+ HasheldseveralgloballeadershippositionsandassignmentsinNorthAmerica,AsiaandEuropeasCEOandManaging

Director

15

Committed4 M EUR Raising

8 M EUR

6.ROUNDC

RoundC(12MEUR)– Expected Closing Q22016

Funding for:SalesandMarketing;Manufacturing scale-upwithleanCAPEXmodel

Movinghigherupthevaluechain:ultracapacitor-basedproducts forend-customers

16

FinancialOverview7.FINANCIALS

+ Currentlydemandexceedsproductioncapacityby10x

+ ProductioncapacitywillincreaseexponentiallywiththeanewproductionfacilitynearDresdenin2017

+ Salesfocusondevelopingthecurrentkeycurrentaccountstolargervolumes

+ Cashflowpositivefrom2017onwards

+ Noadditionalfundingisneededtoreach2020targets.Alladditionalinvestmentswillbefinancedfromcashflow

27%

13%

40%

12%8%

11.421.8

41.5

2014 2015 2016 2017 2018 2019 2020

RevenuebreakdownbyverticalandEBITDA(€mm)

Transportation Automotive Industrial Renewables Miscellaneous(incl. high-end) EBITDA

4.421.9

61.7

98.2

155.1

0.80.1 1.7

(4.5)(2.9)(1.8)

*MassproductionwillstartinSeptember 2017

17

Exit– TradeSaleorIPOin2020

Industrysegment Potentialbuyers Rationale

Energystorage Highermarginsandgrowth,synergieswithsourcing,manufacturingandmarketing,developmentofhybrid(UC/battery) systems

Electronics Offer aUSPfor their end-customers and capture greatermargins from the segment

Chemicals Moveupthevaluechain

Automotivesystems OfferaUSPfortheirend-customersandcapturegreatermarginsfromthesegment

TeslaMotors WhenElon Muskbacksuphisstatementthatultracapacitorsarethefuture,thenSkeletonTechnologiesistheobviouschoice

8.EXIT

Taavi MadiberkChief Executive Officer

+372 5354 2387taavi.madiberk@skeletontech.comwww.skeletontech.com

Theonlyultracapacitorcompanywithdistinctiveperformancedifferentiatorsandtechnologyforloweringcost