DELTA PARTNERS CEO SUMMIT 2018 The BattleforPremium Content Daniele Pe-AssociatePartner Sam Evans-Partner Andrew Snead-SeniorPartner, Americas One World Trade Center-NYCOctober2018 THETHE DELTADELTA PERSPECTIVEPERSPECTIVE DELTA PARTNERS CEO SUMMIT 2018

The Battle for Premium Content - Reviewing the CEO Summit One World Trade Center - NYC, NY - October 5th, 2018

Authors: Andrew Snead - Senior Partner, Americas Sam Evans - Partner Daniele Pe - Associate Partner

Delta Partners’ annual CEO Summit actors have entered the stage has established a reputation for forcing traditional companies to bringing together leaders from adapt their role and participation, across the telecoms, media and both trying to harness and/or technology ecosystem to debate respond to new technology and key strategic questions facing their shifts in consumption behaviour. organisations and the industry. The implications are multiple, including radically new business For 2018, the focal theme was models (e.g. direct-to-consumer), ‘the battle for premium content’ escalating premium content costs in response to the major disruption and bold M&A moves. playing out across an increasingly diverse ecosystem of traditional Beyond traditional telecom and and non-traditional players. New media players, the event was 3 DELTA PARTNERS CEO SUMMIT 2018

attended by global tech companies (Amazon and • Small can be big. Building targeted content Facebook) and major sport franchises (Manchester propositions (and related offers, such as City, the NBA and Miami Dolphins). merchandise) around fandoms can be valuable

Several pivotal questions were debated throughout • Emotional attachment over the day: engagement. The future winners will be those who can build and monetise genuine emotional • What is the relevance of premium content within attachment and passion the intensifying battle for consumer engagement? • The latent potential of sports. There is • How can content creators and distributors cut significant upside potential in sports franchises. through the noise and distraction of the Internet Maturing of direct-to-consumer coupled with to deliver appealing experiences? tech evolution, such as VR, are possible triggers • Beyond live rights, how can sports organisations that can unlock fan monetisation create value from content? • The 90-minute game could evolve. The • What strategic posture should telecoms operators continued reduction in attention span combined adopt (in relation to video) and should they invest with interest in alternative viewing experiences in premium content? potentially puts the traditional 90-minute soccer match at risk as the sole offering • Why have telecoms operators failed in their attempts to create compelling mobile video • Experience trumps content ownership. experiences? It’s not about content ownership being right or wrong, it’s about creating compelling, • How does the current regulatory framework need personalized experiences. to adapt to meet the needs and implications of an increasingly complex digital economy? • The industrial-age regulatory framework has run out of steam. A new digital-centric From the discussions, it is evident that the ‘battle for regulatory framework is required and, in keeping premium content’ remains comparatively embryonic with the times, needs to be suitably agile – content producers are still adapting to mobile distribution, the true long-term content ambition of The remainder of this document provides a summary social media platforms is unclear, telecom operators of the discussion and key debates. are still deciding whether to build, partner or buy, and sports organisations are only now starting to think about how to leverage the Internet and direct- to-consumer models to monetise content. Equally, investors seem uncertain on how to reward or penalize the various moves taking place. Such dynamics are playing out in a largely 2D world. The maturing and adoption of augmented and virtual reality coupled with advancement in artificial intelligence will undoubtedly heighten the stakes and attention.

The key takeaways:

• Live over non-live. Content is a major engagement driver but does not necessarily need to be premium. ‘Live’ is far more engaging than non-live

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Tom Wheeler, Former US FCC Chairman

Regulatory framework: the industrial age is dead so why do we continue with an industrial age regulatory framework?

Tom Wheeler, ex-Federal Communications Commission Chairman, reflected on the growth of the digital economy and the rise of companies such as Google, Facebook and Apple who have become immensely powerful, not only financially, but socially and politically. Digital platforms have become a ubiquitous part of our culture, with far-reaching implications. While most of us benefit from the variety of digital services on offer as we order taxis or pizzas, it is becoming increasingly evident that some digital platforms have aided election interference, propagated disinformation and misused our personal data. So what?

Tom outlined the need for a regulatory framework that is fit for our time. The existing framework, he argued, was designed for an industrial age that no longer exists. Instead, we need a regulatory framework that not only addresses the opportunities, challenges and implications of an increasingly complex digital economy but one that mirrors the working practices such digital players have helped create – i.e. agile, flexible and adaptive.

Discussion focused on the fundamental question of whether digital companies need to be regulated and whether such regulation would kill the “permissionless innovation” that many, such as Eric Schmidt, have suggested is critical to their very being. Tom highlighted the benefits such innovation has afforded us, yet at the same time, resulted in “permissionless invasion and interference”.

In his view, the regulation of digital corporates needs to yield to a common, legally binding set of policies that govern the provision of digital services based on a set of core beliefs: privacy; marketplace competition; and operational openness. Discussion centered on the topic of personal data and how the ownership and exchange of such data should be both managed and regulated.

Much discussion followed but the fundamental question that remained was how to adapt an industrial age, 20th century regulatory paradigm for a 21st century digital reality and how to reinstate stability and security for both consumers and corporates. The notion Tom left the participants with was that the answer would likely be more appropriate and fit-for-purpose if the leaders of such digital organizations proactively step up to help architect it.

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The new engagement: emotional attachment

Across the TMT industry, the increasing number of Is engagement enough – hasn’t the industry participants in the final ‘T’ – technology -, game shifted to creating emotional coupled with growing speed of change, is driving attachment and passion? fragmentation and noise. We have a seemingly endless choice of applications and services competing However, engagement alone is insufficient. To truly for our attention and mindshare throughout the day cut through the noise and distraction of the Internet, (and night). and capture meaningful mindshare, the key objective must be the creation of emotional attachment and As such, operators, traditional content players, social ‘passion’. Video content can do this by building an media and technology platforms are all vying for emotional connection, a sense of community or even ‘engagement’ - enticing customers via habit-forming tribalism in some cases. For instance, Manchester City products with the objective capturing mindshare has around 30-40 million Indonesian fans, of which a in a meaningful way and, as a result, cross-sell and few million “live and breathe” the football club. Star upsell product and services or drive ad revenue by Wars has created a fandom of millions of dedicated harnessing customer data analytics. followers globally that worship the franchise. They dress up for movies, spend thousands of dollars The Summit participants agreed that video content on gadgets, attend the multitude of conventions is arguably the veritable driver of engagement. It not organized every year and have even created “Star only has the ability to attract subscribers to a specific Wars day” (May 4th). service but can increase the time customers spend interacting with that service, boost the richness of Glenn Lurie, CEO of Synchronoss, moderated a the interaction and drive retention. panel featuring Tony Goncalves, CEO of Otter, and Ricky Van Veen, Facebook’s Head of Global Creative

Exhibit 1: drivers of engagement

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Strategy, which highlighted how success in the battle community boards) can result in attracting over 300 for engagement today means rethinking the meaning million active users monthly. of the traditional engagement drivers - eyeballs and time - and expanding the concept to truly drive new levels of customer interactions. That’s when ‘passion’ How can the engagement window be and ‘emotional attachment’ start materializing. extended beyond the show time?

Enlarging the window of engagement beyond a Is blockbuster content the only way? 90-minute soccer match or the 30-minute show is Can targeted fandoms be a path to paramount to building customer attachment while meaningful value creation? increasing the return on investment for content cost. Facebook is a clear example of this. Its content strategy Traditionally, attracting eyeballs required investment focuses on video material that can drive ongoing in exclusive and popular content – the ‘blockbuster’ interactions with the user base on an ongoing basis type. Yet it is becoming clear this is not the only hence boosting time spent and advertising revenues. option. Identifying relevant niches and building For instance, Facebook Watch’s “Red Table Talk” uses targeted content propositions is a valid alternative. behind the scenes material and short content pills to “Small can be big” as Derek Thompson, writer for encourage fan discussion beyond the weekly show, The Atlantic and author of Hitmakers, said in his driving recurrent attention to the platform. speech. The Internet has led to an understandable “Beyond the show time” was also used in reference fascination with global audiences (i.e. hundreds of to monetisation beyond media, such as merchandise, millions) yet meaningful value can be created from conventions or even theme parks to retain mindshare very targeted fan-centric experiences that talk to and drive additional monetisation. Sport leagues have specific cultures (e.g. sports and fantasy). Getting this traditionally used merchandise and while fandom- right requires a deep understanding of the fandom’s based media companies, like Otter, are now doing tastes, preferences and ‘code’. that too, Disney leads the pack. Disney has created a As an example, Twitch shows the value in full ‘magical’ experience around its movies and makes identifying a niche (e-games) and “super-serving about 33% of its revenue through theme parks and it” through an end-to-end proposition all about around 10% through merchandise. gaming (from affiliates and partners programs, to special subscription services, a dedicated store and

L-R: Tony Goncalves, Otter / AT&T Warner Media; Ricky Van Veen, Facebook; Glenn Lurie, Synchronoss

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How to increase the level of How do achieve all this in an innovative interaction? manner?

The level of interaction is the new variable in the “To sell something surprising, make it familiar; to engagement equation. sell something familiar make it surprising”. This beautifully simple quote from Derek Thompson talks As stated before, platforms like Facebook use video to the reality of consumers being torn between a content to drive social-media consumption. The curiosity about new things and a fear of anything too same applies to other applications like Snapchat and new. Instagram. Ensuring a high degree of interaction is fundamental to driving the networking effect and It’s based on MAYA - Most Advanced Yet Acceptable drawing the player to live casting or shows. Live - a design ethos from famed 20th Century industrial content generates 7 times more engagement than designer Raymond Loewy, who believed that non-live. customers gravitate towards products that are bold but familiar and instantly comprehensible. Customers Beyond live content, personalization came back as want new things as they tire of the same-old, but a relevant driver of interaction level. “Customers they develop scepticism about unfamiliar concepts react better to personalized messages,” said one and buzzwords. Finding the balance between the Summit guest, but there was agreement that two - the eureka “optimal newness” - is key to immersive experience could be the next big thing in cutting through the noise, establishing and building terms of driving interactivity. New technologies and engagement, emotional attachment with the technology applications - like 360° cameras, multiple customer. screen environment and AR/VR - are proven to increase emotional engagement by as much as 27% and extend sessions by 34%.

Exhibit 2: immersive video experience concept and benefits

IMMERSIVE 360º EXPERIENCE INTERACTIVE / SOCIAL EXPERIENCE

Feeling part of it (e.g. sports Interaction and content events) replacing the need to watching with friends / social be in the venue media

IMPROVED USER INTERFACE CONTROLLABLE ENVIRONMENT Capability to scroll IMMERSIVE Blocking out visuals / through shows and VIDEO audio cues and movies by looking at improving the screen and EXPERIENCE immersion (e.g. light tapping your choice dimming)

SHOPPABLE CONTENT MULTISCREEN Tech-enabled online content allowing customers to buy Allowing for multiple virtual products through online monitors video

Higher emotional engagement +27% Longer engagement period +34%

Source: YuMe, Nielsen, Delta Partners analysis

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Sports - the evolution of 90 mins

L-R: Sam Evans, Delta Partners; Matthew Higgins, RSE Ventures, Miami Dolphins; Christine Pantoya, NBA; Ferran Soriano,

In the ‘battle for premium content’ sport has been, base beyond the sale of content rights at a league and will continue to be, a focal point. With the level and commercial sponsorships. Manchester City value of live rights continuing to increase, Internet has more than 400 million followers globally, yet it players becoming acquirers and new distribution struggles to effectively monetise the passion of this approaches emerging driven by IP and mobile base. The value created by an effective commercial broadband connectivity, there will be ever more ways strategy built off the existing content assets to monetise. Manchester City has today would not be marginal – creating $1 per fan would increase City Football The Summit heard from Ferran Soriano, CEO of City Group’s revenues by more than 50%. Football Group, who shared the dual opportunity and challenge faced in monetising an international fan

Exhibit 3: sports rights inflation

Sports rights inflation in recent years ...... has been driven by entry of new tech players

Sport rights inflation 2018 ($ Billions, % change) Outbids Sky to win exclusive ATP tour £10m tennis rights / y ear 41% 2013 2018 6.5 Landed the rights for the next three seasons of La Liga in a deal worth $50m 's $23.1 million

4.6 Twitter won the deal to livestream 111% TNF games (2016) $10m

108% 2.3 94% 20% 265% Exclusive rights to stream 15 college 1.6 football games part of continuing Confidential 1.1 0.9 0.9 efforts 0.8 0.6 0.8 0.5 0.2 BT Sport struck a deal with YouTube to air the Europa League and Confidential NFL NBA MLB US Open NASCAR MLS Champions League finals to maximize (Golf) viewership

Source: Press clippings, Delta Partners

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Exhibit 4: commercial revenue per fan – a new metric?

Fans and commercial revenue/fan (Fan figures in millions and rev./fan/year in $) Fans¹ Revenues / fan² 200 ​

180 48.0 160 140

120 31.0 100 24.3 80 24.0 60 ​ 13.7 6.2 40 ​ 14.0 6.2 6.3 20 3.1 2.5 4.0 1.2 0.8 1.8 0 ​

Comm. Rev. (as % of total 55% 43% 18% 27% 35% 46% 56% 44% 50% 61% 44% 80% 20% 23% 9% revenue) Formula 1 Football NFL NBA MBL Rugby Golf Sources: 1 Fan base: Ipsos Connect report (F1), social network metrics (for non-F1); 2 Revenues: websites, annual reports (non-F1)

Following Ferran’s presentation, there was a panel What opportunities are there to evolve discussion including Christine Pantoya, EVP Mobile at the sports content proposition? NBA and Matthew Higgins, Vice Chair at the Miami Dolphins discussing the evolution of sports content. The ‘elephant in the room’ for the future of sports During the discussion, three strategic questions were content is whether future generations with such a addressed: high level of digital distraction will have the attention to watch a match or race in full. This stimulated the debate on whether it is the sport itself or the presentation of the content that should evolve, with How much further room is there for consensus being on the latter as the ‘integrity’ of the increases in rights value? sport is crucial for engagement. The NBA’s offering Given the failure of the English Premier League’s (EPL) to allow fans to buy only the final quarter of a game recent auction to increase rights value, there was a was highlighted as an example of how traditional debate about whether sports rights are reaching their sports broadcasting can evolve. The opportunity peak value. Participants involved in rights acquisitions for sports leagues and teams to distribute ‘direct- explained the process of internal valuation of sports to-fan’ was seen as an emerging opportunity for content and being able to walk-away if they could not these organisations to take greater control over achieve a fair value. The impact of OTTs participating content development and segmenting the offering in sports rights auctions was also discussed with a to different parts of their fan bases. divergent view whether this would be inflationary to prices or allow sports leagues to better monetise their international rights in markets where there may not be clear pay-TV demand. However, there was consensus was that OTT’s participation in sports content is at a nascent stage and the market is yet to see the full extent of their strategies.

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Are VR and gaming the next two Following the panel, Indy Car racer James Hinchcliffe growth opportunities for sports participated in a fireside chat where he offered content? the sportsman’s perspective. He shared insights on how digital media and mobile distribution are There has been much hype about VR as a potential providing opportunities to connect directly with new frontier for sports content. Although the fans and engage audiences, especially those beyond opportunity was recognised, Summit participants the traditional core. He also shared his view of the felt a nearer term opportunity is through the relevance of motorsports as a pioneer for sports development of eSports and gamification of sports content to evolve into VR and gaming. For example, content. Regarding the latter, gamification was seen placing a 360º camera on a car or using AR gaming as a key driver of engagement that can be leveraged technology could allow fans to get as close as in both the physical attendance environment and possible to actually participating in the sport. Through remote viewing. VR was identified as a longer-term gaming, specifically, the lines between e- and reality opportunity with innovation still required in hardware are blurred and, unlike other sports such as football, to improve the cost economics, viewing experience it could become the on-ramp for future drivers. and network infrastructure.

Exhibit 5: the future content experience

VIDEO GAMING Live streaming, short video clips Mobile gaming, gamification and eSports

The future of IMMERSIVE content? PHYSICAL AR/VR experiences Live engagement

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Content strategies

Gavin Patterson, BT

Towards the end of the day, the discussion moved one. Some executives felt that exclusive premium towards traditional telecom operators and their content remains a game-changer in terms of driving respective approaches to content strategy. There broadband switching and managing churn and, as is clear evidence of bifurcation within the industry such, justifies a more progressive content acquisition in terms of approach towards content ownership. stance. Some players, such as AT&T, Telia and Telefonica, are buying content companies and/or establishing their own in-house content production units. Others, such Is the battle futile? Will large internet and as BT, have placed bets on premium content rights technology players ultimately win? ownership (e.g. EPL) while others, such as Verizon and Deutsche Telekom, have sought to compete on the A third group offered a more sobering and curation and enablement of content via partnerships, provocative notion of the future. It painted a futile placing an ever-increasing emphasis on network battle against the large technology platforms (i.e. quality and a differentiating consumption experience. FAANG), who have disproportionately larger balance sheets on which to compete and outbid traditional Several questions and threads were explored. players; global audiences that afford a dramatically different economic paradigm in terms of production Who is right, AT&T or Verizon? cost per subscriber; multi-faceted and asymmetric Some representatives suggested that while business models that use content investments as various operators subscribe to the thesis of vertical acquisition and engagement hooks to be monetised integration, the motivation behind certain deals have via other business lines; greater technology expertise been equally grounded in financial objectives (such as (analytics, neural networks etc.) to inform future revenue diversification and dividend coverage). This content production and personalization strategies. aside, it was acknowledged that operators clearly One participant theorised that Amazon et al. are “in have different beliefs and on the question of who is test mode, lying in wait” and suggested we’ve yet to right, the result was mixed. This is further exemplified see anything even close to the power and influence by exhibit 6 below. Others felt there is no single right they’ll inevitably unleash. It was clear several people or wrong answer. “It depends on the constituent in room subscribed to this view. market and operator-specific factors, but success is more likely determined by the operator’s ability to build differentiating and compelling experiences, irrespective of content ownership position,” said

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What is the investor sentiment towards Gavin Patterson, CEO of BT, provided an insightful content and distribution integration? perspective on the BT Sports and EPL story and highlighted the tangible impact the EPL deal had in Questions were raised in relation to convergent terms of broadband acquisition and churn. To what deal investor sentiment and whether investors were extent can content deals increase ARPU (as opposed rewarding or penalizing progressive moves. Exhibit 7 to being yet another money pit to sustain broadband (next page) was shared and supported the general and connectivity revenues), mused one observer. view that the jury is still out and generally investors In response, one of the operator CEOs shared an are not fully convinced of the value creation potential. interesting exercise his team had undertaken in one It was noted that each case has its own specific of their home markets, which suggested customers constituent factors - scale, geographic coverage, are willing to pay an additional €5-15 a month for market conditions and broadband installed base inter augmented reality content experiences, supporting alia - and would therefore be received and rewarded the view that new experiences offer operators the differently. The dialogue shifted towards performance opportunity to finally increase ARPU, a prospect that fundamentals and evidence of content investments has evaded many. translating into tangible results.

Exhibit 6: content strategy bifurcation

BELIEVERS SCEPTICS

This is a perfect match of two companies Rather than investing in expensive rights or with complementary strengths who can "buying Time Warner", his company was "bring a fresh approach to how the media ""building fibre like hell"- Deutsche Telekom, CEO and communications industry works for customers, content creators, distributors and advertisers" - AT&T, chairman and CEO We don't think of ourselves as "producers" of content and believe in a We saw content being more valuable "symbiotic existence with content over time. And now, of course, everyone creators" - Airtel, CEO of content division "wants to get into content and they're looking for what we bought eight years ago, nine years ago” – Comcast, CEO

Johan Dennelind, Telia Company

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Exhibit 7: reactions to key acquisitions

Acquirer share price evolution

60 27/02/2018 -7.4% -6.0% 21/09/2018 45 25/05/2018 -2.5% 20/07/2018 -1.9%

40 40

20 35

deal announced deal closed deal announced deal closed 0 30 27/12/2017 25/09/2018 26/03/2018 20/09/2018

60 24/10/2016 -1.7% -6.2% 13/06/2018 20 7/02/2013 -1.5% -1.4% 5/05/2015

15 40 10 20 5 deal announced deal closed deal announced deal closed 0 0 24/08/2016 25/09/2018 7/12/2012 3/07/2015

Can operators build a scale content play?

Beyond discussions on strategic direction and investor sentiment, Summit participants highlighted several further challenges that they are facing within their organisations as they develop approaches to content. The highest level of consensus concerned developing the capabilities of a ‘MediaCo’ within the traditional telecoms organisation, as well as managing Boards and Investors to help them understand the investment rationale and payoff of such strategies. Further organizational and governance education is required with industry leaders keenly looking out for success stories to use as reference cases.

Closing remarks In closing, the summit reinforced the irrefutable relevance of content to the different ecosystem players and their respective business models but also the uncertainty that exists on key questions such as the “right” strategic posture for operators, the true ambition (and threat) of the large technology players and the path to unlocking value across sports. It is clear we are in the early stages of a truly disruptive era where the rewards will continue being redistributed and where new opportunities will continue to arise, largely fashioned by technology. Interesting times.

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Delta Partners CEO Summit participants

Cláudia Rachna Azevedo Bhasin

• CEO and Chairman of the Board, Sonae • Chief Business Officer, Magic Leap Group - effective 2019 • SVP of Corporate Strategy and Business • CEO, Sonae Capital (Improving Life) - until Development, Sirius XM end of 2018 • GM of Strategic Partnerships and • Responsible for Group Companies, Personalization, Dell Global Consumer Sonaecom, Sonae Turismo, WeDo or Público Group • Non-executive Chairman, NOS

Jeffrey T. Johan Binder Dennelind

• EVP, Home and Entertainment, T-Mobile • President and CEO, Telia Company USA • Board Member, World Childhood • Former CEO, Layer 3 Foundation • Board Member, InStock Fasteners, Chicago • Former CEO, Vodacom International – Board of Trade and Leading Golf Travel Vodafone Group • Former CEO, Digi Malaysia - Telenor Group

Howard Tony Gefen Goncalves

• General Manager Worldwide Business • CEO, Otter / AT&T Warner Media Development / Mobile, Amazon • Former CEO Digital Brands, AT&T • EVP of Marketing and Business • Former SVP Digital Entertainment Products Development, Obopay Group, Directv • Director of Business Development, Mobile Devices, Microsoft

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Delta Partners CEO Summit participants

Tom Matthew Gorke Higgins

• EVP, Head of Distribution & BDV, Viacom • Co-Founder and CEO of RSE Ventures Media Networks • Vice Chairman of Miami Dolphins and Hard • Former SVP, SVP, Content Distribution, Rock Stadium Viacom • Guest Shark on Shark Tank Season 10 • Previously at Deutsche Bank and Turner • Co-Founder, International Champions Cup and public relations firm Derris • Board Member, VaynerMedia, Milk Bar, &pizza and Autism Speaks

James Glenn Hinchliffe Lurie

• IndyCar Series Race Car Driver, Schmidt • President, CEO and Board Member, Peterson Motorsports Synchronoss Technologies • Previously with Andretti Autosport and • Board Member, GSMA, Avis Budget Group, Newman/Haas Racing Inc., Pivotal Commware, Inc. and the • 93 races run over 7 years: 6 wins, 12 podiums Consumer Technology Industry Association and 1 pole position • Member of the Aptiv Advisory Council • IndyCar Rookie of the Year and Tony Renna • Member of the executive advisory board of Rising Star Award (2011) Curing Kids Cancer

Christine Gavin Pantoya Patterson

• SVP, Direct to Consumer & Mobile Strategy, • CEO and Board Member, BT NBA • Non-executive Director, British Airways • Former VP, Corporate Strategy and • Member of the CBI President’s Committee Development, Verizon • Former CEO, BT Consumer (BT Retail) • Former VP, Sales and Marketing, Cox • Former Managing Director of the consumer Communications division, Telewest (Virgin Media) • Adviser to Harvard’s Access to Justice Lab

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Delta Partners CEO Summit participants

Jeremy Maaz Sell Sheikh

• CSO and Head of M&A, STC • Co-Founder and CEO, Starz Play Arabia • Advisor, Lightfoot Invest Limited • Former Chief Sales and Operations Officer, • Former CFO, Mountain Partners OSN • Former CSO, Ooredoo • VP of Worldwide Sales and Marketing, StorePerform Technologies

Ferran Abdulrahman Soriano Tarabzouni

• CEO, City Football Group (including • CEO and MD, STV Manchester City FC, City FC and • Board Member, Careem, Small and Medium Melbourne City) Enterprises General Authority • Author: ‘Goal: The Ball Doesn’t Go In By • Member of Investment Committee, STC Chance’ Ventures / Iris Capital, Middle East Venture • Former CEO and Vice Chairman, FC Partners, BIAC, Wadi Makkah, • Former Chairman, Airlines • Former Global Head of New Business & • Founding Partner, Cluster Consulting Partnerships, Google

Mark Derek Tluszcz Thompson

• Chairman, Wix • Writer, The Atlantic • CEO, Mangrove Capital Partners • Host of podcast, CRAZY/GENIUS • Board Member, Freedompop, JobToday and • Author of the book ‘Hit Makers’ Galenicum Health

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Delta Partners CEO Summit participants

José Francisco del Valle Varela

• CEO, Telefónica Media • VP of Mobile Partnerships, Facebook • Former Director International Multimedia • Former Director of Global Platforms Business, Telefonica Partnerships Business Development, YouTube • Former International Counsel, Yahoo

Ricky Tom Van Veen Wheeler

• Head of Global Creative Strategy, Facebook • Former Chairman, FCC • Board Member, Horizons National • Former MD, Core Capital Partners • Co-Founder, CollegeHumor / Vimeo / • Former President and CEO, Shiloh Group BustedTees • Former Chairman, NCTA

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Roy H. Chestnutt • Non-Executive Partner, Delta Partners • Board member, STC, Telstra and Digital Turbine • Senior Advisor, Blackstone • Former EVP, CSO, Verizon

Sam Evans • Partner, Delta Partners • Former Partner, Redshift Strategy • Former Strategy Director, GSMA

Victor Font • Co-Founder and CEO, Delta Partners • Former Partner and Managing Director, Oliver Wyman • Presidential Candidate FC Barcelona in the next elections • Founding Shareholder and Board Member, Diari ARA

Fede Membrillera • Senior Partner and Head of Corporate Finance, Delta Partners • Previously, he held senior positions at Oliver Wyman, Node and Alpha Corporate

Boris Nemsic • Non-executive Partner and Chairman of the Board, Delta Partners • Former CEO, Veon and Telekom Austria Group • Former Board member and chairman of the Public Policy Committee, GSMA • Chairman of the board, I-New and Cellwize

Daniele Pe • Associate Partner, Delta Partners • Head of Digital Practice, Delta Partners

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Andrew Snead • Senior Partner, Americas, Delta Partners • Former senior positions at Andersen Consulting (Accenture)

Jon Wilkins • Non-executive Partner, Delta Partners • Co-founder and Partner, Quadra Partners • Former Chief Operating Officer, U.S. Federal Communications Commission

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2018

TMT Advisory and Investment

22 23 Andrew is a Senior Partner overseeing the North America business. He has over 21 years of strategic consulting and M&A experience and has worked with major telecommunications, media and technology / digital firms in the US, UK, Ireland, Sweden, the Middle East, Africa and Asia. Sam is a Partner at Delta Partners, a leading specialist global TMT Advisory, Corporate Finance and Investment firm. Sam has advised mobile operators, content distributors, network infrastructure providers, device vendors and payments networks across North America, Europe, Africa, Middle East and Asia. He has a degree in Philosophy, Politics and Economics from Oxford University. Daniele is an Associate Partner in San Francisco and leads Delta Partners Digital Practice, whose primary focus is on helping telecom operators globally evolve their business model to be more competitive in the digital age. Daniele more than 10 years management consulting experience in the telecom and digital industry globally and was previously based in Singapore and Dubai. Daniele has a MSc in International Management from ESADE University. If you would like to contact the author to further discuss this topic, you can email to: [email protected]

Delta Partners is the leading Advisory and Investment firm specialised in Telecoms, Media and Digital with offices in the Middle East, Africa, Europe, Asia, Latin America and the United States of America. We partner with global and regional telecom providers, digital players, other TMD clients and our investors to help them address their most challenging strategic issues. Our unique combination of Management Consulting, Corporate Finance1 and Investments2 creates unparalleled value for our clients, investors and business partners. For more information, please visit www.deltapartnersgroup.com and follow us on Twitter @Delta_Partners 1 Delta Partners Corporate Finance Limited and 2 Delta Partners Capital Limited are members of the Delta Partners Group of companies and are authorised and regulated by the DFSA.