Captivision Business Combination Overview
EXECUTIVE SUMMARY
JAGUAR INVESTMENT THESIS
Established & Profitable Company
Revenue ($M)
EBITDA Margin %
$86
$52
38%
$45
$29
24%
15%
$15
$20
$9
15%
6%
Strong Pipeline
Unique capability of delivering projects of various sizes, including
Super Large Architectural Media (SLAM) projects²
2023
2024
BUSAN, KOREA
BOSTON, USA
INCHEON, KOREA
(56%)
(110%)
2019A
2020A 2021A 2022A 2023E 2024E
2025E
PYEONGTEAK, KOREA
Global Presence & Potential
Based upon our Korean sales experience, we estimate a $1.2 billion revenue
potential from our targeted global target markets¹
MAGOK, KOREA
SEOUL LAND, KOREA
Continued Growth in DOOH Advertising Market
Significant additional revenue upside is associated with addressing the
rapidly growing Digital Out-of-Home (DOOH) advertising market
($ in Millions)
Growth: 12.2%
25,008
22,648
19,793
18,033
15,616
14,060
Headquarters
Manufacturing Facilities
Installations
Offices
2020
2021
2022
2023
2024
2025
1.2021 GDP for Korea and the global target markets were $1.8 billion and $87.8 billion, respectively. Assuming a linear relationship between G-Glass sales and GDP and extrapolating projected 2023 Korean G-Glass revenues of $24 million to the global target
market, we estimate base case total global revenue potential of $1.2 billion per annum; 2. SLAM: Super Large Architectural Media (20,000-100,000 ft²). Source: PQ Media Global Digital Out-of-Home Media Forecast 2021-2025, World Bank, World Development
Indicators, updated 12/22/22. Please see slide 32 for more details on Company financials
GLAAM
PRIVATE AND CONFIDENTIAL // 8
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