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Handelsblatt INTERVIEW "Al can have a disturbing effect" — Investor Junkermann on the pros and cons of artificial intelligence by. Peter Brors Date. 27/1112018 16:47 The experienced venture capitalist talks about her investments in the health sector, Al in medicine and financial commitment. Nicole Junkermann in her London residence "When handling data. we must explain, explain and explain some more - also asked to do that as a mother.' London. The tall woman with long blond hair speaks six languages, bears the name of an Italian countess, is the mother of a very young daughter and lives in the London district of South Kensington. Nicole Junkermann was born in Dusseldorf, grew up in Spain, has lived in France and Italy and is always travelling, with Asia her favourite destination. The graduate in business administration earned her first money with a video game called Winamax — at that time there were only a handful of these animations that are so popular today for virtual hobby football managers. Nicole Junkermann gained her first work experience as assistant to the management team at French telecommunications provider Neuf Cegetel After that, the football-loving supporter of Real Madrid, together with the former Adidas chief Robert Louis-Dreyfus, led the TV license marketer Infront, who among other things EFTA00803367 held the television rights to the 2006 World Cup in Germany. Since the competitor Bridgepoint bought Infront for more than 500 million euros in 2011, Junkermann has been investing in her own funds. Ms. Junkermann, the UK Department of Health, led by Matt Hancock, has just appointed you to the Scientific Advisory Board. Why? I met the minister for the first time in the spring of this year, when he was still responsible for the technology department. After around two months, I had a letter from him saying that he wanted a direct link to young companies and science. The minister wants to find out more about how medical innovations can be introduced faster to the British healthcare system and thus into people's everyday lives. How exactly do you want to help him? First of all: I appreciate the minister's interest and I feel honoured. My team and I have made a number of investments in health care companies over the past few years, most of them in old-age provision products and preventive care. We gain a lot of experience from close exchange with founders and scientists, such as how advancements in medicine get from the lab to the patient as quickly as possible. Introducing NJF Capital The strategy As a longtime venture capitalist, Nicole Junkermann runs her own investment platform NJF Capital for venture capital, direct investment and real estate. With her team in London, she has specialised in start-ups in the health care sector. Junkermann consciously diversifies and controls the risk: therefore. their focus is also on more defensive investments from the field of fintechs or more mature companies that stand for real transformations, such as digital software solutions. The figures The individual investments range between a six-figure sum and double-digit millions - depending on the development potential of the individual business idea. The early days The very first investment was in the still-valued old economy: she is still invested in the third- largest Chinese sporting goods retailer, Shanghai Really Sports. The year 2018 There have been five transactions in 2018 so far — most recently an exit from fintech Revolut, which was valued at £1.5 billion in the most recent round of valuations. Can you be a bit more specific? For example, wherever artificial intelligence can prospectively be used in medicine there are exciting points of reference. So, if Al can link patient data together and derive conclusions for EFTA00803368 individualised therapies in oncology, then this is of interest to everyone: patients can be treated faster and more precisely. It helps the pharmaceutical companies if their products are more targeted: the healthcare system will benefit if the already expensive treatments are more effective. In short, it ultimately helps people and even saves money. Sounds a bit idealistic. Do you think? I don't think idealism and economic considerations are mutually exclusive. The special feature of using Al in medicine is that the new technology can have a very accelerating effect, for example when putting together focus groups in the clinical test phases for new drugs. This saves an enormous amount of time in the development of medicines and therapies and is very efficient. For that matter, this of course also applies to very rare, serious diseases that are unfortunately sometimes neglected in research these days because it's considered too expensive and too much effort. I want to help solve this dilemma. This can only succeed if the humanitarian and business prospects for success are aligned. Do you think the use of Al is unreservedly positive? Definitely not. Al can also be disturbing and potentially harm our society if we do not eventually develop a broad awareness of what we can and should expect from Al, and where, above all, the ethical boundaries of Al are defined. Al cannot drive people. Instead, people need to develop Al and use it wisely. For this we need an attitude and a culture as a foundation, and a credible system of values. At the moment, too few appointed people are dealing with finding the answer to this essential task. An example, please... Data protection: patient data must be fully protected! The dignity and integrity of the individual must not be violated. The fact that government agencies sell millions of patients' data to pharmaceutical companies, as in the US, must by no means become the international standard. This data is important for medical progress but may only be passed on if strictly used for this purpose. That does not happen in the USA at the moment. Here it needs very clearly defined rules and limits. If Al can also help treat previously incurable diseases, won't these concerns perhaps take a back seat? We have to make the most of the possibilities of innovation but cannot ever give up our conscience. People do not want technology to eat their lives. In terms of medicine this means: Al should never and will never replace the doctor but should only be ancillary. This has a strong ethical dimension. Here and now we have to identify the values that are important to us and defend those values with conviction, if necessary. EFTA00803369  Awareness of this does not seem to be very widespread, as can be easily observed in the negligent handling of data in social media. That's the way it is. Social media is often the opposite of social: me, myself and I - everything revolves around oneself. I dare say: the majority of social media users are not interested in politics or V : :\ II " !hi ! society. We must therefore explain, explain and FDP calls for specific Al strategy explain some more — also asked to do that as a in competition with USA and mother. The big tech companies like Google and China Alibaba will never self-regulate or even limit themselves. That should also be very clear to us. In how many companies have you invested in the meantime? I currently hold 24 minority interests in 12 countries. All these companies pursue an international and scalable approach. Do you always demand a seat on the board? That's not imperative. Regardless of a seat on the board, we help to raise capital, to recruit and of course to be a strategic sparring partner for the respective management, especially in the growth phase. For that matter, sometimes the typical German virtues of order and structure are required. And do you do that for all 24 companies? In our team we specialise by industry. Whereby I deal personally with the health sector mainly. In Germany you are mainly invested in Optiopay. Why? Because in addition to the business idea, I am particularly interested in the personality of the founder, in this case Marcus Borner, an entrepreneur with attitude and creativity. Optiopay belongs to the class of fintechs? Exactly. If, for example, an insurance company pays an amount to a customer in the event of damage, with Optiopay it's possible to receive the money in the form of a voucher instead of a bank transfer. 100 euros could then have a voucher value of maybe 120 I am clearly (Waited towards the euros. Optiopay passes the voucher on itself and receives a commission from the online shop issuing long term. I normally stay involved the voucher. Optiopay shares the commission with with the investments for several years on average. the insurance company. The online shop benefits because it has gained a new customer. Nicole Junkermann. Investor This investment, as well as the Berlin start-up Rebuy, an online marketplace for used electronic products, is all about making money, is it not? Which is not reprehensible per se. Both business models — as the growth figures at Optiopay and Rebuy show — obviously strike a chord with customers. And that pleases me as an investor. EFTA00803370 Former holdings of yours include Songza, Dollar Shave Club, and RelatelQ, which you sold to Google, Unilever,and Salesforce. When do you get rid of shares? Whenever a company no longer needs my help. Or when we decide to exit together with other investors. However, I never plan my exit when I get started. I am clearly oriented towards the long term. I normally stay involved with the investments for several years on average. Above all, this should also apply to your involvement with the legendary picture agency and photographers cooperative Magnum, where in 2017 you were the first external investor to acquire shares. Did the agency's world-famous photos, such as James Dean in the rain in Times Square, impress you? For me, the more impressive one was the historical footage of Beijing's Tiananmen Square in 1989, when the world seemed to stand still for a moment. These photos from Magnum left a lasting impression on me as a politically interested young woman. In general, I draw a lot of inspiration from the arts and photography. It opens up new perspectives for different thinking. The attitudes of the artists and the photographers are reflected in their works and pictures. The big Magnum photographers are modern storytellers in the best sense of the word. And when it comes to digitising the agency, can you help as well? Maybe. However, Magnum clearly belongs in the category of passion and has grown emotionally close to my heart beyond the financial investment. Ms. Junkermann, thank you very much for the interview. 2018 Handelsblatt GmbH - a company of the publishing group Handelsblatt GmbH 8 Co. KG Publishing services for advertising: www.iqm.de (media data) I Publishing services for content: Content Sales Centre I Sitemap I Archive Realisation and hosting of financial market information: vwd Vereinigte Wirtschaftsdienste GmbH I Delay of price data: German Stock Exchange 15 Min.. Nasdaq and NYSE 20 Min. EFTA00803371