02 Deal Sourcing 03 VEFs Portfolio 04 History of Value Creation - - PowerPoint PPT Presentation

Investor Presentation | August 2020

Introduction to VEF – Emerging Market Fintech Investors

01

Deal Sourcing

02

VEF’s Portfolio

03

History of Value Creation

04

Appendix

05

23.7% 23.1% IRR (NAV per share) IRR (Price per share)

Emerging Market Fintech Investors

Riding one of the strongest multi-year secular growth trends in some of the world’s fastest-growing markets

Emerging Market Specialists

✓ Extensive Emerging Markets investing experience ✓ David Nangle, CEO: 20 years EM financial services ✓ Alexis Koumoudos, Investment Partner: 10 years EM investing ✓ Execution of 20+ private transactions across Emerging Markets

59% 14% 11% 6% 5% 4% 1% Brazil Mexico Emerging Europe Russia India Africa Pakistan

2Q20 NAV split ex. cash

Fintech Expertise Listed Investment Company

$223M

NAV (Jun’20)

14

Investments since inception

$20.6M

Cash & Liquid Investments

2

Number of exits

65%

Gross realized IRR*

5.1x

Realized CoC multiple*

✓ VEF is listed on Nasdaq First North Growth Market in the Nordics ✓ A unique access vehicle: Opportunity to access fast-growing private EM fintechassets via a listed share

*Gross realized IRR and cash multiple from 2 exits (Tinkoff and Iyzico) till date; # Including board seat in Iyzico (now exited) NAV data as of 30th June, 2020 Share price data as of 27th July, 2020

✓ Deep sector knowledge built through evaluation of

• ver 350 deals and sitting on 13 board seats across

all lines of fintech ✓ Unique global fintech lens ✓ Strong track record of value creation with 2 successful exits in Russia’s and Turkey’s leading fintech companies

Targeted investment approach with a clear mandate

SECTOR

We target all lines of financial services inclusive of payments, credit, mobile money and financial

• marketplaces. The “right” target sector is very market-dependent.

GEOGRAPHY

Within emerging markets, we focus on the more populous and scalable markets, referenced against competition for opportunities and point in the cycle.

MINORITY STAKES AND A BOARD SEAT

VEF targets sizeable minority stakes of 10–20% with board representation in its portfolio companies. We are active and supportive shareholders.

UNIQUE FINTECH INVESTMENT

There are very few ways to play the growing fintech investment theme in public markets and even less in the emerging world. VEF is a unique access asset in this regard.

VEF investments

▪ Consumer ▪ SME ▪ Secured ▪ Unsecured

CREDIT

Deep expertise across the fintech spectrum

Leverage unique global lens and fintech expertise to target opportunities on a country by country basis

▪ Offline ▪ Online ▪ Mobile ▪ Remittances

PAYMENTS

▪ Digital Banks ▪ Personal Finance Managers ▪ Mobile Wallets

PERSONAL FINANCE

▪ Wealth Management ▪ Roboadvisors ▪ Digital Brokers

INVESTMENTS

▪ Comparison ▪ Full-stack digital

INSURTECH

▪ Accounting SaaS ▪ HR & Payroll Management

OTHER FINTECH

` A diversified portfolio across scale emerging markets

VEF has backed entrepreneurs across 5 continents since inception in 2015

Mexico

Brazil

Africa Emerging Europe Russia Pakistan India

59% 14% 11% 6% 1% 5% 4%

Brazil Mexico Africa India Russia Pakistan

VEF investments % of 2Q20 VEF NAV (excl. cash) xx%

Emerging Europe

Portfolio Commentary

3% 3% 2% 1% 36% 13% 10% 3% 6% 5% 5% 4% 9%

Cash & Liquid Assets

VEF Portfolio NAV as at June 30th 2020

USD 223.2 mln

Current Holdings and New Investments

• We have 12 holdings in our portfolio as of 2Q20, diversified by

geography, business type and stage of development.

• In April 2020, we made our first investment in India:
• Invested USD 13 mln in Juspay, one of the country’s leading

payments companies.

• Creditas is starting to emerge as the relative size portfolio

champions with most likely impact on NAV evolution going forward. Value Creation

• Completed exits of Tinkoff and iyzico in 2019.
• Gross realized IRR of 65% (cumulatively on both exits).

Cash Position

• USD 20.6 mln cash position at the end of 2Q20.

Current Focus

• More focus YTD on current portfolio. Pipeline starting to heat

up again.

Company Country Segment

• Inv. Date

Ownership % Invested Amount (USD mln) Jun’20 Fair Value (USD mln) Brazil Secured Lending Dec-17 9.6% Mexico SME Lending Jun-18 11.4% Emerging Europe Cross-border Remittances Jun-16 15.4% India Payments Apr-20 9.9% Brazil Accounting SaaS Apr-17 20.1% Russia Payments & Consumer Credit Sep-15 25.0% Brazil Personal Finance Manager Oct-17 10.9% Brazil Consumer Credit Marketplace Mar-16 18.0% Africa Mobile Money Marketplace Oct-15 6.8% Brazil Digital Investments Sep-17 17.5% Brazil HR & Payroll Management Sep-19 16.0% Pakistan Mobile Wallet Jul-16 20.4%

USD 203 mln

(excl. cash and liquid assets)

VEF Portfolio Summary

48.5 27.5 11.0 13.0 6.5 8.8 30.0 2.7 14.6 5.7 8.5 2.4 80.7 28.1 21.4 13.0 11.3 10.2 9.6 7.6 7.5 6.6 4.5 2.5

NAV data as of 30th June, 2020 Share price data as of 27th July, 2020

65%

Gross realized IRR

23.7%

NAV per share IRR

23.1%

Price per share IRR

Strong history of value creation since inception

2 successful exits in 2019 with gross IRRs >50%

6.1x

Realized CoC multiple Realized returns

57%

Gross realized IRR

3.2x

Realized CoC multiple Unrealized returns

Date: Feb 2019 Exit: Stake sale in listed entity Date: Dec 2019 Exit: Sold to Naspers

Successful exits

Governance structure

Finance & Legal

General Counsel Experience:

• M&A, corporate law at

Cederquist, Baker & McKenzie, Roschier

Investment Team/IR Board of Directors Management

Chairman of the Board Experience:

• Chairman and MD of

Handelsbanken

Lars O Grönstedt

Board Member Experience:

• MD of Vostok New Ventures

(VNV)

• EM investing 22 yrs.

Per Brillioth

Board Member Experience:

• Founder and Chairman, Libra

Advisors

Ranjan Tandon Milena Ivanova

Board Member Experience:

• Renaissance Capital Deputy

Head of Research Managing Director and Board Member Experience:

• Renaissance Capital Head of Research and Financials

Sector Research

• ING Barings Head of EMEA Financials Research

David Nangle

Deputy CFO Experience:

• Business Controller, DIBS

Payment Services

• Consultant, Deloitte

Investment Partner Experience:

• Partner at Skyline

Capital Management Associate Education:

• BA in Business and

Economics, Trinity College Dublin Alexis Koumoudos Éire Smith Henrik Stenlund Elisabet Hultén Helena Caan Matsson CFO Experience:

• COO of Pomegranate

Investment, VNV

• CEO, Strix Television AB

VEF shareholder structure

¹Holding as per the latest notification to the Company. Based on Euroclear Sweden AB data and holdings known to the company. Including foreign nominees.

Owner Holding, SDRs Holding, % Libra Fund¹ 179,336,674 27.1% Ruane Cunniff & Goldfarb¹ 141,832,109 21.4% Swedbank Robur Funds 57,674,245 8.7% Fidelity FIL 53,297,131 8.1% Wellington Management¹ 31,857,094 4.8% Gadd & Cie S.A 15,660,000 2.4% Svenska Handelsbanken AB 15,343,000 2.3% Avanza Pension 11,861,393 1.8% Nordnet Pension 5,340,092 0.8% Wasatch Advisors 4,471,368 0.7% Top 10 Holders 516,673,106 78.1% Others 144,822,889 21.9% Total Shares 661,495,995 100.0% *Shares held by management 17,442,582 2.6%

Introduction to VEF – Emerging Market Fintech Investors

01

Deal Sourcing

02

VEF’s Portfolio

03

History of Value Creation

04

Appendix

05

TOP-DOWN DRIVERS

IDENTIFY SEGMENTS OF FOCUS ATTRACTIVE OPPORTUNITIES ALL ABOUT TEAM AND PEOPLE

Deal sourcing

Country by country approach to targeting opportunities

Tech adoption + Behaviour Regulation + Regulatory drivers Capital markets + Funding sources + Exit environment Access to talent Macroeconomics + Unit Economics + Demographics Cultural aspects Private players Venture capital funds Listed players Incumbents

BOTTOM-UP MAPPING

Unique global fintech lens

Strong value proposition: global lens + deep sector expertise + strong local partner support + local knowledge `

….and leverages a strong network of local VC partners and co- investors providing a superior value proposition.

Rigorous investment process

We identify and track investees for a long time before investing

COUNTRY-BY-COUNTRY APPROACH TO IDENTIFYING OPPORTUNITIES

Use top-down drivers and bottom-up mapping to identify attractive opportunities and teams

01

INVEST TIME AND BUILD A RAPPORT

Spend time with the team on the ground, getting to know the individuals, business, products and competitors. Continue to track progress from a distance

02

INVESTMENT COMMITTEE

Produce investment proposal and present to investment committee who are fully appraised of the funnel and have input before this stage. Gain formal approval to proceed and range of potential terms under which to negotiate.

03

DUE DILIGENCE

Perform thorough due diligence (legal, operational, technology and financial) leveraging third party experts where necessary.

04

CLOSING

Legal and final closing procedures

05

TOTAL INVESTMENT PROCESS

Ongoing

DURATION

3 months – 1.5 years 1 month 1-2 months 1-2 months 6 months – 2 years

Introduction to VEF – Emerging Market Fintech Investors

01

Deal Sourcing

02

VEF’s Portfolio

03

History of Value Creation

04

Appendix

05

Company Country Segment

• Inv. Date

Ownership % Invested Amount (USD mln) Jun’20 Fair Value (USD mln) Brazil Secured Lending Dec-17 9.6% Mexico SME Lending Jun-18 11.4% Emerging Europe Cross-border Remittances Jun-16 15.4% India Payments Apr-20 9.9% Brazil Accounting SaaS Apr-17 20.1% Russia Payments & Consumer Credit Sep-15 25.0% Brazil Personal Finance Manager Oct-17 10.9% Brazil Consumer Credit Marketplace Mar-16 18.0% Africa Mobile Money Marketplace Oct-15 6.8% Brazil Digital Investments Sep-17 17.5% Brazil HR & Payroll Management Sep-19 16.0% Pakistan Mobile Wallet Jul-16 20.4%

USD 203 mln

(excl. cash and liquid assets)

VEF Portfolio Summary

48.5 27.5 11.0 13.0 6.5 8.8 30.0 2.7 14.6 5.7 8.5 2.4 80.7 28.1 21.4 13.0 11.3 10.2 9.6 7.6 7.5 6.6 4.5 2.5

VEF’s Portfolio

03

Brazil

A.

Mexico

B.

Emerging Europe

C.

India

D.

Russia

E.

Africa

F.

Pakistan

G.

Brazil is VEF’s most favoured fintech ecosystem

Brazil is one of the world’s most online market with a high rate of fintech adoption

A SCALABLE MARKET OPPORTUNITY

With a population of over 200 million people, Brazil is one of the world’s largest economies, and the kind of scale emerging market we like to invest in.

ONE OF THE MOST ‘ONLINE’ MARKETS IN THE WORLD

Brazil is one of the most ‘online’ markets in the world with high smartphone and internet penetration, a growing ecommerce market and strong tech

• adoption. Brazilian fintech adoption saw a 60% increase between 2017 and 2019

OLIGOPOLISTIC BANKING SECTOR AND SUPERNATURAL REVENUE ECONOMICS

Brazil’s banking market is highly concentrated, with the top five banks holding over 80% of total loans in the system, while fees and interest rates are some of the highest anywhere in the world. It is an immense revenue pool for FinTech to attack.

SUPPORTIVE REGULATORY LANDSCAPE

The Central Bank of Brazil is supportive of the FinTech ecosystem as a way of leveling the playing field and improving the financial wellbeing of the average Brazilian. Not always the case across the emerging world.

PEOPLE AND ECOSYSTEM

We have found many strong entrepreneurs and teams in Brazil and a very supportive VC and investment ecosystem into which to invest and partner.

MULTIPLE EXIT ROUTES WITH A HISTORY OF VALUE CREATION

Brazil has a healthy exit opportunity set through M&A and IPO, with the Brazilian fintech ecosystem having seen three massive exits of benchmark companies – Benchmark IPOs of large fintech players; PagSeguro, Stone, Banco Inter and XP and multi-billion dollar acquisitions across the tech landscape.

WELL-BANKED ECOSYSTEM

Unlike many emerging markets, the Brazilian banking system is first world in many aspects, and its populous is experienced an d comfortable in the use of a broad array of financial products. It is less a case of financial education and more one of offering better products, at a better price and better user experience than the incumbents.

Brazil: Fintech opportunities identified

VEF Investments Listed players

✓ Some of the highest credit spreads globally ✓ Strong very profitable oligopoly focused on short-duration credit products ✓ High levels of unsecured consumer indebtedness ✓ 77 million Brazilians hold R$3.5 trillion in assets ✓ These assets are highly concentrated in 5 banks ✓ The majority is corroded by being held in high cost, low return products ✓ Strong wave of migration into digital solutions with diversified exposure ✓ 9 million SMEs contribute 27% of GDP ✓ SMEs severely under banked, low accessibility and highly priced financial services ✓ Brazil is the most complex business environment globally, SMEs highly dependent on 70k accountants for tax filings ✓ High portion of population is banked ✓ High level of card usage and penetration of credit products ✓ High take rates ✓ Long settlement periods in traditionally high interest rate country

Credit SME Payments Investments

Personal Finance Management

Providing transparency and education

Marketplace

Bringing pricing power to the consumer

Secured Lending (Home, Auto, Payroll)

Lower pricing & build long-term relationship with consumer 70% of cars and homes unencumbered by debt

Robo-advisor

Guided investment to achieve financial goals

Digital Broker

$ 27B market cap

SME

SME digital access to financial services and integration with accountants

Merchant Acquirers

$ 13.4B market cap $ 13.1B market cap

Brazil constitutes 59% of VEF’s portfolio with 6 investments (as of Jun’20)

67% 9% 8% 6% 5% 4% xx% % of Brazil portfolio NAV

59%

Creditas

Brazil’s leading digital-first secured lending platform

Focus Secured Consumer Lending Founded 2012 Key region Brazil

Key facts

70% of homes and cars in Brazil are owned debt-free. Creditas allows consumers to use these assets as collateral to reduce high borrowing costs. Principal revenue generation is driven through their home equity and auto-secured loans and new payroll product, with further segments to follow. Strong management team of former consultants, founders and experience in secured lending credit businesses. Creditas is a leading digital-first secured lending platform with the mission of reducing the Brazilian consumer debt burden.

01

Secured lending represents a massively underpenetrated, USD 3T opportunity in Brazil, where consumers face some of the highest interest rates in the world.

02

Fair value USD 80.7 mln Investment USD 48.5 mln Ownership stake 9.6% Year of investment 2017

150% 50% 300% 100% 0% 200% 400% 250% 350% Personal Loan APR% Payroll Loan Mortgage Credit Card Overdraft Auto Loan Subsidized Outstanding debt ($T) 3 categories priced at 230% with $125B+ revenue pool

$0.5T

Source: Banco Central Do Brasil

Nibo

An accounting SaaS provider for SMBs and accountants

Focus Accounting SaaS Founded 2012 Key region Brazil

Key facts

Large addressable market of +10M SMBs with a regulatory requirement to employ accounting services in Brazil and ~80k accounting firms. Proven model seen scale and succeed in other markets, ex. Intuit (US) and Xero (NZ). Strong team, and business model driven by one of the world’s most complex tax and accounting market regulations in the world. Nibo is the leading Brazilian accounting SaaS provider for SMBs and accountants.

01

Has over 290k paying SMBs serviced through 3.2k accountant customers.

02

Fair value USD 11.3 mln Investment USD 6.5 mln Ownership stake 20.1% Year of investment 2017

Nibo SaaS dashboard

SMBs Accountants

ERP General Ledger

Accounting software

3

Accounting Tax calculations Payroll calculations Nibo for accountants Accounting analysis Communication Document storage

Cash Control

1

Finance Management

2

Guiabolso

The Credit Karma of Brazil

Focus Personal Finance Management Founded 2012 Key region Brazil

Key facts

With a complete view into the typically complex financial profile

• f the Brazilian, Guiabolso is also able to offer their customers a

wide range of financial products. Have 6.1 mln customers today of which more than 3.9 mln have linked their bank data to Guiabolso. Revenue generated through their consumer credit marketplace, with new segments including credit cards and investments to follow. Guiabolso is a personal finance manager with the mission of transforming the financial well being of Brazilian consumers. The Credit Karma of Brazil.

01

Leverages their proprietary bank data aggregation technology which allows users to better understand their finance and keep track of their budgets.

02

Fair value USD 9.6 mln Investment USD 30.0 mln Ownership stake 10.9% Year of investment 2017

FinanZero

Digital marketplace for consumer loans in Brazil

Focus Consumer Loan Marketplace Founded 2016 Key region Brazil

Key facts

Full integration with banks allows FinanZero to handle the whole lending process from start to finish. Proven model seen scale and succeed in other markets, i.e. Lendo in Sweden. Founding team have a successful track record and experience from a leading consumer loan broker in Sweden. FinanZero is a pioneering digital marketplace for consumer loans in Brazil.

01

Partnered with 45 banks and credit institutions offering consumers the most suitable loans available.

02

Fair value USD 7.6 mln Investment USD 2.7 mln Ownership stake 18.0% Year of investment 2016

Business model - online broker of consumer loans 1 2

Loan comparison service

Best offers available, full transparency Highest quality applicants, based on lenders preferences Loan offers, delivered in the way the lender provides

1 2 3 4

Applications from customers

1 2 3 4

Loan broker service. Makes money from commission on paid-out loans.

Magnetis

A digital investment advisor

Focus Digital Investment Advisor Founded 2015 Key region Brazil

Key facts

Addresses challenges faced by Brazilians to access minimum insured returns, as bank deposit savings rates are capped below this level. Strong team with vast experience of investing in Brazil and in- depth knowledge of regulatory architecture and requirements in a space with limited competition. Recently announced strategic partnership agreement with GPS Investimentos, a Julius Baer Group company, accompanied by a funding round. Magnetis is the leading Brazilian digital investment advisor,

• ffering automated investment portfolios tailored to clients’

requirements.

01

Large addressable market of USD 720B (retail money invested across fixed income, funds and in savings accounts).

02

Fair value USD 6.6 mln Investment USD 5.7 mln Ownership stake 17.5% Year of investment 2017

Build a portfolio tailored to you

1

Invest in a few clicks

2

Track your progress and invest more

3

Xerpa

Modern and integrated HR software for Brazilian corporates

Focus HR & Payroll Platform Founded 2016 Key region Brazil

Key facts

Employees gain instant financial security and thus avoid the cumulative spiral of debt caused by overdraft and credit card revolvers commonly used between pay cycles. For a small fixed fee, Xerpay also benefits employers by increasing talent retention, employee productivity and attracting new staff. Backed by some of the strongest investors in fintech and Latin America, including QED, Kaszek Ventures, Redpoint e.ventures and Founders Fund. Xerpa provides modern, integrated HR software to corporates in Brazil, including products for recruitment, onboarding and performance evaluation.

01

Xerpa’s salary-on-demand product, Xerpay, allows employees to access their already-earned wages instantly and at any time, similar to Wagestream in the UK.

02

Fair value USD 4.5 mln Investment USD 8.5 mln Ownership stake 16.0% Year of investment 2019

VEF’s Portfolio

03

Brazil

A.

Mexico

B.

Emerging Europe

C.

India

D.

Russia

E.

Africa

F.

Pakistan

G.

Mexico is a scale market with a large underserved SME segment

VEF Investment

Mexico constitutes 14% of VEF’s portfolio

SME and Financial Services

Serving the underserved small business community ✓ 7 million SMEs in Mexico, <10% of which have access to financing ✓ Banks focus predominantly on serving large corporate clients and high-end retail ✓ Mandatory electronic invoicing (CFDI) provides unique centralized data to analyze SMEs ✓ SME loans stand at $22B annually and set to grow dramatically over the coming years

SME Credit and Financial Services

14%

Konfio

A digital-first unsecured lending platform

Focus Digital SME Lending Founded 2014 Key region Mexico

Key facts

Within the Mexican SME credit space, Konfio focuses on the top- end credit of the small business segment which is viewed as a $45B opportunity. Konfio leverages tech, big data and recent Mexican fiscal control to offer loans to creditworthy customers historically underserved by traditional banks. Excellent founder and top management team with some of the strongest VCs in LatAm supporting their success. Konfio is a digital-first unsecured lending platform, with a mission to support the growth of Mexico’s vast and underserved small business community.

01

Mexico is Latin America’s 2nd largest market with a population

• f 127M (number 10 globally) and over 7M SMEs.

02

Fair value USD 28.1 mln Investment USD 27.5 mln Ownership stake 11.4% Year of investment 2018

VEF’s Portfolio

03

Brazil

A.

Mexico

B.

Emerging Europe

C.

India

D.

Russia

E.

Africa

F.

Pakistan

G.

✓ Global remittances totaled USD 670 bln in 2019 and continues to grow ✓ The average cost of making a cross-border remittance in 2019 was 7% ✓ Growing share of cross-border remittances being executed electronically ✓ Electronic cross-border remittances benefit in speed and price ✓ Large portion of cross-border remittances conducted regularly and predictably

Cross-Border Remittances

Emerging Europe

VEF Investment

Emerging Europe constitutes 11% of VEF’s portfolio

Cross-Border Remittances

Offering real-time low-cost digital money transfer options across the globe

11%

TransferGo

A leading digital cross-border remittance provider in Europe

Focus Cross Border Remittances Founded 2012 Key region European Union

Key facts

High market share in key corridors resulting from focused approach to corridor roll-out, now active in 53 countries internationally. Deep bank integration facilitates the fastest guaranteed settlement times amongst peers. Global remittance volumes total $689B annually, with the share

• f digital money transfers growing rapidly.

TransferGo is a rapidly-growing, low-cost, digital cross-border remittance provider focusing on Western to Eastern Europe.

01

Targeting blue-collar workers, some of the most consistent and regular remittance customers in the world.

02

Fair value USD 21.4 mln Investment USD 11.0 mln Ownership stake 15.4% Year of investment 2016

538 478 428 430 417 423 417 400 373 363 60 104 145 183 225 247 277 314 360 387 642 2014 2017 2015 2016 2019 2018 2020E 2021E 694 2022E 2023E 750 598 582 573 613 670 714 733 Digital Volume (USD bln) Non-Digital Volume (USD bln)

Increasing share of digital remittances globally

VEF’s Portfolio

03

Brazil

A.

Mexico

B.

Emerging Europe

C.

India

D.

Russia

E.

Africa

F.

Pakistan

G.

✓ A scale market with 2nd largest population and one of the largest banked populations in the world ✓ High smartphone penetration, digital adoption and data usage has resulted in high adoption of fintech ✓ Government and regulatory drive to digital payments and bolstering of public payment infrastructure ✓ Rapidly growing e-commerce opportunity with significant resources focused on developing payment solutions ✓ Complex payments infrastructure with many unique payment methods and mandatory 2 factor authentication has resulted in some of the most advanced payment solutions globally

Payments

India is an exciting market with an evolved fintech ecosystem

VEF Investment

Digital Payments

Simplifying the complex payments infrastructure for merchants

India constitutes 6% of VEF’s portfolio

6%

Juspay

India’s leading mobile payments platform for online merchants

Focus Digital Payments Founded 2012 Key region India

Key facts

Juspay solves these challenges for customers with their unifying layer of products and value-added services, with more than 200 mln downloads of its SDK. Juspay improves conversion rates for merchants and

• thers in the payment value chain, facilitating more than

USD 10 bln of annualized payment volume. Based in Bangalore, Juspay is backed by Accel India, Wellington Management, and serves some of India’s largest merchants including Amazon, Flipkart and Uber Our first investment into India, Juspay is the country’s leading mobile payments platform for online merchants.

01

India has one of the most advanced and complex electronic payment infrastructures globally, resulting in friction and challenges for merchants and banks in the country

02

Fair value USD 13.0 mln Investment USD 13.0 mln Ownership stake 9.9% Year of investment 2020

Growing digitization of Indian payments

Volume and number of UPI transactions in India

100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 May

• 18

Sep- 16 Jan- 17 Jan- 20 May

• 17

Sep- 17 Sep- 19 Jan- 18 Sep- 18 May

• 19

Jan- 19 May

• 20

Value in INR billion (LHS) Volume in million (RHS)

VEF’s Portfolio

03

Brazil

A.

Mexico

B.

Emerging Europe

C.

India

D.

Russia

E.

Africa

F.

Pakistan

G.

Russia – A scale market and global leader in digital banking

Russia constitutes 5% of VEF’s portfolio

✓ Russia is a scale market with a population of 145 mln people and high levels of fintech adoption, ranking number 3 globally at 82% ✓ The consumer credit market has grown rapidly in recent years with growing opportunity for fintech to serve both consumers and merchants in the POS space ✓ Founded in 2007, Tinkoff is one of the world’s largest digital banks, with

• ver 11mln customers

✓ Today Tinkoff gives its customers access to a fully-fledged and digital ecosystem of financial, credit, insurance, investment, mobile, lifestyle, and business products and services –all through its mobile app ✓ One of the most profitable banks in the world with ROE of 59% (Q3 2019)

Digital Banking Consumer Credit

Payments and Consumer Credit

Point of sale financing options for both

• nline and offline customers

Digital Bank and Credit*

Market cap: $4.2B

VEF Investments Listed players * VEF was a shareholder in Tinkoff Bank and had exited the business in 2019

5%

Revo

A first mover in the Russian market to deliver small ticket instalment plans

Focus Merchant Payments & Consumer Credit Founded 2013 Key region Russia, Poland

Key facts

Leverages proprietary customer data to deliver personalized marketing services for merchants. Recently launched with new scale partners MVideo and Ozon, two of Russia’s largest merchants in the offline and online space. Business model similar to offline pay-later solutions in Turkey/Brazil and online solution of Affirm and Klarna in the US and Europe. Revo provides financing options for leading merchants in Russia, allowing millions of shoppers to buy now and pay later.

01

Works with Russia’s online and offline merchants to increase conversion and basket size, focused on small-ticket categories with $100B of annual sales and growing.

02

Fair value USD 10.2 mln Investment USD 8.8 mln Ownership stake 25% Year of investment 2015

Key Merchant Partners

VEF’s Portfolio

03

Brazil

A.

Mexico

B.

Emerging Europe

C.

India

D.

Russia

E.

Africa

F.

Pakistan

G.

✓ Severely underbanked population, one of the lowest banked regions globally ✓ Lack of access impossible to address with branches / traditional banking model ✓ Strong penetration of mobile network operators incentivized to broaden their reach into financial services ✓ A number of financial institutions keen to extend their products to the unbanked population

Digital Consumer Financial Services

Africa

VEF Investment

Africa constitutes 4% of VEF’s portfolio

Mobile Money Marketplace

Provides inclusive financial services to unbanked consumers and SMEs

4%

Jumo

One of the largest and fastest money marketplaces

Focus Mobile Money Marketplace Founded 2014 Key region Pan-Africa, Asia

Key facts

Partners with banks and mobile network operators to provide a financial services marketplace to the unbanked population on their mobile phones. Over 14M unique customers to date with over $1B in funds

• disbursed. For 80% of customers it is their first interaction with

formal financial services. Model has no real peer today. Very strong and deep management bench. Jumo is the largest and fastest-growing technology platform

• perating inclusive mobile financial services marketplaces in

emerging markets.

01

Focuses on key mobile money markets in Africa while currently expanding into Pakistan and India.

02

Fair value USD 7.5 mln Investment USD 14.6 mln Ownership stake 6.8% Year of investment 2015

JUMO Mobile Money Marketplace

JUMO Capital

Financial Service Providers

Telenor Tigo Airtel MTN

Mobile Network Operators

Barclays Letshego Ecobank

VEF’s Portfolio

03

Brazil

A.

Mexico

B.

Emerging Europe

C.

India

D.

Russia

E.

Africa

F.

Pakistan

G.

✓ World’s sixth most populous country with 130 million mobile users but large unbanked population (only 15% of adults have bank accounts) ✓ Online eco-system is witnessing hypergrowth ✓ A ‘cash-based’ economy ready for disruption: Progressively moving towards a cashless economy with strong support from regulators

Mobile Wallet and Credit

Pakistan

VEF Investment

Mobile Wallet and Credit

Serving the unbanked consumers and merchants alike

Pakistan constitutes 1% of VEF’s portfolio

1%

Finja

A leading mobile wallet play in Pakistan, with both a merchant and consumer focus

Focus Mobile payments / Loans Marketplace Founded 2016 Key region Pakistan

Key facts

Payments freemium model at its base, credit, payroll and other financial add-ons to drive customer value and revenues. Quality partners in FINCA Microfinance Bank and Descon Group which are key to local success. Strong founding team with experience in mobile wallets, online marketplaces and financial products in Pakistan. Pakistan is a scale emerging market running behind India in fintech evolution, but is catching up.

01

Finja is a leading mobile wallet play in Pakistan, with both a merchant and consumer focus.

02

Fair value USD 2.5 mln Investment USD 2.4 mln Ownership stake 20.4% Year of investment 2016

Introduction to VEF – Emerging Market Fintech Investors

01

Deal Sourcing

02

VEF’s Portfolio

03

History of Value Creation

04

Appendix

05

Tinkoff Bank

Successfully exited Tinkoff, Russia’s largest leading bank, in IPO yielding ~6x CoC and ~65% IRR

Focus Digital Bank Founded 2007 Key region Russia Year of investment 2015 Amount invested $19M Proceeds $117M

Investment Overview

✓ A leading fintech innovator in Russia, Tinkoff Bank is one of the worlds biggest online banks with over 10M customers today ✓ The company was founded in 2006 by Oleg Tinkoff ✓ Tinkoff offers a full range of financial services for individuals and businesses via its mobile app and web interface. ✓ The company has seen an excellent development and generated solid NII growth with RUB 86.8B in 2019 (45% y/y growth) and a 55.9% ROAE for FY2019 ✓ VEF invested (spun-off from VNV) in Tinkoff in 2015.

Financial Overview Exit Overview

6.4 2.3 1.1 2.5 OB FY17 1H18 2H18 1H19 0.5 CB Number of shares (M) 0.0

Gradual sell-down of 5.9M shares…. ….yielding a total of $108M (excl. dividend)

34 22 44 9 34 56 99 99 108 1H19 CB FY17 2H18 1H18 Inflow ($M) Accumulated ($M) 48 74 75 82 103 140 198 329

• 100
• 50

50 100 50 100 150 200 250 300 350 2 10 53% 2008 2007 4 2012 5 82% 2009 24% 2010 21 81% 2011 58% 45% 2013 16% 2014 9% 2015 43% 2016 2017 75% 2018 56% 2019 RoE (%) Net loans (RUB B)

Key facts

0.0 0.2 0.3 0.5 0.9 1.5 2.0 2.2 2.5 3.0 3.9 6.6 5.0

Credit customers with balance (M)

19 117 Total proceeds ($M) Amount invested ($M) +65% IRR

Date entered Jun-15 Date exited Feb-19 Holding period 3.6 years IRR 65% CoC 6.1x

Iyzico

Successfully exited Iyzico, Turkey’s leading digital payments co., yielding ~3x CoC and ~57% IRR

Focus Payments Founded 2013 Key region Turkey Year of investment 2017 Amount invested $11M Proceeds $35M

Investment Overview

✓ Iyzico is one of the fastest growing fintech players in Turkey, offering digital payment solutions to online sellers and shoppers ✓ The company was founded in 2013 by German-born Turks Barbaros Özbuğutuand Tahsin Isın, who had moved from Germany to Turkey to set up the business ✓ VEF invested in Iyzicoin 2017 and sold its stake to Naspers in December 2019

Total Payment Value (TPV) growth Exit Overview

Iyzico valuation evolution….

45 30 41 1Q17 4Q18 1Q18 2Q18 7 Exit 3Q18 1Q19 43 43 88 94 124 124 165

Key facts

11 35 Total proceeds ($M) Amount invested ($M) +57% IRR

Date entered Jan-17 Date exited Dec-19 Holding period 2.6 years IRR 57% CoC 3.2x

Mark to model

167

• 200

200 400 600 800 1,000 1,200 1,400 1,600 239 3Q14 701 1Q17 2Q14 784 1 1Q14 68 2 3 4Q14 11 2Q18 1Q15 16 2Q17 3Q15 2Q15 55 366 4Q17 460 4Q15 1Q16 2Q16 3Q16 292 4Q16 510 3Q17 630 1Q18 822 3Q18 1,458 4Q18 11 77 +518%

Amount in TRY M TRY 16.5M TRY 150M TRY 776M TRY 1966M TRY 3765M

Introduction to VEF – Emerging Market Fintech Investors

01

Deal Sourcing

02

VEF’s Portfolio

03

History of Value Creation

04

Appendix

05

Summary of LTIP

✓ Currently, three separate long-term incentive programs (LTIP) are running, with a three-year vesting period, respectively. ✓ Participants need to invest in the program by way of purchasing depository receipts (savings DRs) and hold those throughout the duration of the program. ✓ Based on the NAV development in the company over the vesting period, participants will receive 2x, 5x or 10x the number of purchased depository receipts. ✓ In total, 3.3M savings DRs have been purchased by participants, corresponding to a maximum dilution in the company of 5.0%, provided all two programs hit maximum targets.

Program Saving DRs 2x 5x 10x LTIP 2018 745,185 1,490,370 3,725,925 7,451,850 dilution 0.23% 0.56% 1.13% LTIP 2019 1,240,000 2,480,000 6,200,000 12,400,000 dilution 0.37% 0.94% 1.87% LTIP 2020 1,364,000 2,728,000 6,820,000 13,640,000 dilution 0.41% 1.03% 2.06% Total # shares 3,349,185 6,698,370 16,745,925 33,491,850 dilution 1.01% 2.53% 5.06%

VEF Board and Management Share Ownership

Position Shares Options Total % Shareholding Board Lars O Grönstedt Chairman 130,000 130,000 0.0% Per Brilioth Board member 2,790,000 2,790,000 0.4% Milena Ivanova Board member 1,332,000 1,332,000 0.2% Voria Fattahi Board member 439,703 439,703 0.1% Total 4,691,703 4,691,703 0.7% Management David Nangle CEO 13,419,440 1,905,000 15,324,440 2.3% Henrik Stenlund CFO 1,494,850 500,000 1,994,850 0.3% Alexis Koumoudos Investment Partner 2,020,083 500,000 2,520,083 0.4% Helena Caan Mattsson General Counsel 428,509 500,000 928,509 0.1% Elisabet Hultén Deputy CFO 50,000 500,000 550,000 0.1% Éire Smith Associate 29,700 500,000 529,700 0.1% Total 17,442,582 4,405,000 21,847,582 3.3% Insider total Total 22,134,285 4,405,000 26,539,285 4.0% Total shares 661,495,995 100.00%

Thank you