Slide 1: Results Presentation 4Q22
J ¢ - Results Presentation The emerging market fintech investor
Slide 2: Key events of the quarter
Key events of the quarter VEFr Continue our robust, market based, valuation approach Our NAV and portfolio fair value conservatively reflects the current environment through a robust valuation framework. Over 70% of our portfolio is now valued on a market-based approach — our NAV reflects YE22 publi
Slide 3: 4Q22 financial highlights
4Q22 financial highlights Ver NAV of VEF’s portfolio decreased in FY22 to USD 381.8 min. NAV per + Net result for 4Q22 was USD -61.5 min (4Q21: USD 208.0 min). share has decreased by 50% to USD 0.37 per share in FY22. Earnings per share were USD -0.06 (4Q21: USD 0.22). In SEK, NAV decreased to SEK 3
Slide 4: NAV Evolution
VEFr NAV Evolution NAV USD 382 min in 4Q22 2¢-998 ce-des v @o-unr CC-IEW 1¢-098q \e-deg 4022 Russia/Ukraine impact be-unr 1e-JeIN 02-980 0z-des 4Q20: USD 58 min 3Q21: USD 97 min : i i v | | | | Capital raises: O¢-unr 0c-eW ’ 6-098 é|-deg 6b unr 6 8b-08q gi-deg gh-unr BLEW L989 L-desg Zeune Lew gb-oe
Slide 5: Peer valuation multiples: PayPal, Affirm, Block
40.0x 40.0x 35.0x 35.0x 30.0x 30.0x 25.0x 25.0x 20.0x 20.0x 15.0x 15.0x 10.0x 10.0x 5.0x 5.0x 0.0x 0.0x Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 PayPal Affirm Block Upstart
Slide 6: Evolution of our valuation marks in 4Q22
Evolution of our valuation marks in 4Q22 Ver Fair value USD (min) 4Q20 1021 2Q21 3021 4@21 1@22 2022 3022 4a22 | Ge@% YoY% pao change change _ invested portfolio Gcreditas 169.0 169.0 169.0 169.0 3941 3941 1959 213 1934 -9% -51% 50.7% OJUSPAY 74 187 247 287 424 424 475 475 475 0% 12% 12.5% Konfio 48
Slide 7: Valuation approach and key take-aways (1/2)
Valuation approach and key take-aways (1/2) Ver T +12 months To Latest significant equity transaction T+12 months onwards... Mark-to-Model (MTM) * For companies who have closed a significant equity transaction within the last 12 months, the terms and valuation of that transaction serve as the primar
Slide 8: MTM, latest transaction and calibration split
• • • MTM 20% Latest trx 29% Calibration 51%
Slide 9: NAV and portfolio performance
NAV and portfolio performance Ver NAV and portfolio fair value conservatively reflects the current environment through a robust valuation framework NAV has already been significantly reset to reflect the current market environment $762 min NAV ~50% $382 min Dec-21 NAV poyoletect Dec-22 NAV market en
Slide 10: 4Q22 NAV Evolution
4Q22 NAV Evolution Evolution in NAV primarily driven by market impact in 4Q22 Ver 4Q22 NAV Bridge Key takeaways USD min Portfolio valued on MTM & calibration Portfolio valued on latest trx Corporate (71% of invested portfolio) (29% of invested portfolio) 4449 -0.3 90 0.0 06 67 | a | | 78 38 -67.6 Po
Slide 11: Creditas 3Q 2022 trading statement
Creditas 3Q 2022 trading statement Ccedites YEF Portfolio Under Management & New Originations New environmentin 2022 BRL min + Rising inflation and rates with ensuing macro deterioration 5,571 5,571 5,040 Clear impact on operational margins, driven by: 4,436 4. Increase in SELIC: c.70% of Creditas l
Slide 12: Creditas 3Q 2022 trading statement (cont'd)
Creditas 3Q 2022 trading statement (cont’d) Ccedites YEF nancial results Path to profitability & re outlook Creditas P&L (IFRS) With peak inflation and interest rates likely behind us, Creditas’ path to profitability will be driven by: BRL min FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 YTD 3Q@ 2022 a o
Slide 13: Share price, NAV/share and the premium/discount
Share price, NAV/share and the premium/discount VEFr 7 60% 6 40% 5 20% 4 0% 3 -20% 2 -40% 1 -60% ° -80% Jan-16 Dec-16 Dec-17 Deo-i8 Dec-t9 Dec-20 Dec-21 Dec-22 Jant6 Jub Jant7 Jule? Jan48 Jul48 Jan49 Jul49 Jan-20 Jul-20 Jan-21 Jul21 Jan-22 Jul-22 WE NAV/Share (SEK) === Share Price (SEK) ———— Premium
Slide 14: Closing the discount to NAV
Closing the discount to NAV Ver The discount to NAV averaged 45% through 4Q22. We have several ongoing initiatives aimed at addressing the discount: VEF initiative Details Anticpated effects * Initiated Aug-22 Buyback + Up to USD 10 min in size + Bought back 12.8 min VEF shares until the end of 4Q22
Slide 15: Capital position — comfort with controllables
Capital position — comfort with controllables VEFr Solid cash position to cover business and portfolio needs Expected cashflows to YE23 USD min + SEK 500 min outstanding 185 Gearstey + Frame of SEK 4,000 min En Bond + Interest: Stibor 3m + 725 bp paid quarterly + Maturity: April 2025 Controllable Ea
Slide 16: VEF investment case and outlook
VEF investment case and outlook VEFr thi2e played defence as market mood music changed: Strengthened our balance sheet, raising our first sustainability bond 3 At portfolio level, we overly focused on our size holdings, namely Creditas, Konfio and Juspay (67% of portfolio), ensuring they were in a s
Slide 17: Appendix
Appendix
Slide 18: 4Q22 income statement
4Q22 income statement cxesed nv esas = x= _ Resutfrom financial assets at fair value through profit or loss -56,184 ‘Coupon income 40 388 17 96 Other income 933 8 4 - Administrative and operating expenses -TA04 8944 A277 -27"4 Operating result 376,737 276,026 57,330 208,078 Financial income and expe
Slide 19: 4Q22 balance sheet
4Q22 balance sheet VU € F NON-CURRENT ASSETS ‘Tangible non-current assets Property, plant and equipment = we ‘Total tangible non-current assets had we Financial non-current assets Finarcial assets at fair value through profit or loss Equity financial assets 380,800 700,311 Liquid financial assets 39
Slide 20: VEF portfolio summary
VEF portfolio summary Ver @creditas Brazil Asset focused ecosystem Dec-17 8.5% 103.4 1934 OJUSPAY India Mobile payments platform Apr-20 10.2% 214 475 Konfio Mexico Diversified FS for Mexican SMEs Juna8 10.3% 565 404 sélfacil Brazil Solar energy financing platform Mar-22 2.6% 20.0 20.0 Emerging Europ
Slide 21: Portfolio distribution by geography
Portfolio distribution by geography Liquidity placements 9% Emerging Europe & Africa 5% South Asia 18% Latin America 68% Liquidity placements Africa 9% Pakistani% Emerging Europe 4% Mexico 10% India 16% Brazil VEFr
Slide 22: The emerging market fintech investor
2 ee The emerging market fintech investor