Slide 1: Results Presentation
J ¢ - Results Presentation The emerging market fintech investor
Slide 2: Recent highlights
Recent highlights Ver Ending 2021 with record NAV mark — USD 762 min 2021 closed out with our USD NAV almost doubling YoY to USD 762 min while our USD NAV per share was up over 55% YoY. One of our strongest years of performance since inception. Creditas closes largest funding round to date with marq
Slide 3: FY 2021 financial highlights
FY 2021 financial highlights NAV . NAV of VEF’s portfolio increased during FY21 to USD 761.7 min. NAV per share increased by 56.2% to USD 0.73 per share during FY21. . In local currency, NAV increased to SEK 6,885 min. NAV per share increased by 72.3% to SEK 6.61 per share during FY21. . Cash positi
Slide 4: NAV reaches a new high of USD 762 mln
Ver NAV reaches a new high of USD 762 min NAV Evolution (USD min) oO se} ® ® 3) ° a 3 Zz from Aug’21 capital raise Net proceeds from Nov’20 capital raise fo} fo} io) N ° ® fa} 600 as} 8 & E Q S [e} oO a a SFTFTCS as Pe az HN) 220 Pe Ye ) ma , a a: ae - a - ae - 0 | | i [| l [ e@ ¢ ¢ ¢ € & 1 7 1 1 i
Slide 5: Share price, NAV/share and the premium/discount
Share price, NAV/share and the premium/discount VEFr NAV/share & share price 70 Premium/(Discount) to NAV development 50% 6.0 40% 30% 5.0 20% 40 10% 0% 3.0 10% -20% 20 -30% 10 ~40% -50% 0.0 ~60% 15 Jun46 Dec-16 Jun-17 Dec-17 Jun48 Dec-18 Jun-49 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Dec-15 Jun-16 Dec-6
Slide 6: Portfolio commentary
Portfolio commentary Portfolio evolution through 4Q21 Portfolio focus & concentration Pipeline We have 14 holdings as of 4Q21, diversified by geography, business type and stage of development. In 4Q21, we made four follow-on investment: - USD 25 mln into Creditas - USD 6 min into Juspay (USD 4 min i
Slide 7: 1Q22 market volatility and impact on VEF
1Q22 market volatility and impact on VEF We have a defensive mindset in windows like this, but are comforted that all our size portfolio companies are well funded and don’t need to test markets in this window. Portfolio Valuation We have a strong market track record of reducing as well as increasing
Slide 8: Creditas
Creditas Brazil's leading digital-first secured lending platform Ccreditas VEF Focus Asset Focused Ecosystem Founded 2012 Key region Brazil Share of NAV: 51.7% Fair value USD 394.1 min Investment USD 98.4 min Ownership stake 8.9% Year of investment 2017 Creditas in brief Creditas in figures Creditas
Slide 9: Creditas' strong business model is reflected in its financial metrics
Creditas Ccreditas VEF Creditas’ strong business model is reflected well in its financial metrics CAGR 300 ™Recurring revenue —_™ Upfront revenue 2,921 257 YTD 21 YoY 181% 250 CAGR cyYi7-20 142% 170] , YTD 21 YoY 138% 424 200 CYt7-20 139% Credit _ . Revenue 10 Portfolio " 4,0 (RS million) (RS millio
Slide 10: Creditas investment history
394.1 169.0 169.0 169.0 169.0 102.1 73.2 80.7 50.4 25.0 25.0 2017 2018 2Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 New Investment (USD mln)
Slide 11: Juspay key metrics
~$75 bln 80% Annualized GMV (Dec’21) Market share of Juspay clients in digital payments ~8 mln +250 mln Average transactions per day SDK installs (Dec’21) ~2x +200% Growth in transactions per M12 revenue retention of day in last 2 years enterprise clients +160 <1% Total number of enterprise Monthly
Slide 12: Digital payments growth in India and Juspay's position
Juspay Ouuspay YVEF Digital payments are witnessing exponential growth in India and Juspay is well positioned to capitalize on the huge opportunity UPlis fast becoming the most favored method of di ital payment.... Juspay has achieved ~1.6x scale compared to next four peers combined Value and volume
Slide 13: Juspay valuation and transactions
Series C first close ($4.0m) Latest transaction Mark-to-model Series B ($13.0m)
Slide 14: History of co-investing alongside our largest shareholders
History of co-investing alongside some of our largest shareholders in our later-stage portfolio companies VEF shareholders a | WELLINGTON (Fidelity EVAR NOUS CS creditas CS credites O JUSPAY JUMO A BLACKBUCK Ver
Slide 15: VEF investment case and outlook
VEF investment case and outlook VEFr NAV continues to reach new highs with a strong base for continued growth 2021 was another strong year for our firm and portfolio as reflected through our NAV performance. Irrespective of market headwinds, we feel comfortable that we have a portfolio of assets tha
Slide 16: Appendix
Appendix
Slide 17: FY21 income statement
FY21 income statement VU E F Result from financial assets at fair value through profit or loss Dividend and coupon income 388 391 96 7 Other income 8 oe] - - Administrative and operating expenses 7367 -3,255 2118 -873 Employee incentive programs A578 -2,743 -601 2378 Operating result 276,026 79,137
Slide 18: FY21 balance sheet
FY21 balance sheet NON-CURRENT ASSETS: Tangible non-current assets Property, plant and equipment 102 at 102 om Financial aseete at fair value through profit loes Equity financial assets Too3n 333,952 Liquid financial assets 50.642 43.205 ‘Other financial assets a - ‘Total financial non-currentassets
Slide 19: VEF portfolio summary
VEF portfolio summary Ver Gcreditas Brazil Asset focused Ecosystem Dec-17 8.9% 3944 Konfio Mexico Diversified FS for Mexican SMBs Jun-18 10.3% 565 135.6 OJUSPAY India Mobile Payments Platform Apr-20 9.7% 17.0 42.4 Emerging Europe = Cross-Border Remittances Jun-16 12.3% 13.9 29.3 JUMQ Africa Mobile M
Slide 20: Portfolio NAV distribution by geography
Portfolio NAV distribution by geography — excl. cash Asia n% Russia Paki Africa 2% — Pauwtan Emerging 3% fe Europe 4% India 9% Mexico 20% Brazil 61% Ver