Slide 1: Results Presentation
J ¢ - Results Presentation The emerging market fintech investor
Slide 2: Busy quarter with stage set for a strong second half of the year
on c 3 3 > < VEFr Busy quarter with stage set for a strong second half of the year Anumber of events defined the second quarter for VEF, effectively laying the foundations for value creation to step up in 2H21 and beyond. Konfio USD 125 min Series E fundraise, key portfolio event of the quarter In J
Slide 3: 1H21 financial highlights
1H21 financial highlights NAV . NAV of VEF’s portfolio increased during 1H21 to USD 404.3 min. NAV per share increased by 0.4% to USD 0.48 per share. . In local currency, NAV increased to SEK 3,440 min. NAV per share increased by 7.6% to SEK 4.12 per share. . Cash position, including liquidity inves
Slide 4: NAV reaches a new high of USD 404.3 mln
VEFr NAV reaches a new high of USD 404.3 min NAV Evolution (USD min) i ae 5g Be oo quarters post-COVID growth 450 400 120 COVID impact 350 300 250 Ma =" 200 150 100 50 ie}
Slide 5: NAV/share & share price development; Premium/(Discount) to NAV
NAV/share & share price development Premium/(Discount) to NAV1 5.0 20% 4.5 10% 4.0 0% 3.5 3.0 -10% 2.5 -20% 2.0 -30% 1.5 -40% 1.0 -50% 0.5 0.0 -60% Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-2
Slide 6: Portfolio commentary
Portfolio commentary Portfolio evolution through 2Q21 Portfolio focus & concentration Cash position Pipeline We have 15 holdings as of 2Q21, diversified by geography, business type and stage of development. In 2Q21, we made one new investment: USD 0.9 min in Abhi, a financial wellness company for em
Slide 7: Creditas
Focus Asset Focused Ecosystem Fair value USD 169.0 mln Founded 2012 Investment USD 73.4 mln Key region Brazil Ownership stake 9.8% Share of NAV: 41.8% Year of investment 2017 Origination (BRL mln) Revenue (BRL mln)
Slide 8: NAV (USD) and Share Price (SEK)
4.6 5 200 4.1 4 150 3.6 3 3.1 100 2 2.6 50 2.1 1 1.6 0 0 2017 2018 2Q19 1Q20 2Q20 3Q20 4Q20 NAV (USD) Share Price (SEK) New investment USD mln
Slide 9: Konfio: Diversified financial services for Mexican SMBs
Focus Diversified financial services for Mexican SMBs Fair value USD 75.4 mln Founded 2014 Investment USD 47.3 mln Key region Mexico Ownership stake 10.6% Share of NAV: 18.7% Year of investment 2018 CAGR 2017-2020E
Slide 10: Konfio — Latest funding round/valuation evolution
Konfio — Latest funding round/valuation evolution Series E Fundraising In 2Q21 Konfio raised a USD 125m Series E funding round, with VEF doing super pro rata, USD 19.8m. The round was led by new investor Lightrock, with participation from existing investors Softbank, Kaszek Ventures, QED Investors,
Slide 11: Abhi: Salary on Demand
Focus Salary on Demand Fair value USD 0.9 mln Founded 2021 Investment USD 0.9 mln Key region Pakistan Ownership stake 15.0% Share of NAV: 0.2% Year of investment 2021 01 02
Slide 12: Blackbuck in figures
Focus Online trucking platform Fair value USD 10 mln Founded 2015 Investment USD 10 mln Key region India Ownership stake 1.0% Share of NAV: 2.5% Year of investment 2021 Blackbuck in figures 01 1.2m+ #1 Number of trucks on the India’s largest trucking 02 platform network 700k+ 15m+ Number of truckers
Slide 13: Portfolio company key figures
• £ 2 tln 2.5% Consumer cross-border money Wise market share (2021) transfer market in 2020, reaching £ 3 tln by 2026 £ 9.3 bln 15-16x Market cap, up 16% from direct NTM EV/revenue multiple at listing at £ 8 bln* direct listing ~$50 bln 80% +$3 bln +$1.2 bln Annualized GMV (Jun’21) Market share of J
Slide 14: ESG: Redomestication and new board member
ESG: Redomestication and new board member Redomestication from Bermuda to Sweden complete Welcoming new board member, Hanna Loikkanen The redomestication of our parent company from Bermuda to Sweden was completed at the end of June. Following the domicile change, VEF shares now trade under the ticke
Slide 15: Outlook for 2021 and beyond: the VEF investment case
Outlook for 2021 and beyond: the VEF investment case VEFr VEF provides unique access to one of the most exciting value creation spaces within emerging markets. NAV continues to reach new highs and a strong basis for continued growth YTD 2021 has started where 2020 left off and we remain encouraged b
Slide 16: Appendix
Appendix
Slide 17: 2Q21 income statement
2Q21 income statement Resuit from financial assets at fair value through profit or loss" 19.633 24.072 3.228 37708 Dividend and coupon income 104 197 7 100 Otherincome - 60 - 60 Total operating profit, 23,815 3,326 37,863 ‘Administrative and operating expenses “1643 -2.902 “861 Employee incentive pr
Slide 18: 2Q21 balance sheet
2Q21 balance sheet VU € F NON-CURRENT ASSETS, Tangible non-current assets Property, plant and equipment ol an Total tangible non-current assets 161 cas Financial non-current assets Financial assets at fair value through proft or loss, 3 Equity financial assets 386,913 333,982 Liquid financial assets
Slide 19: VEF portfolio summary
VEF portfolio summary Ver Ccredites Brazil Asset focused Ecosystem Dec-17 9.8% 169.0 « konfio Mexico Diversified FS for Mexican SMBs Juns 10.6% 47.3 75.4 Emerging Europe Cross-Border Remittances Jun-16 14.3% 13.9 27.8 (9) JUSPAY India Mobile Payments Platform Apr-20 9.9% 13.0 247 JUMOQ Africa Mobile
Slide 20: Portfolio NAV distribution by geography - ex cash
Portfolio NAV distribution by geography - ex cash Asia 10% EMEA 16% Pakistan 2% Russia 4% India 8% Emerging Europe 7% Brazil Mexico 55% 20% VEFr