FinLab : Portfolio Update as of 30.09.2023

S T R I C T L Y C O N F I D E N T I A L

Empowers

Entrepreneurs. And Investors.

HELIAD AG

Quarterly portfolio reporting - September 2023

S T R I C T L Y C O N F I D E N T I A L

HELIAD AG - PORTFOLIO AT A GLANCE

				First date	First	Stake	Investment Fair value	% - Δ	Portfolio
Buckets	Investments	HQ	Industry	stage
of invest	% (f.d.)1	(€m)2	(€m)3	QoQ	weight
					of invest
	flatexDEGIRO AG	GER	FinTech	03/13	Public	<5%	9.4	42.7	(8.6%)		27.1%
	Raisin	GER	FinTech	09/15	Series A	<5%	4.1	31.0	--		19.7%
> € 10m
	Enpal	GER	GreenTech	04/21	Series C	<1%	7.5	15.2	--		9.7%
	BURNHARD	GER	E-Commerce	10/12	Seed	<50%	11.9	11.9	3.4%		7.6%
	MODIFI	GER	FinTech	08/21	Series B	<10%
€ 5-10m	Clark	GER	InsurTech	07/21	Series C	<1%	19.6	18.5	0.0%		11.7%
	Instafreight	GER	LogTech	09/21	Series B	<5%
	Workmotion	GER	HR-Tech	06/22	Series B	<5%
	C3 Tech VC I	GER	VC Fund	09/18	-	<10%
	Razor Group	GER	E-Commerce	07/21	Series B	<1%
	Invesdor	GER	FinTech	02/15	Series A	<5%
			Artificial
	NewtonX	USA	10/21	Series B	<5%
	Intelligence
€ 2-5m						27.5	30.2	1.7%		19.2%
CASHLINK	GER	Web3	11/18	Seed	<20%
	Upscalio	IND	E-Commerce	08/21	Series A	<10%
	Capnamic United Venture	GER	VC Fund	06/14	-	<5%
	Fund I
	Patriarch Multi-Manager	GER	FoF	12/12	-	100%
	FINN	GER	Mobility	01/22	Series B	<1%
	Tonies	GER	Consumer	06/21	Public	<1%
	NYALA	GER	Web3	03/21	Series A	<20%
< € 2m	Deutsche Digital Assets	GER	Web3	11/17	Series A	<20%	6.4	6.0	(23.0%)		3.8%
	Freshbooks	CAN	FinTech	04/17	Series C	<1%
			Artificial
	AI21 Labs	ISR	09/23	Series C	<1%
	Intelligence
< € 1m	Other							2.1	0.0%		1.3%
	Total Portfolio							157.6
	Other Assets							(4.9)	n.m.4
	Net Asset Value5							152.8	n.m.4
	Net Asset Value per Share (€)							18.17	0.2%
	Share Price Heliad AG (€)							9.85	(5.3%)
	Discount to NAV							(45.8%)	7.4%

1 Stake specified as fully diluted.

2 Investment amount includes total costs of acquisition and outstanding debt and interest.

3 Fair value relates to currently held stake with outstanding debt and interest.

4 Not meaningful on this reporting date due to the recent merger with Heliad Equity Partners GmbH & Co. KGaA.

5 Net Asset Value preliminary and unaudited.

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S T R I C T L Y C O N F I D E N T I A L

DISCLAIMER

This document has been prepared by Heliad AG (the "Company). All material contained in this document and information presented is for information purposes only and must not be relied upon for any purpose. This document does not purport to be a full or complete description of the Company. This document does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision or other transaction whatsoever. This document is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

No representation, warranty or undertaking, express or implied, is made by the Company as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. No responsibility, obligation or liability is or will be accepted by the Company or any of their officers, directors, employees, affiliates, agents or advisers in relation to any written or oral information provided in this document or in connection with the document. All information in this document is subject to verification, correction, completion, updating and change without notice. The Company does not undertake any obligation to provide the recipient with access to any additional information or to update this document or any information or to correct any inaccuracies in any such information.

A significant portion of the information contained in this document, including market data and trend information, is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company or any other person as being accurate. All statements in this document attributable to third party industry experts represent the Company's interpretation of data, research opinion or viewpoints published by such industry experts, and have not been reviewed by them. Each publication of such industry experts speaks as of its original publication date and not as of the date of this document.

This document also contains certain financial measures that may not be recognized under International Financial Reporting Standards ("IFRS"). These non-IFRS measures are presented because the Company believes that they and similar measures are widely used in the markets in which it operates as a means of evaluating the Company's operating performance and financing structure. They may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles.

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