VEF Investor Presentation 3Q 2021

Investor Presentation

3Q 2021

The emerging market fintech investor

Recent highlights

Successful recent capital raise - $102 mln in Aug-21

We successfully raised $102 mln of additional capital to continue investing in our mandate of EM Fintech. It was our biggest raise to date and supported by both our current shareholder base and a host of quality new investor names

VEF Shares have been trading at a premium to NAV for the longest period since inception

A combination of growing track record, portfolio composition and its direction of travelled overlayed with increased investor relations and liquidity in our shares, have all supported the share price in this window for VEF

Konfio raised USD 235 mln Series E in 2 instalments in 2021

Through June and September, Konfio raised a total of $235mln, as it looks to achieve its goal of becoming Mexico's number 1 digital bank for SMEs though organic and inorganic means. VEF invested an additional ~$29mln as part of the raise.

Creditas - M&A and partnerships providing a fresh leg of growth

2021 has been an exceptionally strong YTD for Creditas post 4Q20 fundraise as evidenced by reported quarterly headline metrics. In addition to the core growth, 2021 was defined by a number of acquisitions and partnerships that should add fuel to an already strong organic growth story.

Portfolio holdings in focus - Juspay, Jumo and TGo

Beyond the current big 2 (Creditas and Konfio), we continue to gain confidence in these 3 holdings, which sit in the top half (size-wise) of our portfolio, are delivering strong underlying trends and are well placed to secure additional capital to drive future growth , as proven by TGo's recent $50mn Series C.

A third investment in India, a first in the embedded fintech space - welcome Blackbuck

In July'21, VEF made it's third investment in India and invested USD 10 mln into Blackbuck, India's largest trucking platform. This is our first foray into the embedded fintech space, about which we are becoming increasingly excited.

ESG: Key governance milestones - redomestication to Sweden complete, Board strenghtened

Our recent AGM delivered some key decisions and changes to the VEF story, which continue our positive ESG drive. First, the decision to move our holding company to Sweden, where we are listed, from Bermuda, was ratified and the process was successfully completed in early July. Coupled with this, we are very excited to welcome new board member Hanna Loikkanen to the VEF board and family.

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1 Introduction to VEF - The Emerging Market Fintech Investor

1. VEF's Portfolio
2. Investment Opportunities
3. ESG
4. Appendix

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The emerging market fintech investor

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, CIO: 10+ years EM investing
  • Execution of 20+ private transactions across Emerging Markets

Cash & equivalents
Pakistan		18%
Russia	1%
3%				37%	Brazil
Africa	3%
Emerging Europe 5%
India	8%	25%	Mexico	3Q21 NAV split

Fintech expertise

• Deep sector knowledge built through evaluation of
  over 600 deals and sitting on 121 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, Tinkoff and iyzico

Listed investment company

• VEF is listed on Nasdaq First North Growth Market in the Nordics
• A unique access vehicle: Opportunity to access fast-growing private fintech assets in the public

market35,5%

25,8%

IRR (NAV per share) IRR (Price per share)

* As on 15-Oct-21 since inception

$554M	$98M	18	3
NAV (3Q21)	Cash & Liquid	Investments since	Number of exits
	Investments	inception

1Including board seat in Iyzico (now exited);

4 NAV post private placement of c. SEK 885M (c. $102M) in Aug-21 and share price as of 15-Oct-21

Clear investment approach coupled with deep fintech expertise

Targeted investment approach with a clear mandate …

SECTOR

We target all lines of financial services inclusive of payments, credit

and savings/investments. The "right" target sector is very market- dependent.

… and deep expertise across the fintech spectrum

		• Consumer
CREDIT		• SME
		• Secured
		• Unsecured

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.

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PAYMENTS

PERSONAL

FINANCE

INVESTMENTS

EMBEDDED

FINTECH

INSURTECH

= VEF investments

• Offline
• Online
• Mobile
• Remittances
• Digital Banks
• Personal Finance Managers
• Mobile Wallets
• Wealth Management
• Roboadvisors
• Digital Brokers
• Accounting SaaS
• HR & Payroll Management
• BNPL
• Online comparison and brokerage
• Full-stackdigital