Investor PresentationMarch 2019

Global Fintech Trends and Benchmark Names

Global Fintech Funding Trends

3Source: CB Insights

Global Fintech Funding Trends

4Source: CB Insights

Fintech Unicorns

5Source: CB Insights

Benchmark Listed Fintech Companies

North America

BrazilAustralia/NZ

EuropeRussia China

$1.6B

$3B $1.4B

$5.6B

$4.1B

$2.1B

$6.9B

$7.3B

$21.2B

$19.2B

$1.8B

$1.5B

$0.6B

$28.9B

$98.7B

$1.6B

$1.6B

$0.8B

$2B

6

VEF Business Overview and Update

VEF – Emerging Markets Fintech Investors

8

GeographyWithin emerging and frontier markets, we focus on the more populous and scalable markets, referenced against competition for opportunities.

SectorWe target all lines of financial services inclusive of payments, credit, mobile money and financial marketplaces. The “right” target sector is very market-dependent.

Minority stakes and board seat

Private equity access vehicle

VEF targets sizeable minority stakes of 10–20% with board representation. We are active and supportive shareholders.

Unique fintech investment

VEF is structured as a listed investment company while our mandate is to invest in emerging private companies. Permanent capital is a unique positive given our mandate.

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.

Where Fintech Meets Emerging Markets

9

CR

EDIT

Consumer

SME

P2P

Credit Scoring PAYM

ENTS

Offline

Online

Mobile

Remittances

OTH

ER F

INTE

CH

Accounting SaaS

Wealth Management

Digital Banks

Mobile Wallets

Comparison Websites

Personal Finance Managers

Insurance

Portfolio Commentary

• 11 holdings in the portfolio today, diversified by geography, business type and stage of development.

• Early portfolio “winners” starting to make their mark within our NAV - Iyzico and Creditas.

• Recently had our first exit with Tinkoff Bank, Russia, yielded 6.1x cash on cash return and an IRR of 65%.

• We have a USD 58.3 mln capital position.

• Pipeline remains healthy and our options and opportunities to continue to deploy capital in a value accretive way are very clear.

10

VEF Portfolio as at March 2019.

Company Geography Business Type % Ownership Invested Amount

(USD mln)

Dec'18 Fair Value

(USD mln)

Investment

Date

Turkey Payment Processing 20.8% 10.7 25.9 Jan-17

Brazil Secured Lending Platform 10.0% 25.0 25.0 Dec-17

Africa Mobile Money Marketplace 6.8% 14.6 16.4 Oct-15

Brazil Personal Finance Management 10.9% 30.0 15.3 Oct-17

Mexico SME Lending 11.7% 15.0 15.0 Jun-18

Russia Payments & Consumer Credit 25.0% 8.8 14.6 Sep-15

Emerging Europe Cross-Border Remittances 16.2% 8.9 12.8 Jun-16

Brazil Digital Investment Advisor 16.9% 3.7 5.8 Sep-17

Brazil Consumer Credit Marketplace 23.7% 2.6 5.0 Mar-16

Brazil Accounting SaaS 15.7% 3.3 5.0 Apr-17

Pakistan Mobile Wallet 20.4% 2.0 3.3 Jul-16

144.1

VEF Portfolio

11

12

Tinkoff Exit

Exit Rationale

1. A publicly listed securityWe are focused on investing in the private space, providing access for shareholders to the fast-growth EM fintech space they cannot otherwise access, so the public holding was always short-to-medium term in nature.

2. Significant return on capitalThe return on the position had gone significantly north of our benchmark goals at a time when public markets have entered volatile territory.

3. Allocation of capitalWe look at Tinkoff and compare that to our alternatives –1) putting more money into our current portfolio companies, 2) investing in new companies and 3) buying back our own shares in the market. It is a good time for us to have a strong capital position to work with.

Return on Investment

Cost of position (USD mln) 19

Total proceeds (USD mln) 116.8

Date entered position Jun-15

Date exited position Feb-19

Years in position 3.6

IRR 65%

CoC return 6.1x

Portfolio NAV Distribution by Geography (ex cash)

13

Brazil, one of our favourite fintech ecosystems

1. Scale – With over 200 mln inhabitants, Brazil is one of the world’s largest economies, and the kind of scalable emerging market we like to invest in.

2. Online – Brazil is one of the most ‘online’ markets in the world with high smartphone and internet penetration and a growing ecommerce market.

3. Oligopolistic Banking Sector – Brazil’s banking market is highly concentrated, with the top five banks holding 84% of total loans in the system, while fees and interest rates are some of the highest anywhere in the world. Yet, unlike many emerging markets, the Brazilian banking system is first-world in many aspects and its populous is experienced and comfortable in the use of a broad array of financial products

4. Regulation – The Central Bank of Brazil is very aware of the concentration of traditional financial service providers and are working to support the fintech ecosystem as a way of levelling the playing field and improving the financial wellbeing of theaverage Brazilian.

5. People and Ecosystem – We have found many strong entrepreneurs and teams in Brazil and also a very supportive VC and investment ecosystem into which to invest and partner.

6. Economic Cycle – Brazil is enjoying single-digit inflation and single-digit base interest rates, both of which are game changers for the financial system. In such a low rate environment, customers’ demands for better return and lower rate products are becoming more obvious and it is the numerous fintech companies that are driving the most attractive customer offerings in this brave new world of Brazilian rates.

14

VEF Shares and Corporate Governance

16

Share Price, NAV/Share and the Discount

Share Price, NAV/share Discount to NAV

Date Latest Share Price (SEK) NAV / Share* (SEK) Discount NAV* (USD mln) Market Cap (USD mln)

Mar 25th, 2019 2.19 2.78 21% 201.4 156.4

* As at Dec 31, 2018

Formal CoverageEquity Research

Featured Research

Roadshows and Conferences

Investor marketing and conversion has been excellent, the story resonates and we have a growing following in the market. We continually have new smaller shareholders in the base while a number of size investors are looking for blocks.

Our IR and Marketing Focus to Date

17

The War on the Discount

18

1. Traditional Market Measures

• Show more exits – this has started with the Tinkoff exit.

• Increase investor marketing and improve investor relations in general.

• Buybacks – first program announced and active.

• Improve share liquidity – will be a function of time and size.

2. Swedish-Specific Measures

• We have an active tail of Swedish retail investors who are are key to setting our market price.

• Goal: to become a positive-focus stock for the Swedish retail investor community.

• The channels to reach this investor base are very different from the traditional institutional one.

• We have started to engage directly, partnering with local stock clubs and retail-orientated brokers.

VEF Shareholder Structure

19

*Holding as per the latest notification to the Company.Based on Euroclear Sweden AB data and holdings known to the company. Including foreign nominees.

Owner Holding, SDRs Holding, %

Libra Fund* 161,110,674 24.4%

Ruane Cunniff & Goldfarb* 118,878,736 18.0%

Fidelity FIL 66,149,599 10.0%

Swedbank Robur Funds 57,674,245 8.7%

Wellington Management* 33,736,296 5.1%

Alecta Pension Insurance 33,500,000 5.1%

Bank Julius Baer & Co 18,354,000 2.8%

LGT Bank 18,011,000 2.7%

Svenska Handelsbanken Luxembourg 15,288,000 2.3%

Avanza Pension 9,622,483 1.5%

10 Largest Owners 532,325,033 80.5%

Other 129,170,962 19.5%

Total Shares 661,495,995 100.0%

VEF Board and Management Share Ownership

20

Shares Options Total % Shareholding

Board

Lars O Grönstedt 130,000 130,000 0.0%

Per Brilioth 2,790,000 2,790,000 0.4%

Milena Ivanova 600,000 600,000 0.1%

Voria Fattahi 439,703 439,703 0.1%

Total 3,959,703 3,959,703 0.6%

Management

David Nangle 3,216,190 1,905,000 5,121,190 0.8%

Henrik Stenlund 451,185 500,000 951,185 0.1%

Alexis Koumoudos 345,910 500,000 845,910 0.1%

Helena Caan Mattsson 205,000 500,000 705,000 0.1%

Elisabet Hultén 25,000 500,000 525,000 0.1%

Total 4,243,285 3,905,000 8,148,285 1.2%

Insider total

Total 8,202,988 3,905,000 12,107,988 1.8%

Total shares 661,495,995 100.0%

Managing Director and Board MemberExperience:• Renaissance Capital Head of Research and Fin. Sector

Research• ING Barings Head of EMEA Financials Research

Governance Structure

21

David Nangle

Lars O Grönstedt

Chairman of the BoardExperience:• Chairman and MD of

Handelsbanken• Vice Chairman of

Swedish National Debt Office

Per Brillioth

Board MemberExperience:• MD of Vostok New

Ventures• Chairman of

Pomegranate AB• EM investing 22 yrs.

Voria Fattahi

Board MemberExperience:• Investment Director at

Volati AB• Investment AB Kinnevik• Apax Partners

Milena Ivanova

Board MemberExperience:• Renaissance Capital

Deputy Head of Research

• UniCredit Markets & Investment Banking

Ranjan Tandon

Board MemberExperience:• Founder and Chairman,

Libra Advisors• Merril Lynch, DCM,

Halliburton

Finance & Legal

Helena Caan Mattsson

General Counsel

Henrik Stenlund

CFO/COO

Elisabet Hultén

Deputy CFO

Alexis Koumoudos

Investment Manager

Investment Team/IR

Board of Directors

Management

Éire Smith

Research Associate

Our Portfolio Companies

Company Geography Business Type % Ownership Invested Amount

(USD mln)

Dec'18 Fair Value

(USD mln)

Investment

Date

Turkey Payment Processing 20.8% 10.7 25.9 Jan-17

Brazil Secured Lending Platform 10.0% 25.0 25.0 Dec-17

Africa Mobile Money Marketplace 6.8% 14.6 16.4 Oct-15

Brazil Personal Finance Management 10.9% 30.0 15.3 Oct-17

Mexico SME Lending 11.7% 15.0 15.0 Jun-18

Russia Payments & Consumer Credit 25.0% 8.8 14.6 Sep-15

Emerging Europe Cross-Border Remittances 16.2% 8.9 12.8 Jun-16

Brazil Digital Investment Advisor 16.9% 3.7 5.8 Sep-17

Brazil Consumer Credit Marketplace 23.7% 2.6 5.0 Mar-16

Brazil Accounting SaaS 15.7% 3.3 5.0 Apr-17

Pakistan Mobile Wallet 20.4% 2.0 3.3 Jul-16

144.1

VEF Portfolio

23

24

Iyzico

• Type: Payment Processor• Founded: 2012 Year of investment: 2017• Ownership Stake: 21.05%• Key region: Turkey

Key Facts

Has over 26k live merchants and 410k seller accounts under marketplaces.

2

Turkey is the largest consumer card market in Europe, yet remains under-penetrated in the rapidly-growing online payments space.

3

Founding team have a successful track record and experience at global leaders in the space.

Payment volumes and revenue up triple digit % YoY.4

5

1Leading payment solutions provider for online retailers in Turkey.

Source: TUBISAD & Deloitte, 2018

Ecommerce market size in Turkey(TRY bln)

Global ecommerce penetration (2017)

25

Iyzico

Key Merchant Partners

Source: Morgan Stanley, 2018

26

Creditas

• Type: Secured consumer lending• Founded: 2012 Year of investment: 2017• Ownership Stake: 10.0%• Key region: Brazil

Key Facts

Creditas is a leading digital-first secured lending platform with the mission of reducing the Brazilian consumer debt burden.

1

Secured lending represents a $3tn opportunity in Brazil where consumers face some of the highest interest rates in the world.

2

70% of homes and cars in Brazil are owned debt-free. Creditas allows consumers to use these assets to reduce high borrowing costs.

3

Strong management team of former consultants, founders and experience in secured lending credit businesses.

Principal revenue generation drive through their home equity and auto-secured loans, with further segments to follow.

4

5

Source: The World Bank, IMF

Source: Banco Central do Brasil

27

Creditas

PagSeguro

XP Investimentos

28

JUMO

• Type: Mobile Money Marketplace• Founded: 2013 Year of investment: 2015• Ownership Stake: 6.8%• Key region: South Africa

Key Facts

Largest-scale, low-cost, financial services platform for emerging markets.1

Focus on key mobile money markets of Africa and sub-continent with an Asian growth story.

2

Integrates through MNOs with their client bases offering the product suite of FSPs through their marketplace.

3

Model has no real peer today. Very strong and deep management bench.

Over 10mn unique customers to date with 3.2mn 90 day active. For 80% of our customers it is their first interaction with formal financial services.

4

5

JUMO MOBILE MARKETPLACE

JUMO Capital

FINANCIAL SERVICE PROVIDERS

MTN AIRTEL TIGO VODAVIMP TELNOR

MOBILE NETWORK OPERATORS

BARC LETH OM TAMR

29

Guiabolso

• Type: Personal finance management• Founded: 2012 Year of investment: 2017• Ownership Stake: 10.9%• Key region: Brazil

Key Facts

1

2

Have 5.2mn customers today of which more than 3.2mn have linked their bank data to GuiaBolso.

3

Very strong founding team, mix of former consultants and from successful startups.

Principal revenue generation driven through their consumer credit marketplace. More segments to follow.

4

5

Leverage proprietary bank data aggregation technology to better inform and offer the most appropriate financial services suited to individuals.

Personal finance manager with the mission of transforming the financial well being of Brazilians. The Credit Karma of Brazil.

30

Konfio

• Type: Digital SME Lending• Founded: 2014 Year of investment: 2018• Ownership Stake: 11.7%• Key region: Mexico

Key Facts

1

2

3

4

5

A Mexican digital-first unsecured lending platform, with a mission to support the growth of Mexico’s vast and underserved small business community.

Mexico is Latin America’s 2nd largest market with a population of 127mn (number 10 globally) and over 7mn SMEs.

Within the Mexican SME credit space, Konfio focuses on the top end credit of the small business segment which is viewed as a USD 45bn opportunity.

Konfio leverages tech, big data and recent Mexican fiscal control to offer loans to creditworthy customers historically underserved by traditional banks.

Excellent founder and top management team with some of the strongest VCs in LatAm supporting their success.

31

REVO

• Type: Merchant payments / consumer credit• Founded: 2012 Year of investment: 2015• Ownership Stake: 25%• Key region: Russia

Key Facts

Works with Russia’s online and offline merchants at POS to increase conversion and basket size.1

Focus on small-ticket categories with $100bn of annual sales and growing.

2

Provides instant pay-later solutions for the consumer.3

Similar to offline pay-later solutions in Turkey/Brazil and online solution of Affirm/Bread (US).

Customer data leveraged for direct marketing, promotion and loyalty programs.

4

5

Key Merchant Partners

32

Metrics Dec 2016 Dec 2017 Dec 2018

No. of active stores 1,678 3,815 4,674

No. of installments granted 40,142 49,950 59,224

Avg. installment plan (RUB) 4,913 5,895 8,585

Avg. duration of installment plan (months) 4.9 4.6 6.3

0

1,000

2,000

3,000

4,000

5,000

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Connected stores, # Monthly installment plans issued, #

0

20,000

40,000

60,000

80,000

100,000

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

33

TransferGo

• Type: Cross Border Remittances• Founded: 2012 Year of investment: 2016• Ownership Stake: 16.2%• Key region: EU

Key Facts

Low-cost cross-border remittance provider focusing on Western to Eastern Europe.1

Targeting blue-collar workers, some of the most consistent and regular remittance customers.

2

High market share in key corridors resulting from focused approach to corridor roll-out.

3

Global remittance volumes totaling $600bn annually and digital growing share.

Deep bank integration facilitates fastest guaranteed settlement times amongst peers.

4

5

Source: FT Partners

Source: World Bank

0

200

400

600

2011 2016 2021e

Remittance market size, by region of money sent ($bn)

Europe North America Gulf countries Asia-Pacific Rest of world

34

TransferGo

Source: OECD Database, Eurostat, IMF

35

TransferGo

Active Users*, # Monthly Money Flow, GBP mln

Metrics Dec 2016 Dec 2017 Dec 2018

No. of active users* 51,792 82,189 136,197

Money flow (GBP mln) 19.1 31.2 45.9

Avg. ticket size (GBP) 336 346 305

0

50,000

100,000

150,000

Sep

-15

Dec

-15

Mar

-16

Jun

-16

Sep

-16

Dec

-16

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

0

10

20

30

40

50

Sep

-15

Dec

-15

Mar

-16

Jun

-16

Sep

-16

Dec

-16

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

*Transacted over last 90 days

36

Magnetis

• Type: Digital investment advisor• Founded: 2012 Year of investment: 2017• Ownership Stake: 16.9%• Key region: Brazil

Key Facts

Leading Brazilian digital investment advisor, offering automated investment portfolios tailored to clients requirements.

1

Large addressable market of US$720 bn (retail money invested across fixed income, funds and in savings accounts).

2

Addresses challenges faced by Brazilians to access minimum insured returns, because bank deposit savings rates are capped below this level.

3

Early mover in a space with limited competition and following a model that has scaled well in developed markets.

Strong team with vast experience of investing in Brazil and in depth knowledge of regulatory architecture and requirements.

4

5

Build a portfolio tailored to you

1 Invest in a few clicks

2

Track your progress and invest more3

37

FinanZero

• Type: Consumer Loan Marketplace• Founded: 2016 Year of investment: 2016• Ownership Stake: 23.7%• Key region: Brazil

Key Facts

Pioneering digital marketplace for consumer loans in Brazil.1

Partnered with 20 banks and credit institutions offering most suitable loans for consumer.

2

Fully integrated with banks, handling lending process from start to finish.

3

Founding team have a successful track record and experience from leading consumer loan broker in Sweden.

Proven model seen scale and succeed in other markets, eg. Lendo in Sweden.

4

5

Business model - online broker of consumer loans

Applications from customers

Best offers available, full transparency

Highest quality applicants, based on lenders preferences/settings

1 2

34

1 2 1 2 3 4

Loan comparison service Loan broker service. Receive commission on paid-out loan

Loan offers, delivered in the way the lender provides

Nibo SaaS dashboard

SMBs Accountants

ERP

General Ledger

Accounting software

3

Accounting

Tax calculations

Payroll calculations

Nibo for accountants

Accounting analysis

Communication

Document storage

Cash Control

1

Finance Management

2

38

Nibo

• Type: Accounting SaaS• Founded: 2012 Year of investment: 2017• Ownership Stake: 15.7%• Key region: Brazil

Key Facts

Leading Brazilian accounting SaaS provider for SMBs and accountants1

Has over 67k paying SMBs serviced through 1.9k accountant customers

2

Large addressable market of +10mn SMBs with a regulatory requirement to employ accounting services in Brazil and ~100,000 accountants

3

Strong team, and business model driven by one of the world’s most complex tax and accounting market regulations in the world

Proven model seen scale and succeed in other markets, ex. Intuit (US) and Xero (NZ)

4

5

39

Finja

• Type: Mobile payments / loan marketplace• Founded: 2012 Year of investment: 2017• Ownership Stake: 20.4%• Key region: Pakistan

Key Facts

Pakistan, a scale emerging market, running behind India in fintech evolution, but catching up.1

Finja, leading mobile wallet play in Pakistan, with both a merchant and consumer focus.

2

Payments freemium model at its base, credit, payroll and other financial add-ons to drive customer value and revenues.

3

Strong founding team with experience in mobile wallets, online marketplaces and financial products in Pakistan.

Quality partners in FINCA Microfinance Bank and Descon Group which are key to local success.

4

5

CB Insights Fintech 250 – Jumo, iyzico, Creditas

40

H2 Ventures & KPMG’s Fintech100 – Guiabolso, Konfio

41

Opportunities and Outlook 2019

Opportunities and Outlook for 2019

43

Strong portfolio Very strong diversified fintech portfolio with sizable holdings in some of the best fintech assets across the emerging world.

Of note …Tinkoff is a big win and exit for us. Iyzico growing into a standout portfolio name with NAV uplift reflecting its performance and dominance of the Turkish payment market. Creditas in Brazil is a standout amongst the Latin American holdings.

EMEA and Latin America

Cash is King

EMEA and Latin America are core regions of strength to date with Asia growing on our radar. Brazil, India and Nigeria taking most of our attention right now.

Well positioned

Strong cash and near cash position leaves us well positioned for new opportunities as well as supporting existing investments.

We are more convinced than ever by the long term structural growth story that is EM fintech and VEF is extremely well positioned for continued value creation.

Appendix

4Q18 Income Statement

45

4Q18 Balance Sheet

46

VEF OpEx

47

2018 OpExItem 2016 2017 2018

Personnel                                                   1,064 2,989 3,982Salaries including social charges 814 1,404 1,606

LTIP ('16, '17&'18) incl social charges 180 1,454 2,166

Other personnel expenses 71 130 211

External Services & Consulting 738 776 774Legal costs 101 117 13

Audit fees 68 76 99

BoD fees 108 153 182

Consulting/accounting/IT 334 296 328

Statutory, listing, AGM, other 127 134 152

Travel                                                        164 295 397

Office Costs & Admin                             36 219 350

PR costs                                                   29 28 23

Total 2,031 4,307 5,526

Total excl LTIP 1,851 2,853 3,361

NET ASSET VALUE 144,326 198,557 201,422

OPEX % of NAV 1.41% 2.17% 2.74%

OPEX % of NAV excl LTIP 1.28% 1.44% 1.67%

Summary of LTIP 2016, 2017 and 2018• Currently, three separate long-term incentive programmes (LTIP) are running, with a three-year vesting period,

respectively.

• Participants need to invest in the program by way of purchasing depository receipts (savings DRs), and hold those throughout the duration of the program.

• Based on the NAV development in the company over the vesting period, participants will receive 2x, 5x or 10x the number of purchased depository receipts.

• In total, 2.6 mln savings DRs have been purchased by participants, corresponding to a maximum dilution in the company, or 4.01%, provided all three programs hit maximum targets.

48

Program Saving DRs 2x 5x 10x

LTIP 2016 1,131,579 2,263,158 5,657,895 11,315,790

Dilution 0.34% 0.86% 1.71%

LTIP 2017 803,570 1,607,140 4,017,850 8,035,700

Dilution 0.24% 0.61% 1.21%

LTIP 2018 745,185 1,490,370 3,725,925 7,451,850

Dilution 0.23% 0.56% 1.13%

Total # shares 2,680,334 5,360,668 13,401,670 26,803,340

Dilution 0.81% 2.03% 4.05%

History - Created from Vostok Nafta Company/Share Split

49

VNV portfolio

(1997–2015) (2015+) (2015+)

VEF portfolio