Q2and1H17resultspresentation

2>2

Q2and1H17financialhighlights

§ Positivenetresultfor2Q17:

ü Q217wasUSD7.6mlnandEPSwasUSD0.0039

ü 1H17wasUSD14.7mln andEPSwasUSD0.022

§ ThepositivenetresultoverthefirstsixmonthswasprimarilydrivenbytherevaluationofREVO/Sorsdata coupledwithapositivesharepricedevelopmentinTinkoff

§ NetAssetValue:

ü GrewtoUSD159.2mln (151.5mln atendofQ117and144.3asat31December2016)orUSD0.24pershare,asat30June2017.

ü NAVcontinuedtogrowtoUSD168.7mln orUSD0.25pershareasat31July2017

3>3

1H17:IncomeStatement

(USD thousands) 1H17 1H16 2Q17 2Q16

Results from financial assets at fair value 14, 573 12,735 7,005 10,211

Dividend and coupon income 1,395 1,353 1,316 1,279

Total Operating Income 15,968 14,088 8,321 11,490

Operating expenses -1,765 -831 -1,060 -458

Operating result 14,203 13,257 7,261 11,032

Net financial items 477 -30 362 -255

Result before tax 14,680 13,227 7,623 10,777

Taxation - - - -

Net result for the period 14,680 13,227 7,623 10,777

4>4

1H17:BalanceSheet

(USD thousands) June 30, 2017 June 30, 2016 December 31, 2016

Financial non-current assets 147,548 72,082 120,155

Current assets 12,116 36,748 24,998

Total assets 159,664 108,857 145,182

Equity 159,231 108,770 144,326

Trade payables – 11 –

Other current liabilities 225 40 732

Accrued expenses 208 36 124

Total equity and liabilities 159,664 108,857 145,182

5>5

Q217Eventhighlights

§ Investmentsinthequarter:

ü FinanZero – LedaUSD0.5mln internalbridgeround

ü Finja – FinalisedourUSD1mln investmentaspartofalargerfundinground

ü Nibo – InvestedUSD3.3mln intoafastgrowthBrazilianAccountingSaas play

ü TransferGO – InvestedanadditionalUSD2,9mln throughatwo-yearconvertibleloannote

§ Eventsaftertheendofperiod

ü Newchiefcounsel,HelenaCaanMattssonjoinedtheteam

ü Saleof1,075,000Tinkoff GDRsovertwoseparatetrades,correspondingtoapproximately17%oftheposition,yieldingatotalofUSD13mln

>6

PortfolioCompany Geography BusinessType %Ownership 30June'17FairValue($) InvestmentYear

Russia DigitalBank 3.5% 73367631 2007

Russia Payments&ConsumerCredit 25.0% 14151131 2015

Africa MobileMoneyMarketplace 7.6% 12705768 2015

Turkey PaymentProcessing 20.9% 9000000 2017

Brazil AccountingSaas 15.4% 3299998 2017

EmergingEurope Cross-borderRemittances 9.8% 6282098 2016

Brazil ConsumerCreditMarketplace 23.8% 2019316 2016

Pakistan MobileWallet 22.87% 1151494 2016

121977435

7>7

PortfoliocommentaryVEFPortfolioasatJune30,2017NAV:USD159.2mn

TCSGroup46%

REVO

9%

JUMO

8%

Iyzico6%

Nibo

2%

TransferGo4%

FinanZero1%

Finja1%

Cash/LiquidAssets23%

• Wehave8holdingsintheportfoliotodaypluscashandliquidassets

• TCSisourlargestholdingwhilethereisacleardividebetweenour4largerand4smallerholdingstoday

• Strongcashposition(USD37.7mln)isakeyastrengthofourbusinessandleavesuswellpositioned

• Wewouldexpectthenumberofholdingstogrowandtheirrelativesizetogrowovertime

>8

PortfolioDistribution(excash)

Russia72%

Africa11%

Turkey7%

Brazil4%

EmergingEurope5%

Pakistan1%

ByGeography

Russia29%

Africa26%

Turkey19%

Brazil11%

EmergingEurope13%

Pakistan2%

ByGeography(exTCS)

9>9

VEFsharepriceandNAVevolution

Date LatestSharePrice(SEK)

NAV/Share(SEK)

Discount NAV(USDmn) MarketCap(SEKmn)

MarketCap(USDmn)

23/08/2017 1.75 2.07 15.5% 168.7 1,230.4 142.3

0,90

1,10

1,30

1,50

1,70

1,90

2,10

SEK

NAV RightsIssue SharePrice

10>10

VEFshareholderstructure

HoldingasperthelatestnotificationtotheCompany

LargestShareholdersOwner Holding,SDRs Holding,%

LibraFund 154,126,431 23.3%FidelityFMR 66,149,599 10.0%FidelityFIL 60,248,714 9.1%SwedbankRoburFunds 57,674,245 8.7%Alecta PensionInsurance 33,500,000 5.1%Ruane Cunniff 32,967,270 5.0%BankJuliusBaer&Co 18,354,000 2.8%LGTBank 18,111,000 2.7%WellingtonManagement 16,307,121 2.5%Svenska Handelsbanken AB 15,288,000 2.1%Largestowners 472,726,380 71.5%Total 661,495,995 100.00%

>11

“Investinginleadingfintech companiesacrossemergingmarkets”

Geography Withinemergingandfrontiermarkets,wefocusonthemorepopulousandscalablemarketscrossreferencedagainstcompetitionforopportunities

Sector Wetargetalllinesoffinancialservicesinclusiveofpayments,remittances,mobilemoney,digitalbanks,financialmarketplacesandconsumer/SMEcredit

Minoritystakesandboardseat

Privateequityaccessvehicle

VEFtargetssizeableminoritystakesof10–20%withboardrepresentationwhereappropriate.Wefocusonequityinvesting,buthaveanabilitytoinvestacrossthecapitalspectrum

UniqueFintechInvestment

WhileVEFitselfisalistedinvestmentcompany,ourmandateisfocusedoninvestinginemergingprivatecompanies

Thereareveryfewwaystoplaythegrowingfintech investmentthemeinpublicmarkets.VEFisauniqueassetinthisregard.

>12

WhereEmergingMarketsmeetfintech

CRED

IT ConsumerSMEP2PCreditScoring

PAYM

ENTS OfflineOnline

MobileRemittances

OTHE

R SaasWealthManagementDigitalBanksEquityCrowdfundingComparisonWebsitesQualifiedLeadsInsurance

>13

CreatedpostVostok Nafta split

VNVportfolio

(1997–2015) (2015+) (2015+)

VEFportfolio

>14

DavidNangleManagingDirectorandBoardMemberExperience:• RenaissanceCapitalHeadofResearch

andFin.SectorResearch• INGBaringsHeadofEMEAFinancials

Research

LarsOGrönstedt

ChairmanoftheBoardExperience:• ChairmanandMDof

Handelsbanken• ViceChairmanof

SwedishNationalDebtOffice

PerBrillioth

BoardMemberExperience:• MDofVostok New

Ventures• Chairmanof

PomegranateAB• EMinvesting22yrs

VoriaFattahi

BoardMemberExperience:• InvestmentDirector

atVolati AB• InvestmentAB

Kinnevik• Apax Partners

MilenaIvanova

BoardMemberExperience:• RenaissanceCapital

DeputyHeadofResearch

• UniCredit Markets&InvestmentBanking

Ranjan Tandon

BoardMemberExperience:• Founderand

Chairman,LibraAdvisors

• Merril Lynch,DCM,Halliburton

Finance&Legal

HelenaCaan Mattsson

GeneralCounsel

HenrikStenlund

CFO/COO

AnahitaZafari

DeputyCFO

AlexisKoumoudos

SeniorAssociate

Investmentteam/IR

BoardofDirectors

Management

15>15

ThePortfolio

16>16

PortfolioCompany Geography BusinessType %Ownership 30June'17FairValue($) InvestmentYear

Russia DigitalBank 3.5% 73367631 2007

Russia Payments&ConsumerCredit 25.0% 14151131 2015

Africa MobileMoneyMarketplace 7.6% 12705768 2015

Turkey PaymentProcessing 20.9% 9000000 2017

Brazil AccountingSaas 15.4% 3299998 2017

EmergingEurope Cross-borderRemittances 9.8% 6282098 2016

Brazil ConsumerCreditMarketplace 23.8% 2019316 2016

Pakistan MobileWallet 22.87% 1151494 2016

121977435

17>17

Recenthighlights

• #ofcurrentaccountcustomerspassed2mduringQ117• ROAEat42.8%forQ217• Anewdividendpolicyannounced,targetingquarterlypayoutof50%ofpreviousquarter’snetincome

53,3% 34,5%

2,9%

3,5% 5,8% OlegTinkov

Freefloat

BaringVostok

VostokEmergingFinance

Source: TCS(June30,2016)

Tinkoff Bank

• BusinessType:DigitalBanking• Founded:2006Yearofinvestment: 2007• OwnershipStake:3.5%• Keyregion:

KeyFacts

Amarketstilldominatedbyoldworldfinancialinstitutions,butwithEurope’slargestonlinepopulation

1

Thenumber1fintechanddigitalbankingplayinRussia2

Continuestoinnovate,diversifyandbroadenproductsuite3

Consistencyofastrongdeepmanagementbench4

Trackrecordofgrowthandsignificantprofitability5

18>18

Tinkoff Bank

Tinkoff is#2creditcardissuerinRussiaandgrowingmarketshare

+

MajorchangesinRussianretailfinance,drivenby:

• Economicsituation• Theregulator• Newtechnology

UniqueOpportunity:• Smoothencyclicalityofcredit

business• Addnon-creditrevenue• Createfinancialecosystemto

betterservecustomers

Tinkoff.ru– theconcept

Source: Tinkoff strategyday(October2016)

Tinkoff.ru– theconcept

19

Netincome(RUBbn) Returnonassets

Returnonequity

ProfitatRUB3.7bnin4Q16

5,3%

7,7%

5,3% 6,8% 7,3%

8,7% 7,7%

3m'16 3m'17 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17

32,3%

42,8% 32,3%

41,5% 43,4%

51,4%

42,8%

3m'16 3m'17 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17

1,9

3,4

1,9

2,5

2,9

3,73,4

3m'16 3m'17 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17

>19

Tinkoff Bank

20

• Type:Merchantpayments/consumercredit• Founded: 2012Yearofinvestment: 2015• OwnershipStake:25%• Keyregion:

KeyFacts 64.5%

WorkswithRussia’sonandofflinemerchantsatPOStoincreaseconversionandbasketsize1

Focusonsmallticketcategorieswith$100bnofannualsalesandgrowing2

Providesinstantpaylatersolutionsfortheconsumer3

Customerdataleveragedfordirectmarketing,promotionandloyaltyprograms4

Similartoofflinepay-latersolutionsinTurkey/BrazilandonlinesolutionofAffirm(US)5

KeyMerchantPartners

REVO

>20

21>21

REVO

Metrics Dec 2014 Dec 2015 Dec 2016 June 2017No. of active stores 572 1,623 1,970 2,235No. of installments granted 9,969 41,217 51,774 24,885Avg. installment plan (Rub) 3,852 4,103 4,225 4,718Avg. duration of installment plan (months) 4.9 4.6 4.7 4.6Avg. APR of installment plans 84% 96% 95.3% 64.0%

0

500

1000

1500

2000

2500

Jan'15

Mar'15

May'15

July'15

Sept'15

Nov'15

Jan'16

Mar'16

May'16

Jul'16

Sept'16

Nov'16

Jan'17

Mar'17

May'17

Connectedstores,# Monthlyinstallmentplansissued,#

0

20 000

40 000

60 000

80 000

100 000

Jan'15

Mar'15

May'15

Jul'15

Sep'15

Nov'15

Jan'16

Mar'16

May'16

Jul'16

Sep'16

Nov'16

Jan'17

Mar'17

May'17

22>22

JUMO

• Type:MobileMoneyMarketplace• Founded:2013Yearofinvestment: 2015• OwnershipStake:7.6%• Keyregion:

KeyFacts

Mobilemoneymarketplaceforindividualsandsmallbusinesses1

FocusonkeymobilemoneymarketsofAfricaandbeyond2

MarketplaceworkswithMNOsandtheircclientbasesononesideandconnectsinFSPsandtheirproductsuiteontheother

3

Deliveredover8mnloansto3mnuniquecustomerstodate4

Verystronganddeepmanagementbench5

JUMOMOBILEMARKETPLACE

JUMOCapitalFSPs

FINANCIALSERVICEPROVIDERS

MTN AIRTEL TIGO VODAVIMP SAFAR

MOBILENETWORKOPERATORS

23>23

Iyzico

• Type:PaymentProcessor• Founded:2012Yearofinvestment: 2017• OwnershipStake:20%• Keyregion:

KeyFacts

LeadingTurkishpaymentsolutionproviderforonlineretailers1

Hasover8,500livemerchantsand160,000selleraccountsundermarketplaces2

TurkeyisEurope’slargestconsumercardmarketthatremainsunder-penetratedinonlinepayments3

Provenmodelseenscaleandsucceedinothermarkets4

Foundingteamhaveasuccessfultrackrecordandexperienceatgloballeadersinthespace5

KeyMerchantPartners

24>24

TransferGo

• Type:CrossBorderRemittances• Founded:2012Yearofinvestment: 2016• OwnershipStake:9.8%• Keyregion:

KeyFacts

LowcostcrossborderremittanceproviderfocusingonWesterntoEasternEurope1

Targetingblue-collarworkers,someofthemostconsistentandregularremittancecustomers2

Highmarketshareinkeycorridorsresultingfromfocusedapproachtocorridorroll-out3

Deepbankintegrationfacilitatesfastestguaranteedsettlementtimesamongstpeers4

Globalremittancevolumestotalling$600bannuallyanddigitalgrowingshare5

$43,00$120,00

$436,00$399,00

$462,00

$268,00

$0,00

$100,00

$200,00

$300,00

$400,00

$500,00

$600,00

$700,00

$800,00

2009A 2014A 2019E

GlobalRemittanceVolumes($bn)

DigitalRemittances CashRemittances

Source: WorldBankdata

25>25

TransferGo

Metrics Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017No. of active users* 27,800 32,522 37,645 40,461 51,792 54,001Money flow (GBP mn) 7.1 9.8 15.3 14.4 19.0 21.3Avg. ticket size (GBP) 240 269 370 370 335 349

15000200002500030000350004000045000500005500060000

Sep'15

Oct'15

Nov'15

Dec'15

Jan'16

Feb'16

Mar'16

Apr'16

May'16

Jun'16

Jul'16

Aug'16

Sep'16

Oct'16

Nov'16

Dec'16

Jan'17

Feb'17

Mar'17

ActiveUsers*,# MonthlyMoneyFlow,GBP

57911131517192123

Sep'15

Oct'15

Nov'15

Dec'15

Jan'16

Feb'16

Mar'16

Apr'16

May'16

Jun'16

Jul'16

Aug'16

Sep'16

Oct'16

Nov'16

Dec'16

Jan'17

Feb'17

Mar'17

* Transactedoverlast90days

26>26

FinanZero

• Type:ConsumerLoanMarketplace• Founded:2016Yearofinvestment: 2016• OwnershipStake:23.8%• Keyregion:

KeyFacts

PioneeringmarketplaceforconsumerloansinBrazil1

Partneredwithrangeofbanksandcreditinstitutionsofferingmostsuitableloansforconsumer

2

Fullyintegratingwithbankshandlinglendingprocessfromstarttofinish3

Provenmodelseenscaleandsucceedinothermarkets4

FoundingteamhaveasuccessfultrackrecordandexperiencefromleadingconsumerloanbrokerinSweden

5

FinanZero LoanMarketplace

OtherDigitalLeadsOLX

BancoPan

BancoSafra

OmniFinance BanksPorto-

credCreditProvider

27>27

Nibo

• Type:AccountingSaaS• Founded:2012Yearofinvestment: 2017• OwnershipStake:15.4%• Keyregion:

KeyFacts

LeadingBrazilianaccountingSaaA providerforSMBsandaccountants1

Hasover2,000accountantsservicingthousandsoftheirSMBcustomers.2

Largeaddressablemarketof+400kindividualaccountantsandsome10mSMBs3

Provenmodelseenscaleandsucceedinothermarkets,ex.Intuit(US)andXero (NZ)4

Strongteam,andbusinessmodeldrivenbyoneoftheworld’smostcomplextaxandaccountingmarketregulationsintheworld.

5

Nibo SaaSdashboard

28>28

Finja

• Type:Mobilepaymentsandloansmarketplace• Founded:2012Yearofinvestment: 2017• OwnershipStake:22.9%• Keyregion:

KeyFacts

Newlyestablishedfintech companyinPakistanwithamissiontoofferinnovativefinancialservicesbydisplacingcash.

1

TheSimSim mobilewalletcommerciallylaunchedinJuly2017andshowingstronggrowthbothintransactionvolumeandnumberofwallets.

2

Walletrevenuestreamsmainlyfrommobiletop-ups,utilitybillspaymentsandcustomerfloatincome.

3

Firstpayrolllendingpilotsuccessfullylaunched4

Utterlystrongfoundingteamwitha50yearcollectiveexperienceinmobilewallets,onlinemarketplacesandfinancialproductsinPakistan.

5

29

OutlookandGuidance

>29

30>30

… PortfoliostartingtoshowclearearlyperformerswithTinkoff BankandRevo standoutnames

… EMEAandLatinAmericanowcoreregionsoffocusforus,wearewellentrenchedandhaveahealthypipeline

… Wellontracktodeliveronourtargetofbuildingaportfoliowith10+holdings

… Cashisking– Strongcashpositionleavesuswellpositionedfornewopportunitiesaswellassupportingexistinginvestments

…

Opportunitiesandoutlookfor2017

Themodelandthesisisworkingwellandweareinaverygoodpositiontocontinuetocreateshareholdervalue