AUGMENTUM FINTECH PLC

Fund Information / Factsheet • Oct 24, 2023

Factsheet

Q3 2023 As at 30 September 2023 unless otherwise stated

Investment Objective

To generate capital growth over the long term through investment in a focused portfolio of fast growing and/or high potential private financial services technology ("fintech") businesses based predominantly in the UK and wider Europe.

NAV and NAV per share

Portfolio Manager

Augmentum Fintech Management Ltd

The Portfolio Manager investment team comprises eight investment professionals with deep fintech expertise who leverage sector-specific operational experience and networks to identify opportunities and provide the portfolio with bespoke support. All of the senior team have experience as founders or senior executives at technology companies including Flutter.com/Betfair, Covestor and LMAX. The team sits at the forefront of European fintech VC dealflow, targeting 100% visibility of early stage fintech deals.

Leadership

An experienced entrepreneur and investor, Augmentum Co-Founder and CEO Tim has sat on multiple fintech boards including interactive investor, Tide and Zopa and is highly active in cross-industry initiatives working to boost the UK fintech sector such as the UK FinTech Strategy Group and Innovate Finance. Tim was a founding employee of Flutter.com, which became one of the highest profile digital businesses in the UK after it merged with Betfair.com in 2001. A World Economic Forum Young Global Leader, Tim was elected in the City of London as an Alderman in the Ward of Bridge in 2022.

Richard Matthews COO

Richard has 23 years of venture capital and private equity experience in the technology, retail and leisure sectors on both sides of the fence. Richard started his career at PwC before joining Tim at Flutter.com (now Betfair) as CFO. Richard joined Benchmark Capital Europe (now Balderton Capital) in 2002, where he worked on early stage technology investments both in the investment phase and assisting investee companies post-funding. He spent five years investing globally at Manzanita Capital from 2005, before co-founding Augmentum with Tim.

Listing	Premium Segment Main Market LSE
Ticker	AUGM
Market cap	160.4 million
Shares in issue	170.6 million
Management fee	1.5% up to £250m NAV, 1% thereafter
Incentive fee	Carried interest scheme of 15% subject to minimum IRR of 10% p.a. with catch-up. Only payable cash on cash
AIC Sector	Financials & Financial Innovation
ISIN	GB00BG12XV81
SEDOL	BG12XV8

Key Facts			Company and Fund Information
Listing	Premium Segment Main Market LSE	Listing Date	13 March 2018

Listing Date	13 March 2018
Portfolio Manager	Augmentum Fintech Management Ltd
AIFM, Company Secretary & Administrator	Frostrow Capital LLP
Registrar	Link Group
Legal Adviser	Stephenson Harwood LLP
Auditor	BDO LLP
Joint Corporate Brokers	Peel Hunt LLP, Singer Capital Markets

1 of 3 | Augmentum Fintech plc | 25 Southampton Buildings, London, United Kingdom, WC2A 1AL | Please read important information on page 3.

Highlights

£294.1m3

Net Asset Value

158.9p ⁴ NAV per share

94.00 gbx 5

Share price

-10.0p 10.0p 30.0p 50.0p 70.0p 90.0p 110.0p 130.0p 150.0p 170.0p

(40.8%)6 Premium/(Discount)

245

Portfolio companies

18.5%7 IRR on invested capital

£48.0m5

Cash position

3 Before performance fee, as at 31 March 2023

4 After performance fee, as at 31 March 2023

• 5 As at 30 September 2023
• 6 30 September 2023 discount calculated using the 31 March 2023 NAV
• 7 As at 31 March 2023

info@augmentum.vc www.augmentum.vc @AugmentumF Augmentum Fintech

Highlights

Company Update

Economic uncertainty continues to impact the investment trust sector, with a seemingly indiscriminate de-rating of private equity strategies. In spite of this, the Augmentum (the "Company") portfolio of 24 companies remains well diversified across fintech verticals and performing well.

While a full update and 30 September 2023 NAV will be provided in the Company's Interim Results due to be released late November, as announced in the latest Annual Results as at 31 March 2023, the company's Top 10 holdings, representing 78% of portfolio value, grew revenue at an average of 117% YoY and were cash generative or had an average of 29 months cash runway1 . The Company has demonstrated a consistent approach towards valuation of the portfolio with an implied forward revenue multiple of 4.5x on the Top 10 holdings during the last reporting period2 and continues to apply pricing discipline in investment processes.

There has been a clear uplift in the quality of fintech companies entering or returning to the market to raise capital in the latter part of Q3, particularly in verticals such as wealth management, consumer lending, financial management tools and trade finance. The Company's commitment to high standards of quality and value remains unyielding, and the team are optimistic that Q4 will bring about a surge in both the volume and calibre of prospects.

Financial services remains one of the largest and most profitable sectors of the economy and the structural opportunity for the fintech sector remains significant irrespective of macroeconomic headwinds.

1As at 30 June 2023

2As at 31 March 2023

Awards

• — UK Tech Awards 2023 'Tech Investor' Finalist
• — Growth Investor Awards 2023 'Exit of the Year' Finalist (Cushon), 'VC of the Year' Finalist

— AIC Shareholder Communication Awards 2023 'Best Social Media' Winner, 'Best Website' Finalist

— AltFi Awards 2023 'VC of the Year' Finalist

Portfolio Update Zopa Bank raises £75 million

Zopa Bank announced in September that it has successfully raised £75 million in Tier 2 capital to fuel its continuous growth and rapid expansion. This financing follows £75 million of equity funding raised earlier this year, in which Augmentum participated. Zopa Bank now serves 1 million customers and aims to reach 5 million by 2027. Zopa Bank said it is now expected to hit full-year profitability for the first time this year, following multiple periods of profitability.

Tide reaches 10% market share

Tide announced that 1 in 10 UK small and mid-sized businesses use their finance and admin services as of 20 September 2023, representing 550,000 UK businesses. Since expanding into India in December 2022, Tide now has more than 150,000 members in the country. Tide featured third in the Supercritical Climate 100, an index spotlighting UK tech companies at the forefront of climate action.

Wematch.live hits \$200 billion ongoing notional milestone

Wematch.live announced it had surpassed \$200 billion in ongoing notional volume of Total Return Swaps on equities as of August 2023. Wematch.live also reached an average daily matched volume (ADMV) of \$11 billion in EMEA in July 2023. With these new milestones, Wematch.live is demonstating its commitment to delivering cutting-edge solutions that enable clients to trade efficiently and effectively.

FullCircl acquires RegTech provider W2 Global Data Solutions

FullCircl announced the acquisition of W2 Global Data Solutions, a provider of real-time digital solutions for global regulatory compliance, on 22 August 2023. The acquisition strengthens FullCircl's compliance suite and accelerates the company's ambition to become the market leader in smart customer onboarding solutions for regulated businesses. The combined company now provides coverage on entities located in 160 countries.

Independent Board of Directors

Neil England Chairman of the Board and of the Nominations Committee

Karen Brade Chairman of the Audit Committee

David Haysey Chairman of the Management Engagement and Remuneration Committee and of the Valuations Committee

Conny Dorrestijn Non-Executive Director

Sir William Russell Non-Executive Director

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Top 10 Holdings As at 31 March 2023

Monthly subscription business for technology products

Invested	2019
HQ	Berlin, Germany
Cost	£7.9m
Value	£43.2m
IRR	70%
% of NAV	14.7%

SME business banking

Invested	2018
HQ	London, UK
Cost	£13.2m
Value	£35.7m
IRR	32%
% of NAV	12.1%

Digital-first consumer bank

2018
London, UK
£33.7m
£30.1m
-
10.2%

Workplace savings and pension provider

Invested	2021
HQ	London, UK
Cost	£10.7m
Value	£22.8m
IRR	62%
% of NAV	7.7%

Note:Exited 1 June 2023

Account to account instant payments provider

Invested	2020
HQ	London, UK
Cost	£4.5m
Value	£14.2m1
IRR	84%
% of NAV	4.8%

1 Volt's Series B fundraise in June 2023 implied a valuation of Augmentum's stake in Volt of £17.8 million, an uplift of £3.6 million from the 31 March 2023 carrying

Mobile-only current account and BaaS provider

Precious metals trading platform for individuals

Invested	2018	Invested	2018
HQ	London, UK	HQ	London, UK
Cost	£11.5m	Cost	£8.4m
Value	£11.7m	Value	£11.6m
IRR	-	IRR	12%
% of NAV	4.0%	% of NAV	3.9%

Identity verification and fraud management platform

2018
London, UK
£7.7m
£10.2m
8%
3.5%

Consumer credit refinancer

Invested	2021
HQ	Stockholm, Sweden
Cost	£9.9m
Value	£9.3m
IRR	-
% of NAV	3.2%

Invested	2019
HQ	Zurich, Switzerland
Cost	£2.7m
Value	£8.4m
IRR	42%
% of NAV	2.9%

AI based FX trading firm

value.

Upcoming Dates

Interim Results due to be released late November.

Augmentum Fintech Management Ltd CEO Tim Levene will host a presentation on the Interim Results via the Investor Meet Company platform.

Details will be provided nearer the time and investors who already follow Augmentum Fintech plc on the Investor Meet Company platform will automatically be invited. Investors not yet following can sign up to Investor Meet Company for free and can add to meet Augmentum Fintech plc via: www.investormeetcompany.com/augmentum-fintech-plc/register-investor

Important Information

The contents of this document, which has been prepared by Augmentum Fintech Management Limited ("AFML"), have been approved by AFML solely for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended) ("FSMA"). AFML is authorised and regulated by the UK Financial Conduct Authority.

The information in this document is for informational purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this document or its accuracy or completeness. This document should not be considered a recommendation by AFML to invest in Augmentum Fintech plc (the "Company") or any of their respective affiliates, or in relation to any subscription for securities, whether actual or in the future.

This document is not for release, publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia, collectively, the "United States"), Australia, Canada, the Republic of South Africa ("South Africa"), New Zealand, Japan or any other jurisdiction where such distribution is unlawful, or to US persons, as defined in Regulation S ("Regulation S") under the US Securities Act of 1933, as amended (the "US Securities Act"). The distribution of this document may be restricted by law in certain jurisdictions and any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This document is for information purposes only and does not contain or constitute an offer for sale of, or the solicitation of an offer or an invitation to buy or subscribe for, securities to any person in the United States, Australia, Canada, South Africa, New Zealand or Japan or in any other jurisdiction.

Key Risks

Any return you receive depends on future market performance and is uncertain. The Company does not seek any protection from future market performance so you could lose some or all of your investment.

Before purchasing any securities or otherwise investing in the Company, persons viewing this document should ensure that they understand and accept fully the risks risks the Company is exposed to as disclosed in the Company's Annual Report, Key Information Document or Investor Disclosure Document, available at augmentum.vc/investors/

Approach to Responsible Investing

Environmental, Social and Governance (ESG) principles are integrated throughout business operations; in investment decisions, at the screening stage through an exclusion list and due diligence, ongoing monitoring and engaging with portfolio companies post-investment and when making followon investment decisions, as well as within fund operations.

Read more about the approach at www.augmentum.vc/investors/companyinformation/esg/

Past Performance

Past performance is not a guide to future performance. The value of investments may fall as well as rise and is not guaranteed; an investor may receive back less than the original amount invested. This Trust may not be appropriate for investors who plan to withdraw their money within the short to medium term.

Target Market

The Company is suitable for investors seeking an investment that aims to deliver total returns over the longer term (at least five years), is compatible with the needs for retail clients, professional clients and eligible counterparties, and is eligible for all distribution channels.

The Company may not be suitable for investors who are concerned about short-term volatility and performance, have low or no risk tolerance or are looking for capital protection, who are seeking a guaranteed or regular income, or a predictable return profile. The Company does not offer capital protection.

Value Assessment

Frostrow Capital LLP, the Company's Alternative Investment Fund Manager, has conducted an annual Value Assessment on the Company in line with Financial Conduct Authority (FCA) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations. Within this, the assessment considers quality of services, performance of the Company (against both benchmark and peers), total fees (including management fees and other fees as applicable to the Company), and also considers whether vulnerable consumers are able to receive fair value from the product. Frostrow Capital LLP concluded that the Company is providing value based on the above assessment.