AUGMENTUM FINTECH PLC

Fund Information / Factsheet • Feb 12, 2024

Investment Objective

Factsheet Q3 FY23/24

As at 29 December 2023 unless otherwise stated Unaudited valuations as at 30 September 2023

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

March 2018 – September 2023

1 NAV £m is shown before performance fee. NAV per share is shown in pence after performance fee 2 Cash at period end

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.

Key Facts Company and Fund Information

Listing	Premium Segment Main Market LSE
Ticker	AUGM
Market cap	£189.8 million
Shares in issue	170.2 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

Listing Date	13 March 2018
Portfolio Manager	Augmentum Fintech Management Ltd
AIFM, Company Secretary & Administrator	Frostrow Capital LLP
Registrar	Computershare
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

£291.1m3

Net Asset Value

160.2p ⁴ NAV per share

111.50 gbx 5

Share price

(30.4%)6 Premium/(Discount)

24

Portfolio companies

16.6%4 IRR on invested capital

£42m5

Cash position

3 Before performance fee, as at 30 September

2023

4 After performance fee, as at 30 September 2023

5 As at 29 December 2023

6 Based on 30 September 2023 NAV after performance fee and share price as at 29 December 2023

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

Composition | Sub-Sector Maturity

As at 30 September 2023 As at 30 September 2023

Highlights

Company Update

Interim results for the half year ended 30 September 2023

Published November 2023

Financial Highlights

• — NAV per share after performance fee increased by 0.8% to 160.2p (31 March 2023: 158.9p).
• — IRR of 16.6% on invested capital since inception (31 March 2023: 18.5%)
• — Available cash at period end of £51.8 million (free cash of £48.0 million) with no debt (31 March 2023: £38.5 million).

Portfolio Highlights

• — Top 10 holdings, which represent 82% of portfolio value, grew revenue at an average of 74% 3 YoY and have an average of 29 months cash runway. 4 of the top 10 positions are cash generative.
• — The sum value of the top three holdings in Tide, Grover, and Zopa, plus current cash, was above the Company's market capitalisation at the period end. These positions continue to demonstrate their credentials as fintech market leaders, growing revenues by an average of over 1,200% since the Company's investment and are either profitable or capitalised until projected profitability.
• — Cushon, the workplace pensions and savings provider, completed their majority shareholding acquisition by NatWest Group in June 2023, which delivered a return of 2.1x multiple on invested capital with proceeds of £22.8 million and a 62% IRR.
• — A number of acquisitions were made across the portfolio, including by Onfido, the global leader in automated identity verification, who acquired Airside, the US-headquartered shareable digital identity technology company and FullCircl, the company intelligence and risk solution provider for frontline teams, who acquired RegTech provider W2 Global Data Solutions.
• — During the period, the Company made three follow-on investments, totaling £6.9 million including £5.3 million into Volt and £1.6 million in Grover and Habito.

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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Portfolio Update

Artificial - Post period end

Augmentum welcomed London based insurtech Artificial to the portfolio, announcing that it has made a £4 million investment, leading their £8m Series A+ round. The round included participation from existing investors MS&AD Ventures and FOMCAP IV.

Onfido - Post period end

Onfido has entered exclusive discussions with potential acquirer, US based Entrust, a global leader in trusted payments, identities and data security.

Iwoca

Iwoca announced in October that it has secured a new debt facility with initial commitments of £200 million from Barclays Bank plc and Värde Partners. This funding line allows iwoca to meet the growing SME demand for working capital. This comes as iwoca hits net profitability for the fourth consecutive quarter. With the new £200 million funding line from Barclays and Värde this now takes the total debt commitments to over £850 million.

Tide - Post period end

Tide has reached a significant milestone, onboarding more than 200,000 SMEs (members) in India since its market entry just over a year ago.

Awards

— UK Tech Awards 2023 'Tech Investor' Finalist

— AltFi Awards 2023 'VC of the Year' Finalist

Top 10 Holdings As at 30 September 2023

SME business banking

Invested	2018
HQ	London, UK
Cost	£13.2m
Value	£41.5m
IRR	32%
% of NAV	14.2%

Monthly subscription business for technology products

2019	Invested
Berlin, Germany	HQ
£9.3m	Cost
£41.3m	Value
54%	IRR
14.2%	% of NAV

Digital-first consumer bank

Invested	2018
HQ	London, UK
Cost	£33.7m
Value	£33.9m
IRR	-
% of NAV	11.6%

Account to account instant payments provider

Invested	2020
HQ	London, UK
Cost	£9.7m
Value	£23.7m
IRR	77%
% of NAV	8.2%

Precious metals trading platform for individuals

Invested	2018
HQ	London, UK
Cost	£8.4m
Value	£12.0m
IRR	12%
% of NAV	4.1%

Consumer credit refinancer

Mobile-only current account and BaaS provider

Invested	2018	Invested	2021
HQ	London, UK	HQ	Stockholm, Sweden
Cost	£11.5m	Cost	£9.9m
Value	£10.1m	Value	£9.7m
IRR	-	IRR	-
% of NAV	3.5%	% of NAV	3.3%

Identity verification and fraud management platform

Invested	2018
HQ	London, UK
Cost	£7.7m
Value	£9.7m
IRR	5%
% of NAV	3.3%

AI based FX trading firm

Invested	2019
HQ	Zurich, Switzerland
Cost	£2.7m
Value	£8.9m
IRR	38%
% of NAV	3.0%

Small business lending

Invested	2018
HQ	London, UK
Cost	£7.9m
Value	£7.9m
IRR	-
% of NAV	2.7%

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 follow-on investment decisions, as well as within fund operations.

Read more about the approach at www.augmentum.vc/investors/company-information/esg/

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/

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.