FRONTIER DIGITAL VENTURES LIMITED — Capital/Financing Update 2019

Sep 22, 2019

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ASX Code: FDV

23 September 2019

Valuation uplift at MeQasa

Highlights

• Pan-African technology investor, Meltwater Foundation, to invest US$0.25m in MeQasa at a pre-money valuation of US$5.2m

• Transaction represents a 4.4x value uplift to FDV’s initial investment, and is being completed at a 25x revenue multiple

• Latest external investment is another example which reinforces FDV’s ability to increase the equity value and attractiveness of its portfolio

• FDV is experiencing increasing external interest in its portfolio of high growth, market leading online marketplaces

Frontier Digital Ventures Limited (“ FDV ”, ASX: FDV) is pleased to announce that MeQasa, the #1 online property marketplace in Ghana, has successfully completed an external funding round. The investor, Meltwater Foundation, will provide US$250,000 to acquire new shares in MeQasa at a pre-money valuation of US$5.2m. This represents a 4.4x value uplift to FDV’s first investment in 2H 2015. As a result, FDV’s equity interest will dilute from 81% to 76%.

The transaction is the third external funding round across FDV’s portfolio in 18 months, following Propzy and CarsDB who completed external funding rounds in 2018. These three businesses are now growing without reliance on FDV for additional funding.

FDV’s Founder and CEO, Shaun Di Gregorio said:

“This transaction is an example of the growing external interest we are seeing across our portfolio. We expect a number of external investment opportunities will emerge as our portfolio businesses hit revenue milestones and become increasingly attractive to sophisticated technology and private equity investment groups.”

“The team at MeQasa continue to execute on the optimisation process we provided following our initial investment. The external investor, Meltwater Foundation, is a sophisticated technology investor that is investing at a 25x revenue multiple under the current funding round, a testament to the significant opportunity ahead of MeQasa to monetise its market leading position in Ghana.”

Frontier Digital Ventures Ltd 39-8 The Boulevard, Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur, Malaysia 1 Tel: +60 3 2201 0790 www.frontierdv.com

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About MeQasa

FDV acquired the largest competitor to MeQasa in 2H 2017, Jumia House (Ghana), to establish a clear #1 online property marketplace and accelerate revenue growth. MeQasa has attracted external investment due to its strong revenue growth, consistent execution of FDV’s strategy, and the investor-friendly corporate structure FDV has implemented.

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----- Start of picture text ----- MeQasa half year revenue (A$000, 100% basis unaudited) Latest funding round(US$5.2m pre-money valuation)25x revenue multipleAcquisition of Jumia Houseand consolidation of #1 149property portal in GhanaFDV initial investment99 101(US$1.2m pre-money valuation)4640100 0 01H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019----- End of picture text -----

For more information, please contact:

Shaun Di Gregorio Chief Executive Officer Tel: +60 17 207 6221 Email: shaundig@frontierdv.com

About FDV Limited

FDV is a leading operator of online classifieds marketplaces in underdeveloped, emerging countries or regions. With a track record of building and supporting market leading online businesses, FDV are experts in the online marketplace space with a particular focus on property and automotive verticals and general classifieds websites. Its portfolio currently consists of 14 market leading companies, operating businesses across 14 markets. With the extensive support offered to the local operating companies, coupled with their own energy and work ethic, FDV is bringing outstanding companies of global significance to their full potential and setting a new global standard of excellence in the field.

Frontier Digital Ventures Ltd 39-8 The Boulevard, Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur, Malaysia 2 Tel: +60 3 2201 0790 www.frontierdv.com