FRONTIER DIGITAL VENTURES LIMITED — Interim / Quarterly Report 2021

Aug 24, 2021

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LEADING ONLINE MARKETPLACES IN EMERGING MARKETS

2021 HALF YEAR RESULTS PRESENTATION | 25 AUGUST 2021

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~~FDV at~~ a glance

• Operator of 16 market leading online marketplaces across 21 high growth emerging markets

• 2Q 2021 annualised revenue of A$52.8m on a FDV % share basis, 14x higher than FDV‘s revenue in 2016, the year of FDV‘s IPO

• Significant experience at some of the best ASX online marketplace companies, with successful track record of long-term value creation

• FDV‘s proven business model is focused on unlocking significant new revenue opportunities closer to the transaction of property, auto and general classifieds

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#1 property portal #1 property portal #1 property portal Leading general marketplace Uruguay , Paraguay and Pakistan Colombia across Central America Bolivia #1 general classifieds #1 general marketplace #1 auto portal #1 auto portal Chile Morocco Philippines Pakistan #1 property portal #1 general marketplace #1 auto portal #1 property portal Myanmar Tunisia Myanmar Ghana #1 property portal Leading property #1 property portal #1 new car portal Nigeria transaction portal Sri Lanka Morocco Philippines

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A GLOBAL LEADER

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A$235B Market capitalisation (AMS:PRX) Global portfolio of leading consumer internet companies

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A$18B Market capitalisation (OL:ADE) Global portfolio of online marketplaces in developed markets

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A$0.5B Market capitalisation (ASX:FDV) Global portfolio of online marketplaces in emerging markets

“We believe in the power of local backed by global scale and we look for opportunities to address big societal needs in markets where we see the greatest growth potential ”

“We provide technology-based services to connect buyers and sellers and facilitate transactions, from job offers to real estate, cars, consumer goods and more”

“With the large global players reshaping their portfolios to focus on more mature markets, our portfolio of the best emerging markets businesses provides us with a clear pathway to be a global player”

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RECORD RESULTS AND EXECUTION OF STRATEGY

SECTION 1

Trading update Refer to pages 5 – 7

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• Record monthly revenue in July as momentum builds in FY21, highlighting FDV’s attractive long-term growth profile

• Proven track record of unlocking the value of classifieds leadership as the operating companies transition to transaction-based marketplaces

SECTION 2	• Accelerated revenue trajectory underpinned by opportunistic acquisitions during 2020 and strong organic growth
1H FY21 results	• Portfolio EBITDA margin of (2%) in 1H 2021, comfortably within the target range, demonstrating FDV’s proven ability to drive sustainable growth at
	the operating company level
Refer to pages 8 – 12	• Significant progress made in improving the profitability of the operating companies acquired prior to October 2020, all of which were recording EBITDA losses when FDV first become a shareholder
SECTION 3	• Diversification across key regions and verticals optimises risk-return profile
Operational update	• Balanced exposure to high growth LATAM and Developing Asia, with bias towards property to increase exposure to higher value transactions
	• Active management of portfolio over the half-year inline with FDV’s strategy to increase ownerships levels towards 100% to drive long-term
	shareholder value
Refer to pages 13 – 16
SECTION 4	• FDV’s growing scale, funding flexibility and global reputation provides opportunities to invest in early-stage businesses and established market
Strategy recap	leaders
	• Strategic evolution towards greater control to unlock additional value and accelerate path to facilitating transactions

Refer to pages 17 – 22

• Focused on expanding geographic reach and providing greater exposure to large high growth target markets

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TRADING UPDATE

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JULY 2021 TRADING UPDATE

Record portfolio revenue in July builds on the strong momentum in 1H FY21

Portfolio highlights

Portfolio monthly revenue

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InfoCasas

Record revenue in July of A$1.2m (100% basis), up 23% on June 2021 as the business goes from strength to strength

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(A$m, 100% basis)
Record monthly
revenue in July as
momentum
builds in FY21
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Yapo

Record revenue under FDV ownership, reporting A$842k in July (100% basis) following a general economic recovery in Chile

Zameen

First time in the businesses history to record over A$5.0m of monthly revenue (100% basis), with momentum building in FY21

Record revenue in July of A$5.5m on an FDV % share basis, now annualising at A$66m, highlights FDV’s strong revenue trajectory

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10.0
9.2
9.0
8.7 8.7
7.5
7.2
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21
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Note. Figures are for entities with continuing operations as at 30 June 2021

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GROWING TRANSACTIONAL REVENUES

Unlocking value of classifieds leadership as the portals transition to transaction-based marketplaces

Portfolio transaction revenue as a % of total revenue

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(100% basis)
Significant opportunity to transition
Fincaraíz, Tayara, Avito and Yapo to
Proven track record of unlocking transaction revenues
transaction-based marketplaces to
60.4% accelerate revenue growth, in line
59.0%
56.5% with recent acquisition rationale
50.1%
47.9%
45.9%
42.7%
36.5%
32.6%
28.1%
2H16 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21
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(100% basis)

Note: Figures quoted for entities with continuing operations as at 30 June 2021

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1H FY21 RESULTS

24.2

RAPID GROWTH TRAJECTORY

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Continued strong performance underpinned by organic growth and strategic acquisitions

Portfolio revenue since IPO Portfolio revenue since IPO

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(A$m, 100% basis)

(A$m, FDV % share basis)

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50.3
36.0
31.0
31.0
27.1
22.4
17.9
14.5
11.1
8.4
2H16 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21
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14.0
11.8
10.4
9.8
7.8
6.2
5.0
3.5
2.4
2H16 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21
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Note. Figures are for entities with continuing operations as at 30 June 2021

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ONGOING PROGRESS TOWARDS PROFITABILITY

Demonstrates FDV’s proven ability to drive sustainable growth at the operating company level

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Portfolio EBITDA margin[1 ]

(FDV% share basis)

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2H16 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21
8%
(2%)
(4%) (5%) (5%)
(19%)
(22%)
(32%)
Equivalent like-for-like portfolio EBITDA in
(51%)
1H 2021 of 7% (FDV % share basis) if new
(66%) entities [[2]] were excluded, representing a
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Equivalent like-for-like portfolio EBITDA in 1H 2021 of 7% (FDV % share basis) if new entities[[2]] were excluded, representing a significant improvement in underlying operating performance

Note: Figures are for entities with continuing operations as at 30 June 2021 1. Portfolio EBITDA as a % of revenue

1. New entities refers to Fincaraíz, Avito, Tayara and Yapo

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1H 2021 REVENUE BREAKDOWN BY OPERATING COMPANY

1H 2021 revenue was up 148% on pcp (FDV basis)

1H 2021 revenue was up 148% on pcp (FDV basis) A$ (100% basis) A$ (FDV % share basis) Operating company FDV interest Classifieds type 1H 2021 Revenue 1H 2020 Revenue Growth 1H 2021 Revenue 1H 2020 Revenue **Growth **	1H 2021 revenue was up 148% on pcp (FDV basis) A$ (100% basis) A$ (FDV % share basis) Operating company FDV interest Classifieds type 1H 2021 Revenue 1H 2020 Revenue Growth 1H 2021 Revenue 1H 2020 Revenue **Growth **	1H 2021 revenue was up 148% on pcp (FDV basis) A$ (100% basis) A$ (FDV % share basis) Operating company FDV interest Classifieds type 1H 2021 Revenue 1H 2020 Revenue Growth 1H 2021 Revenue 1H 2020 Revenue **Growth **
Zameen 30% Property InfoCasas 100% Property Fincaraíz 100% Property Encuentra24 26% General Yapo 100% General Avito 100% General Pakwheels 37% Automotive AutoDeal 56% Automotive Tayara 100% General Hoppler 39% Property West Africa1 N/A Property Moteur 100% Automotive LankaPropertyWeb 53% Property iMyanmarhouse 53% Property CarsDB 65% Automotive	27,442,056 18,053,610 52% 4,499,182 2,136,713 111% 4,048,002 - - 4,023,171 3,097,617 30% 3,203,812 - - 2,933,769 - - 1,219,109 589,716 107% 799,355 841,061 (5%) 444,074 - - 380,360 205,634 85% 363,783 361,156 1% 350,273 140,535 149% 332,210 280,370 18% 196,204 884,157 (78%) 55,841 498,998 (89%)	8,166,756 5,416,084 51% 2,480,441 1,114,082 123% 4,048,002 - - 1,057,692 1,303,135 (19%) 3,203,812 - - 2,933,769 - - 449,120 217,263 107% 445,960 469,228 (5%) 444,074 - - 148,347 82,731 79% 182,243 180,472 1% 350,273 79,137 343% 176,104 143,899 22% 103,262 423,377 (76%) 36,191 323,404 (89%)
Total revenue	50,291,202 27,089,568 86% 24,226,047 9,752,814 148%
Total revenue (excluding new entities2)	39,661,545 27,089,568 46% 13,596,390 9,752,814 39%

Note: Results figures quoted for entities with continuing operations as at 30 June 2021. A number of increases in ownership and acquisitions occurred throughout the period. For further details, see ‘Quarterly Activity Report and Appendix 4C’, 28 July 2021

1. West Africa includes PropertyPro (Nigeria: 39% owned) and MeQasa (Ghana; 69% owned)

2. New entities refers to Fincaraíz, Avito, Tayara and Yapo

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“ We are delighted to report the ongoing growth of the portfolio across 1H 2021, with record half-year revenue on an FDV % share basis. The significant appreciation of the Australian dollar against all local currencies masked an even stronger performance. Momentum continues to build in FY21, with revenue now annualising at A$66 million on an FDV % share basis based on July’s record performance. Consistent with our strategy, we continue to focus on the additional business and equity value that can be created by leveraging market leadership to facilitate transactions, thereby enhancing the revenue opportunity in each of our markets. We are incredibly excited about the opportunity to continue creating long-term value for shareholders. ”

- Shaun Di Gregorio, Founder and CEO

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OPERATIONAL UPDATE

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EXPANDING GLOBAL FOOTPRINT

Leading online marketplace portals across high growth emerging markets

DEVELOPING ASIA CENTRAL & SOUTH AMERICA

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Recent increased investment

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Recent acquisition
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MENA

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RISK-RETURN TRADE-OFF OPTIMISATION

Diversification across key regions and verticals optimises risk-return profile

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REVENUE BY VERTICAL[1]

~~REVENUE BY GEOGRAPHY~~

REVENUE BY BUSINESS

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(1H 2021, FDV % share basis) (1H 2021, FDV % share basis)
MENA Auto
16% 11%
General
LATAM 15%
45%
Developing
Asia Property
39% 74%
Balanced exposure to high growth LATAM and Bias towards property to increase exposure to
Developing Asia with select companies in fast larger, market leading portals
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(1H 2021, FDV % share basis)
Other
14%
InfoCasas
Zameen
10%
34%
Avito
12%
Fincaraiz
Yapo
17%
13%
Portfolio revenue diversified across a broad range
of businesses
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Balanced exposure to high growth LATAM and Developing Asia with select companies in fast emerging MENA markets

Note: Figures are for entities with continuing operations as at 30 June 2021

1. Includes revenue contribution of general classifieds portals (Yapo, Encuentra24, Avito and Tayara) split between respective verticals

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PORTFOLIO OPTIMISATION ACTIVITIES

Continued optimisation of FDV’s portfolio over the half-year to drive long-term shareholder value

✓ Acquired remaining 43.7% interest in Moteur to move to 100% ownership ✓ Following acquisition of Avito, consolidates FDV‘s ownership of two highly complementary businesses ✓ Strengthens FDV‘s competitive position in highly attractive Moroccan market January 2021 ✓ 100% acquisition of the leading general classifieds portfolio in Chile, with the #1 position in auto and property ✓ New market entry , strengthening FDV‘s position in Latin America and complementing existing operating companies ✓ Opportunity to make a material contribution to revenue , with attractive monestisation opportunities identified to accelerate revenue growth February 2021 ✓ Acquired remaining 49.0% interest in InfoCasas to move to 100% ownership ✓ One of the best performing businesses in FDV’s portfolio , with significant transactional revenues ✓ Enhanced scale and strategic footprint in South American region following the 100% acquisitions of Fincaraíz in Colombia and Yapo in Chile, both market leading online classifieds portals June 2021 ✓ Moved to majority ownership, increasing shareholding from 42.0% to 51.1% ✓ Strong performance and experiencing rapid growth as result of their innovative transaction model ✓ Consolidated FDV’s strategic footprint in the Philippines , with a majority controlling interest in Hoppler and AutoDeal July 2021

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STRATEGY RECAP

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PROVEN BUSINESS MODEL

Focused on acquiring or partnering with companies to unlock significant transactional revenue opportunities

FDV PROVIDES VALUABLE STRATEGIC OVERSIGHT AND SUPPORT

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Identify Strengthen Increase Move closer to
opportunities market ownership the transaction
leadership
Identify early stage classifieds Apply best practice online Increase ownership levels in Unlock revenue streams closer to
companies where FDV can invest at marketplaces model to grow companies with established the transaction underpinned by
a discount to the value it can create operating metrics underpinned market leadership and strong revenue base and position
through its optimisation process by FDV’s deep sector knowledge competitive advantage as market leader and trusted portal
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FDV’s growing scale, funding flexibility and global reputation provides opportunities to invest in early-stage businesses and established market leaders

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SIGNIFICANT UPSIDE POTENTIAL

Development of transactional marketplace platforms unlocks significant long term value

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Traditional online classifieds

Transaction-based marketplaces

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$
Advertising
Buyer Seller
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$
Advertising
Buyer $ Sales commissions Seller
$ Financing
Marketing of
$
new projects
$ New products
$ Ancillary revenues
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Listings on portals attract buyers who transact with sellers offline while the portal collects advertising revenue

Trusted portals become marketplaces where consumers complete more of the transaction within the portal providing significant opportunities to collect more of the economic event

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REALISING THE PORTFOLIO’S FULL POTENTIAL

Unparalleled online classified expertise focused on sustainable growth

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Sell down to existing
Current focus
shareholders
Create additional
equity value through
active management Sale to financial investor
Establish and consolidate Assess monetisation
market leadership opportunities
Tranche sale to new
shareholders
$
Trade sale to strategic
Optimise the portfolio balance Optimise business strategy FDV continues to explore these
and prioritisation of and other options to maximise
businesses Unlock transactional shareholder value at the most
revenues suitable time for each IPO / RTO
Disciplined rationalisation
operating company
may occur over time
Assess consolidation
opportunities
Merge with
competitor
Exercise equity options to
increase ownership
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STRONG TRACK RECORD OF LONG-TERM VALUE CREATION

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Founder and CEO Shaun Di Gregorio

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• One of the top global online marketplace executives with a strong track record of long-term value creation

• Former CEO of iPropertyGroup (ASX: IPP) and General Manager at REA Group

• Spearheaded the transformation of iProperty Group from a US$15m small online business into the largest listed internet company in ASEAN with a market capitalisation of US$600m

• As General Manager of the core Australian REA Group business and one of its global leaders, grew the business alongside a team of 8 people with revenue of A$5m into a company with more than 300 staff and revenue exceeding A$150m

REA Group (ASX: REA)

iPropertyGroup (ASX: IPP)

FDV (ASX: FDV)

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8 4.0
4.0
Tenure at REA Tenure at IPP FDV FDV
(2001-2009) (2010-2014) (private) (ASX-listed)
6 3.0
3.0
4 2.0 2.0
2 Advertising revenues 1.0 1.0
- - 0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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CORPORATE OVERVIEW

FDV has a strong balance sheet, and its shares are tightly held

Share price performance since IPO

Substantial shareholders

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$1.90
$1.70
$1.50
$1.30
$1.10
$0.90
$0.70
$0.50
$0.30
Aug-16 Apr-17 Dec-17 Aug-18 Apr-19 Dec-19 Aug-20 Apr-21
Board of Directors
Anthony Klok Non-Executive Chairman
Shaun Di Gregorio Founder and CEO
Mark Licciardo Non-Executive Director and Company Secretary
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	Catcha Group (Patrick Grove and Luke Elliott)		13.1%
	Shaun Di Gregorio (Founder and CEO)		10.9%
	Perennial Value Management		7.6%
	SmallCo Investment Manager		6.3%
	Barca Global Master Fund		5.5%
	Financial information
	Share price (24-Aug-21)		$1.52
	52-week trading range (low / high)		$0.98 / $2.04
	Shares on issue		343.0m1
	Market capitalisation		A$521.4m
	Cash (30-June-21)		A$18.7m
	Debt (30-June-21)		N/A
	Enterprise value		A$502.7m
	Indices S&P/ASX All Technology Index (ASX:XTX) All Ordinaries Index (ASX:XAO)	Research Coverage Bell Potter; Morgans

1. Source: IRESS. Excludes 450,000 Director options which are subject to the achievement of vesting conditions

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APPENDIX

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STATUTORY ACCOUNTS

FDV’s current portfolio contains 14 investments which are accounted for on a consolidated basis and 2 investments which are reported as “associates” under the equity method AASB128

Operating company

Accounting treatment

Operating company	Accounting treatment
Zameen	Equity accounted
InfoCasas	Consolidated
Fincaraíz	Consolidated
Encuentra24	Consolidated
Yapo1	Consolidated
Avito	Consolidated
Pakwheels	Equity accounted
AutoDeal	Consolidated
Tayara	Consolidated
Hoppler	Consolidated
West Africa2	Consolidated
Moteur3	Consolidated
LankaPropertyWeb	Consolidated
iMyanmarhouse	Consolidated
CarsDB	Consolidated

1. FDV acquired 100% of Yapo in 1Q 2021

2. West Africa includes PropertyPro (Nigeria; 39% owned) and MeQasa (Ghana: 69% owned)

3. FDV acquired the remaining 44% stake in Moteur to move to 100% ownership in 1Q 2021

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