FRONTIER DIGITAL VENTURES LIMITED — Investor Presentation 2021

Jun 16, 2021

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LEADING ONLINE MARKETPLACES IN EMERGING MARKETS

ANNUAL GENERAL MEETING | 17 JUNE 2021

~~FDV at~~ a glance

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

• Portfolio revenes have quadrupled since IPO in August 2016 to A$63.1m in FY20 (100% basis)

• 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 across property, auto and general classifieds

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A GLOBAL LEADER

Our mission is to become the leading global operator of online marketplaces in emerging markets

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A$215B Market capitalisation (AMS:PRX) Global portfolio of leading consumer internet companies

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

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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RECAP OF FDV STRATEGY EVOLUTION

Consistent execution of strategy since IPO in August 2016

	Co	nsistent execution o	f strat	egy	since IPO in August	2016
		<2016			2017-2018			2019-2020					2021 and beyond
		Establish portfolio		Portfolio optimisation				Progress to					Increase ownership
					and growth			profitability					levels
	✓	Restructured portfolio around		✓	Acquired 4 market leading		✓	Targeted sustainable revenue				✓	Consolidate ownership to
		Zameen blueprint			online marketplaces			growth					facilitate greater control,
	✓ ✓	Listed on the ASX Established portfolio of 15 businesses		✓ ✓	Exited 6 less attractive businesses A$14m invested across portfolio (new and follow-on)		✓ ✓	Cost base optimised during COVID-19 Achieved portfolio-wide profitability in FY20				✓	economic benefit and potential monetisation Flexibility to invest in local entrepreneurs and/or acquire 100% of established market
							✓	8 businesses	annualising				leaders
								>A$1.0m revenue in FY20				✓	Consider monestisation
													opportunties

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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 advantages 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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EXPANDING GLOBAL FOOTPRINT

Leading online marketplace portals across high growth emerging markets

DEVELOPING ASIA CENTRAL & SOUTH AMERICA

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Highly strategic footprint offering unique and diversified exposure to 12 highly attractive markets

Established position across property and auto verticals with opportunities to consolidate ownership levels in key markets

MENA

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Strategic presence Moroccan and Tunisian markets and fast emerging African economies

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DEVELOPING ASIA

Significant footprint across key verticals with opportunities to consolidate ownership positions

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FDV ownership (%)
30%
37%
65%
53%
56%
40%
53%
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Ownership of market leading portals across 4 markets, with a bias towards higher value property vertical

Established footprint in dynamic region with opportunities to consolidate ownership levels in key markets

Marked improvement in business conditions in Myanmar provides confidence as normal operating activity returns at CarsDB and iMyanmarhouse

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1Q 2021 Revenue Share
($Am, FDV% share basis)
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Vertical Breakdown

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Auto
9%
91%
Property
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A$4.6m
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Note: Figures are for entities with continuing operatoins as at 31 March 2021.

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CENTRAL & SOUTH AMERICA

Unique and diversified exposure to 12 highly attractive markets, with strong property bias

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FDV ownership (%)

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100% ownership facilitates greater control, economic benefits and flexibility for monetisation opportunity

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100%
26%
100%
100%
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Proximity of InfoCasas, Fincaraíz and Encuentra24 creates potential opportunities for consolidation

Progress towards greater transaction capabilities with pilot projects with developers, website upgrades and new product launches across Yapo and Fincaraíz

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1Q 2021 Revenue Share
Vertical Breakdown [1]
($Am, FDV% share basis)
Auto 5%
General
classifieds
13%
Property
A$4.4m
82%
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Note: Figures are for entities with continuing operatoins as at 31 March 2021.

1. Includes grouping of ‘General classifieds’ revenue from Yapo and Encuentra24 into the respective property and auto components

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MENA

Strategic investment in select, fast emerging markets

FDV ownership (%)

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100%
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100%
100%
69%
39%
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Note: Figures are for entities with continuing operatoins as at 31 March 2021.

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Avito and Tayara have lauched of pilot projects with property developers providing a clear path to facilitating transactions

Product and marketing integration between Avito and Moteur driving increased traffic and providing operational efficiencies

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100% ownership across Moroccan and Tunisian portals provides opportunities for colloboration and consolidation

1Q 2021 Revenue Share ($Am, FDV% share basis)

Vertical Breakdown

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A$2.0m
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Auto
22%
36% Property
General
classifieds 42%
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1. Includes grouping of ‘General classifieds’ revenue from Avito and Tayara into the respective property and auto components

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DELIVERING ON OUR GROWTH STRATEGY

Strong and consistent growth since IPO supports significant equity value creation

FDV revenue growth since IPO

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(A$m, FDV % share basis)

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44.0 [1]
COVID-19 impacted
23.7
22.3
COVID-19 impacted
14.0
8.5
3.8
2016 2017 2018 2019 2020 1Q 2021 annualised
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Note: Figures quoted for entities with continuing operations as at 31 March 2021.

1. 2021 pro forma represents 1Q 2021 revenue annualised and does not account for expected revenue growth across the portfolio

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RISK-RETURN TRADE-OFF OPTIMISATION

Diversification across key regions and verticals optimalises risk-return profile

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REVENUE BY VERTICAL[1]

~~REVENUE BY GEOGRAPHY~~

REVENUE BY BUSINESS

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(1Q 2021, FDV % share basis) (1Q 2021, FDV % share basis) (1Q 2021, FDV % share basis)
Auto
MENA
Other
10%
18% 15%
General
LATAM 13% Yapo Zameen
40% 8% 36%
InfoCasas
9%
Developing Asia
Property
42%
77% Avito Fincaraiz
14% 18%
Balanced exposure to high growth LATAM and Bias towards property to increase exposure to Portfolio revenue diversified across a range of
Developing Asia with select companies in fast larger, market leading portals high quality 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 31 March 2021. FDV moved to 100% ownership of InfoCasas (property portal in LATAM) following quarter end and therefore not incorporated in figures above 1. Includes revenue contribution of general classifieds portals (Yapo, Encuentra24, Avito and Tayara) split between respective verticals

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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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CASE STUDY – INFOCASAS

The FDV playbook in action – apply deep online marketplace knowledge to drive self-sufficiency

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Revenue and EBITDA

A$000, 100% ownership basis

Move to 100% ownership as business matures and transaction model de-risked ✓ Pilot new transaction initiatives and products

Increase ownership once clear competitive advantage established

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✓ Operational guidance to
3,798 3,799
strengthen market leadership
FDV has been monitoring the key online Take minority position in and grow revenue base
marketplace businesses in its target markets
early stage company
for the last 5+ years, providing a unique
2,224 2,137
1,726
1,086
795
562
366 459 396
100 195 8
(96) (111) (47) (124) (4) (49) COVID-19 impact
1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020
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FDV has been monitoring the key online marketplace businesses in its target markets for the last 5+ years, providing a unique competitive advantage

Note: FDV acquired Infocasas in September 2017

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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)

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8 4.0
Tenure at REA Tenure at IPP
(2001-2009) (2010-2014)
6 3.0
4 2.0
2 Advertising revenues 1.0
- -
2001 2002 2003 2004 2005 2006 2007 2008 2009 2007 2008 2009 2010 2011 2012 2013
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FDV (ASX: FDV)

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4.0
FDV FDV
(private) (ASX-listed)
3.0
2.0
1.0
0.0
2014 2015 2016 2017 2018 2019 2020 2021 2022
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“

Our clear ambition is to be a leading global player in online marketplace portals alongside the likes of Naspers/OLX and Adevinta. As these players reshape their portfolios to focus on larger more developed markets, our focus on emerging markets provides us with a clear pathway to be a global leader.

Consistent with our strategy since IPO, we remain focused on investing in local entrepreneurs, extending our market leadership positions and building transaction-based marketplaces. We are incredibly excited by the significant longterm value creation opportunity of FDV.

”

- Shaun Di Gregorio, Founder and CEO

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DISCLAIMER

The material contained in this presentation is non-specific and is a summary of the background to the Company’s activities. As this information is in a summary form it is not intended to be complete. Independent advice should be sought by investors or potential investors. The material does not take into account the investment objectives, financial situation or needs of a particular investor and therefore should not relied upon as investment advice to investors or potential Investors.

The material contained in this presentation should be considered as preliminary and does not purport to contain all the information that a recipient may desire or need. In all cases, the recipient should conduct its own investigations and analysis with regards to its contents or any other matter to which it may relate, including by obtaining specialist professional advice.

This presentation may contain statements that may be deemed “forward-looking statements”. Forward risks, uncertainties and other factors, many of which are outside the control of the Company can cause actual results to differ materially from such forward-looking statements. Frontier Digital Ventures currently own investments in multiple emerging market jurisdictions which potentially carries significant political risk. Other risks may be present such as agency risks, investment risk, competition, changes in technology, security breaches, insurance, additional requirements for capital, potential acquisitions, ability to raise sufficient funds to meet the needs of the Company in the future, the Company’s limited operational history, reliance on key personal, as well as political and operational risks, and governmental regulation and judicial outcomes.

The Company makes no representation or undertaking that it will update or revise such statements, but has made every endeavour to ensure that they are fair and reasonable at the time of making the presentation. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in any forward-looking statements made.

No part of this presentation is intended for recipients outside Australia. Accordingly, recipients represent and warrant that they are able to receive this presentation without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.

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