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BUILDING WINNING & SUSTAINABLE COMPANIES Kejora is committed to build one of the largest internet platform and tech eco-system in Southeast Asia. We focus on investing and growing highly scalable businesses creating the next unicorns from the region.

February 2016

2 years in operation

Created +400 jobs

26 Investments

Occupy ~2000 sqm office space

Named as one of the most active VCs in Southeast Asia

Company Builder (Accelerator)

Accelerator Fund

Incubator (Idea stage)

Our accelerator fund is focused on building successful digital companies. We connect top entrepreneurs with subject matter experts, the best technologies, strong networks that open doors and provide access to investors and strategic partners. This enables the startups to scale up at a rapid pace from Southeast Asia.

• Ideabox is an incubator; a joint venture with Indosat/ Ooredoo Group which focuses on incubating technology companies in the emerging markets. • The incubator has won various global awards including Global Telecom Business Innovation Awards, Asia Pacific Stevie Awards and Asia Communication Awards.

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Indonesia is one of the world’s largest markets‌

China

1,355,692,576

India

1,236,344,631

United States

318,892,103

Indonesia

253,609,643

Brazil

202,656,788

Pakistan

196,174,380

4th largest population

.. also one of the largest economies

8th largest economy (PPP)

Still growing fast and consistently Country1

2000-’10

2014

11.5%

7.4%

1

China

$17,617 Bn

1 China

2

United States

$17,419 Bn

2 India

7.7%

7.4%

3

India

$ 7,376 Bn

3 Indonesia

5.2%

5.2%

7

.

Brazil

$ 3,264 Bn

8

Indonesia

$ 2,676 Bn

South Korea

4.2%

3.5%

20 Utd. Kingdom

$ 2,549 Bn

Brazil

3.6%

0.3%

United States

2.9%

2.4%

.

..

..

Southeast Asia’s e-commerce industry E-commerce market size in Southeast Asia Market size ($ billion)

25-30

12-15

10-15 8-12

7-10 5-7

1.3

1.3

1.7

1.1

0.9

Indonesia Malaysia Philippines Singapore Thailand 2013 Level Theoretical Potential

0.8 Vietnam

Estimated e-commerce growth rate 2013-2017 25%

25%

11% 10% 6%

China

ASEAN 6

United States

Europe

Japan

Source : ATKearny Lifting the Barriers to E-commerce in ASEAN (2015)

Kejora Partners The team combines relevant experiences and industry expertise Sebastian Togelang Serial entrepreneur since the age of 22 with over 15 years of operational experience in digital & startups in Europe and Asia. Founder of Kejora Group (Mountain Kejora Ventures), Co-founder and investor of more than 30 international companies, Co-founder of Ideabox incubator, Cofounder of Qareer Group Asia and Compare88. He also co-founded the FinTech Association and Alliance of Venture Capitals in Indonesia (AVCII). Sebastian started his career at Deutsche Bank & Deutsche Boerse (German stock exchange). He studied Economics and Computer Science at University in Frankfurt.

Andy Zain Serial entrepreneur, with over 20 years of operational experience in mobile, digital & startups.

Managing Director of Mountain Kejora Ventures. Co-founder of Ideabox incubator. Co-founded and directed several tech companies including listed company Skybee tbk (IDX: SKYB) and MigMe (ASX: MIG). Deeply rooted to the regional innovation ecosystem as Director of Jakarta Founder Institute, Chairman for Mobile-Monday Indonesia, and also as a member of the Myanmar Innovation Council. He studied at Monash University Melbourne.

Eri Reksoprodjo

25 years of experience in finance, originating mandates in M&A, corporate debt restructuring, corporate financing, and capital markets transactions involving Indonesian sovereign, stateowned companies and major private groups. Former Partner at Saratoga Capital (usd$600 million PE fund), Indonesia Country Manager for Natixis Corporate and Investment Bank, appointed by the Government of Indonesia as Senior VP and head of Investor Relations at the Indonesian Bank Restructuring Agency (IBRA) to assist in marketing IBRA’s US$63 billion of financial assets to global financial and strategic investors and Executive Director at CIBC World Markets. He studied Finance at University of Indonesia and MBA from State University of New York.

...supported by additional operational team (IT, Finance, Accounting, Marketing, Design) of 10 specialists

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Kejora’s investments track record

720% IRR

*

438% IRR*

*projection

*The investments of Kejora in 2014 has generated MOIC 8.2x or IRR of 720% based on latest valuation end of Q2 2015. By end of Q2 2016, the investments are projected to generate MOIC 26x.

The investments that Kejora has made in 2015 are projected to generate MOIC 6.6x by the end of Q2 2016.

The total IRR over all investments made in 2014 and 2015 is projected at 438% end of Q2 2016.

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Investment strategy: (1) Importing leading business models and technologies to Southeast Asia, (2) Scaling businesses in the region as quickly as possible, (3) Expanding to other emerging markets

Europe USA

China / Japan / Korea Proven business model Proven business model

Proven business model Regional Accelerator

Regional Accelerator

Central Company Builder

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Investment strategy: Hands on approach of company building and accelerating

Hands on value-add mentoring to ensure operational excellence & top acceleration

SEED

A

B

C-E

We focus on company building where we invest up to USD 5m/company in trenches upon achievement of KPIs, to turbo boost portfolio company for strategic acquisition or IPO

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Investment strategy: Strong focus in company building

Current investment outlook: There is an abundance of start ups that lack vision, exposure, technology, structure, and many are run by inexperienced and un-professional teams.

These risks greatly exemplify the chances of success and the ability to scale up quickly.

Kejora Group Š2015

Company building is a good alternative.

The solution: creating synergy to scale up rapidly in order to secure market leadership. Combine the best technologies, knowledge transfer from subject matter experts, lessons learnt from seasoned entrepreneurs, guidance from mentors, strong network and effective capital from Management.

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Company builder strategy: Optimized risk / return profile

“Early stage multiple potential at a growth stage risk”

Expected return

Kejora builder

B

early stage

A growth stage Potential risk

A

B Boosting returns

Risk reduction Startup level

Company Builder act as a co-founder and partner working hand in hand with the local startup

To increased upside potential growth through low entry valuation

Fund level Fund

 Business model (proof-of-concept)

Local Advisor

 Management team (global hiring of start up executives with local market expertise, intensive coaching etc.)



 Market risk (rapidly growing emerging markets, local experts)

Local investment and management expertise



Portfolio of 3-4 business models per year, 10-15 companies in total

S1

S2

Sn

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Company Builder case study: Cekaja.com (Compare 88 Group)

Identification of promising ideas, market study

Team & company setup, incubation & market testing

Office space

Events, seminars

Scale up & internationalization to high-growth markets

Experienced Team

Best proven business models

Serial entrepreneur. Former private equity executive. Numerous software development awards.

(Germany, estimated EV: USD ~1 billion)

(UK only, Market cap.

1,5 billion Pound)

Vertical: Finance Business model: Financial comparison Total market • Total market size of 158m people and US$418b Total addressable market • 30% transaction online • ~50m people and ~$150Bn, growing at 13% CAGR

Growth of consumer lending + insurance premiums 2009-2012, avg CAGR 13% Malaysia

International technology + know how

Mentors+ network

Company builder team

Thailand

Philippines

12.93%

7.76%

Former acting CTO of Check24.de Accomplished software architect.

+ Several Indonesian Banking and Insurance experts as full time employees + Several Banking & Insurance top Management as Advisors

Indonesia 18.91%

11.92%

Co-founded Check24.de (then einsurance.com) Serial entrepreneur and technologist.



Grow B2C (Technology, comparison Insurance, KPR, etc.)



Grow B2B, B2B2C



Became clear market leader in Indonesia



Launched additional markets such as Philippines in late July 2014. Became leading comparison site in Philippines



Preparing to enter more markets such as Thailand, Malaysia and Vietnam.

First tractions Launched and signed over 70 top Banks & Insurance within several months, over 1,000 orders/day

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CAGR

Importing leading business models to high-growth markets

Risks involved in starting a business

Cost vs. Time to market

~80%

“Rocket Internet�

Initial development

Kejora Company Builder

Strategic investors

Technology

Costs

Risk

Business model ~50% Business model

Execution

Technology Execution

Market

Market

Initial development

Kejora Company Builder

Systematically reduce risks

Time to market

Reduce time to market and revenue generation

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Company building: sustainable companies

Valuation

Company building

Standard investment

Bigger team (higher operational cost)

Smaller team (lower cost)

Faster acceleration, higher growth, bigger returns

Slower acceleration, startups constantly busy fundraising

Bigger shares of the company, more control

Smaller shares

High barrier to entry for competitors

Have to fight against more competitors

Less vulnerability towards bear or over-valued markets

Fundraising during bear or over-valued markets may have detrimental effects on startups

Company builder

Price adjustment

Normal scenario

Price adjustments D

(Return)

C B A

Initial value of investment

Time

Kejora is focused on bringing proven, sustainable business models with large market caps from developed markets and localizing into the region. Kejora’s strategy of investing early and monitoring closely the company’s growth ensures strong business fundamentals that promote maximum shareholder value and returns. These solid building blocks also promote sustainability regardless of cyclical conditions in the global economy.

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Hands on acceleration approach: Kejora fills in “Skill Gaps” & sets up A+ teams

Team Profile ■

Founder A

■

Founder B

Scalable IT

SEO

Conversion Optimization

Crucial skill gaps

Skill level

100%

SEM

Crucial skill gaps

Competence spectrum

0% Marketing

Sales

Finance

Venture Partner / Expert

Skill level

100%

Product

IT

Operations

Kejora helps recruit fulltime Founder

Additional Founder / Team

0% Marketing

Sales

Finance

Product

IT

Operations

Team Profile

■ ■ ■ ■

Founder A Founder B Venture Partner / Expert Additional Founder / Team

Competence spectrum

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Hands on acceleration approach: Service offering for portfolio companies through established ecosystem

Central & local competent teams and partners offer comprehensive support

 Project development

 Media for equity

 Local Adaptations

 Revenue sharing

 SEO / SEM

IT

 Fundraising

Media

 Affiliate marketing

 Strategic advice

 Display ads

Online Marketing

Marketing

Sales & Advisory

Startup/ Company

 Access to network

Infrastructure

 Local marketing

 Office space

B2B / B2C Sales

 Design & brand mgt.

HR & Education

 Office supplies

 Direct sales

 Executive HR

 Call Ccnters

 Recruiting

 Sales support

 Entrepreneur Training

Incubation and acceleration support thanks to in-house competence centers

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Kejora’s approach is to be “Trusted Partner”

Local Families

Targets

Investment decision

centralized

local investment mgt.

local investment mgt.

global hype deals

only local (low int. scalability)

‘glocal’ fit

employees

employees

entrepreneurs

IPO / trade sale

not necessary for exit

IPO / trade sale / buyout

international

local

local

competitor / copycat

competitor / copycat

partner & supporter

rebuilt / copied

own development

provided by original startup / local rebuild

Resource center

centralized

local

central & local

Investment mgt.

mgt. fee (fund size)

mgt. fee (exit)/dividend

carried interest (exit)

Operating team

fee

(n/a)

cost covering fee + equity

Original startup

(n/a)

(n/a)

equity

salary + ESOP

equity

equity

Deal type Management type Exit strategy

Main Incentive

Execution

Operating team Role of original startup Technology & SOPs

Target mgt. team

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Named as one of the most active VCs in Indonesia and Southeast Asia

by TechinAsia and won several global business awards

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Portfolio companies in Southeast Asia since 2014

3500 registered SME using the service

Launched: 8 portals in Dec 2015 ~1M visitors within 2 months from launch

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Secured top series A valuations

“One of the highest Series A valuations of any Southeast Asian startup.”

“The round, it says, puts Qerja at an eight digit valuation.”

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Secured top series A valuations

Most recent round of funding from NSI

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Selected portfolio profile

Compare88 is a leading financial comparison site that caters towards the Southeast Asian market.

The information that it offers helps increasingly demanding customers select and buy products and provides banks & insurance companies with cost efficient acquisition channels.

J.P. Ellis (CEO) Entrepreneur. Former Private Equity executive. Numerous software development awards. Fluent in Indonesian Karl Knoflach Co-founder of Check24 – a leading financial comparison website in Germany with valuation of around USD 1 Billion Traction: - Launched and signed over 70 top banks & insurance companies within 4 months of operation - 1 million monthly unique visitors - 1,000+ new orders received every day - >USD 40 million gross application value / month Company Presence:

Qareer Group Asia is a synergistic Human Resource platform that addresses the quality and quantity aspects of recruitment that targets to both employers and employees. Through Qerja.com (user generated content platform), good quality candidates and traffic are funneled to its sister jobs portal: Jobs.id.

Veronika Linardi (CEO) Founder of Linardi Associates (executive recruitment). Previously worked at Charoen Pokphand, CNN and PwC Stephen Kohar (COO) Stephen has profound experience in digital enterprise and was previously the Corporate Advisor for a jobs portal in Indonesia

Traction: - Leading jobs portal in Indonesia within 7 months of operation, with over 33k active job listings per month - More than 8,000 active employers - Over 3.5 million monthly unique visitors Company Presence: Confidential | 22

Selected portfolio profile

Jualo is a C2C marketplace that utilizes geosearch functions to enable buying and selling of secondhand goods between users. Jualo facilitates not just information but an end-to-end transaction process to enable users to bid, trade and purchase.

Etobee is the Agoda for logistics; a marketplace where e-commerce partners, businesses and individuals dispatch their delivery orders in realtime to Etobee’s network of professionals and trusted drivers, taking into account location, vehicle size and its capacity.

Chaim Fetter (CEO) Entrepreneur. Moved to Indonesia in 2005 to establish “Peduli Anak�

Foundation in Lombok.

Sven Milder (CEO) Entrepreneur from the Netherlands.

Founded LOVT.co and has 10 years of experience in the marketplace.

Bjorn Dudok van Heel Seasoned businessman, has managed greenfield businesses and SME enterprises in Indonesia and globally

Iman Kusnadi (COO) Previously, Director of Luxola Indonesia and has numerous years of experience in the Indonesian logistics industry.

Traction: - Sold more than USD100 million worth of merchandise since January 2014 - >2.5 million monthly visitors

Traction: - Connected to 25 logistics companies - Over 2,000 drivers are connected to the system - Processing around 1,000 orders on a daily basis

Company Presence:

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Selected portfolio profile

Y Digital Asia is a digital performance consultancy with a data driven approach to create measurable and profitable digital solutions and campaigns for corporate clients.

Boye Hartman (CEO) Marketing and mobile expert with 25 years of experience in sales, marketing, and advertisement Arne van Looveren (CCO) Led digital agencies in Malaysia and Indonesia. Experienced in forming client strategies and campaigns from scratch.

Traction: - Within 3 months of operations, oversaw marketing budget of > USD1 Million - Operational profitable - Over 40 corporate clients Company Presence:

BDigital is a digital performance consultancy aimed at increasing effectiveness and efficiency for SMEs. Bdigital has a complete solution for offline SMEs to expand businesses to the online realm starting from generating websites, executing online marketing campaigns, and social media.

Jose Ricardo Santos (CEO) 4 years of international experience in Southeast Asia working in online businesses. Specialty in E-marketing.

Traction: - First in market to launch a web app solution that enables SME businesses to own affordable web apps.

- 3,500 registered SME using the service

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Selected portfolio profile

ProSehat is an Indonesian online health ecommerce site which enables customers to buy health products such as generic medicine, prescribed medicine, supplements, vaccines, and medical supplies. TanyaDok is a doctor / patient consultation platform that leads users to try ProSehat.

Dr. Gregorius Bimo, MD (CEO) Medical Doctor. 4 years as a doctor and 9 years of experience in digital health.

Dr. Agnes Susanto, MD (COO) Medical Doctor. 5 years as a doctor and 3 years of experience in digital health marketing.

Wavoo is a mobile dating app that provides an easy, fun and anonymous way to find new friends, true love or even something more without the need of having awkward encounters or fear of rejection. Users remain anonymous until they both match their desires.

Yudhy “Domex� Mandey (CEO) Graphic designer with over 10 years of experience in the digital and technology industry globally

Traction: - 2,000 affiliated doctors within sites - 5,000 medicine and medical supply - Hundreds of weekly orders - ~1 million monthly unique visitors

Gema Megantara (CTO) Wavoo's Co-founder, CTO, and resident geek who spends more time staring at a computer screen than sleeping or eating Traction: - ~2 million users - 35% month-to-month growth - More than 50 million monthly swipes and 40 million lines of chat

Company Presence:

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Selected portfolio profile

ZettaMedia is an online media network with a variety of portals in Indonesia with a straight forward mission to build a happy and creative country. ZettaMedia is utilizing its network of >10,000 writers to entertain different user profiles in Indonesia Brilliant Yotenega (CEO) Founder of nulisbuku.com. Was previously in charge of leading production in Indonesia’s largest book publisher.

Aulia Halimatussadiah (CCO) Writer of 30 books and has been a top influencer in Indonesia. She has been mentoring hundreds of content writers to create high quality content in the form of books and blog posts.

Traction: Launched: 8 portals in Dec 2015 ~1m visitors within 2 months from launch Company Presence: Confidential | 26

The investment opportunity window is shrinking

2012

2011

2009

2007

1997

opportunity window

Valuation

2014

faster & faster success curves

Time since launch Speed and acceleration becomes increasingly important \\ Confidential | 27

The investment opportunity window is becoming more competitive 2015 2015

>200B **

~5B*

+500 M

2014 2014

2011

2010

2014

2015

vs

2030

First mover advantage Relatively cheap investment with big growth potential vs expensive and slower growth in the near future * Estimation cost for Land grabbing (Investments) **estimation, SoutheastAsia market projected US$625 billion by 2030 by Mckinsey Confidential | 28

Kejora eco-system/ network

Ideabox is a tech business incubator

Founder Institute is a Silicon Valley

powered by a partnership with Indosat.

based global incubator program which

Ideabox focuses in helping early stage

has created over 1,000 companies

startups in a 120-day acceleration

since 2009. Andi Zain has been actively

program to build impressive products.

directing the Founder Institute Jakarta

chapter since 2011.

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Kejora eco-system/ network

FinTech Indonesia Association was

Mobile Monday is a global community of

established in early 2015 as a platform to

mobile industry visionaries, developers and

accommodate FinTech startups in

large corporates. It promotes cross-border

Indonesia to disrupt the traditional financial

business development through virtual and

sectors. It also serves as a bridge between

live networking events to share ideas,

the FinTech community and government.

leading practices and trends from global markets.

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Kejora eco-system/ network

Network of Mentors Over 60 mentors listed to support the learnings One to one meeting with mentors and resident experts specializing in various disciplines from marketing, financial management, business planning, legal and technology

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Kejora excellent network with stakeholders Kejora actively connects startups with important decision makers in the region enabling faster growth 2

Presenting in front of President Joko Widodo

Meeting with OJK’s Chairman Muliaman Hadad

Meeting with Governer Basuki Tjahaja Purnama

Launching FinTech association together with CEO of Bank Mandiri, Budi Sadikin Confidential | 32

Kejora eco-system (Tech center) Kejora Ventures ~2000 m2 of fully equipped workspace including meeting rooms & office amenities.

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Contact

Sebastian Togelang st@kejorahq.com

Eri Reksoprodjo er@kejorahq.com

Wisma Barito Pasific Jl. Letjen S. Parman Kav. 62- 63 Jakarta 11410 Indonesia www.kejorahq.com

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