ALTUM Investoru prezentācija, Septemberis 2021 (full screen)

1. INVESTOR
PRESENTATION
Partner and financial expert in
economic development
September 2021

2. DISCLAIMER
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The Company does not intend to register or to conduct a public offering of any securities in the United States. This presentation and its contents may not be viewed by persons within the United States (within the
meaning of Regulation S under the Securities Act).

3. PRESENTER
Reinis Bērziņš
Chairman of the Board
Elīna Salava
Financial advisor of the Board

4. General information
Portfolio overview
Operation Model and Performace
Sustainable financing
Financial Profile
Appendix

5. ALTUM – STRATEGIC ENGINE FOR LATVIA’S ECONOMIC
DEVELOPMENT
• provides access to finance in the areas prioritized by the
government and implements the state policy in the
national economy;
• operates in 5 regional centers 15 consulting offices in LV.
• 100% LV state-owned financial institution, with shareholders as
follows:
OWNERSHIP
ACTIVITY
• operates in accordance with a special law issued by Republic
of Latvia Saeima / Law on Development Financial Institution;
• unique position in the market with high entry barriers.
UNIQUE STANDING IN THE INDUSTRY
* Loans, Guaranties, Venture Capital Funds, Land Fund
** Tangible common equity/Total tangible managed assets, including the outstanding guarantees accounted for in the off-balance sheet
Data as of 30.06.2021
Ministry of
Economics 30%
Ministry of
Agriculture 30%
Ministry of Finance
40%
Financial
instruments*
859 MEUR
Risk Coverage
233 MEUR
Contracts
# 28 951
Rated by Moody’s
Baa1
TCE/TMA**
34.7%
KEY PARAMETERS
Loans
38%
Guarantees
44%
VC
10%
Land Fund
8%
Financial instruments
49%
7%
8%
13%
23%
Funding sources
Equity
Credit institutions
Debt securities
General governments
Public funding

6. KEY MILESTONES OF ALTUM
ESTABLISHED RATING FIRST BOND
ISSUE
On 15 June 2017
Moody`s assigned
to ALTUM an
investment grade
rating Baa1with a
stable outlook
On 15 April 2015
three state owned
companies were
merged into
ALTUM
Design and
implementation of
crisis finical
instruments for SME
and Midcap – credit
guarantees and
working capital
loans
In October 2017
ALTUM issued
EUR 20M bond,
becoming the first
national
development
institution in the
CEE countries that
has issued green
bonds
In Q2 2018 the
volume of
guarantee
portfolio
exceeded the
loan portfolio
Development of
mid-term Strategy
for next 3 years
ESG roadmap
workout
GUARANTEES
EXCEEDED LOAN
PORTFOLIO
PILLAR ROLE
3 YEAR
STRATEGY
2015 2017 2017 2018 2020 2021
Volume of
guarantees
Covid-19
response
mandate
Strategy for
2022 - 2024

7. STRONG CORPORATE GOVERNANCE
Company regulated by its special law - Law on
Development Financial Institution;
Follows Corporate Governance code endorsed by
the Corporate Governance Advisory Board of the
Ministry of Justice as of 2021 (the best international
practices in corporate governance).
At the Nasdaq Baltic stock exchanges’ initiative Nasdaq Baltic Awards 2021, ALTUM scored
81.47 (Baltic average 69.52) out of 100 in terms of transparency, sound corporate governance
and excellence in investor relations.
Cabinet of Ministers
Shareholders meeting
Internal Audit
Supervisory
Board
Audit
Committee
Management Board

8. EXPERIENCED MANAGEMENT
INESE ZĪLE
Member of the Management Board
Master’s degree in international economics and business management.
20 years of experience in the financial sector including more than 15
years of experience in managing different departments as well as work
experience in the public sector.
Main responsibilities: corporate governance, marketing and public
relations, development of ALTUM’s national support programmes and
export guarantees.
A Member of the Council of the Finance Latvia Association and Member
of the Supervisory Board at JSC Sadales tīkls.
REINIS BĒRZIŅŠ
Chairman of the Management Board
Master’s degree in international banking and finance as well as in
business management (in Swiss Business School) and a degree in law.
Main responsibilities: oversight of units responsible for financial and
resource management, legal and human resources and energy efficiency
of enterprises.
He has been managing ALTUM since 12 October 2015.
A Member of the Supervisory Board at Three Seas Initiative Investment
Fund S.A. SICAV-RAIF.
IEVA JANSONE-BUKA
Member of the Management Board
Professional master's degree in business (the Riga School of Economics);
A bachelor's degree in social sciences in management and political
science (the University of Latvia).
Work experience: financial sector, leading positions at IPAS Indexo, SIA IJ
Birojs and Nordea Bank Finland Plc. Latvia branch, senior management
positions in SIA Clean R and SIA Vides Pakalpojumu Grupa.
JĒKABS KRIEVIŅŠ
Member of the Management Board
Master’s degree in business and institutional management, a
bank employment certificate and a bachelor’s degree in
economics.
More than 25 years of experience in the sector of commercial
banks and national financial institutions in organizing and
managing business crediting processes.
Main responsibilities: the development of IT and technologies,
ALTUM’s customer and regional service centres as well as
supervisory of the Latvian Land Fund.
ALEKSANDRS BIMBIRULIS
Member of the Management Board
Graduated from the Faculty of Law of University of Latvia, the
vocational master’s degree in law in Turība University
More than 20 years of experience in the banking and financial
sector.
Main responsibilities: the risk management and internal control
system quality, administrative management, as well as
organizing and managing of the crediting process.

9. 65 MEUR 62 MEUR 60 MEUR 68 MEUR 73 MEUR 84 MEUR
217 MEUR 207 MEUR 210 MEUR
225 MEUR
302 MEUR
323 MEUR
147 MEUR
182 MEUR
237 MEUR
284 MEUR
360 MEUR
380 MEUR
5 MEUR
11 MEUR
22 MEUR
40 MEUR
68 MEUR
72 MEUR
2016 2017 2018 2019 2020 1H 2021
Land Fund
Guarantees
Loans
Venture Capital
443 MEUR 454 MEUR 496 MEUR 560 MEUR 851 MEUR 896 MEUR
TOTAL ASSETS
BUSINESS MODEL AT A GLANCE
Long-term profitability
Extra credit risk covered by public funding – Risk coverage reserve and Portfolio loss reserve
Guarantees issued by ALTUM have 270 MEUR back-up guarantee in the Latvian state budget
No dividend payments by law
Pillar role for Covid-19 financial instruments (no standstill grants!) and Recovery and Resilience
Facility (RRF) instruments to SME and Midcap
Manager of AIF ALTUM Capital Fund -100 MEUR fund with largest Latvian private pension funds
in all segments
MID TERM
TENDENCIES
Modest
growth

10. MACROECONOMIC FUNDAMENTALS
GDP dropped sharply in 2020, however, it was one
of the slowest declines in the EU. It is expected that
GDP growth will be strong in 2021, exceeding 5 per-
cent.
Inflation decreased in 2020 due to lower commodity
prices and subdued demand but is rebounding in
2021.
Unemployment increased in 2020 due to COVID-19
restrictions. Further increase in unemployment was
limited by the government’s financial support for
downtime. The job market is recovering this year but
could return to pre-COVID levels only in 2022.
Budget deficit and government debt expanded in
2020 on fiscal stimulus expenses. This trend is
expected to continue also in 2021, as the
government continues to support economy.
Source: Eurostat https://ec.europa.eu/eurostat/data/database /updated on 8th of August 2021/
* Luminor forecast September 2021, ** Ministry of Finance Forecast, August 2021
Latvia macroeconomic figures 2016 2017 2018 2019 2020 2021F*
Real GDP growth % 2.4 3.3 4.0 2.0 -3.6 5.1
Inflation, HICP % 0.1 2.9 2.6 2.7 0.1 2.7
Unemployment rate % 9.6 8.7 7.4 6.3 8.1 7.6
General government balance
% of GDP
0.2 -0.8 -0.8 -0.6 -4.5 -8.0
Government gross debt %
of GDP
40.4 39.0 37.1 37.0 43.5 49.6**
Current account balance % of
GDP
1.6 1.3 -0.3 -0.6 3.0 0.0
Credit rating (the Republic
of Latvia)
Fitch A- A- A- A- A- A-
Moody’s A3 A3 A3 A3 A3 A3
Standart&Poor’s A- A- A A A+ A+

11. General information
Portfolio overview
Operation Model and Performace
Sustainable financing
Financial Profile
Appendix

12. +7% towards the end of year
PORTFOLIO
-12% in 1H2021 YoY, when the Covid-19 products reached its top volumes, which has
decreased 2 times during this period. +14% 1H2021 YoY for ordinary products
New transactions in
1H 2021
+15% growth in 1H2021, 22% of the portfolio, 24% of the new volumes, mostly - Housing and
Energy efficiency guarantees
INDIVIDUALS
The largest segment 43% of the portfolio, 48% of the new volumes, mostly - investment
loans and corporate guarantees under ordinary products
SMEs and Mid-caps
+6% growth in 1H2021, the second largest segment 26% of the portfolio, 18% of the new
volume, mostly - loans and Land fund activities, segment with historical sentiment
AGRICULTURE
CLIENT SEGMENTS
MEUR
107 139 164 189
141
167
209 221
220
243
253
251
104
114
61
69
73
84
0
100
200
300
400
500
600
700
800
900
1,000
2018 2019 2020 1H 2021
MEUR Portfolio
39 44 42
16 32
37 41 66
33 24
83
94
196
41 42
58 21
4
9
14
3
13
0
50
100
150
200
250
300
350
2018 2019 2020 1H 2020 1H 2021
Volumes
Financial intermediaries
SME and Midcap (Covid-19 instruments)
SME and Midcap
Agriculture
Individuals

13. 22 MEUR
40 MEUR
68 MEUR
72 MEUR
7,818 ha
13,413 ha
20,104 ha
21,622 ha
2018 2019 2020 1H 2021
14
MEUR
9
MEUR
4 171 ha
VIDZEME
2
MEUR
37
MEUR
10
MEUR
PORTFOLIO
72 MEUR 21 622 ha
SALES AND LEASE BACK
34 MEUR 10 084 ha
INVESTMENT PROPERTIES
38 MEUR 11 538 ha
1 510 ha
LATGALE
4 518 ha
KURZEME
8 098 ha
ZEMGALE
3 325 ha
RIGA
Data as of 30.06.2021
LATVIAN LAND FUND

14. General information
Portfolio overview
Operation Model and Performace
Sustainable financing
Financial Profile
Appendix

15. • Impairment allowance for Covid-19 working capital loans
2.4 MEUR (y/e 2020) and 2.9 MEUR (p/e 1H2021)
• Impairment overlay on segment portfolio 0.3 MEUR
(y/e 2020) and 0.8 MEUR (p/e 1H 2021)
• Refusal rate – 44% (2020) and 38% (1H2021)
• Follow EBA guidlines on portfolio monitoring and moratorium
• Pillar role for Covid-19 financial instruments (no standstill grants!) to SMEs and Midcaps;
• Full scope of products for mitigating Covid-19 effects;
• AIF Altum Capital Fund set up.
• Continued to provide all services remotely. Increased activity in remote channels. Introduced «work
from home» concept. 98% of employees able to work remotely
• Net interest income: 1.5 MEUR (2020) and 1.4 MEUR (1H2021)
• Mostly public funding - covers credit risk via Portfolio loss reserve
• Co-financing from EIB (Covid-19 response loan)
• Capital injection 145 MEUR (2020) and 22.6 MEUR (1H2021)
Although delayed exits of VC and moratoriums granted to customers, liquidity position remains strong
COVID-19 IMPACT
168 181
65 68
10
15
2020 1H 2021
"Sensitive industries"
Covid-19 working
capital loans
Loan portfolio of
SMEs and Midcaps
segment
PRODUCTS TO
CUSTOMERS
OPERATIONS
FUNDING
LIQUIDITY
CAPITAL
INCOME
CREDIT QUALITY

16. IMPROVING OPERATIONAL EFFICIENCY
• Employees decreased from 282 in 2015 to 224 in
1H2021 leading to lower O/H’s along with significant
volume increase
• In 2020 considerable Covid-19 portfolio as well as high
volume of ordinary products
• Good trend in 2021: Covid-19 portfolio 26 MEUR in
1H2021 vs 58 MEUR YoY. Ordinary products 106MEUR
in 1H2021 vs 93 MEUR YoY
• In early 2020 completed the streamline of «small loan»
workflow process - used as basis for Covid-19 loan
assessment process for speed and quality
• Centralized loan assessment of «small loans»
• Continued digitalization of guarantee process –
automated data input for corporate guarantees as of
early 2021
• With the same staff number: along with Covid-19
portfolio, in regions ordinary loans volume +30M
(+5.6%), +393 deals (+3.4%) in 2020 YoY
• Average deal with steady increase up to 77 TEUR in
1H2021 vs 72 TEUR in 1H2019
• In 1H2021 38% of ordinary loans approved remotely
without involvement of regions
HIGHER
VOLUME
MORE
EFFICIENT
BACK-OFFICE
PROCESSES
REGIONAL
CAPACITY
RESTRUCTURED
395
434
463
529
617
804
859
3.2% 3.0%
2.4% 2.2%
1.2% 1.0%
0.5%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
0
100
200
300
400
500
600
700
800
2015 2016 2017 2018 2019 2020 1H2021
Financial Instruments Portfolio
Year overheads vs portfolio

17. WELL-BALANCED DEBT STRUCTURE
According to Cabinet of Ministers Regulations the public financing funds can be prolonged. In practice, the
funds remain on ALTUM balance sheet and are used to finance new programmes
Most of the borrowings are of medium or long term (from 5 to 15 years and beyond)
Total liabilities include Public funding in the amount of 198 MEUR, of which 111 MEUR is intended to cover
various expenses (credit risk 98 MEUR and programmes management costs 13 MEUR)
16
4
1
22
45
65
26
63
199
25.9
72
98
18.6
35
53
35
28
62
Loans from International Financial Institutions
Bond issued
Loans from State Treasury and Rural Support Service
EU structural funds and State budget
Total liabilities
Funding maturity profile by type of funding source
in million euros, as at 30.06.2021
< 1 year 1-5 years 5-10 years 10-15 years > 15 years

18. QUALITATIVE ASSESSMENT OF THE LOAN PORTFOLIO
AND RISK COVERAGE
8.9% 8.4% 6.2% 6.2%
17.2% 15%
8.3% 7.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2018 2019 2020 6/30/2021
Loan portfolio Ratio of provisions to portfolio (%) Loans which have objective evidence of impairment (Extended Stage 3)
TEUR 2018 2019 2020 30.06.2021
Loan portfolio, gross 217 131 240 412 333 981 357 538
Provisions covered by Risk Coverage 4 951 5 367 8 853 9 755
ALTUM’s share of provisions 14 426 14 916 11 860 12 450
Total provisions 19 376 20 283 20 713 22 205

19. QUALITATIVE ASSESSMENT OF THE GUARANTEE PORTFOLIO
AND RISK COVERAGE
10.2% 10.8% 8.7% 8.3%
2.7% 2.5% 1.7% 1.5%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2018 2019 2020 6/30/2021
Guarantees Total provisions Guarantees (Stage 1) Guarantees (Stage 3)
97%
97%
96%
94%
TEUR 2018 2019 2020 30.06.2021
Guarantees, gross 236 895 284 232 359 605 379 602
Provisions covered by Risk Coverage 13 162 21 312 24 070 25 222
ALTUM’s share of provisions 10 982 9 294 7 343 5 465
Total provisions 24 144 30 607 31 413 30 687

20. General information
Portfolio overview
Operation Model and Performace
Sustainable financing
Financial Profile
Appendix

21. 1H 2021 Done 2021 Dec 2021 Mar 2023
1H 2022 Dec 2022/ 1H 2023
Sustainability
recognition
Compliance with
SFDR requirements
for ALTUM Capital
Fund
Sustainable
financing
ambition on
ALTUM’s portfolio
Covers all processes
Mandate for Recovery
and Resilience Facility
Funding to SME –
good start
Revisit existing
products
Highlights the
importance of
sustainable
financing and
ESG aspects
Loan origination
Portfolio monitoring
Valuation of
collateral
Start with SME’s and
Midcap’s
The highest
scoring category –
Platinum was
awarded on the LV
Sustainability Index
Sustainability
criterias for
selecting financing
projects and
sustainability KPI’s
to be reached
In-house revisit
during 2022
External approval
via CoM directions
in 2023
In brown projects
Social vs Green to
be considered
Joins Nasdaq
Sustainability
Bonds Network
Green Bond
Framework updated
and aligned with GB
Principles June 2021
Strategy for
2022 - 2024
NEW
Sustainable
financing
Excluding
toxic / brown
Integration of
ESG aspects in
credit risk
mng
SUSTAINABLE FINANCING AND COMMITMENT TO ESG

22. General information
Portfolio overview
Operation Model and Performace
Sustainable financing
Financial Profile
Appendix

23. KEY FINANCIAL AND PERFORMANCE
INDICATORS
Key Financial data (TEUR) 1H 2021 1H 2020 2020 2019
Net interest income 8 298 6 319 14 572 11 569
Profit for the period 5 947 738 5 539 8 131
Cost to income Ratio (CIR) 46.24% 52.85% 47.5% 52.6%
Employees 222 205 211 203
Total assets 896 486 700 967 850 704 560 061
Tangible Common Equity(TCE)/Tangible Managed Assets (TMA) 34.7% 34.5% 33.6% 29.4%
Equity 414 970 332 769 382 594 232 738
Total risk coverage: 232 725 195 453 180 205 87 456
- Risk coverage reserve 127 364 109 441 112 567 99 778
- Risk coverage reserve used for provisions (29 434) (29 495) (28 197) (27 829)
- Portfolio loss reserve within Reserves (specific reserve capital) 135 704 115 507 102 264 15 507
- Portfolio loss reserve used to compensate provisions in the distribution of
annual profit
(909) (6 429) -
Liquidity Ratio 180 days 346% 348% 464% 582%

24. KEY FINANCIAL AND PERFORMANCE
INDICATORS
Financial instruments (gross value), TEUR 1H 2021 1H 2020 2020 2019
Outstanding (by financial instrument)
Loans (excluding sales and leaseback transactions) 323 275 264 316 302 481 225 144
Guarantees 379 602 321 987 359 605 284 232
Venture capital funds 83 620 68 589 73 165 68 331
Land Fund, of which: 72 411 52 304 68 258 39 634
- sales and leaseback transactions 34 263 18 814 31 500 15 268
- investment properties 38 148 33 490 36 758 24 366
Total 858 908 707 196 803 509 617 341
Number of contracts 28 951 24 085 26 578 22 437
Volumes granted (by financial instrument)
Loans 59 492 66 606 138 238 64 320
Guarantees 55 671 68 734 137 425 98 240
Venture capital funds 13 222 2 939 14 014 9 022
Land Fund, of which: 3 870 12 501 28 191 16 384
- sales and leaseback transactions 2 214 3 528 16 796 7 239
- investment properties 1 656 8 973 11 395 9 145
Total 132 255 150 780 317 868 187 966
Number of contracts 3 270 2 729 6 147 5 559
Leverage for raised private funding 163% 93% 114% 142%

25. General information
Portfolio overview
Operation Model and Performace
Sustainable financing
Financial Profile
Appendix

26. APPENDIX

27. • Housing guarantees
• Housing loans
• Housing energy efficiency
guarantees
• Housing energy efficiency
loans
Individuals
ALTUM PORTFOLIO MAP
• Land purchase loans
• Land fund (Reverse rent
and IP)
• Loan guarantees
• Investment and working
capital loans
Agriculture
• Venture capital funds – 4
generations, BIF and BIF 2
• Altum Capital Fund
• Three Sea Fund
• Loans
Financial intermediaries
• Investment and working
capital loans
• Energy efficiency &
renewables loans
• Loan guarantees
• Export credit guarantees
SME and MidCap
SME and MidCap
Agriculture[CELLRANGE]
Individuals
Financial
intermediaries
Loans
181
Guarantees
169
Export credit
guarantees
16
Loans
135
Guarantees
14
Land fund
72
Guarantees
181
Loans
7 Venture capital
72
Altum Capital Fund
5
Three See Fund
7
Data as of 30.06.2021

28. “Risk coverage, total” is net funding available for
coverage of expected credit losses of development
programmes implemented by ALTUM
Adequate risk coverage for expected credit losses
available before launching new programmes or
products
For that purpose, respective portion of public
funding is allocated at full or partial extent of total
expected credit losses. After public funding is
available, it is assigned either to
- to Specific support program’s reserve capital as
part of ALTUM’s reserve capital or
- accounted separately as provisions for risk
coverage “Risk Coverage Reserve” as part of the
liabilities
RISK COVERAGE
MEUR 2018 2019 2020 1H 2021
Risk Coverage, total 78 88 180 233
Risk Coverage Reserve 85 100 113 127
Risk Coverage Reserve
used for provisions
(19) (28) (28) (29)
Portfolio Loss reserve
within Reserves (specific
reserve capital)
12 16 102 136
Portfolio loss reserve used
to compensate provisions
in the distribution of
annual profit
(6) (1)

29. www.altum.lv