We invest in Ukraine! Ukrainian IT SECTOR AS OF late 2014 VENTURE ECOSYSTEM AS OF late 2014 VENTURE MARKET: key highlights $2B+ WORTH STARTUPS Success stories FROM UKRAINE 10 NEW investors started investing in Ukrainian startups in 2014

2. • $2B+ in revenue
• 50,000+
engineers
• 500+ firms
OUTSOURCING
2
• $ billions created
• 5,000+
engineers
• 100+ centers
R&D GLOBAL CO
• $2B worth total value
• Thousands
engineers
• 2,000+ startups
SOFTWARE TECH
• $2B local market
• Thousands
employees
• 100+ companies
ECOMMERCE
On one hand, IT industry in Ukraine is over $5B in value and is growing fast. On the other hand, most
of the largest IT companies have been built with little external funding, with venture capital market
limited by tens of millions US dollar per year
UKRAINIAN IT SECTOR AS OF LATE 2014

3. VENTURE ECOSYSTEM AS OF LATE 2014
3
INVESTORS’GEOGRAPHY
GlobalLocal
TICKET
Round A Round B
Few angels
with local
residence
or roots
FFF is still
predominant
funding
method
Pre seed and seed
50 deal/year
$15-100k ticket
Number of Ukrainian
startups are residents
10-15 deals/year
$0.5-1M ticket
Very few deals
$1.5-3M
100s/year
$15-50k
ticket
Growth stage
Very few deals
$5-10M+
Gap in the
ecosystem while
local PE funds
(Horizon, Dragon)
have their funds fully
invested

4. VENTURE MARKET: KEY HIGHLIGHTS
4
Total amount of investments, USD million,
2010-2013
Total amount of liquidity events, USD million,
2010-2013
68%
5,7X
• Growing amount and volume of VC deals: in 2013 the amount of investment reached
$79m, a 68% increase from 2012
• Seed rounds are dominating: number of seed deals doubled to 44 in 2013 vs. 2011,
series A deals tripled from 4 to 12, with the total amount of deals at 24 and 57 accordingly
• The liquidity volume is up until 2013. Decline during 9M 2014 is to recover once there is
peace in the region
Source: The Dealbook of Ukraine – UADN and Aventures Capital

5. $2B+ WORTH STARTUPS
5
MARKET
GlobalCISUA
SECTOR
Online services Mobile eCommerce Software
The largest success stories coming from Ukraine are global niche players
that have a truly global businesses with R&D in Ukraine

6. SUCCESS STORIES FROM UKRAINE
6
…micro photo stock company, top 4 globally and the world's fastest growing
company in their niche. It has major exit and IPO prospects within 3-5
years…
…among TOP-3 job search engines globally operating in 65 countries with
an audience over 1 million job seekers per day…
…#1 global payment platform for games, other virtual goods and web
services. Over 100+ payment options for 200+ countries. IPO prospects
within 3-5 years…
…provides tools for seamless integration of CRM systems and makes users
love software. Engineered to increase user adoption and ROI of enterprises.
Over 1k customers and 1m paid users globally…
…SaaS technology for spelling and grammar checking. More than 3m
registered users worldwide trust Grammarly’s products, which are licensed
by over 100 leading universities and corporations…
…global provider of CRM and BPM solutions. Numerous international
awards. Is presented in more than 35 countries around the world servicing
over 5,000 organizations…

8. BrainBasket
Foundation to
invest funds
and resources
to be invested
into training
100,000 IT
specialists by
2020 and
making the IT
industry the
#1 exporting
industry,
contributing
over $20B
yearly
UAngel is
Ukrainian
business angel
network,
providing
platform for
entrepreneurs
to meet
investors and
for investors to
locally and
internationally
syndicate
UVCA
association
unites VC and
PE investors
and promotes
investment
opportunities
in Ukraine,
representing
interests of
investors to
policymakers
and improving
investment
and business
climate in
Ukraine
Innovative
Ukraine
program is an
IT community
initiative for
government
reforms in the
IT industry
meant to boost
the
development
of the sector
and the entire
economy of
the country
RPR
developed
reforms to
modernize the
country.
Among other
notable
initiatives,
RPR promotes
3G/4G and
reforms to
boost
innovative and
high tech
business
UAID
association
drives the
development
of high-end
and IT
technologies in
Ukraine
through
country
promotion on
foreign
markets and
internal shifts
stimulation
IT COMMUNITY INITIATIVES IN 2014 ALONE
8
Innovative
Ukraine
UVCA
Brain Basket
Foundation
UAngel
Ukrainian
Venture Capital
and Private
Equity
Association
Innovative
Ukraine
RPR
(Reanimation
Package of
Reforms)
Ukrainian
Association for
Innovation
Development

9. 9

10. 10
Chairman of Supervisory Board, UVCA
Managing Partner, AVentures Capital

11. 11

12. S T R I C T L Y C O N F I D E N T I A L
12
10 NEW INVESTORS
STARTED INVESTING IN UKRAINIAN STARTUPS IN 2014
- Torben Majgaard
Венчурный фонд

13. 13
 In 2014 were successfully held 60 Investment deals - The
Dealbook of Ukraine by AVentures Capital and Ukraine
Digital News.
 20 Ukrainian projects have been already invested in 2015
 Ukrainian IT project is invested every week;

14. Contacts: