What is ALTUM's primary business model?

ALTUM operates as a state-owned development finance institution. Its model involves providing financial instruments such as loans, guarantees, and venture capital investments to segments that the private market may underserved. According to slide 4, their 2017 volume was split between guarantees (56%), loans (42%), and venture capital (2%), focusing on SMEs, agriculture, and individual projects aligned with Latvian government priorities.

How does ALTUM manage its risk and credit profile?

ALTUM leverages its status as a state-owned entity, citing the Republic of Latvia's sovereign ratings as a primary credit strength. Slide 2 notes a Baa1 rating from Moody's and a solid equity position of 49.3% of total assets. They also utilize a 'modern risk management system' and professional fund managers for venture capital decisions to maintain a balanced risk profile across their diversified portfolios.

What are the key growth drivers mentioned in the deck?

Growth is driven by state aid implementation priorities and specific sector expansion. Slide 4 identifies SMEs and Midcaps as the fastest-growing segment, increasing by 9% in 2017. Additionally, slide 5 outlines 'Focus Areas' for growth, including new products like delegated guarantees, export credit guarantees up to EUR 2 million, and Land Fund reverse rent, alongside streamlined internal processes.

Who are ALTUM's main clients?

The client base is divided into four primary segments: SMEs and Midcaps, Agriculture, Individuals, and Financial Intermediaries. Slide 4 shows that in 2017, they supported 4,697 projects, with the highest number of projects (3,219) belonging to individuals, though SMEs and Agriculture represent the largest portions of the portfolio by volume.

What is the structure of ALTUM's venture capital operations?

ALTUM acts as a fund-of-funds or direct investor across the business lifecycle. Slide 7 illustrates a 51.3 MEUR portfolio covering Acceleration Funds, Seed Capital Funds, Venture Capital Funds, and Expansion Capital Funds. They emphasize that investment decisions are made by publicly procured professional fund managers, with ticket sizes kept within a diversified range of up to 11%.

ALTUM Pitch Deck: 22-Slide Breakdown

See all 22 slides of the ALTUM pitch deck — a Fintech deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

ALTUM’s 2018 investor presentation serves as a comprehensive overview of a state-owned development finance institution (DFI) rather than a traditional startup pitch. The deck emphasizes institutional stability, citing a Baa1 credit rating from Moody’s and 100% ownership by the Republic of Latvia. With a portfolio that grew by 18.1 MEUR in 2017, the institution focuses on SMEs, agriculture, and individuals, utilizing a mix of loans, guarantees, and venture capital investments. The presentation highlights a transition toward operational efficiency, including a strategic shift in funding sources…

Key takeaways

The institution is 100% owned by the Republic of Latvia, which holds A3/A-/A- ratings from Moody’s, S&P, and Fitch (Slide 2).
ALTUM maintains a long-term issuer credit rating of Baa1 assigned by Moody’s (Slide 2).
The equity position is significant, representing 49.3% of total assets as of December 31, 2017 (Slide 2).
The total portfolio increased by 18.1 MEUR in 2017, with total volumes reaching 123.1 MEUR (Slide 4).
Guarantees make up the largest portion of 2017 volumes at 56%, followed by loans at 42% and venture capital at 2% (Slide 4).
The loan portfolio is heavily weighted toward Agriculture (47%) and SMEs/Midcaps (46%) (Slide 6).
ALTUM manages a venture capital portfolio of 51.3 MEUR across 11 funds and 189 projects (Slide 7).
Operational efficiency is a core focus, with a planned IT infrastructure upgrade in 2018 intended to substantially decrease costs (Slide 5).

ALTUM Investor Presentation: Institutional Stability and State-Backed Finance

The ALTUM investor presentation from April 2018 is not a typical startup pitch deck. It is a sophisticated institutional briefing for a state-owned development finance institution (DFI). The deck focuses on creditworthiness, regulatory compliance, and macroeconomic impact rather than disruptive technology or viral growth. For founders, this deck provides a clear example of how to present a business that relies on stability, risk mitigation, and large-scale asset management.

Slide 1: Title Slide

The title slide is minimalist, featuring the brand name "ALTUM," the subtitle "INVESTOR PRESENTATION," and the date "April 2018." The logo, located in the bottom right, uses a clean, sans-serif typeface with a stylized graphic above the name. The use of a solid teal background establishes a professional, corporate tone immediately.

Slide 2: Key Credit Strengths

This slide is the core value proposition for an institutional investor or lender. It lists eight bullet points that define the institution's stability. Key figures include:

Ownership: 100% ownership by The Republic of Latvia, citing sovereign ratings of A3/A-/A- from Moody’s, S&P, and Fitch. · Credit Rating: A long-term issuer credit rating of Baa1 from Moody’s. · Equity Position: A solid equity position defined as 49.3% of total assets as of 31 Dec 2017. · Operational Focus: Mentions of strong liquidity, professional management, and a modern risk management system.

Slide 3: History and Legal Background

Slide 3 explains the institutional evolution of ALTUM. It shows a merger of three entities: the Latvian Guarantee Agency, the Rural Development Fund, and the original Altum, into the "JSC Development Finance Institution Altum." The slide highlights the legal framework supporting the entity, including:

Decisions by the Cabinet of Ministers. · A "Special Law on the Single Development Institution." · Approval via a European Commission decision.

This slide serves to reassure investors that the company is a permanent fixture of the national financial infrastructure, backed by specific legislation.

Slide 4: Business Overview: Client Segments

This slide provides the first deep dive into the numbers, using bar charts to show portfolio growth and volume distribution from 2015 to 2017. Data points include:

Portfolio Growth: An increase of 18.1 MEUR in 2017. · Total Volumes: 123.1 MEUR in 2017, composed of 56% guarantees, 42% loans, and 2% venture capital. · Segment Performance: SMEs & Midcaps grew by 9% in 2017. · Project Count: 4,697 projects supported in total, including 3,219 for individuals and 751 for SMEs & Midcaps.

The slide also notes a decrease in the financial intermediaries segment due to the end of a venture capital fund investment period, showing transparency regarding fluctuating metrics.

Slide 5: New Products & Efficiency

This slide outlines the strategic roadmap for operational improvement. It uses a circular "Focus Areas" graphic highlighting New Products, Funding, Core Business, Improve Customer Service, and Operational Efficiency. Specific initiatives mentioned include:

New Products: Delegated guarantees, export credit guarantees to EU countries up to EUR 2 mln , and Land Fund’s reverse rent. · Efficiency Gains: Increasing guarantee maximum limits from EUR 1.5 mln to EUR 3 mln . · Cost Reduction: The installation of new IT infrastructure in 2018 is projected to lead to a "substantial decrease of IT costs." · Divestment: Sales of investment properties in 2017-2018 to limit non-core activities.

Slide 6: Well Diversified Portfolios

Diversification is a key theme for risk management. This slide uses pie charts to break down the loan and guarantee portfolios by industry.

Loan Portfolio: Dominated by Agriculture (47%) and SME/Midcap (46%). Within the SME/Midcap segment, Manufacturing (23%) and Trade (7%) are the largest sub-sectors. · Guarantee Portfolio: More heavily weighted toward SME/Midcap (68%) and Individuals (26%). Manufacturing (23%) and Construction (14%) are the primary industries here.

The text explicitly states that this diversification allows the institution to "withstand macro-level risk events."

Slide 7: Venture Capital: Professional Selection and Balanced Risks

This slide details ALTUM's role in the venture capital ecosystem. It uses a staircase graphic to show the progression from Acceleration Funds to Expansion Capital Funds.

Total VC Portfolio: 51.3 M EUR across 189 projects and 11 funds. · Expansion Capital: The largest segment with 36.6 MEUR and 76 projects. · Seed Capital: 4.5 MEUR across 91 projects. · Governance: The slide notes that investment decisions are made by "publicly procured" professional fund managers and ticket sizes are limited to 11% for diversification.

Slide 8: Contact Slide

The final slide is a simple teal screen with the website address "www.altum.lv" and the company logo. It lacks specific names, phone numbers, or email addresses for the management team, which is a common omission in high-level institutional decks intended for broad distribution.

What ALTUM Does Well

The deck excels at communicating institutional credibility . By leading with sovereign credit ratings and a Baa1 issuer rating, ALTUM immediately addresses the primary concern of any institutional lender: the risk of default. The use of audited 2017 figures (as noted in the footer of slide 2) adds a layer of reliability that many early-stage decks lack.

The segmentation of data is also a strength. By breaking down the portfolio not just by volume, but by client type (SME, Agriculture, Individuals) and by instrument (Loans, Guarantees, VC), ALTUM demonstrates a granular understanding of its own business. This level of detail suggests a sophisticated internal reporting system, which further builds investor confidence.

What is Missing from the ALTUM Deck

The most notable omission is a detailed team slide . While slide 2 mentions a "professional management team," there are no bios, photos, or names of the executives leading the institution. In the context of a state-owned entity, the specific individuals may be seen as less critical than the legal and sovereign backing, but for a private investor, the lack of leadership transparency is a gap.

There is also a lack of forward-looking financial projections . The deck focuses heavily on 2017 performance and 2018 strategic initiatives, but it does not provide a 3-to-5-year financial forecast. While DFIs often operate on different timelines than private equity, a projection of portfolio growth and expected returns would be standard in a fundraising context.

Finally, the "Ask" is undefined . The deck is titled an "Investor Presentation," but it does not specify if they are looking to issue new bonds, seek equity partners, or simply provide an annual update. Without a clear call to action or a specific funding requirement, the deck functions more as a corporate brochure than a fundraising tool.

Lessons for Founders

Founders can learn a great deal from ALTUM's approach to risk communication . Most startups focus entirely on the upside; ALTUM focuses on the downside protection . By showing how their portfolio is diversified across industries (Slide 6) and how they limit ticket sizes in venture capital (Slide 7), they demonstrate a "prudent" approach that appeals to conservative capital.

Another lesson is the effective use of legal and regulatory status as a competitive moat. ALTUM doesn't just say they are stable; they cite the specific "Special Law" and "European Commission decision" that guarantees their existence. If your startup has a unique regulatory advantage or a specific patent, it should be presented with this level of formal authority.

Lastly, the deck shows how to quantify operational efficiency . Rather than saying "we are getting better," ALTUM points to specific actions: selling non-core investment properties and installing new IT infrastructure to "substantially decrease IT costs." This turns a vague promise into a measurable business objective.

Frequently asked questions

What is ALTUM's primary business model?: ALTUM operates as a state-owned development finance institution. Its model involves providing financial instruments such as loans, guarantees, and venture capital investments to segments that the private market may underserved. According to slide 4, their 2017 volume was split between guarantees (56%), loans (42%), and venture capital (2%), focusing on SMEs, agriculture, and individual projects aligned with Latvian government priorities.
How does ALTUM manage its risk and credit profile?: ALTUM leverages its status as a state-owned entity, citing the Republic of Latvia's sovereign ratings as a primary credit strength. Slide 2 notes a Baa1 rating from Moody's and a solid equity position of 49.3% of total assets. They also utilize a 'modern risk management system' and professional fund managers for venture capital decisions to maintain a balanced risk profile across their diversified portfolios.
What are the key growth drivers mentioned in the deck?: Growth is driven by state aid implementation priorities and specific sector expansion. Slide 4 identifies SMEs and Midcaps as the fastest-growing segment, increasing by 9% in 2017. Additionally, slide 5 outlines 'Focus Areas' for growth, including new products like delegated guarantees, export credit guarantees up to EUR 2 million, and Land Fund reverse rent, alongside streamlined internal processes.
Who are ALTUM's main clients?: The client base is divided into four primary segments: SMEs and Midcaps, Agriculture, Individuals, and Financial Intermediaries. Slide 4 shows that in 2017, they supported 4,697 projects, with the highest number of projects (3,219) belonging to individuals, though SMEs and Agriculture represent the largest portions of the portfolio by volume.
What is the structure of ALTUM's venture capital operations?: ALTUM acts as a fund-of-funds or direct investor across the business lifecycle. Slide 7 illustrates a 51.3 MEUR portfolio covering Acceleration Funds, Seed Capital Funds, Venture Capital Funds, and Expansion Capital Funds. They emphasize that investment decisions are made by publicly procured professional fund managers, with ticket sizes kept within a diversified range of up to 11%.

Cover slide of the ALTUM pitch deck — ALTUM pitch deck, slide 1

ALTUM pitch deck: the facts

Company: ALTUM
Slides: 22
Sector: Fintech

ALTUM pitch deck PDF

The full ALTUM deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the ALTUM pitch deck was used for

This deck is ALTUM’s April 2018 investor presentation for fixed‑income investors, prepared around the company’s second bond issue of EUR 10 million maturing in March 2025, under a broader bond programme later expanded to EUR 70 million. It positions ALTUM as Latvia’s national development finance institution with a Moody’s Baa1 long‑term credit rating and backing from the Republic of Latvia, describing its loans, guarantees, and venture capital activities as of 31 December 2017. The target audience is bond and institutional investors on Nasdaq Riga and the Baltic markets evaluating ALTUM’s credit strengths, legal framework, and portfolio composition.

Business model: ALTUM is a 100% state‑owned development finance institution in Latvia that offers state aid through financial instruments such as loans, credit guarantees, and investments into venture capital funds to support priority sectors of the national economy.

Investors: Altum’s bond notes were allocated to approximately 20 institutional investors in the Baltics, including 5 banks (around
Headquarters: Riga, Latvia (Doma laukums 4, Riga, LV‑1050, Latvia).

Round: Listed bond issuance by a state‑owned development finance institution (not a startup equity round).

Year: 2018 (initial EUR 10 million bond issue dated 7 March 2018 and listed on 15 March 2018; additional notes in 2019 consolidated with this issue).

Raised: EUR 10,000,000 in notes issued on 7 March 2018 with a 1.3% annual coupon, later consolidated with a EUR 15,000,000 notes issue on 29 May 2019, forming a EUR 25,000,000 series under a broader EUR 70,000,000 programme.

Industry: Development finance institution / public financial institution in the broader **fintech / financial services** space.

Use of funds as presented: Proceeds from the notes were used to fund sustainable business projects vital for the national economy, particularly within agriculture and other state aid programmes administered by ALTUM.

What happened after the ALTUM deck

The fundraising linked to this deck resulted in a successful EUR 10 million bond issue in March 2018, subsequently expanded through additional notes in 2019 under a EUR 70 million programme, with the bonds listed on Nasdaq Riga and supported by ALTUM’s Baa1 Moody’s rating and Latvian sovereign backing.

ALTUM issued EUR 10 million in bonds on 7 March 2018 with a 1.3% annual coupon and a maturity date of 7 March 2025, list
On 29 May 2019, ALTUM issued additional notes of EUR 15 million as part of a EUR 70 million bond programme; these were l
ALTUM’s overall portfolio (loans, guarantees, venture capital funds, and land fund investments) grew between 2017 and 20
Moody’s maintained ALTUM’s long‑term credit rating at Baa1 with a stable outlook following its initial assignment in Jun

What the ALTUM deck got right

Explicit sovereign ownership and special legal framework. ALTUM is owned 100% by the Republic of Latvia, with shares held by the Ministry of Finance (40%), Ministry of Economy (30%), and Ministry of Agriculture (30%), and operates under a special law and European Commission decision as the single national development finance institution, giving strong institutional backing and a clear public mandate.
Investment‑grade Moody’s Baa1 credit rating. Moody’s assigned ALTUM a long‑term issuer credit rating of **Baa1** with a stable outlook in June 2017, and the deck prominently references this rating alongside Latvia’s A3/A‑/A sovereign ratings, providing external validation of its credit quality to bond investors.
High equity ratio and strong liquidity. The deck reports a solid equity position, with equity representing 49.3% of total assets as of 31 December 2017, supported by strong liquidity and secured long‑term funding, which together suggest a conservative capital structure and robust funding profile.
Diversified product mix with public risk coverage. ALTUM’s business model combines loans, guarantees, and venture capital, with clear acknowledgment that extra credit risk is covered by public funding via risk coverage reserves and portfolio loss reserves, and that guarantees have a EUR 250 million state back‑up, which enhances risk mitigation for investors.
Professional governance and risk management. The deck emphasizes a track record of improving operational efficiency, prudent corporate governance, professional management, and a modern risk management system, showing that ALTUM aims to operate with private‑sector discipline despite being a state‑owned institution.
Stable, policy‑aligned growth trajectory. Mid‑term tendencies in the deck describe modest growth in loans and guarantees and ongoing venture capital activity, aligning with external data showing a strategic shift toward guarantees and a growing overall portfolio, which portrays steady, policy‑consistent expansion rather than aggressive, high‑risk growth.

What could have been stronger

Limited linkage between credit metrics and stress scenarios. The deck emphasizes ALTUM’s strong equity ratio (49.3% of total assets) and liquidity, but does not clearly tie these balance‑sheet metrics to concrete risk scenarios or stress‑test outcomes, making it harder for investors to assess downside protection beyond headline ratios.
Sparse detail on portfolio risk and asset quality. While the deck lists loans, guarantees, and venture capital as core products, it provides only high‑level portfolio figures and mid‑term tendencies, with limited granularity on sector/counterparty concentration or non‑performing exposure, which fixed‑income investors typically expect in an investor credit presentation.
Impact narrative is qualitative rather than quantified. The mission and values slide focuses on qualitative themes such as ‘Team’, ‘Excellence’, and ‘Responsibility’, but there is little quantification of impact (e.g., jobs created, SMEs financed) that would help investors understand the development effectiveness underlying the financials.
State support framework not fully detailed in‑deck. The business model slide briefly notes that extra credit risk is covered by public funding and that guarantees have a EUR 250 million state back‑up, but the legal mechanics and conditions of this support (trigger events, scope, and seniority) are not fully spelled out for investors assessing state support strength.

How an investor would read this deck

What draws attention

ALTUM’s **Baa1** Moody’s rating and explicit state ownership by the Republic of Latvia, with sovereign ratings A3/A‑/A, would be central to any credit investor’s thesis on the bonds.
The EUR 10 million bond issue dated 7 March 2018 (maturing 7 March 2025, 1.3% coupon) under a broader EUR 70 million programme, and subsequent consolidation with additional notes, anchors the fundraising context for the deck.
ALTUM’s diversified activities across loans, guarantees, and venture capital, combined with a high equity ratio and strong liquidity metrics, are key for assessing balance‑sheet resilience.
The special law establishing ALTUM as the single development finance institution and the European Commission decision underpinning its legal mandate and state‑aid compliance are material for understanding its risk profile and policy role.

Risks that stand out

Policy‑driven lending and guarantee programmes may expose ALTUM to higher credit risk than a purely commercial bank, even though some of this risk is mitigated by public funding and capital reserves.
ALTUM’s role as a single national development institution could create concentration in certain sectors (e.g., agriculture, SMEs, energy efficiency), increasing vulnerability to sector‑specific shocks.
Changes in Latvian or EU state‑aid rules, budgetary priorities, or political support could affect the scope or terms of ALTUM’s programmes, potentially altering its risk profile or funding model.
Despite strong reported equity and liquidity, limited visibility in the deck into detailed asset quality and guarantee performance could mask underlying credit issues that would matter over the life of the bonds.

Questions this deck invites

How exactly do the Latvian state guarantees and back‑up facilities (including the EUR 250 million guarantee back‑up for ALTUM’s issued guarantees) operate in practice, and under what conditions are they called?
What is the detailed breakdown of ALTUM’s loan, guarantee, and venture capital portfolios by sector, maturity, and credit quality, including non‑performing exposures and recovery history, around the time of the 2018 bond issue?
How has ALTUM’s capital adequacy, leverage, and liquidity coverage evolved since 2017, and what regulatory or internal targets govern its balance‑sheet management?
What are the main concentration risks (large borrowers, sectors, or counterparties) in ALTUM’s portfolio, and how are these mitigated within its risk management framework?
How do ALTUM’s policy objectives (e.g., increasing guarantees vs. loans, supporting agriculture and SMEs) interact with its profitability and risk appetite, and how is any potential tension managed by the board and shareholder ministries?

What founders can take from the ALTUM deck

A clear, externally verified credit rating (Moody’s Baa1 with stable outlook) and sovereign backing can significantly strengthen a fixed‑income investor deck, especially when prominently linked to bond terms and listing details.
Explicitly showing state ownership split among ministries and the special legal framework reassures investors about institutional support and policy stability, particularly for development finance institutions.
Combining business model explanations (loans, guarantees, venture capital) with portfolio size and composition helps investors understand how a policy institution generates cash flows and manages risk, even if more granularity would further improve transparency.
Stating that dividends are prohibited by law and that extra credit risk is covered by public funds clarifies alignment between policy objectives and balance‑sheet protection for bondholders.
Highlighting track record elements—such as improving operational efficiency and modern risk management—adds comfort that a state‑owned institution is professionally run rather than purely bureaucratic.
Using mid‑term tendencies (e.g., modest growth in loans and guarantees, venture capital trends) helps set investor expectations about future portfolio evolution without relying on aggressive growth projections.

ALTUM pitch deck: common questions

What is ALTUM and what does it do?

ALTUM is a 100% state‑owned development finance institution in Latvia that implements state economic policy by providing loans, guarantees, and venture capital investments to priority sectors, including SMEs, agriculture, and other areas important for national development.

What fundraising or capital markets transaction was this April 2018 ALTUM deck used for?

The April 2018 ALTUM investor presentation was prepared in connection with its second bond issue of EUR 10 million with a maturity date of 7 March 2025 and a 1.3% fixed annual coupon, which was listed on the Nasdaq Riga Baltic Bond List. The deck explains ALTUM’s credit profile, ownership, legal framework, and portfolio to potential bond investors.

Who owns ALTUM and how is it structured?

ALTUM is owned by the Republic of Latvia through three ministries: the Ministry of Finance holds 40%, the Ministry of Economy 30%, and the Ministry of Agriculture 30%, reflecting its role as a national policy instrument rather than a private company.

What credit rating does ALTUM have according to the deck and external sources?

ALTUM’s long‑term issuer credit rating of **Baa1** with a stable outlook was assigned by Moody’s in June 2017, and the deck highlights this Baa1 rating alongside Latvia’s sovereign ratings of A3/A‑/A from Moody’s, S&P, and Fitch, respectively.

How does ALTUM use the proceeds from its bond issues and funding programmes?

Proceeds from ALTUM’s bond issues around this period were used to fund sustainable business projects vital for the national economy, including agriculture, under various state aid programmes supported by ALTUM’s lending and guarantee activities.

Sources

Funding and outcome facts on this page were researched on 2026-08-21 from the pages below.

ALTUM pitch deck slides

ALTUM pitch deck slide 1 of 22 — ALTUM pitch deck — slide 1 of 22

ALTUM pitch deck slide 2 of 22 — ALTUM pitch deck — slide 2 of 22

ALTUM pitch deck slide 3 of 22 — ALTUM pitch deck — slide 3 of 22

ALTUM pitch deck slide 4 of 22 — ALTUM pitch deck — slide 4 of 22

ALTUM pitch deck slide 5 of 22 — ALTUM pitch deck — slide 5 of 22

ALTUM pitch deck slide 6 of 22 — ALTUM pitch deck — slide 6 of 22

What each slide of the ALTUM pitch deck says

Slide 2

This presentation and any materials distributed or made available in connection herewith (collectively, the “presentation’) have been prepared solely for your use and benefit for information purposes only and are the sole responsibilty of Akciju sabiediba "Alfistibas finansu insitdicija Altum® (the “Company’), and have not been verified, approved or endorsed by any lead manager, bookrunner, underwriter or adviser retained by the Company. This presentation do not contain all of the information that is material to an investor. By accessing, downloading, reading or otherwise making available to yourself any content of the presentation, in whole or in part, you agree to be bound by the followin…

Slide 3

CONTENT: \ |. Business Overview Il. Portfolio Overview and Funding, 12 M 2017 altum

Slide 4

KEY CREDIT STRENGHTS Ownership by The Republic of Latvia rated A3/A-/Aby Moody''s, S&P and Fitch respectively and clearly expressed support Long-term issuer credit rating Baal assigned by Moody's Solid equity position (49.3% of total assets*) Strong liquidity and secured long term funding Track record of improving operational efficiency Prudent corporate governance and professional management team Corporate and Social Responsibility agenda Modern risk management system altum *Total capital and reserves/Total assets at 31 Dec 2017

Slide 6

GENERAL INFORMATION » 100% state-owned financial institution » Provides access to finance in the areas prioritized by the government » Implements the state policy in the national economy Shareholders of Development Finance Institution ALTUM Ministry of Ministry of Ministry of Finance Economics Agriculture 40% 30% 30% altum

Slide 7

HISTORY AND LEGAL BACKGROUND Latvian Guarantee Agency JSC Development Rural Development Fund - Finance Institution Altum ® Established by the decision of the Cabinet of Ministers * Special Law on the Single Development Institution * European Commission's decision altum

Slide 8

MISSION We help Latvia grow VISION To be a partner and financial expert in economic development VALUES Team Excellence Responsibility altum

Slide 9

BUSINESS MODEL Loans [EVEIEIIEES VC 207.6* MEUR 182.4* MEUR 51.3* M Long-term profitability Extra credit risk covered by public funding — Risk coverage reserve and Portfolio loss reserve Guarantees issued by ALTUM have 250 MEUR back-up guarantee from the Latvian state No dividend payments by law — altum * 31 Dec 2017 MID TERM TENDENCIES Modest growth LOANS S 0}0 GUARANTEES Modest growth VENTURE CAPITAL

Slide text above is read directly from the ALTUM deck PDF embedded on this page.

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