It's a significant moment for you. Clearly a good return on an investment, but a significant moment all the same for the markets and the technology sector in India. Your reaction? First. It's great to be with you in the audience here today. It is an important day, I would say principally an important day and a milestone for the company. So we should applaud and celebrate the company's achievement to get to this step in the journey. And for us, as a long-term investor, we think about the topic very much as a long-term one, right? And we consider the potential here. And when we think about today, we talk about the Magnificent Seven. No one talks about their IPO valuation, right? We want to be in the future ten years hence, 20 years hence, considering what the valuation suite can be then and not just where it went public at today. So an important day. And yet I know we and the company are also focused on the future, which is

promising. We're talking about an Indian company listing in India. And for our Bloomberg Technology audience, watching here in North America or Europe, wherever it may be. Why was that an important step for a domestic name to look inward for its listing? Well, I think you alluded to the topic in your first question, right, that the Indian markets are healthy, but there's nothing better than seeing a class of exceptional companies go public to signify further health in a market. And while the strength of the Indian economy and the trajectory of growth is well understood, I think from a capital markets standpoint, seeing successful companies list and trade well, today was a successful day, but we've all seen the proof of the pudding. We hope they will continue to trade well over time. That's also an important signifier of a market in an economy's health. You hold winning bets for the long term. Evan, you hold Tencent.

That is how we associate process in many ways. Like it or loathe it, is that you made an extraordinary early bet on Tencent, and now it is the biggest giant in China. How do you keep on replicating these hits? Where are the exact areas? It seems to be ecommerce with Tencent, its gaming, and just the whole will of China's focus on and on consumer. Where else do you repeat? Well, it's not an easy task. And we dedicate a lot of effort to trying to find exceptional companies wherever they are outside of China as well. You say we are most well known for investment in Tencent, which represents a large percentage of our NAV today, but our NAV is 100, 5060 billion, and we have 35 and change billion of other stuff, which is important and growing. And we look to find those opportunities in growth markets around the world. In India, like Swiggy, in Brazil, we have

a company called AI Food. In Europe, we have a classifieds platform called AOL X, and so we seek growth and exceptional founders and companies wherever they are. You're right. It's our goal to try to find the next Tencent. It's not easy, but we think we're making progress. Okay, let's hone in on the exact areas you want to be aiming and putting money to work because you have now, of course, e-commerce and fast delivery with Swiggy. Is it about fintech? Is it about areas of growth in the emerging markets that you cannot get that sort of outsized return here in the United States? Well, I'd say you named a couple of them, right? FinTech is very important to us. So too, food delivery as a sector. Now we think about food delivery as broader than just food. It's a local commerce play. If you talk to Tony at DoorDash and at

Uber or Hing and Natal and they'd say the same thing, so don't just take my word for it, but it's a way of taking a high frequency, high engagement offering, which is food. Everyone needs food and broadening that to a whole suite of services and offerings that people also need. So yes, food, but we think of it as local commerce. Yes, FinTech and beyond. I think marketplaces generally, we still believe have a lot of growth. And then we will look to find opportunities which can connect to our broader ecosystem of businesses. We have over 100 positions to both enhance our ecosystem and hopefully our ecosystem can enhance them as well. Ervin has the risk profile of some of those technology names and geography and geographies like India and China changed following the outcome of the US election. I think it's too early to tell. I mean, the there's a lot of speculation

about where the administration will go when we've seen some of the cabinet positions start to feel at least the names start to be floated. And we saw the announcement, of course, related to Muscat, Ramaswamy, overnight. So it's hope. It's too early to tell whether that will have an effect on where markets go and the risk profile of those markets. All we can control, all we're focused on is ensuring that we do the best job we can to find those exceptional companies and ensure that the performance under our watch is as strong as it can be and find these extraordinary companies at the right valuation of. And what sort of valuations are you seeing when you're first getting into these businesses? Is it as lofty as that? Here's the US office I related. Yeah, So it's a it's a very rich topic for discussion because yes, the US is expensive, not just in the public domain, but of course in the private

domain, particularly with respect to air opportunities. We're looking at them, we're monitoring closely. And at the same time, we think there's better risk-reward outside of the U.S. Think LatAm, think Europe. I think India, of course, yes. Valuations are also more elevated in India, but we think the risk-reward in some of these other markets is more promising, which is why, as a matter of relative effort and attention, we're spending more time there.

Prosus: US Election Impact 'Too Early To Tell'

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