NUBANK - INVESTOR CALL Q3 FOLLOW UP / GROWTH SENSE CHECK w/ JORG FRIEDEMANN

We continue to observe Nubank (NU) and MercadoLibre (MELI) under a similar lens given lending aspirations in the region. Following our Credit deep dive later this week with MELI, we will be holding a call with JORG FRIEDEMANN, head of Investor Relations at NU to update on their outlook also.

Tune in for a deeper dive into Q3 trends and current talking points:

• Mexico lending
  • Why is the pace of lending relatively low in Mexico (versus MercadoLibre); when might we see the loan book ramp?
  • How transferable is the Brazil model to Mexico? How long before the datasets are good enough to work off
  • How looking at deposit remuneration in Mexico and Colombia (still high today)
  • Competitive environment in Mexico. Who else is competing for incumbent share?
• Slowing credit card receivables in Brazil (via PIX parcelados). Anything to read into this in recent NPL data?
• NuCel mobile launch
  • Why the explicit message on diversifying away from lending?
  • Worries about telco NPS diluting NU experience?
  • Run through structure of the MVNO model with AMX
  • Mid-term aspirations: pre-paid, pure post-paid launch expected?
  • Any reason not to roll out in Mexico when scale supports?