CHANGE FINANCIAL LIMITED — AGM Information 2021

Nov 24, 2021

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Change Financial Limited General Meeting 25 November 2021

Chairman’s Address

Good afternoon my name is Ben Harrison and as Chairman, I am pleased to welcome you to the 2021 Annual General Meeting of Change Financial Limited.

The format for today’s AGM will firstly cover the formal part of the meeting which is to consider and vote on the relevant resolutions set out in the notice of meeting. This will be followed by a short presentation from our CEO, Alastair Wilkie.

Before we move to the formal part of the meeting, I would like to acknowledge the hard work and effort of the Change Financial team over the last 12 months. As you can all appreciate FY21 was another busy and challenging year to advance our business against the backdrop of the continuing global pandemic.

FY21 was a pivotal year for Change as we completed transformative initiatives and laid strong foundations to capitalise on the shift in the global payments industry.

Following completion of the technology build of our issuer processing business in the US, we were able to accelerate our development road map through a highly strategic and complementary acquisition. Over the year we successfully integrated the acquisition with our existing technology and operations to create a leading and globally competitive payments solutions platform which includes Vertexon and PaySim, our testing platform.

In the process, Change has also significantly expanded its client base across the globe and with our technology platform supporting valuable clients including leading Australian bank, ME Bank and Philippines based bank, BDO Unibank.

Change has also considerably strengthened its team increasing employees and has an impressive geographical reach with staff in Australia, New Zealand, Dominican Republic, the US, and Greece to service its growing global client base. Importantly we are making positive steps in enhancing the diversity and culture of the organisation. The Board will continue to support and encourage greater diversity in the organisation as it continues to grow.

I would like to thank shareholders for their support over FY21. The board believes that the company is in a strong position to capitalise on the foundation that it has created over the last few years and capitalise through accelerated growth in the global payments industry with our leading payments and testing solutions.

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AGM Presentation 25 November 2021

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Change Financial Limited ASX: CCA

Disclaimer

Important Notice

This presentation has been prepared by Change Financial Limited (Change Financial) in good faith. No express or implied warranty is given as to the accuracy or completeness of the information in this document or the accompanying presentation. All statutory representations and warranties are excluded, and any liability in negligence is excluded, in both cases to the fullest extent permitted by law. No responsibility is assumed for any reliance by any person on this document or the accompanying presentation.

Summary information

The information contained in this presentation is a summary overview of the current activities of Change Financial. This presentation does not purport to be all inclusive or to contain all the information that a prospective investor may require in evaluating a possible investment. This presentation is for general information purposes and is not intended to be and does not constitute an offer to sell or a solicitation of an offer to buy or sell securities, a prospectus, product disclosure statement, pathfinder document or other disclosure document for the purposes of the Corporations Act and has not been, and is not required to be, lodged with the Australian Securities & Investments Commission. This presentation should be read in conjunction with all other periodic and continuous disclosure announcements lodged by Change Financial with the Australian Securities Exchange, available at www.asx.com.au.

Not financial product advice

The material contained in this presentation is not, and should not be considered as, financial product or investment advice. This presentation is not an offer, invitation or recommendation to acquire New Shares, and does not take into account the investment objectives, financial situation or particular needs of any particular investor. You must make your own independent assessment and review of Change Financial, and the information contained, or referred to, in this presentation, including its financial condition, assets and liabilities, financial position, profits and losses, prospects and business affairs, including the merits and risks involved. Nothing in this presentation constitutes investment, legal, tax or other advice. You should seek legal, financial, tax and other advice appropriate for your jurisdiction.

Past and future performance

This presentation contains information as to past performance of Change Financial. Such information is given for illustrative purposes only, and is not – and should not be relied upon as – an indication of future performance of Change Financial. The historical information in this presentation is, or is based upon, information contained in previous announcements made by Change Financial to the market. These announcements are available at www.asx.com.au.

This presentation contains certain “forward looking statements”. Forward looking words such as “expect”, “should”, “could”, “may”, “will”, “believe”, “forecast”, “estimate” and other similar expressions are intended to identify forward-looking statements. Such statements are subject to various known and unknown risks, uncertainties and other factors that are in some cases beyond Change Financial’s control. These risks, uncertainties and factors may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements and from past results, performance or achievements. Change Financial cannot give any assurance or guarantee that the assumptions upon which management based its forward-looking statements will prove to be correct or exhaustive beyond the date of its making, or that Change Financial’s business and operations will not be affected by other factors not currently foreseeable by management or beyond its control. Such forwardlooking statements only speak as at the date of this announcement and Change Financial assumes no obligation to update such information.

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We have a diverse team of over 85 people with local knowledge to support our loyal and growing client base.

Global fintech with local expertise

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16m+ cards
Scalable payments platform
Athens
Los Angeles
Santo Domingo
146 Clients in
41 countries
Global footprint
8+ years average
Brisbane
tenure
Melbourne
Auckland
Highly engaged clients
Processing for the major
schemes
Our offices / staff Our clients
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Payments solutions provider, driving innovation in the Banking as a Service ecosystem.

Simplifying payment experiences worldwide

Banking as a Service

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Payment testing

Payments as a Service Issuing physical, BNPL, Digital wallets, digital and Apple Pay, Google virtual prepaid, Pay and Samsung Pay debit and credit cards

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Payment Testing All network simulation automation management and financial transactions

Transaction processing for major schemes Mastercard, VISA, Union Pay, JCB and AMEX

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Business Update

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Change has delivered significant milestones to strengthen the business.

FY21 Highlights

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Completed Certified Processor

u MasterCard certified processor launched u Payment Card Industry PCI-DSS certification u UpChange prepaid card & mobile app launched

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Completed Business Integration

u Completed Phase 1 of platform integration project on time and within budget

• u Completed business integration including novation of client contracts and staff integration

• u Key Executive Team and BDM appointments

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Complementary Strategic Acquisition

u Strategic acquisition u Blue-chip client base

u Geographical reach

u Accelerated technology and product roadmaps u Global workforce

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Go To Market Strategy

u Completed an immersive 10 week engagement with Deloitte to refresh Change’s vision, strategy, measures of success and execution roadmap for FY22-25

u Developed a strategy execution plan to guide Change’s commercial, technical, and organisational investments and actions

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We have built strong foundations to drive future growth.

Business Update

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New US Issuing Bank Partnership u Partnership with Axiom Bank provides key relationship for onboarding clients in the US u Partnership leverages Change’s Mastercard registered processor and payments platform		New US Payments as a Service Client u Secured new US fintech card program client in the US – targeting go-live in Q3 FY22 u Revenue generation will commence upon go-live, adding to Annual Recurring Revenue		Vertexon SaaS Platform launch u Launched a new Payments as a Service (PaaS) offering in Oceania - can be launched into new jurisdictions in a matter of days u Provides physical, digital and virtual card issuing to banks and fintechs u Phase 2 delivered on time and within budget		Operational updates u Strengthened the Board with appointment of leading global payments executive u Additional payments, operational and strategic experience added to Board u Launched new website u Increasing PR and IR to drive awareness

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Financial Performance

Year ended 30 June (US$’000) FY21 Actual Adjustments¹ FY21 Combined Proforma² FY20 Actual FY21 Actual v FY20 Actual Revenue 6,313 2,120 8,433 258 2,344% Operating Expenses (8,966) (1,572) (10,539) (3,758) 139% EBITDA (2,653) 547 (2,106) (3,500) 24% Depreciation & Amortisation (635) (267) (902) (12) 4,991% Profit / (Loss) before Tax (3,288) 281 (3,008) (3,513) 6% Income Tax (Expense) / Benefit (189) (16) (205) - N/A Profit / (Loss) from Operations (3,477) 265 (3,213) (3,513) 1% Proforma Revenue US$8.4M¹ Annualised Recurring Revenue US$4.4M³ Customer Retention4 96% Average Customer Tenure >8 years Transformative year for the business, generating strong ARR and laying the foundations for future growth.	Year ended 30 June (US$’000) FY21 Actual Adjustments¹ FY21 Combined Proforma² FY20 Actual FY21 Actual v FY20 Actual Revenue 6,313 2,120 8,433 258 2,344% Operating Expenses (8,966) (1,572) (10,539) (3,758) 139% EBITDA (2,653) 547 (2,106) (3,500) 24% Depreciation & Amortisation (635) (267) (902) (12) 4,991% Profit / (Loss) before Tax (3,288) 281 (3,008) (3,513) 6% Income Tax (Expense) / Benefit (189) (16) (205) - N/A Profit / (Loss) from Operations (3,477) 265 (3,213) (3,513) 1% Proforma Revenue US$8.4M¹ Annualised Recurring Revenue US$4.4M³ Customer Retention4 96% Average Customer Tenure >8 years Transformative year for the business, generating strong ARR and laying the foundations for future growth.	Year ended 30 June (US$’000) FY21 Actual Adjustments¹ FY21 Combined Proforma² FY20 Actual FY21 Actual v FY20 Actual Revenue 6,313 2,120 8,433 258 2,344% Operating Expenses (8,966) (1,572) (10,539) (3,758) 139% EBITDA (2,653) 547 (2,106) (3,500) 24% Depreciation & Amortisation (635) (267) (902) (12) 4,991% Profit / (Loss) before Tax (3,288) 281 (3,008) (3,513) 6% Income Tax (Expense) / Benefit (189) (16) (205) - N/A Profit / (Loss) from Operations (3,477) 265 (3,213) (3,513) 1% Proforma Revenue US$8.4M¹ Annualised Recurring Revenue US$4.4M³ Customer Retention4 96% Average Customer Tenure >8 years Transformative year for the business, generating strong ARR and laying the foundations for future growth.	Year ended 30 June (US$’000) FY21 Actual Adjustments¹ FY21 Combined Proforma² FY20 Actual FY21 Actual v FY20 Actual Revenue 6,313 2,120 8,433 258 2,344% Operating Expenses (8,966) (1,572) (10,539) (3,758) 139% EBITDA (2,653) 547 (2,106) (3,500) 24% Depreciation & Amortisation (635) (267) (902) (12) 4,991% Profit / (Loss) before Tax (3,288) 281 (3,008) (3,513) 6% Income Tax (Expense) / Benefit (189) (16) (205) - N/A Profit / (Loss) from Operations (3,477) 265 (3,213) (3,513) 1% Proforma Revenue US$8.4M¹ Annualised Recurring Revenue US$4.4M³ Customer Retention4 96% Average Customer Tenure >8 years Transformative year for the business, generating strong ARR and laying the foundations for future growth.	Year ended 30 June (US$’000) FY21 Actual Adjustments¹ FY21 Combined Proforma² FY20 Actual FY21 Actual v FY20 Actual Revenue 6,313 2,120 8,433 258 2,344% Operating Expenses (8,966) (1,572) (10,539) (3,758) 139% EBITDA (2,653) 547 (2,106) (3,500) 24% Depreciation & Amortisation (635) (267) (902) (12) 4,991% Profit / (Loss) before Tax (3,288) 281 (3,008) (3,513) 6% Income Tax (Expense) / Benefit (189) (16) (205) - N/A Profit / (Loss) from Operations (3,477) 265 (3,213) (3,513) 1% Proforma Revenue US$8.4M¹ Annualised Recurring Revenue US$4.4M³ Customer Retention4 96% Average Customer Tenure >8 years Transformative year for the business, generating strong ARR and laying the foundations for future growth.	Year ended 30 June (US$’000) FY21 Actual Adjustments¹ FY21 Combined Proforma² FY20 Actual FY21 Actual v FY20 Actual Revenue 6,313 2,120 8,433 258 2,344% Operating Expenses (8,966) (1,572) (10,539) (3,758) 139% EBITDA (2,653) 547 (2,106) (3,500) 24% Depreciation & Amortisation (635) (267) (902) (12) 4,991% Profit / (Loss) before Tax (3,288) 281 (3,008) (3,513) 6% Income Tax (Expense) / Benefit (189) (16) (205) - N/A Profit / (Loss) from Operations (3,477) 265 (3,213) (3,513) 1% Proforma Revenue US$8.4M¹ Annualised Recurring Revenue US$4.4M³ Customer Retention4 96% Average Customer Tenure >8 years Transformative year for the business, generating strong ARR and laying the foundations for future growth.	Year ended 30 June (US$’000) FY21 Actual Adjustments¹ FY21 Combined Proforma² FY20 Actual FY21 Actual v FY20 Actual Revenue 6,313 2,120 8,433 258 2,344% Operating Expenses (8,966) (1,572) (10,539) (3,758) 139% EBITDA (2,653) 547 (2,106) (3,500) 24% Depreciation & Amortisation (635) (267) (902) (12) 4,991% Profit / (Loss) before Tax (3,288) 281 (3,008) (3,513) 6% Income Tax (Expense) / Benefit (189) (16) (205) - N/A Profit / (Loss) from Operations (3,477) 265 (3,213) (3,513) 1% Proforma Revenue US$8.4M¹ Annualised Recurring Revenue US$4.4M³ Customer Retention4 96% Average Customer Tenure >8 years Transformative year for the business, generating strong ARR and laying the foundations for future growth.
	Revenue	6,313	2,120	8,433	258	2,344%
	Operating Expenses	(8,966)	(1,572)	(10,539)	(3,758)	139%
	EBITDA	(2,653)	547	(2,106)	(3,500)	24%
	Depreciation & Amortisation	(635)	(267)	(902)	(12)	4,991%
	Profit / (Loss) before Tax	(3,288)	281	(3,008)	(3,513)	6%
	Income Tax (Expense) / Benefit	(189)	(16)	(205)	-	N/A
	Profit / (Loss) from Operations	(3,477)	265	(3,213)	(3,513)	1%

¹Wirecard FY21 management accounts (unaudited) for the period prior to acquisition, being 1 July 2020 to 30 September 2020 ²On a proforma basis assuming the acquisition occurred on 1 July 2020 ³Run rate Annualised Recurring Revenue as at 30 June 2021 4Customer retention for the period 1 October 2020 to 30 June 2021

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Diverse range of customers and product usage globally. Expansive regional presence and a platform for future growth and expansion.

Revenue Breakdown

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Revenue by Product
Other Products
5%
60%
35%
Revenue by Client Type
Fintech
32%
Bank
54%
Partners
11%
Retail & Government
3%
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Revenue by Region
Oceania
26%
SE Asia
LATAM
46%
17%
USA
8%
Rest of the World
3%
Top 10 Customers by Revenue
Bank - SE Asia 19%
Bank - LATAM 15%
Bank - SE Asia 6%
Fintech - SE Asia 5%
Bank - Oceania 4%
Fintech - Oceania 4%
Partner - Oceania 3%
Fintech - SE Asia 3%
Fintech - Oceania 2%
Fintech - SE Asia 2%
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Business Development activities has delivered new customers and opportunities.

Business Development Update

Strategic Activities

u Hired a team of specialist payments BDMs

u Sales strategies in place for all key regions

u Partner growth program under development

• u Implemented Salesforce CRM to provide greater visibility and management of sales activities across all regions

Business Development Activities

• u Deep engagement with existing clients and strong buy in to product roadmap

• u Significant growth in opportunities pipeline across Vertexon and PaySim

• u Strong interest in Vertexon SaaS solutions from new and existing clients that will drive ARR growth

• u Contract ARR run rate grown to US$4.6 million

• u Now 146 clients including 5 of the Top 10 payments companies globally

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134
Qualified Leads
Number of Opportunities
49
42
23
10
6
FY2020 Q4 FY2021 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2022 Q1
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Looking Forward

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||||
|---|---|---|
|Core strategies to drive growth|
|Working with|Be famous|
|Be different|
|Deloitte, we|Be competitive|FY24|
|FY23|
|analysed our|FY22|
|products,|
|capabilities and|
|global market|
|Evolve Change’s products and explore|Change leads the market with|
|opportunities.|
|growth accelerators|innovative payment solutions|
|Objective|
|Complement existing solutions with|
|Focus on market leading user|
|Enhance SaaS solutions and features|enhanced capabilities and ecosystem|
|experiences and product features|
|partnerships|
|Solutions|
|Explore retail, government and corporate|
|Growth through banks|Accelerate growth through global|
|opportunities while growing banks and|
|early-stage fintechs|opportunities|
|fintech|
|Growth|
|Build out partner ecosystem with|
|Develop partnerships and build regional|Scale partnership model to increase|
|complementary financial and banking|
|relationships with schemes|pipeline and scale client engagement|
|solutions|
|Partnerships|
|Prioritise growth for LATAM and SEA|Strengthen client engagement across|Explore opportunities in new regions and|
|Unlock growth for US and ANZ|LATAM, SEA, US and ANZ|countries|
|13|
|Regions|

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We are focusing on 4 key markets; US, LATAM, SE Asia and Oceania. Our target countries have a TAM of over USD $10 trillion.

A large addressable market for growth opportunities

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US TAM
6% 153B
$8.3T
Transaction value Transaction volume growth Transaction volume #
LATAM TAM
11% 46B 49%
$1.1T
Transaction value Transaction volume growth Transaction volume # Unbanked Population
Oceania TAM
6% 13B
$565B
Transaction value Transaction volume growth Transaction volume #
South East Asia TAM
19% 63B
$487B
Transaction value Transaction volume growth Transaction volume #
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Source: Deloitte June 2021

	FY22 Key deliverables for growth	FY22 Key deliverables for growth
Our Be Competitive
year will focus on
integration of our platforms, feature	FY22Q1-Q2		FY22Q3-Q4
development,
partnerships and
customer growth.
	üPayment Card	üBoard changes announced	u Partnership model enabled	u Enhanced Customer Support
	Industry PA-DSS			Model
	Certification	üVertexon SaaS Platform	u Vertexon SaaS Platform
		launch	launch in new region	u PaySim SaaS Launch
	üBDO Unibank Major Platform
	Upgrade	üNew Website Launch	u Vertexon Product Roadmap	u Axiom Bank issuing
			release	onboarding
	üEstablished Global Business	u Vertexon Eventing
	Development team		u PaySim Product Roadmap	u First Vertexon SaaS Customer
		u PaySim API launch	Release
	üNew US Issuing Bank
	Partnership
15	üNew US Payments as a
	Service Client

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Thank you. Get in touch investors@changefinancial.com

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