EML PAYMENTS LIMITED — AGM Information 2018

Nov 13, 2018

Annual General Meeting

November 2018

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Tom Cregan Managing Director & Group CEO

01

Our Mission & About Us

02

FY 2018 Review

03

Business Update

04

Q1 FY 2019 Financials Update

05

FY 2019 Guidance

Important Notice

This investor presentation has been prepared by EML Payments Limited ABN 93 104 757 904 (EML) and is general background information about EML’s activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters and seek independent financial advice. An investment in EML securities is subject to known and unknown risks, some of which are beyond the control of EML. EML does not guarantee any particular rate of return or the performance of EML.

This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to EML’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on any forward looking statements. Unless otherwise specified all information is for the twelve months ending 30 June 2018 (‘FY2018’), and is presented in Australian Dollars. Unless otherwise stated, the prior comparative period refers to the twelve months ending 30 June 2017 (‘FY2017’ or ‘PCP’)

• We create awesome, instant and secure payment solutions that connect our customers to their customers, anytime, anywhere, wherever money is in motion.

– 03

CON Sydney 2018

Investor Day held on 13 November Showcased EMLs technology with presentations by key partners

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Attended by investors, analysts, brokers, customers & partners

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Innovative salary packaging solutions. EML enable McMillan Shakespeare, AccessPay, Paywise and Eziway to offer a tax compliant product to their customers including Mobile Merchant Rewards.

Our customers’ success is our success. We enable our customers to deliver value to their customers or employees.

Driving loyalty and footfall. EML enable our customers to deliver value and drive revenue into their business.

Immediate access to winnings.

EML enable our partners including Sportsbet, BetEasy, Ladbrokes, bet365 and NEDS to drive loyalty while giving their customers instant access to their funds.

Annual General Meeting 2018

About Us

EML snapshot

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APPROXIMATELY

IN 1,200 21 CARD PROGRAMS COUNTRIES GROUP GDV (FY18) 6.75bn 53% $

Australia

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Brisbane, Australia

North America

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Kansas City, USA

Europe

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Birmingham, England Dublin, Ireland Galway, Ireland Stockholm, Sweden

– 07

Annual General Meeting 2018

About Us

Who trusts us

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Annual General Meeting 2018 Business modelPresentation title A unique difference Subtitle Product and regulatory diversification Public facing products & solutions:

Virtual

Non-reloadable

Information Technology In-house, prepaid, 2 processing platforms 4 Data Centres

Non-public facing operations:

LEVEL 1 PCI-DSS Level 1 compliant ~$30m Over ~$30m invested in our platforms to date

End to end % Staff are Connectivity to End to End payment 30 IT based 5 5 major card schemes processing platform (card issuing, transaction processing, fraud control, settlement and reconciliation) MULTI Multi-currency & Multi-lingual

Mobile Merchant Rewards

Reloadable

Mobile payments

Regulatory and compliance across the globe 9 Issuing bank agreements 52 Compliance with 21 5 regulatory authorities Major licences People Employees servicing 21 countries 210 100

Abiding by over 52 regulations / laws

AFSL (Australia) MasterCard membership (Australia) BPay (Australia) Mastercard private label issuance (UK and Europe) European eMoney

Employees servicing 21 countries 100

Over 100+ years prepaid experience in group leadership team

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FY2018 Review

Annual General Meeting 2018

FY2018 Review

Gross debit volume (GDV)

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GROUP GDV (FY18)

6.75 billion 53% $ Group GDV totalled $6.75bn, an increase of 53% over the prior period.

3.35 billion $ GDV generated from the Reloadable segment 163% increase on FY2017, or $2.07bn.

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(AUD’ millions)
8000
7000
6000
5 Year CAGR
5000
119%
4000
3000
2000
1000
Australia
Europe
America
0
FY14 FY15 FY16 FY17 FY18
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EML generates revenues from processing payment volumes of prepaid stored value products on our processing platforms. The gross value of these transactions are defined as Gross Debit Volumes (‘GDV’) and is one of the key indicators of current & future revenues.

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Annual General Meeting 2018

FY2018 Review

Not all GDV is created equal

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A$4,932m A$39.5m REVENUE REVENUE CONVERSION 80bps GDV REPORTED NORTH AMERICA REGION A$6,752m A$71.0m REVENUE REVENUE CONVERSION 105bps GDV REPORTED EML GROUP	A$846m A$38.3m REVENUE REVENUE CONVERSION 425bps GDV UNDERLYING NORTH AMERICA REGION A$2,656m A$68.9m REVENUE REVENUE CONVERSION 260bps GDV UNDERLYING EML GROUP 1.00 2.00 3.00 4.00 5.00 6.00 Underlying North American Debit Volumes 0.00 FY18 GDV 4.93 LLR Loads to Spend in Conversion (1.56) FY18 Underlying GDV 0.85 B2B Processing (2.53) 80bps 410bps	A$846m A$38.3m REVENUE REVENUE CONVERSION 425bps GDV UNDERLYING NORTH AMERICA REGION A$2,656m A$68.9m REVENUE REVENUE CONVERSION 260bps GDV UNDERLYING EML GROUP 1.00 2.00 3.00 4.00 5.00 6.00 Underlying North American Debit Volumes 0.00 FY18 GDV 4.93 LLR Loads to Spend in Conversion (1.56) FY18 Underlying GDV 0.85 B2B Processing (2.53) 80bps 410bps
		80bps
		(2.53)
		4.93
		(1.56) 410bps
		0.85
		FY18 GDV LLR Loads to Spend in Conversion FY18 Underlying GDV B2B Processing

2.53 Billion $

of North American GDV is generated from non-core processing only agreements which convert to revenue at 5bps. GDV & Revenue from this agreement is excluded from the underlying results

$ 1.56 Billion

of our North American Reloadable GDV is re-spent with our customer and earns EML no revenue. These GDV amounts are excluded from underlying results.

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Annual General Meeting 2018

FY 2018 Review Group financials - Revenue

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71.0m 23% $ Group revenue for FY2018 increased by $13.1m on the prior period

Generated from 65.1m $ recurring revenue

25% increase over the prior period, and contributing to 92% of total revenue.

Increase in Australian 79 % revenue over prior period

Australia increased 79% generating $17.5m in revenue, driven by the Salary Packaging vertical. Europe was up 39% driven by new Reloadable programs including bet365 and North America 4%.

GDV to Revenue metric 105 above guidance bps

The GDV to Revenue metric was 105bps as Reloadable programs are an increasing proportion of our business. Gross Margins of 75.1% are consistent with prior years.

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(AUD’ millions)
80
70
5 Year CAGR
60
70%
50
40
30
20
10
0
FY14 FY15 FY16 FY17 FY18
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EML generates revenues from processing payment volumes of prepaid stored value products on our processing platforms. The gross value of these transactions are defined as Gross Debit Volumes (‘GDV’) and is one of the key indicators of current & future revenues.

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Annual General Meeting 2018

FY 2018 Review Group financials - EBTDA

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20.8m 43% $

Group EBTDA for FY2018 was $20.8m, up 43% on prior period. FY2018 includes $0.3m of costs in relation to acquisitions and $0.4m of accrued STIP.

247 % Five-year EBTDA CAGR

Seasonality on the Group’s financials continued to diminish in H2 with growth in Reloadable and B2B Virtual programs which now account for 89% of Group GDV compared to 85% in 2017.

In FY18, 65% of Group EBTDA was generated in H1 due to seasonality in the Group's Non-Reloadable programs.

In FY19, following adoption of AASB15, EML expects seasonality to diminish further with minimal seasonality weighting to H1.

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(AUD’ millions)
25
5 Year CAGR
20
247%
15
H1
H2
10
5
0
-5
FY14 FY15 FY16 FY17 FY18
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EML generates interest income on Stored Value balances and as such is a source of core revenue. Earnings Before Interest Expense, Tax, Depreciation & Amortisation (‘EBTDA’) is used as the most appropriate measure of assessing performance of the group.

EBTDA includes R&D tax offset & excludes share based payments, and is reconciled to the statutory profit and loss within the FY2018 Annual Report.

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Annual General Meeting 2018

FY 2018 Review Group financials - Balance sheet

($’000s)	FY 2017 FY 2018	% CHANGE
Cash and cash equivalents	39,872 39,006	(2%)
Breakage accrued	13,326 19,826	49%
Other receivables and other assets	14,923 24,963	67%
Deferred tax asset	18,834 18,783	0%
Receivables from financial institutions	37,574 67,714	80%
Plant and equipment	2,844 3,482	22%
Goodwill and intangibles	60,132 65,767	9%
TOTAL ASSETS	187,504 239,540	28%
Trade and other payables	23,759 21,150	(11%)
Liabilities to stored value account holders	37,574 67,714	80%
Deferred tax liabilities	3,475 5,410	56%
Other liabilities	2,115 15,493	633%
TOTAL LIABILITIES	66,923 109,767	63%
EQUITY	120,581 129,773	8%
($’000s)	FY 2017 FY 2018	% CHANGE
Cashflows from operating activities	19,255 6,372	(67%)
Cashflows used in investing activities	(6,482) (6,637)	2%
Cashflows from financingactivities	204 26	(87%)

Significant cash on balance sheet at $39.0m with no debt The Group retains significant cash balances for ongoing investment in organic and inorganic growth opportunities.

Breakage accrual increased $6.5m, due to European growth & timing of cash flow conversion in North America The increase in our breakage accrual reflects organic growth in the UK and breakage revenue on some North American fee-based programs which convert to cash over a three year cycle.

Approximately 63% of our breakage accrual is expected to convert to cash within 12 months.

Deferred tax assets & liabilities

The Group has significant tax losses of $12.4m (2017: $11.8m), primarily in Australia, Canada & the UK that will be utilised in future periods and are recognised as a deferred tax asset.

The Group reduced our deferred tax assets in the United States by approximately $1.0m following a reduction in the Federal Corporate tax rates.

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Business Update

Annual General Meeting 2018

Business update

Our history - Product & technology

EML invest in growth verticals and future opportunities through product and technology innovation. We continue to actively investigate and discover new market niches in the FinTech Industry across all regions. Although our business units evolve independently of each other we continue to leverage learnings across all our geographies as demonstrated by our gaming solution which continues to scale globally.

Australia Australia Listed in 2011 Reloadable Non-reloadable Europe Physical Acquired by EML Virtual Non-reloadable Physical Virtual

Australia

Australia Australia Reloadable Mobile Merchant Rewards North America SalPac Acquired by EML Non-reloadable Europe Physical Reloadable B2B Virtual North America Reloadable B2B Virtual

Australia Mobile payments Salary packaging Europe Acquisitions in Sweden & Ireland European eMoney licence ECE North America USA Gaming

Europe Australia Mobile payments New opportunities in neobanks North America & crypto Mobile payments Europe Mobile Merchant Rewards

North America Solutions for sports betting

2011

2014

2016

2017

2018

2019

FUTURE

– 17

Opening new markets via mobile payment technology

Apple Pay Launched in October 2018

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Annual General Meeting 2018

Business Update New Signings & Launches

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Annual General Meeting 2018

Business Update Our presence in malls continues to scale globally

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196 centres
>1.5m cards p.a.
EML now supports
over 600 malls globally
Shopping mall programs
are approx. 60% of the
Gift & Incentive segment
GDV. Consumer cashback
& incentive programs are
the remainder
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352 centres
>5m cards p.a.
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Annual General Meeting 2018

Business Update Reloadable cards for the sports betting segment continue to scale globally

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Australia

First customer launched in FY14 GDV run rate of >$0.5 billion Over 500,000 cards issued

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Europe

bet365 launched in FY17 GVC, betsson & Fortuna launches in H2 FY2019

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North America

Pointsbet contract announced 12 November 2018, expected to launch H2 FY2019 in New Jersey, USA

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Annual General Meeting 2018

Business Update US Gaming Opportunity

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Following the Supreme Court decision in the USA to allow States to legalise sports wagering, activity is being undertaken across many States with a view to legalising sports wagering

The speed with which each State passes these laws, and the final structure of the regulatory framework, is a matter for the States to determine and will have a bearing on market opportunity for EML in these States

• Early indications are that regulated land-based entities (casinos and horse racing venues) are partnering with sports wagering companies to launch operations, combining their licenses with proven technology and expertise. This is proving to be a faster road to market.

• Our agreement with Pointsbet is exclusive and will launch initially in the state of New Jersey, subject to regulatory approval, with other States to follow subject to Pointsbet obtaining the necessary licensing approvals in those States

We will advise shareholders of other agreements entered into in the USA as required under continuous disclosure obligations.

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Annual General Meeting 2018

Business Update

We have welcomed talented executives to the team

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Tom Cregan

Managing Director & Group Chief Executive Officer

Andrew Betts Group Chief Risk Officer

Kristen Shaw Chief People Officer

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Rob Shore Group Chief Financial Officer

Paul Wenk Group General Counsel & Company Secretary

Eric Mettemeyer Chief Corporate Development Officer

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Brandon Thompson Chief Commercial Officer

Richard Anderson Chief Marketing Officer

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Rachelle St Ledger CEO Australia

Jamie Jaworski President EML North America

Stuart Green CEO Europe

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Annual General Meeting 2018

Business Update

Executive changes - New CFO Appointed

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Bruce Stewart

Mr. Stewart has stepped down as Group Chief Financial Officer to pursue private business interests

Mr. Stewart has also agreed to join the Board of PerfectCard DAC, our Irish subsidiary that, as a regulated financial institution, has it’s own Board of Directors. His application for that role is pending approval from the Irish regulatory authority.

"Bruce has been a key contributor to EML since joining the business in 2011. We wish him well in his future business endeavours and I look forward to continuing to work with him at PerfectCard going forward. He leaves the company in a robust financial position from which we will continue to drive forward with our long-term growth strategy." Tom Cregan, Group CEO & Managing Director

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Rob Shore

Robert Shore, currently EML’s Group Finance Director and Investor Relations Manager, has been appointed as the new Group Chief Financial Officer effective today, in line with an established succession plan.

Mr. Shore joined EML in 2016, and has 15 years’ experience in senior finance roles with Australian, US and UK listed companies working in both Australia and the UK. Mr. Shore is a Chartered Accountant and has an MBA from Macquarie Graduate School of Management (MGSM).

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Annual General Meeting 2018

Business Update

FY18 Board Additions

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Dr Kirstin Ferguson

Dr Kirstin Ferguson is an independent nonexecutive director with 10 years’ experience across a range of company boards including ASX100, ASX200, government, not-for-profit and significant private companies. Kirstin has considerable expertise as a Remuneration Committee Chair in a range of listed and unlisted contexts.

In addition to her role as non-executive director of the Company, Kirstin has also been appointed as Chairman of the Company’s Remuneration and Nomination Committee.

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Melanie Wilson

Mrs Melanie Wilson has over 12 years experience in senior management roles across global retail brands.

Her experience extends across all facets of retail. She also held corporate finance and strategy roles with leading investment banks and management consulting firms including Goldman Sachs and Bain & Company.

In addition to her role as non-executive director of the Company, Melanie has also been appointed as Chairman of the Company's Investments Committee and a member of the Company’s Audit and Risk Committee.

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Q1 FY19 Financials Update

Annual General Meeting 2018

Q1 FY19 Financials Update

Group Gross Debit Volume (GDV)

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8%
$1.82bn
53%
39%
up 10%
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Gift & Incentive
General Purpose Reloadable
Virtual Account Numbers
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Group Sources of Revenue

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5%
13%
94bps
82%
up 11%
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Establishment Revenue
Recurring Operating Revenue
Interest Income
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Q1 FY19

GDV GDV / Active account 261 $ $ 1,821m $1,651m (Q1 FY18) $262 (Q1 FY18)

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Revenue
17.2m
$
$14.1m (Q1 FY18)
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Revenue conversion 94bps 85bps (Q1 FY18)

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Annual General Meeting 2018

Q1 FY19 Financials Update

Gift & Incentive

GDV Revenue[*] 139m 9.3m $ $

$119m (Q1 FY18)

$8.6m (Q1 FY18)

Revenue up 8% on pcp:

• No contribution from ECE which launched in October 2018

• No contribution from Centro Oberhausen which launched in October 2018

Sources of revenue

Establishment Revenue Recurring Operating Revenue Interest Income 665bps

General Purpose Reloadable (GPR)

GDV Revenue[*] 709m 6.2m $ $ $918m (Q1 FY18) $4.8m (Q1 FY18)

Revenue up 29% on pcp:

• LuLaRoe (LLR) GDV down 48% on pcp with revenue down 24% in line with expectations

• No contribution from European gaming programs which are expected to launch in H2 FY19

Sources of revenue

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3%
19%
Establishment Revenue
Recurring Operating Revenue
Interest Income
87bps []
78%
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Virtual Account Numbers (VANS)

GDV Revenue[*] 963m 1.0m $ $

$614m (Q1 FY18)

$0.5m (Q1 FY18)

Revenue up 100% on pcp:

Growth in line with management expectations of $4m revenue for the full year

Sources of revenue

Recurring Operating Revenue 10bps[***]

Segment Revenue excludes Group interest & adjustments

• ** Excluding LLR volumes respent with the merchant earning no revenue, GPR GDV:Revenue converts at 114bps (Q1 FY18: 87 bps)

• *** Excluding non-core processing only VANS programs converting at 5bps, GDV:Revenue is 53bps (Q1 FY18: 73 bps)

– 28

FY 2019 Guidance

Annual General Meeting 2018

FY 2019 Guidance

Financial Guidance

The Group expects EBTDA in a range A$26 - 28m for FY19

Represents growth of 25 - 35% on pcp. Assumptions:

FY19 Guidance

Revenue $82 - $88m EBTDA $26 - $28m

Includes contribution of major German malls customer ECE

Expectation of lower GDV in North American malls in line with previous years, offset in large part by higher interchange revenues & incremental revenue in the VANS segment

LLR contribution expected to be down approximately 25% on pcp

Minimal FY19 contribution from launches of EU & US gaming programs Minimal contribution from Caesars program (launched in late Q4 FY18) Increased overhead costs due to senior management hires & acquisitions FX rates remain in line with October 2018 rates

No significant movement in central bank interest rates in Australia, US or UK

No impact included for any acquisitions

EBTDA Guidance (FY19)

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FY2015 A A$2.63M
FY2016 A A$5.04M
FY2017 A A$14.52M
FY2018 A A$20.76M
FY2019 EBTDA Guidance FY19 $26M - $28M
(Guidance)
$0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00
(AUD’ millions)
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Annual General Meeting 2018

FY 2019 Guidance

Adoption of AASB15 - Revenue standard

Adoption of AASB15 - Revenue

AASB15 - Revenue from contracts with customers is effective for EML from 1 July 2018 and applies to all Revenue unless covered by another standard.

The core principle of AASB15 is that an entity should recognise revenue as performance obligations are satisfied.

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Revenue
(A$millions)
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80.0
60.0
40.0
20.0
0.0
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
A$ millions
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Australia
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America
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Europe
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1%
4%
30%
General Purpose
FY18 Sources
Reloadable
of Revenue
Gift & Incentive
VANS
$ 71.0m
Other revenue
65%
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EMLs sources of revenue are diversified across countries & segments

There is no material impact to revenue generated in our GPR or VANS segments which is earnt as transactions occur.

The timing of recognising breakage revenue from our Gift & Incentive segment will be less seasonal, however there will be no material impact on full year results.

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Annual General Meeting 2018

FY 2019 Guidance

Adoption of AASB15 - Revenue standard

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4% 8%
37%
FY18 Sources
of Revenue
$ 71.0m
51%
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Establishment Income
Transaction fees
Breakage
Other (inc. interest)
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The Group derives 37% of total revenues from breakage ($26.4m)

Breakage income is recognised based on agreed terms and the residual percentage of the initial load amount that is expected to be left on a card upon expiry.

In prior years Revenue has been recognised in the month of load. Recognising revenue as performance conditions are satisfied results in breakage revenue being recognised over approximately three to four months rather than the month of load. This will reduce seasonality between H1 & H2 in our results.

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22%
40%
FY18 Breakage
Revenue
Derecognition
AMF
$ 26.4m
Expiry
38%
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Breakage revenue from Expiry & AMF will now be recognised over three to four months.

DeRecognition is already recognised in this way

Breakage income is generated through three mechanisms:

Expiry - Revenue recognised according to the expected residual balance at expiry

Account Management Fees (AMF) - An amount charged per month on inactive accounts

Derecognition - Where cards in certain jurisdictions, or due to contractual agreements, do not have an expiry date, external expert advisors are used to estimate residual value

– 32

Annual General Meeting 2018

FY 2019 Guidance

Adoption of AASB15 - Revenue standard

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----- Start of picture text -----

Lifecycle of a typical Gift Incentive Card Cardholder behaviour is consistent across the world
with approx 75% of funds spent within three months
Month
1 spend Breakage income will be recognised in accordance with the same profile
as cardholder spend
Previously 41% of total breakage revenue was recognised in October to
Month
2 spend December, this will now be recognised between October & April
Month
3 spend
There will be no material impact to full year results
Remaining
spend There is no change to the timing of cashflows from breakage
Breakage
Time
Month 36
Ex ir In all mechanisms, EML holds
p y EML Cash at Expiry
Generally month 12 the cash in our segregated
AMF
accounts from date of load,
EML Cash 12 months from last activity
paying out for settlement or
De-Rec
breakage as they fall due
70% of breakage converted in to cash within 120 days of load
Card Load
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In all mechanisms, EML holds the cash in our segregated accounts from date of load, paying out for settlement or breakage as they fall due

– 33

Annual General Meeting 2018

FY 2019 Guidance Adoption of AASB15 - Revenue standard

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Seasonality has been dimishing over the past three years due to the increase in Reloadable products

AASB15 leads to further reduced seasonality between our H1 & H2 reporting with no material impact on the full year results

– 34

Thank you

Annual General Meeting 2018

Appendices

Key Data - 3 Years

KEY METRICS ($’000s) H1 2016A H2 2016A FY2016A 6mnths 6mnths 12 mnths Headcount (closing) 59 150 150 Average Headcount for the period 57 71 64 Gross debit volume (GDV) $383,419 $602,625 $986,044 Gift & Incentive $178,432 $133,088 $311,521 General Purpose Reloadable $204,986 $251,941 $456,928 Virtual Account Numbers $0 $217,596 $217,596 Total Stored Value $131,499 $219,620 $219,620 Interest on Stored Value (exc group funds) $399 $496 $894 Effective Interest Rate (%) 0.61% 0.45% 0.41%	H1 2017A H2 2017A FY2017A 6mnths 6mnths 12 mnths 168 170 170 158 169 160 $1,930,241 $2,492,532 $4,422,774 $438,008 $223,003 $661,010 $272,738 $999,628 $1,272,366 $1,219,495 $1,269,902 $2,489,397 $392,819 $302,001 $302,001 $549 $647 $1,197 0.28% 0.43% 0.40%	H1 2018A H2 2018A FY2018A
		6mnths 6mnths 12 mnths
		184 182 184 174 185 180
		$3,583,289 $3,168,912 $6,752,201
		$467,085 $270,287 $737,372 $1,840,281 $1,508,166 $3,348,447 $1,275,924 $1,390,459 $2,666,382
		$514,521 $411,069 $411,069
		$1,116 $1,227 $2,343 0.43% 0.60% 0.57%

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Annual General Meeting 2018

Appendices

Key Data - FY16 PRO FORMA

Appendices Key Data - FY16 PRO FORMA
KEY FINANCIALS($’000s) H1 2016A Adjustment H1 2016P 6mnths 6mnths 6 mnths Revenue (includes interest income) $10,560 ($1,880) $8,680 Gift & Incentive $8,820 ($1,880) $6,940 General Purpose Reloadable $1,691 - $1,691 Virtual Account Numbers $0 - $0 Group interest & adjustments $49 - $49 Grossprofit $8,121 ($1,880) $6,241 Gift & Incentive $6,920 ($1,880) $5,040 General Purpose Reloadable $1,214 - $1,214 Virtual Account Numbers $0 - $0 Groupinterest & adjustments ($13) - ($13) Overheads (excl acquisition costs) ($6,059) - ($6,059) Acquisition related overheads $0 - $0 Research and development credit $997 - $997 EBTDA $3,058 ($1,880) $1,178 EBTDA margin 29% - 14% Cash opening $4,264 - $4,264 Operating activities $317 - $317 Investing activities ($543) - ($543) Financingactivities(incl FX) $56 - $56 Cash closing $4,094 - $4,094 PRO FORMA	H2 2016A Adjustment H2 2016P 6mnths 6mnths 6 mnths $12,751 $1,880 $14,631 $9,934 $1,880 $11,814 $2,860 - $2,860 $127 - $127 ($170) - ($170) $10,080 $1,880 $11,960 $8,033 $1,880 $9,913 $2,129 - $2,129 $110 - $110 ($193) - ($193) ($7,636) - ($7,636) ($456) - ($456) ($6) - ($6) $1,981 $1,880 $3,861 16% - 26% $4,094 - $4,094 $1,661 - $1,661 ($34,012) - ($34,012) $55,199 - $55,199 $26,942 - $26,942 PRO FORMA	PRO FORMA PRO FORMA PRO FORMA
		H1 2016P H2 2016P FY 2016P
		6mnths 6mnths 12 mnths
		$8,680 $14,631 $23,311
		$6,940 $11,814 $18,754 $1,691 $2,860 $4,551 $0 $127 $127 $49 ($170) ($120) $6,241 $11,960 $18,201
		$5,040 $9,913 $14,954 $1,214 $2,129 $3,343 $0 $110 $110 ($13) ($193) ($206)
		($6,059) ($7,636) ($13,695) $0 ($456) ($456) $997 ($6) $990 $1,178 $3,861 $5,040
		14% 26% 22%
		$4,264 $4,094 $4,264
		$317 $1,661 $1,978 ($543) ($34,012) ($34,555) $56 $55,199 $55,255
		$4,094 $26,942 $26,942

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Annual General Meeting 2018

Appendices

Key Data - FY17 PRO FORMA

Appendices Key Data - FY17 PRO FORMA
KEY FINANCIALS($’000s) H1 2017A Adjustment H1 2017P 6mnths 6mnths 6 mnths Revenue (includes interest income) $32,440 ($4,493) $27,947 Gift & Incentive $28,206 ($4,493) $23,713 General Purpose Reloadable $3,277 - $3,277 Virtual Account Numbers $682 - $682 Groupinterest & adjustments $275 - $275 Grossprofit $25,433 ($4,493) $20,940 Gift & Incentive $22,307 ($4,493) $17,814 General Purpose Reloadable $2,391 - $2,391 Virtual Account Numbers $617 - $617 Groupinterest & adjustments $119 - $119 Overheads (excl acquisition costs) ($16,014) - ($16,014) Acquisition related overheads ($35) - ($35) Research and development credit $605 - $605 EBTDA $9,989 ($4,493) $5,496 EBTDA margin 31% - 20% Cash opening $26,942 - $26,942 Operating activities $9,640 - $9,640 Investing activities ($4,888) - ($4,888) Financingactivities(incl FX) $117 - $117 Cash closing $31,811 - $31,811 PRO FORMA	H2 2017A Adjustment H2 2017P 6mnths 6mnths 6 mnths $25,520 $4,493 $30,013 $19,707 $4,493 $24,200 $4,611 - $4,611 $1,001 - $1,001 $202 - $202 $18,813 $4,493 $23,306 $14,922 $4,493 $19,415 $3,298 - $3,298 $621 - $621 ($28) - ($28) ($15,100) - ($15,100) ($15) - ($15) $834 - $834 $4,532 $4,493 $9,025 18% - 30% $31,811 - $31,811 $9,615 - $9,615 ($1,594) - ($1,594) $40 - $40 $39,872 - $39,872 PRO FORMA	PRO FORMA PRO FORMA PRO FORMA
		H1 2017P H2 2017P FY 2017P
		6mnths 6mnths 12 mnths
		$27,947 $30,013 $57,960
		$23,713 $24,200 $47,913 $3,277 $4,611 $7,887 $682 $1,001 $1,683 $275 $202 $477
		$20,940 $23,306 $44,246
		$17,814 $19,415 $37,229 $2,391 $3,298 $5,689 $617 $621 $1,238 $119 ($28) $91
		($16,014) ($15,100) ($31,114) ($35) ($15) ($51) $605 $834 $1,439
		$5,496 $9,025 $14,521
		20% 30% 25%
		$26,942 $31,811 $26,942
		$9,640 $9,615 $19,255 ($4,888) ($1,594) ($6,482) $117 $40 $157
		$31,811 $39,872 $39,872

– 38

Annual General Meeting 2018

Appendices

Key Data - FY18 PRO FORMA

Appendices Key Data - FY18 PRO FORMA
KEY FINANCIALS($’000s) H1 2018A Adjustment H1 2018P 6mnths 6mnths 6 mnths Revenue (includes interest income) $38,241 ($4,333) $33,908 Non-Reloadable $26,086 ($4,333) $21,753 Reloadable $10,886 - $10,886 B2B Virtual Payments $1,042 - $1,042 Groupinterest & adjustments $227 - $227 Grossprofit $28,709 ($4,333) $24,376 Gift & Incentive $20,570 ($4,333) $16,237 General Purpose Reloadable $7,192 - $7,192 Virtual Account Numbers $871 - $871 Groupinterest & adjustments $76 - $76 Overheads (excl acquisition costs) ($15,647) - ($15,647) Acquisition related overheads ($190) - ($190) Research and development credit $605 - $605 EBTDA $13,477 ($4,333) $9,144 EBTDA margin 35% - 27% Cash opening $39,872 - $39,872 Operating activities ($3,361) - ($3,361) Investing activities ($1,835) - ($1,835) Financingactivities(incl FX) $21 - $21 Cash closing $34,697 - $34,697 PRO FORMA		Adjustment H2 2018P 6mnths 6 mnths $4,333 $37,112 $4,333 $24,470 $10,711 $1,383 $548 $4,333 $28,925 $4,333 $20,383 $6,969 $1,198 $375 ($17,991) ($90) $772 $4,333 $11,616 31% $34,697 $9,733 ($4,802) ($622) $39,006 PRO FORMA	PRO FORMA PRO FORMA PRO FORMA
	H2 2018A		H1 2018P H2 2018P FY2018P
	6mnths		6mnths 6mnths 12 mnths
	$32,779		$33,908 $37,112 $71,020
	$20,137 $10,711 $1,383 $548		$21,753 $24,470 $46,223 $10,886 $10,711 $21,597 $1,042 $1,383 $2,425 $227 $548 $775
	$24,592		$24,376 $28,925 $53,301
	$16,050 $6,969 $1,198 $375		$16,237 $20,383 $36,619 $7,192 $6,969 $14,161 $871 $1,198 $2,069 $76 $375 $452
	($17,991) ($90) $772		($15,647) ($17,991) ($33,638) ($190) ($90) ($280) $605 $772 $1,377
	$7,283		$9,144 $11,616 $20,760
	22%		27% 31% 29%
	$34,697		$39,872 $34,697 $39,872
	$9,733 ($4,802) ($622)		($3,361) $9,733 $6,372 ($1,835) ($4,802) ($6,637) $21 ($622) ($601)
	$39,006		$34,697 $39,006 $39,006

– 39