PLENTI GROUP LIMITED — Annual Report 2024

May 21, 2024

ASX RELEASE Plenti Group Limited (ASX:PLT) Authorised for release by the Board of Plenti Group Limited

For more information please contact: Daniel Foggo, CEO, shareholders@plenti.com.au Miles Drury, CFO, shareholders@plenti.com.au

Year to 31 March 2024

• We are Australia's largest fintech consumer lender
• We are Cash NPAT positive
• We deliver market leading customer experiences via our proprietary technology platform
• We're taking market share by setting new standards in automotive, renewable energy and personal finance
• We fund prime borrowers and have an exceptional >9 year credit track record
• We have deep and diversified funding, including low-cost and flexible retail investor funding
• We have a long-term focus

To bring our customers' big ideas to life

Fairer, faster loans through smart technology

To build Australia's best lender

	•Committed, growth-focused team•Significant breadth and depth of expertise
	•Modern, end-to-end platform delivers speed, flexibility and efficiency•Built and maintained in-house, allowing rapid improvement
	•Broad product suite, for borrowers and investors•Distribution across digital, broker, manufacturer and installer channels
	•Market leading finance integration capabilities•Proprietary technology makes it easier and faster for partners to finance clients
	•Market-leading credit decisioning and pricing capabilities•Exceptional, long term credit track record
	•Flexible funding, facilitating innovation, with low capital requirements•Adds depth and resilience to funding mix

Plenti

Highlights

• Operational Performance $\overline{\mathbf{2}}$
• NAB Strategic Partnership 3
• Financial Results

1. Lower credit risk secured automotive and renewable energy loans represented 70% of the loan portfolio at the end of FY24, versus ~5% at the end of FY18

• Cash NPAT is after the expensing of all technology investment
• $12.6m of technology cost in FY24
• Profitability is typically skewed to 2H
  • $4.6m Cash NPAT in 2H24 was up 48% on pcp
• Cash NPAT growth of 48% in 2H on pcp, versus 36% growth for the full year

Note: Cash NPAT represents statutory NPAT adjusted for movement in provision for expected credit losses, share-based payments, depreciation & amortisation, and income tax effect on hedging gains

Drive growth in loan originations and loanportfolio	Achieved–loan portfolio grew 21%, revenue $211 million
Grow revenue to over $200 million
Deliver full year Cash NPAT growth, skewedtowards 2H24	Achieved–36% growth in Cash NPAT despite industryheadwinds
Reduce cost-to-income ratio to <30%
Remain on target to deliver $25m inefficiencies as loan portfolio scales towards$3 billion	Achieved–26.5% cost-to-income and driving requiredefficiencies

Highlights

Operational Performance

• Optimised loan origination levels versus loan margins and credit appetite in a competitive market
• Grew commercial loan originations by 50%, to represent 37% of auto originations up from 27% in FY23
• Dealer point-of-sale referral pilot programs launched
• Advanced build of 'NAB powered by Plenti' car loan customer experience and NAB system integrations, ahead of expected delivery this quarter
• Completed $406m automotive ABS transaction

growth in commercial auto lending

lending for new vehicles

• Clarity and consistency of credit policy

Note:

1. Automotive annual lending is a management estimate, including consumer and commercial lending segments (Australian Bureau of Statistics no longer provides all relevant market size data) 2. Based on Plenti's share of total automotive lending in FY24

• Strong growth in loan originations and loan book
• Significant expansion of GreenConnect platform, increasing market impact
• 7 virtual power plant (VPP) operators now on platform including major energy retailers
• GreenConnect is now one of the largest referrers of VPP connections in Australia
• Enhanced experience for installers offering electrification assets - heat pumps, EV chargers, energy efficient upgrades, and more
• Executed ABS with $109m green tranche 'climate bond certified'

systems funded

funding of installations with batteries

)

solar installations annually1 ~10% estimated finance market penetration2

Plenti customer and product segments

• Residential borrowers
• Solar, battery and inverter systems
• Electrification assets, eg EV charges, heat pumps

Plenti distribution channels

• Equipment retailers and installers
• Energy retailers
• Product manufacturers
• Government subsidy program delivery

Plenti strengths

• Integration capabilities
• Bundled energy solution offering
• Aligned with partners

1. Number of installations from Clean Energy Council, Clean Energy Australia Report 2024 . There were 337,498 solar installations in 2023, up from 315,499 solar installations in 2022

2. Renewable energy market size and market penetration based on Plenti's estimate of manufacturer and installer-led point-of-sale solar, inverter and home battery finance provided to consumers

• Optimised loan origination levels versus loan margins and future credit performance
• Tightened credit criteria early in FY24
• Maintained our dual channel strategy, direct-toconsumer and broker channels, with direct-toconsumer growing 17% on pcp
• Invested in APIs to facilitate deeper integrations, increasing conversion / reducing costs
• Credit decisioning and underwriting technology enhancements supported higher automation and improved borrower conversion metrics

growth in direct lending

customers in ecosystem1

• Customer experience
• Marketing funnel efficiency
• Broker channel relationships

Note:

1. Customers in ecosystem represents borrower or investor customer profiles, including investors, borrowers and loan applicants

2. Annual personal loans market ending calculated from ABS 5601.0 Table 27 fixed term loans LTM to March 2024, excluding refinancing and purchase of road vehicles

3. Estimated penetration is based on Plenti's share of estimated annual market loan originations.

Technology advancements

Our technology investments focused on supporting our strategic partnership with NAB and driving operating efficiencies

Technology advancements - GreenConnect

We enhanced GreenConnect, our point-of-sale platform for exclusive renewable equipment, energy supplier and finance offers

Note: Costs in cost-to-income and cost-to-loan origination metrics represent sales and marketing, product development and G&A. Average loan portfolio per FTE represents average loan portfolio during the year divided by the average number of employees during the year

0%

20%

40%

60%

80%

100%

120%

140%

160%

• Cost-to-income of 26.5% beat FY24 target of <30%, with 2H cost-to-income ratio 24.7%

FY19 FY20 FY21 FY22 FY23 FY24

• Increased post COVID period lows, but remains supported by shift to lower risk auto and renewables

• Very high weighted average credit scores have been maintained

• Plenti is a prime lender, focused on lending to borrowers with strong credit characteristics. Period end portfolio characteristics included:

  • 835 weighted average Equifax credit score, well above credit active population average
  • 72% of lending to homeowners (at time of application)
  • Average borrower 40 years of age (at time of application)
  • High average income

• FY24 net loss rate was 1.06%, up from 0.68% in pcp

  • Increase expected following COVID induced lows
  • Loss rate is consistent with Plenti's target credit loss parameters
• 1. Annualised net loss rate is after the impact of debt sales, which occurred in 2H23 and 1H24
• 1. The contribution of lower-risk secured automotive and renewable energy loans to the loan portfolio has increased from 15% at the end of 1H 2019 to 70% at the end of FY24
• 1. Represents loan portfolio weighted average Equifax comprehensive credit score, where comprehensive score available. Australian average 734 as at December 2021 (source: www.savings.com.au)

Highlights

Operational Performance $\overline{\mathbf{2}}$

• Distributed direct to consumers, drawing on NAB's large personal banking customer base
• Plenti is responsible for:
• Loan application experiences
• Credit assessment and loan settlement
• On-going loan and customer management
• NAB, as product issuer, is responsible for:
• Marketing activities
• Credit and relevant policy settings (with credit risk to be borne by NAB)
• Loan funding
• Plenti and NAB to develop product features and technology integrations to streamline customer experiences and facilitate on-going customer and corporate reporting

• ~$1.2 billion loan portfolio
• Differentiated by simplicity, speed and service
• Consumer and commercial customer offerings
• Broad distribution via asset finance and mortgage brokers, on-line retailers
• EV manufacturer funding relationship

• Implementation work completed; testing underway
  • Co-branded customer journey
  • Integration with NAB systems
  • Operational processes
• Launch plan
  • Phase 1: available to NAB staff
  • Phase 2: available to NAB existing customers via online banking and personal banking app
  • Phase 3: available to new -to -bank customers, via digital channels
• Phase 1 launch to NAB staff this quarter
  • Available to NAB staff via online banking and mobile app
  • Opportunity to enhance customer experience and operations before broader launch
  • To be announced via the ASX

Highlights

• Operational Performance $\overline{\mathbf{2}}$
• NAB Strategic Partnership $\mathbf{3}$

	Loan portfolio	•28% increase in average portfolio on pcp
	Revenue	•47% revenue growth to $211m
	Cash NPAT	•Cash NPAT of $6.1m –up 36% on pcp
	Margins	•Maintained portfolio margins despite funding cost headwinds
	Costs	•Continued to demonstrate economies of scale –operating costs up 14% against 28% average portfolio growth
	Cash flow	•Positive operating cash flow, with portfolio growth funded via capital recycling
	ABS issuance	•Completed two ABS transactions –total lifetime ABS issuance now >$2.1bn
	Warehouses	•Effective BAU management and introduced new more efficient rated structure
	Corporate funding	•Stable platform in place –extended corporate facility, effective recycling of ABS notes

Note: Effective yield, net interest margin and transaction costs calculated as % of average loan portfolio in period. Plenti expects to revise effective terms from 1 April which will impact the 1H25 result. Funding costs calculated as % of average funding debt.

• Net interest margin (NIM) for FY24 was 5.2%, with margins stable halfon-half
  • NIM also stable year-on-year with FY23 portfolio margin of 5.2%
  • Margins maintained despite ongoing increase in market interest rates, particularly in 1H24, with Plenti active in managing borrower rates to protect loan profitability
• Exit rate NIM on new originations (April/May average) at 5.5% broadly consistent with maintaining stable portfolio NIM given faster amortisation of higher-NIM personal loans in book
• Review of effective interest rate accounting assumptions has been undertaken for FY25 – impact depends on origination mix but will tend to increase NIM with offset in higher transaction costs for coming financial year

• FY24 net realised loan impairment expense of 1.06% was in line with expectations in the current macroeconomic environment
• Moderate variation between 1H24 and 2H24, noting the first half benefitted from a debt sale which concentrated recoveries in this period
• The net loss rate was an increase on the 0.68% rate in FY23, as expected and communicated, given the extremely benign credit environment through the COVID period
• March/April average net loss rate of 1.16% is broadly representative of current portfolio performance
• ECL provision at 31 March 2024 was $47.1m or 2.20% of loan portfolio, with bridge on left setting out factors driving change from prior year-end
  • Largest component of increase is portfolio growth, but provision rates have also increased principally due to higher arrears
• March is typically a seasonal high point for arrears in the year, with some additional impact in March 2024 due to Easter coinciding with period end

Interest revenue	142.1	207.2	46%
Other income	1.4	3.8	177%
Total revenue pretransaction costs	143.5	211.0	47%
Transaction costs	(18.8)	(22.7)	21%
Net income	124.7	188.3	51%
Loan funding costs	(61.7)	(105.0)	70%
Expense passed to unitholders	(0.1)	(0.2)	63%
Customer loan impairment expense	(24.7)	(33.9)	37%
Realisedloanimpairmentexpense	(106)	(210)	99%
ECLprovisionexpense	(142)	(129)	(9)%
Sales and marketing expense	(12.3)	(13.7)	11%
Product development expense	(10.4)	(12.6)	21%
General and administration expense	(26.3)	(29.7)	13%
Operationsexpense	(121)	(139)	15%
Otheroverheadexpense	(142)	(158)	11%
Corporate funding costs	(2.3)	(3.3)	46%
Depreciation & amortisation	(1.5)	(1.5)	6%
Income tax benefit / expense	1.1	(3.1)	>(100)%
NPAT	(13.6)	(14.7)	8%
Cash NPAT	4.5	6.1	36%

• Full year Cash NPAT of $6.1m, an increase of 36% on prior year
• Cash NPAT growth achieved due to strong revenue and margin growth, with controlled costs offsetting funding and impairment expense headwinds
• Growth in revenue of 46% reflected 28% increase in average loan book as well as higher average borrower rates, with Other income growth supported by upfront revenue from NAB partnership
• Realised loan impairments grew by $10.4m due to portfolio growth and reversion of loss rates to levels more consistent with historic experience by loan product - loss rate of 1.06% remained within expected range
• Continued focus on operating leverage as portfolio grows with operating costs up 14%, including impact on costs of establishing strategic partnership with NAB
• Continued to expense all technology investment in the year with total Product development expense of $12.6 million

Statutory NPAT	(13.6)	(14.7)
Add: ECL provision expense1	14.3	13.0
Add: Share-based payments	3.4	3.2
Add: Depreciation & amortisation	1.5	1.5
Add: Income tax expense on hedge gain	(1.1)	3.1
Cash NPAT	4.5	6.1
		25

1. Difference between ECL provision Profit and loss statement reflects component of ECL provision included in Expense passed to unitholders line which is also adjusted for in Cash NPAT

Notes: Cost base includes Sales & marketing, Product development and General & administrative expense as presented in Plenti's Statement of Profit or Loss on a statutory basis. This includes the value of share-based payments which are not included in the calculation of Cash NPAT but excludes funding costs and credit losses. 'NAB powered by Plenti' loan volume will be included in loan portfolio value in respect of cost trajectory

• Plenti's 1H23 results set out an ambition to achieve a $25m cost benefit as we double the loan book from $1.5bn to $3.0bn
• The chart on the left shows the required trajectory of costs against loan book growth to achieve this result, as well as the actual trajectory to date
• Based on the last 3 halves, we remain on track to deliver on our objective

• Plenti remains differentiated by the diversity of its loan funding, which includes its retail investor platform
• Continued to effectively manage warehouse facilities with good funder support
• All facilities extended, with restructure of one to an innovative rated structure, improving funding efficiency
• Continued programmatic issuance of ABS in debt capital markets with two transactions in the period
• Total ABS issuance in the period was ~$781m, taking lifetime issuance to >$2.1bn
• Continued to broaden investor base January 2024 PL-Green transaction had 23 investors participate
• Released $9.5m of capital against ABS holdings in FY24, with ability to continue to recycle going forward to support investment in growth
• Equity investment in ABS/warehouses of $55.8m at 31 March, of which $14.0m is held against loans on the Plenti Lending Platform
• $44.8m reported corporate cash position at 31 March 2024, with underlying corporate cash of $20.8m, up from 31 March 2023 position of $17.8m2
• Corporate debt facility extended in March 2024 currently drawn to $27.5m $5.0m drawn in 1H24 with no further drawings in 2H24
• 1. Warehouses include settlement facility but both warehouses and ABS funding values exclude $55.8m of notes held by Plenti which eliminate on consolidation
• 1. $268m warehouse headroom comprised of $259.9m underdrawn warehouse capacity and $7.6m in cash funds already drawn but available for loan funding
• 1. Reported corporate cash includes $24.0m (Mar-23: $10.m) in customer collections accounts which are received in Plenti corporate accounts and then regularly swept to relevant funding vehicles. These funds are not available for general corporate purposes

Highlights

• Operational Performance $\overline{\mathbf{2}}$
• NAB Strategic Partnership 3

• Drive growth in loan originations and loan portfolio

• Deliver full year Cash NPAT growth, skewed towards 2H25

• Reduce cost-to-income ratio to <24%

• Remain on target to deliver $25m in efficiencies as loan portfolio scales towards $3bn

Appendices

Operating cash flow
Interest income received	153.0	220.4
Other income received	1.4	3.8
Interest and other finance costs paid	(60.7)	(108.1)
Payments to suppliers and employees	(73.1)	(76.9)
Net operating cash flow	20.6	39.2
Investing and financing cash flow
Net increase in loans to customers	(474.1)	(386.2)
Net proceeds of borrowings	434.9	348.9
Proceeds from corporate debt	4.5	5.0
Other	(2.1)	(1.1)
Net investing and financing cash flow	(36.8)	(33.3)
Net change in cash and cash equivalents	(16.2)	5.9

• Statutory operating cash flow for FY24 of $39.2m (FY23: $20.6m)
  • Includes $1.3m Provision Fund cash inflow (FY23: $2.3m)
• Corporate cash increased in the period by $17.0m, but excluding $14.0m relating to customer collection accounts, underlying cash balances increased $3.0m
• The material balancing items between the underlying movement in corporate cash and statutory operating cash flow ex-Provision Fund in the period are
  • $(18.3)m of merchant service fees on interest free loans which are reflected on a gross basis in the statutory cash flow as operating cash flow but which are operationally netted off against the amount borrowed from the warehouse to fund the loan
  • $(17.3)m of realised credit losses which are deducted from the Group's warehouse and ABS distribution payments
  • Net $(1.3)m invested to support growth in funding structures comprising $(28.0)m invested in equity tranches and $26.7m released directly from ABS transactions or recycling of ABS note holdings
  • $5.0m drawn from the Group's corporate debt facility

1. Of the notes held, $14.0m are held as security against loans funded in the Notes Market of the Plenti Lending Platform – and hence are not freely available to the Group

Assets
Cash and cash equivalents	143.0	148.9
Customer loans	1,714.8	2,061.8
Derivative assets	20.8	12.8
Other assets	31.4	35.1
Total assets	1,910.1	2,258.6
Liabilities
Trade payables	5.0	5.3
Borrowings –loan funding	1,808.1	2,157.5
Borrowing –corporate funding	22.5	27.5
Derivative liabilities	2.6	4.8
Other	26.9	37.1
Total liabilities	1,865.0	2,232.3
Net assets	45.0	26.3
Corporate cash	27.8	44.8
Provision Fund cash	13.7	12.6
Platform / warehouse funding cash	101.5	91.4

Total cash and cash equivalents 143.0 148.9

• Corporate cash position at 31 March 2023 of $44.8m (31 March 2023: $27.8m)
  • $24.0m relates to loan collection accounts which are not available for corporate activities (31 March 2023: $10.0m)
• Customers loan asset of $2,062m reflects $2,138m loan portfolio less $47m ECL provision and $29m in deferred upfront fees
• Derivative assets decreased $8.0m, primarily due to amortisation of interest rate hedges over period as well as change in market interest rates
• Borrowings of $2,158m comprises $1,162m of ABS funding, $805m of warehouse funding and $190m via lending platforms
• Equity investment in securitised structures of $55.8m (not represented on balance sheet as eliminates on consolidation)1
• Corporate debt facility drawn to $27.5m in March 2024, with facility size able to increase as the loan book grows, providing corporate funding flexibly – not fully drawn at 31 Mar 2024

Interest revenue	36.6	50.6	63.2	78.9	95.9	111.2	25%	25%	22%	16%
Other income	0.6	0.6	0.6	0.8	0.9	3.0	(7)%	31%	9%	251%
Total revenue pre transaction costs	37.2	51.3	63.8	79.7	96.8	114.2	24%	25%	21%	18%
Transaction costs	(3.2)	(7.7)	(8.7)	(10.0)	(11.0)	(11.7)	14%	15%	10%	6%
Net income	34.0	43.6	55.0	69.7	85.8	102.5	26%	27%	23%	19%
Loan funding costs	(14.5)	(17.5)	(25.7)	(36.1)	(85.8)	(102.5)	47%	40%	138%	19%
Expense passed to unitholders	(0.2)	0.0	(0.0)	(0.1)	(0.2)	(0.1)	nm	nm	50%	(59)%
Customer loan impairment expense	(6.0)	(6.3)	(8.7)	(16.1)	(9.3)	(23.2)	38%	85%	(42)%	148%
Realisedloanimpairmentexpense	(25)	(25)	(45)	(61)	(93)	(117)	79%	35%	54%	25%
ECLprovisionexpense	(35)	(38)	(42)	(100)	(13)	(115)	11%	139%	(87)%	>100%
Sales and marketing expense	(7.3)	(6.4)	(6.0)	(6.3)	(6.9)	(6.7)	(7)%	5%	10%	(3)%
Product development expense	(3.3)	(4.4)	(5.1)	(5.3)	(6.0)	(6.6)	15%	5%	13%	10%
General and administration expense	(9.7)	(11.6)	(12.9)	(13.4)	(14.9)	(14.8)	11%	3%	11%	(0)%
Operationsexpense	(46)	(56)	(60)	(62)	(70)	(70)	7%	4%	13%	0%
Otheroverheadexpense	(52)	(61)	(69)	(72)	(79)	(78)	14%	3%	10%	(1)%
Corporate funding cost	(0.0)	(0.1)	(0.9)	(1.3)	(1.5)	(1.8)	nm	41%	14%	19%
Depreciation & amortisation	(0.5)	(0.6)	(0.7)	(0.8)	(0.8)	(0.8)	22%	9%	1%	1%
Income tax benefit / expense	-	4.4	7.6	(6.5)	3.2	(6.2)	72%	(186)%	(148)%	(298)%
NPAT	(7.5)	1.1	2.6	(16.2)	0.6	(15.3)	127%	(725)%	(104)%	>(100)%
Cash NPAT	(2.2)	2.7	1.4	3.1	1.5	4.6	(49)%	125%	(51)%	201%

Loan originations ($m)	472.8	629.5	558.2	572.8	624.1	577.2	1,102.3	1,131.0	1,201.3
Average term of new originations (months)	64.8	65.0	64.6	64.2	64.4	63.8	64.9	64.4	64.1
Closing loan portfolio ($m)	915.1	1,299.7	1,547.6	1,766.2	1,992.4	2,138.3	1,299.7	1,766.2	2,138.3
Average loan portfolio ($m)	754.8	1,100.9	1,427.0	1,663.3	1,885.5	2,068.2	927.9	1,545.2	1,976.9
Average borrowings ($m)	724.2	1,072.8	1,472.1	1,690.0	1,916.5	2,103.4	898.5	1,581.0	2,009.9
Average interest rate (% of average gross loan portfolio)	9.7%	9.2%	8.9%	9.5%	10.2%	10.8%	9.4%	9.2%	10.5%
Average funding cost rate (% of average borrowings)	4.0%	3.3%	3.5%	4.3%	4.9%	5.5%	3.6%	3.9%	5.2%
Net charge off1 (%of average closing loan portfolio)	0.7%	0.5%	0.6%	0.7%	1.0%	1.1%	0.5%	0.7%	1.1%
rate2 (% of closing loanLoan portfolio amortisationportfolio,) monthly	4.7%	4.5%	4.0%	3.8%	3.8%	3.6%	5.7%	4.3%	3.9%
rate3 (% of average loanLoan portfolio amortisationportfolio,) monthly	3.8%	3.7%	3.6%	3.5%	3.5%	3.5%	3.7%	3.6%	3.5%

Notes:

1. Net charge-off rate calculated as actual loan receivables written off in the period net of loss recoveries divided by average loan portfolio value

2. Calculated as change in closing loan portfolio less new loan originations for the period as a % of the previous period closing loan portfolio

3. Calculated as change in closing loan portfolio less new loan originations for the period as a % of the period average loan portfolio

Loan originations ($m)	472.8	629.5	558.2	572.8	624.1	577.2	1,102.3	1,131.0	1,201.3
Automotive	257.7	381.6	302.3	269.3	327.6	296.5	639.3	571.7	624.2
Renewable energy	46.3	51.9	52.6	69.4	76.3	83.2	98.3	122.0	159.5
Personal	168.8	195.9	203.2	234.1	220.1	197.4	364.7	437.3	417.6
Closing loan portfolio ($m)	915.1	1,299.7	1,547.6	1,766.2	1,992.4	2,138.3	1,299.7	1,766.2	2,138.3
Automotive	464.4	744.8	898.8	997.6	1,135.8	1,222.6	744.8	997.6	1,222.6
Renewable energy	113.8	141.9	164.8	201.0	236.6	272.9	141.9	201.0	272.9
Personal	336.9	413.1	484.0	567.7	619.9	642.8	413.1	567.7	642.8

NPAT	(7.5)	1.2	2.6	(16.2)	0.6	(15.3)	(6.3)	(13.6)	(14.7)
Add: ECL provision expense1	3.6	3.8	4.2	10.1	1.5	11.5	7.4	14.3	13.0
Add: Share-based payments	1.2	1.6	1.4	1.9	1.8	1.4	2.8	3.4	3.2
Add: Depreciation & amortisation	0.5	0.6	0.7	0.8	0.8	0.8	1.0	1.5	1.5
Add: Income tax expense on hedge gain	0.0	(4.4)	(7.6)	6.5	(3.2)	6.2	(4.4)	(1.1)	3.1
Cash NPAT	(2.2)	2.7	1.4	3.1	1.5	4.6	0.5	4.5	6.1

1. ECL provision expense is marginally different in Cash NPAT reconciliation to value of face of P&L as there is a component of ECL provision also included in the Expense passed to unitholders line on the P&L

No recommendation, offer, invitation or advice

The material in this presentation is general background information about Plenti Group Limited (the Company) and its subsidiaries, and is current at the date of the presentation, 22 May 2024.

The information in this presentation is of a general nature and does not purport to be complete or to provide all information that an investor should consider when making an investment decision. It should be read in conjunction with the Company's IPO prospectus and other periodic and continuous disclosure announcements lodged with the ASX, including the FY24 Full Year Results announcement and other FY24 results materials. Neither the Company nor its representatives have independently verified any data provided by third parties.

This presentation does not constitute advice (of any kind) to current or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. No representation is made as to the accuracy, completeness or reliability of the presentation. The Company is not obliged to, and does not represent that it will, update the presentation for future developments.

This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in the Company. This presentation has been made available for information purposes only and does not constitute a prospectus, short form prospectus, profile statement, offer information statement or other offering document under Australian law or any other law. This presentation is not subject to the disclosure requirements affecting disclosure documents under Chapter 6D of the Corporations Act 2001 (Cth) and does not contain all the information which would be required in such a disclosure document.

Exclusion of representations or warranties

This presentation may contain certain "forward looking statements". Forward risks, uncertainties and other factors, many of which are outside the control of the Company, can cause actual results to differ materially from such statements. The Company makes no undertaking to update or revise such statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in any forward-looking statements made.

To the maximum extent permitted by law, the Company and its related bodies corporate, directors, officers, employees, advisers and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, this presentation.

Non-IFRS financial measures

Recipients of this presentation should also be aware that certain financial information included in this Presentation is "non-IFRS financial information" under ASIC Regulatory Guide 230: "Disclosing non-IFRS financial information". These measures include net loss rate, loan deferral rates, net charge-off rates, any "pro forma" measurements, average interest rates, average funding rates, cost to income ratios and loan portfolio amortisation rates. The Company believes this non-IFRS financial information may be useful to users in measuring the financial performance and conditions of the Company and its subsidiaries.

This non-IFRS financial information does not have a standardised meaning prescribed by the Australian Accounting Standards Board or the International Financial Reporting Standards Foundation, and therefore, may not be comparable to similarly titled measures presented by other entities, nor should it be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards or IFRS. Recipients of this presentation are therefore cautioned not to place undue reliance on any non-IFRS financial information included in this presentation. Non-IFRS measures have not been subject to audit or review.

Investment risk

An investment in the Company's securities is subject to investment and other known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company or an investment in it, nor does it guarantee the repayment of capital from the Company or any particular tax treatment. Before investing in the Company, you should consider whether this investment is suitable for you. Potential investors should consider publicly available information on the Company, carefully consider their personal circumstances and consult their professional advisers before making an investment decision.

All currency figures are in Australian dollars unless otherwise stated. Totals and change calculations may not equate precisely due to rounding.