RESIMAC GROUP LTD — Investor Presentation 2021

Aug 30, 2021

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21
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Resimac Group Ltd FY21 Investor Presentation

Our business highlights

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VIA BROKERS & DIRECT TO CUSTOMER

DIRECT TO CUSTOMER

LEADING AUSTRALIAN NON-BANK LENDER VIA BROKERS

LEADING NZ

NON-BANK LENDER VIA BROKERS

& WHOLESALE PARTNERS

• Australian Mortgage Awards Non-Bank of the Year 2020

• Assets Under Management increased 12% (2.2x system)

• $1.4b of AU Specialist settlements ( +14% v FY20)

• Lowest margin RMBS issuance since pre-GFC

• New brand launched in September 2020

• Strong lead generation strategy implemented with efficient cost per settlement

• Market-leading front end technology providing customers with a seamless application process

• Lower Prime cost of funds driving an aggressive growth strategy

• Completed 100% acquisition of IA Group in February and rebranding completed

• Launched into Broker channel in April with strong support from broker partners

• Launched new online Direct to Consumer channel

• Restructured warehouse facility reducing cost of funds

• & DIRECT TO CUSTOMER

• Record FY21 settlements $405m ( +81% v FY20)

• Resimac NZ Direct settlements increased 71% v FY20

• NZ RMBS Prime deal issued at materially lower senior margins

• New origination system launched in August 2021

2

Performance . highlights

SCOTT MCWILLIAM, CEO JASON AZZOPARDI, CFO

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(vs FY20) FY21 key highlights

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STATUTORY [1] NORMALISED [2] NET INTEREST COST TO INCOME
NPAT NPAT INCOME RATIO (NORMALISED)
$107.6m $104.0m $242.7m 32.1%
 92%  87%  29%  580bps
HOME LOAN RETURN ON FY21 DIVIDEND EARNINGS PER
AUM EQUITY (ROE) FULLY FRANKED SHARE
$13.8b 36.9% 6.4c 26.4c
 11%  1,140bps  113%  92%
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2 Normalised NPAT excludes one-off non-recurring item per reconciliation on slide 19.

1 FY21 NPAT excludes non-controlling interest of $249k (FY20 $99k)

4

Financial results summary

summary
FINANCIAL PERFORMANCE	FY21 FY20 CHANGE
NPAT (statutory)*	$107.6m	$55.9m	92%
NPAT (normalised)*	$104.0m	$55.6m	87%
Cost to income ratio (normalised)	32.1%	37.9%	580bps
Net interest income (NII)	$242.7m	$188.6m	29%
Operating expenses	($70.7m)	($62.2m)	14%
Loan impairment expense	($2.7m)	($22.0m)	88%
Return on equity (normalised NPAT)**	36.9%	25.5%	1,140bps
FY21 fully franked dividend	6.4c	3.0c	113%

87% Increase in

580 bps Decrease in

Cost to Income Ratio

Normalised NPAT

(Driven by higher Asset Under Management and Net Interest Margin)

(Driven by revenue growth partly offset by investment in core banking transformation)

88%

36.9% Return on Equity

Decrease in

Loan Impairment Expense

(FY20 included a one-off $16.4m COVID overlay)

FY21 Fully Franked Dividend Increased 113% to 6.4c per share

• *FY21 NPAT excludes non-controlling interest of $249k (FY20 $99k)

• **ROE based on normalised NPAT and average FY21 shareholders equity.

5

Profitable growth

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NET PROFIT AFTER TAX (NORMALISED) ($m)
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COST TO INCOME RATIO (NORMALISED)
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120 70%
100 60%
104.0 61.7%
80 50% 56.6%
40%
60
30% 37.9%
55.6
40 32.1%
20%
20 26.2 31.1 10%
- -
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
4YEA
RCAG
158%
R
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NET INTEREST INCOME ($m)
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300
250
242.7
200
188.6
150
100 117.9
102.5
50
-
FY18 FY19 FY20 FY21
4YEA
RCAG
133%
R
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1 Compound annual growth rate.

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Settlements
 Breadth of Resimac home loan products in all segments and channels continues to drive settlement growth.
 2H21 settlements increased 25% driven by Prime +35% and Specialist +4% , providing strong momentum into FY22.
 FY21 settlements increased 3% compared to FY20 driven by NZ (+81%) and homeloans.com.au (+15%).
HOME LOAN
SETTLEMENTS
HOME LOAN SETTLEMENTS - PRODUCT ($b)
$4.8b
3.0  3%
2.5 0.8
0.7 0.6
2.0 0.7
0.5
1.9
1H21 2H21
1.5 0.6 1.7 1.7
SETTLEMENTS SETTLEMENTS
1.5 1.4
1.0 1.1
$2.1b $2.7b
0.5
 25%
-
1H19 2H19 1H20 2H20 1H21 2H21
Prime Specialist
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Assets under management

•  Home loan assets under management increased 11% (2.2x system growth[1] ). New Zealand increased 35% to $0.7b as Resimac continues to build a leading New Zealand non-bank.

•  Direct to consumer channel increased 10% to $1.9b driven by homeloans.com.au growth post-September launch.

• Resimac market share remains lower than 1% of the Australian and New Zealand home loan markets. Significant scope for further growth exists.

Home Loan AUM Increased 11%

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HOME LOAN AUM ($b)
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16.0
14.0
13.8
12.9
12.0 12.4 0.4
11.3 0.4
0.5 3.8
10.2
10.0 0.5 3.5
9.4 3.2
0.6
0.6 2.9
8.0 2.6 9.6
2.3 8.7 9.0
7.9
6.0 7.0
6.5
4.0
2.0
-
1H19 2H19 1H20 2H20 1H21 2H21
Prime Specialist Other
3 YEARCA
GR2 16%
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New Zealand AUM Increased

35%

Direct Channel AUM Increased

10%

1 System growth per RBA June 2021 total housing credit financial aggregates.

2 Compound annual growth rate.

8

Home loan margins

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GROUP NET INTEREST MARGIN (bps)
67 207
190
Home loan pricing FY21 Funding costs
decreased increased
46 bps 4 bps (46)
(4)
(Driven by higher yield back (Driven by higher warehouse
book run-off and competitive costs during height of COVID)
pricing for new business)
NIM up NIM
-
17 bps 1H21 211 bps
(vs FY20)
-
2H21 funding costs BBSW FY21 2H21 204 bps
decreased average
8 bps 6 bps FY20 Home loan Funding BBSW FY21
(In comparison to 1H21) (FY20 average 73bps ) pricing costs
Funding costs will continue to decrease in FY22 and beyond as blended cost of funds
benefit from older vintage RMBS rolling off, replaced by new issuance at lower margins.
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*Net interest margin reflects total interest income on loans less bond interest expense only.

9

Funding

 The Group issued $5.8b of Australian and NZ Prime and Specialist RMBS in FY21.

 RMBS pricing decreased materially in 2H21. Benefits of lower funding costs will flow into FY22 and beyond as higher cost RMBS term out.

AUSTRALIA RMBS ISSUANCE TERM PROFILE ($b)

AUSTRALIA RMBS SENIOR MARGIN (bps)

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4.0
3.5
3.0
0.8
2.5 1.0
2.0 2.5 1.0 1.0
0.8 1.0
1.5 2.0
1.5 1.5 1.5
1.0 1.4
0.5
-
FY17 FY18 FY19 FY20 1H21 2H21
Prime Specialist
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180
165 165
160
140
140 130
127
120 128
123 125 125
114
100
80
80
70
60
40
FY17 FY18 FY19 FY20 1H21 2H21
Prime Specialist
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10

Home loan portfolio composition

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WEIGHTED AVERAGE WEIGHTED AVERAGE
PORTFOLIO LVR PORTFOLIO DYNAMIC LVR
Prime Specialist Prime Specialist
66.4% 69.0% 64.9% 68.8%
Dynamic LVR = LVR based on latest CoreLogic individual property valuations.
LOAN PURPOSE LOAN TYPE GEOGRAPHIC LOCATION LOAN TYPE
3%
5%
5%
29% 28%
7% 35%
40%
60% 18%
71% 72%
27%
Investment Interest only NSW VIC QLD Prime
Owner occupied Principal & interest WA SA NZ Other Specialist
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Home loan portfolio performance

ARREARS (%)

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2.25%
1.96%
1.78%
1.60%
1.56% 1.56%
1.50%
0.76% 0.79% 0.72% 0.75%
0.69% 0.68% 0.68%
0.83%
0.70%
0.65%
0.60% 0.57% 0.53%
0.44%
0.11%
0.03% 0.07% 0.06% 0.07% 0.04% 0.07%
Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
Prime 90+ Specialist 90+ Prime 90+ SPIN Specialist 90+ SPIN
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Arrears Remain well below SPIN index and broadly in line with pre-COVID arrears levels

SPIN = S&P Global Ratings Mortgage Performance Index.

12

Home loan portfolio performance

Lower Specific Provisions $5.4m Representing 4bps coverage of total AUM

Collective Provisions $32.1m Increased $1.5m compared to Jun-20, representing 23bps coverage of total AUM

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JUN 2019 JUN 2020 DEC 2020 JUN 2021
HOME LOAN SPECIFIC PROVISIONS $m
Prime 0.35 0.61 0.57 0.39
Specialist 3.26 3.37 3.61 3.02
Legacy 1.50 1.93 1.86 1.80
Other (incl. NZ) 0.47 0.15 0.03 0.22
Total specific provisions 5.58 6.06 6.07 5.43
Provisions / AUM (bps) 6bps 5bps 5bps 4bps
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COVID MGMT
OVERLAY HARDSHIP MACRO ORGANIC
JUN 2020 RELEASE LOANS OVERLAY GROWTH JUN 2021
HOME LOAN COLLECTIVE PROVISIONS $m
Prime 8.2 (4.4) 3.0 1.5 1.0 9.3
Specialist 19.5 (11.7) 5.6 1.5 4.3 19.2
Legacy 1.0 - 0.8 - 0.1 1.9
Other (incl. NZ) 1.9 (0.3) - - 0.1 1.7
Total collective provisions 30.6 (16.4) 9.4 3.0 5.5 32.1
Provisions / AUM (bps) 27bps 23bps
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13

Hardship analysis

 COVID-19 customer impacts managed well with the number of customers in hardship decreasing materially since June 2020.

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ACTIVE PAYMENT DEFERRALS AT 30 JUNE 2020 [[1]] ACTIVE PAYMENT DEFERRALS AT 31 JULY 2021 [1]
35,000 25% 40,000 2.50%
33,200
22% 35,189
30,000 35,000 2.0%
20% 2.00%
30,000
25,000
21,317 25,000
15% 22,880 1.50%
20,000
20,000
15,000
9% 10% 10% 15,000 0.9% 1.00%
0.7%
10,000
6% 10,000
6,234 5,649 5% 0.5% 7,640 0.50%
5,000 3,195 5,000 4,669
1,300 1,395
500
- 0% - 122 154 35 311 0.00%
Prime Specialist NZ & Legacy Book Total Portfolio Prime Specialist NZ & Legacy Book Total Portfolio
Hardship Portfolio % of Accounts Hardship Portfolio % of Accounts
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ACTIVE PAYMENT DEFERRALS AT 30 JUNE 2020[[1]]

1 Number of accounts.

14

Strategic . priorities SCOTT MCWILLIAM, CEO

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Growth strategy

• Leading non-bank lender by market share across major aggregator groups in Australia and New Zealand

• Highly rated and awarded online lender

• Low cost origination model, encompassing both acquisition and servicing

• Offering flexible lending solutions that cater to a broader borrower type

• High conversion and customer retention through superior customer experience and service

• Brand recognised for superior broker and customer experience, flexibility and consistency

• Award winning industry participant

Targeting  $8b in annual Settlements by FY24

• Leading commercial and consumer asset financier in Australia and New Zealand

• Comprehensive product suite that complements our mortgage business

• Brand recognised for superior broker and customer experience, flexibility and consistency

• Repeat ABS issuer

• Targeting  $1b in annual Settlements by FY24

A customer centric organisation that is data-driven, powered by a modern digital platform providing cost-effective, scalable and rapid growth.

16

Digital strategy

Resimac continues to understand the advantages of upgrading our technology platform and thereby embrace the benefits of investment in technology. We expect our investment in digital transformation will deliver a contemporary digital customer experience and platform for sustainable and scalable growth.

Digital touchpoints customer journey Scalability through integration and automation AI enabled data insights driving decision making

Modular and secure architecture assisting with an ever evolving footprint

17

Financial results.

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	FY21 FY20	FY21 FY20
Interest income	467.6	459.3
Interest expense	(224.9)	(270.7)
Net interest income	242.7	188.6
Fee and commission income	9.9	11.3
Fee and commission expense	(35.2)	(36.1)
Other income	8.0	0.7
Employee benefts expense	(37.5)	(35.9)
Other expenses	(33.1)	(26.3)
Loan impairment expense	(2.7)	(22.0)
Proft before tax	152.1	80.3
Income tax expense	(44.3)	(24.3)
PROFIT AFTER TAX	107.8	56.0
Attributable to:
Owners of the parent	107.6	55.9
Non-controlling interest	0.2	0.1

Reconciliation of statutory NPAT to normalised NPAT	Reconciliation of statutory NPAT to normalised NPAT	Reconciliation of statutory NPAT to normalised NPAT
NPAT attributable to parent (statutory)	107.6	55.9
Fair value gain on investment in fnancial asset (Athena)	(5.1)	-
Non-recurring income	-	(0.4)
Tax efect	1.5	0.1
NPAT attributable to parent (normalised)	104.0	55.6

19

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30-JUN-21 30-JUN-20 Cash reconciliation ($m) 30-JUN-21 30-JUN-20
Cash and bank balances 619.8 366.0 Cash at bank and on hand 50.6 27.8
Trade and other receivables 4.6 6.0 Cash collections account 567.7 336.7
Loans and advances to customers 13,925.7 12,506.0 Restricted cash 1.5 1.5
Other assets 39.4 47.8 Cash at bank 619.8 366.0
Other financial assets 15.1 7.1
Derivative financial assets 2.3 52.6
Right-of-use assets 10.6 12.3
Intangible assets 27.6 28.9
TOTAL ASSETS 14,645.1 13,026.7
Trade and other payables 34.5 25.9
Interest-bearing liabilities 14,170.6 12,685.6
Other financial liabilities 15.8 20.8
Derivative financial liabilities 61.0 3.3
Lease liabilities 12.5 13.6
Other liabilities 24.4 31.2
Provisions 5.2 4.6
TOTAL LIABILITIES 14,324.0 12,785.0
Net Assets 321.1 241.7
Share capital 181.6 181.9
Reverse acquisition reserve (61.5) (61.5)
Total issued capital 120.1 120.4
Reserves (18.1) (7.6)
Retained earnings 219.1 128.7
Equity attributable to owners of the parent 321.1 241.5
Non-controlling interest - 0.2
TOTAL EQUITY 321.1 241.7
20
($m)
ASSETS
AS AT 30 JUNE 2021
FINANCIAL POSITION LIABILITIES
CONSOLIDATED STATEMENT OF
EQUITY
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FY21 FY20

OPERATING ACTIVITIES INVESTING ACTIVITIES FINANCING ACTIVITIES	Interest received	478.2	471.0
	Interest paid	(211.9)	(264.0)
	Receipts from loan fees and other income	49.8	46.7
	Payments to suppliers and employees	(167.7)	(155.0)
	Payments of net loans to borrowers	(1,546.0)	(3,573.6)
	Income tax paid	(49.9)	(9.0)
	Net cash used in operating activities	(1,447.5)	(3,483.9)
	Payment for property, plant and equipment	(0.2)	(0.3)
	Repayment of loans to related parties	-	(2.4)
	Acquisition of subsidiary (RAF)	(8.2)	(6.0)
	Cash acquired on acquisition of subsidiary (RAF)	-	1.1
	Payment for new investments	(1.4)	(3.0)
	Balance of proceeds on disposal of Paywise	1.7	0.3
	Net cash used in investment activities	(8.1)	(10.3)
	Proceeds from borrowings	11,793.1	9,560.9
	Repayment of borrowings	(10,201.0)	(7,365.0)
	Proceeds of loans sold to external party (Athena)	138.8	1,453.2
	Proceeds from exercise of options	0.2	0.3
	Payment for acquisition of treasury shares	(1.3)	-
	Swap payments	(2.4)	(2.1)
	Payment of dividends	(16.2)	(9.9)
	Payment of lease liabilities	(1.7)	(1.7)
	Net cash from fnancing activities	1,709.5	3,635.7
	Net increase in cash and cash equivalents	253.9	141.5
	Cash and cash equivalents at the beginning of the fnancial year	366.0	224.8
	Efects of exchange rate changes on cash balances held in foreign currencies	(0.1)	(0.3)
	Cash and cash equivalents at the end of year	619.8	366.0

21

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Scott McWilliam

CHIEF EXECUTIVE OFFICER

Scott is responsible for managing the overall operations of the organisation, its people and resources and ensures the implementation of the strategy agreed with the Board.

Scott has over 20 years’ experience in the financial services sector. This includes holding senior roles in debt capital markets for Deutsche Bank in both London and Sydney and with Citibank.

Scott has been with the Resimac Group since 2003, initially as Head of Funding and Investments, followed by Chief Operating Officer and then CEO since 2013. scott.mcwilliam@resimac.com.au

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Jason Azzopardi

CHIEF FINANCIAL OFFICER

Jason joined the Resimac Group in July 2018 as Chief Financial Officer. Jason is also the Group Executive leading the Marketing function.

Prior to Resimac, Jason held senior finance roles in private equity in London. Since relocating to Australia in 2011, Jason’s extensive retail banking experience includes senior leadership roles at Bankwest and Macquarie.

Jason is a Fellow of CPA Australia, and a Graduate of the Australian Institute of Company Directors. jason.azzopardi@resimac.com.au

Environmental, social and governance

As an Australian ASX Listed entity providing funding for a large number of Australian and New Zealand communities, Resimac is able to contribute to create a positive social impact. Resimac acknowledges that its approach to environmental, social and governance (‘ESG’) responsibilities is a key factor for many customers, investors and employees. As a business, we incorporate ESG into our strategy and way of thinking. We will work together to enhance our effectiveness, we will provide appropriate disclosures, and we will report our activities and progress.

ENVIRONMENTAL FACTORS

In conducting our business, we consider environmental factors such as climate change, energy efficiency, water preservation, reduction of carbon footprint, waste treatment practices and natural resource conservation. Under our Carbon Conscious initiative, Resimac plants one tree for every loan settled. Since 2009 we have planted over 40,000 trees, which will offset nearly 5 million kilograms of carbon from the Earth's atmosphere over their lifetime.

SOCIAL FACTORS

At Resimac, we aim to conduct our business in an environmentally responsible fashion.

The social factors we consider as a business include human capital (remuneration practices, diversity, antidiscrimination and solid embedded values), workplace health and safety, community and stakeholder relations (volunteering, community funding and customer advocacy). The Group continues to provide flexible lending solutions to a broad range of customers, and during the year implemented a staff share plan for employees.

GOVERNANCE FACTORS

Resimac is governed by an extensive range of factors including risk management, transparency, adherence to regulatory obligations, and our internal code of conduct / ethics. We encourage the right of shareholders to engage with management and provide opportunity to vote on important issues.

24

About our business units

Resimac has expanded its operations both in Australia and New Zealand by completing acquisitions and making investments into complementary businesses. These acquisitions and investments provide for a broader and more diversified distribution model which assist in delivering vertical integration; a key driver of our success.

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LEADING AUSTRALIAN NON-BANK LENDER VIA BROKERS & WHOLESALE PARTNERS

Providing a full suite of home loan solutions for a range of borrower types, with distribution via the third-party channel. We have partnered with most major mortgage broking aggregator groups and also provide funding to some of Australia’s leading mortgage managers. Our products can be accessed by over 85% of the third-party broker network.

DIRECT VIA BROKERS TO CUSTOMER & DIRECT TO CUSTOMER

homeloans.com.au offers a range of smart, cost effective and transparent home loan solutions directly to the Australian consumer. Offering an industry-leading online application process complemented by a team of lending specialist, our loans are fully featured and include online access, offset accounts, redraw and loan access cards.

The newest addition to the Resimac Group, Resimac Asset Finance offers a range of lending products for consumers and commercial borrowers. Our product suite includes asset finance, secured business loans, personal loans and car loans.

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LEADING NZ NON-BANK LENDER VIA BROKERS & DIRECT TO CUSTOMER

Drawing on the experience of our Australian parent, Resimac New Zealand offers borrowers a genuine alternative to the major banks. Offering both Prime and Specialist lending solutions, Resimac New Zealand has a broad range of home loan products available either directly or via Mortgage Advisers.

25

Our values

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INTEGRITY &
QUALITY PASSION RESPECT AGILITY PROFESSIONALISM ACCOUNTABILITY
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IMPORTANT NOTICE & DISCLAIMER

The information in this presentation provides an overview of the results for the period ended 30 June 2021. It is general background information about the activities of Resimac Group Ltd and is current as at the date of the presentation, 31 August 2021. It is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes as it does not take into account your investment objectives, financial position or needs.

These factors should be considered, with or without professional advice, when determining if an investment is appropriate. Forward looking statements in this presentation are based on Resimac’s current views and assumptions and involve known and unknown risks and uncertainties, many of which are beyond Resimac’s control and could cause actual results, performance or events to differ materially from those expressed or implied. These forward looking statements are not guarantees or representations of future performance and should not be relied upon as such.

This presentation has not been subject to auditor review and all dollar values are in Australian dollars ($AUD), unless otherwise stated.

This presentation should be read in conjunction with all information which Resimac Group Ltd has lodged with the Australian Securities Exchange (“ASX”). Copies of those lodgements are available from either the ASX website asx. com.au or Resimac’s website resimac.com.au

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. Any such securities have not been, and will not, registered under the U.S. Securities Act of 1933 (Securities Act), or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United States or to, or for the account or benefit of, persons in the United States, unless they have been registered under the Securities Act (which Resimac has no obligation to do or to procure) or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the Securities Act.

26

. Thank you

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