Company Overview Strictly Confidential Disclaimer

This presentation of Hexindai Inc. (the “Company”) contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company’s goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace’s products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this presentation is current as of the date of this presentation, and the Company does not undertake any obligation to update such information, except as required under applicable law.

2 Presenters

Mr. Xiaobo An Mr. Xinming Zhou Johnson Zhang Founder and Chairman Chief Executive Officer Chief Financial Officer

• Founded and has held the position of • Joined the company since 2014 • Joined the company in 2016 and served our chairman since the inception of our and served as CEO since 2016 as CFO since 2017 business • CEO of Beijing Triangle • Board Secretary and Investor Relations • Founder of Beijing Zhongdashixing Technology from 2013 to 2014 Director of China Ming Yang Wind Business Co., Ltd, Hexin Information • Senior Product Manager of Power Group Limited (NYSE: MY) from Services Co., Ltd. and Hexin Financial JD.com (NASDAQ: JD) from 2010 2014 to 2015 Information Services (Beijing) Co., Ltd. to 2012 • Director of FunTalk China Holdings Ltd. • Worked for Huaxia Bank from 2004 to • Product Director of Ninetowns (NASDAQ: FTLK) from 2010 to 2014 2008 from 2007 to 2010 • Worked at H&D Investment Consulting • Bachelor’s Degree in Advertising from • Bachelor’s Degree in English from 2007 to 2010 and International Data Hebei University from Beijing University of Corporation from 2005 to 2007 Technology • Bachelor’s Degree in Business Administration from University of International Business and Economics

3 Our Mission

Serve the financing and investment needs of individuals  in China

Aspire to help Chinese people realize their demand for  higher-end items

Expand market share nationwide in terms of users and  products leveraging strong O2O capabilities and technological innovation

4 Hexindai at A Glance

Established in March 2014, with headquarters in Beijing Number of Loans Facilitated(1) 29,628 Top five player in the unsecured medium-sized consumer loans market in China 20,767 Founding Member of Beijing Internet Finance Industry Association 13,249 O2O model targeting borrowers seeking RMB20K~140K to finance consumption needs 6,974 3,442 Internet-based investor acquisition with decreasing acquisition cost and high investor satisfaction FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2

Prudent risk management system leveraging 3+ years of proprietary data accumulated from our sister company’s Loan Volume Facilitated(2) extensive network of 159 branches in 111 cities across 22 (US$ million) provinces and 4 municipalities in China as of September 30, 2017. 493 470

Robust technology platform with sound risk management and 338 fraud detection 274

337 121 266 Experienced and visionary management with deep 6 101 74 understanding of market needs, strong finance and technology FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2 background Credit Loan Secured Loan

Note: 3. Fiscal year end is March 31. 1. Number of loans facilitated is defined as the total number of loans facilitated on our marketplace during the relevant period 2. Loan volume is defined as the total principal amount of loans facilitated on the marketplace during the relevant period; Growth rates are 5 calculated by RMB and exclude the impact from exchange rate in different reporting periods to reflect a real growth rate. Our Proven Business Model

Personal Loans Type Medium-sized Installment Loan (consumption for high-end services and goods) Loan size: 20K -140K RMB Duration: 12-36 months Market size: ~510 BN RMB1

Payday Loan2 (Day to day) Micro-lending license Loan size: <3K RMB Required for payday loans Duration: < 30 days Current size: ~15 BN RMB

Micro-lending P2P  Proven business model focusing on medium-sized installment loan funded by • Source of Funds: Equity/Financial • Source of Funds: Lenders on the platform individual investors Institutions • Lending Model: information intermediary only  Fully compliant with online lending industry • Lending model: Company direct lending guidelines governing P2P companies • Regulation: On-going • Regulation: regulations issued in Aug. 2016 • Company bears the default risk • Lenders bear the default risk  Further expand market share rapidly • No license required. growing medium-sized loan segment • Must own the micro-lending License. used for consumption upgrades Business Model

Note: 1. 2016 transaction volume， source: Oliver Wyman analysis 2. Payday loan means small amount short term loans. Source: Oliver Wyman analysis-China Consumer Lending Marketplace-Overview and Perspectives, Company Information 6 Our Proven Business Model (cont’d)

We are a pure information and service platform matching investors with individual borrowers. Loans are not held on our balance sheet and we bear no default risk

Insurer Premium Compensation

Loan Post- facilitation Origination Fee Fee

Application Referral

Decision- Verification Assessment Approval Borrowers Making Investors

Loans Principal + Interest

Custodian Bank

Service Process Cash Flow

Source: Company Information 7 Rapidly Growing Need for Our Services

Increasing Need for Consumption Financing Increasing Need for Investing

Rising GDP Potential Household Debt Growing Investable Asset

GDP per capita, China vs. US Household debt as % of GDP, China vs. US Total investable asset US$ ‘000, 20151 %, 20161 RMB TN (1) HNW 56.1 80% 103 (2) 56 Mass Affluent 44% 37 23 (3) 8.0 Mass 47 61 The Rest (4)

China US China US 2016 2020F

Potential Consumption Growth Potential Financing of Consumption High Household Saving

Retail consumption as % of GDP, China vs. US Consumption loan balance(2) as % of Household saving ratio, China vs. US %, 20161 consumption, China vs. US %, 20161 %, 20151 69% 81% 39% 39% 53%

6%

China US China US China US

Note: (1). High-net-worth-individuals: Individuals with more than RMB6 MM accumulated disposable assets. 1. Latest data available (2). Affluent/Mass Affluent: The “Affluent/Mass affluent” segment is defined as individuals who hold RMB600,000 to 6 MM accumulated disposable assets. 2. Total consumption loan balance (for China) and total household debt balance (for the US) as % of final (3). Mass: Individuals with RMB60,000 to 600,000 of accumulated disposable assets. The mass segment can be further segmented into upper mass (with accumulated consumption expenditure disposable assets above RMB 100,000) and lower mass (with accumulated disposable assets of RMB 60,000to 100,000). 8 Source: Oliver Wyman analysis, World Bank, National Bureau of Statistics of China (4). The Rest: Individuals with less than RMB60,000 accumulated disposable assets. Rapidly Growing Need for Our Services (cont’d)

Forecasted Size of Consumer Finance in China  Demand from Chinese emerging middle class borrowers for RMB TN unsecured credit underserved by traditional financial institutions

28  Immediately addressable market

24  Deepening loan data and improving 20 risk assessment algorithms 17 14  Future target market may expand to 12 address broader unmet unsecured credit needs

─ New borrower groups beyond prime borrowers 2015 2016 2017E 2018E 2019E 2020E ─ New industry verticals Credit Card Small-to-medium-size Consumption Loans ─ Other unsecured loan products Large-size Consumption Loans Personal Operation(1)

Note: 1. For small personal business operations, with an individual as the borrower Source: Oliver Wyman, OECD, Oxford Economist, Bloomberg, PBOC, Federal Reserve 9 Compliant with Existing Regulations

China Banking Regulatory Commission

Act as information intermediary only

No credit enhancement services and/or illegal fund raising

Custodian accounts for borrowers and investors

Capped amount limited to 200,000 RMB for personal loans and 1 million RMB for Corporate

Full information disclosure to customers

No bundle sales

Protect customers’ personal information

Establish a customer identification program and report suspicious transactions

Source: Company Information Note: the company focus on personal loans 10 Official Recognition and Strong Cooperative Relationships

In recognition of our:

The Ministry of Public  Information security Security of the People’s Multi-Level Protection Republic of China Scheme Level 3 approval  Same level of approval as commercial banks

 Loan approval and verification Insurance for Investors process in the event of default  Risk management system

Integrated asset custody  Fund management capability

system  Strong information system

Credit facility of  Long-term operating RMB100 million for performance and growth operating expenses

 Advanced technology and Mobile Payment information accuracy Function to our App  High brand recognition

 Consumer lending platform in cooperation with China UnionPay

Source: Company Information 11 Our Borrowers

Current Typical Borrower Profile and Access

Emerging Middle Class with Stable Income

Aged 69% male 31 - 45 With credit history

Borrower Monthly income Underserved by Demographics 93% of loans used to RMB3k – 7k purchase premium traditional financial Income at least 2 times more than institutions (e.g. banks) monthly repayments goods and services

Offline Online Access to Access to borrowers with limited credit Access to all borrowers through offline Customers history but good repayment capability interaction

Repayment Housing fund payment Salary with banking Life insurance policy Capability history transaction history

76,927 Borrowers as of September 30, 2017(1)

Source: Company Information Note: (1) Calculated on a cumulative basis from inception of our business in March 2014 to September 30, 2017. (2) Fiscal year end is March 31. 12 Our Investors

Current Typical Investor Profile

White Collar Middle Class

58% male 33% in their 30’s

Investor Demographics 42% female 25% in their 40’s

All Investor Acquisition 30% PC 70% Mobile Done Online

130,459 Investors as of September 30, 2017 (1)

Source: Company Information Note: (1) Calculated on a cumulative basis from inception of our business in March 2014 to September 30, 2017. 13 Our Service Offerings for Borrowers

Types of Loans Use for Higher End Items

Loan Size Primary Repayment Term APR (RMB) Mode

Fixed monthly House Decoration Cosmetic Surgery Credit 12 – 36 16.0%- installments with 20 – 200K Loans months 36.9% principal repayment and interest

Monthly interest repayments followed Secured 1 - 3 0.2 - 6 million 17.3% by a lump sum Loans (1) months payment of the principal upon maturity Continuing Education

APR for fiscal year 2017 Loan volume proration by terms(3)

Credit Average Gross Volume APR(2) Interest Rate Grade Billing Ratio Percentage 19.5% A 16.0% 14%-15% 2.7% 1.1% B 20.7% 14%-15% 7.7% 61.5% 73.7% 90.4% 97.5% 98.2% C 21.5% 14%-15% 8.6% 1.8% 78.0% D 21.8% 14%-15% 9.0% 3.6% 22.5% 3.0% E 36.9% 14%-15% 25.2% 0.3% 0.7% 0.7% 2.5% 3.8% 1.8% 1.1% 6.7% Secured 17.3% 10%-13% 1.4% 31.7% Loan FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2 12 months 24 months 36 months

Source: Company Information (3) Calculated based on RMB loan volume. (1) The Company has shifted its focus from secured loans to credit loans. Note: Fiscal year end is March 31. (2) ‘‘APR’’ or ‘‘annual percentage rate’’ refers to the rate that is charged to borrowers, including a nominal interest rate and a loan facilitation or management 14 service fee, expressed as a single percentage number that represents the actual annualized cost of borrowing over the term of a loan. Our Service Offerings for Investors

Types of Investments Advantages Investor Satisfaction

1. Portfolio Investments 1. Diversified credit grade to (“Wallets”) decrease portfolio risk 2. Automatic reinvestment RMB512 3. High liquidity from million Investment 2. Individual Investments return and all of the transferability of loans investors received 4. Ease of use their expected return(1)

3. Loan Transfer 5. Ability to match investors’ funds with tailored loans 6. Higher returns than traditional 90% investment channels Active Investor Growth(2) Invest

Deposit Loans Default Return of Mature Principal and Interest Over 57% Withdraw Custodial Account Saving Account Compensate Repeat Investors(3)

Consumption

Source: Company Information Note: Fiscal year end is March 31. (1) Cumulative amount as of September 2017. Based on Company historical data, all of the investors received their expected return, but we do not guarantee minimum return (2) 83% investor growth FY2017Q2 to FY2018Q2 15 (3) Repeat investors refer to investors who made more than one investment from inception to September 30, 2017 Investment Highlights Investment Highlights

1 A Fast-growing Consumer Lending Marketplace Focusing on Meeting the Growing Consumption Demand of the Emerging Middle Class in China

2 Strong O2O Capability Combining Online Platform with Extensive Offline Networks

3 Risk Adjusted Returns and High Investor Satisfaction

4 Advanced and Proprietary Risk Management System

5 Experienced and Visionary Management Team

Source: Company Information 17 1 A Fast-growing Consumer Lending Marketplace Focusing on Meeting the Growing Consumption Demand of the Emerging Middle Class in China

 Large, internet-savvy Facilitates credit more population efficiently and effectively

 Address traditional banking pain points for borrowers New and better way to evaluate credit

 Answer consumer finance worthiness needs unserved by banks

Technology drives down  Supportive, developing operating costs regulatory framework

(2) (2) 512 MN 11.5BN 130,459 76,927

RMB RMB loans Investors Borrowers accumulated facilitated as of September 30, as of September 30, interest return to from inception (1) to 2017 2017 investors as of June 30, 2017 September 30, 2017

Source: Company Information Note: Fiscal year end is March 31. (1) Hexindai was founded in March 7, 2014 (2) Calculated on a cumulative basis from inception of our business in March 2014 to September 30, 2017. 18 2 Strong O2O Capability Combining Online Platform with Extensive Offline Networks

Borrowers Investors • Offline referral • Primarily online marketing • Online leads to offline • Online directly

Offline borrowers referral by business partners Online acquisition of investors/borrowers through various distribution channels like BAIDU, 360.cn, WDZJ, Xiaomi Inc. • 159 branches in 111 cities of 22 provinces and 4 and etc. municipalities across China(belongs to Hexin Company(1))

(1) Branches number is by the end of 30 September, 2017. Hexin Company refers to Hexin Information and Hexin Financial Information, which have same control shareholders with company Source: Company Information 19 3 Risk Adjusted Returns and High Investor Satisfaction

Decreasing Investor Number of Investors Acquisition Cost RMB, per investor Referral incentive program 63,335 Offer a cash reward to an existing investor upon 4% each successful referral of a new investor, under which the existing investor earns an annualized cash incentive of 1% based on the funds invested 765 by the new investor in the first year 735 42,771

31,783

VIP investor loyalty program(1) 22,570 17,483 Post Origination VIP Level Fee% as of interest VIP 0 10% FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2 FY2016 FY2017 VIP 1 4%

• Investor acquisition cost includes advertising expense VIP 2 3% for acquiring investors, brand building expenses(which As of September 30, 2017, are included in operating expense) and cash VIP 3 2% incentives to investors(which is net of revenue) Over 57% of investors • Average investor acquisition cost refers to investor VIP 4 1% had invested more than once acquisition cost divided by the number of new active investors VIP 5 0%

Source: Company Information Note: Fiscal year end is March 31. (1) The investor membership loyalty program is generally based on an investor’s accumulated investment amount, as an indicator of customer loyalty. It is just like the Airlines membership grades program. 20 4 Advanced Risk Management System

Manual Instinct Anti-Fraud Integrated data, Verification Solution incorporating Credit Score Model Decision Engine third party credit data Anti-fraud model Credit Amount Model

• Automated loan • Leverage credit data • Output the applicant’s • Rapidly process and assessment and from multiple sources credit score and loan compare every borrower approval amount based upon the • Cross check internal to access and grade and • Greatly shorten the multisources info input and third party data detect potential fraud decision-making time

Borrowers’ Self-claimed 3rd-party Information Intellectual Property Evolving Information

 ID certificates  Credit record in the People’s Bank of China  Company’s 3-year

 Family member info accumulated data  Prudent Fund and Social security insurance info required by company  Leveraging on 9 years’  Working info, contact  Credit info and loan records in other peer companies accumulated knowhow and and address info  E-commerce behaviour and address info expertise on risk required by company management.  Credit card info  Other info such as the property ownership certificate

Source: Company Information 21 5 Experienced and Visionary Management Team

Mr. Xiaobo An Mr. Xinming Zhou Mr. Johnson Zhang Ms. Dongling Wang Ms. Lili Hua Mr. Tianhao Gao Founder and Chairman Chief Executive Officer Chief Financial Officer Chief Risk Officer Chief Operations Officer Chief Marketing Officer

• Founded and has held • Joined the company • Joined the company in 2016 • Joined the company . Served as COO since . Served as CMO the position of our since 2014 and and served as CFO since 2017 in 2015 and served 2017 since 2017 served as CEO since chairman since the as CRO since 2016 . Operations Manager of . Chief Marketing 2016 • Board Secretary and Investor inception of our business Souyidai (Beijing) Officer of Wanhui • CEO of Beijing Relations Director of China • Approval Manager of • Founder of Beijing Information Technology Investment Triangle Technology Ming Yang Wind Power Group Pinganpuhui Finance, Zhongdashixing Consulting Company Management from 2013 to 2014 Limited (NYSE: MY) from 2014 a subsidiary of Ping Business Co., Ltd, Hexin Limited from 2016 to Company Limited • Senior Product to 2015 An focused on Information Services consumer finance, 2017 from 2014 to 2017 Manager of JD.com • Director of FunTalk China Co., Ltd. and Hexin from 2005 to 2015 . Apps Operations . Vice president of the (NASDAQ: JD) from Holdings Ltd. (NASDAQ: Financial Information Manager of VIP Shop Beijing branch of 2010 to 2012 FTLK) from 2010 to 2014 • Graduated from Services (Beijing) Co., from 2014 to 2015 IZP Group from • Product Director of Heilongjiang School Ltd. • Worked at H&D Investment 2010 to 2014 Ninetowns from 2007 of Economic . Operations Manager of • Worked for Huaxia Bank Consulting from 2007 to 2010 to 2010 Management in Qihoo 360 Technology . Client manager of from 2004 to 2008 and International Data • Bachelor’s Degree in Accounting Co., Ltd from 2012 to Ogilvy One from Corporation from 2005 to 2007 • Bachelor’s Degree in English from Beijing Computerization 2014 2006 to 2010 Advertising from Hebei University of • Bachelor’s Degree in Business . Master’s Degree in . Master’s Degree in University Technology Administration from University Fashion Design from Communications of International Business and Beijing Fashion from Economics Academy Communication University of China

Source: Company Information 22 Independent Directors and Corporate Governance

Independent Directors Committee Composition

Mr. Stephen Markscheid, Mr. Markscheid is a partner at DealGlobe, a Nominating and Shanghai based boutique investment bank. He currently serves as an Corporate Audit Compensation independent director of ZZ Capital International (HK GEM: 08295), Ener- Governance Committee Committee Core (OTCQB: ENCR), Fanhua Inc., formerly known as ‘‘CNinsure Inc.’’ Committee (NASDAQ: FANH), and Jinko Solar Inc. (NYSE: JKS). Mr. Markscheid had previously worked in General Electric, the Boston Consulting Group, Chase Stephen Manhattan Bank and First National Bank of Chicago and has years of Markscheid professional experience in the financial services industry. He obtained a bachelor of arts degree from Princeton University, a master’s degree in Guo Dagang international affairs from Johns Hopkins University and a master’s degree in business administration from Columbia University. David Wei Tang Mr. Guo Dagang, Mr. Guo served as Investment Director in Beyond Fund and Member of Investment Committee in Guotai Venture Capital Co. Ltd.. Chairman Member Prior to that Mr. Guo served as the General Manager of Business Development in ECS Technology China Ltd. and Product Director of Digital China (SZ: 000034). Mr. Guo obtained his bachelor’s degree in Taiyuan Corporate Governance University of Technology, and his master’s degree in FMBA from Cheung Kong Graduate School of Business. He currently serves as the Secretary • Nominating and Corporate Governance Committee Charter General of Beijing Internet Finance Industry Association. • Audit Committee Charter • Mr. David Wei Tang, Prior to joining our Company, Mr. Tang served as Compensation Committee Charter President of Huakang Financial Holdings, a Chinese multi-disciplinary • Code of Business Conduct and Ethics financial holdings group. Prior to that, Mr. Tang served as Vice President, • Chief Financial Officer, Chief Strategy Officer of Nasdaq listed Vimicro Corporate Governance Guidelines Corporation (NASDAQ: VIMC) and the Chief Financial Officer of Fanhua • Policy on Disclosure Controls and Procedures Inc., formerly known as “CNinsure Inc.” (NASDAQ: FANH), Chief Financial • Officer of both IRICO Group (HK: 438) and Chinasoft International (HK Anti-Money Laundering Policy Main Board: 354). Mr. Tang also previously worked in Merrill Lynch & Co. in • Whistleblower Policy New York. Mr. Tang received an MBA degree from the Stern School of • Business, New York University. Insider Trading Policy

23 Growth Strategies

01. Expand and diversify investor 02. Further enhance risk base and investment products management and risk-based pricing capabilities • Strengthen offline marketing, online channels of cooperation • Improve our risk control and online advertising systems and reduce approval effectiveness time • Offer innovative products such as 01 investment products of different 02 risks and borrower credit profiles; products which offer increased Our Vision interests on a monthly basis to Fulfill consumers’ meet the continuous needs for investors. financial needs through online lending platform

04. Enhance brand recognition 03. Continue to invest in our 04 03 technology platform • Continue to promote our brand by targeting the emerging • Obtained recognition from middle class in China to meet Chinese government as high- their increasing credit needs tech enterprise in 2015 • Implement a multi-channel • Increase investment in marketing and advertising research and development to strategy improve user experience

Source: Company Information 24 Operating Financial Performance Strong Growth in Loan Facilitation

Loan Volume[ Facilitated] (1) (2) Number of Investors

(US$ million) 63,335 493 470 42,771 156 338 274 31,783 369 8 22,570 17,483 332 337 121 266 47 101 6 74 FY2015 FY2016 FY2017 FY2018Q2 FY2018Q2 FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2 Credit Loan Secured Loan Number of Investors Number of Borrowers Gross Billing Amount (net of VAT) (2) (US$ thousand) 27,823 Gross Billing Ratio for Credit Loans Gross Billing Ratio for Secured Loans 28,738 24,053

9.0% 20,697 7.6% 2.5% 13,146 1.4% 11,120 7,104 6,680 7.1% 5,877 4.7% 1.6% 7.3% 1,636 2.0% 1.0%

FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2 FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2 (3) Number of borrowers Credit Loan Secured Loan

Notes: 4. Fiscal year end is March 31. 1. Loan volume is defined as the total principal amount of loans facilitated on our marketplace during the relevant period 2. Growth rates are calculated by RMB amount and exclude the impact from exchange rate in different reporting periods 3. Gross billings is total loan facilitation fees and loan management fees billed to borrowers before cash incentives, net of VAT 26 Source: Company Information Key Drivers for Revenue Growth

Secured Loan Credit Loan Shift to 1.0% Gross Billing Ratio 9.0% Gross Billing Ratio

FY2018Q2 FY2017Q2 3%

39%

Credit Loan Secured Loan 61% 97%

The increase of the Gross Billing Ratio is the main driver for revenue increase

Revenue Growth

Other Revenue Drivers

Increase in Reduction in Increase in gross Termination of borrowers and average billing ratio risk liability loan amounts acquisition cost

Source: Company Information Note: Fiscal year end is March 31. 27 Economics

Economics Illustration (1)

(Per US$100 loan facilitated, for example)

20.0 11.2+X 18.0 X 16.0 14.0 X

12.0 2.4

10.0 2.4 0.5 0.5 8.3 0.05 0.5 7.8 0.66 8.0 0.66 0.34 6.0 0.9 5.2 8.3 4.0 2.0 0.0 Total fee Referral fee(2) Insurance VAT Gross billing Business tax Cash Net Revenue Sales and Service and General and Provision for Net Income borne by amount (net incentives marketing development administrative income tax Borrowers of VAT) expenses expenses expenses

Note: 1. The above chart only represents credit loan economics. 2. The referral fee represents the consultancy services fee borrowers directly pay to referral partners. It is not recognized as part of our revenue.

Note: Fiscal year end is March 31. 28 Loan Performance

M3+ Net Charge Off Rates For Credit Loan Delinquency Rates

0.700% 0.627% Total M3+Net Charge-Off Rate Loan issued period as of June 30, 2017 0.600% 0.500%

Since inception to March 31, 0.400% 2.65% 0.331% 2016 0.300%

0.200% 0.092% 0.138% From April 1, 2016 to March 0.091% 0.20% 0.100% 0.074% 0.061% 31,2017 0.011% 0.000% As of Mar.31,2016 As of Mar.31,2017 No M3+ Net Charge Off Rates For Secured Loan 15-29 days 30-59 days 60-89 days >=90 days We define ‘‘M3+ Net Charge-off Rates’’, with respect to loans facilitated during a specified time period or the ‘‘vintage’’, as We define the delinquency rates as of the end of the period as the outstanding balance of principal and interest that were 15 to 29, 30 to 59, (i) the total balance of outstanding principal of loans that become and 60 to 89 calendar days delinquent as a percentage of the total delinquent for over three months during a specified period and outstanding balance of principal and interest for the relevant group of the remainder of the expected interest for the life of such loans during such period. loans, divided by Loan default risk premium prepaid to Changan Insurance equals 2% of (ii) the total initial principal of the loans facilitated in such vintage. loan principal plus interest or 2.4%(1) of principal for credit loans.

Note: Note: 1. Fiscal year end is March 31. (1) 2.4% are calculated based on 13% nominal annual interest rate. 2. M3+ Net Charge Off Rate refers to credit loan, no default for secured loan. 29 Robust Financial Performance

Net Revenue Operating Profit (Loss) (US$ thousand) (US$ thousand)

22,921 21,219 14,676

9,914 11,894 4,140 2,186 -299 4,646 5,156 Margin (6.4%) 34.8% 43.3% 42.4% 69.2%

FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2 FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2

Operating Expenses Net Profit (Loss) (US$ thousand) (US$ thousand) general and administration 13,007 service and development 2,646 sales and marketing 20.3% 12,667 7,754 8,571 39.6% 5,149 6,542 20.1% 1,555 3,538 4,945 950 14.5% 1,431 2,359 -350 14.8% 734 30.4% 1,901 29.1% 40.1% 2,384 32.5% 1,606 2,970 5,212 680 22.9% (7.5%) 29.7% 37.4% 27.8% 59.7% 49.5% 3,840 56.4% Margin 52.7% 2,605 1,458 49.1% 3,692 832 28.0% FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2 FY2015 FY2016 FY2017 FY2017Q2 FY2018Q2

Notes: 1. Fiscal year end is March 31. Source: Company Information 30 Revenue Growth Analysis

Revenue Growth Analysis (US$ thousand)

(3)

Notes: 1. Fiscal year end is March 31 2. Revenue analysis from FY2017Q2 to FY2018Q2. 31 3. “Others” include business and sales related tax, other expenses and a reconciliation between the analytic model and the final revenue numbers. Appendix

Appendix CONDENSED CONSOLIDATED BALANCE SHEETS

HEXINDAI INC. CONSOLIDATED BALANCE SHEETS (in thousands, except for share, per share and per ADS data, and percentages) September 30,2017 June 30,2017 March 31, 2017 March 31, 2016 (UNAUDITED) (UNAUDITED) (AUDITED) (AUDITED) Cash $ 54,327 $ 32,548 $ 19,232 $ 7,819 Prepayments and other assets 6,416 2,830 4,139 1,802 Amounts due from related parties - 3,698 4,183 - TOTAL CURRENT ASSETS 60,743 39,077 27,554 9,620 Amounts due from related parties - - - 11,951 Property, equipment and software at cost, net 513 459 428 253 Deferred tax assets 429 421 400 568

TOTAL ASSETS $ 61,685 39,957 $ 28,382 $ 22,393 Accrued expenses and other current liabilities 1,426 779 789 3,515 Risk reserve liability - - - 2,717 Taxes payable 9,640 6,345 4,089 2,101 Amounts due to related party - - - 48 TOTAL LIABILITIES $ 11,066 $ 7,124 $ 4,878 $ 8,381 TOTAL HEXINDAI’S SHAREHOLDERS' 46,113 32,833 23,504 14,012 EQUITY

Non-controlling interest 4,507 - - - TOTAL EQUITY $ 50,619 $ 32,833 $ 23,504 $ 14,012 TOTAL LIABILITIES AND $ 61,685 $ 39,957 $ 28,382 $ 22,393 SHAREHOLDERS' EQUITY

33 CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

HEXINDAI INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in thousands, except for share, per share and per ADS data, and percentages)

For Three Months Ended September 30, For The Years Ended March 31,

2017 2016 2017 2016 2015 (UNAUDITED) (UNAUDITED) (AUDITED) AUDITED) (AUDITED) NET REVENUE Loan facilitation, post-origination and other 21,374 5,168 23,092 11,918 4,648 service, net Business and sales related taxes (155) (12) (172) (24) (2) NET REVENUE 21,219 5,156 22,920 11,894 4,646 OPERATING EXPENSES Sales and marketing 3,692 832 5,212 3,840 2,605 Service and development 1,901 1,458 5,149 2,359 1,606 General and administrative 950 680 2,646 1,555 734 Total operating expenses 6,542 2,970 13,007 7,754 4,945 INCOME FROM OPERATIONS 14,676 2,186 9,914 4,140 (299) Other income 99 129 199 38 5 Other expense (2) (15) (19) (11) (13) TOTAL OTHER INCOME (EXPENSE), NET 98 114 180 26 (8) INCOME BEFORE INCOME TAXES 14,774 2,300 10,093 4,167 (306) PROVISION FOR INCOME TAXES 2,109 868 1,522 628 44 NET INCOME (LOSS) 12,665 1,431 8,571 3,538 (350) Less: net loss attributable to non-controlling interest (2) - - - - NET INCOME ATTRIBUTABLE TO HEXINDAI 12,667 1,431 8,571 3,538 (350)

Notes: 1. Fiscal year end is March 31 34 CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME(cont’d)

HEXINDAI INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in thousands, except for share, per share and per ADS data, and percentages) For Three Months Ended September 30, For The Years Ended March 31, 2017 2016 2017 2016 2015 (UNAUDITED) (UNAUDITED) (AUDITED) AUDITED) (AUDITED) OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment 615 (55) (1,080) (482) 17 COMPREHENSIVE INCOME 13,280 1,376 7,491 3,056 (333) Less: comprehensive loss attributable to non- (0.42) - - - - controlling interest COMPREHENSIVE INCOME 13,280 1,376 7,491 3,056 (333) ATTRIBUTABLE TO HEXINDAI Basic and diluted earnings per common share 0.30 0.03 0.20 0.08 (0.01) Weighted average number of shares outstanding 42,921,600 42,080,000 42,331,200 42,080,000 42,080,000

Notes: 1. Fiscal year end is March 31 35 KEY OPERATING DATA

HEXINDAI INC. For Three Months Ended September 30, For The Years Ended March 31, 2017 2016 2017 2016 Growth Rates(3) (RMB) (US$) (RMB) (US$) (RMB) (US$) (RMB) (US$) Three Months ended 2017 September 30, 2017 compared to compared to 2016 September 30, 2016 Loan volume facilitated(1) (in thousands, except percentages and numbers) (in thousands, except percentages and numbers) Credit loan principal 1,771,255 265,619 492,364 73,885 2,264,421 336,727 640,120 101,171 259.7% 253.7% Secured loan principal 53,320 7,996 312,346 46,871 1,053,095 156,599 2,335,945 369,197 -82.9% -54.9% Total 1,824,575 273,615 804,710 120,756 3,317,516 493,326 2,976,065 470,368 126.7% 11.5% Number of transactions facilitated(2 ) Credit loan transactions 20,731 20,731 6,570 6,570 28,374 28,374 10,292 10,292 Secured loan transactions 36 36 404 404 1,254 1,254 2,957 2,957 Total 20,767 20,767 6,974 6,974 29,628 29,628 13,249 13,249 Average individual transaction amount Credit loan transactions 85 13 75 11 80 12 62 10 Secured loan transactions 1,481 222 773 116 840 125 790 125 Overall average 88 13 115 17 112 17 225 36 Gross billing amount (net of VAT)(4) Credit loan 159,067 23,854 36,122 5,421 172,401 25,637 45,733 7,228 340.4% 277.0% Secured loan 1,326 199 3,036 456 14,700 2,186 37,446 5,918 -56.3% -60.7% Total 160,393 24,053 39,158 5,877 187,101 27,823 83,179 13,146 309.6% 124.9% Gross billing ratio (net of VAT) Credit loan 9.0% 9.0% 7.3% 7.3% 7.6% 7.6% 7.1% 7.1% Secured loan 2.5% 2.5% 1.0% 1.0% 1.4% 1.4% 1.6% 1.6% Total 8.8% 8.8% 4.9% 4.9% 5.6% 5.6% 2.8% 2.8% Number of borrowers Credit loan transactions 20,675 20,675 6,570 6,570 28,374 28,374 10,292 10,292 Secured loan transactions 22 22 110 110 364 364 828 828 Total 20,697 20,697 6,680 6,680 28,738 28,738 11,120 11,120 209.8% 158.4% Number of investors Credit loan transactions 28,000 28,000 1,640 1,640 25,679 25,679 1,061 1,061 Secured loan transactions 91 91 7,215 7,215 13,795 13,795 17,230 17,230 Credit and secured loan transactions 14,680 14,680 13,715 13,715 23,861 23,861 13,492 13,492 Total 42,771 42,771 22,570 22,570 63,335 63,335 31,783 31,783 89.5% 99.3%

Notes: 4. "Gross billing amount" is defined as the aggregated loan facilitation fees and loan management fees charged to borrowers before cash 1. Loan volume is defined as the total principal amount of loans facilitated on our marketplace during the relevant period. incentives, net of value added tax. It differs from the revenue recognized at the time of recognition. For an individual secured loan 2. Number of loan transactions facilitated is defined as the total number of loans facilitated on our marketplace during the relevant period. transaction, the gross billing amount equals the gross accumulative loan management service revenue recognized36over the term of the 3. Growth rates are calculated by RMB, and exclude the impact from exchange rate in different reporting period to reflect a real growth secured loan. For an individual credit loan transaction, as the loan facilitation service fees are charged upfront upon the release of funds to rate borrowers, the gross billing amount equals the loan facilitation service revenue. Q&A

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