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Company Presentation April 2019

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Company Presentation April 2019 COMPANY PRESENTATION APRIL 2019 Luxembourg Finance Awards Winner 2018 INVESTOR PRESENTATION | 1 www.mybucks.com Introduction INVESTOR PRESENTATION | 2 www.mybucks.com MyBucks is a determined growing digital banking group in Sub-Saharan Africa Banking the unbanked MyBucks is a digital banking group with the vision to be the leading provider of financial services and products to the underbanked and unbanked customers in Africa using technology MyBucks provides banking, credit and insurance products 127m 374k €83.3m €63.9m 7.13% through both digital and traditional channels to c.374k Population within Active Combined Debt Default reach of MyBucks clients loan book* recapitalisation active clients in Sub-Saharan Africa today rate MyBucks uses in-house, proven successful, advanced proprietary A.I. algorithms for credit granting and fraud prevention Since inception, MyBucks has disbursed in excess of 2.9m loans for a total value that exceeds EUR971m to date First to launch a full bank branch with refugee banking 1 services unlocking local economy and providing financial Non-banking literacy courses operation Internationally awarded: 5 Banking operations Our banking 73 898 1,815 As featured in:: footprint Branches Employees Agents *Pro forma combined inclusive of Zambia and Uganda without South Africa, Kenya INVESTOR PRESENTATION | 3 www.mybucks.com Evolution of the MyBucks group The improved MyBucks platform is in position for future growth 2011 2015 2017 2019 Capitalisation with US$10m Conversion of Zimbabwe into deposit- Acquisition of NFB Malawi (50%), deposit- Acquisition of balance of NFB Malawi (50%) Development of core lending tech taking license taking Negative equity due to continued losses Launch in South Africa Partnership with OI announced Acquisition of FairGo Finance in Australia Group Restructuring triggered Expansion into Poland and Spain Significant expansion of data science team 2012 - 2014 2016 2018 2020 Expansion into Botswana, Kenya, Malawi, Conclusion of acquisition of deposit-taking Construction of FinTech Campus (Office Park Group Debt Swaziland and Zimbabwe (Lending only) operations OI Mozambique (100%) and OI in Pretoria) Recapitalization of EUR65m Uganda (49%) Significant expansion of overhead cost Appointment of new Board Anti-dilutive growth strategy with mezzanine Acquisition of OI Kenya and OI Tanzania structures and Management debt incurred of c. US$30m at cost of 20- lending operations Private placement of EUR11.7m Disposal of non-core 30% p.a. Listing on the Frankfurt Stock Exchange assets raising c. EUR15.5m Early Years – Profitability Driven Growth Phase – Banking Transformation Liquidity crunch Group Restructuring MyBucks’ first five years of operations were driven Initiated a successful strategy of converting the operating Dave van Niekerk assumed both Executive Chairman and • Disposal of non-core lending assets in Australia, East by operating profitability – and deploying all businesses into banks – significant growth in profitability in CEO role, to drive expansion and TN departed for Africa, Poland, South Africa and Spain financial capital into its loan book. underlying financial institutions. strategic differences. • Debt recapitalization of EUR65m returning the Significant growth was noted, however, Founders Technology launched ahead of the market and competition in Significant additional overhead expenses incurred and company to positive equity did not dilute their shareholding and the growth Africa. expansion of group staff to >100 people , and an office • Strengthen and improved the board of directors was funded with expensive mezzanine capital. Significant capital lost in over-expansion into Poland, Spain complex “FinTech Campus” constructed in South Africa focussing on good corporate governance principles and Australia (non-core geographies) as global expansion Following a failed capital raise, the business effectively as well as changed key management pushed by original founders. ran out of money and into negative capital in excess of EUR40m. Capital structure issues originated with an Significant operational growth, with a continued highly Excessive and inflated overhead structure created, interest bill at group level of c. US$8m p.a. leveraged balance sheet at high funding costs without significantly growing operations ballooning gross holding company debt to c. INVESTOR PRESENTATION | 4 www.mybucks.com EUR108m. The improved strategy is… …this strategy is complemented by The future will be driven by Focus on Banking 01 • Expansion on wholesale and retail banking in all our Raising additional debt and equity capital to drive growth markets 01 • Rights offering planned for 2020 to bolster balance sheet • Leverage on technology as an enabler to drive • Further debt raising to grow asset yielding portfolio business growth • Provide easily accessible digital basic financial services to bottom and middle of the pyramid Harnessing the software ecosystem 02 • While the focus will be on banking, MyBucks will leverage from the in-house technology which had been developed over the last 3 Focus on Growth years to provide cutting edge digital banking solutions to retail and 02 • Expanding existing banking operations to Top 5 Small and Medium Enterprises (“SME”) clients positions by retail market share by 2024 Lean and focused Management structure • A lean, experienced and focused management team Focus on Efficiency 03 03 • Target cost to income ratio of 40% in the existing banking operations in the medium term Bank regulated HoldCo 04 • Increased governance by being regulated as a Bank Holding Company in Botswana Focus on Profitability 04 • Sustainable and stable earnings, with a target return on equity (ROE) of 30% p.a. INVESTOR PRESENTATION | 5 www.mybucks.com Why Africa and Financial Inclusion? Building a SME and Individual focused banking group in Sub-Saharan Africa Africa is the fastest growing continent in the world and has the best Africa the young continent growth prospects: GDP Growth 4,0% 3,0% 3,0% The 2nd largest and 2,0% 2,0% 2,0% 2,0% 2,0% 2nd most populous continent Sub-Saharan Africa Latin America & Caribbean European Union United States F2018 F2020 Return on equity in the banking sector 1 25% 22% 21% c.41% of the 19% 19% 20% 18% 17% 17% 17% 17% population 15% 15% 15% 13% are under the 12%12% 12% 12% 10% 9% age of 15 10% 8% 8% 5% 5% 0% South Asia Europe & Central Middle East & Latin America & East Asia & Pacific North America Sub-Saharan Asia North Africa Caribbean Africa 2006 2011 2016 INVESTOR PRESENTATION | 6 1. Median – World Bank – Financial Structure Data Set July 2018 www.mybucks.com MyBucks Mission and Vision Be built by people who demonstrate our values People Integrity Innovative Objective Execution Orientated Develop & Become an Increase Develop & Raise Capital & Develop A Exploit Innovative Customer Base Maintain A Liquidity Strong Brand & Grow Partnerships Performance Digital Bank Product Usage Culture Hold Staff …achieving clear and Be the fastest in Raise Deposits Inculcate Internal Sell Aggressively Exploit MBC Accountable for the market Wholesale & Retail Brand Love measurable goals Group Synergies Actions Partner Large Create Diverse Recognize & Raise Debt Drive Brand Retain Funders Tech Based Reward Loans, Overdrafts, Bonds, Awareness Customers Banks, Insurance Cos Pvt Mezzanine Finance Products Equity, NGOs Performance Multiply Partner Product Develop Staff Modernise & Providers Delight Automate Distribution MNOs & ISPs, NGOs, Insurance Cos, Skills Raise Equity Customers Processes Channels Fintech …anchored on our Partner Customer long term and Providers Hire & Retain Maximise Return MNOs & ISPs, NGOs, Gvt, Only The Best on Equity medium term Chambers, Associations ambitions. to drive financial inclusion in Africa and provide a wide range of products, including savings and impact loans to retail and MSME consumers to be the leading Digital Banking Group that uses technology to provide financial services and products to the underbanked and unbanked customers in Africa INVESTOR PRESENTATION | 7 www.mybucks.com Operations INVESTOR PRESENTATION | 8 www.mybucks.com MyBucks and MBCH Structure A JSE listed investment vehicle, Apeiron European based investors Ecsponent Limited Infinitum Limited majority owned by MHMK Group Investment Group controlling a total 13% 40% 13% Listed on the Frankfurt Stock MyBucks S.A. Exchange 100% 100% GetBucks Limited MBC Holdings* (Mauritius) 100% 97% 49% 52% 100% 100% 65% MBC MBC OBUL GetBucks GetBucks GetBucks MBC Malawi Mozambique Uganda Zimbabwe Botswana Zambia Zambia * This entity is intended to be incorporated eventually as a regulated bank holding company, today – these entities are held directly by MyBucks S.A. INVESTOR PRESENTATION | 9 www.mybucks.com Country Highlights Malawi Mozambique Uganda Zambia Zimbabwe Botswana Total Assets US$107.8 mn. US$50.7 mn. US$42.0 mn. US$13.4 mn. US$6.9 mn. US$20m mn. Total Equity US$9.6 mn. US$8.1 mn. US$8.2 mn. US$5.9 mn. US$2.8 mn. US$8 mn. Total Deposits US$77.3 mn. US$23.1 mn. US$21.4 mn. US$6.4 mn. US$1.0 mn. n.a. Total Loans US$34.0 mn. US$29.5 mn. US$27.9 mn. US$8.2 mn. US$1.9 mn. US$16.7 mn. # of Branches 9 13 23 1 14 15 # of Active Loans 39,482 35,793 32,525 12,897 79,876 8,310 * December 2019 proforma numbers INVESTOR PRESENTATION | 10 www.mybucks.com MyBucks market share analysis Top Banks loans market share – 58,8% Uganda Stanbic 18,6% Centenary Bank 11,3% Botswana Top Banks loans market share – 89,3% Development Finance Company 10,4% FNB 26,5% MyBucks loans market share Standard
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