Letshego Holdings Limited Building a leading African financial services group

Botswana . . . . . . Swaziland . . . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda Agenda – FY 2014 Results Presentation

“strong performance, growth, and returns to shareholders”

• Strategic Update – Grow the franchise – Building capabilities – Roll out of new operating model – Balance sheet management • FY 2014 Results – Headline performance – Key financials

Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda We have a clearly defined Vision and Strategy

Strategic intent A leading African financial services group

Brand promise Your preferred partner – committed to improving lives

Uniqueness Simple Appropriate Responsive Accessible Inclusive Ethical

Customer Innovation Risk management People Commitment Stakeholder Sustainable experience engagement competitive “In everything “An holistic “Where individuals advantages “A unique we do” approach” make a difference and “Leveraging for offering” teams succeed” value”

Stakeholders Customers Government Regulators Staff Investors Communities

“LHG of the future will offer 2014 2015 2016 simple, appropriate and Grow the franchise inclusive solutions; flexible and convenient access; Strategic Build Capabilities responsive and ethical credit; Priorities Implement a new operating model and support for the MSE owner to build his or her Better leverage the balance sheet business – and all at a very Break-out options low cost.”

1

Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda We are focusing on three key segments

MSE Government

Low income earners

NOT Letshego

Current focus

Future focus

Source: 1. Letshego Brand Review | 2. Genesis Team Analysis, 2014

2

Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda GTF - Our payroll business remains core

Letshego’s current market Government Loan growth from Current Loan book Payroll Non-payroll % of Book penetration [prior year] employees prior year %, 2014 (‘000) P’000

Botswana 29%[23%] 150 2 005 99% 1% 35% 11%

Kenya 1% 450 201 13% 87% 4% 139%

Mozambique 13%[8%] 400 1 114 100% _ 20% 40%

Namibia 50%[45%] 100 1 366 100% _ 24% 45%

Tanzania 9%[10%] 500 307 100% _ 5% _

Uganda 11%[12%] 275 249 68% 32% 4% 25%

Swaziland 11%[18%] 50 151 100% _ 3% 36%

Rwanda 0% 130 103 _ 100% 2% 96%

Lesotho 13%[14%] 45 190 100% _ 3% 103% TOTAL 5686 93% 7% 100% 28% Source: 1. Letshego financials 2014 | 2. Genesis Analytics Team Analysis, 2014

3

Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda GTF - Microfinance operations growth has been strong

• Group Lending loans – Loans extended to business persons who lack traditional collateral • Individual or MSE loans – Primary loan product (mostly secured) • Check-off (payroll) loans Uganda Kenya 100% 139% – Targets employees working with both private and public companies – Payroll product limited to some individuals • School Fees loans Rwanda – Targets clients with school going children 96% or dependants • Maji Nyumbani loans – Assists individuals and communities to acquire water tanks and ensure water storage • Biogas – Targets dairy farmers in Kenya

4

Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda GTF - We have executed on diversification and exit

• Deposit mobilisation has gone live in Invest to Diversify / Mozambique (February) and Rwanda Exit (October) Grow Defend • Namibia has been granted a provisional license • Exit of Tujijenge operations finalised in October 2014 • Disposal of interest in scheduled •Botswana for completion in Q1 2015 •Moz’bique •Uganda •Tanzania •Rwanda •South •Namibia •Swaziland Sudan •Lesotho •Kenya

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Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda BC - Our customer centric approach has increased the customer base by 11% to 265,265

Mood

Products Market Research Mapping the customer journey Customer Marketing Experience Branch standards Look and feel that’s Brand consumer friendly Service Brand refresh

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Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda BC - Our infrastructure investment has positioned us well for future growth

Core banking solution from TCS BaNCS

Mobile App Field Improved Internet Faster Officers business Banking development flexibility

Branch USSD Single Multi-Functional Account Launch and Loan Accounts distribution of Easier access Savings Account products to for customers Current Accounts Fixed Term Deposits Call market Agents Centre

Cards

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Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda BC - Our governance processes are aligning with King III

Board Committees

Main Board No of Main Board Group Audit & Group HR Group Group Committees Risk Committee Investment Nominations Status - of Committee Committee Committee INED/NED Membership /EXD

1 J A Burbidge (Chairman of Main Board and GNC) INED 1 PC PC 2 C Low (Group Managing Director) EXD 1 P P 3 I M Mohammed NED 4 P P P P P 4 G Hassam NED 2 P P P 5 G van Heerde NED 2 P P P 6 S Price INED 2 P PC P 7 R Thornton INED 2 P PC P 8 H Karuhanga INED 3 P P P P 9 J de Kock INED 2 P P PC INED 5 3 2 2 3 Summary of new composition NED 3 2 2 2 2 EXD 1 1

INED Independent Non-Executive Director C Chairman of Board/Committee NED Non-Executive Director 50/50 Balance to be addressed when new appointments agreed EXD Executive Director Compliant with King III

8

Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda BC - Letshego’s credit rating was reaffirmed in an environment where financial services ratings were being down graded

Outlook Stable Issuer Rating Ba3

RATINGS DRIVERS . Established niche . Sound asset quality . Diverse funding profile . Good profitability and solid capitalisation

Source: Moody’s Investors Service Credit Opinion December 2014

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Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda OM - We are embedding the new operating model

• Brand and marketing

• Payroll and microfinance expertise • Central funding and foreign exchange management • Governance and risk management • Audit and assurance services Group • Group will set policy, standards, procedures and control requirements.

• Origination, distribution and service • Local currency funding • Central bank requirements will determine other in country

support functions Country

10

Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda BSM - We have diversified our sources of funding and lowered our overall cost of funds

Principal Sources of Funding

Funding Type • Commercial bank funding still an

7% important part of core funding 3% • Number of relationship banks 42% increased to 6 48% • Market conditions permitting there is capacity to issue more senior unsecured debt under BWP and ZAR DMTN Commercial Bank Development Funding • Ongoing Private Placements Investment Fund Medium Term Note under Mozambique DMTN

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Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda FY 2014 RESULTS PRESENTATION

Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda We have a delivered a strong set of results for 2014

•Strong growth in loans and advances to customers Growth •Continued geographical diversification Loans and 28% •Continued diversification from payroll lending advances

•Overall increase in revenue Revenue Mix •Margins consistent with prior period Operating •Continued diversification of revenues 26% Income Efficiency and •Return on assets remains very competitive •Cost to income 29% EPS 20% Profitability •EPS up 20%

•Overall impairment charge within target levels Asset Quality •Low cost of risk Impairments •Growth in loan book has not compromised quality 2%

•Continued strong capital adequacy ratio Capital and Liquidity •Cash reserves on hand of USD 30 million Debt to 47% •Debt to Equity increased to 47% Equity Ratio

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Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda All key metrics trends are positive

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Botswana . Kenya . Lesotho . Mozambique . Namibia . Rwanda . Swaziland . Tanzania . Uganda