1 XINJA BANK LTD 2020 Bank Xinja Series D Investor Opportunity Overview SeriesDInvestor Opportunity 2 XINJA BANK LTD 2020 Xinja Bank Xinja Introducing 3 XINJA BANK LTD 2020 A note from AEric note from We We delivery,aim tobecoming allowing profitable the with FY22. in us todrive revenue produ based subscription other of number a have We loans. home and lending secured by followed year, the of middle the in out u have to plan We market. to sheet balance of side the other the bring to continue to and successes early these on capitalise raise to need now do we peers, our than levels lower much at raising capital our keeping lean, very Xinja built have we While iscapital. success for that ingredients key of the One Whilst our initial success is a great cause for celebration, these are early days, and Xinja needs to continue to build on it expectations. else's anyone and our of excess in far are numbers growth These also forfor profit,purpose. but both being lovebrand our they and them, to conditions tricky no have products our banks, independent Australian the in mover first as lead We are fortunate to continue to receive more 5 times than PR the and media coverage of our nearest competitor, allowing us to has the privilege of holding over A$300,000,000 in deposits for 25,000 customers. acquisitioncustomer of marginby time and lauhuge a writingis only dayshard this alsothe ofwe after 47 At ahead target. firstindependent Australia's life its as to start extraordinary an had has Xinja Hello and welcome to Xinja's very special Wholesale and Sophisticated Investor Series D raise! products....howeveritis problem nice tohave! a sheet. balance the of have reached our deposit target in weeks rather than years and may well choose to limit further deposits as we focus attention our we as deposits limitfurther to choose well may and years than rather weeks in target deposit our reached That of course has to be balanced against the need for funds to lend out, and building a customer base for future future for base customer a building and out, lend to funds for need the against balanced be to has course of That neobank market. Our customers tell us they choose Xinja because we have no connections to existing existing to connections no have we because Xinja choose they us tell customers Our market. neobank to market. We smashed our expected targets for deposit growth growth for deposit targets expected our smashed We market. to s e s arlyprogress. nch nse mo ed to the market, Xinja Xinja market, the to ed cured lending products products lending cured co re capital re toallow us to cts ntinue to cement our alsofor planned on the assetthe side 4 XINJA BANK LTD 2020 A note from AEric note from Kindest regards Kindest own. to proud be you can that bank a build to continue hope for profit.We and for purpose fiercelyindependent, still Xinja remains us. in investment an you for considering Thank bills! pay and live to on depend you that money invest not should you st are we stages, early its in ofdid level it risks as and type same the faces longer no Bank the Whilst Xinja. in investing possible12 a in inve term medium carefully. isa Xinja decision of yourinvestment return riskand the consider you to urge would alwaysI As anywith remaining allocations being offered publicly on afirst come, first served basis. Wholesale raise! As is appropriate, our customers qualifythat as Wholesale and Sophisticated investors by ASIC will get the whilstwould we love to docrowdfund, another legislation the unfortunately us prevents from doing this,have so. we Instead crowdfunds equity largest two the time, the at were what completed We banking? in occurring digital revolution offruits the How claim canwe to both be for purpose for and profit if don't we give our customers members and of public the to a chance p possible. as Bank our involved in Australians many as have to alwayssought has Xinja youknow may As Founder & & Founder Eric Wilson CEO - 24 month timeframe; this is not guaranteed however as plans can change. Make sure you fully understand the risks associated with with risksassociated the you fully sure understand Make change. can plans as however guaranteed isnot this ill a higher risk investment and and riskinvestment higher a you stm fir in in our st opportunity to invest, invest, to opportunity st willinvest in us as we art Australian history, and ent with a potential IPO Series D public public D Series icipate early in the the in early icipate 5 XINJA BANK LTD 2020 Vision global 100% digital bank and financial Humanity Humanity To become company. + Technology Technology technology technology the first first the + Banking 6 XINJA BANK LTD 2020 Timeline Xinja became a bank abecame Xinja toscale friends)and2019 due First home loans written (family and A$13m over at completed raise B Series app Xinja and product card debit prepaid Launchof crowdfund equity first Australia’s Launchof 2018 prepaid debit card product and app A$2.7mraise tothefund launch of awith early 2017 in Series funding A 2017 2018 2017 Savings Account pilot Account Savings RemovedBank Account waitlist Pay Google and Pay Apple Launched LaunchedBank Account towaitlist (ADI) APRA Acquiredfullbanking license from market travelcards the in andprepaid 10,000 has Xinja customers25,000 up, signed A$29m at completed round funding C Series 2019 business(2021)banking and business, payments a of establishment management, funds into expansion Seed (2021) Breakeven Profitability & secondOpen territory (2021) (2021) LoanProducts LaunchBusiness Products2020) (Q4 LaunchBusiness Bank Deposit Borrowing2020) Products (H2 Loan Home & LaunchPersonal in >$300m has Xinja 25,000 public toAccount Savings Launched deposits ( 2021 2020 BankAccounts & robo Q1 2020) Q1 advice, advice, Open third territory third Open numbers customer scaling Beginrapid ofBusiness 2022 2023 7 XINJA BANK LTD 2020 Xinja has mover in first advantage Australia deposits and 25,000+ bank accounts. accounts. bank 25,000+ and deposits Xinjalaunched marketingits Januarystashaccountand on 16 Xinja Revolut 86400 0 25 50 News Volume (28 Nov 19 to 28 Feb 20) 75 100 Xinja gains the>5X amount of PR and media coverage coverage media and ofPR than any other related related other any than company in Australia. Source:Factiva th 125 . By earlyXinja . receivedhadMarch, overA$300m in 150 175 200 8 XINJA BANK LTD 2020 For theended year JuneFor 30 June 30 to 2017 2018) (2018: 2019 for the reporting May 5 period Financials Historical Equity Total Assets Profit Tax After Expense Tax Profit/Loss CreditImpairment Provisions Costs Total Othercosts Acquisition & Marketing IT Employee Total Revenues Non Income Interest Net Expense Interest Revenue Interest Gross Statement Income - Interest Income Interest (6,598,932) 11,969,100 (6,537,796) (6,537,796) (1,521,474) (1,607,665) (2,908,015) 10,839,007 (561,778) FY2018 61,136 19,343 41,793 0 0 0 0 $ (21,987,655) (21,845,399) (21,845,399) 12,847,433 (5,700,169) (1,230,930) (6,573,497) (8,483,059) 8,504,358 142,255 FY2019 77,006 65,249 0 0 0 0 $ (17,713,911) (17,621,113) (17,621,113) 29,349,473 (2,672,027) (5,762,622) (8,747,930) 23,677,592 H1FY2020 (531,332) 92,798 55,151 37,647 37,844 197 0 0 $ and marketing in January 2020. January in marketing and account Stash and Bank of the launch successfulhard the across account September bank of the successfultest including development, product Upon receiving the ADI licence Xinja began accelerated H1FY20 forup prepaidtravel product. the signing customers 25k in resulting development, brand in Marketing expenses: ADI licence in September2019. the of acquisition successful the to led This operations. of banking establishment and card of prepaid launch build, bank and development application successfuldelivery, and application licence for resourcing on focussed Operating expenses: FY19. and FY18 both accountsin bank various operational in capital of the investment the with income: Interest & FY19 FY18 Xinja received interest revenue associated associated revenue interest received Xinja Xinja has invested marketing efforts marketing invested has Xinja were FY19 and acrossCostsFY18 – December 2019, followed by 2019, December 9 XINJA BANK LTD 2020 Strong, viableStrong, growthcustomer projections interest rates, maintainto strong growth. commit usto allow should model business digital Xinja’s affiliates. brokers,and marketplaces include forecasts organicCustomer customer partnerships, both wellthrough acquisition growth as distribution SMSFs, companies, sole traders. sole companies, SMSFs, Trusts, includes accounts, & savings transaction on taking business customers includes Customers Business Customers 63,900 Business Business Customers Customers Consumer FY20 167,699 FY21 288,042 FY22 423,895 FY23 573,903 FY24 731,839 FY25 898,246 FY26 to providingto highly competitive Deposit Deposit Accounts Loan Accounts Business Business Loans Personal Loans (Inc overdrafts) Home Home Loans Deposit Accounts Deposit (Transaction & Savings) Term Deposits 109,075 FY20 3,077 FY20 19,886 292,174 FY21 FY21 42,844 507,834 FY22 FY22 69,869 FY23 750,010 FY23 savings and lending 100,765 1,015,694 FY24 FY24 130,397 1,294,106 FY25 FY25 155,289 1,585,912 FY26 FY26 10 XINJA BANK LTD 2020 significant Net profit after tax is forecast to grow to ProjectionsFinancial Equity Total Assets Profit Tax After Expense Tax Profit/Loss CreditImpairment Provisions Costs Total Othercosts Marketing IT Employee (Mastercard/GPS) Costs Payments Costs Acquisition Total Revenues Non Income Interest Net Expense Interest InterestRevenue Statement Income - Interest Income Interest operational leverage operationalleverage potential from acceleration of customer acquisition and partnership revenues. 2020 (48) (46) (46) (18) (20) 385 $m (4) (3) (3) (1) (2) 74 0 0 2 1 0 2 $45m by FY23 2,038 2021 (60) (29) (29) (13) (24) (20) 302 $m (2) (5) (4) (7) (8) 33 19 13 33 0 5,051 2022 (79) (14) (26) (13) (18) (65) 437 118 $m (8) (5) (3) 37 24 12 99 46 53 on the back of customer growth meeting expectations. Xinja has customerthe of back on has growth meeting Xinja expectations. 7,338 (114) 2023 (96) (19) (14) (14) (31) (20) (21) 502 175 113 227 $m (5) (4) 45 64 61 Initial Breakeven: Breakeven: Initial lendinggrowth. and expected to grow in line with deposits, transaction volumes Acquisition, payments, salaries credit and provisions to facilitate product build and launch, stabilising in later years. Operating expenses: complimentary services. accountsand products and premium including services, added value of range a from Non willaccount for remaining 20%. the financing wholesale while plan, business the over incurred expenses total interest of 80% the torepresent budgeted expenses: Interest book. lending the in growth forecast $2m (FY20) to $175m in FY23, primarily driven by the Revenue: - interest income: Total revenue growth from growth revenue Total expected during FY2022. Deposit interest expenses are are expenses interest Deposit IT costs expected to be higher in 2020 Xinja expects to generate revenue revenue generate to expects Xinja 11 XINJA BANK LTD 2020 Terms A$235m pre A$235m Valuation - money Series D Raise D Series A$50m A$50m A$4.08/share Price COB 19 March 2020 Close on or before Timing MinimumParcelSize Parcel Size A$20,400 12 XINJA BANK LTD 2020 Capital & Use Fundsof Capital (first $50M) IT Employees 18% 21% Marketing Payments 3% 3% Other Other 4% Acquisition Acquisition 1% Capital Capital Regulatory Regulatory 50% Xinja to scale more rapidly. more scale to Xinja enabling raised), funds $100m cumulative ofthe 55% to capital regulatory (bringing $30M will be allocated to regulatory capital raised: $50M Next projections). FY20 on (based is for capital regulatory investment capital Approximately 50% ($25M) of planned the costs. employee and launch product lending ofPrimary use fundsis for technology build, of SeriesFirst $50M D funds: 13 XINJA BANK LTD 2020 Key Members Board & Advisors *Board Advisors *Board forGrameen Foundation Australia Group since 2009, Board member 2009,Board since Group spent a decade of her career split Citibank and was inducted in the inductedin was and Citibank & National Bank of Vanuatu. of She Bank National & financialservices. She has been the Group CEO of AFG Venture Venture AFG of CEO Group the Woman Hall of Fame in 2000. in Fame of Hall Woman between Macquarie Bank and and MacquarieBank between Lindley has overhas 25Lindley years in Telstra Australian Business Business Australian Telstra LindleyEdwards Chair leadingthe Model S/X engineering senior engineering leader at Tesla Globally he is regarded as one of of one as regarded is he Globally fromconcept to post production. the brightest engineering minds minds engineering brightest the of his generation. He brings ageneration. brings his He of rigorous technical innovation innovation technical rigorous Thomas was a foundational foundational a was Thomas focusto Xinja’s technology. Thomas Vikstrom Thomas Technology Reserve and OCC on the future of of future the on OCC and Reserve Mr King is an Amazon bestselling He was an advisor to the Obama bank account on mobile in 2012. accountin bank mobile on neobanking launchedthe world’s first smart author,award Neobank founder and global global and founder Neobank administration, the Federal Federal the administration, of US of banking and is a regulara is and banking Mr. King is a pioneer in and renowned and neobanking authority neobanking media neobank Brett King* Brett as founder and CEO CEO and founder as commentator. commentator. - winning speaker speaker winning Moven.. He futurist. 11FS on major enterprise projects. enterprise major on 11FS of theaward of propositions,builtproduct teams, neobanks in the UKthe in neobanks ledthe design and development industryacross the UK, US and Officer for both, he createdboth, he for the Officer application with the FCA/PRA. the with application industry figure in the neobank neobank the in figureindustry Jason is now a consultant and and consultant a now is Jason Europe.,currently for working and defended the regulatory the defended and global and founder Neobank Starling. As Chief Customer Customer Chief As Starling. Jason was co was Jason neobanking authority neobanking JasonBates* - winningMonzo app, - founderof 2 – Monzo and experience in financial services. experiencefinancial in Officer and Head of Innovation. of Head and Officer Investment Chief Global Bank’s Most recently as Macquarie Craighas over 20 years of He is currently the CIO for Financial Engineering Financial Revolver Craig SwangerCraig Capital. 14 XINJA BANK LTD 2020 Senior Management *Executive Board Directors Board *Executive wasas the CEO of a subsidiary of over 20+ years. His previous role roleprevious over20+years. His and management consulting for for consulting management and Eric is Xinja’s founder CEO.and Xinja’s Ericis He has worked across banking banking across worked has He the National AustraliaNationalthe Bank. Eric Wilson* Eric CEO career at APRA and is responsible responsible is and APRA at career a practitioner of design thinking thinking practitioneradesign of driveninnovationcustomerand and is responsible for our data our for responsible is and Female Fintech Leader of the of Leader Fintech Female fordriving Xinja to be a truly Vanhasdeep experience as Van is alsoVanAustralia's is 2019 digital bank, not just a bank bank a justbank,not digital experience.Shestarted her Strategy & Innovation & Strategy deliveringdigitally. Van Le* Van Year. - brandchanneland organisations. He time in both large (Barclays Bank UK UK Bank (Barclays largeboth timein and Africa, HSBC) and small private private small and HSBC) Africa, and experience in financial services and services experiencefinancial in is a is fiercely competitive team player environments. This is endorsed by endorsed environments.is This organisations.customerDrivenby sales growth strategies in multi experience outcomes led has he whohas a passion for creating he prides himself on delivering on himself prides he Andy has over 25 years global global years 25 over has Andy better banking in Australia. betterin banking transformational change in in change transformational interestingand stimulating Andy Rigg Andy COO - the challenges that all ADIs have today today have ADIs all that challenges the supported its initial growth strategy in experience in Retail banking, primarilybanking,Retail experiencein ina very competitive and increasingly state understanding of retail banking and and banking retail of understanding Bankwest the Pacific. Last 15 years Tony was was Tony years 15 Last Pacific. the and Pacific. He helped privatise the the privatise helped He Pacific. and inexecutive Finance roles Australia complex regulatory environment. environment. regulatory complex as CFO Bank South PacificBank and CFO as previously CFO Retail Bank at Bank Retail CFO previously Police Bank. Tony has a deep deep a has Tony Bank. Police Tony has more than 20 years years 20than more has Tony - owned bank in PNG, on in stayed bank owned , CFO at CUA and CEO of of CEO and CUA at CFO , Tony Taylor Tony CFO financialservices businesses. She inthe future bring will experience currently focuses on ensuring our our ensuring on focuses currently has a global background global cominga has possible levels of efficiency, of and levels possible performancegrowthand within in M&A work and entering new enteringnew and work M&A in amongst others. At Xinja Anna Anna AtXinja others. amongst to Xinja from Goldman Sachs Goldman from Xinja to teams operate at the highest highest the at operate teams Anna specialises in driving driving in specialises Anna and McKinsey & Company Company & McKinsey and overseas markets tobear.overseas Anna Burton Anna CPPO 15 XINJA BANK LTD 2020 Appendix 16 XINJA BANK LTD 2020 Disclaimer Xinja and each of their respective advisers, directors, officers, officers, directors, advisers, respective their of each and Xinja faith, good in compiled been has Overview Investment this While (“Participants”). Xinja in investors prospective to (“Conditions”) below andout conditionsset providedtheterms on is and preparation; of time the at known information available publicly and Xinja by provided information of basis the on compiled been has 618 (ACN: 937 Overview 054)(“Xinja”). Limited Investment BankThis Xinja in investment potential a to relates Overview Investment This Important Notice excludedunder other law.statute or extentthat any such representationspromises, warranties or cannot be the to or Xinja, in investment for contract binding a in Participant relevant the of favour in given expressly as except Participant), made to Participants (or any associated person of or adviser to any not or made communication oral or written other any or Overview other matter contained, referred to or reflected in this Investment opinion, estimate, projection, forecast, statement or assumption or any any information, of completeness or implied)theaccuracy about or (express warranties or representations promises, no make Parties”) employeesand associated persons and entities (together “Xinja – – – – – limitingthe above: Without Australian Securities and Investments Commission. thewith beenlodged and not has Act, Corporations theunder document disclosure other or prospectus a constitute not does and be to intended not andis only purposes information general for recipient the to available made been has Overview Investment This Xinja. or business environment of, or in any other way in relation to, position affairs, business, the in otherwise, or material change, no be will there that made is warranty or representation promise, No times. appropriate at and consideration review board of result a and as reviewand change, both in response to changing circumstances to subject are actions future to respect andwith intentions expectations to relating Overview Investment the in Statements estimates,projections and based.areforecasts uponwhichany judgments and subjective policies accounting calculations, independent assumptions, therelevant of review estimates,projections and andforecasts conductmust their own opinions, these on rely not do they that agree Participants guarantees or representations of future performance. expressedimplied, or in this Investment Overview, and notare materially from the estimates, projections and forecasts, controlofXinja. Actual results, performance events or may differ the beyond are which of many anduncertainties, risks unknown andknown andinvolve Xinja’s of andassumptions views current the on based are forecasts and projections estimates, The performance. future anticipated Xinja’s to respect with forecasts and projections estimates, includes Overview Investment This matters. referredto in this Investment Overview and any other relevant or contained information and data the assets, and business review,investigation, valuation and analysis of Xinja and its independent own their conduct must and Overview Investment may require. Participants agree that they do not rely on the containall the information that a prospective investor in Xinja not does and to purport not does Overview Investment This – appeals from them. from appeals hear NewSouthableto of Walesand courts thecourts of jurisdiction of New South Wales and the parties irrevocably submit to the exclusive relationto this Investment Overview shall be governed by the laws in dispute Xinja.Any against have otherwise might it that claim andevery extentpermitted by law, awaiver and releaseby each Participant eachof Acceptance of this Investment Overview constitutes, to the maximum subjectthese to Conditions. byXinja,be inwriting agreed otherwise unless will, oral) or written Any further information provided by Xinja to the Participant (whether – – otherstatute law, Xinjaor shall not: contractforinvestment in Xinja which or cannot be excluded under binding a in Participant the of favour in given expressly as Except arrangement with anyperson. with arrangement or agreement negotiations, any into enter to Xinja oblige not does Furnishingthis Investment Overview theto recipient any or other person Xinja. of and assets business the anyof of sale the for or anysecurities of issue or subscription purchase, sale, the for Xinjathe Parties anyof by offer or invitation an constitute not does Overview Investment This other Participant, update or supplement this Investment Overview. creatingany obligation doto on so any subsequent occasion forany or action such without discretion, absolute their in may Xinja this, Despite or completeness (or any other aspect of) this Investment Overview. comingthatto party’s attention which may affect the accuracy, validity or arising matter any of Participant such any to, adviser or of, party associated any or Participant any inform to obligation any under Be nor matters; those update or correct to failure any for or Participant), any to adviser or of person anyassociated (or anyParticipants to made communication oral or written anyother or Overview contained,referred reflected or to in omitted or thisfrom Investment matter other any or assumption or statement forecast, projection, or consequential) to any person for any information, opinion, estimate, andindirectany negligence whetherof direct, result a as limitation, Have any responsibility or liability of any nature (including, without