FY16 May Update 12 May 2016

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1 FY16 May Update 12 May 2016 Thomas Beregi, CEO Michael Eadie, CFO

2 Competitive leadership in the credit-impaired consumer segment FY16 May Update 2

3 Core business leadership and diversification for sustained growth Debt Buying (Core) Australia / NZ Consumer Lending USA Debt Buying Operational superiority - Highest asset turnover (1.6x p.a. 1 ) - Lowest cost to collect (35% 2 ) Analytical superiority - Largest database - History of pricing accuracy Compelling client proposition - No adverse orders or undertakings - Lowest complaint rate Largest and longest established Strong returns and financial structure - ROE > 18% - Gearing < 40% 5 The sustainable alternative for consumers with impaired credit records Regulatory upside - No payday loans - No SACCs - No MACCs - No consumer leases APRs well below legislated caps Served 100,000 customers since 2012 Strong book and earnings growth Book size $130m 3 FY16 NPAT $5.8m 4 Large market - > 10x AUS / NZ Improved operations on track for breakeven mid FY17 Early signs that adverse pricing conditions may be easing Sizeable operation (120 FTE) ready to scale to take advantage of any improvement in conditions 1 Forecast FY16 ratio of cash collections from PDLs to average PDL carrying value 2 Forecast FY16 ratio of cash costs of the Debt Ledger Purchasing segment to collections 3 Apr-16 consumer loan book gross of expected loss provisions per unaudited management accounts 4 Midpoint of Consumer lending segment NPAT implicit in FY16 guidance 5 Net borrowings as a proportion of PDL and consumer loan book value FY16 May Update 3

4 to build on our track record of strong financial performance Cents per share ROE % 17% EPS CAGR 21% 23% 22% DPS EPS 58 ROE FY10 FY11 FY12 FY13 FY14 FY15 FY16 * * FY16 midpoint of most recent market guidance FY16 May Update 4

5 Increased opportunity to invest at our target rate of return Jan 16 Expectation May 16 Update PDL acquisitions $185m - $195m Existing forward flow contracts renewed Continued US purchasing Attractive one-off purchases Purchasing now on track for $225m - $230m Net lending volume of $30m - $40m Volumes maintained Referral channels in place Expected net lending now $45m - $50m NPAT $44m - $45m On track Strong consumer lending result Improved growth outlook for FY17 FY16 May Update 5

6 and the financial capacity to seize opportunities across all markets Significant covenant capacity $400m $350m $300m $250m PDL Carrying Value $200m $150m Net Consumer Loans Carrying Value Covenant capacity $100m Borrowings $50m - FY15 1H FY16 Apr 16 FY16 May Update 6

7 Operational metrics maintained - pricing discipline and accuracy Cumulative Collections $m 2,000 1,500 Actual cash collections 1,000 Initial projections Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Apr 16 FY16 May Update 7

8 Operational metrics maintained - collection life-cycle PDL collections by date of purchase $m 90 On track for record collections (1) 11% % 23% 13% 13% 18% 16% 23% 13% 16% 24% 12% 17% 25% 28% 26% 12% 11% 12% 19% 20% 22% 29% 31% 32% 13% 14% 15% 25% 23% 22% 30% 32% 32% 17% 17% 15% 19% 15% 15% >3 years 2-3 years 1-2 years <1 year % 48% 48% 47% 44% 43% 38% 33% 32% 31% 34% 36% 38% - Q3 Mar 13 Q4 Jun 13 Q1 Sep 13 Q2 Dec 13 Q3 Mar 14 Q4 Jun 14 Q1 Sep 14 Q2 Dec 14 Q3 Mar 15 Q4 Jun 15 Q1 Sep 15 Q2 Dec 15 4 mths Apr 16 * * Pro-rated to a quarterly average (1) 11% growth based on p.c.p. (Apr 16 YTD vs. Apr 15 YTD) FY16 May Update 8

9 Operational metrics maintained - productivity Debt purchase productivity (direct collection staff only) PDL collections per hour ($) YTD Apr-16: $205 FY15: $ / / Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FY16 May Update 9

10 Operational metrics maintained - payment arrangement book Total Portfolio Jun 14 Dec 14 Jun 15 Dec 15 Apr 16 Face value $4.7bn $4.8bn $4.9bn $5.1bn $5.3bn Number of accounts 744, , , , ,000 Payment Arrangements Face value $909m $963m $1,044m $1,099m $1,133m Number of accounts 120, , , , ,000 % of PDL collections 73% 73% 75% 76% 76% FY16 May Update 10

11 Favourable opportunities seized to produce record PDL investment Continued renewal of forward flows Attractive one-off purchases FY16 Purchasing Guide: $225m - $230m $184m $220m Apr 16 FY16 Purchasing Pipeline Domestic US $136m $136m $9m $7m FY14 Actual * As at April 2016 FY15 Actual $36m FY16 Guidance $70m FY17 Committed Pipeline * FY16 May Update 11

12 Continued consumer loan book growth Gross loan book excluding provisions $130m $121m $100m $63m $72m $56m Gross loan book (excluding provisions) Annualised revenue $35m $6m $11m $19m Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Apr 16 FY16 May Update 12

13 Consumer lending volumes maintained Gross lending volumes remain strong - Transition to longer duration products - Wallet Wizard brand recall driving volume - Net lending market guidance increased Strategies for continued growth - Leveraging our uniquely sustainable offering to establish referral channels - SACC review panel recommendations may impact competitive dynamics to Credit Corp s advantage - Product refinements in pilot FY16 May Update 13

14 Earnings and return growth on track Profitability and returns are improving as book increases in size On track to achieve pro-forma returns in coming periods Average net book size $m (1) 120 ROA % 10% NPAT $m % % % (5.0) 20 - FY14 FY15 1H FY16 2H FY16 (3) -10% FY14 FY 15 1H FY16 2H FY16 (2) (3) (10.0) (1) Net of provisions (2) ROA based on annualised NPAT (3) Forecasts for Consumer Lending segment implicit in the midpoint of FY16 guidance FY16 May Update 14

15 In the US we are making the best of challenging conditions Supply conditions unchanged - Proposed rules from federal regulator continue to be delayed - Major issuers have not returned to debt sale - Consent orders with large debt buyers provide a form of rule-making Operational improvements mean recent purchases are on track for modest returns - Improved results have facilitated increased investment in FY16 - Continued purchasing at current pricing will drive the business to monthly breakeven from mid FY17 - An easing of prices will accelerate profitability FY16 May Update 15

16 and there are some signs of more favourable pricing conditions Despite unchanged supply conditions, major debt buyers recently reporting rational pricing and improving returns Purchase price multiple on current year purchases (1) FY14 Q4 FY15 Portfolio Recovery Associates (PRAA) 2.04x 2.09x SquareTwo 1.53x 1.71x - Presently we re seeing 15% higher returns from these portfolios [current US forward flows] based on the moderated pricing and continuing improvement in liquidations (Ken Vecchione, CEO) (2) - We see market pricing starting to decrease slightly across all aged segments in the US from fresh paper to non-fresh paper we re seeing pricing running along the same levels as 2014 which is very encouraging to us. So pricing is coming down a little bit which is good (Ken Vecchione, CEO) (2) - I think there is better pricing discipline in the market. And I think buyers are willing to hold to their prices more. And I think issuers have readjusted some of their expectations (Ken Vecchione, CEO) (2) Credit Corp is well-positioned to capitalise on any improvement (1) Derived from PRAA and SquareTwo Form 10-K and Form 10-Q reports (2) Encore Capital Group (ECPG) Q and Q earnings calls FY16 May Update 16

17 Updated FY16 Guidance Issued Jan 16 Updated May 16 PDL acquisitions $185m - $195m $225m - $230m Net lending $30m - $40m $45m - $50m NPAT $44m - $45m $44m - $45m EPS (basic) cents cents FY16 May Update 17

18 Questions FY16 May Update 18

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