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E H T T S O E B M O S T D L Y R A O W W Y D A E P V O O T L F Y 2 0 1 9 R E S U LT S P R E S E N TAT I O N DISCLAIMER The material in this presentation is general background information about Afterpay Touch

SLIDE 1

W O R L D ’ S L O V E D W A Y T O B E T H E M O S T

F Y 2 0 1 9 R E S U LT S P R E S E N TAT I O N

T O P A Y

SLIDE 2

DISCLAIMER

The material in this presentation is general background information about Afterpay Touch Group Limited (APT) and is current at the date of the presentation, 28 August 2019. The information in the presentation is given for informational purposes only, is in summary form and does not purport to be complete. It is intended to be read by a professional analyst audience in conjunction with APT’s other announcements to the ASX, including the Group 2019 Annual Results announcement. It is not intended to be relied upon as advice to current shareholders, investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular shareholder or investor. No representation is made as to the accuracy, completeness or reliability of the presentation. APT is not obliged to, and does not represent that it will, update the presentation for future developments. All currency figures are in Australian dollars unless otherwise stated. Totals may not add up precisely due to rounding. This presentation contains statements that are, or may be deemed to be, forward looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believe”, “estimate”, “plan”, “target”, “project”, “anticipate”, “expect”, “intend”, “likely”, “may”, “will”, “could” or “should” or similar expressions, or by discussions of strategy, plans, objectives, targets, goals, future events or intentions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. You are cautioned not to place undue reliance on such forward-looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of APT or any of its related entities which may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. 2

SLIDE 3

FY19 GROWTH AND PERFORMANCE CONTINUES…

AFTERPAY

UNDERLYING SALES

AFTERPAY

TOTAL INCOME

2 (PRO FORMA) 3 AFTERPAY

ACTIVE CUSTOMERS

1 AFTERPAY

GROSS LOSSES

4 (PRO FORMA) 3 AFTERPAY

ACTIVE MERCHANTS

1 AFTERPAY

NET TRANSACTION MARGIN

(PRO FORMA) 3

140

115

126

130

40 101

% 2.2b 116.8m 2.0m 16.0k $55.7m 1.5% FY18 FY18 FY18 FY18 FY18 FY18 FY19 FY19 FY19 FY19 FY19 FY19 5.2b 251.6m 4.6m 32.3k $126.1m 1.1% NOTE: CHANGE CALCULATIONS MAY NOT EQUATE DUE TO ROUNDING. 1. DEFINED AS HAVING TRANSACTED AT LEAST ONCE IN THE LAST 12 MONTHS, AS AT 30 JUNE 2019. 2. AFTERPAY TOTAL INCOME INCLUDES AFTERPAY INCOME AND OTHER INCOME.

3. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME, PAY NOW REVENUE AND RECEIVABLES IMPAIRMENT EXPENSE. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS

WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. SEE APPENDIX FOR FURTHER DETAIL. 4. GROSS LOSSES ARE DEFINED AS THE AFTERPAY RECEIVABLE IMPAIRMENT EXPENSE AS A PERCENTAGE OF UNDERLYING SALES UP UP UP DOWN BPS UP UP $ $ $ $ 3

SLIDE 4

AGENDA

1. OUR MISSION AND MOMENTUM 2. BUSINESS OVERVIEW GROW PERFORM INNOVATE SUSTAINABILITY 3. FY19 FINANCIAL SUMMARY APPENDIX - FY19 FINANCIAL DETAIL

SLIDE 5

OUR MISSION AND MOMENTUM

SECTION ONE

SLIDE 6

OUR MISSION AND VALUES

CUSTOMER AND TRUST

We put trust in our customers and encourage good behaviour They love us in return It’s as simple as that NPS1>80

RETAIL IS IN OUR BLOOD

Providing merchants with a channel to the world’s best customers

MILLENNIAL AND TECHNOLOGY FIRST MINDSET

It works and evokes a feeling

UNLOCKING A MOVEMENT

We are empowering a generational movement away from traditional credit products Millennials prefer debit cards and want to spend their own money (no entrapment)

OUR MISSION TO BE ‘THE WORLD’S MOST LOVED WAY TO PAY’

NOTE: 1. NET PROMOTER SCORE – INDUSTRY STANDARD SURVEY THAT MEASURES HOW LIKELY CUSTOMERS ARE TO RECOMMEND AFTERPAY 6

SLIDE 7

PURPOSEFULL Y DIFFERENT

…TO TRADITIONAL CREDIT AND OTHER BNPL PROVIDERS

DIFFERENT IN OUR MERCHANTS Retail is in our blood We are a brand focused payments company Global merchant relationships that increase platform value and merchant benefit

6. 7. 8.

DIFFERENT IN OUR CUSTOMERS Customers trust us because we are different – we are on their side NPS1 >80, strong customer satisfaction Loyal and ‘sticky’ – growing engagement and spend Millennial origins but demographic profile

f customer base

continues to broaden

9. 10. 12. 11.

DIFFERENT IN OUR SERVICE Majority of income earned from merchant not customer No interest and no hidden fees Late fees capped and don’t accumulate Not a line of credit –

nly for discrete

purchases Low transaction values with strict caps

1. 2. 4. 3. 5.

NOTE: 1. NET PROMOTER SCORE – INDUSTRY STANDARD SURVEY THAT MEASURES HOW LIKELY CUSTOMERS ARE TO RECOMMEND AFTERPAY 7

SLIDE 8

NEXT GENERATION:

THE WORLD’S MOST VALUABLE CONSUMER

MILLENNIALS MAKE UP 27%1 OF THE ENTIRE GLOBAL POPULATION BY 2020, MILLENNIALS WILL HAVE THE HIGHEST SPENDING POWER ALMOST US$15 TRILLION WORLDWIDE2 BY 2025, MILLENNIALS WILL CONTRIBUTE ALMOST HALF OF ALL SALARY EARNED IN THE U.S.3 27% OF AU MILLENNIALS AND 16%4 OF ENTIRE AU PURCHASING POPULATION HAVE TRANSACTED WITH AFTERPAY MILLENNIALS AND GEN Z ARE DRIVING CHANGE IN GLOBAL SPENDING HABITS WHICH IS MEANINGFUL TODAY AND WILL BE EVEN MORE MEANINGFUL IN 10 YEARS AFTERPAY IS UNIQUELY POSITIONED TO BENEFIT FROM THIS SHIFT

8 SOURCE: 1. A.T. KEARNEY (2016) 2. FINANCIAL TIMES (2018) 3. VISA (2015) 4. AUSTRALIAN BUREAU OF STATISTICS (2019)

SLIDE 9

BUSINESS MODEL ALIGNED TO CUSTOMERS

BNPL AS AN INDUSTRY IS POORLY DEFINED

PROPORTION OF NON-CUSTOMER INCOME TO TOTAL INCOME HISTORICAL 2 YEAR REVENUE CAGR1 LISTED SMALL CASH LOANS/EQUIPMENT RENTAL COMPANY LISTED DOMESTIC NON-BANK CONSUMER / COMMERCIAL RENTAL AND LEASING COMPANIES2 DOMESTIC INSTALMENT FINANCE PEER6 NOT DRAWN TO SCALE BUBBLE SIZE REFLECTS AVERAGE REVENUE GENERATING ASSETS / RECEIVABLES REGIONAL BANKS AVERAGE4 OFFSHORE CONSUMER BANKS5 MAJOR BANKS AVERAGE3 20% 10% 30% 40% 50% 60% 70% 90% 80% 100%

100%

200% 0% MAJORITY OF AFTERPAY INCOME FROM MERCHANT (NOT CUSTOMER) BUBBLE SIZE BASED ON

>A$5.2B

IN SALES7 SOURCE: COMPANY FILINGS, FACTSET, IRESS AND BROKER CONSENSUS. CALCULATIONS FOR PROPORTION OF NON-INTEREST INCOME TO TOTAL INCOME BASED ON LAST REPORTED OR LAST TWELVE MONTHS (FY19 UNLESS OTHERWISE INDICATED) NOTES: (1) CALENDARISED HISTORICAL 2 YEAR REVENUE CAGR TO 30 JUNE 2019. (2) INCLUDES FLEXIGROUP (LTM 31 DEC 2018) AND THORN (LTM 31 DEC 2018); (3) INCLUDES CBA, NAB (LTM 31 MAR 2019), WBC (LTM 31 MAR 2019) AND ANZ (LTM 31 MAR 2019). INCLUDES INCOME FROM ASSETS ANNOUNCED FOR DIVESTMENT BUT WHICH HAVE NOT YET BEEN DIVESTED; (4) INCLUDES BOQ (LTM 28 FEB 2019) AND BEN; (5) INCLUDES SYNCHRONY (LTM 30 JUN 2019), CEMBRA (LTM 30 JUN 2019) AND MONETA (LTM 30 JUN 2019). CONVERTED INTO AUD AS AT 14 AUGUST 2019; (6) INCLUDES ZIP CO. ZIP CO IS BASED ON PROPORTION OF CUSTOMER BASED INCOME AT FY19 (7) FY19 GMV 9

SLIDE 10

$320+ BILLION

$5.3+ TRILLION

$6.0+ TRILLION

WE HAVE ACHIEVED SIGNIFICANT GROWTH BUT THE OPPORTUNITY REMAINS IMMENSE

AS WE EXPAND THE OPPORTUNITY GROWS AFTERPAY UNDERL YING SALES FY17 FY18 FY19

$0.6B

$2.2B

$5.2B

ANZ 0.6 ONLINE $30B+ ONLINE $650B+ ONLINE $780B+ US 0.01 US 0.93 UK 0.01 ANZ 2.2 ANZ 4.3 SOURCE: 1. NAB ONLINE RETAIL INDEX DECEMBER 2018 2. NATIONAL RETAIL FEDERATION (2019), FTI CONSULTING (2017) 3. UK HOUSE OF COMMONS (2018)

1 + US 2

1 + US 2 + UK 3 RETAIL OPPORTUNITY

RETAIL OPPORTUNITY

RETAIL OPPORTUNITY 10

SLIDE 11

ACCELERATE GMV GROWTH

MAXIMISE OUR GLOBAL MARKET OPPORTUNITY

SCALE SMB

GROW INTERNATIONAL EXECUTION CAPABILITY AHEAD OF THE CURVE INVEST FURTHER IN

PLATFORM INNOVATION BROADEN BASE

CAPABILITIES APPROPRIATELY

INVEST IN ENTERPRISE

KEY BRAND RELATIONSHIPS

EXECUTING ON OUR MID-TERM STRATEGY

OUR ADDRESSABLE OPPORTUNITY IS SUBSTANTIAL

THE IMMEDIATE MARKETS WHERE AFTERPAY IS PRESENT REPRESENTS A $6 TRILLION OPPORTUNITY, INCLUDING AN ONLINE CONTRIBUTION OF $780 BILLION

FY20 investment strategy:

Accelerated growth in the US
Build our business in the UK
Continued investment in Australia

and New Zealand

New markets will be considered

MID-TERM STRATEGY

$20BN++ GMV 2% NTM FY22

SLIDE 12

STRATEGIC PILLARS

SCALE OUR NETWORK AMONGST OUR CUSTOMERS AND MERCHANTS AS WE CONTINUE ON OUR MISSION TO BECOME THE ‘WORLD’S MOST LOVED WAY TO PAY’ CONTINUED CUSTOMER AND MERCHANT INNOVATION OF OUR PRODUCT AND PLATFORM, REFLECTIVE OF OUR CORE VALUES AND DIFFERENTIATED APPROACH

INNOVATE GROW

ASPIRING TO ‘DO THE RIGHT THING’ BY OUR PEOPLE, OUR COMMUNITIES AND ALL OF OUR STAKEHOLDERS

DO THE RIGHT THING

DELIVERING STRONG FINANCIAL PERFORMANCE AND VALUE

PERFORM

SLIDE 13

FY20 MOMENTUM

Year end run-rate ~$7.2b1

underlying sales

ANZ in-store surpassed

$1b underlying sales (David Jones coming soon)

In-store represents large

potential globally

Retail impact - After-Yay Day

Aug 14+15 - each day bigger than Boxing Day

International rapid growth

continues:

US >2m customers2

and $1.7b annualised underlying sales

UK >200k customers2 in

first 15 weeks

Major brands continue to

be on-boarded in US/UK markets

Aligned corporate structure –

One Global Team

Co-founder Nick Molnar

leading global merchant and customer focus

Xin Ge (Chief Risk Officer)

continues to build world-class data analytics teams in all markets

Continue to attract world-

class talent: Malte Feller (Global COO; ex: Facebook); Carl Scheible (UK CEO; ex: PayPal)

Majority independent

Board – new independent Chair and independent Director recruitment process progressing

GROW PEOPLE&CULTURE

Customer frequency

and return rates continue to trend strongly in all markets

ANZ low loss and

high NTM provides ‘glidepath’ for new international markets

ver mid-term
Continue to invest

in growing global merchants, customers, technology and people platforms

PERFORM

Global data, risk, and

analytics capability

Driven by core values:
Customer empowerment

(not entrapment)

Merchant platform to

world’s best customers

New features to be

progressively rolled out globally

Variable payment

upfront (VPUF)

Cross-border trade

(XBT)

Data driven merchant

services

INNOVATE

NOTE: 1. BASED ON MONTH OF JUNE 2019 2. AS AT 23 AUGUST 2019, DEFINED AS ACTIVE CUSTOMERS THAT HAVE TRANSACTED AT LEAST ONCE IN THE LAST 12 MONTHS. 13

SLIDE 14

BUSINESS OVERVIEW

SECTION TWO

SLIDE 15

GROW.

SLIDE 16

STRONG LAUNCH IN THE UK

SUCCESSFUL LAUNCH WITH STRONG PERFORMANCE IN THE INITIAL MONTHS OF TRADE

Over 200k1 active customers in first

15 weeks, higher than the US at the same time post-launch IMMEDIATE FOCUS ON OUR CORE IN FASHION AND BEAUTY

With a vision to branch out in

the future – in line with the ANZ experience RESONATING WITH KEY UK MERCHANTS

>150 merchants live or currently

integrating

Boohoo, JD Sports, Pretty Little

Thing, Missy Empire and many more ESTABLISHING A BEST IN MARKET TEAM

Led by Carl Scheible, a seasoned

Fintech executive

Talent acquisitions across all areas to

support growth – team grown to 29

Leveraging our existing ANZ/US talent

and ‘know-how’ to win in the UK 1 15 200,000 ACTIVE CUSTOMERS WEEKS AFTER LAUNCH WEEKS CUSTOMERS UK US NOTE: 1. AS AT 23 AUGUST 2019 DEFINED AS ACTIVE CUSTOMERS THAT HAVE TRANSACTED AT LEAST ONCE IN THE LAST 12 MONTHS. 16

SLIDE 17

EARL Y ACCEPTANCE WITH KEY UK RETAILERS

NEW BRANDS 17 We have been following the Afterpay journey and were excited when they launched in the UK after hearing the results they drive in other markets. We see Clearpay as an integral part in helping us to achieve our high growth business goals in the coming years. Ash Siddique, CEO, Missy Empire Following a successful partnership with Afterpay in Australia and the US we had every confjdence Clearpay would deliver in the UK. The initial results have met

ur expectations and we look forward

to growing the partnership further in our largest market. John Lyttle, CEO, Boohoo Group

SLIDE 18

MOMENTUM CONTINUES IN THE US

1 JUN 15 56 JUN 19 200 400 US SCALING US EARLY IN LIFECYCLE FIRST TIME RETURNING 68% 32% 96% 4% RETURNING CUSTOMER SPEND, TRENDLINE % MONTHLY ORDERS MONTHLY UNDERLYING SALES, TRENDLINE, A$M MONTHS AFTER LAUNCH ANZ RETURNING CUSTOMER SPEND (% FY19 ORDERS) US RETURNING CUSTOMER SPEND (% FY19 ORDERS) 97 38 11 60 80 100 40 20 74 US ANZ AU US PLATFORM GROWTH CONTINUES BEYOND EXPECTATIONS

$1.7b annualised GMV based on the

month of June 19

6,500+ merchants onboarded or

currently integrating

Accelerating rate of customer acquisition,

run-rate 50% higher than FY19 average POSITIVE NTM CONTRIBUTION IMPROVING WITH TIME (BEFORE IMPACT OF AASB 9)

Merchant revenue margin in-line

with ANZ

SMB growing strongly
Improving loss experience as our risk

systems are optimised and returning customer base grows

Opportunity to reduce future

processing costs as well as losses LEADING MERCHANT VALUE PROPOSITION

Over 3.8m merchant referrals in July 19
Co-marketing with Enterprise

merchants yielding strong results DEDICATED US$300 MILLION RECEIVABLES FUNDING FACILITY TO SUPPORT GROWTH AMBITIONS

Capacity to fund well in excess of

US$4b underlying sales MAJOR BRAND WINS POST YEAR END 18

SLIDE 19

LEADING US AND GLOBALL Y RELEVANT BRANDS CONTINUE TO JOIN OUR PLATFORM

NEW BRANDS COMING SOON1 CORE BRANDS D S T L D NOTE: 1. CONTRACTED, CURRENTLY INTEGRATING Afterpay is a valuable partner to DSW. They are genuinely invested in driving growth by delivering a differentiated shopping experience. We’ve seen signifjcant improvements in critical KPIs with our Afterpay customers, who tell us they’re very pleased with the option. We look forward to building upon this success together. Chad Miller, Director, Customer Experience, DSW Afterpay has been a strong partner for

URBN. Their team has been responsive

and the integration was straightforward, but more importantly, customers of our multiple brands have embraced Afterpay very favorably, so we are excited to expand to new markets in the future. Dave Hayne, Chief Digital Offjcer, URBN 19

SLIDE 20

GROWING OUR GLOBAL VOICE

CONSUMER INTEREST IS ACCELERATING IN EVERY NEW MARKET

AUG 14 US GOOGLE TRENDS CONSUMER INTEREST UK GOOGLE TRENDS CONSUMER INTEREST AFTERPAY VS COMPARATORS, LAST 5 YEARS AFTERPAY (CLEARPAY) VS COMPARATORS, LAST 3 YEARS AFTERPAY AFTERPAY (CLEARPAY) AFTERPAY (CLEARPAY) LAUNCHED IN UK MAY 2019 AFTERPAY LAUNCHED IN US MAY 2018 SOURCE: GOOGLE. NOTE: GOOGLE TRENDS CHART SHOWS HOW FREQUENTLY AFTERPAY IS SEARCHED IN THE GOOGLE SEARCH ENGINE RELATIVE TO COMPARATORS AUG 19 AUG 16 AUG 19 AFTERPAY COMPARATOR ONE (US AND UK) COMPARATOR TWO (US) COMPARATOR THREE (US) COMPARATOR FOUR (US) 20

SLIDE 21 UNDERLYING SALES GROWTH REMAINS STRONG

Underlying sales almost double prior year
Annualised underlying sales over $5.4b based
n June 19 month trading

FURTHER DIVERSIFYING INTO NEW VERTICALS

Healthcare, travel, ticketing

IN-STORE IS ACCELERATING

21% of ANZ underlying sales in H2 FY19,

up from 16% in H1 FY19

Major Australian merchants onboarded
New partnership announced with David Jones

EXPANDING OUR LEADING MARKET POSITION IN ANZ

ANZ UNDERLYING SALES A$M, UNAUDITED ANZ IN-STORE CONTRIBUTION TO UNDERLYING SALES % OF ANZ UNDERLYING SALES +99% 2,170.4 9% 16% 4,314.1 21% FY18 FY18 FY19 H1 FY19 H2 FY19

SLIDE 22

EXPANDING OUR LEADING MARKET POSITION IN ANZ

NEW BRANDS NEW ZEALAND NEW ZEALAND NEW ZEALAND AUSTRALIA NEW BRANDS IN-STORE COMING SOON1 IN-STORE NOTE: 1. CONTRACTED, CURRENTLY INTERGRATING 22 NEW ZEALAND

SLIDE 23

PERFORM.

SLIDE 24

OUR CUSTOMERS ARE GROWING AND TRANSACTING MORE FREQUENTL Y...

CUSTOMERS WHO STARTED WITH US 3+ YEARS AGO ARE NOW PURCHASING MORE THAN 20X PER YEAR

Customer tenure drives higher frequency of purchase, lower loss rates and improved customer lifetime value The relationship is clear – the longer that customers are on our platform the more they purchase and the more they love Afterpay Early experience in the US demonstrates a frequency glidepath that is higher than AU at the equivalent stage of lifecycle 3 YEAR+ >20X PER ANNUM 2 YEAR+ >10X PER ANNUM 1 YEAR+ >4X PER ANNUM 24 PURCHASING FREQUENCY OVER TIME BY AU CUSTOMER COHORT JUN 16 20 JUN 17 JUN 18 DEC 16 DEC 17 DEC 18 JUN 19

SLIDE 25 LOWER LATE FEES2 LOWER GROSS LOSS2 AVERAGE TRANSACTION VALUE LOWER AVERAGE OUTSTANDING BALANCES NOTE: 1. FINDER SURVEY (NOV 2018) 2. GROSS LOSS AND LATE FEES ARE SHOWN AS A % OF UNDERLYING SALES 3. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. SEE APPENDIX FOR FURTHER DETAIL. >90% <$500 >85% <$350 FY19 FY193 FY18 FY18

...WITHOUT DEBT ENTRAPMENT AND WITH LOW AND IMPROVING LOSS RATES

$3,260 $218 $150

CREDIT CARD1 AFTERPAY AFTERPAY

0.9% 1.1% 1.3% 1.5%

SLIDE 26

DELIVERING INCREMENTAL VALUE TO MERCHANT PARTNERS

THE FREEDOM THAT AFTERPAY PROVIDES TRANSLATES INTO INCREMENTAL GROWTH FOR MERCHANTS THROUGH LOYAL CUSTOMERS, HIGHER CONVERSIONS, AND BIGGER CARTS

A FOCUS ON HIGH FREQUENCY Increase in average basket size, conversion and customer frequency CO-MARKETING Co-marketing drives new customer acquisition and sales for both our merchants and Afterpay – shared value MERCHANT EXPOSURE Act as a marketing channel through listing our merchants on the store directory and inclusion

n social media promotion and

Afterpay newsletters SUPERIOR CUSTOMER SERVICE Dedicated customer and merchant support team with excellent reviews ACCESS TO MILLENNIALS Provides merchants with unique access to Millennials

the world’s best and most

valuable consumers

>25% >22%

INCREASED TRANSACTION VALUES INCREASED CONVERSION NOTE: 1. MANAGEMENT ESTIMATE 1 1 26

SLIDE 27

MERCHANT CHANNEL TO WORLD’S BEST CUSTOMERS

SO MUCH MORE THAN A TRANSACTION ENGINE - DELIVERING SHARED VALUE

ACCESS TO AFTERPAY SHOPPERS DRIVES NEW CUSTOMER ACQUISITION FOR RETAILERS 4.1m Afterpay App downloads globally WE ARE A MARKETING CHANNEL FOR OUR RETAILERS One of the largest lead referrers in ANZ and growing strongly in the US and UK GLOBAL MULTI- CHANNEL OFFERING 21% ANZ GMV from in-store,

ther regions to be considered

AFTERPAY HAS BECOME A LIFESTYLE Expanding strongly into Health, Wellness and Experiences in ANZ and Home, Ticketing and Services upcoming for the US 35,300+ MERCHANTS (TODAY1 AND GROWING)

BRANDS CUSTOMERS RETAIL SERVICES

NOTE: 1. ACTIVE CUSTOMERS AND MERCHANTS AS AT 23 AUGUST 2019, DEFINED AS HAVING TRANSACTED AT LEAST ONCE IN THE LAST 12 MONTHS 27 5.2 MILLION+ CUSTOMERS (TODAY1 AND GROWING) OUR CUSTOMERS ARE LOYAL >95% GMV from returning customers in Australia and New Zealand MILLENNIAL AND GEN Z FOCUSED BUT DEMOGRAPHIC BASE IS BROADENING Average age 33

SLIDE 28

INNOV A TE.

SLIDE 29

GLOBAL TECHNOLOGY, DA T A AND RISK MANAGEMENT CAPABILITY

UNIQUE DATA INSIGHTS THAT DRIVE BUSINESS PERFORMANCE AND ENSURE THAT OUR MOST INNOVATIVE IDEAS ARE PRIORITISED AND SCALED CUSTOMER SPENDING BEHAVIOUR INSIGHTS MERCHANT ANALYTICS AND TOOLS GLOBAL RETAIL PLATFORM DEVELOPMENT COMPLIANCE RISK MANAGEMENT AND TRANSACTION LOSS OPTIMISATION BUDGETING AND BUSINESS PERFORMANCE MANAGEMENT CUSTOMER EXPERIENCE TARGETED INDUSTRY AND BRAND CAMPAIGNS ENABLES EFFICIENT ROI ON MARKETING DOLLARS

DATA

SLIDE 30

Freedom and empowerment without the debt trap

Variable payment

upfront (VPUF)

Persistent login
Shop optimisation

CUSTOMERS

NEW INNOVATION

Developing Afterpay as the leading channel to the world’s best (and hardest to reach) customers

Merchant data insights
Cross-border trade (XBT)
SMB automated onboarding

MERCHANTS

SLIDE 31 Direct response to a merchant and customer need, allowing customers to pay extra upfront to avoid a decline for limits

r other reasons

No additional consumer exposure given down payment Higher approvals and transaction values leading to higher underlying sales with less risk Higher customer NPS Successful pilot programme completed; progressive rollout in H1 FY20 Customer can elect to “Keep me logged in” to streamline checkout experience from 4 clicks to 2 Removal of friction at checkout increases checkout conversion rates and underlying sales Increases consumer affjliation to Afterpay by enabling greater personalisation of upstream experiences at merchant and shop directory

VARIABLE PAYMENT UPFRONT

BROADENING OUR ADDRESSABLE MARKET WITHOUT INCREASING RISK FOR OUR CUSTOMERS

FREEDOM AND EMPOWERMENT WITHOUT THE DEBT TRAP

PERSISTENT LOGIN

SLIDE 32 Streamlines the contracting and

nboarding of SMB merchants by

automating the process Increase onboarding velocity and underlying sales of higher margin SMB merchants US/rest of world pilot rollout in FY20

GROWING MERCHANT REACH AND ACCESS TO NEW GLOBAL CUSTOMERS

DEVELOPING AFTERPAY AS THE LEADING CHANNEL TO THE WORLD’S BEST (AND HARDEST TO REACH) CUSTOMERS

Enables merchants from one market to sell to consumers in another market, with Afterpay facilitating the FX conversion (New revenue stream) Leverages our global network effect and drives customer adoption Enables Merchants to increase their potential consumer base to include

ther Afterpay markets

Enables Customers to purchase from new, sought after merchants

CROSS-BORDER TRADE (XBT)

SMB AUTOMATED ONBOARDING

SLIDE 33

VISA US PARTNERSHIP

Afterpay has entered agreements with VISA which will form the basis of a strategic partnership to support the development of innovative new solutions and business growth in the US market

The agreements will facilitate Afterpay’s ability to expand the delivery

f its services to merchants and customers in a more fmexible and

effjcient manner Since inception, Afterpay has integrated into the broad global payments ecosystem with approximately 85% of all Afterpay transactions linked to debit cards The partnership will underpin the development of product innovation that will enhance our current offering without venturing into traditional credit The payments and instalments markets are very large and diverse and both Afterpay and Visa see signifjcant scope for collaboration for our mutual benefjt Afterpay looks forward to announce further developments arising from our arrangement with VISA during implementation stage

SLIDE 34

SUST AINABILITY.

SLIDE 35

DO THE RIGHT THING

PEOPLE STRATEGY Globally aligned workforce, operational scale and efficiency, clear accountability and shared rewards FOCUS ON DIVERSITY AND INCLUSION Females represent 45% of all employees Developing initiatives to further improve diversity across global business Changes made to Board and operating model to enhance governance and support our mid- term plan Transitioning to a majority independent Board with an independent Chair Global recruitment process underway RESPONSIBLE SPENDING Inbuilt consumer protections including low spending limits, caps on late fees, individually approved transactions Business model generates more money when customers pay on time, more than 95% of our transactions incur no late fees SUPPORTING SMBS Over 32,0001

f our merchant

partnerships are with SMBs Global Mentorship Program linking SMBs with some of the world’s most successful retailers OUR PEOPLE ENGAGING WITH LOCAL COMMUNITIES Actively support

ur employees

to give back by

ffering 2,500+

volunteer hours

COMMITTED TO OUR PEOPLE COMMITTED TO ENHANCING GOVERNANCE COMMITTED TO OUR CUSTOMERS

NOTE: 1. AS AT TODAY (23 AUGUST 2019) 35

SLIDE 36

REGULATORY DEVELOPMENT

REGULATED IN AUSTRALIA AUSTRAC AUDIT

We support the development

f minimum standards:
Accounts should be frozen

at the first sign of non- repayment behaviour

BNPL providers

should have internal and external dispute resolution processes

Hardship policies

should be meaningful Since April 2019, BNPL sector/products are formally regulated under the jurisdiction of ASIC We are advocates for an industry Code of Practice that sets the standards for others in the financial services industry

It is about doing

the right thing regardless

f the regulations

We welcome AUSTRAC’s stated desire to work more closely with new technologies in the market External auditor appointed to carry

ut audit of AML/CTF compliance
Mr Neil Jeans of Melbourne based

specialist AML/CTF firm Initialism

Interim audit report due

September 2019

Final audit report due

November 2019 36

SLIDE 37

FINANCIAL SUMMARY

SECTION THREE FY19

SLIDE 38

GROUP FINANCIAL SNAPSHOT

A$M (UNLESS OTHERWISE STATED) FY19 FY19 PRO FORMA1 (EXCL ACC. CHANGES) FY18 CHANGE2 % GROUP - KEY FINANCIAL METRICS TOTAL INCOME 264.1 272.5 142.3 91% AFTERPAY3 247.0 251.6 116.8 115% PAY NOW 17.1 20.9 25.6 (18%) NET TRANSACTION MARGIN4 129.7 136.5 70.7 93% AFTERPAY 119.3 126.1 55.7 126% PAY NOW 10.4 10.4 15.0 (31%) EBITDA (EXCLUDING SIGNIFICANT ITEMS)5 28.7 35.5 35.2 1% LOSS FOR THE PERIOD - STATUTORY (43.8) N/A (9.0) ~ 8% 8% 18% 21%

92% 92% 82% 79%

AFTERPAY AFTERPAY AFTERPAY AFTERPAY PAY NOW PAY NOW PAY NOW PAY NOW FY18 FY19 FY18 FY19 TOTAL INCOME CONTRIBUTION3 NET TRANSACTION MARGIN MIX4 NOTE: CHANGE CALCULATIONS MAY NOT EQUATE DUE TO ROUNDING. A RECONCILIATION BETWEEN STATUTORY INCOME AND LOSS AFTER TAX AND THE MANAGEMENT VIEW OF TOTAL INCOME AND PRO FORMA EBITDA EXCLUDING SIGNIFICANT ITEMS AND ACCOUNTING STANDARD CHANGES (THE MANAGEMENT VIEW OF PROFITABILITY) IS INCLUDED IN THE GROUP’S AUDITED 30 JUNE 2019 FINANCIAL REPORT AS PART OF NOTE 2 SEGMENT INFORMATION. THE APPLICATION OF PRO FORMA ADJUSTMENTS TO EBITDA HAS BEEN PRESENTED CONSISTENTLY WITH NOTE 2 SEGMENT INFORMATION IN THE GROUP’S AUDITED 30 JUNE 2019 FINANCIAL REPORT. 1. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE, ALONG WITH PAY NOW REVENUE AND COST OF SALES. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD

CHANGES. SEE APPENDIX FOR FURTHER DETAIL 2. CHANGE PERCENTAGE BASED ON FY19 PRO FORMA COMPARED TO FY18 3. AFTERPAY INCLUDES AFTERPAY INCOME AND OTHER INCOME (LATE FEES) 4. NET TRANSACTION MARGIN IS EQUAL TO AFTERPAY NET

TRANSACTION MARGIN AND PAY NOW GROSS MARGIN 5. EBITDA (EXCLUDING SIGNIFICANT ITEMS) HAS BEEN RESTATED IN FY18 TO INCLUDE FOREIGN CURRENCY GAINS / LOSSES ON FOREIGN DENOMINATED BALANCES 38

SLIDE 39 NOTE: CHANGE CALCULATIONS MAY NOT EQUATE DUE TO ROUNDING. 1. AFTERPAY INCOME IS INCOME FROM MERCHANT FEES. 2. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. SEE APPENDIX FOR FURTHER DETAIL 3. CHANGE PERCENTAGE BASED ON FY19 PRO FORMA COMPARED TO FY18 4. NTL CALCULATION COMPRISES GROSS LOSS, CHARGEBACKS COSTS, DEBT RECOVERY COSTS NET OF LATE FEE INCOME

AFTERPAY KEY FINANCIAL METRICS

A$M (UNLESS OTHERWISE STATED) FY19 AASB9 ACC. IMPACT2 FY19 PRO FORMA2 FY18 CHANGE3 % UNDERLYING SALES 5,247.2 ~ 5,247.2 2,184.6 140% ANZ 4,314.1 ~ 4,314.1 2,170.4 99% US 927.5 ~ 927.5 14.2 6,447% UK 5.6 ~ 5.6 ~ ~ AFTERPAY INCOME1 200.9 4.6 205.5 88.3 133% % OF UNDERLYING SALES 3.8% 0.1% 3.9% 4.0% ~ GROSS LOSS (58.7) 2.2 (56.5) (32.6) 73% % OF UNDERLYING SALES (1.1%) 0.0% (1.1%) (1.5%) ~ NET TRANSACTION LOSS (NTL)4 (22.2) 2.2 (20.1) (9.3) 116% % OF UNDERLYING SALES (0.4%) 0.0% (0.4%) (0.4%) ~ OTHER V ARIABLE TRANSACTION COSTS (INCL. FINANCE COSTS) (59.3) ~ (59.3) (23.3) 154% % OF UNDERLYING SALES (1.1%) ~ (1.1%) (1.1%) ~ NET TRANSACTION MARGIN (NTM) 119.3 6.8 126.1 55.7 126% % OF UNDERLYING SALES 2.3% 0.1% 2.4% 2.6% ~ AFTERPAY EBITDA 58.9 6.8 65.7 41.0 60% COMMENTARY Underlying sales +140%; >4.6m global customers as at 30 June 2019 Extended leading position in ANZ; including in-store US grew above expectations Strong launch in UK, already >200k customers (no material contribution in FY19) Gross losses significantly reduced (1.5% of underlying sales to 1.1% pro forma2) Net transaction losses (NTL) stable notwithstanding higher losses in US & UK (early life cycle) Net transaction margin (NTM) remains strong (2.4% pro forma2) notwithstanding significant contribution from lower margin US business

ANZ NTL and NTM continues to improve

with time, driven by high returning customer rates and increased purchasing frequency

US merchant margin in line with ANZ; NTM

positive in FY19 (pre-accounting changes) and consistently improving over the period 39

SLIDE 40

STRONG GROWTH ACROSS ALL REGIONS AND CHANNELS

Growth in ANZ online and instore channels together with first full year contribution from US Full-year contribution of US ($927.5m) and ~7 weeks of UK ($5.6m) Year-end (June 19) annualised underlying sales ~$7.2b globally Over 32k merchants globally, (>35k today2) up 101% reflecting an increasing focus

n onboarding higher margin

SMB merchants and continued partnerships with Enterprise merchants Over 4.6m active customers at 30 June 19 globally (5.2m today2) Rapid growth in US with 1.8m customers at 30 June 19 after 14 months of operations (2.1m today2). By comparison ANZ took 42 months to achieve 1.8m customers UK higher than US at equivalent stage of lifecycle,

ver 200k in the first 15 weeks of trading

~24k shopfronts across ANZ (~26k today2) 138% growth on prior-period In-store now 21% of total underlying sales in H2 FY19 – driven by Enterprise initially with SMB contribution increasing AFTERPAY UNDERLYING SALES A$M AFTERPAY ACTIVE MERCHANTS1 THOUSANDS AFTERPAY ACTIVE CUSTOMERS1 MILLIONS AFTERPAY IN-STORE SHOP FRONTS3 THOUSANDS +140% +130% +138% 2,184.6 2.0 9.9 5,247.2 4.6 5.2 23.6 25.7 927.5 5.6 0.2 14.2 1.8 2.1 0.1 4,314.1 2,170.4 2.8 2.9 1.9 FY18 FY18 FY18 FY19 FY19 TODAY2 FY19 NOTE: CHANGE CALCULATIONS MAY NOT EQUATE DUE TO ROUNDING. 1. DEFINED AS HAVING TRANSACTED AT LEAST ONCE IN THE LAST 12 MONTHS. 2. AS AT 23 AUG 2019

3. DEFINED AS NUMBER OF PHYSICAL IN-STORE LOCATIONS THAT HAVE TRANSACTED IN LAST 12 MONTHS

ANZ ANZ ANZ US US UK UK UK US ANZ +101% 16.0 32.3 35.3 3.8 4.7 0.1 15.9 0.1 28.4 30.5 FY18 FY19 TODAY2 TODAY2 40

SLIDE 41

STABLE MERCHANT INCOME MARGINS

STRONG PERFORMANCE IN LIGHT OF STRONG CONTRIBUTION FROM ENTERPRISE MERCHANTS

REGIONAL MERCHANT TIER MIX PERCENT OF UNDERLYING SALES GROUP MERCHANT TIER MIX PERCENT OF UNDERLYING SALES AFTERPAY MERCHANT INCOME MARGIN1 ONLINE VS IN-STORE CHANNEL MIX PERCENT OF ANZ UNDERLYING SALES 43% 36% 9% 18% 57% 64% 91% 82% ANZ 37% 63% US 38% 62% FY19 FY18 FY19 FY18 ENTERPRISE OTHER ENTERPRISE OTHER ONLINE IN-STORE Merchant margin broadly in line with FY18, despite strong contribution from Enterprise merchants and in-store

US merchant margin broadly

in line with ANZ 0.1% 3.8% 3.9% 3.9% 4.0% IMPACT OF ACCOUNTING STANDARD CHANGES FY19 PRO FORMA H1 19 PRO FORMA FY18 FY19 PERCENT OF UNDERLYING SALES NOTE: 1. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. SEE APPENDIX FOR FURTHER DETAIL 2. APRIL TO JULY 2019

US SMB as proportion of total

underlying sales increasing

High margin SMB channel

remains deep and prospective in all markets

Currently on-boarding approx.

1,6002 SMBs per month (global) 41

SLIDE 42

DRIVING LOSSES LOWER WHILE SCALING

COMMENTARY Continued improvement achieved in FY19 despite:

Continued expansion into new

segments, particularly the material growth in Australia and New Zealand in-store channel

Full year US contribution, where

as flagged, we expect higher losses due to being early in lifecycle

Lower contribution of late fees

UNDERLYING SALES VS NTL FY16 TO FY19 FY16 FY17 FY18 FY19 0.8% NTL 0.2% $5.0B SALES Pro forma NTL represents like-for-like comparison to prior year (i.e. pre AASB 9 impact) UNDERLYING SALES PRO FORMA1 NTL NOTE: 1. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. SEE APPENDIX FOR FURTHER DETAIL 42

SLIDE 43

REDUCED LOSSES AND LATE FEES

NTL PERFORMANCE STABLE AS IMPROVEMENTS IN GROSS LOSS OFFSETS LOWER CONTRIBUTION OF LATE FEES CONSISTENT WITH OUR STRATEGY AND INBUILT CONSUMER PROTECTIONS

FY18 FY18 FY18 GROSS LOSS PERCENTAGE1 LATE FEES PERCENTAGE1 NTL2 PERCENTAGE1 1.1% 0.0% 0.0% 1.1% 1.5% 1.3% 0.9% 0.4% 0.4% 0.4% AASB 9 IMPACT IMPROVEMENT (PRO FORMA3) FLAT (PRO FORMA3) IMPROVEMENT AASB 9 IMPACT FY19 FY19 FY19 LIKE FOR LIKE LIKE FOR LIKE NOTE: CHANGE CALCULATIONS MAY NOT EQUATE DUE TO ROUNDING. 1. GROSS LOSS, LATE FEES & NTL ARE SHOWN AS A % OF UNDERLYING SALES OR UNDERLYING SALES IN THE PERIOD 2. NTL CALCULATION ALSO INCLUDES OTHER ADJUSTMENTS (CHARGEBACKS AND DEBT RECOVERY COSTS WHICH WERE 0.2% IN FY19 AND 0.2% IN FY18). 3. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. SEE APPENDIX FOR FURTHER DETAIL 40BPS 40BPS 43

SLIDE 44

NET TRANSACTION MARGIN (NTM)

(AFTERPAY)

NET TRANSACTION MARGIN CALCULATION AFTERPAY INCOME OTHER VARIABLE TRANSACTION COSTS NET TRANSACTION LOSS (NTL) NET TRANSACTION MARGIN (NTM) Finance, processing and

ther variable costs

NTM PERCENT OF UNDERLYING SALES

Flat Global NTL (lower gross losses

and late fees)

Strong and improving ANZ NTM

performance driven by strong returning customer rate (illustrates ‘glidepath’ for rest of world) FY19 FY19 PRO FORMA1 AASB 9 IMPACT H1 FY19 PRO FORMA1 FY18 2.3% 2.4% 0.1% 2.3% 2.6% NOTE: 1. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. SEE APPENDIX FOR FURTHER DETAIL

First full year of US contribution,

while NTM postive (pre accounting changes) has higher losses due to its early lifecycle stage Net transaction margin 0.2% below pcp on a pro forma basis due to: 44

SLIDE 45

GROUP STATUTORY RESULTS

A$M (UNLESS OTHERWISE STATED) FY19 FY18 AFTERPAY INCOME 200.9 88.3 PAYNOW REVENUE 17.1 25.6 OTHER INCOME 46.1 28.4 TOTAL INCOME 264.1 142.3 COST OF SALES (59.6) (28.2) GROSS PROFIT 204.6 114.1 DEPRECIATION AND AMORTISATION (22.4) (17.3) SALARIES, WAGES AND ON-COSTS (51.4) (22.2) SHARE BASED PAYMENTS (SBP) (30.5) (16.4) RECEIVABLES IMPAIRMENT EXPENSES (58.7) (32.6) OPERATING EXPENSES (73.2) (27.1) OPERATING LOSS (31.7) (1.5) FINANCE INCOME 0.6 0.5 FINANCE COST (11.7) (6.6) LOSS BEFORE TAX (42.8) (7.6) INCOME TAX EXPENSE (1.0) (1.4) LOSS FOR THE PERIOD (43.8) (9.0) SIGNIFICANT ITEMS IMPACT STATUTORY RESULTS: Share Based Payments ($30.5m) – Predominantly non-cash. Majority relates to Group Head options. Other costs attributable to key hires in FY19 and full 12 months of expense for key personnel who joined part way through FY18 One-Off Costs ($7.5m) – International expansion and strategy alignment costs ($4.4m), business combination costs ($3.3m) and other costs ($1.1m) primarily related to spend on regulatory responses, partially offset by net gain on sale of e-Services EU business ($1.3m) Accounting standard changes ($6.8m) – non-cash impact of new accounting standard changes on income and receivables impairment expense Excluding one-off and non-cash items (including SBP expense and impact of accounting standard changes1) of $44.8m, statutory loss would have been a statutory profit See appendix for:

Reconciliation of statutory loss for the period to

EBITDA

Reconciliation of statutory Gross Profit to NTM
1. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE, ALONG WITH PAY NOW REVENUE AND COST OF SALES. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE

PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. SEE APPENDIX FOR FURTHER DETAIL 45

SLIDE 46 A$M (UNLESS OTHERWISE STATED) FY19 FY19 PRO FORMA1 (EXCL ACC. CHANGES) FY18 CHANGE2 % RECEIVABLES - GROUP 452.7 N/A 239.1 89% RECEIVABLES - AFTERPAY 444.7 N/A 233.6 90% WEIGHTED AVERAGE DURATION (DAYS) <30 N/A <30 ~ NET TRANSACTION MARGIN3 - GROUP 129.7 136.5 70.7 93% NET TRANSACTION MARGIN - AFTERPAY 119.3 126.1 55.7 126% % OF UNDERLYING SALES 2.3% 2.4% 2.6% ~ EBITDA (EXCLUDING SIGNIFICANT ITEMS) 28.7 35.5 35.2 1% OPERATING CASH FLOW - ADJUSTED 71.4 71.4 42.5 68% PAYMENTS FOR INTANGIBLES AND PPE (23.6) (23.6) (12.6) 88% INTEREST AND BANK FEES PAID (14.5) (14.5) (7.0) 108% UNDERLYING FREE CASH FLOW 33.3 33.3 22.9 46% COMMENTARY Group receivables increased by $213.6m in FY19 Positive underlying EBITDA and free cash flows despite significant investment to establish US and UK operations Positive underlying free cash flow adjusted for receivables funding, reflective of high cash generative nature of Afterpay platform Receivables book maintains average duration

f <30 days enabling the group to scale with

minimal working capital and high ROCE

Afterpay pro forma NTM of 2.4% implies >25%

ROCE (NTM) annualised

STRONG UNDERL YING CASH FLOWS AND HIGH ROCE

NOTE: CHANGE CALCULATIONS MAY NOT EQUATE DUE TO ROUNDING. 1. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE, ALONG WITH PAY NOW REVENUE AND COST OF SALES. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. SEE APPENDIX AND NOTE 6 OF THE FINANCIAL REPORT FOR FURTHER DETAIL

2. CHANGE PERCENTAGE BASED ON FY19 PRO FORMA COMPARED TO FY18, WHEN WE HAVE PROVIDED A PRO FORMA AMOUNT 3. GROUP NET TRANSACTION MARGIN IS EQUAL TO AFTERPAY NET TRANSACTION MARGIN AND PAY NOW GROSS MARGIN

SLIDE 47 COMMENTARY Increase in receivables reflecting the continued growth in Afterpay underlying sales Debt decreased by $111.4m2 or 69% as proceeds from equity raises completed in FY19 totalling $459.3m were used to repay short term receivables warehouse funding debt and partially fund receivables growth

STRONG GROUP BALANCE SHEET

NOTE: 1. RELATES TO CASH HELD IN TRUST UNDER THE AUSTRALIAN RECEIVABLES WAREHOUSE FACILITY DISCLOSED AS OTHER FINANCIAL ASSET. 2. DEBT MOVEMENT IN BALANCE SHEET INCLUDES AMORTISATION RELATED TO CAPITALISED BORROWING COSTS, THEREFORE WILL NOT BE COMPARABLE TO CASHFLOW MOVEMENT BALANCE SHEET A$M (UNLESS OTHERWISE STATED) 30 JUNE 2019 30 JUNE 2018 CASH 231.5 32.6 RESTRICTED CASH1 2.0 23.7 RECEIVABLES 452.7 239.1 OTHER CURRENT AND NON-CURRENT ASSETS 134.3 96.9 TOTAL ASSETS 820.5 392.2 PAYABLES 110.0 42.9 DEBT 50.2 161.6 OTHER LIABILITIES 11.7 4.1 TOTAL LIABILITIES 172.0 208.7 EQUITY 648.5 183.6 NET DEBT FY19 FY18 CASH 231.5 32.6 RESTRICTED CASH1 2.0 23.7 DEBT (50.2) (161.6) NET CASH / (DEBT) 183.3 (105.3) RECEIVABLES BY BUSINESS UNIT FY18 FY19 233.6 444.7 5.4 8.0 AFTERPAY PAY NOW 47

SLIDE 48 LIQUIDITY A$M CASH A$M FY18 CASH NEW EQUITY AND SHARE OPTIONS UNDERLYING FY19 FREE CASH FLOW1 PAY DOWN INTEREST BEARING BORROWINGS2 INCREASE IN RECEIVABLES OTHER FY19 CASH CASH EQUITY IN TRUST AND RESTRICTED CASH LIQUIDITY 610.1 378.6 231.5 32.6 472.9 33.3 (111.5) (213.6) 17.9 231.5 COMMENTARY INDUSTRY LEADING BALANCE SHEET Afterpay has cash of $231.5m ($233.5m including restricted cash) and total liquidity of $610.1m Capital raising proceeds used to repay warehouse debt with a corresponding increase in liquidity SIGNIFICANT GROWTH CAPACITY Current ability to fund in excess of $16b

f underlying sales above current run rate

(current facilities and cash) Fully undrawn receivables warehouse funding facilities ($947m) on hand to significantly scale underlying sales and enhance ROCE

CAPACITY TO SCALE AND COMPETE GLOBALL Y

NOTE: 1. UNDERLYING FY19 FREE CASH FLOW INCLUDES OPERATING CASH FLOW - ADJUSTED, PAYMENTS FOR INTANGIBLES AND PPE AND INTEREST AND BANK FEES PAID (SEE CASH FLOW STATEMENT IN APPENDIX FOR FURTHER DETAIL) 2. DEBT MOVEMENT IN BALANCE SHEET INCLUDES AMORTISATION RELATED TO CAPITALISED BORROWING COSTS, THEREFORE WILL NOT BE COMPARABLE TO CASHFLOW MOVEMENT Results in a corresponding increase in liquidity 48

SLIDE 49

FINANCIAL DET AIL

FY19 APPENDIX

SLIDE 50

CASH FLOW STATEMENT

FY19 OPERATING CASH FLOW RECONCILIATION1 A$M COMMENTARY Positive underlying operating cash flow after adjusting for the change in receivables (funding of receivables) Strong adjusted operating cash flow despite significant investment to set up and expand operations in US and UK Proceeds from equity largely relates to two successful equity raises completed during the financial year (42.8) 22.4 30.5 11.1 (2.5) (1.3) (7.8) 2.9 68.1 (9.1) 71.4 (213.6) (142.2) OPERATING CASH FLOW OPERATING CASH FLOW - ADJUSTED NET FINANCE COST GAIN ON SALE OF E-SERVICES EU OPENING IMPACT OF NEW ACC. STD ON RECEIVABLES.3 INCREASE IN PREPAYMENTS AND OTHER ASSETS DEPRECIATION AND AMORTISATION INCREASE IN RECEIVABLES INCREASE IN TRADE AND OTHER PAYABLES SHARE-BASED PAYMENT EXPENSE FX GAIN2 TAX PAID LOSS BEFORE TAX A$M (UNLESS OTHERWISE STATED) FY19 FY18 RECEIPTS FROM CUSTOMERS 4,823.0 2,208.6 PAYMENTS TO MERCHANTS AND SUPPLIERS (4,916.3) (2,288.0) PAYMENTS TO EMPLOYEES AND OTHER (48.9) (18.9) OPERATING CASH FLOW (142.2) (98.2) INCREASE IN TRADE RECEIVABLES 213.6 140.7 OPERATING CASH FLOW - ADJUSTED 71.4 42.5 PAYMENTS FOR INTANGIBLES AND PPE (23.6) (12.6) PROCEEDS FROM SALE OF BUSINESS 7.5 ~ OTHER (0.2) (1.6) INVESTING CASH FLOW (16.3) (14.2) PROCEEDS FROM BORROWING (111.5) 114.7 PROCEEDS FROM EQUITY 459.3 18.7 PROCEEDS FROM EXERCISE OF SHARE OPTIONS 13.6 2.3 RELEASE OF RESTRICTED CASH 21.7 (14.8) INTEREST AND BANK FEES PAID (14.5) (7.0) CAPITAL RAISING EXPENSES & OTHER (11.4) ~ FINANCING CASH FLOW 357.1 113.8 NET INCREASE / (DECREASE) IN CASH 198.7 1.3 FX ON CASH BALANCE 0.2 1.6 STARTING CASH 32.6 29.6 ENDING CASH 231.5 32.6 NOTE: 1. AMOUNTS MAY NOT SUM DUE TO ROUNDING. 2. FX GAIN REFLECTS UN-REALISED FOREIGN CURRENCY GAIN, WHICH IS A NON-CASH ITEM. 3. PLEASE REFER TO NOTE 24 OF THE FINANCIAL REPORT FOR DETAILS 50

SLIDE 51

PRO FORMA ACCOUNTING CHANGE ADJUSTMENTS

PRO FORMA2 IMPACT Income – Afterpay income recognised

ver the life of receivable (income

deferred by approximately 1 month). Does not impact on timing of actual cash receipts Net Transaction Loss – Receivables impairment expense increased due to the adoption of a new expected credit loss

model3. Does not reflect any change in

actual cash loss experience EBITDA – Combined impact of the above Pro forma impact on Pay Now revenue and cost of sales has not been reflected as it has nil impact on EBITDA 247.0 22.2 28.7 FY19 FY19 FY19 4.6 (2.2) 6.8 IMPACT OF ACCOUNTING STANDARD CHANGES AFTERPAY TOTAL INCOME1 A$M NET TRANSACTION LOSS A$M EBITDA (EXCL SIGNIFICANT ITEMS) A$M IMPACT OF ACCOUNTING STANDARD CHANGES IMPACT OF ACCOUNTING STANDARD CHANGES 251.6 CHANGE +115% CHANGE +116% CHANGE +1% 20.1 35.5 35.2 FY19 PRO FORMA2 FY19 PRO FORMA2 FY19 PRO FORMA2 116.8 9.3 FY18 FY18 FY18

NO IMPACT ON INCOME RECEIVED IN CASH OR ACTUAL LOSS EXPERIENCE

NTL % (0.4%) (0.4%) (0.4%) NOTE: CHANGE CALCULATIONS MAY NOT EQUATE DUE TO ROUNDING 1. AFTERPAY TOTAL INCOME INCLUDES AFTERPAY INCOME AND OTHER INCOME (LATE FEES) 2. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES 3. REFER NOTE 24 OF THE FINANCIAL REPORT FOR FURTHER DETAIL. 51

SLIDE 52

GROUP STATUTORY FINANCIAL RESULTS – NTM RECONCILIATION

6.7 STATUTORY GROSS PROFIT PAY NOW COST OF SALES CHARGEBACKS AND DEBT RECOVERY COSTS PAY NOW REVENUE FINANCE COSTS RECEIVEABLES IMPAIRMENT EXPENSES AFTERPAY NTM (58.7) (9.7) RECONCILIATION - STATUTORY GROSS PROFIT TO AFTERPAY NTM A$M REMOVE PAY NOW RELATED REVENUE AND COST OF SALES STATUTORY GROSS PROFIT AFTERPAY RECEIVABLES IMPAIRMENT EXPENSE REPORTED BELOW GROSS PROFIT BUT IS INCLUDED IN NTM FINANCE COST1 ASSOCIATED WITH EXTERNAL RECEIVABLES FUNDING: REPORTED IN INTEREST EXPENSE BUT INCLUDED IN NTM TRANSACTION COSTS REPORTED IN OPERATING EXPENSES BUT INCLUDED IN NTM (6.5) 119.3 204.6 (17.1) NOTE: 1. FINANCE COSTS RELATING TO NTM COMPONENTS IS $6.5M AND OTHER COMPONENTS IS $5.2M (PRIMARILY RELATED TO SENIOR UNSECURED NOTES). 52

SLIDE 53

GROUP STATUTORY FINANCIAL RESULTS – EBITDA RECONCILIATION

(43.8) 7.5 LOSS FOR THE PERIOD - STATUTORY ONE-OFF COSTS 1.0 28.7 INCOME TAX EXPENSE RECONCILIATION - STATUTORY LOSS TO EBITDA A$M SIGNIFICANT ITEMS EBITDA (EXCL SIGNIFICANT ITEMS) (42.8) 30.5 6.8 LOSS BEFORE TAX NET FINANCE COST SHARE- BASED PAYMENTS IMPACT OF ACCOUNTING STANDARD CHANGES1 22.4 11.1 (9.3) 35.5 DEPRECIATION AND AMORTISATION EBITDA (UNADJUSTED) EBITDA (EXCL SIGNIFICANT ITEMS AND ACCOUNTING STANDARD CHANGES) NOTE: A RECONCILIATION BETWEEN STATUTORY INCOME AND LOSS AFTER TAX AND THE MANAGEMENT VIEW OF TOTAL INCOME AND PRO FORMA EBITDA EXCLUDING SIGNIFICANT ITEMS AND ACCOUNTING STANDARD CHANGES (THE MANAGEMENT VIEW OF PROFIT- ABILITY) IS INCLUDED IN THE GROUP’S AUDITED 30 JUNE 2019 FINANCIAL REPORT AS PART OF NOTE 2 SEGMENT INFORMATION. THE APPLICATION OF PRO FORMA ADJUSTMENTS TO EBITDA HAS BEEN PRESENTED CONSISTENTLY WITH NOTE 2 SEGMENT INFORMATION IN THE GROUP’S AUDITED 30 JUNE 2019 FINANCIAL REPORT. 1. NEW ACCOUNTING STANDARDS ADOPTED FROM 1 JULY 2018 IMPACTED AFTERPAY INCOME AND RECEIVABLES IMPAIRMENT EXPENSE. TO ENABLE COMPARABILITY TO PRIOR YEAR PERFORMANCE WE HAVE PRESENTED PRO FORMA FINANCIALS WHICH REMOVE THE IMPACT OF THESE ACCOUNTING STANDARD CHANGES. 53

SLIDE 54

NET TRANSACTION LOSS RECONCILIATION

NOTE: 1. OPENING PROVISION IS ADJUSTED FOR AASB 9 IMPACT ON BALANCES PROVIDED FOR AS AT 30 JUNE 2018. FOR MORE DETAIL PLEASE REFER TO NOTE 24 IN THE FINANCIAL REPORT 2. ‘BAD AND DOUBTFUL DEBTS (BDD) EXPENSE’ IS REFERRED TO AS THE ‘RECEIVABLES IMPAIRMENT EXPENSE’ IN THE FINANCIAL STATEMENTS 3. LATE FEES AS A PERCENTAGE OF AFTERPAY TOTAL INCOME (STATUTORY) FY19 FY18 LATE FEES AS PERCENTAGE OF UNDERLYING SALES 0.9% 1.3% LATE FEES AS PERCENTAGE OF AFTERPAY INCOME3 18.7% 24.4% 58.7 (49.0) 49.0 58.7 OPENING PROVISION1 BDD EXPENSE2 FY19 NET WRITE-OFF FY19 (46.1) 27.8 (2.2) STATUTORY 0.4% OF UNDERLYING SALES 1.1% OF UNDERLYING SALES PRO FORMA 0.4% OF UNDERLYING SALES BDD EXPENSE FY19 BALANCE SHEET PROVISION FOR DOUBTFUL DEBTS1 INCOME STATEMENT PROFIT AND LOSS NTL BRIDGE LATE FEES NET TRANSACTION LOSS 9.7 22.2 20.1 NET WRITE-OFF FY19 PAYMENT RECOVERY COSTS AND BANK CHARGES IMPACT OF ACCOUNTING STANDARD CHANGES NET TRANSACTION LOSS (PRO FORMA) 9.7 18.1 CLOSING PROVISION NET INCREASE IN PROVISION A$M 54

SLIDE 55 COMMENTARY Strong balance sheet position with $233.5m in total cash, net cash of $183.3m and $610.1m of total liquidity (cash available for funding) Significant increase in liquidity reflecting the proceeds from equity during the year totalling $459.3m Significant capacity for growth in underlying sales given undrawn committed facilities totalling $946.9m

BALANCE SHEET – DEBT METRICS

A$M (UNLESS OTHERWISE STATED) 30 JUNE 2019 30 JUNE 2018 CHANGE $ CHANGE % CASH 231.5 32.6 198.9 611% RESTRICTED CASH 2.0 23.7 (21.7) (91%) TOTAL CASH 233.5 56.3 177.2 315% WAREHOUSE FUNDING1 ~ (111.6) 111.6 ~ SENIOR UNSECURED NOTES AND OTHER (50.2) (50.0) (0.2) 0% TOTAL DEBT (50.2) (161.6) 111.4 (69%) NET CASH / (DEBT) 183.3 (105.3) 288.6 (274%) A$M (UNLESS OTHERWISE STATED) 30 JUNE 2019 30 JUNE 2018 CHANGE $ CHANGE % TOTAL LIQUIDITY2 610.1 131.7 478.4 363% INTEREST COVER RATIO3 3.8x 5.5x (1.7x) (31%) % DRAWN OF WAREHOUSE FUNDING 0.0% 21.5% ~ ~ WAREHOUSE DEBT/RECEIVABLES ~ 46.7% ~ ~ UNDRAWN COMMITTED FACILITIES 946.9 256.8 690.1 269% BALANCE SHEET DEBT PROFILE NOTE: 1. WAREHOUSE FUNDING IS REPORTED IN INTEREST BEARING BORROWINGS IN THE FINANCIAL REPORT. THE WAREHOUSE FACILITIES WERE PAID DOWN TO NIL FOLLOWING THE RECEIPT OF THE NET PROCEEDS OF THE EQUITY RAISING IN JUNE 2019 2. TOTAL LIQUIDITY REFLECTS THE EXISTING CASH BALANCE PLUS THE BORROWING CAPACITY UNDER THE RECEIVABLES WAREHOUSE FACILITIES 3. THE INTEREST COVER RATIO CONTAINED IN THE SENIOR UNSECURED NOTES REMAINS WELL ABOVE THE COVENANT LEVEL 55

SLIDE 56

SIGNIFICANT ITEMS AND DEPRECIA TION AND AMORTISA TION

COMMENTARY International expansion & strategy alignment costs include one-off consulting spend associated with international expansion activities, assessment of new growth opportunities and one-off organisational changes Net gain on sale of business related to sale of e-Services EU business Business combination costs include costs related to the establishment of Clearpay in the UK Other costs includes spend on regulatory responses COMMENTARY Depreciation and amortisation relates primarily to amortisation of acquired intangibles (T

uchcorp merger of $6.5m and Clearpay of $2.2m) and

amortisation of internally generated technology ($11.7m) COMMENTARY Growth is largely attributable to key hires in FY19 and full 12 months of expense for key personnel who joined part way through FY18 A$M (UNLESS OTHERWISE STATED) FY19 FY18 INTERNATIONAL EXPANSION AND STRATEGY ALIGNMENT COSTS (4.4) (1.3) NET GAIN ON SALE OF BUSINESS 1.3 ~ BUSINESS COMBINATION (3.3) (1.7) AUSTRAC RELATED COSTS (1.1) ~ TOTAL (7.5) (3.0) A$M (UNLESS OTHERWISE STATED) FY19 FY18 DEPRECIATION (2.0) (1.8) AMORTISATION (20.4) (15.5) TOTAL (22.4) (17.3) A$M (UNLESS OTHERWISE STATED) FY19 FY18 GROUP HEAD OPTIONS1 (14.3) (12.5) OTHER (16.2) (3.9) TOTAL (30.5) (16.4) ONE-OFF COSTS DEPRECIATION AND AMORTISATION SHARE-BASED PAYMENTS EXPENSE NOTE: 1. IN FY18, EXPENSE RELATED TO THE PROPOSED GRANT OF 2M LOAN SHARES TO DAVID HANCOCK, GROUP HEAD. AS AT 30 JUNE 2019, THESE LOAN SHARES WERE CANCELLED AND REPLACED WITH 2.7M SHARE OPTIONS. THE $14.8M AS DISCLOSED IN THE REMUNERATION REPORT EXCLUDES A CREDIT OF $0.5M FOR PAYROLL TAX AND WORK COVER RELATING TO THE CANCELLATION OF THE LOAN SHARES 56

SLIDE 57

PAY NOW SEGMENT

REDUCED CONTRIBUTION FROM E-SERVICES AS ITS EUROPEAN BUSINESS WAS DIVESTED IN OCTOBER 2018 FOR A $1.3M GAIN ON SALE

A$M (UNLESS OTHERWISE STATED) FY19 AASB15

ACC. IMPACT1

FY19 PRO FORMA FY18 CHANGE2 % REVENUE MOBILITY1 11.2 3.8 15.0 15.2 (2%) E-SERVICES 3.0 ~ 3.0 7.0 (57%) HEALTH 2.9 ~ 2.9 3.4 (14%) TOTAL REVENUE1 17.1 3.8 20.9 25.6 (18%) COST OF SALES (6.7) (3.8) (10.5) (10.6) (1%) GROSS MARGIN 10.4 ~ 10.4 15.0 (31%) OTHER EXPENSES (5.5) ~ (5.5) (7.7) (29%) EBITDA CONTRIBUTION 4.9 ~ 4.9 7.2 (32%) NOTE: CHANGE CALCULATIONS MAY NOT EQUATE DUE TO ROUNDING. 1. PAY NOW REVENUE WAS ADVERSELY IMPACTED IN FY19 BY CHANGES IN ACCOUNTING STANDARDS, HOWEVER THE CHANGES HAD A CORRESPONDING POSITIVE ADJUSTMENT TO COST OF SALES AND NIL IMPACT ON EBITDA. REFER TO NOTE 2 IN THE FINANCIAL REPORT FOR FURTHER DETAILS. 2 CHANGE PERCENTAGE BASED ON FY19 PRO FORMA COMPARED TO FY18 PRO FORMA IMPACT Mobility – Mobility revenue under AASB 15 recorded net of marketing contributions which are considered part of the fee structure, with a corresponding adjustment to cost of sales EBITDA – nil EBITDA impact 57