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Investor Presentation | March 2016

Pushpay Holdings Limited, Level 6, 167 Victoria Street West, Auckland 1010, New Zealand | www.pushpay.com

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Important notice

This presentation is given on behalf of Pushpay Holdings Limited (Pushpay) – Company number: 3481675 | NZSX:PAY.

Information in this presentation:

• is for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of securities in Pushpay and is not financial or investment advice to any person. Any person who is considering an investment in Pushpay should undertake his or her own independent analysis and seek appropriate professional advice from his or her legal, financial, tax and/or business advisor(s);

• should be read in conjunction with, and is subject to, Pushpay’s Annual Report, market releases, and information published on Pushpay’s website www.pushpay.com;

• is a summary only, and not a complete description of Pushpay and its business;

• includes forward-looking statements about Pushpay and the environment in which Pushpay operates, which are subject to uncertainties and contingencies outside of Pushpay’s control – Pushpay’s actual results or performance may differ materially from these statements;

• includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance; and

• may contain information from third parties believed to be reliable; however, no representations or warranties are made as to the accuracy or completeness of such information or any other information contained of referred to in this presentation.

All information in this presentation is current at the date of this presentation, unless stated otherwise.

All currency amounts are in NZ dollars unless stated otherwise.

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Contents

The problem

The Pushpay solution

Typical results

How we make money

Company results to date

Conclusion

1.

2.

3.

4.

5.

6.

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Overview

Pushpay provides mobile commerce tools that facilitate fast, secure and easy non point of sale payments between consumers and merchants. Pushpay targets merchants who are looking to offer convenient, personalised and intuitive payment solutions to their consumers. Pushpay services three target markets: the faith sector; non-profit organisations and enterprises (both small medium enterprises and corporate organisations).

• Large under-serviced vertical - focusing on the US faith sector, an under-serviced vertical consisting of 314,000 churches and 157 million church-goers

• Consistent Merchant ACMR growth - $20.40 million as at 31 December 2015 an increase of $6.43 million over the quarter and on track to increase by over 100% to more than $28 million in the six months to 31 March 2016

• Two revenue streams - volume fees (a percentage of payment transaction volume) and subscription fees (a monthly fee usually based on merchant size)

• SaaS Hyper-Growth - went from $1 million to $10 million Annualised Committed Monthly Revenue (ACMR) within 10 months and now targeting $100 million ACMR by August 2018

• Targeted marketing - four key brands: Pushpay (parent company, payments brand); eChurch (faith sector sales brand); ZipZap Processing (payments processing brand); and Run The Red (SMS gateway brand)

• Talented and driven team - 193 staff as at 31 December 2015 across Seattle and Auckland supported by a high quality senior management team and a dynamic and experienced board

• Funding - raised $13.8 million in June 2015 through a fully underwritten Entitlement Offer and $18.8 million in October 2015 through a Private Placement

• Our mission - to become the global mobile platform of choice for merchants and consumers in non-point of sale (non-POS) mobile commerce

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Churches and Non-Profit Organisations have not kept up with technology

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Here is a 2 minute overview video of how Pushpay works

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Last Christmas season Amazon had around 70% of customers shop using a mobile device

Churches that offer online giving had just 13% of revenue given online

13%

Sources: Amazon.com, Inc (2015, December). Amazon Celebrates a Record-Setting Holiday for Prime, Amazon Original Series and Amazon Devices

Dunham + Company (2015, April). Study shows churches lag behind in facilitating online giving

Amazon and church e-commerce transactions

70%

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Sources: Amazon.com, Inc (2015, December). Amazon Celebrates a Record-Setting Holiday for Prime, Amazon Original Series and Amazon Devices

Dunham + Company (2015, April). Study shows churches lag behind in facilitating online giving

100%

70%

The opportunity

13%

Amazon e-commerce transactions

Church e-commerce transactions

Amazon mobile transactions

Amazon and church e-commerce transactions

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The Pushpay solution

People• We continue to attract high quality, driven staff throughout the business and over the year to 31

December 2015 we increased our Staff Headcount by 211% to 193 as at 31 December 2015 from 62 as at 31 December 2014. As at 31 December 2015, Pushpay had 51 staff based in New Zealand and 142 staff based in the USA.

• Over the half year, Pushpay also attracted Shane Sampson to the position of Chief Financial Officer following an international search that generated extensive interest in the position.

• Our focus has been on product market fit, we are continually building out our development team. As at 31 December 2015 we had 36 people in our development team up from 17 people as at 31 December 2014.

• We have also invested in our sales and marketing team which has increased substantially over the year. As at 31 December 2015 we had 67 people in our sales and marketing team up from 8 people as at 31 December 2014.

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Product and processes• eChurch Apps is a custom app building solution that allows churches to create and customise

their own branded apps for iOS and Android.

• Pushpay Fastpay™ allows app vendors to integrate a five second giving experience into their mobile apps with very little configuration.

• Virtual Terminal/Envelope Giving expands Pushpay’s digital giving feature set for our main target market – the USA Faith Sector. This feature allows church administrators to process envelope-based credit card, debit card and ACH payments through Pushpay.

• Pushpay has continued to invest in developing scale in all areas of the business. Building on top of the implementation of Salesforce in early 2015 Pushpay has implemented marketing automation, and outbound sales team management platforms. We are currently working on building efficiency and scale in to our finance and customer support functions.

The Pushpay solution

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Case study

$20.03

$90.62 $397,268.13Increase in donations per annum

Average increase in giving per person per month

$146.11

Intermittent givers

Consistent givers

New givers

A church in the US with around 7,000 people implemented Pushpay and they saw:

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Subscription fees Based on the size of the Merchant (in the case of the Faith Sector, this is a fixed monthly fee usually based on the total number of church attendees).

Volume fees Based on payment transaction volume (in the case of the Faith Sector, this is calculated as a percentage of total donations).

Fee revenue

-$1,000,000

-$500,000

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

5 10

25 3530

15 20

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Company cash flow based on different growth rates

MONTHS

CA

SH F

LOW

(N

ZD

)

Customer Acquisition Cost (CAC): $6,000

Monthly Recurring Revenue: $500

Note: CAC only includes Sales, Marketing and Implementation Costs

Growth rate: 10 more customers per month

Growth rate: 2 more customers per month

Growth rate: 5 more customers per month

Cash flow growth requires investment

Note: This represents three hypothetical scenarios and does not represent Pushpay’s cash flow forecast

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Pushpay’s ACMR growth

Merchant ACMR

Forecast Merchant ACMR

30 Sep 14

$0.82m

30 Jun 14

$0.71m

31 Mar 15

$5.33m

31 Dec 14

$3.06m

30 Jun 15

$9.02m

30 Sep 15

$13.97m

31 Dec 15

$28.00m

31 Mar 16

$20.40m

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Location of Pushpay’s Merchants in North America*

Canada

Continental USA

Alaska

MexicoHawaii

LOCATION OF PUSHPAY’S USA MERCHANTS

Source: Pushpay (2015, June)

Seattle, Washington, USA Office

Merchant

Merchant

* Includes locations in North America of all Merchants which have been added to the Pushpay platform since inception through to 31 December 2015.

16* “Launch date” used is January 2014 when Pushpay’s Co-founders moved to the US and its US office was established in Seattle, WA.

0$0

$250

$500

$750

$1,000

$1,250

$1,500

6 12 18 24 30 36

Months since launch

MR

R (

US

$,0

00

)

Pushpay*

Slack

Yammer

Workday

Intercom

Box

December 2015

Forecast

Trend

Monthly Recurring Revenue (MRR) over time

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Slack - Slack brings all your communication together in one place. It’s real-time messaging, archiving and search for modern teams.

Valuation: US$2.8 billion as at 16 April 2015

Yammer - Yammer is a private social network that helps employees collaborate across departments, locations, and business apps.

Valuation: Purchased by Microsoft for US$1.2 billion in June 2012

Workday (NYSE:WDAY) - Workday offers enterprise-level software solutions for human resource and financial management

Valuation: US$15.98 billion as at 28 November 2015

Intercom - Intercom is one place for every team in an internet business to communicate with customers, personally, at scale—on your website, inside web and mobile apps, and by email.

Valuation: US$500 million as at 30 August 2015

Box (NYSE:BOX) - Box offers secure content management and collaboration for individuals, teams and businesses, enabling secure file sharing and access to your files online.

Valuation: US$1.6 billion as at 28 November 2015

Company summaries and valuations

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Q3 performance highlights

$20.40mMerchant ACMR

2,860Total Merchants

193Staff Headcount

$19.73mCash and available funding lines

36.06%increase over

quarter

46.03%increase over

quarter

34.97%increase over

quarter

34.97%increase over

quarter

Less than 12 months Customer Acquisition Cost (CAC)

$594 per monthAverage Revenue Per Merchant (ARPM)

>95% Annual Revenue Retention Rate (Retention)

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Customer Lifetime Value (LTV)/CAC Ratio

>3

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LTV/CAC Ratio

SaaS aspiration

Pushpay

CAC = 95% Annual Revenue Retention Rate (Retention)

Source: Saasmetrics (2016). Customer Acquisition Cost http://saasmetrics.co/customer-acquisition-cost/

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Talented and driven team

Board

Senior Management

193 staff across Seattle, WA, USA and Auckland, New Zealand

(as at 31 December 2015)

Bruce GordonIndependent Chairman

Doug KemsleyNon-executive Director

Chris HeaslipCEO, Executive Director

and Co-founder

Eliot CrowtherSales, Executive Director

and Co-founder

Peter HuljichAlternate Director for Christopher Huljich

Graham ShawIndependent Director

Christopher HuljichNon-executive Director

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Track record of success

Graham Shaw and Peter Huljich join the BoardTouch ID and card scanning introduced to App

$4m standby funding facility secured

31 March 2015 target exceeded

$13.8m fully underwritten Entitlement Offer completedMigrated listing to the NZX Main BoardReceived R&D Project Grant from Callaghan Innovation

2015

31 December 2014 targets achieved

Target of $100m ACMR within 36 months to August 2018

69.2% increase in ACMR over the quarter

30 September 2015 target exceededRaised $18.8 million in a Private Placement

36 MONTHS

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314,000Faith Sector (Churches)

5.6 million Enterprises (5.6 million

SMEs and 17,671 Corporate Organisations)

1.4 million

Non-Profit Organisations

(NPOs)

Sources: US Census Bureau (2012). Statistical Abstract of the United States: 2012

Urban Institute (2014). The Nonprofit Sector in Brief 2014: Public Charities, Giving, and Volunteering

Note: Numbers rounded

Market opportunity in the USA

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Coming soon from the Pushpay labs

Can we bring the simplicity and convenience of church donations to the world of bill payments?

Receive Notification1. Bill details pre-populated2. Use fingerprint and bill paid in

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Pilot results: 76% of customers not using Pushpay pay on or before the due date, while with Pushpay this increases to more than 95%. In one cohort, the first time a group of payers used Pushpay to pay their bill, 83% of Pushpay users paid on or before the due date, by the fifth time 96% paid on or before the due date with 80% paying based on the very first text reminder, sent 6 days BEFORE the bill was due.

Currently piloting with two large enterprise customers

We’ve been tasked with improving the bill journey for a selection of customers who have missed one or more payments in the past six months.

76%

Traditional payment behaviour

95%

Pushpay payment behaviour

Before or on due date

Overdue

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Pilot customer feedback

“Love it! Very happy with the

whole experience”

“Pushpay reminds me when my bill is due, I don’t even

have to do anything besides click through when

it notifies me –awesome!”

“Whole experience was great, and made it really easy to

pay my bill”

“I can just sit at my desk at work and pay my bill, the app is fast and

easy to use. Felt like my payment

was securely processed”

“Love it! Very happy with the whole experience”

“Pushpay reminds me when my bill is due, I don’t even have to do anything besides click through when it notifies me – awesome!”

“Whole experience was great, and made it really easy to pay my bill”

“I can just sit at my desk at work and pay my bill, the app is fast and easy to use. Felt like my payment was securely processed”

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Summary

Large under-serviced verticalFocusing on the USA faith sector, an under-serviced vertical consisting of 314,000 churches and 157 million church-goers

Consistent Merchant ACMR growth$20.40 million as at 31 December 2015 an increase of $6.43 million or 46.03% over the quarter and on track to increase by over 100% to more than $28 million in the six months to 31 March 2016

Two revenue streams• Volume fees (a percentage of payment

transaction volume)

• Subscription fees (a monthly fee usually based on merchant size)

SaaS Hyper-GrowthWent from $1 million to $10 million ACMR within 10 months to 13 August 2015 and now targeting $100 million ACMR within 36 months to August 2018

Questions

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Questions

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Investor Presentation | March 2016

Pushpay Holdings Limited, Level 6, 167 Victoria Street West, Auckland 1010, New Zealand | www.pushpay.com