Announcement PDF ASX RELEASE Plenti Group Limited (ASX:PLT) Authorised for release by the Board of Plenti Group Limited For more information please contact: Daniel Foggo, CEO, shareholders@plenti.com.au Miles Drury, CFO, shareholders@plenti.com.au Strategic partnership with NAB 28 November 2023 Strategic partnership summary Plenti and NAB have entered into a strategic partnership – bringing together one of Australia’s largest and most trusted financial institutions with one of Australia’s most innovative and awarded financial technology companies “NAB powered by Plenti” car and EV loan Renewable energy finance referrals • Co-branded car and EV loan expected to be launched in 1H CY24 • Select Plenti renewable energy finance solutions expected to be made available to NAB customers in CY24 • NAB has rights to acquire up to 15% of Plenti shares – Potential to accelerate Plenti’s renewable energy business – Via placements and market purchases – Attractive economics available to Plenti – No direct exposure to funding cost or credit risks Commitment and opportunities Equity investment – Increases alignment between Plenti and NAB • Initial partnership term of 5 years, ability to extend for further 5 years if agreed • Agreement to explore the continued expansion of products offered under the strategic partnership – No need to invest equity capital in loan book Expected to accelerate the achievement of Plenti’s scale and profitability ambitions 2 “NAB powered by Plenti” car and EV loan Co-branded car and EV loan expected to launch in 1H CY24 • Distributed direct to consumers, drawing on NAB’s large personal banking customer base • Plenti is responsible for: – Loan application experiences – Credit assessment and loan settlement – On-going loan and customer management • NAB, as product issuer, is responsible for: – Marketing activities – Credit and relevant policy settings (with credit risk to be borne by NAB) – Loan funding • Plenti and NAB to develop product features and technology integrations to streamline customer experiences and facilitate ongoing customer and corporate reporting Plenti existing car lending • ~$1.2 billion loan portfolio • Differentiated by simplicity, speed and service • Consumer and commercial customer offerings Note: Plenti will maintain its own-branded car loan via its existing distribution channels including via brokers • Broad distribution via asset finance and mortgage brokers, on-line retailers • EV manufacturer funding relationship 3 Renewable energy finance referrals Select Plenti renewable energy finance solutions expected to be available to NAB customers in CY24 • Plenti and NAB to develop a referral program to assist NAB’s customers finance the purchase of eligible renewable energy systems – NAB to advertise eligible renewable energy finance products offered by Plenti to its customer base and refer customers to Plenti – Plenti to provide NAB’s referred customers with access to selected Plenti installer partners to solicit quotes for the installation and financing of eligible household renewable energy systems, including via its GreenConnect platform – Plenti will be responsible for the provision of loan application experiences, credit underwriting, loan funding and settlement, and on-going loan and customer management Plenti existing renewable energy lending • >$230 million loan portfolio • Relationship with >700 manufacturer, retailer and installer partners • 6 years of funding support from the CEFC • Innovative GreenConnect point-of-sale platform 4 Plenti economics Our strategic partnership is expected to contribute to Plenti’s scale and profitability over time 1 “NAB powered by Plenti” car and EV loan 2 Renewable energy finance referrals Upfront payment paid to Plenti for the establishment of technology, infrastructure and operational set up Loan referral fee paid by Plenti to NAB for each loan funded Upfront fee per loan paid to Plenti, which steps-down once the auto loan book reaches $1bn Plenti loan economics in line with existing renewable energy loan Monthly servicer fee paid to Plenti, calculated as % of auto loan book, which scales down until the loan book reaches $3bn 3 • Minimum annual revenue to Plenti is $3m • Indicative $20m of annual revenue assuming $500m annual originations and $1bn average loan book • Financial outcomes will depend on the appeal of the product and the success of NAB’s marketing activities Potential for future expansion of the strategic partnership Indirect economic impacts Enhanced economies of scale in core business 5 Contribution and rationale This strategic partnership leverages our strengths to accelerate the achievement of our priorities Plenti contribution • Customer experience • Full-featured technology platform • Operational excellence and efficiency • Demonstrated ability to rapidly build and deploy innovative financial solutions Plenti rationale • Broaden distribution • Increase brand awareness • Increase breadth and depth of future growth opportunities • Reduce exposure to funding and credit volatility • Diversify and increase revenue Fit with Plenti priorities Scale Profitability ✓ ✓ Efficiency ✓ 6 NAB equity investment NAB may acquire up to a 15% shareholding in Plenti Equity arrangement rationale • Reflects the importance of the strategic partnership to both Plenti and NAB Market purchase – 5% • Increases alignment between Plenti and NAB • Potential placements would provide Plenti with new capital to help accelerate growth of existing activities • Market purchases (as an alternative to placements) allow existing shareholder dilution to be minimised • Up to 5% via market purchases • From today until 18 months after the car loan launch • 5% via placement within 2 months of the car loan launch Placement 1 – 5% • Placement share price the lower of: – $0.90; and – 25% premium to 1-month share price VWAP, with a $0.75 floor • 5% via placement or market purchase Placement 2 – 5% • Placement share price at higher of: – $1.20; and – 25% discount to 1-month share price VWAP Placement 2 is subject to the loan book reaching $500m within 18 months of car loan launch. If the $500m loan book is reached within 18 months of the car loan launch, and NAB does not subscribe for shares under Placement 2, it may instead purchase up to an additional 5% of Plenti’s share capital via market purchases within 12 months of the expiry of Placement 2. NAB is otherwise subject to share purchase standstill provisions, subject to certain carve-outs, as described in the strategic partnership ASX announcement. Plenti change of control provisions apply, as described in the strategic partnership ASX announcement. 7 Disclaimer and important notices No recommendation, offer, invitation or advice The material in this presentation is general background information about Plenti Group Limited (the Company) and its subsidiaries, and is current at the date of the presentation, 28 November 2023 The information in this presentation is of a general nature and does not purport to be complete or to provide all information that an investor should consider when making an investment decision. It should be read in conjunction with the Company’s IPO prospectus and other periodic and continuous disclosure announcements lodged with the ASX, including the FY23 results announcement and other results materials. Neither the Company nor its representatives have independently verified any data provided by third parties. This presentation does not constitute advice (of any kind) to current or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. No representation is made as to the accuracy, completeness or reliability of the presentation. The Company is not obliged to, and does not represent that it will, update the presentation for future developments. This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in the Company. This presentation has been made available for information purposes only and does not constitute a prospectus, short form prospectus, profile statement, offer information statement or other offering document under Australian law or any other law. This presentation is not subject to the disclosure requirements affecting disclosure documents under Chapter 6D of the Corporations Act 2001 (Cth) and does not contain all the information which would be required in such a disclosure document. Exclusion of representations or warranties This presentation may contain certain “forward looking statements”. Forward risks, uncertainties and other factors, many of which are outside the control of the Company, can cause actual results to differ materially from such statements. The Company makes no undertaking to update or revise such statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in any forward-looking statements made. To the maximum extent permitted by law, the Company and its related bodies corporate, directors, officers, employees, advisers and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, this presentation. Non-IFRS financial measures Recipients of this presentation should also be aware that certain financial information included in this Presentation is “non-IFRS financial information” under ASIC Regulatory Guide 230: “Disclosing nonIFRS financial information”. These measures include net loss rate, loan deferral rates, net charge-off rates, any “pro forma” measurements, average interest rates, average funding rates, cost to income ratios and loan portfolio amortisation rates. The Company believes this non-IFRS financial information may be useful to users in measuring the financial performance and conditions of the Company and its subsidiaries. This non-IFRS financial information does not have a standardised meaning prescribed by the Australian Accounting Standards Board or the International Financial Reporting Standards Foundation, and therefore, may not be comparable to similarly titled measures presented by other entities, nor should it be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards or IFRS. Recipients of this presentation are therefore cautioned not to place undue reliance on any non-IFRS financial information included in this presentation. NonIFRS measures have not been subject to audit or review. Investment risk An investment in the Company’s securities is subject to investment and other known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company or an investment in it, nor does it guarantee the repayment of capital from the Company or any particular tax treatment. Before investing in the Company, you should consider whether this investment is suitable for you. Potential investors should consider publicly available information on the Company, carefully consider their personal circumstances and consult their professional advisers before making an investment decision. All currency figures are in Australian dollars unless otherwise stated. Totals and change calculations may not equate precisely due to rounding. 8