Casablanca - March 2021 2020FINANCIAL COMMUNICATION

ANNUAL RESULTS

Content

1

Appendices

Highlights & Context 2020

Outlook

Achievements & Financial Review

Abdeslam ALAOUI ISMAILI CEO HPS Group

HIGHLIGHTS& CONTEXT 2020

World Economy: Economic Growth in 2020 & Outlook

Source : World Bank Global Economic Prospects Jan-2021

Developed Countries

World Emerging & Developing Countries

-4.3%

4,0%

2020e 2021f

-5.4%

3.3%

2020e 2021f

-2.6%

5,0%

2020e 2021f

3

Impetus of Fundamental Trends Impacting the Payment Industry

USA 51% (vs. 30%)Germany 56% (vs. 35%)Northern Europe 75% (vs 57%)

Contactless payment usage post vs. pre-COVID 19

Migration to e-commerce and online shopping in the context of lockdown

-13%: Decrease in cash usage in volume in 2020

Increasing the threshold for accepting contactless

transactions

Changes in consumer behaviour post COVID-19 with a direct impact on

the payment industry

4

The Payment Market in the World

CAGR(2017–22F)

Growth(2017–18F)

Global 14.0% 11.2%

MEA 21.6% 17.9%

Latin America 6.0% 5.5%

Emerging Asia 29.7% 28.6%

MatureAsia-Pacific

10.2% 10.2%

Europe (Including Eurozone)

8.5% 6.3%

North America 4.7% 4.7%

7.1%

Developing23.5%

Mature

Non-Cash Transactions (billions)

2017 2019F 2020F 2021F 2022F

176.3 192.8 201.8

156.3 185.9203.6

161.1

269.5

352.8

67.681.7

90.2

48.4

54.3

111.257.7

139.3

160.6

133.8

96.255.6

43.149.3

538.6

168.2

144.2

123.7

61.3

45.5

604.7684.1

184.5

170.4

208.7

74.2

51.190.2

779.2

895.5

1,045.5

2018F

61.9

74.4

Source: Capgimini payment report 2020

5

2020 Highlights

6

First concrete results of the external

growth ambition

Strengthening the cash position

Resilience of group's activities

and strengthening recurring revenues

Continued R&D momentum

Impact of the evolution of the

dollar on revenues

IPRC Acquisition: Strengthening Control of the ATM Transaction Value Chain

IPRC in Brief Main Customers IPRC Activities

⏵ Over 5.500 ATMs managed

⏵ 7%: Gain in uptime at ATMs

⏵ Over 7 million cards managed

⏵ 45% of transactions in Morocco

7

⏵Monitoring of fraud activities

⏵Customer relationship management

⏵Real-time management of requests and instructions

⏵Recall management

⏵Automatic editing of e-mails

⏵Customer portal dedicated to the service management

Fraud monitoring and follow-up

⏵Real-time management of ATMs

⏵Automatic reporting of incidents to customers

⏵Real-time updating of instructions

⏵Management of interfaces with international schemes

⏵Cash management

ATM monitoring

HPS in Africa 1 Technology: PowerCARD2 data centers13 countries+50 expert

ICPS

1 Technology: PowerCARD2 data centers18 countries+100 expert

ICPS presence

HPS presence (SaaS offer)

Common presence

ICPS Acquisition: HPS to Become Africa's Leading Processing Company

8

⏵ Build a Centre of Excellence around PowerCARD technology in Mauritius for the benefit of the clients in the region

⏵ Address Tier1 and Tier2 African banks thanks to our proven expertise and a sufficient critical size

⏵ Double the size of the activity in Africa within a 5-year plan and become payment processing leader in Africa

Project objectives

ACHIEVEMENTS& FINANCIAL REVIEW

Brahim BERRADAManaging Director Corporate Services

2020 in Brief

⏵ Strong growth in the Processing business

⏵ Stable growth in the Solutions business at constant exchange rates

⏵Measures of the state of health emergency impacting on the performance of the Services activity

⏵Growing contribution of recurring revenues to consolidated revenues

⏵ Strong growth in recurring revenues

⏵ Sustained commercial momentum with the signing of global and regional references

⏵Optimized cash management

⏵ Implementation of preservation measures: debt raising, non-distribution of dividends

⏵ R&D investment up despite weak revenue growth

⏵ Project deployment capacity impacted by lock-downs on a global scale

⏵ Implementation of important synergies between the different activities

10

Operating Income

Recurring Revenue Backlog CashflowOperating

Margin

728.5 MMAD

+1.2%

453.8MMAD

+10.8%

572.8 MMAD

+10.9%

223.6 MMAD+ 161.8%

16.5%vs.

+17.6%

⏵Strong progress in Payment with the boarding of new SG affiliates and the signature of new clients on the Processing platform

⏵Switching business recovers after a first half impacted by containment measures

2020 Highlights per Activity

⏵Health emergency constraints limiting activity to remotely managed projects

⏵Deployment of resources to projects in other activities

+46.5%Processing

-7.9%Services

Switching Payment

⏵Business revenues impacted by currency effect and improving at constant exchange rates

⏵Team mobility constraints on project deployment

⏵Continued commercial momentum with the strengthening of the backlog

-2,1% / +1.5%Solutions

Projects

Upselling

Maintenance

Licence

Constant exchange rate

11

14%

6%17%

26%

23%

5%

8%

15%

71%

Solutions

Strategic Orientations

⏵Anchor our presence by targeting Tier 3 banks and ISOs in the US

⏵Offering our solutions to large European processors and mid-tier banks in Europe

⏵Develop a presence through partnerships in South East Asia and Latin America

⏵Develop E-Wallet solutions and solutions for various players (telecoms, retails, etc.)

Highlights

⏵Strong growth of recurring revenues including maintenance and Upselling

⏵Sustained commercial dynamism despite the context of the health crisis

⏵Complete migration of ABSA subsidiaries to the PowerCARD platform

⏵ Implementation of version 3.5 at several major customers (SIA, ABSA, Tier 1 customer in Europe)

⏵Deployment of contactless solutions (QR Code at GhIPPS in Ghana) and mobile payment

Contribution to Consolidated Revenue

485.5 MMAD -2.1% vs. 2019

71.1%

12

Evolution of the activity in MMAD

AAGR: +10.4%.Solutions business

2016 2017 2018 2019 2020

327378

455496 486

Solutions

⏵Africa

- Sustained activity in South Africa

- Strengthening of our positioning by signing new deals (Capitec and BMCE Bank of Africa)

⏵ Europe

- Deployment of the Tier1 project in line with the objectives

- Strengthening up-selling to existing customers (SIA)

- Portfolio development with new clients

⏵Asia

- Confirmation of the growth region's potential with the conclusion of new deals in Asia

- Strengthening our presence in Middle East with new major contracts

⏵Americas

- New agreement in Mexico with an existing client

- Establishment of an action plan for the development of the region's growth potential

Africa

33,0 %2020

Europe

24.7 %2020

Asia

33.9 %2020

Americas

8.5 %2020

13

UpsellingProjects Maintenance License

36,4%24,6% 31,6% 7,3%

41

59 5967

98

2016 2017 2018 2019 2020

Processing

⏵Organic and acquisitive business development in Africa and the Middle East

⏵Diversification of supply98.2 MMAD

+46.5% vs. 2019

Contribution to Consolidated RevenueStrategic Orientations

Evolution of the Activity in MMAD

Highlights⏵Payment

- Boarding of 4 new affiliates of Société Générale in 2020

- Signing of new contracts in Africa: BNI Madagascar, Arab Bank Morocco

- Confirmation of the potential of processing solutions for microfinance institutions

- Acquisition of Mauritius Bank shares in ICPS (post closing 2020)

- Loomis contract: management of ATM servers in France and Belgium

⏵Switching - Signature of several deals for

Mobile Switch in Morocco: BCP, CMI, CFG Bank, DIGIFI, Lana Cash, BMCE Cash

14.4%

AAGR: +24.7Processing Activity

14

Evolution of Electronic Money in Morocco in 2020

Evolution of Interoperable Transactions Processed by

HPS Switch vs. 2019

15

+7.7%

-8.1%

17.2 million cards +1.0 million vs. 2019

385.4 million transactions-7.3% vs. 2019

Number of Cards Card Transactions

WithdrawalNumber of transactions in millions

PaymentNumber of transactions in millions

1.1x

7.734 units+121 installations vs. 2019

ATM Network

Payment via Internet Number of transactions in Millions

2.2x

6.68.2

9.7

14.3

2017 2018 2019 2020

1.7x

50.3

62.5

80.7

87.0

2017 2018 2019 2020

271.8

294.5316.1

288.2

1 2 3 4

Services

99.6 MMAD -7.9% vs. 2019

14.6% ⏵ Impact of containment measures

on project deployment

⏵Establishment of a continuity plan (BCP) for the management of projects that can be carried out remotely

⏵Continuation of the remote sales effort and signing of several deals, particularly from the second half of the year

⏵Strengthening of the client portfolio with new references (ARTE France, France Télévision, AGIRC ARRCO)

⏵Deployment of Services teams on projects of other activities

Contribution to Consolidated RevenueStrategic Orientations

Evolution of the Activity in MMAD

Highlights⏵Diversification of the activity

towards high value-added services

⏵Diversification across France and launch of regional agencies

112 111125

108 100

2016 2017 2018 2019 2020

AAGR: -2.9%.Processing Activity

16

Exchange rate

effect

Growth at constant

exchange rates

Revenue 2019 Revenue 2020Processing Solutions Services Other

Exchange Rates Effects on the Business Growth

⏵Solutions Deployment of major projects (ABSA, Tier1 client) despite the impact of the lockdown

Several clients entered maintenance, generating strong growth in maintenance revenues

Impact of the USD/MAD exchange rate on business revenues

⏵Processing Commissioning of several projects at the Payment level

HPS Swtich resumes growth in the second half of the year after a slight decline in the first half

⏵Services Impact of the state of health emergency on the performance of the services business due to mobility constraints

Recurring revenueIn MMADIn % of Operating Income 17

+3,7% -1,5%

409,7(57%)

+1,2%

453,8(62%)

728,5

-3,3-8,5-10,3

+31,2719,6 +26,9

-18,0

In MMAD

Geographic Footprint & Regional Diversification

18

Americas6,0%

Europe31,9%

Africa38,2%

Asia23,9%

Africa 262,1 M MAD2020

-11,8% vs. 2019Europe 219,3 M MAD

2020

+6,3% vs. 2019

Asia 164,4 M MAD2020

+10,9% vs. 2019Americas 41,1 M MAD

2020

+75,0% vs. 2019

Operating Expenses

⏵StaffControlled evolution of personnel costs, in line with business growth

Strengthening of the workforce with the 4% growth of our staff

⏵External Costs Decrease in sales-related trips and event costs (trade shows & exhibitions) in the context of the pandemic

Strengthening our infrastructure with the establishment of a datacentre in Europe for the development of our Processing activities in Europe

⏵Purchases ConsumedIncrease in subcontracting as part of the roll-out of major projects

Maintaining the pace of R&D investment

* Change from 2019** Share of operating revenue 2020

In MMAD

-39.7-4.2%*

(5.4%)**

-27.5+165.7%*(3.8%)**

120.5-5.0%*

(16.5%)**

-11.6+29.7%*(1.6%)**

-311.9+1.9%*

(42.8%)**

-113.6-18.6%*

(15.6%)**-103.7

+22.8%*(14.2%)**

19

Revenue 2020 Staff Costs ExternalCharges

Purchases Consumed

Operating Allowances

Other Operating Expenses

Miscella-neous

Operating Income 2020

728.5

R&D – Sustained Effort

92.7 MMAD +14.7% vs. 2019

12.7%

Strategic directions for PowerCARD⏵ "Infinite" scalability requirement;

⏵ Leverage the possibilities offered by the cloud to diversify infrastructure costs even more, particularly with regards to peaks management;

⏵Make all PowerCARD processing real-time to meet the challenges of new instant payment methods;

⏵ End/Overcome Oracle dependency.

20

On-Premise and Cloud compliant : Hybrid Cloud

Infinite Scalability

From monolith to small blocks independent updates

All services are real-time with supervision

V4 must be compatible with v3.X clients existing IT infrastructure

Database agnostic

⏵ Backlog of MAD 575 million, representing a strong increase in book-to-bill from 72% to 79% as at end of 2020

⏵ Completion and delivery of several large-scale projects.

⏵ Strengthening of the Backlog due to new important deals in 2020, and strong sales opportunities for 2021 and beyond.

⏵ Strengthening the share of Processing revenues in the backlog thanks to the 2019 Sales successes (Middle East and Europe).

Projects

Upselling

Maintenance

Click Fees

Switching

Payment

Processing20%

Solutions80% In MMAD

+10.9%

75% at one year 25% beyond one year

21

Evolution of the Backlog & Situation at the End of 2020

2019

202025%

20%

31%

11%

3%

9%573

516

Strengthening the Cash Flow Position

22

⏵OperationsOptimisation of working capital and control of the project implementation cycle

Strengthening efforts in the area of collection and control of payment periods

⏵InvestmentsSlight decline in investment in tangible & intangible assets

Acquisition of securities at the GPS JV level

⏵Financing Medium-term credit of 30 MMAD contracted to finance future acquisitions

Cash beginning 2020

Cash flow from operations

Cash flow from investments

Cash flow from financing

Cash end of 2020

In MMAD

85.5

126.2 -25.336.3 223.60.9

Conversions

OUTLOOK

2021 – Outlook

The resilience of all Group’s activities and the strengthening of its fundamentals achieved in the context of the crisis, are positive indicators to approach with confidence 2021, which should see he recovery of the economy at the global level. The R&D dynamic that distinguishes the HPS Group is also a major pillar to pursue its strategic ambitions, notably :

24

Continued strong organic revenue growth

Acceleration of growth and diversification through

external growth

Continuous improvement of the operating margin

Conclusion

25

Business Resilience Strengthening the Fundamentals

Continuation of ourStrategic Plan Initiatives

APPENDICES

Consolidation Scope

100% 100% 100% 100% 100%

HPS Switch ACPQUALIFE HPS Europe HPS Dubai HPS Singapore

ACPQ Switzerland

Subsidiaries

HPS S.A.

CorporateAccounts

JV

GPS ICPS

ConsolidatedAccounts

30% 20%

Comptes Sociaux

HPS S.A.

HPS SingapourHPS Switch ACPQualife HPS Europe HPS Dubaï

GPS ICPSFiliales

JV

100%

100%

100%

100%

100%

25%

20%

Comptes Consolidés

ACPQ Suisse

100%

Comptes Sociaux

HPS S.A.

HPS SingapourHPS Switch ACPQualife HPS Europe HPS Dubaï

GPS ICPSFiliales

JV

100%

100%

100%

100%

100%

25%

20%

Comptes Consolidés

ACPQ Suisse

100%

Comptes Sociaux

HPS S.A.

HPS SingapourHPS Switch ACPQualife HPS Europe HPS Dubaï

GPS ICPSFiliales

JV

100%

100%

100%

100%

100%

25%

20%

Comptes Consolidés

ACPQ Suisse

100%

Comptes Sociaux

HPS S.A.

HPS SingapourHPS Switch ACPQualife HPS Europe HPS Dubaï

GPS ICPSFiliales

JV

100%

100%

100%

100%

100%

25%

20%Comptes Consolidés

ACPQ Suisse

100%

Comptes Sociaux

HPS S.A.

HPS SingapourHPS Switch ACPQualife HPS Europe HPS Dubaï

GPS ICPSFiliales

JV

100%

100%

100%

100%

100%

25%

20%

Comptes Consolidés

ACPQ Suisse

100%

Comptes Sociaux

HPS S.A.

HPS SingapourHPS Switch ACPQualife HPS Europe HPS Dubaï

GPS ICPSFiliales

JV

100%

100%

100%

100%

100%

25%

20%Comptes Consolidés

ACPQ Suisse

100%

Comptes Sociaux

HPS S.A.

HPS SingapourHPS Switch ACPQualife HPS Europe HPS Dubaï

GPS ICPSFiliales

JV

100%

100%

100%

100%

100%

25%

20%

Comptes Consolidés

ACPQ Suisse

100%

Comptes Sociaux

HPS S.A.

HPS SingapourHPS Switch ACPQualife HPS Europe HPS Dubaï

GPS ICPSFiliales

JV

100%

100%

100%

100%

100%

25%

20%Comptes Consolidés

ACPQ Suisse

100%

100%

27

Performance of Subsidiaries in 2020 In MAD 2020 2019

Subsidiaries Operating Income Operating Result Net Result Operating Income Operating Result Net Result

Full Consolidation (Morocco)

HPS SA 589 572 595 86 755 675 72 356 116 568 333 873 98 703 266 72 005 289

HPS Switch 57 881 281 28 132 344 20 070 271 60 255 949 28 872 970 20 274 249

Full Consolidation (Global)

HPS Europe 13 018 811 649 831 440 695 14 101 683 206 834 122 701

ACPQUALIFE 166 577 639 4 660 990 3 914 564 163 514 896 1 180 363 2 079 377

ACPQUALIFE Switzerland 1 746 304 710 471 705 283 3 111 969 610 043 607 841

HPS Singapore 11 390 041 -685 230 -638 869 14 410 595 -531 457 -769 838

Equity Method

GPS 100 585 045 40 204 052 40 204 052 93 992 579 32 562 785 32 562 785

ICPS (Figures from 01/07/2019 to 30/062020) 99 644 994 26 730 855 22 333 312 81 635 483 9 203 693 7 230 274

28

Consolidated Income and Expenditure Accounts – 2020

29

CONSOLIDATED INCOME AND EXPENDITURE ACCOUNTS in MAD 2020 2019 VariationOperating Income 728 485 158 719 485 158 1.2%Turnover 681 841 053 688 775 864 -1,0%Other operating Income 46 644 105 30 824 403 51.3%Operating Expenses - 607 637 718 -592 680 904 2.5%Costs of Goods Sold - -1 774 989 -Costs of Materials/Purchases Consumed -103 705 915 -84 461 142 22.8%External Costs -113 566 853 - 139 497 796 -18.6%Staff Costs -311 911 399 - 306 242 429 1.9%Other Operating Expenses - 27 465 273 -10 338 185 165.7%Taxes and Duties -11 615 178 - 8 953 821 29.7%Operating Allowances -39 693 360 -41 412 541 -4.9%Operating Result 120 527 180 126 919 423 -4.8%

Operating margin 16.54% 17.64% -1.05 ptFinancial Income and Expenses - 19 080 401 - 6 305 297 202.6%Current Result of Integrated Companies 101 446 779 120 614 126 -15.6%Non-current Income and Expenses -5 900 698 - 4 612 673 27.9%Income Tax -24 949 967 -29 114 774 -14.3%Net Result of Integrated Companies 70 596 113 86 886 679 -18.4%Share in the Results of MEE Enterprises 15 696 617 10 600 607 48,1%Amortisation of Goodwill -1 898 851 - 3 690 912 -48.6%Net Result of Consolidated Accounts/Groups 84 393 880 93 796 375 -9.7%Minority Interests - -Net Profit (Group Share) 84 393 880 93 796 375 -9.7%

Net margin 11.58% 13.03% -1.41 pt

Consolidated Cash Flow Statement – 2020 CASH FLOW STATEMENT 31/12/2020 31/12/2019Net Income 84 393 880 93 796 375 Elimination of non-cash or non-operational net income and expenses -- Depreciation and amortization 22 912 855 19 702 875 - Change in deferred taxes - 475 407 - 1 143 132 - Gain or loss on disposal 2 500 761 2 956 - Other non-cash income (expense), net 1 954 650 3 622 813 - Income Share from Equity Affiliates, net of dividends received - 8 676 520 - 6 088 172 Cash flow of Integrated Companies 102 610 219 109 893 714 Dividends received from companies accounted for using the equity method - -Change in working capital requirement related to the activity 23 575 774 - 61 024 039 Net Cash Flow from Operating Activities 126 185 992 48 869 674 Acquisition of tangible and intangible assets - 17 882 428 - 30 429 281 Disposals of fixed assets net of tax - -Disposal of securities in companies accounted for using the equity method - -Net acquisition of shares in consolidated companies -7 409 203 -Cash flow from Investment Activities -25 291 630 - 30 429 281 Dividends paid to shareholders of the parent company - - 35 179 950 Capital increase in cash - -Other -16 093 - 336 667Changes in borrowings 36 356 236 - 19 210 542 Flow of Financing Operations 36 340 143 - 54 727 159 Effect of changes in exchange rates 856 301 - 1 140 883 Increase (Decrease) in Treasury 138 090 806 - 37 427 648 Cash at the beginning of the year 85 466 344 122 893 992 Cash at the end of the year 223 557 149 85 466 344

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Q&A