1. Wari Strategic Board Meeting
January 2018
Strictly confidential

2. Wari Strategic Board Meeting
Welcome address, approval of proposed agenda.
Items requiring Board approval :
- Board structure;
-  Committees, Board Governance Structure: guidelines and Terms of Reference;
-  Appointment of new Chairman.
Performance review ;
Review and approval  of  strategic and  Business Plan;
Approval of  Company organization structure;
Objectives review and approval;
Power delegation process;
Review and approval of 2018 Board meeting calendar;
Other business ;
Closing.
Wari Strategic Board Meeting
November 2017
Strictly confidential

3. Wari Strategic Board Meeting
Items requiring Board approval :
- Board structure;
-  Committees, Board Governance Structure: guidelines and Terms of Reference;
-  Appointment of new Chairman.
Wari Strategic Board Meeting
November 2017
Strictly confidential

4. HR AND REMUNERATION COMMITTEE Group Holding functions
Wari Governance structure
Chains of command
BOARD
Chairman: Kabirou Mbodje
Executive Directors
Independant Directors
HR AND REMUNERATION COMMITTEE
Chairman
2 Independant Directors
AUDIT COMMITTEE
2 Independant Directors
External Audit
Internal Audit
Group Holding functions
Executive Committeee
Management Commitee
Investment Committee
Subsidiray functions
Source Company information 7

5. Management committee (1/4)
A. Management committee
Management committee (1/4)
Board of Directors Wari Holding
Kabirou MBODJE
Amadou DIOP
Aïcha KOUYATE
Scott EISNER
Executive Director
Chairman and founder
French
Executive Director
Engineer
American / Senegalese
Executive Director
Legal/MBA
Ivoirian
Non Executive Director
VP U.S. Chamber of Commerce - American
Since 2008, run the Wari Group, founded with the aim of providing people, especially in Africa, with services tailored to their needs.
ceo.wari.com/fr
CEO Millenium Connect Africa, a Wari associated company.
Executive Vice President at Wari Holding
Previous:
Before joining Wari Amadou was Managing Director of Africa & Middle East for Panamsat (Intelsat), largest private satellite services provider in the world. Before Panamsat he worked as Director Business Development for Hughes Space and Communication (HSC), satellite division for 8 years.
General Secretary and Vice President at Wari Holding
Previous:
Regional Legal and Compliance Citibank West Africa
Group Director Banque Atlantique Corporate Secretary Legal-Compliance- HR
Group Director Teyliom
Legal-HR-Corporate Secretary
President of the U.S.-Africa Business Center at the U.S. Chamber of Commerce. He is also an officer at the Chamber serving as senior vice president. He represents the Chamber’s interests in Africa through its U.S.-Africa Business Center (USAfBC), with senior-level U.S. government officials, international business leaders, and African governments. In addition, he heads the Chamber’s U.S.-South Africa Business Council and the U.S.-Cote d’Ivoire Business Council.
Michael KOLBECK
Fatimatou Zahra DIOP
Dr Mabouba DIAGNE
Non Executive Director MBA
German
Non Executive Director
Retired
Senegalesee
Non Executive Director
Banker
Senegalesee
Managing Director Lone Star, German Acquisition.
European Corporate Investment.
Previous :
Director at Hudson Advisors German GMBH
Former General Secretary at West African Central Bank (Head Office).
Now retired Fatimatou Zahra Diop is a true figure in women's leadership. She was the first woman to head BCEAO and in the eight member countries of the West African Monetary Union (WAMU) for three years before becoming Secretary General of BCEAO-HOME.
Director at TDB for Structured Finance and Invetsment Banking Previous:Before joining TDB he was Group Head of Corporate and Investment Banking at Atlas Mara/Bank ABC Group playing the role of building the Corporate and Investment Banking Businesses in Bank ABC...Prior Atlas Mara he was acting as regional Managing Director Corporate Coverage for Southern Africa (ex SA) Barclays Bank
Source Company information 10

6. Wari Strategic Board Meeting
Performance review 
Wari Strategic Board Meeting
November 2017
Strictly confidential

7. Wari Group – Company snapshot (1/4)
A leading and fast-growing digital financial services (DFS) provider
Overview
Main financials1
Key operating figures
Created in 2008, Wari is a digital financial services (“DFS”) provider offering mobile, web and card solutions for organisations and customers in 60 countries
Wari generated revenues from fees charged on transactions net of banking partners’ and points of sale (“PoS”) agents’ commissions
Wari was founded by Kabirou Mbodje, a renown French- Senegalese business man who is now CEO of the Company
Revenue (€m)
Yearly growth
PoS: Over 500k including 45k in Africa
Countries: Operations in 60 countries in Africa, Europe and US
Users: 210m
Partner banks: 159
Central banks: 11
Employees: c worldwide
+13%
+50%
Wari 54 48 32
2014
2015
2016
EBITDA (€m)
as % of Revenue -
59%
61%
Key partners
# of transactions
35%
32.8
28.3
Mobile network operators (“MNO”)
& others…
Banks
Oil companies
Other financial companies
Utility companies
Insurance companies
Postal service companies
Money transfer companies
c. 100m transactions in 2016 worth approximately $5bn
In millions
80%
12-16 CAGR
97.0
43.8
9.3
11.2 NA
2014
CAPEX (€m)
as % of Revenue -
2015
2016
3.0%
1.0
0.4%
1.3%
0.7
0.2
2014
2015
2016
Sources Company information, Global Data report
Note
1 Exchange rate: €1.00 = CFCA656 2

8. Wari Group – Company snapshot (2/4)
Wari’s product mix summary
Remittances Bill payment/Disbursement
Description Description
Airtime
Wari Digital Account
MyWari
Description
Description
Description
Send and receive money in all Wari points of sales worldwide
Restrictions: Limits on minimum and maximum transfers depending on the host country
Launch date: 2008
Make bill payments and settle their disbursements (scholarship, pensions, insurance, NGO payments)
Restrictions: Only applicable for bills not overdue (BP) and registered beneficiaries (Disb.)
Launch date: 2011
Buy mobile airtime via any Wari point of sales and benefit from discounts
Restrictions: A valid mobile network service subscription
Launch date: 2013
Access to all the services provided by Wari through a digital account
Launch date: 2014
Access the entire scope of Wari services through a Smartphone application
With news services :
insurance products
loan and investment
games and lottery
media
Warishop
Launch date: 2017
# of transactions (‘000)
8,286
2,047 84
Transactions value (€‘000)2
Evolution of client (‘000)
Evolution of rev. (€‘000)1,2
Evolution of rev. (€‘000)2
Evolution of rev. (€‘000)2
53,578
45,728
1,672
57,903
31,503
672
704
23,496
145 34
101
121
1,186
2014
2015
2016
2016
2014
2015
2016
2015
2016
2017
2017
2018
2019
Source Company information
Notes 1 2
Different scale due to significant data differences Exchange rate: €1.00 = CFCA656 3

9. Wari Group – Company snapshot (3/4)
Wari's digital products
BiPme
Wari Taxi
At your service
Description
Description
Description
BiPme is a messaging application that allows you to communicate with family, friends, colleagues,... by message, call, video and file sharing. With innovative features such as: real-time translation of conversations even in several languages, sending and receiving money during a live chat session, validation and unlocking secured by biometrics, secure storage,...
Wari Taxi, for client press a button to order a vehicle where you are. Get on board! Your driver knows exactly where to go. You will always find economical cars at reasonable prices.
For drivers, run errands with Uber at any time of the day or night. From the very first race, you are put in touch with your customers and propose your services and rates.
At yours ervice is a concierge service where everyone can provide services or products for everyone. And where everyone can buy services and products very simply. It is a place of exchange, sharing and business in a secure environment, with simplified and guaranteed payments. At your service, you can create your business activities very quickly or develop your current activities by offering your services more widely and quickly.
Launch date: 2018
Launch date: 2018
Launch date: 2018
Source Company information 4

10. Wari Group – Company snapshot (4/4)
Focus on Interlink: retail service provider of Wari Group
Overview
Main financials1
KPI
While Wari SA is principally responsible for technology and branding, Interlink is responsible for PoS agents and other distributors, playing a role of super-agent for banks and other partners
Both Wari SA and Interlink earn revenue through a shared fee on transactions
Interlink’s first objective is to promote agency banking activities in the Wari ecosystem
Interlink was created in 2011, it operates as a holding company which owns several companies responsible for the development of the Wari product distribution network
Its main missions are the following:
Open, develop and monitor business activity in the countries where Wari operates
Create and train network agents
Supervise the day-to-day operations of the countries
Be the only contact point for the distribution network
Respond to the logistic needs of Wari’s network
Monitor the promotional aspects and the marketing strategy of the distributors
Interlink has its own managing director and corporate structure
Wari is Interlink’s only client
Revenue (€m)
Yearly growth
Number of PoS
+23%
+52%
30.7
Interlink
60,000
24.9
16.4
2014
2015
2016
35,000
EBITDA (€m)
as % of Revenue -
67%
62%
60%
20.5
14.4
11,815
9.9 NA
2014 -
2015
2016
2015
2016
2017
Key products and services
Equipment supplier
Products customization
Wari cards, international cards and private cards
Others
Day-to-day management of retail network
Network connectivity
Logistics management
Marketing campaigns
Promotions
Electronic Payment Terminal (“EPT”), ATM machines, mobile Point of Sale (“mPOS”), payment / credit cards and biometric payment solutions
Source Company information 5

11. Wari Strategic Board Meeting January 2018
Performance review 
Wari Strategic Board Meeting
January 2018
Strictly confidential

12. Wari Key Performance of past years
Source Company information 7

13. EVOLUTION DE CERTAINS AGREGATS DE 2009 A 2017
WARI GROUP
EVOLUTION DE CERTAINS AGREGATS DE 2009 A 2017
31/12/2017
ITEMS
2009
2010
2011
2012
2013
2014
2015
2016
2017
AGREGATS OPERATIONNELS
PAYS COUVERTS 3 8 16 19 25 29 34 35
EFFECTIF DIRECT 5 7 10 31 38 77
103
107
122
BANQUES ET ETS FINANCIERS (EFP) 12 23 39 61 81
144
183
200
PARTENAIRES UPSTREAM 1 2 4 6 42
MARCHANDS
110
721
901
991
DISTRIBUTEURS 21 37 79
274
616
1059
1408
1526
1 700
POINTS DE VENTE (POS)
1264
2 351
3 947
7 935
14 457
27 757
51 568
64 382
82 754
POS ACTIFS ANNUEL
643
1222
2003
3963
7302
12081
19885
24153
28 075
TAUX D'ACTIVITE ANNUEL
50,9%
52,0%
50,7%
49,9%
50,5%
43,5%
38,6%
37,5%
33,9%
NOMBRE DE TRANSACTIONS
REMITTANCE
BILL PAYMENT
15 085
BENEFIT PAYMENT
12 021
30 242
92 347
AIRTIME
23 821
CARTE
8 345
91 834
MONTANTS DES TRANSACTIONS
TOTAL DES COMMISSIONS
COMMISSIONS WARI GROUP
90 900
TARIF MOYEN
999
1 007
938
752
543
432
401
389
406
998,63
1005,63
937,71
759,22
541,28
433,47
407,70
395,64
409,80
0,00
424,00
423,76
421,56
424,69
419,09
422,39
396,84
1187,00
1186,54
1283,08
1221,14
1098,66
759,76
506,60
612,40
55,49
51,56
47,43
45,85
51,10
15,79
123,77
102,28
149,02
Jan 2018
Strictly confidential

14. EVOLUTION DU NOMBRE DE POS ACTIFS ANNUEL DE 2009 A 2017
Wari Network evolution
WARI GROUP
EVOLUTION DU NOMBRE DE POS ACTIFS ANNUEL DE 2009 A 2017
31/12/2017
AGREGAT OPERATIONNEL
POS ACTIFS ANNUEL
ITEMS #
2010
2011
2012
2013
2014
2016
2017
1 222
2 003
3 963
7 302
12 081
24 153
28 075

15. EVOLUTION DU TARIF MOYEN DE 2009 A 2017
WARI GROUP
EVOLUTION DU TARIF MOYEN DE 2009 A 2017
31/12/2017
TYPES DE SERVICES
TOUS
TYPE DE DONNEES
TARIF MOYEN

16. Worldwide presence of Wari
A global presence and Panafrican leader
… and with mywari.com , services Wari are available worldwide
Source Company information 8

17. Wari Strategic Board Meeting
Review and approval  of  strategic and  Business Plan;
Approval of  Company organization structure;
Objectives review and approval
Wari Strategic Board Meeting
January 2018
Strictly confidential

18. Wari capital structure
Wari Group KM
Holding
100%
SP2I
100%
100%
98,2%
100%
100%
100%
100%
Interlink Gp
Wari Financial Services
Wari SA
Wari Telco Holding
Wari LLC
Wari Luxembourg
TSI
100%
15%
Interlink Europe
Interlink US
Ets financial 100%
Local Bank 35%
Mansa Bank 10% 
Wari Technology
Milicom NV
Data
Wari Payment Ltd Ireland
Aevatar
Sentel Mobile cash
100%
Interlink Afrique
Wari Branding
News acquisitions
Wari Limited Asia
Data International
Interlink 24 countries
Senconnect
Source Company information 6

19. Chief Financial Officer
Wari Governance structure
Function organization chart Wari Holding
CEO 
Kabirou Mbodje 
Board of Directors
General Inspection
Internal audit
Executive VP
Corporate Secretary
Aicha Kouyate
Executive VP
Executive US Director
Amadou DIOP  
Chief Financial Officer
to be hired 
Chief Operating Officer 
Sub Saharan Africa
Adama Cisse 
Group Head Special Projects
Mouhamed SEYE
Chief Operating Officer
East Southern Africa
To be discussed
Chief Human Resources
to be hired 
General Director
Interlink Group
To be discussed
Chief Marketing Officer
to be hired 
Executive Europe Director
David Lacoffrette
oup
Group Head Com iNST
and CSR
Awa DIA
Chief Technology and information officer
Executive Asian Director
David Wang 
Source Company information 8

20. Worldwide presence of Wari
A global presence and Panafrican leader
… and with mywari.com , Wari services are available worldwide
Source Company information 9

21. Management committee (2/4)
A. Management committee
Management committee (2/4)
Wari Holding Managers1
Kabirou MBODJE
Amadou DIOP
Aïcha KOUYATE
Chairman & CEO of Wari SA
VP Executive Director Wari LLC
VP General Secretary
CEO, Telecom Engineer and entrepreneur. Kabirou has worked for renowned companies such as Telecel and Havas Communications before creating Net TV, a Network Interactive Television in 2002.
He is now the owner and founder of Wari. He has received several achievements and awards in Africa and Europe (incl. the UEMOA IT Awards and the Cauris d’or emerging companies in 2012).
Kabirou graduated from Conservatoire Nationale d’Art et Métiers (Media and Visual communication diploma), Paris VI Jussieu (Science diploma) and Columbia university (Bsc. in Applied Physics and MBA in Finance)
Executive director of Wari LLc / USA, and CEO of Millennium Connect Africa a Wari associated company. He has experience as top management in renowned companies (Panamsat (Intelsat), Hughes Space and Communication (“HSC”) and HSC Ventures organization).
He also is the founder and Executive Vice president of Netsure Hlg, a pioneer electronic payment software solution provider in Africa.
Amadou graduated from the University of Pennsylvania
/ Wharton School and The Anderson School of Management / University of California /Los Angeles (UCLA).
SG, Executive Board Member, Ivorian, 43 years years of experience in renowned financial institutions (Citibank, Banque Atlantique, Teyliom Group). She was a member at the Board meeting of Citibank Senegal and CI, Chairman of Audit committee Citibank CI. Top management level in several positions : management, legal, compliance HR, Corporate Governance.
Aicha has a post graduated degree in Business Law / tax and also completed an Executive MBA from HEC Paris.
Adama Sene CISSE
David LACOFFRETTE
David WANG
COO
Executive Director Wari Europe
Executive Director Wari Asia
COO, Senegalese. 27 years of experience in Auditing, Finance, IT, Banking, Remittance. Adama started her career with EY with strong foundation in auditing, finance, risk, IT, consulting and leading teams. She further held top management position at banks such as Citibank, Ecobank including Managing Director.
She recently was hired as COO Group at WARI.
Executive Director Wari Europe, , and in charge of acquisitions, equity investments and major partnerships for the Wari group. He has worked for renowned companies such as Imprimerie Nationale, Moneo payment solution, Northrop Grumman, Atos, Capgemini and served in the Marine Nationale.
David graduated from EGE – ESLSCA (Master in strategic management and business intelligence), Navale School and College Inter Defense Army
Executive Director Wari Asia, David has worked for renowned companies such as Blue Bamboo Transaction Systems and Centron Electronics.
He is now in charge of supply chain, IT system and R&D at Wari Asia.
David graduated from Huangshan University.
Source Company information
Note 1
The holding managers team is currently being reinforced 11

22. HOLDING C SUITE LEVEL STAFF
Chief Marketing, Sales and Revenue Officer (to be hired)
Chief Finance Officer ( Hired)
Chief Technology and Information Officer ( to be hired)
Chief Human Ressources Officer (to be hired)
Group Head Corporate Communication and Public Affairs
Group Head Projects
External Audit