This document is an investor presentation for Tugende, a company that provides lease-to-own financing for motorcycle taxis in Uganda. It summarizes that Tugende has financed over 6,500 motorcycles, allowing drivers to double their income and own an asset worth $700. It then outlines the problem of drivers being trapped in poverty due to high rental costs, and Tugende's innovative solution of a 19-month lease program that provides a path to ownership. Metrics show the program's impact, with over 5,800 customers benefiting and $1.787 million in assets transferred to drivers.

1. I N V E S TO R P R E S E N TAT I O N
C O M P L I E D A U G U S T 2 0 1 7 | V E R S I O N 1 . 0

2. ABOUT
Tugende finances income-generating assets for the self-
employed. Over the past 5 years, we have provided lease-to-
own financing of motorcycles to more than 6,500 motorcycle
taxi drivers (boda bodas) in Uganda. Ownership dramatically
improves drivers’ lives. Our mission is helping people help
themselves.
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1

3. 2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
MOTORCYCLES
DRIVE AFRICAN
ECONOMIES
Increased demand for taxi services
in East Africa foster higher demand
for alternative services

4. 2 0 1 7 I N V E S T O R P R E S E N T A T I O N
0 1
• Less crowded & more frequent than buses
and minibus taxis
• Faster in pervasive traffic jams
• Cheaper than private cars
• Necessary for getting to/from rural areas
with infrequent public transport and
impassable roads
• Hundreds of thousands of drivers create
their own job amid massive regional under-
employment
• Motorcycles fuel daily economy and move
goods & people cheaply and quickly in
countries with little transit infrastructure
Passengers
Drivers
Economy

5. Problem: The Rental Poverty Trap
There is no pathway to ownership for the vast majority of motorcycle taxi drivers
High Demand to Own Motorcycles
Rental Poverty Trap
Limited Access to Traditional Financing
• The few banks and MFIs that will consider motorcycle financing or equivalent
($1,200) have strict conditions that rule out most active drivers
• Lending to these drivers is too risky for traditional banks, even microfinance
institutions (MFIs)
• 70% of boda boda drivers in Uganda currently rent from a landlord and
want to own their own boda
• On average, landlords collect half of each driver’s take home weekly income
(60,000 UGX)
• Drivers rent indefinitely, with no clear path to economic and personal growth
• The rental payments leave little for savings or investments
• Drivers face job and income instability as landlords can repossess motorcycles
at any time
T R A P
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1

6. Solution: Tugende’s Innovative Lease-to-Own Model
Rental Poverty Trap Tugende Drivers
Tugende: Provides drivers with an affordable 19-month lease, medical and life insurance, and training in road safety, customer service and financial literacy.
Ownership: doubles driver’s daily income, provides control over a valuable asset, and places on path towards financial independence
Job & Income Instability Job & Income Instability
Drivers have a trusted partner committed to helping them own their
own motorcycle.
Rent Indefinitely Rent Indefinitely Ownership doubles drivers and income, provides a paid-off asset used
to finance additional investments.
No Savings No Savings Within 4 years, drivers earn an additional $1,500 compared to renting,
and own an asset worth $700.
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Before Ownership After Ownership
Daily Net Income
$5 per day
Daily Net Income
$10 per day
Value of Asset Owned
$0
Value of Asset Owned
$700

7. 0 1
Tugende alumni invest their gains from
ownership to…
buying land, and building houses
raising livestock and trading agriculture
paying for future health and education
Gain more assets,
Start new businesses,
Invest in their children
>>
>>
>>

8. Impact: Metrics Update
Leases Completed:
2,554
Customers benefitted:
~5,800
Lives improved
29,000
Value of assets transferred
$1.787M
Tugende Team
106
motorcycles owned which would otherwise be rented
This is a 30% increase from March, 31st, 2017!
customers benefited from Tugende’s lease-to-own package which includes
with training, safety gear, insurance and path to ownership
household members benefitting from better income, job stability and health
and life insurance coverage for one of the key earners for the household.
owned assets in the hands of our customers
full time staff (including support staff like guards and cleaners), all with salaries
above market, good health care plans, national social security contributions,
leadership and industry training, and additional benefits like social events
and networking opportunities
0 12 0 1 7 I N V E S T O R P R E S E N T A T I O N

9. Impact: Metrics Calculations
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Metric Calculations
2,554 N/A
~5,800
• 3,890 active + 2,554 completed = 6,444 successful current and
completed leases.
• Less 10% repeat customers = ~5,800 total drivers
29,000 5,800 * 5 (average household size)
$1.787M
Value of assets transferred: average resale value of a motorcycle
after a Tugende lease is $700. For 2,554 completions this means
$1.787M in fully transferred assets
105 As per July 2017 payroll

10. 0 1
IMPACT
FOR DRIVERS

11. Progress
Drivers enter stable employment. Landlords can no longer
repossess the tools drivers use to make a living.
Driver’s income doubles from $5/day to $10/day
Drivers receive life and medical insurance, and training in road
safety, customer service, and financial literacy.
Drivers own an asset with a resale value of ~$700
Many drivers start wearing a helmet for the first time. Asset can be used to secure financing for other investments
0 1
Day 1
After 19
Months
2 0 1 7 I N V E S T O R P R E S E N T A T I O N

12. The impact of an EXTRA $5/day from ownership
After one month of saving ($150)…
After six months of saving ($900)…
After a year of saving ($1,825)…
1 year of elementary school tuition to a private school
• 1 acre of land with fertile soil
• 6 goats or 3 cows to start livestock business
1 year of room, board, and tuition to a local University
0 1
1
6
12
2 0 1 7 I N V E S T O R P R E S E N T A T I O N

13. Recent Survey of 128 Participants (June 2017)
0 1
36% 28% 22%
36% of participants
invested in agriculture
Potential of 25,447 clients
by end of 2020*
28% of participants
invested in a new business
Potential of 1,792 clients
by end of 2020*
22% of participants
invested in land
Potential of 15,551 clients
by end of 2020*
2 0 1 7 I N V E S T O R P R E S E N T A T I O N

14. Impact Throughout and After the Lease
Driver’s Net Income: Renting vs. Leasing with Tugende
82
Weeks
82
Weeks
$1586
$1586
Driver becomes owner,
income doubles
Cumulative gain in net
income over 4 years
compared to renting
0 1
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200
emocnIteN
# of Weeks
Leasing with TugendeRenting
2 0 1 7 I N V E S T O R P R E S E N T A T I O N

15. 0 1
OUR PROCESS
AND PARTNERS

16. How We Do It: Our Process: Our Process
A simple and scalable to financing opportunity transform drivers into owners
Recommended drivers receive
training on safety, financial planning,
and customer service
100% electronic, cash-less payments
made weekly, by mobile money or
e-kiosk
Applicants proceed through multi-
step screening process, including
visits at home and work by our
credit vetting staff
After19months(orless),ownershipis
earned, resulting in drivers doubling
their income
Training PaymentsScreening Ownership
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1

17. SINCE INCEPTION,
85% OF OUR
DEMAND HAS
BEEN DRIVEN VIA
RECOMMENDATIONS
FROM OTHER
TUGENDE CLIENTS
ENABLING US TO
USE RESOURCES
IN OTHER
AREAS BESIDES
MARKETING.
Word
of
Mouth
Opportunity
Stage
Brochure
Collateral
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1

18. Customer Acquisition & Pipeline
Clients attend introductory classes
Tugende holds classes every
Wednesday for new drivers. Drivers
learn about road safety, financial
planning, customer service, and the
lease agreement.
Vetting team meets with clients
and guarantors
Credit Officers meet with each
applicant and his/her 2 guarantors.
Vetting teams visit each applicant’s
stage and home to determine
creditworthiness.
Submit application + pre-vetting
deposit
Tugende recently piloted a pre-
vetting deposit of $26, so it’s
vetting team could focus on clients
committed to owning their own
motorcycle
Approvedapplicantssubmitdeposit
and wait for bike!
Once clients are approved, they
submit a final deposit of $111, and
are placed on a waitlist to receive
their new boda! Tugende tries to
get clients a boda within 14 days.
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
01 03
02 04
CLASSES
Application Waitlist
Vetting

19. 2017 Goals – Quarter & Annual
The Senior Management Team (SMT) met on January 23rd – 25th to
set goals for the upcoming quarter and to finalize 2017 growth targets
The outputs of that exercise paint an exciting picture for the upcoming
12 months!
• Define organizational structure, for the next 1 year & 3 years
• Develop 1, 3, and 10-year technology strategy
• Roll-out new collections & analytics dashboard
• Define regional and international launch plan for 2017
• Key Discussions:
• Creating Procurement function
• Increasing HQ – to - Upcountry Communication and Outreach
• Creating Inter-Department transfer policy
9.1B Revenue
($2.5M)
1.3Bn Profit
($361K)
11
Number of
branches
9000
Active Leases
New country
piloted
2
New asset
products tested
2017 Q1 Goals and Outputs 2017 Performance Targets
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
01 02

20. 2017 Q2 Financial Performance - Income Statement
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Pg. 19
Finance and Late Fees Income
$419,044 • Total collections broke the record set during 2017 Q1!
• However, our collections per average lease decreased by 2%
+11.9% (8.2%)
Total Revenue
Incl. Grant Rev:
$594,906
Excl. Grant Rev:
$415,471 • Net Trading Income declined during the Quarter
• Our under-performance relative to Plan is driven, at least in
part, by the Plan’s aggressive Grant Revenue assumptions
+1.9% (24.9%) +3.0% (20.3%)
Total Operating Expenses
$412,368 A summary of Total Operating and Non-Operating Expenses can be found starting on the
next slide
(-7.6%) (-19.1%)
Net Income
(Net of Operating + Non-Operating Expenses)
Incl. Grant Rev:
$90,278
Excl. Grant Rev:
($89,157)
• Net income improved against all measures from Q1
• In addition, we almost met Plan when Grant Revenue is
excluded
+32.3% (-50.6%) +20.6% (0.9%)
11.7%
-19.2%
15.2%
-15.0%
Net Income Margin Net Income Margin (excl.
GR)
76.4% 69.3%
OpEx as a % of Total Revenue
Additional Statistics 2017 Q1 2017 Q2
94.0% 93.3%
Portfolio Less than 30 Days in Arrears
$117.2 $114.8
Finance and Late Fee Income per
Active Lease
% variance to
Plan
% change from
Previous Month
2017 Q2 Comments

21. 2017 Q2 Financial Performance - Motorcycle Portfolio
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Pg. 20
2017 Q2 Financial Performance
Motorcycle Portfolio
We’ve had a record quarter for disbursements
However, seasonal issues in our Jinja branch caused
a worsening of portfolio quality
270
379
326
289
461
265
Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17
Total Number of Leases Issued
Q1 Total: 975 Q2 Total: 1,015+4%
65.4%
56.2%
29.8%
37.1%
4.8% 6.7%
2017 Q1 2017 Q2
PAR0 PAR30 PAR30+
3,423
3,875
2017 Q1 2017 Q2
Active Leases
+13%
Avg. mth-on-
mth growth of
active leases:
4.9% 4.3%
Active leases increased by 13% during the Quarter
9.5%
3.6% 8.3%
67.2%
Kampala Mbarara Jinja Mbale
Active Lease Growth During Quarter
(by Branch)
All branches but Mbarara showed steady growth
Numberof
Leases
1,669 682 1,014 510
Pg. 20
2017 Q2 Financial Performance
Motorcycle Portfolio
We’ve had a record quarter for disbursements
However, seasonal issues in our Jinja branch caused
a worsening of portfolio quality
270
379
326
289
461
265
Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17
Total Number of Leases Issued
Q1 Total: 975 Q2 Total: 1,015+4%
65.4%
56.2%
29.8%
37.1%
4.8% 6.7%
2017 Q1 2017 Q2
PAR0 PAR30 PAR30+
3,423
3,875
2017 Q1 2017 Q2
Active Leases
+13%
Avg. mth-on-
mth growth of
active leases:
4.9% 4.3%
Active leases increased by 13% during the Quarter
9.5%
3.6% 8.3%
67.2%
Kampala Mbarara Jinja Mbale
Active Lease Growth During Quarter
(by Branch)
All branches but Mbarara showed steady growth
Numberof
Leases
1,669 682 1,014 510

22. 2017 Q2 Financial Performance - Motorcycle Portfolio | Balance Sheet | Cash Flow Statement
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
2017 Q2 Financial Performance
Motorcycle Portfolio, Balance Sheet, Cash Flow Statement
Number of Leases
Disbursed
1,015 • We disbursed a record number of leases in May 2017
• However, as we’ve seen, we experienced demand-related
challenges in June 2017 which constrained disbursement for
the Quarter below Plan+4.1% (16.9%)
Portfolio Principal
Outstanding
$2,462,966
+15.5% N/A
Ending Cash Balance
$359,730 • Our modeling suggest that we will run out of growth capital in late
August 2017, thanks in part to
+119.7% N/A
% variance to
Plan
% change from
Previous Month
3.47%
6.32%
3.94%
7.84%
Return on Assets Return on Equity
12.5%
14.6%
Effective Cost of Borrowing
1.49
1.74
Debt to Equity Ratio
Additional Statistics 2017 Q1 2017 Q2

23. Most Important Metrics Tracked – Weekly (i.e. July 2017)
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Most Important Metrics Tracked – Weekly (i.e. July 2017)Key Metrics
Active Leases 3,870 3,874 3,901 3,890 3,943 3,975
Completed Leases: Total 2,433 2,470 2,517 2,554 2,588 2,638
Collections, Total 307,650,396 302,943,545 326,727,132 331,551,800 335,819,750 362,823,900
PAR 0: On Time Portfolio 55.9% 56.8% 58.2% 59.3% 59.6% 61.6%
PAR > 30 7.1% 6.5% 5.7% 5.1% 4.8% 4.8%
Waitlist: Time between classes and decision
(Average time to EITHER approved or rejected
(days) for decisions in past 30 days)
18 18 18 16 48 14
Waitlist: Time between APPROVAL and LEASE
START date (for leases started in last 30 days)
10 9 12 12 13 7
Collections
Collections per Active bike 79,353 78,240 84,046 85,111 85,745 91,645
MEASURABLES JUL 1 JUL 8 JUL 15 JUL 22 JUL 29 AUG 5

24. Tugende’s Supply Chain and Partners
Tugende is willing to procure any branded motorcycle that fits our hire-purchase agreement.
Most clients choose Bajaj Boxers. We’ve partnered with VermaCo negotiate cheaper-than-retail prices.
We procure our GPS units from KingSword GPS Units and outfit each bike with a system to track valuable
data. Once the bikes are delivered, our team of technicians outfits each bike with a GPS unit.
We then deliver the bikes to Bayamaka Engineering who wield the bike with protective metal guards.
We’ve partnered with Maisha Insurance to provide our clients with reimbursement in the unfortunate
case of an accident.
We also secure helmets to ensure the safety and livelihood of all drivers and their families.
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Verma Co.
Maisha Insurance
King Sword
Honda
Bayamaka Engineering

25. 0 1
WHERE WE ARE
TODAY

26. The Competitive Landscape
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Affordable
Deposit
Affordable
Weekly Payment
No Pledged
Collateral
Built-in Motorcycle
Insurance
Life and Medical
Insurance
Training
Reasonable Guarantor
Requirement
495K UGX 76K UGX
• Financial Literacy,
• Customer Service
• Road Safety
2 Guarantors
1.5M UGX 71K UGX 2 Guarantors
Min. 10% of Vehicle ?? 2 Guarantors
Varies Varies
??? – Unsure but expected
with MFIs
10% for “youth”
20% for most
Varies
• Financial Literacy,
• Road Safety,
• Motorcycle Riding Tips
??? – Unsure but expected
with TFIs
BODA BODA
BANAJ LTD

27. Current Offices
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1

28. $245 $323 $426
$494
$570
$698 $812 $911
$1,097 $1,131
$1,283
$1,563
$1,776
$2,132
$2,463
282 379 497
650
823
1,108
1,415
1,787
2,187
2,514
2,975
3,571
4,501
5,391
6,295
Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17
Portfolio Value (Principal Outstanding) ($K) Leases Financed
Compounded Annual Growth Rate (CAGR) from Dec 2013
150%
100%
Portfolio Value
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
We have financed 6300 leases, with an outstanding portfolio value (principal) of ~$2.5M
Compounded Annual Growth Rate (CAGR) from Dec 2013
* Note: all figures in USD, unless noted otherwise

29. -$400,000
-$200,000
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2013 2014 2015 2016 2017
Historical Financial Performance – ($)
Total Income (A) Total Expenses (A) Net Income (A)
Portfolio Value
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
We have shown ability to make profit and deliver consistent strong growth
* Note: all figures in USD, unless noted otherwise

30. Historical Financial Performance: 2013 – 2017 (Q2)
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Historical Financial Performance: 2013 – 2017 (Q2)
INCOME
Total Finance and Late Fee Income $43,320 $260,454 $504,619 $934,734 $793,467
Net Trading Income / Loss $106,434 $58,714 ($129,321) $14,584 $19,197
Other Revenue $49,276 $26,325 $32,141 $233,346 $366,224
TOTAL INCOME $199,031 $345,493 $407,439 $1,182,664 $1,178,889
EXPENSES
Staff Costs $58,313 $70,054 $184,301 $388,611 $355,294
Payment Processing Charges $4,902 $16,192 $32,531 $68,976 $67,914
Office Expenses $2,394 $4,342 $14,025 $14,931 $9,642
IT Expenses $7,247 $25,889 $22,422 $69,428 $42,596
Write-Offs and Losses $18,315 $84,466 $99,414 $62,847 $87,899
Other Operating Expenses $24,339 $49,631 $207,884 $345,721 $295,446
TOTAL OPERATING EXPENSES $115,509 $250,574 $560,577 $950,514 $858,792
Earnings Before Interest, Depreciation, and Taxes
(EBIDTA)
$83,521 $94,920 ($153,138) $232,150 $320,097
Depreciation on Property, Plant, and Equipment $376 $2,500 $5,526 $10,753 $9,772
Earnings Before Interest, and Taxes (EBIT) $83,145 $92,420 ($158,664) $221,397 $310,325
Interest Expense $7,522 $18,749 $62,821 $157,519 $151,818
Earnings Before Taxes (EBT) $75,623 $73,671 ($221,485) $63,878 $158,507
Income Tax Expense $0 $2,160 $466 ($16,110) $0
Net Income $75,623 $71,511 ($221,951) $79,988 $158,507
INCOME STATEMENT SUMARY FY 2013 FY 2014 FY 2015 FY 2016 2017 YTD

31. Balance Sheet Summary 2013 – 2017 (Q2)
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Lease Receivables
Accounts Receivable (A/R) $415,222 $963,412 $2,015,701 $3,366,054 $4,426,691
Less: Unearned Finance Income ($170,260) ($392,960) ($613,912) ($1,058,459) ($1,262,015)
Less: VAT Receivable $0 $0 ($296,947) ($509,670) ($668,132)
Less: Fees Due $0 $0 $0 ($2,747) $2,950
Less: Loan Loss Reserve $0 $0 ($7,926) ($19,340) ($36,528)
Net Lease Receivable $244,962 $570,452 $1,096,916 $1,775,838 $2,462,966
Current Assets
Cash and Cash Equivalents $48,771 $272,285 $187,517 $748,964 $359,730 #########
Other Current Assets $591 $27,329 $30,294 $294,510 $341,083
Total Current Assets $294,323 $870,066 $1,314,727 $2,819,312 $3,163,779
PPE & Other Non Current Assets
Total Non-Current Assets $2,646 $14,306 $34,839 $125,481 $142,450
Total Assets $296,970 $884,372 $1,349,566 $2,944,793 $3,306,229
LIABILITIES
Total Current Liabilities $149 ($11,310) $193,565 $610,817 $422,706
Total Long-Term Debt $254,652 $555,714 $1,089,022 $1,286,246 $1,679,016
SHAREHOLDER'S EQUITY
Share Capital $0 $235,142 $207,895 $1,100,813 $1,106,822
Retained Earnings $42,168 $104,827 ($140,916) ($82,240) $97,685
Total Shareholder's Equity $42,168 $339,969 $66,979 $1,018,574 $1,204,507
Total Liabilities and Shareholder's Equity $296,970 $884,372 $1,349,566 $2,915,636 $3,306,229
HISTORICAL BALANCE SHEET FY 2013 FY 2014 FY 2015 FY 2016 2017 YTD

32. Breakdown of Expenses (January through June 2017)
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Breakdown of Expenses (January through June 2017)
35.23%
15.00%
10.15%
8.71%
6.77%
4.21%
3.17%
2.99%
2.88%
2.50%
2.29%
2.00%
2.00%
1.35%
0.56%
0.20%
Staff Costs
Interest Expense
Business Development
Write Offs
Payment Processing
IT Expenses
Other Expenses
Rent
Domestic Travel
Office Vehicle Running Costs
Office Expenses
Investment Seeking
Professional Fees
Security Expenses
Bank & Money Charges
Utilities
0.00% 10.00% 20.00% 30.00% 40.00%
Staff Costs
Interest Expense
Business Development
Write Offs
Payment Processing
Top 5 Expenses

33. 0 1
UNIT
ECONOMICS

34. Distribution of Cash Flow (As of December 2016)
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Breakdown of Weekly Lease Payments
Only 33% of each payment received is recognized as Revenue and determines our profitability
76,000 UGX
11,593 38,915 25,492
VAT Tax remitted
to the Uganda
Revenue Authority
(URA)
Finance income
portion which
gets recognized
as revenue
Principal portion
which brings the
customer closer
to ownership but
is not revenue

35. Unit Economics
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
We’re Operationally Profitable while Keeping Payments Affordable for Clients
Cost per motorcycle to
Tugende
Initial customer
deposit
Average payments collected At the end of 19 Months
weekly monthly total payments Gross Profit* Gross Margin
$917.3 $136.4 $17.8 $76.6 $1,592 $602.1 61%
(38.6%
ANNUAL)
Return per Motorcycle on Standard 19-month Lease-to-Own Schedule
Unit Economics: We’re Operationally Profitable while Keeping
Payments Affordable for Clients
Top 5 Expenses as Percentage of Total Revenue – Per Lease Per Month
Average Monthly
Revenue Per Lease
Staff Salaries Interest Expense Biz Dev
Write-Offs &
Losses
E-Payment
Processing
$39.02
$13.75
(35.23%)
$5.85
(15.00%)
$3.96
(10.15%)
$3.40
(8.71%)
$2.64
(6.77%)
*Monthly averages are calculated from January through June 2017.
Cost per motorcycle to
Tugende
Initial customer
deposit
Average payments collected At the end of 19 Months
weekly monthly total payments Gross Profit* Gross Margin
$917.3 $136.4 $17.8 $76.6 $1,592 $602.1 61%
(38.6%
ANNUAL)
Return per Motorcycle on Standard 19-month Lease-to-Own Schedule
Unit Economics: We’re Operationally Profitable while Keeping
Payments Affordable for Clients
Top 5 Expenses as Percentage of Total Revenue – Per Lease Per Month
Average Monthly
Revenue Per Lease
Staff Salaries Interest Expense Biz Dev
Write-Offs &
Losses
E-Payment
Processing
$39.02
$13.75
(35.23%)
$5.85
(15.00%)
$3.96
(10.15%)
$3.40
(8.71%)
$2.64
(6.77%)
*Monthly averages are calculated from January through June 2017.
Cost per motorcycle to
Tugende
Initial customer
deposit
Average payments collected At the end of 19 Months
weekly monthly total payments Gross Profit* Gross Margin
$917.3 $136.4 $17.8 $76.6 $1,592 $602.1 61%
(38.6%
ANNUAL)
Return per Motorcycle on Standard 19-month Lease-to-Own Schedule
Unit Economics: We’re Operationally Profitable while Keeping
Payments Affordable for Clients
Top 5 Expenses as Percentage of Total Revenue – Per Lease Per Month
Average Monthly
Revenue Per Lease
Staff Salaries Interest Expense Biz Dev
Write-Offs &
Losses
E-Payment
Processing
$39.02
$13.75
(35.23%)
$5.85
(15.00%)
$3.96
(10.15%)
$3.40
(8.71%)
$2.64
(6.77%)
*Monthly averages are calculated from January through June 2017.
Note: Unit costs may vary slightly depending
on supplier’s costs. Figure are net of 18% VAT
and slightly rounded. Revenue calculations
exclude grant revenue.

36. 0 1
THE MARKET

37. Total Market (Tugende’s huge growth is reasonable)
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
Our current impact is with only ~4,000 active leases, or
0.4% of the market in East Africa
Our target of 40,000 leases through 2020 is only 4% of
the total market, and only 15% of what we see as easily
addressable

38. Lease Expansion Target: 2017 - 2022
2 0 1 7 I N V E S T O R P R E S E N T A T I O N 0 1
We plan to grow on our existing infrastructure of product, team, systems
and offices to reach ~90k leases by 2022 and 40k by 2020
Note: Unit costs may vary slightly depending on supplier’s costs. Figure are net of 18% VAT and slightly rounded. Revenue calculations exclude grant revenue.
$4,358
$8,990
$15,174
$23,733
$35,751 $48,594
6,509
14,849
25,431
41,314
64,700
91,939
Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22
Portfolio Value (Principal Outstanding) ($M) Expansion Leases Targets

39. GROWTH PLAN
&
ORG EXPANSION

40. Income Statement Projections: FY 2017 - 2022Branch
INCOME STATEMENT FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Total Revenue = Interest Income + Net Trading Income (not shown) + Other Revenue (not shown)
Interest Expense = Cost of Funds
Net Interest Margin (not shown) = Difference between Interest Income and Interest Expense
Income Statement Projections: FY 2017 - 2022
Total Revenue $2,416,677 $4,062,773 $7,025,992 $13,215,404 $20,205,791 $28,886,292
Of which…
Interest Income $1,891,160 $4,581,417 $8,150,324 $14,217,765 $21,478,140 $30,245,405
Interest Expense ($303,724) ($965,371) ($1,820,386) ($2,131,616) ($2,891,621) ($3,545,622)
Total Expenses ($1,938,547) ($3,337,079) ($5,085,712) ($7,683,753) ($11,612,172) ($16,696,065)
Earnings Before Tax (EBT) $478,131 $725,694 $1,940,280 $5,531,651 $8,593,620 $12,190,227
Income Tax Expense ($140,496) ($217,708) ($582,084) ($1,659,495) ($2,578,086) ($3,657,068)
Net Earnings $337,635 $507,986 $1,358,196 $3,872,156 $6,015,534 $8,533,159

41. Income Statement Projections: FY 2017 - 2022Branch
INCOME STATEMENT FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022Balance Sheet Projections: FY 2017 - 2022
Assets
Total Current Assets $1,719,033 $5,645,710 $3,467,462 $4,776,211 $1,241,118 -$279,554
Long-Term Assets
Net Lease Receivable (Principal Value) $4,358,107 $8,990,252 $15,173,945 $23,733,361 $35,750,914 $48,594,349
Total Property, Plant and Equipment $99,205 $186,768 $277,995 $397,269 $553,661 $680,934
Other Long-Term Assets - ACTUAL Info Only $0 $0 $0 $0 $0 $0
Total Long-Term Assets $4,457,313 $9,177,020 $15,451,940 $24,130,630 $36,304,574 $49,275,282
Total Assets $6,176,346 $14,822,730 $18,919,402 $28,906,840 $37,545,692 $48,995,728
Liabilities and Shareholder's Equity
Current Liabilities $299,091 $286,643 $705,066 $1,712,926 $1,924,311 $3,361,099
Other Current Liabilities - ACTUAL Info Only $0 $0 $0 $0 $0 $0
Total Current Liabilities $299,091 $286,643 $705,066 $1,712,926 $1,924,311 $3,361,099
Long-Term Liabilities
Investor Loans Outstanding $4,504,016 $10,720,254 $13,222,013 $17,567,166 $20,437,516 $22,640,646
Total Liabilities $4,803,107 $11,006,897 $13,927,080 $19,280,092 $22,361,827 $26,001,745
Share Captial $1,106,822 $3,054,116 $2,908,682 $3,770,173 $3,590,641 $3,419,658
Retained Earnings $266,417 $761,717 $2,083,640 $5,856,575 $11,593,224 $19,574,325
Total Liabilities and Equity $6,176,346 $14,822,730 $18,919,402 $28,906,840 $37,545,692 $48,995,728

42. Uganda Roll Out
Uganda
UGANDA (GROW: 2017-2018)
• Deliberate growth from 7 to 15 branches
across Uganda for nationwide coverage
• Average coverage of 1,000 clients per
branch for 15,000 active leases in Uganda
by end of 2018

43. East Africa Growth
GROWTH 2017-2019
2017
Open 1st international branch in Rwanda
2019
Branches operating in Kenya and Tanzania
with 25,000 active leases across E. Africa
Uganda
KenyaRwanda
Tanzania

44. New Assets and Services
INSURANCE
CREDIT SCORING SYSTEM AND DATABASE
GROWING INTO OTHER TYPES OF ASSET FINANCING
Provides Tugende drivers with life insurance, emergency medical insurance, funeral insurance, and 3rd
party liability insurance.
With our data on client demographics, payment/transaction history and household income before and
after lease, we plan to develop a credit scoring system.
Finance cash flow generating assets such as Energy Generators, Sewing Machines, Milling Machines

45. Current Org Chart
Current Org Chart
CEO
Finance COO
Special Projects Marketing (SP) Operations
Credit Collection Security Branch Operations Ops Support (SP)
Customer Experience IT & Systems
HR
CEO Support Impact

46. Planned Org Chart - Long Term (2018 & 2019)Planned Org Chart - Long Term (2018 & 2019)
CEO
CFO
Treasury
Finance
COO
Special Projects Marketing
Customer
Experience
Operations
Applications Credit Collection Risk Mgmt
Security
Branch Operations Ops Support
Contracts
Dispersal
HR Business Intelligence Procurement (SP)
CTO
IT & Systems
CEO Support Grants

47. Key Hires
COO
CFO
CTO
Offer made, expected start date: January 2018
Started recruiting, expected hire target Q1 2018
TBD

48. IT Systems
Phase I
Cloud-Based CRM (Salesforce) & Portfolio
Lease Tracking System (Musoni)
• Real Time Recognition of all transactions
via API with payment providers
• Accounting Software (Quickbooks) separate
Phase II
Cloud-Based CRM (Salesforce) integrated
with Cloud Lending portfolio software (CLS)
• CLS built on Salesforce, more automated
tracking of client data
• More advanced accounting and reporting
capabilities with Quickbooks.
Phase III
Automated SMS functionality, improved
tech integrations for staff
• SMS sends automated payment reminders
to customers and allows customers to
check balances
• Staff will have handheld devices + app to
check key numbers and collect customer
details in field
0 1
Current September
2017
2018
2 0 1 7 I N V E S T O R P R E S E N T A T I O N

49. LEADERSHIP

50. The Tugende Team
MICHAEL WILKERSON,
FOUNDER
CEO
PAUL SSELUNJOJI
OPERATIONS
MANAGER
SYLVIA KUSHEMERERWA
HEAD
OF HR
LUCY OXBY
HEAD OF BUSINESS
INTELLIGENCE
MATIJA KAMIKOVSKI
HEAD
OF FINANCE
119 full-time employees, 114 local Ugandans
Deep connection to Uganda and
motorcycle taxis
• 8+ years of experience in Uganda,
starting at a local newspaper at age 19
• 2009-2010 Fulbright Scholar
Track record of personal success
• Graduated with Honors from Stanford
University
• Earned a Master’s Degree from Oxford
University as a Marshall Scholar and
winner of the vice-chancellor’s civics
award
Passion and skills have grown Tugende
into an award-winning venture
• Echoing Green Global Fellow 2014
• Unreasonable Institute Fellow 2012
• Alumnus of Educate! Youth leadership
development organization
• Set up several small-scale businesses,
and won a nationwide business plan
competition
• Over 15 years in Human Resources
Administration including basic finance
and procurement.
• Masters of Sciene in Human Resources
Management and a Bachelors of
Science in Education.
• 10 Years of experience in big data
analytics
• Project Manager in the defence,
logistics, environment, and finance
sectors
• 1st Class Master in Physics, honors
from Southhampton
• Management Consultant
• Corporate Strategy Group
• Strong Finance background, CFA
Charterholder

51. The Tugende Team
MICHAEL WILKERSON,
FOUNDER
CEO
PAUL SSELUNJOJI
OPERATIONS
MANAGER
SYLVIA KUSHEMERERWA
HEAD
OF HR
LUCY OXBY
HEAD OF BUSINESS
INTELLIGENCE
MATIJA KAMIKOVSKI
HEAD
OF FINANCE
119 full-time employees, 114 local Ugandans
Deep connection to Uganda and
motorcycle taxis
• 8+ years of experience in Uganda,
starting at a local newspaper at age 19
• 2009-2010 Fulbright Scholar
Track record of personal success
• Graduated with Honors from Stanford
University
• Earned a Master’s Degree from Oxford
University as a Marshall Scholar and
winner of the vice-chancellor’s civics
award
Passion and skills have grown Tugende
into an award-winning venture
• Echoing Green Global Fellow 2014
• Unreasonable Institute Fellow 2012
• Alumnus of Educate! Youth leadership
development organization
• Set up several small-scale businesses,
and won a nationwide business plan
competition
• Over 15 years in Human Resources
Administration including basic finance
and procurement.
• Masters of Sciene in Human Resources
Management and a Bachelors of
Science in Education.
• 10 Years of experience in big data
analytics
• Project Manager in the defence,
logistics, environment, and finance
sectors
• 1st Class Master in Physics, honors
from Southhampton
• Management Consultant
• Corporate Strategy Group
• Strong Finance background, CFA
Charterholder

52. Tugende’s Board of Directors (in addition to CEO)
Better pics???

53. Awards, Partners and Media
Awards, Partners & Media
Awards
Echoing Green, Global Fellow 2014
• 40 Fellows out of 3,000 applicants for global
fellowship
Unreasonable Institute, Fellowship 2012
• 23 Fellows chosen from among 300+
applicants
Siegel + Gale, CSR Fellow 2012
• 1 Of 2 inaugural awardees selected from the
2012 Unreasonable Fellows
3rd Place, Zambezi Prize, 2015
• Named one of top 3 African financial inclusion
startups by Mastercard Foundation and MIT’s
Legatum Center for Entrepreneurship &
Development.
Partners Media

54. Financial Plan to December, 31 2020
$1,183
$0 $0
$7,026
$13,215
$20,206
$28,886
$80 $338 $508 $1,358
$3,872
$6,016
$8,533
2016 (A) 2017 (P) 2018 (P) 2019 (P) 2020 (P) 2021 (P) 2022 (P)
Total Revenue / Net Income (in $K)
Total Revenue Net Income
Total assets are projected to be $49.3M
Our total revenue and net income are projected to be
$28.9M and $12.2M, respectively
91,939 active leases at end 2022
2,965 3,875 6,509
14,849
25,431
41,314
64,700
91,939
2016 2017 (A) 2017 (P) 2018 (P) 2019 (P) 2020 (P) 2021 (P) 2022 (P)
Number of Leases / Bikes
$2,944
$6,176
$14,823
$18,919
$28,907
$37,546
$48,996
$1,861
$4,358
$8,990
$15,174
$23,733
$35,751
$48,594
2016 2017 (P) 2018 (P) 2019 (P) 2020 (P) 2021 (P) 2022 (P)
Total Assets / Motorcycle Portfolio (in $K)
Total Assets Motorcycle Portfolio
Financial Plan Highlights: +December, 31 2022 (1 of 2)

55. Write-off rates will remain excellent for a
financial institution with our degree of risk
4.2%
2.9%
1.1%
1.4%
1.8%
1.5% 1.5%
2016 (A) 2017 2016 (P) 2017 (P) 2018 (P) 2019 (P) 2020 (P)
Principal Written Off as a % of Principal Disbursed
We will continue to benefit from scale as expenses
will become a smaller % of Total Revenue
71.4%
80.5%
39.1%
35.4% 34.3% 33.1% 33.5%
2014 2015 2016 (P) 2017 (P) 2018 (P) 2019 (P) 2020 (P)
Non-Interest Expenses as a % of Total Revenue (%)
93 136
272
463
748
1,174
1,689
1,536 3,390
6,884
15,060
29,374
52,243
88,592
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2016 2017 (P) 2018 (P) 2019 (P) 2020 (P) 2021 (P) 2022 (P)
Total number of local full-time Tugende employees Total leases completed (owners created)
We are projecting 1,689 staff and 88,592 leases completed
Financial Plan Highlights: +December, 31 2022 (2 of 2)

56. Current Investments
We have recently secured a commitment
of $5M from OPIC, the US-based DFI
We are seeking a partner that will scale with
us and help us achieve this vision
• OnApril20,2017,TugendesignedaCommitment
Letter with the Overseas Private Investment
Corporation (OPIC) for a 5 year, $5M loan
expected to close in October 2017
• This letter is a binding agreement that
demonstrates OPIC’s commitment toward
Tugende and our ability to become a dominant
leasing company in East Africa

57. $3,000,000
$2,000,000
$1,000,000
$5,000,000
$4,000,000
$8,000,000
$11,000,000
$9,000,000$4,000,000
$7,000,000
$4,000,000
$8,000,000
$11,000,000
$9,000,000
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
$3,000,000
$2,000,000
1,000,000
$5,000,000
$4,000,000
$8,000,000
$11,000,000
$9,000,0004,000,000 $4,000,000
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
2017 $3,000,000
2018 $2,000,000
Additional Debt Needed ($M)
OPIC (Already Committed)
Total Funding ($M)
Note: all figures in USD, unless noted otherwise
Current Investments
We are raising $10M in debt (in addition to OPIC) to close in 2018 and grow us through 2020.

58. T H A N K YO U F O R YO U R T I M E