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Interim ReportFor the period ended 30 September 2015

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PUSHPAY HOLDINGS LIMITED UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015 | 17 NOVEMBER 2015

CONTENTS

Performance Highlights 2

Key SaaS Metrics 3

Chairman and Chief Executive Report 4

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Changes In Equity 11

Consolidated Statement of Financial Position 12

Consolidated Statement of Cash Flows 13

Notes to Consolidated Financial Statements 14

Directory 22

INVESTOR CALENDAR

The following dates are indicative only and are subject to change at Pushpay’s discretion.

13 January 2016 Quarterly Operational Update

13 April 2016 Quarterly Operational Update

18 May 2016 Annual Results/Report Release

13 July 2016 Quarterly Operational Update

14 July 2016 Annual Shareholders’ Meeting

JAN - JUL

2016

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PERFORMANCE HIGHLIGHTSFOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015

2,102Total Merchants

<12 months Months to Recover Customer Acquisition Cost (CAC)

143Staff Headcount

$8.48m1

Cash and available funding lines

$570 per monthARPM

$13.97mMerchant ACMR

>95% Annual Revenue Retention Rate (Retention)

110.3%

increase over prior 6 months

111.0%


16.1%


96.3%


162.1%


1 This excludes cash raised by Pushpay in its $18.8 million Private Placement, which was completed on 5 October 2015.

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KEY SAAS METRICS

Total Merchants

Pushpay reports Merchants that have entered into an agreement and completed the processing paperwork necessary to set up their facility. A ‘Merchant’ is a business or organisation that utilises Pushpay’s payment platform to process electronic transactions.

Annualised Committed Monthly Revenue (ACMR)

ACMR is all annualised recurring revenue, plus bookings for future recurring revenue, minus revenue that the Company is likely to lose within the year. ACMR is a key metric to track how a SaaS business is acquiring revenue.

Merchant ACMR

Annualised Committed Monthly Revenue derived from Pushpay’s Merchants, a ‘Merchant’ is a business or organisation that utilises Pushpay’s payment platform to process electronic transactions.

Client ACMR (Run The Red)

Annualised Committed Monthly Revenue derived from Run The Red’s Clients, a ‘Client’ is a business or organisation that utilises Run The Red’s SMS Gateway to integrate text messaging with core business applications.

Total ACMR

Annualised Committed Monthly Revenue derived from both Pushpay’s Merchants, a ‘Merchant’ is a business or organisation that utilises Pushpay’s payment platform to process electronic transactions, and Run The Red’s Clients, a ‘Client’ is a business or organisation that utilises Run The Red’s SMS Gateway to integrate text messaging with core business applications.

Average Revenue Per Merchant (ARPM)

Pushpay calculates ARPM using a combination of subscription fees and volume fees. Subscription fees are based on the size of the Merchant and volume fees are based on payment transaction volume. Volume fees include interchange fees, which are collected by the Company on behalf of third parties, such as Visa or MasterCard.

Months to Recover Customer Acquisition Cost (CAC)

Months to Recover CAC is calculated as CAC divided by average monthly recurring revenue. CAC is calculated as sales, marketing and implementation costs divided by the number of new Merchants added over a certain period of time.

Annual Revenue Retention Rate (Retention)

Pushpay measures Retention as recurring revenue retained from Merchants (for example, in the case of Merchants in the faith sector, this is measured by the amount of recurring revenue at the end of the period excluding upsells into the existing Merchant base, over the amount of recurring revenue from the end of the previous period).

Staff Headcount

Pushpay’s employees at a specific point in time.

Cash and Available Funding Lines

This includes the standby funding facility of up to $4.0 million provided on 16 March 2015 to the Company by Christopher & Banks.

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CHAIRMAN AND CHIEF EXECUTIVE REPORT

Dear Shareholder,

We are pleased to report that for the six months ended 30 September 2015, Pushpay has continued to deliver exemplary SaaS metrics as it executes on its growth plan in the USA Faith Sector, which consists of over 314,000 churches with an average size of over 500 attendees.2

Pushpay has had six months of phenomenal growth, we have exceeded our targets by 11% having increased our Merchant numbers by 111% in the six months to 30 September 2015, ending the half year with 2,102 Merchants. The Company is now targeting an increase in Merchant ACMR of over 100% to more than $28 million in the six months to 31 March 2016.

Our clear growth strategy, investment in product, processes and people combined with the large under-serviced target market of the USA Faith Sector has driven our Hyper-Growth.3 With further development of our direct sales, referrals strategy and through existing relationships with our strategic channel partners and other distribution partners, we are confident of meeting our targets.

HighlightsAnnualised Committed Monthly Revenue (ACMR)

Over the six months to 30 September 2015, Pushpay announced that it had increased its

Merchant ACMR from $1 million to $10 million in less than ten months. This rapid growth is classed as “Hyper-Growth” by SaaS expert, Jason Lemkin. Hyper-Growth is defined as growing from $1 million to $10 million of annual recurring revenue in five quarters or less, Pushpay achieved this Hyper-Growth in just over three quarters.

The Company has seen an increase in Merchant ACMR of 162.10% to $13.97 million as at 30 September 2015 from $5.33 million as at 31 March 2015 and Client ACMR (Run The Red) has remained steady at $4.07 million as at 30 September 2015 from $3.82 million as at 31 March 2015. Total ACMR has increased 97.16% to $18.04 million as at 30 September 2015 from $9.15 million as at 31 March 2015.

The Company is now targeting an increase in Merchant ACMR of over 100% to more than $28 million in the six months to 31 March 2016. Over the medium term, Pushpay is targeting an increase in Merchant ACMR to $100 million within the 36 months to August 2018.

Pushpay remains confident that it will reach its targets based on further development of its product, direct sales, referrals strategy and through targeting Merchants that have existing relationships with Pushpay’s strategic channel partners and other distribution partners.

2 US Census Bureau. (2012). Statistical Abstract of the United States: 2012 3 “Hyper-Growth” is defined by SaaS expert, Jason Lemkin as growing from $1 million to $10 million of annual recurring revenue in five quarters or less, Pushpay achieved Hyper-Growth in just over three quarters.

Chris Heaslip - CEO, Executive Director and Co-founder and Bruce Gordon - Chairman

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Pushpay’s ACMR growth

Merchant ACMR

Client ACMR (Run The Red)

Forecast Merchant ACMR

Forecast Client ACMR (Run The Red)

30 Sep 14

$4.32m

$3.50m (81%)

$0.82m (19%)

30 Jun 14

$4.05m

$3.34m (82%)

$0.71m (18%)

31 Mar 15

$9.15m

$3.82m (42%)

$5.33m (58%)

31 Dec 14

$6.74m

$3.68m (55%)

$3.06m (45%)

30 Jun 15

$12.75m

$3.73m (29%)

$9.02m (71%)

30 Sep 15

$18.04m

$4.07m (23%)

$13.97m (77%)

31 Dec 154

$32.07m

$4.07m (13%)

$28.00m (87%)

31 Mar 16

4 The Company has not provided specific guidance on Merchant ACMR for the quarter ended 31 December 2015.

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Average Revenue Per Merchant (ARPM)

ARPM increased to $570 per month as at 30 September 2015 from $491 per month as at 31 March 2015. When comparing the ARPM in United States dollars, ARPM decreased slightly to US$361 per month as at 30 September 2015 from US$367 per month as at 31 March 2015. Processing volumes are typically lower over the

summer months in the USA. We expect ARPM when compared in United States dollars, to gain momentum during our Merchants’ seasonal peak, at the end of the calendar year. Pushpay’s ARPM is presented as an average over the current calendar year, which will change to a rolling 12 month view from next quarter onwards.

Pushpay’s Merchant numbers

Pushpay is proud to reach and service Merchants from all 50 USA states and across Canada from its Seattle, WA, USA office. As at 30 September 2015, 93% of Merchants were located in North America, which covers the USA and Canada with the remaining 7% located in Australasia which covers New Zealand and Australia. The map below illustrates Pushpay’s ability to attract Merchants from all over the USA and Canada, demonstrating the business model is not location specific.

Pushpay’s customer base increased 111.04% to 2,102 Merchants as at 30 September 2015 from 996 Merchants as at 31 March 2015. This increase exceeded the Company’s target by 11.04%. The Company continues to primarily focus on the USA Faith Sector, which consists of over 314,000 churches with an average size of over 500 attendees.

Canada

Continental USA

Alaska

MexicoHawaii

LOCATION OF PUSHPAY’S USA MERCHANTS

Source: Pushpay (2015, June)

Seattle, WA, USA Offi ce

MerchantLocation of Pushpay’s Merchants in North America5

Merchant

5 Includes locations in the USA of all Merchants which have been added to the Pushpay platform since inception through to 8 October 2015.

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People, Product and Processes

Pushpay’s successful execution on its USA growth plan is in part driven by its investment in people, product and processes. We continue to attract high quality, driven staff throughout the business and over the six months to 30 September 2015 we increased our Staff Headcount by 110.29% to 143. The majority of the new hires were in sales related roles.

Pushpay also attracted Shane Sampson to the position of Chief Financial Officer following an international search that generated extensive interest in the position. Shane has 23 years’ experience, most notably with NZX Main Board -listed Vector for around five years of which two and a half he served as Acting CFO, at Spark (previously Telecom) in various positions including General Manager Finance and Commercial for Gen-i and most recently as CFO of NZAX-listed Pulse Energy. Shane has a Bachelor of Laws (with Honours) and a Bachelor of Commerce and Administration from Victoria University of Wellington, is a Chartered Accountant and is a member of the Institute of Directors. Shane’s strong commercial acumen and broad strategic outlook make him a valuable and crucial addition to our senior management team.

During the period, we launched some exciting additions to the Pushpay solution including eChurch Apps, Pushpay Fastpay™ and Virtual Terminal/Envelope Giving.

eChurch Apps is a custom app building solution that allows churches to create and customise their own branded apps for iOS and Android. eChurch Apps is a valuable feature in Pushpay’s complete giving solution that further enhances the Pushpay giving experience. By releasing a custom app platform to the market with an integrated Pushpay payment experience, we further meet the requirements of our main target market – the USA Faith Sector.

Pushpay Fastpay™ allows app vendors to integrate a five second giving experience into their mobile apps with very little configuration. This revolutionary giving experience is designed to integrate into mobile app giving experiences and is being made available automatically to all eChurch App customers. Pushpay believes that faster, simpler and more intuitive payments will lead to a higher uptake from our Merchants’ users. We will continue to expand Pushpay Fastpay™ to facilitate additional types of digital payments.

Virtual Terminal/Envelope Giving expands Pushpay’s digital giving feature set for our main

Audrey Cheng - Product Delivery Manager and Josh Robb - VP Engineering

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target market – the USA Faith Sector. This feature allows church administrators to process envelope-based credit card, debit card and ACH payments through Pushpay. ACH payments in the USA are similar to direct debits in New Zealand. Not only does this result in additional processing volume through a valuable yet previously underserviced segment, but Pushpay’s technology also drives envelope givers towards our mobile experience, which leads to an increase in usability and a higher frequency of giving.

Capital

Pushpay was well supported over the period by existing and new shareholders including staff, Directors Bruce Gordon, Graham Shaw, Christopher Huljich, Peter Huljich (Alternate Director for Christopher Huljich) and Pie Funds Management – a top performing boutique fund manager. The Company successfully raised $13.8 million in June through a fully underwritten Entitlement Offer and just months following raised a further $18.8 million in October through a Private Placement.

The Company also secured a Research and Development (R&D) Project Grant from Callaghan Innovation. R&D Project Grants support firms with smaller R&D programmes and those that are new to R&D. They typically provide support of 30-50% of eligible R&D costs. The grant allows for the co-funding by Callaghan Innovation of 40% of approved R&D spending by Pushpay, with a total possible allocation of $960,000 (representing 40% of $2.4 million) over a 17 month period.

Funds raised over the period will provide Pushpay with the funding to further develop our product offering and as working capital to accelerate growth in international markets, focusing on our key target territory – the USA. The support Pushpay received in the $13.8 million Entitlement Offer in June and the $18.8 million Private Placement in October shows that the market opportunity and our growth strategy are well understood by the market.

Migration

Pushpay migrated to the NZX Main Board on 9 June 2015 having ceased quotation of its shares on the NZX Alternative Market on 8 June 2015. Pushpay’s migration to the NZX Main Board marked a significant milestone for the Company. Pushpay believes the move was in the best interest of shareholders and is likely to lead to increased investor exposure and improved liquidity.

Outlook

Following an exciting and successful start to the year, Pushpay enters the last six months of the financial year in a strong position. We are geared for growth and remain committed to delivering best-in-class SaaS metrics while we execute on our growth plan.

The board is pleased with the interim financial result and Pushpay believes that it is preferable to continue to focus on and invest in growth as the best means to achieve overall value in its business.

The Company continues to work towards our short-term target to increase our Merchant ACMR by over 100% to more than $28 million as at 31 March 2016 and our medium-term target of reaching $100 million of Merchant ACMR within the 36 months to August 2018. We expect to reach our targets through further development of our product, direct sales, referrals strategy and through targeting Merchants that have existing relationships with Pushpay’s strategic channel partners and other distribution partners.

Acknowledgments

Pushpay continues to deliver on its growth plan in the USA Faith Sector with the direction of the board and management’s successful execution. On behalf of the board and management, we would like to thank our dedicated staff for their expertise and hard work, our Merchants and Clients for choosing to partner with us, and you, our shareholders for your continued confidence and support.

Bruce Gordon Chairman

Chris Heaslip CEO, Executive Director and Co-founder

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Pushpay enters the last six months of the financial year in a strong position. We are geared for growth and remain committed to delivering best-in-class SaaS metrics while we execute on our growth plan.”

““Chris Heaslip - CEO, Executive Director and Co-founder and Bruce Gordon - Chairman

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015

6 months

30-Sep-15

(Unaudited)

$’000

6 months

30-Sep-14

(Unaudited)

$’000

12 months

31-Mar-15

(Audited)

$’000

Revenue

Operating revenue 6,219 1,519 4,788

Other income 62 94 113

Total revenue and other income 6,281 1,613 4,901

Product development and maintenance (2,530) (548) (2,433)

Direct costs, sales & marketing (7,901) (1,994) (6,025)

General and other administration (2,840) (2,162) (4,396)

Net foreign exchange gains 873 207 163

Total expenses (12,398) (4,497) (12,691)

Loss before income tax (6,117) (2,884) (7,790)

Income tax benefit - 312 312

Loss for the period after tax (6,117) (2,572) (7,478)

Other comprehensive income

Items that may be reclassified subsequently to profit or loss:

Translation of foreign operations (108) (145) (99)

Total comprehensive loss for the period attributable to the

shareholders of the Company(6,225) (2,717) (7,577)

(Loss) per share

Basic and diluted (loss) per share (cents) (post share subdivision) (12) (7) (16)

Calculated on a weighted average basis of the number of shares on issue

The accompanying notes form part of these financial statements.

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015

Share

Capital

$'000

Foreign

Currency

Translation

Reserve

$'000

Share

Based

Payment

Reserve

$'000

Accumulated

Losses

$'000

Total

Equity

$'000

Balance at 1 April 2014 (audited) 1,860 39 92 (2,211) (220)

Comprehensive loss

Loss for the period - - - (2,572) (2,572)

Currency translation movements - (145) - - (145)

Total comprehensive income 1,860 (106) 92 (4,783) (2,937)

Transactions with owners

Issue of shares 12,568 - - - 12,568

Conversion of preference shares 2,000 - - - 2,000

Capital raising costs (51) - - - (51)

Share based payments - - 35 - 35

Balance as at 30 September 2014

(unaudited)16,377 (106) 127 (4,783) 11,615

Balance at 1 April 2015 (audited) 16,427 (60) 193 (9,689) 6,871

Comprehensive loss

Loss for the period - - - (6,117) (6,117)

Currency translation movements - (108) - - (108)

Total comprehensive income 16,427 (168) 193 (15,806) 646

Transactions with owners

Issue of shares 13,902 - - - 13,902

Capital raising costs (182) - - - (182)

Share based payments - - 165 - 165

Balance as at 30 September 2015

(unaudited)30,147 (168) 358 (15,806) 14,531


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CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT 30 SEPTEMBER 2015

Notes

6 months

30-Sep-15

(Unaudited)

$’000

6 months

30-Sep-14

(Unaudited)

$’000

12 months

31-Mar-15

(Audited)

$'000

Assets

Current Assets

Cash and cash equivalents 4,480 5,599 251

Restricted cash balance 1,242 75 73

Trade and other receivables 3,637 1,516 2,274

Total current assets 9,359 7,190 2,598

Non-current assets

Property, plant and equipment 966 295 572

Intangible assets 4,241 3,620 3,945

Goodwill 2,423 2,423 2,423

Total non-current assets 7,630 6,338 6,940

Total assets 16,989 13,528 9,538

Liabilities

Current Liabilities

Trade and other payables 2,191 1,790 2,498

Employee benefits 267 123 169

Total current liabilities 2,458 1,913 2,667

Total non-current liabilities - - -

Total liabilities 2,458 1,913 2,667

Net assets 14,531 11,615 6,871

Equity

Share capital 4 30,147 16,377 16,427

Foreign currency translation reserve (168) (106) (60)

Share based payment reserve 358 127 193

Accumulated losses (15,806) (4,783) (9,689)

Total equity 14,531 11,615 6,871

Net tangible assets per share $0.146 $0.111 $0.010


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CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015

Notes

6 months

30-Sep-15

(Unaudited)

$’000

6 months

30-Sep-14

(Unaudited)

$’000

12 months

31-Mar-15

(Audited)

$'000

Cash flows from operating activities

Cash was provided from (applied to):

Receipts from customers 6,013 578 3,496

Interest received 25 68 86

Payment to suppliers & employees (12,473) (3,431) (10,320)

Net cash (outflow) from operating activities 6 (6,435) (2,785) (6,738)

Cash flows from investing activities


Proceeds from sale of property, plant and equipment - - 1

Purchase of property, plant and equipment (449) (186) (552)

Capitalised development costs and intangible assets (781) (730) (1,432)

Purchase of business - Run the Red Limited (400) (3,600) (3,600)

Restricted cash balance (1,169) (75) (73)

Net cash (outflow) from investing activities (2,799) (4,591) (5,656)

Cash flows from financing activities


Issue of ordinary shares (net of costs) 13,605 10,374 10,000

Net cash inflow from financing activities 13,605 10,374 10,000

Net increase/(decrease) in cash held 4,371 2,998 (2,394)

Foreign currency translation adjustment (142) (145) (101)

Add cash and cash equivalents at start of period 251 2,746 2,746

Balance at end of period 4,480 5,599 251

Comprised of:

Cash and cash equivalents 4,480 5,599 251

Plus Restricted cash balances 1,242 75 73

Total cash and Cash equivalents on hand 5,722 5,674 324


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1. Corporate information

Pushpay Holdings Limited is a limited liability company (the “Company”) domiciled and incorporated in New Zealand and registered under the New Zealand Companies Act 1993. The Company was listed by NZX Limited and had its shares quoted on the NZX Alternative Market (“NZAX”) on 14 August 2014. The Company ceased quotation of its shares on the NZAX and commenced quotation of its shares on the NZX Main Board, on 9 June 2015. The registered office of the Company is Ground Floor, Microsoft House, 22 Viaduct Harbour Avenue, Auckland 1010, New Zealand.

The unaudited interim financial statements presented are for Pushpay Holdings Limited and its subsidiaries (together “the Group”) for the six months ended 30 September 2015.

These statements were authorised for issue in accordance with a resolution of the Directors on 16 November 2015.

The Group’s principal activity is the provision of a platform for mobile commerce and electronic payments, text messaging service and tools for merchants to engage with consumers.

2. Basis of preparation

These interim financial statements for the six months ended 30 September 2015 have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand and NZ IAS 34, Interim Financial Reporting. In complying with NZ IAS 34, these interim financial statements also comply with IAS 34 interim financial reporting.

These interim financial statements do not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the audited financial statements of Pushpay Holdings Limited and its subsidiaries for the year ended 31 March 2015 which have been prepared in accordance with the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).

The company is designated as a profit-oriented entity and is an FMC Reporting Entity under the Financial Markets Conduct Act 2013.

All significant accounting policies have been applied on a basis consistent with those used in the audited financial statements of Pushpay Holdings Limited and its subsidiaries for the period ended 31 March 2015.

The financial statements are presented in thousands of New Zealand dollars.

3. Expenses

Notes

6 months 30-Sep-15

(Unaudited) $’000

6 months 30-Sep-14

(Unaudited) $’000

12 months 31-Mar-15

(Audited) $'000

Operating expenses include:

Amortisation of intangible assets 6 487 228 627

Depreciation 6 111 29 94

Employee benefits/entitlements 6,313 1,855 4,434

Share based payments 6 165 35 101

NOTES TO CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MARCH 2015

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4. Share capital and shares

Number of shares

000's

6 months 30-Sep-15

(Unaudited) $’000

Balance as at 1 April 2015 50,103 16,427

Movements during the period

Issue of shares 3,579 13,778

Issue of shares to Pushpay Trustees Limited 177 -

Share issue costs - (182)

Capital raised on employee share scheme allotment - 124

Balance at 30 September 2015 53,859 30,147

The paid up capital comprises ordinary shares. The total number of ordinary shares on issue as at 30 September 2015 was 53,859,034 shares. The shares have no par value. All ordinary shares rank equally with one vote attached to each fully paid ordinary share. Of these shares there are 1,307,826 shares held by Pushpay Trustees Limited for the share scheme that entitles Directors, Executives and Employees to purchase shares in the Company.

On 5 June 2015 new capital was raised totaling $13,778,261. Some of the Directors participated in this issue and contributed $4,264,364 towards the capital raise either directly or through associated entities.

5. Segment reporting

a) Text messaging

Primarily operates under the subsidiary, Run The Red Limited integrating text messaging with core business applications using an SMS Gateway and facilitates personalised communication and other mobile commerce experiences.

b) Mobile payments

Primarily operates under eChurch Inc and Zip Zap Processing Inc in the USA faith market delivering mobile payment solutions between consumers and merchants using software and applications owned by a New Zealand subsidiary.

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6 months ended 30 September 2015 Text

Messaging

Mobile

Payments Corporate Group

Unaudited $000's

Income statement

Sales to External customers 1,961 4,258 - 6,219

Interest - - 25 25

Government grants - 37 - 37

1,961 4,295 25 6,281

Profit/(Loss) before depreciation,

amortisation and tax 490 (4,365) (1,644) (5,519)

Depreciation & Amortisation (242) (318) (38) (598)

Net Profit/(Loss) before tax 248 (4,683) (1,682) (6,117)

6 months ended 30 September 2014

Unaudited $000's

Income Statement

Sales to External customers 1,156 363 - 1,519

Interest - - 68 68


1,156 389 68 1,613





12 months ended 31 March 2015 Text

Messaging

Mobile

Payments Corporate Group

Audited $000's

Income statement

Sales to External customers 3,057 1,731 - 4,788

Interest - - 86 86


3,057 1,758 86 4,901





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6 months 30-Sep-15

(Unaudited) $’000

6 months 30-Sep-14

(Unaudited) $’000

12 months 31-Mar-15

(Audited) $'000

Geographical information

Operating revenues (000's)

New Zealand 1,999 1,173 3,803

United States 4,220 346 1,705

6,219 1,519 4,788

The assets and liabilities of the Group are reported to and reviewed by the Chief Operating Decision Maker in total and not allocated by operating segment. The necessary information is not available and the cost to develop would be excessive. Therefore operating segment assets and liabilities are not disclosed.

6. Reconciliation of net profit/(loss) with cash flows from operating activities

Notes

6 months

30-Sep-15

(Unaudited)

$’000

6 months

30-Sep-14

(Unaudited)

$’000

12 months

31-Mar-15

(Audited)

$'000

Net (loss) for the period (6,117) (2,572) (7,478)

Adjustments for non-cash items:

Depreciation 3 111 29 94

Loss on disposal property, plant and equipment 1 - 3

Amortisation of development costs and intangibles 3 487 228 627

Share based payment expense 3 165 35 101

Non cash expense relating to employee remuneration 115 - 424

Deferred tax benefit - (312) (312)

(5,238) (2,592) (6,428)

Movements in working capital

Accounts receivable (1,389) (1,331) (2,202)

Accounts payable and accruals 192 1,138 1,892

(1,197) (193) (310)

Net cash(outflow) from operating activities (6,435) (2,785) (6,738)

7. Contingent liabilities

As at balance date there were no material contingent liabilities. (2014: nil).

8. Capital commitments and operating lease commitments

As at balance date there is approximately $1,560,000 committed to new premises fit-out and related equipment primarily for the Seattle office. (2014: nil).

Non-cancellable operating lease commitments are:

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6 months 30-Sep-15

(Unaudited) $’000

6 months 30-Sep-14

(Unaudited) $’000

12 months 31-Mar-15

(Audited) $'000

Less than one year 562 333 416

After one year but not more than five years 5,911 1,493 1,323

More than five years 2,209 - -

8,682 1,826 1,739

The significant increase in lease commitments is due to the new premises in Seattle.

9. Subsequent Events

On 5 October 2015 new capital was raised totaling $18,815,704 by way of the private placement of 3,855,677 new shares. These shares rank equally in all respects with existing ordinary shares.

10. NZX Main Board and Waivers

On 9 June 2015 the Company commenced quotation of its shares on the NZX Main Board in accordance with Rule 5.2 of the NZX Main Board Listing Rules. In connection with this, the Company applied for and was granted a waiver from Rule 5.2.3 in respect of its shares for a period of 12 months from the date of quotation of its shares on the NZX Main Board, to the extent that the rule required the Company’s shares to be held by at least 500 members of the public holding at least a Minimum Holding (as that term is defined in the NZX Main Board Listing Rules). The Company no longer relies on this waiver because the growth in its shareholder base means that it now satisfies the spread requirements in Rule 5.2.3.

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Issuer

Pushpay Holdings Limited

Company Number

3481675

Registered Office

Ground Floor, Microsoft House 22 Viaduct Harbour Avenue Auckland 1010, New Zealand

+64 9 377 7720

Postal Address

PO Box 90383 Victoria Street West Auckland 1142, New Zealand

Website

www.pushpay.com

Directors

Bruce Patrick Gordon (Chairman)

Graham John Shaw

Christopher Peter Huljich

Douglas David Kemsley

Christopher Heaslip

Eliot Barry Crowther

Peter Karl Christopher Huljich (Alternate Director for Christopher Peter Huljich)

Investor Relations

Sarah Elder

+64 21 637 449

[email protected]

Share Registrar

Link Market Services Level 7, Zurich House 21 Queen Street Auckland 1010, New Zealand

+64 9 375 5998

Legal Advisors

Harmos Horton Lusk Limited Level 37, Vero Centre 48 Shortland Street Auckland 1010, New Zealand

+64 9 921 4300 Nixon Peabody LLP 401 9th Street NW Suite 900 Washington, DC 20004, USA

+1 202 585 8110

Auditor

Deloitte New Zealand Limited Level 18, Deloitte Centre 80 Queen Street Auckland 1010, New Zealand

+64 9 303 0700

Bankers

ASB Bank Limited 12 Jellicoe Street Auckland 1010, New Zealand

+64 9 306 3000 City National Bank 54 Music Square East Nashville, TN 37203, USA

+1 800 773 7100 Wells Fargo Bank 999 3rd Avenue Seattle, WA 98104, USA

+1 800 869 3557

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