Delivering Significant Growth in this slide are in millions except for store count and are adjusted for discrete items and constant currency

Delivering Significant Growth

Second Quarter Fiscal 2018 Conference Call

May 3, 2018

Preliminary Statements

2

Forward Looking Statements

This document contains certain forward-looking statements. These statements are based on the

company’s current expectations as to the outcome and timing of future events. All statements, other

than statements of historical facts, that address activities or results that the company plans, expects,

believes, projects, estimates or anticipates will, should or may occur in the future are forward-looking

statements. Actual results for future periods may differ materially from those expressed or implied by

these forward-looking statements due to a number of uncertainties and other factors, including

operating risks, liquidity risks, legislative or regulatory developments, market factors and current or

future litigation. For a discussion of these and other factors affecting the company’s business and

prospects, see the company’s annual, quarterly and other reports filed with the Securities and

Exchange Commission. The company undertakes no obligation to update or revise forward-looking

statements to reflect changed assumptions, the occurrence of unanticipated events or changes to

future operating results over time.

Other Information

This information should be read in conjunction with, and not in lieu of, the company’s annual,

quarterly and other reports filed with the Securities and Exchange Commission. Those reports contain

important information about the company’s business and performance, including financial

statements prepared in accordance with U.S. generally accepted accounting principles, as well as a

description of the important risk factors that may materially and adversely affect our business,

financial condition or results of operations.

All market comparisons are based on available information from similar publicly traded companies.

Q2FY18 Highlights

Business Execution Drives Outstanding Profit Growth

3

*Excludes estimated impact of hurricanes on PSC and discrete technology change related costs.

Amounts in this presentation are continuing operations only and comparisons are Q2FY18 relative to same period in prior year unless stated.

Amounts in this slide are adjusted for discrete items and constant currency unless identified as GAAP.

EZCORP Same Store amounts in this presentation exclude pawn stores acquired.

See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

1

3

U.S. Pawn leading the market2

• Adjusted profit before tax up 5%*

• Significant scale and strong segment contribution

• Same Store PLO up 2% in stores unaffected by hurricanes; led the market

in 10 consecutive quarters. PLO recovery from hurricanes continues

• Strong PLO per store at $243k (GAAP), despite hurricane impact; led the

market in 7 consecutive quarters

Latin America Pawn earnings more than doubled

• LatAm profit before tax up 112% to $7m; more than doubled YOY for the

second consecutive quarter

• PLO increased 96% to $35m

• 16th consecutive quarter of positive Same Store PLO growth, up 9%

• PLO per store up 21% to $90k; led the market

• Opened four stores in LatAm in Q2FY18, 57% increase in LatAm

stores in FY18 to 387 stores

• High growth LatAm segment is now 43% of total pawn stores

• Strong store presence in five LatAm countries – Mexico, Guatemala,

El Salvador, Honduras, and Peru – springboard to growth within

these countries and other high growth LatAm markets

• Relatively low capital investment and high return

Business expansion provides springboard for continued growth4

Net Income up 47% with strong cash flow

• Net Income up 47% and basic EPS up 53% to $0.23 (GAAP);

ninth consecutive quarter of YOY earnings growth

• PLO up 11% to $159m and PSC up 11% to $74m (GAAP)

• Net revenue up 10% to $121m, merchandise margin increase of 100bps

to 37% and retail sales gross profit up 9% (GAAP)

• Strong balance sheet with cash balance up 33% YOY to $160m (GAAP)

4

*Excludes estimated impact of hurricanes on PSC and discrete technology change related costs.Amounts in this slide are in millions except for store count and are adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Acquired 133 pawn stores and built eight pawn stores in Latin America in 1HFY18

Growth Potential Being RealizedProven Pawn Expertise and

Outstanding Results in Growth MarketFocused Execution Delivers PLO

and Strong EBITDA Growth

Geographic Diversification and Significant Growth Potential in Latin America

U.S. Pawn

57%

Latin

America

Stores on

9/30/17

27%

Acquired

and built

stores in

LatAm in

1HFY18

16%

EZCORP Pawn Store Count

3/31/18

43% of EZCORP total pawn stores are in Latin America as of March 31, 2018, specifically Mexico, Guatemala, El Salvador, Honduras, and Peru

EBITDA Consolidated EBITDA Latin America PawnEBITDA U.S. Pawn

Successful Execution of Business StrategyDrives Strong EBITDA Growth

5

Reduction in net interest expense due to

continued interest income on promissory note

associated with Grupo Finmart sale

47% net income growth

Nine consecutive quarters of YOY net income

growth

11% growth in PSC revenues and 9% increase in

retail gross profit produced strong net revenue

growth

Merchandise margin increased 100bps to 37%

Strong operating leverage as 25% of net

revenue growth flows to EBITDA

EZCORP GAAP ResultsStrong performance in Q2 despite impact of hurricanes

Increased operations expenses due primarily to

acquired stores. Operations expenses in Q2FY18

consistent with Q1FY18 at 68% of Net Revenue

Growth and expansion in Latin America driving

significant increase in PLO

Successful pawn store acquisitions, strong

organic growth, and cost control deliver strong

profit before tax increase

47% Net Income Growth

NM = not meaningful.

6

*Adjusted for discrete items and constant currency.See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”NM = not meaningful.

Adjusted Net Income Up 38%

Continued compounded growth in EBITDA and

Profit Before Tax

10% PSC growth and 6% Merchandise Gross

Profit increase produced strong net revenue

growth

Merchandise margin increased 120bps to 37%

Increased operations expenses due primarily to

acquired stores. Operations expenses in

Q2FY18 consistent with Q1FY18 at 68% of Net

Revenue

38% net income growth

Nine consecutive quarters of YOY profit growth

EZCORP Continuing Operations Adjusted Results*

7

U.S. Pawn• Solid results excluding lingering short-term impacts of FY17 Hurricanes Harvey and Irma

• Merchandise margin of 38%, up 150bps; within our target range of 35-38%

Continued Focus on Business Execution and Pawn Fundamentals

Strong Business Execution

YOY Change

U.S. Pawn

*1HFY18 was affected by Hurricanes Harvey and Irma

Excludes estimated impact of hurricanes on PSC and discrete technology change related costs.Amounts in this slide are adjusted for discrete items.See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Purchases+

Forfeitures

8

+ -= =

INCOME STATEMENT

Pawn Service

Charges Total

Down 1% to

$59m

Same Store

Sales Flat

Sales Gross Profit

Up 5%

to $38m

Merchandise

Margin 38%

ASSETS

SAME STORE

UP 2%1

GROSS

PROFIT

SAME STORE

UP 8%1

Inventory

Total

Up 11%

ADJUSTED

NET REVENUE

UP 4% TO $100m1

-------------------

Up 1% to $97m

• Market leading PLO per store at $243k (GAAP), as business

continues recovery from hurricanes

• Continued focus on customer experience and business execution

led to Same Store PLO growth in stores unaffected by hurricanes

ADJUSTED

TOTAL EXPENSES

Up 3% to $69m1

-----------------

Up 4% to $69m

ADJUSTED

PROFIT BEFORE TAX

Up 5% to $31m1

--------------------

Down 6% to $28m

• PLO monthly yield of 15% vs. 14% (GAAP)

• Inventory turns of 1.9x vs 2.2x (GAAP)

• Return on Earning Assets of 143% vs 147% (GAAP)

U.S. Pawn Q2FY18

Pawn Loans

Outstanding

Total

Down 1%

SAME STORE

UP 2%1

Quality

Store

Manager

SAME STORE

UP 16%1

Sales gross profit up 5% during annual tax refund season with

merchandise margin up 150bps to 38%, within our target range of

35% to 38%

3% increase in Same Store PLO drove similar increase in pawn service charges

Serving and satisfying customers’ need for cash fuels continued Same Store PLO growth

1 Excludes estimated impact of hurricanes and discrete technology change related costs.Amounts in this slide are adjusted for discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” Sales Gross Profit includes Merchandise, Scrap Gross Profit, and Other Revenue.

Continued recovery from FY17 hurricanes negatively affected PLO,

PSC and sales relative to prior year

Same store PLO increased 2% in stores unaffected by hurricanes

Continued Focus on Business Execution and Pawn Fundamentals

Market Leading U.S. Same Store PLO Growth

9

Same Store PLO Growth¹Two-Year Stacked YOY Change

U.S. PAWN

EZCORP achieved ten consecutive quarters of

market leading Same Store PLO growth YOY

EZC

OR

P

U.S. Pawn Net Revenue and Profit Before Tax YOY Change

Strong business execution driving U.S. operating leverage

*1HFY18 was affected by Hurricanes Harvey and Irma

Pu

blic

Paw

n C

om

pet

ito

rs

Excludes estimated impact of hurricanes on PSC and discrete technology change related costs.

¹Weighted average based on available information from each company’s public filings. This information may be determined or calculated differently by

companies, limiting the usefulness of these measures for comparative purposes. Amounts in this slide are adjusted for discrete items. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

EZCORP Same Store PLO up 2% in Mar ’18, and up 3% in Dec’17 and

Sept ’17 in stores unaffected by Hurricanes Harvey and Irma

U.S. Pawn

Per Store Economics vs. Competition

10

SUPERIOR EBITDA GROWTH

Quarter Ended March 31, 2018

EZCORPPublic PawnCompetitors

EZCORP Relative to

Competitors

Store Count 510 1064EBITDA (YOY Growth) (2%) (15)% 1700bpsPawn Loans Outstanding per store $243 $223 9%Pawn Service Charges per store $116 $90 28%Average Monthly PLO Yield 15% 12% 300bps

Sales per store $185 $175 6%Sales Gross Profit per store $71 $61 16%Merchandise Sales Margin 38.2% 35.2% 300bpsInventory Turns 1.9x 3.0x (1.1x)

Amounts in this slide are based on company GAAP results and per store amounts are in thousands.

SUPERIOR PAWN SERVICE CHARGES AND YIELD FROM PAWN LOAN PORTFOLIO

Amounts in this slide are adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

11

• Successful pawn store acquisitions, strong organic growth and operating leverage deliver more than double profit before tax to $6.8m

• PLO up 96% to $35m; added 141 Latin America pawn stores 1HFY18, 133 via acquisitions and 8 store openings

Latin America Pawn

Acquisitions, Compound Same Store PLO Growth and

Operating Leverage Delivering Profit Growth

Latin America Pawn

*Includes stores acquired and new stores opened in 1HFY18

Profit More Than Doubled in Latin America

12

+ -= =

INCOME STATEMENT

Pawn Service

Charges Total

Up 96% to

$15m

Sales Up 28%

Sales Gross Profit

Total Up 29%

to $6m

Merchandise

Margin 32%

ASSETS

SAME STORE UP 7%

Purchases+

Forfeitures

Pawn Loans

Outstanding

Total

Up 96%

Inventory

Total

Up 50%

SAME STORE UP 9%

NET REVENUE

Up 69% to $21m

TOTAL EXPENSES

Up 54% to 14m

PROFIT BEFORE

TAX

Up 112% to $7m

• Market leading PLO per store of $90k, up 21%

• PLO monthly yield of 15% vs 16%

• Inventory turns of 2.7x vs 2.6x

• Return on earning assets 151% vs 154%

Amounts in this slide are adjusted for discrete items and constant currency.See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.” Sales Gross Profit includes Merchandise, Scrap Gross Profit and Other Revenue.

Quality

Store

Manager

SAME STORE

UP 13%

GROSS

PROFIT

SAME STORE

UP 1%

Added 141 stores through acquisition and new store strategy YTD

Profit More Than Doubled in Latin America

Same store PLO up 9%. Continued focus on customer

experience led to organic growth

Successful pawn store acquisitions, strong organic growth, and

operating leverage deliver more than double profit before tax

to $7m

Latin America Pawn Q2FY18

Acquisitions and Compound PLO Growth

Drive Latin America Profit

13

Same Store PLO Growth¹Two-Year Stacked YOY Growth

LATIN AMERICA PAWN

EZC

OR

PP

ub

lic P

awn

Co

mp

etit

ors

¹Weighted average based on available information from each company’s public filings. This information may be determined or calculated differently

by companies, limiting the usefulness of these measures for comparative purposes. Amounts in this slide are adjusted for discrete items and constant currency. See “EZCORP GAAP Results” and “GAAP to Non-GAAP Reconciliation.”

Latin America Net Revenue and Profit Before Tax YOY Growth

Acquisitions, compound PLO growth, and expense

control drives operating leverage

EZCORP achieved 16 consecutive quarters of

positive Same Store PLO growth YOY

*Includes stores acquired and new stores opened in 1HFY18

Latin America Pawn

Per Store Economics vs. Competition

14

SUPERIOR EBITDA GROWTH

Quarter Ended March 31, 2018 EZCORPPublic PawnCompetitors

EZCORP Relativeto Competitors

Store Count 387 1105

EBITDA (YOY Growth) +103% +30% 3.4x

Pawn Loans Outstanding per store $91 $77 18%

Pawn Service Charges per store $40 $32 25%

Average Monthly PLO Yield 15% 14% 100bps

Sales per store $52 $81 (36%)

Sales Gross Profit per store $17 $29 (41%)

Merchandise Sales Margin 32.2% 35.7% (350bps)

Inventory Turns 2.7x 3.8x (1.1x)

Amounts in this slide are based on company GAAP results and per store amounts are in thousands.

SUPERIOR PAWN SERVICE CHARGES AND YIELD FROM PAWN LOAN PORTFOLIO

Industry highest PLO, PSC,

and PLO yield driven by

disciplined lending

15

• Best-in-class systems

• Cloud-based infrastructure

• Upgraded IT will provide:

– Efficient integration of acquisitions

– Streamlined team Member on-

boarding and training

– Speed to market of new capabilities

– Ability to plug and play

• Performance based store incentive program

• Process innovation

Strengthen Competitive Advantage

in Customer Experience Leadership

and PLO Growth

Transforming Customer and Team

Member Experience Creates

Significant Opportunities

• Upgrading POS

• New “intelligent” predictive analytics of customer behavior and product data to deliver improved experience to customers

• Continuous measurement of customer experience and feedback

• Training, coaching and mentoring of field team

Potential To Accelerate Growth Via

Disciplined Store Acquisitions

And New Stores

• 57% increase in pawn store count in Latin America from 240 stores on 9/30/17 to 387 on 3/31/17

• Larger scale with 43% of total pawn stores in Latin America, a high growth market

• Geographic diversification. Large and fragmented markets.

• Quality management team in place with in-country expertise

Initiatives to Drive Long-Term Growth

Investing in Pawn Fundamentals

Continued market share gains and

growth leadership

Significant potential of store

openings and acquisitions

Continued economic efficiency,

scalability, strong margins and

operating leverage

Why EZCORP Is An Attractive Investment

EZCORP Investment

Appeal

Proven Management

Execution

AcceleratingEarningsGrowth

Attractive Industry

Dynamics

GeographicDiversification

in High Growth Markets

New Technologies To Accelerate

Growth

Market Leadership in Key Drivers of

Growth

16

17

Additional Information

Receiving Notes Receivable Payments

Within Schedule

18

¹Interest income on notes receivable from AlphaCredit.

²Total Deferred Compensation Fee will be reduced to $10m if the notes are pre-paid on or prior to June 30, 2019.

Amounts above are in millions of U.S. dollars and based on exchange rates in effect historically or as of March 31, 2018 for all future amounts.

GAAP Interest Income From Notes¹ $14.8 $5.6 $0.8 $21.2

Detail:

Amortization of Deferred Compensation Fee² $9.2 $4.0 $0.8 $14.0

Cash Interest Income $5.6 $1.6 $0.0 $7.2

$11.5 $11.5

$21.0$28.3

$32.5

$49.3

FY18 FY19 FY20 Total

Notes Receivable(Principal as of 4/30/18)

Notes Receivable

Cash Received

As of April 30, 2018

$0

$60.8

AlphaCredit has already paid $49.4m principal and interest owed to EZCORP in connection with the sale of Grupo Finmart

We have received all payments to-date as contractually obligated

Expect to collect an additional $21.0m principal in the remainder of FY18 and $28.3m in FY19 in addition to interest and a deferred compensation fee of $14.0m, payable $6.0m in September 2019, $4.0m in March 2020 and $4.0m in September 2020²

2.875% Convertible Senior Notes Due 2024

Potential EPS Dilution

19

In July 2017, we issued $143.75 million aggregate principal amount of 2.875% Convertible Senior Notes Due 2024. The Convertible

Notes are convertible into cash or shares of Class A Non-voting Common Stock, or any combination thereof, at our option subject

to satisfaction of certain conditions and during certain periods, based on an initial conversion rate of 100 shares of Class A

Common Stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of $10.00 per share of

our Class A Common Stock).

We have included above an estimate of the incremental shares we would need to include in our calculation of fully diluted EPS

using the “treasury stock” method of accounting, if our average share price is above $10.00 while the Convertible Notes due 2024

are outstanding. This method of accounting assumes conversion into shares even though the company could opt to settle only in

cash, eliminating share dilution.

Average Share Estimated Incremental

Price for Period Dilutive Shares for Period

10.00$ -

11.00$ 1,306,818

12.00$ 2,395,833

13.00$ 3,317,308

14.00$ 4,107,143

15.00$ 4,791,667

16.00$ 5,390,625

17.00$ 5,919,118

18.00$ 6,388,889

19.00$ 6,809,211

20.00$ 7,187,500

The following is provided for purposes of calculating the potentially dilutive shares to be included in accounting for diluted EPS at a

hypothetical conversion price of $10 or higher:

At higher share prices above $20, there is a potential for further increase in dilution

20

Definition of Terms

Monthly PLO Yield =

pawn service chargesdays in periodaverage PLO

X 365

Inventory Yield =

sales gross profitdays in period

average net inventory

X 365

Return on Earning Assets

sales gross profit + PSCdays in period

average net inventory + average PLO

X 365

Inventory Turnover =

total cost of salesdays in period

average net inventory

X 365

=

/ 12

EBITDA Margin = EBITDAnet revenue

21

GAAP to Non-GAAP Reconciliation

In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"), we provide certain other financial information that is adjusted to exclude the impact of restructuring and restatement charges and other discreet items and to reflect the results of our Latin America Pawn operations on a constant currency basis. We believe that presentation of the non-GAAP financial information is meaningful and useful in evaluating and comparing our operating results across accounting periods and understanding the operating and financial performance of our business. We believe that the non-GAAP financial information reflects an additional way of viewing aspects of our business that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements.

You should consider the non-GAAP information in addition to, but not instead of or superior to, our results prepared in accordance with GAAP. Non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of that information for comparative purposes.

22

GAAP to Non-GAAP Reconciliation Q2 – Continuing Operations*

(B)

(C)

(A)

(E)

Footnote * - Includes immaterial presentation reclassifications and rounding

Footnote (A) Amount includes $0.3m true up of estimated cost to settle loans destroyed in hurricanes

Footnote (B) Amount includes $0.1m asset write-off for sold stores.

Footnote (C) Amount includes tax impact of items listed above

Footnote (D) Amount includes $0.2m loss on FX

Footnote (E) Amount includes tax impact of item D

*We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. As

the results of GPMX are not included in fiscal 2017, such results included on a constant currency basis reflect the actual exchange rates in effect during the current quarter without adjustment.

The end-of-period Mexican peso to U.S. dollar exchange rate as of March 31, 2018 and 2017 was 18.3 to 1 and 18.7 to 1, respectively. The approximate average Mexican peso to U.S. dollar

exchange rate for the three months ended March 31, 2018 and 2017 was 18.7 to 1 and 20.4 to 1, respectively. The approximate average Mexican peso to U.S. dollar exchange rate for the six

months ended March 31, 2018 and 2017 was 18.8 to 1 and 20.1 to 1, respectively, however our statement of operations constant currency results reflect the impact of monthly effects of

exchange rates and so are not directly calculable from the above rates.

(D)

23

GAAP to Non-GAAP Reconciliation Q2 – U.S. Pawn*


Footnote (A) Amount includes $0.3m true up of estimated cost to settle loans destroyed in hurricanes

Footnote (B) Amount includes $0.1m from closed stores.

Footnote (C) Hurricane adjusted EBITDA of $34.3m includes estimated impact of hurricanes of $2.1m and discrete technology change related costs of $0.7m.

(A)

(B)

(C)

24

GAAP to Non-GAAP Reconciliation Q2 – Latin America Pawn*


We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. As






25

GAAP to Non-GAAP Reconciliation YTD – Continuing Operations*

(B)

(C)

(A)

(E)


Footnote (A) Amount includes $0.4m of Acquisition Expenses

Footnote (B) Amount includes $0.3m Loss on FX and $0.1m asset write-off for sold stores

Footnote (C) Amount includes tax impact of items A and B as well as $1.6m gain from reversal of Fin-48 reserves and $2.8m loss from tax reform impact on deferred tax assets

Footnote (D) Amount includes $0.2m Loss on FX

Footnote (E) Amount includes tax impact of item D

*We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. As






(D)

26

GAAP to Non-GAAP Reconciliation YTD – U.S. Pawn*


Footnote (A) Amount includes $0.1m asset write-off for sold stores

(A)

27

GAAP to Non-GAAP Reconciliation YTD – Latin America Pawn*

Footnote * - Includes immaterial presentation reclassifications and roundingFootnote (A) Amount includes ~$0.1m loss on FX

Footnote (B) Amount includes ~$0.1m loss on FX

We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. As






(A) (B)

28

Pawn Quarterly Growth Reconciliation*


29

Consolidated Growth Reconciliation*


Documents

Delivering Significant Growth in this slide are in millions except for store count and are adjusted for discrete items and constant currency