AEROMETREX LIMITED — Investor Presentation 2021

May 11, 2021

AEROMETREX INVESTOR PRESENTATION May / June 2021

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SEE YOUR WORLD CLEARLY.
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COMPANY OVERVIEW

Our Purpose

To provide our customers throughout Australia and overseas with accurate, high-quality, best-value data products that satisfy all their aerial imagery and spatial data requirements.

Our Vision

To become the market leading company in our service sector in terms of quality of products, value offered to our customers and market share. Be an internationally recognised geospatial company utilising the best available technology to deliver world class products.

Our Mission

To provide professional, accurate digital image mapping and geospatial engineering solutions to our clients by exploiting both existing and emerging air and ground imaging technologies.

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2020

Timeline

2011

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1980
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Aerometrex established Management buy-out of Aerometrex

2015

2019

Acquisition of LiDAR firm - Successful completion of convertible note Atlass Australia - MetroCam provisional patent application filed

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- ASX IPO, raised $25m
- Establishment of US office
- Acquisition of Spookfish Australia
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BUSINESS MODEL

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Subscription Project Work
MetroMap
Total Addressable Open-ended, international scope
~$80 million + per annum ~$50 million per annum ~$12 million per annum
Market (TAM) Growing awareness of value
Market Australia Australia Australia Global
Actual
$4.26 m (Mar 2021)
Actual Actual
$6.1m
$8.9m
Target FY20
?
50% ($40m)
Target
Actual
50% ($25m)
$6.1m
FY20
3
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INDUSTRIES SERVICED & MAJOR USE CASES

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Subscription

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Project Work

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CUSTOMER PROFILE Project based

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Industry

Client Type

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Urban Planning, Windfarms, Forestry, Local Government
Agriculture, Survey/Mapping, Property 4%
Development, Other, NRM, Insurance, Defence,
Solar, Recreation
16%
Mining
Water 37% State Government
3% 19%
Oil & Gas
3%
Utilities &
Infrastructure
Private Company
17%
78%
Government
25%
Federal
Utilities & Infrastructure, Agriculture, Local Government
Government, Other, Forestry, Survey/Mapping Government 3%
Disasters, LiDAR, Water, Renewables, 25% 8%
Construction, Property Development,
Internet Media
15%
Oil & Gas
State
3%
Government
Environment 31%
Private
9%
Company
58%
Inf/Eng/Trans
11%
Mining
24%
Urban Planning
15%
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FY21 KEY FINANCIALS Subscription revenue continues to grow

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Group Revenue

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Subscription Project Subscription Revenue %
25,000 20%
18%
18%
20,000 16%
14%
15,000 12%
10%
10,000 8%
4% 6%
5,000 2% 4%
2%
0 0%
1H19 2H19 FY19 1H20 2H20 FY20 1H21
Actual
EBITDA (Normalised)
6,000 1H19 2H19 FY19 1H20 2H20 FY20 1H21
5,000 EBITDA 1,351 3,684 5,035 1,481 2,420 3,901 (142)
5,035 4,961
4,000
IPO & Capital Raising Costs - - - 543 (44) 499 -
3,000 3,684
Refinance Costs - - - 198 - 198 -
2,000 2,670
2,291 Share Based Payments - - - 69 294 363 840
1,000
1,351
698
- EBITDA (Normalised) 1,351 3,684 5,035 2,291 2,670 4,961 698
1H19 2H19 FY19 1H20 2H20 FY20 1H21
Actual
Revenue Contribution $'000
Subscription Revenue Contribution %
EBITDA (Normalised) $'000
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Cash at bank $16.3m Dec 2020

Geographical segments Australia US

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METROMAP Building momentum in subscriptions with strong growth in ARR

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Annual Recurring Revenue (ARR)
Calculation: Monthly Revenue x12
Actual ARR ($'000)
4,500
up 398% 4,262
on Q3 FY20
4,000
3,500
3,314
3,000
2,770
2,500
2,000
1,663
1,500
1,000 856
548
500 357
0
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
ARR ($)
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METROMAP

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MetroMap is Aerometrex’s subscription-based product offering that supplies Data as a Service (DaaS). Ranging from 2D imagery to 3D off-the-shelf city models and a range of LiDAR and imagery-derived datasets, MetroMap is the future of accurate geospatial data, accessible by everyone from large corporates, government departments, SMEs and individuals.

Key Products:

• 2D aerial imagery subscription plans

• 3D off-the-shelf city models and subscriptions

• Near-infrared imagery (NiR)

• Classified LiDAR point cloud datasets

• AI-derived value-added datasets

• Industries Serviced (including but not limited to):  Architecture, Engineering & Construction  Energy & Utilities

• Environment & Disaster Management

• Events, Media & Entertainment  Forestry & Agriculture

• Government

• Insurance & Financial Services

• Natural Resources, Mining & Exploration

• Property & Real Estate  Telecommunications

• Transport, Logistics & Traffic Management

Examples of Major Use Cases:

• Accurate and frequent spatial information to assist local councils in urban planning, asset management and community engagement

• 2D and 3D spatial mapping to plan, build and maintain smarter infrastructure

• Integrate accurate base map imagery with other utility databases to aid operations, engineering design, planning and decision support

• Ensure faster, more accurate valuations based on detailed risk assessment of assets

• Showcase property developments by combining the power of visual imagery and data attributes

• Visualise, plan and optimise telecommunication networks using updated 2D & 3D datasets

• Monitor environmental change and disaster management right from planning through to response & recovery

Addressable Market Size ~$80 million + per annum in Australia

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METROMAP

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Addressable Market (Subscriptions) - ARR

Subscription Revenue

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Actual Subscription Revenue
$4.26 m (Mar 2021)
1H 2H
1,600
1,400
1,506
1,200
Target +727%
50% ($40m) 1,000
800
TAM: ~$80 million + per annum
600
523
in Australia
400
200 242
182
102
0
FY19 FY20 FY21
Annual Recurring Revenue (ARR)
Calculation: Monthly Revenue x12
Actual ARR ($'000)
5,000
up 398% 4,262
on Q3 FY20
4,000
2,770
3,000
3,314
1,663
2,000
856
1,000 357 548
0
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
AUD ($'000)
ARR ($)
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1H21 Highlights
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Revenue up $1.3m (+727%)

Growth in ARR to $3.3m (+504%) Spookfish integration Expanded high resolution capture program

Increased investment into marketing to drive brand recognition

Spookfish contribution to ARR $835k (March 2021)

FY21+ Priorities

Continued growth in ARR

Continued investment into systems and process to support scalable growth

• capture program

• production systems

• • sales and admin systems

Increased brand awareness

Deployment of MetroCam #2

Continued development of MetroMap platform offering

Analytics & machine learning

Continued development of partner relationships

Continued development of tools and features within the platform

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METROMAP PLATFORM

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	SIMPLIFYING SPATIAL		SIMPLIFYING TOOLS &		MOVING FROM DATA		DIVERSIFIED DATA
	INSIGHTS FOR		WORKFLOWS		TO INSIGHTS		SOURCES
	BUSINESS USERS
	Agile, innovative and agnostic	MetroMap simplifies			Insights, solutions and	One-stop shop and single site
	development	measurement, comparative			answers	access to
	From complex to simple	analysis through seamless web			Investment into machine		LiDAR-derived data such as
	Timely and direct support	services			learning capabilities through		coastal erosion mapping and
	Enabling workflows and		Up-to-date imagery with		R&D initiatives		bushfire fuel load mapping
	business reporting from		frequent captures		End-to-end easy to use		Multiple formats and easy
	spatial imagery and derived		Compare with “Swipe”		Meaningful visualisation and		accessibility via online store
	data		Integrated 3D data and tools		tools		Ability to purchase via the
					AI-derived data and other		MetroMap store as well as
					analytic data adding more		channel partners
					value to maps

1010

METROMAP – 3D

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3D MODELLING

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Our world-leading 3D modelling service offers multiscale models captured via a combination of platforms - aircraft, helicopter and ground level. These offer extremely high resolutions ranging from 7.5cm to under 1cm. With the additional dimension, our 3D models promise greater context and the ability to derive more features & insights via classification.

Key Products:

• 3D Mesh Models of built up and natural environment

• 3D Semantic Level of Detail (LOD) Models

• Artificial intelligence and machine learning enabled value-added products such as Classified 3D mesh and feature capture

• 3D visualisation products for audio-visual, gaming, and virtual or augmented reality

• Industries Serviced (including but not limited to):  Architecture, Engineering & Construction  Energy & Utilities

• Environment & Disaster Management

• Events, Media & Entertainment  Government

• Insurance & Financial Services

• Natural Resources, Mining & Exploration

• Property & Real Estate

• Telecommunications

• Transport, Logistics & Traffic Management

Examples of Major Use Cases:

• Provide base 3D models for planning of digital twins and smart city projects

• Improve planning and monitoring of major transport & infrastructure projects from concept to final design using 3D data

• Provide three-dimensional context to critical engineering & construction projects

• Support urban designers, architects, real estate specialists by allowing threedimensional assessment of new developments

• 3D digitisation to support heritage building conservation as well as larger tourism initiatives

• Virtual films and futuristic gaming with real-world environments using 3D

• Simulation of events e.g., flood in digital twin

• Security management

Addressable Market Size Open-ended, international scope Growing awareness of value

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3D MODELLING

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?
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Addressable Market Size
Open-ended, international scope
Growing awareness of value
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OUR RANGE OF 3D SOLUTIONS

With a range of 3D resolutions available we offer a broad variety of 3D data to meet our customers needs.

7.5 CM 5 CM 2 CM STREET LEVEL Metro wide Resolution, detail and fidelity increases Ground viewing

1H21 Highlights

Capture of datasets in US

US staff training completed remotely

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FY21+ Priorities

US 3D revenue

International projects

Realising growth opportunities in the US

Launch of MetroMap 3D store for US models

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3D Revenue
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FY 1H 2H
4,000
3,500
1,666
3,000
2,500
2,000
1,088
1,500 1,695
1,505
1,000 1,325
864
500 654 711
0
2016 2017 2018 2019 2020 2021
AUD ($'000)
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Growth markets in areas such as virtual engagement, property and real estate, digital twins, tourism

Augmented and virtual reality opportunities

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3D MODELLING

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OUR RANGE OF 3D SOLUTIONS

With a range of 3D resolutions available we offer a broad variety of 3D data to meet our customers needs.

7.5 CM 5 CM 2 CM Metro wide Resolution, detail and fidelity increases

STREET LEVEL Ground viewing

OUR 7.5 CM OUR 5 CM OUR 2 CM OUR STREET LEVEL RESOLUTION DATA RESOLUTION DATA RESOLUTION DATA DATA

	Offersincredible coverage		Higher resolutionandhigher		Contains14x more texture		Ourmulti level acquisition
	over major Australian cities		fidelitythan the standard		datathan standard 7.5cm		and processing pipeline
	Perfect forhigh level		7.5cm		resolution 3D datasets		allows for the merging of
	flythroughs, strategic		Benefits fromeconomy of		Used acrossState		Street Level and Aerial
	planningand contextual		scalecompared to 2cm		Governments,Local		Photogrammetry
	backgroundfor higher resolution datasets		When combined with 2cm priority areas the 5cm		Governments, Planning, Infrastructure, Construction,		Thisunprecedented 3D productgiving the most rich
	Available now via MetroMap		resolution datasets offer		Design, Mining and Property		and detailed view available in
	- on-demand for your specific		exceptional value for		Industries because of its		the market
	area of interest (MetroMap		detailed context		exceptional detail and		Suitable for viewing and
	3D store)		A number ofoff the shelf		accuracy		experiences at a ground level
	- as a one-off city dataset		datasets available nowor		Growing list of 2cm		16x more texture datathan
	(MetroMap 3D store)		can be delivered on a project		resolution CBD datasets		2cm models
	- With access to all available		basis		becomingavailable on our		Seamless integration to 2cm
	cities by signing up to				MetroMap 3D Store		models
	MetroMap 3D Enterprise				(including Melbourne and
					Sydney)

3D MODELS AND EXCITING GROWTH GAME ENGINES MARKETS

We continue to innovate We are supporting the next with workflows to put our wave of industries embracing 3D data into the latest 3D data, pioneering the way game engines for broader use in new and  Allows innovative use developing markets, such as cases 

• Virtual engagement

• Diversifies customer  Prop Tech, Real Estate base  Event pitching and

• Opens our data for use planning to new industries  Engineering and Design

• Lowers barrier to entry  City planning, Digital Twins by enabling in-house use  Tourism

• Fills a range of needs that don’t exist in current 3D software packages

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3D MODELLING

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LiDAR

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Light Detection and Ranging (LiDAR) is an advanced aerial surveying technique which utilizes active laser pulses (up to 2 million laser pulses per second) generated by the sensor to measure the distance of the aircraft to the ground. As the position of the aircraft is determined by GPS, the shape of the terrain including above ground features can be modelled. This survey technology and the information derived from it has become a critical asset for numerous planning & monitoring purposes, even more so when combined with imagery.

Key Products:

• LiDAR 3D Point Clouds

• Ground Surface Products

• Vegetation Surface Products  Vector Line Products  LiDAR-derived 2D datasets

• Industries Serviced (including but not limited to):  Architecture, Engineering & Construction  Energy & Utilities  Environment & Disaster Management  Forestry & Agriculture  Government

• Insurance & Financial Services

Examples of Major Use Cases:

 Agricultural irrigation analysis  Engineering design across projects spanning road, rail, oil & gas pipelines, renewable energy (wind & solar)  Environmental mapping including flood modelling, catchment analysis, bushfire fuel load mapping

 Canopy growth and volume analysis across forestry and urban vegetation  Stockpile analysis, windrow analysis across mining and exploration sites  Vegetation encroachment mapping along powerlines

• Natural Resources, Mining & Exploration

• Property & Real Estate  Telecommunications  Transport, Logistics & Traffic Management

Addressable Market Size ~$50 million per annum in Australia

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LiDAR

Addressable Market

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Actual
$8.9m
FY20
Addressable Market Size
~$50 million per annum
in Australia Target
50% ($25m)
LiDAR Revenue
FY 1H 2H
10,000
9,000
4,699
8,000
7,000
6,000
4,294
5,000
4,000
4,224
3,000 3,645
3,135
2,000
2,174
1,000 1,495 1,679
0
2016 2017 2018 2019 2020 2021
AUD ($'000)
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1H21 Highlights

Investment in upgrading sensors to latest technology

Bushfire fuel load Modelling developed through the R&D team

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FY21+ Priorities

Potential opportunity to convert to subscription model (MetroMap)

AI and R&D opportunities

Expanding use cases and market awareness around LiDAR applications - Environmental - safety

Increasing opportunities to use LiDAR derived products and information in environmental applications

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AERIAL PHOTOGRAPHY AND MAPPING

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The foundation of Aerometrex has been in project based aerial photography, photogrammetry and mapping services since its establishment in 1980. Driven by exacting standards of project delivery and the need for geospatially accurate data, this discipline underpins the Aerometrex commitment to quality.

Predominantly project based with the focus on shifting clients to the MetroMap subscription platform (DaaS) wherever possible.

Key Products:

• 2D ortho-imagery with the ability to customize resolution and accuracy

• Digital elevation data such as digital terrain models (DTM) and digital surface models (DSM)

• Stereo-derived datasets

• Industries Serviced (including but not limited to):  Architecture, Engineering & Construction

• Energy & Utilities

• Environment & Disaster Management

• Events, Media & Entertainment

• Forestry & Agriculture

• Government

• Insurance & Financial Services

• Natural Resources, Mining & Exploration

• Property & Real Estate

• Telecommunications

Examples of Major Use Cases:

• Large infrastructure projects where engineers and project managers require high accuracy and specific capture dates

• Monitoring progress of widespread events, or documenting damage; ideal for insurance sector, government emergency departments, coroners

• Asset management of critical development areas for use by councils, urban planners

• Dynamic change assessment along coastlines for factors such as erosion, monitoring seagrass

• Volumetric calculations and site management for mining and exploration firms

• Individual use cases such as mining for planning, infrastructure and asset management

• Transport, Logistics & Traffic Management

Addressable Market Size ~$12 million per annum in Australia

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AERIAL PHOTOGRAPHY AND MAPPING

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Addressable Market

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Addressable Market Size
~$12 million per annum
in Australia
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Actual
$6.1m
Actual
$6.1m
FY20
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1H21 Highlights

Completion of QLD Government $1m program of works

Completion of WA Landgate program of works

3cm GSD QLD hail damage survey

FY21+ Priorities

Focus towards MetroMap DaaS model (where appropriate)

Aerial Photography & Mapping Revenue

FY 1H 2H

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9,000
8,000
7,963
7,000
6,000 6,584 6,491 2,991
2,692
5,000
4,000
3,000 3,506 3,420
2,000
2,394
1,000
0
AUD ($'000)
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2016

2017

2018

2019

2020

2021

From data to information to actionable knowledge

RESEARCH & DEVELOPMENT

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Translating geospatial data into knowledge using machine learning

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Machine Learning:



ML techniques enable machines to improve at recognising objects with experience.

 Training:

learning to recognise an object by labelling examples in many images.

Manual data labelling to produce training dataset

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• =

AMX automatic optimised data labelling to product training dataset

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• =

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AI = Artificial Intelligence ML = Machine Learning DL = Deep Learning

GROWTH INITIATIVES

MetroMap

• Continuing to build momentum in subscription revenue

• Creation of 3D store

• Enhance customer offering through LiDAR derived products hosted via the MetroMap platform

3D Modelling

• Continue discussions with a number of large global companies in the US in respect of their 3D opportunities

• Opportunities in growth markets of gaming, virtual worlds in VR and AR, property development

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Research & Development

• Leverage opportunities in AI and machine learning

• Converting R&D initiatives into commercial opportunities such as bushfire fuel load modelling, feature extraction, automation of production processes

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STRATEGIC PRIORITIES Priorities to drive growth in FY21

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Ongoing
Navigating current
Development analysis of economic & social Consolidation
of overseas M&A environment of of Spookfish
revenue acquisition
opportunities COVID-19
streams in 3D into
– US and MetroMap
Europe
GROWTH
Continued
Investment into
development and
R&D focusing on
expansion of
analytics, AI,
MetroMap to
machine
Continue to
increase value Increasing
learning, derived
invest prudently
proposition for brand
to drive data products,
customers through awareness to
scalability for camera
3D, near-infrared, leverage
technology
LiDAR opportunities future growth
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INVESTMENT HIGHLIGHTS

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DaaS subscription model

focus on development and growth of MetroMap

World leaders in 3D modelling

using massive multi-ray photogrammetry technology

Market opportunities Total Addressable Market (TAM)

Progressive, innovative, experienced management and staff

Gilt-edged reputation for data quality, accuracy and reliability

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AEROMETREX VIDEOS

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See your world clearly with Aerometrex! https://youtu.be/g-0tFQJhHh4

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Denver 3D: Introducing the next generation in 3D Modeling in USA https://youtu.be/6NYmNWgUAe0

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SEE THE UNSEEN – Drive FORESIGHT before it comes HINDSIGHT https://youtu.be/bKGwr34J6ck

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Do More with MetroMap https://youtu.be/zvkujjofGOg

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DISCLAIMER

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This presentation is provided for information purposes only and is not a disclosure document as defined under the Corporations Act 2001 (Cth) This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase, sale or issue of any securities or any financial product nor does it constitute financial product or investment advice. The presentation does not contain all the information that may be required for evaluating the Company's assets, prospects or potential opportunities and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person.

No representation or warranty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. Neither the Company, its related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, related bodies corporate, affiliates, agents or advisers makes any representations or warranties that this presentation is complete or that it contains all material information about the Company or which a prospective investor may require in evaluating a possible investment in the Company or acquisition of securities. To the maximum extent permitted by law, none of those persons accept any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this presentation or in relation to the accuracy or completeness of the information, statements, opinions or matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns (if any) contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Neither the Company nor its related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, related bodies corporate, affiliates, agents or advisers guarantees any return or generally the performance of the Company or the price at which its securities may trade. Any investment in the Company is subject to investment risks including the possibility of loss of capital invested and no return of income or payment of dividends.

Before making an investment decision, you should assess whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances and consider seeking your own independent legal, financial and commercial advice. Past performance is no guarantee of future performance.

The distribution of this document in jurisdictions outside Australia may be restricted by law. Any recipient of this document outside Australia must seek advice on and observe any such restrictions.

This presentation may contain certain “forward ‐ looking statements” with respect to the financial condition, results of operations and business of the Company and certain plans and objectives of the management of the Company. Forward looking statements can generally be identified by words such as ‘may’, ‘could’, ‘believes’, 'plan', 'will', 'likely', ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties, which may include, but are not limited to, the outcome and effects of the subject matter of this presentation. Indications of, and guidance on, ‐ future exchange rates, capital expenditure, earnings and financial position and performance are also forward looking statements.

‐ You are cautioned not to place undue reliance on forward looking statements as actual outcomes may differ materially from forward looking statements. Any forward looking statements, opinions and estimates provided in this presentation necessarily involve uncertainties, assumptions, contingencies and other factors, and unknown risks may arise, many of which are outside the control of the Company. Such statements may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward looking statements. Forward ‐ looking statements including, without limitation, guidance on future plans, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward looking statements speak only as of the date of this presentation.

The information in this presentation is current as at the date on the cover of the presentation and remains subject to change without notice, in particular the Company disclaims any intent or obligation ‐ to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

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