AIRTASKER LIMITED — Capital/Financing Update 2024

Sep 1, 2024

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2 September 2024

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Disclaimer

The following disclaimer applies to this presentation. Please consider its contents carefully. By accepting this presentation, you acknowledge that you are receiving it on the basis set out in the following paragraphs. This presentation has been prepared by Airtasker Limited ( Airtasker ).

Currency of

information

The information contained in this presentation is current as at the date of this presentation or such earlier date as specified in this presentation.

Summary information

The information in this presentation is of a general nature only and does not purport to be complete.

Not an oer

This presentation is not a prospectus or other disclosure document, and is not an invitation or oer of securities in Airtasker for subscription, purchase or sale in any jurisdiction.

Third party information

Certain market and industry data used in connection with this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Airtasker nor any of its related bodies corporate, directors, employees, agents or advisers have independently verified any such market or industry data.

Historical information

Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

Forward looking information

This presentation contains certain forward-looking statements that involve risks and uncertainties. Airtasker can give no assurance that these expectations will prove to be correct. You are cautioned not to place undue reliance on any forward-looking statements.

Forward looking information (continued)

Airtasker does not undertake any obligation to release any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this presentation, except as may be required under applicable laws.

Financial information

information is audited. The financial information has been presented in an abbreviated form insofar as it does not include all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards, the International Financial Reporting Standards (including the interpretations of the International Financial Reporting Interpretations Commiee) and other mandatory professional reporting requirements applicable to financial reports prepared in accordance with the Corporations Act. All currency is in Australian dollars unless indicated.

Airtasker uses certain measures to manage and report on its business that are not recognised under Australian Accounting Standards or International Financial Reporting Standards ( IFRS ). These measures are collectively referred to in this presentation as ‘non-IFRS financial measures’ under Regulatory Guide 230 ‘Disclosing non-IFRS financial information’ published by the Australian Securities and Investments Commission ( ASIC ).

performance and profitability of the overall business. Although Airtasker believes that these measures provide useful information about the financial performance of Airtasker, they should be considered as supplements to the income statement measures that have been presented in accordance with the Australian Accounting Standards and IFRS in Airtasker’s audited financial statements released on ASX and not as a replacement for them.

Disclaimer

No representation or warranty, whether express or implied, is made by any person as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation.

Disclaimer (continued)

You should carry out your own investigations and analysis of Airtasker and verify the accuracy, reliability and completeness of the information contained in this presentation. Neither Airtasker nor any of its related bodies corporate, directors, employees, agents and advisers accept any responsibility for any loss arising from anyone acting or refraining from acting in reliance on the contents of this presentation.

Distribution

This document has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. By receiving this document you are deemed to confirm, represent and warrant to Airtasker and its related bodies corporate and each of their directors, employees, agents and advisers that you agree to be bound by the limitations and conditions set out in this disclaimer.

Actual results may dier materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties including, without limitation, risks associated with future capital needs and general economic uncertainty.

2

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Airtasker announces US$9.75m media partnership with iHeartMedia and TelevisaUnivision

US$4.75m[1]

US$5.0m[2]

media investment

media investment

no. 1 Spanish language media company in the United States

America’s no. 1 audio company

100 million daily Univision linear TV, digital and audio users

276 million monthly iHeart audio listeners (9 out of 10 Americans)

1. $7.0 million based on USD1.0:AUD0.68 exchange rate. 2. $7.4 million based on USD1.0:AUD0.68 exchange rate.

Scalable deal structure aligns interests of all parties and enables repurchase of Airtasker USA equity in 7 years

• TelevisaUnivision will provide US$4.75 million ($7.0 million) in advertising inventory in exchange for a 17.1% equity stake in Airtasker USA Inc.

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• iHeartMedia will provide Airtasker with US$5.0 million ($7.4 million) in advertising inventory in exchange for a 4-year convertible note with a 5.0% coupon (Note). At maturity, Airtasker USA has the option to convert the Note into equity at a 20% discount to an agreed valuation or repay the Note in cash.

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Airtasker [[1]] , will repurchase all Airtasker USA equity in 7 years for cash or 82.9% US$4.75m [4] 17.1% US$5.0m [5]
listed scrip [[2]] (at its option) on the following valuation basis: investment investment
Airtasker USA Airtasker USA Airtasker
= x
Valuation Revenue [3] Revenue [3] Multiple
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• Airtasker[[1]] , will repurchase all Airtasker USA equity in 7 years for cash or listed scrip[[2]] (at its option) on the following valuation basis:

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Airtasker USA
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• Aligns all parties with Airtasker’s USA growth and expansion plans and mitigates risk of excessive shareholder dilution.

• Ultimate parent entity Airtasker Limited.

• Subject to the approval of Airtasker Limited shareholders.

• Revenue calculated on a trailing twelve months basis.

• $7.0 million based on USD1.0:AUD0.68 exchange rate. 5. $7.4 million based on USD1.0:AUD0.68 exchange rate.

4

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US$5.0m[1] iHeartMedia deal provides access to 276 million monthly audio listeners

The partnership with iHeart enables promotion of the Airtasker brand through:

• 860 broadcast stations in 160 US cities, reaching 9 out of 10 Americans every month;

• Streaming audio and a podcast network with over 252 million monthly downloads; and

• The potential to promote Airtasker at some of the biggest events in pop culture including the iHeartRadio Music Awards and iHeartRadio Music Festival.

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5

1. $7.4 million based on USD1.0:AUD0.68 exchange rate.

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US$4.75m[1] TelevisaUnivision deal provides access to 100 million daily TV, audio and digital audience

Our partnership with TelevisaUnivision creates opportunities to promote the Airtasker brand across:

• 38 cable networks and 35 radio stations in major US Hispanic markets;

• Streaming service Vix which has over 50 million globally monthly active users on its free tier; and

• Opportunities to integrate the Airtasker brand across leading content properties including long running US morning show Despierta America, Premios Lo Nuestro and digital properties reaching over 100 million daily users.

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1. $7.0 million based on USD1.0:AUD0.68 exchange rate.

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Our growing suite of
market leading media partners…
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Television

Outdoor

Audio

Audio

Television

• £3.5m equity investment in Airtasker UK

• $5.0m unsecured convertible note issued by Airtasker Limited

• $5.0m unsecured convertible note issued by Airtasker Limited

• US$5.0m unsecured

• convertible note issued by Airtasker USA

US$4.75m equity investment in Airtasker USA

• £17m post-money valuation of Airtasker UK, share buyback in June 2028

• 5.8% coupon, 2 year maturity, 10% discount if converted to equity in Airtasker Limited

• 5.8% coupon, 2 year maturity, 10% discount if converted to equity in Airtasker Limited

• 5.0% coupon, 4 year maturity, 20% discount if converted to equity in Airtasker USA

• US$27.75m post-money

• valuation of Airtasker USA,

• share buyback in August 2031

7

ANNEXURE: MEDIA PARTNERSHIP GROWTH STRATEGY

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Cash generated by Airtasker Australia funds global expansion, turbocharged by local media-for-equity partnerships

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Airtasker Limited

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100% 80% [4] 82.9%
Cash Airtasker Airtasker Airtasker
Australia [1] UK [2] US [3]
x
$17.8m cash and Cash generative Cash invested Cash invested
term deposits in FY24
at 30 June 2024
Cash flow Investment in
generation new marketplaces
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• Airtasker’s marketplace model is cash generative at scale but requires upfront marketing investment to establish network eects.

• Surplus cash generated in Australia enables investment into building UK and US markets (combined TAM of $955bn).[5]

• Following the success of our partnership with Seven West Media[6] in Australia, we have commenced replicating the media-for-equity partnership model in new markets to leverage our investment and turbocharge growth.

• Airtasker Australia includes Established Marketplaces (Airtasker Australia and Oneflare) plus global head oice costs.

• Airtasker UK refers to Airtasker UK Limited.

• Airtasker US refers to Airtasker USA Inc.

• Channel 4 invested £3.5m ($6.7m) for a 20% stake in Airtasker UK in June 2023.

• Total Addressable Market (‘TAM’) in the UK A$78.0b and in the US A$876.6bn (Frost and Sullivan, 2024).

• Seven West Media (‘SWM’) invested in Airtasker in May 2016 enabling Airtasker to grow revenue 20x and generate a 5x ROI for SWM over 5 years.

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A proven model to build profitable marketplaces

In FY24, our Australian (Airtasker Australia and Oneflare) marketplaces generated $31.0m of cash flow:

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Revenue [1] $45.2m
Aributed expenses [2] $14.2m
EBITDA (Cash flow proxy) [1,3] $31.0m
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To achieve this scale, commencing in 2016 we partnered with an Australian media network which provided media capital (advertising placement and content integrations) to generate scale and establish network eects:

• Over a 4 year period (FY17-20) we invested $26m to build brand awareness and reach over $100m in GMV.

• At the end of this initial investment period, we dialled down media investment and shifted to profitability.

• strong GMV growth to over $190m in FY24 whilst driving increased monetisation and expanding profitability.

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112
25
91
20
68
15
36
10 9.7
8.4
6.8
12
5
2.2
1.2
0
FY16 FY17 FY18 FY19 FY20
Marketing Spend GMV
AUD million
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2. 1. Cash flow proxy represents EBITDA less material non-cash items.

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Opportunity to leverage our scalable software platform

In FY24 we invested $18.2m in building a world class software platform and head oice infrastructure that enables our global marketplaces.

Australian marketplace generates free cash flow well in excess of this investment.

We have an opportunity to continue to leverage our software platform (and head oice infrastructure) to enable new marketplaces and replicate the success we’ve achieved in Australia.

Australian marketplaces generate free cash flow in excess of software platform and head oice infrastructure investment:

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FY24: $17.8m
cash and term deposits
$31.0m $18.2m
cash generation investment
Opportunity to leverage software
platform to replicate profitable
marketplace economics:
Software platform and
head oice infrastructure
Airtasker Airtasker Airtasker New markets
Australia UK USA
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Cash investment turbocharged by local media partnerships

In each new marketplace, Airtasker provides access to a world class software platform combined with global marketing IP (brand, growth playbook and marketing/support functions).

From here, each marketplace then requires upfront marketing investment to establish network eects:

• An initial cash investment is required to cover non-media marketing costs (e.g. digital performance marketing).

• We then turbocharge this cash investment by establishing local partnerships with leading media companies which provide advertising to scale brand awareness and initial customer acquisition.

This investment model provides a capital-eicient way to fund upfront marketing investment whilst limiting downside risk.

Software platform and global marketing IP

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A$31.0m £2.5m US$5.0m
cash generation seed investment seed investment
100% 80% 82.9%
Airtasker Airtasker Airtasker
Australia UK USA
$11.0m £3.5m US$9.75m
media investment media investment media investment
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Local Media Partners
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Investment structure enables upside whilst mitigating downside risk…

At the end of the initial investment period (5-7 years) Airtasker1 re-purchases equity held by media partners on the following valuation basis:

Local Local Airtasker = x Valuation Revenue[2] Revenue[2] Multiple

Airtasker can re-purchase equity with cash or scrip3 (at Airtasker’s option) ensuring that Airtasker does not create fixed cash repayment obligations.

…and represents a compelling investment proposition for media partners:

• Proven model - Airtasker has a strong software platform, proven marketplace growth playbook and a track record of delivering investor returns via media-for-equity partnerships.[4]

• • software platform is licensed by Airtasker to

• the local operating company, reducing the risk of “zeroing out” and enabling margins to be reinvested in growth.

• Guaranteed exit - Airtasker provides exposure to both local and global performance upside combined with a guaranteed liquidity event (via either cash or scrip[3] ).

This investment model incentivises each local media partner to drive local revenue growth whilst aligning outcomes to the overall success of Airtasker.

1. Ultimate parent entity Airtasker Limited.

2. Revenue calculated on a trailing twelve months basis.

3. Subject to the approval of Airtasker Limited shareholders.

4. Seven West Media invested in Airtasker in May 2016 generating a 5x ROI over 5 years.

13

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Thank you! Airtasker Limited | ABN 53 149 850 457