BEFOREPAY GROUP LIMITED — Interim / Quarterly Report 2024

Apr 28, 2024

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Beforepay Group Limited

ASX Announcement (ASX: B4P)

29 April 2024

Beforepay Q3 FY24 Quarterly Activities and Appendix 4C Cash Flow Report (Unaudited)

Beforepay posts third consecutive quarterly profit of $0.3m on quarterly revenues of $8.7m

Beforepay Group Limited (Beforepay or the Company) (ASX: B4P) has released its Appendix 4C for the quarter ended 31 March 2024 (Q3 FY24).

Key Q3 FY24 Highlights:

• Beforepay achieved a net profit before tax of $0.3m and an EBITDA of $1.6m. This is the Company’s third consecutive quarterly unaudited net profit.

• Advances of $172.3m, up 6% on Q3 FY23 (year-on-year or YoY).

• Net defaults improved to 1.6%, down from 2.6% in Q3 FY23 despite the increase in advances.

• Net transaction margin (NTM) of $4.2m, up 62% YoY from $2.6m in Q3 FY23. This result was driven by growth in advance volume and the lower level of defaults.

• Customer acquisition cost (CAC) of new users increased 27% YoY to $38.

• Operating expenses (marketing and overheads) declined 10% YoY and 1% on Q2 FY24 (quarteron-quarter or QoQ), to $3.7m.

• Balance sheet strength with cash on hand of $18.0m and an equity position of $30.0m. Beforepay continues to carry no debt at the operating-company level, only debt that finances receivables.

• As previously announced, Beforepay has launched Carrington Labs, a new business-to-business (B2B) offering which will make the company’s AI-powered risk models and technology available to enterprises.

• Beforepay won two awards in the APAC Insider Australia Enterprise Awards 2024: Best EthicalLending FinTech 2024 and Most Innovative Ethical Lender of the Year 2024.

Beforepay CEO, Jamie Twiss said, “I’m pleased to be announcing our third consecutive quarterly profit, driven by strong net transaction margin outcomes, lower default outcomes, and tightly controlled costs. This result demonstrates that we continue to execute on our strategy in helping more customers access safe and affordable financial products as we pursue additional growth opportunities.”

ACN 633 925 505 Suite 2, Level 6, 50 Carrington Street, Sydney NSW 200011

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Overview

Q3 FY24 Q3 FY23 Q2 FY24 YoY Change % QoQ Change %	Q3 FY24 Q3 FY23 Q2 FY24 YoY Change % QoQ Change %
Platform metrics
Advances $172.3m $161.9m $181.3m 6% (5%)
Average advance $379 $351 $389 8% (3%)
Active users(no. users)1 233,776 222,277 235,644 5% (1%)
Financial metrics
Beforepay income $8.7m $8.3m $9.1m 5% (4%)
Net defaults % (of advances plus fees)2 1.6% 2.6% 1.8% (38%) (11%)
Net transaction margin $4.2m $2.6m $4.4m 62% (5%)
Net transaction margin % (of advances) 2.4% 1.6% 2.4% 50% -
EBITDA (excluding one- off and significant items) $1.6m ($0.8m) $1.6m Large -
NPBT (excluding one-off and significant items) $0.3m ($1.8m) $0.6m Large (50%)

Net Transaction Margin and Operating Expenses ($m) By Quarter

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----- Start of picture text -----

$5.6m
$4.8m $5.6m
$4.4m $4.4m
$4.2m $4.2m
$4.1m
$4.0m
$3.8m $3.7m
$3.2m
$2.6m
$1.8m
Net Transaction Margin
Operating Expenses
Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24
----- End of picture text -----

Cash and Equity Position By Quarter

	Q3 FY24	Q2 FY24	Change ($)
Balance sheet
Cash position	$17,989,3133	$18,869,923	($880,610)
Equity position	$29,967,4884	$29,676,186	$291,302

1 Customers of Beforepay who have taken out an advance in the previous 12 months from the relevant date. This includes customers who have not yet repaid their most recent advance and are not eligible to re-borrow until they have done so.

2 Net defaults were referred to as net transaction loss in previous releases.

3 Cash position as at 31 March 2024 represents statutory cash and cash equivalents (excludes $8.7m in cash held by third parties to fund customer advances).

4 Equity position as at 31 March 2024 comprises issued capital, reserves and accumulated losses.

ACN 633 925 505 Suite 2, Level 6, 50 Carrington Street, Sydney NSW 2000

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Financial Performance – Q3 FY24

• Total advances grew by 6% YoY to $172.3m driven by both new customer acquisition and continued usage by existing customers. This growth was supported by an 8% YoY increase in the average advance size to $379, partly offset by a 1% YoY decrease in the number of advances written of 454,000 in Q3 FY24.

• Active users grew by 5% YoY to 233,776 but were down 1% QoQ (235,644) with new user growth largely offsetting attrition during the quarter. In recent months, the business has been managing marketing spend tightly, and focusing customer-acquisition efforts on higher-value prospective customers, reducing headline user-number growth.

• Beforepay income increased 5% YoY to $8.7m in Q3 FY24, down 4% on Q2 FY24 of $9.1m. The QoQ movement reflects both a decrease in advance volume as well as the timing of revenue recognition, as Beforepay generates its revenue through charging users a fixed fee of 5% per advance, which is recognised over the period in which the customer advance is repaid.

• Net defaults % was 1.6% down 38% YoY[5] following continued improvements to limit management and continuing upgrades to the credit model. Net defaults were lower than in the prior quarter (1.8%) as higher expected loss provisions were taken in Q2 FY24 due to seasonality. Net defaults include recoveries of $1.9m in the quarter.

• Direct service costs as a percentage of advances remained flat QoQ at 0.2% (0.3% in Q3 FY23). Our direct service costs generally do not vary with the size of the advance.

• Net transaction margin % was 2.4%, up 50% YoY compared to Q3 FY23 at 1.6%, driven primarily by lower net defaults, and flat with the Q2 FY24 figure of 2.4%. Net transaction margin in dollar terms increased to $4.2m, up 62% YoY from Q3 FY23 at $2.6m.

• Total operating expenses (excluding one-off and/or significant items) were $3.7m in Q3 FY24, down 12% YoY from $4.2m in Q3 FY23 and down 3% from $3.8m in Q2 FY24, reflecting continued tight cost control.

• Within these operating expense numbers, advertising and marketing expenses attributable to customer acquisition were $0.9m in Q3 FY24, 12% higher than $0.8m in Q2 FY24. This was primarily driven by optimisation of performance marketing expenditure and various initiatives undertaken to boost new user growth over future periods and resulted in an increase in the customer acquisition cost (CAC) of 27% to $38 from $30 in Q3 FY23. Employee, general and administration, and other costs were $2.8m in Q3 FY24, 3% lower than Q2 FY24 ($2.9m), including the effect of a $0.4m in capitalisation of software development costs in the quarter.

• EBITDA was $1.6m, flat to Q2 FY24 and up significantly YoY from a loss of ($0.8m) in Q3 FY24 primarily driven by the increase in net transaction margin and lower net defaults.

• The business achieved NPBT of $0.3m during the quarter compared to a NPBT of $0.6m in Q2 FY24.

5 The gross default provision rate for each month's vintage of advances is based on the realised gross default rate of advances maturing in that month, adjusted where appropriate to reflect seasonality. This figure is then adjusted to reflect any changes required to provisions from previous months. Net defaults are calculated by offsetting the gross default figure by the net recoveries received in the month.

ACN 633 925 505 Suite 2, Level 6, 50 Carrington Street, Sydney NSW 200011

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Outlook

• Consistent with previous years, management expects Q4 FY24 will show a similar pattern in new user growth and advances issued in line with normal seasonal trends. April 2024 month-to-date trading has been consistent with this outcome.

Balance sheet

• Our underlying reported cash on hand[6] as at Q3 FY24 was $18.0m, compared to $18.9m at Q2 FY24. Cash decreased by $0.9m during the quarter, comprising ($3.8m) cash from operating activities, ($0.5m) cash from investing activities and $3.4m cash from financing activities. The decrease primarily reflected timing differences in customer repayments, drawdown of receivables financing, and external settlement accounts.

• As at the end of Q3 FY24, Beforepay had drawn $36.4m under its third-party debt facility ($18.6m undrawn).

• The total equity position was $30.0m at the end of Q3 FY24. This compares to $29.7m in Q2 FY24, primarily reflecting the profitable quarter.

• Beforepay retains a highly capital efficient model with an average advance duration[7] of approximately 26 days. As a result, the third-party funding cost of the average advance[8] is c. 0.87% of the amount advanced, based on a 26-day loan duration and an 80% advance ratio.

Growth strategy

• Beforepay continues to look to grow its existing Australian pay advance business, acquiring additional pay advance customers in Australia through a mixture of organic growth and paid marketing, with a marginal acquisition cost below customer value.

• As mentioned in the H1 FY24 results, Beforepay continues to explore opportunities to introduce additional lending products that could complement the existing consumer business.

• The Company announced the launch of Carrington Labs focused on exploring B2B growth opportunities and partnerships, to leverage Beforepay’s technology and AI-powered risk models and lending solutions in new offshore jurisdictions.

• The Company expects there may be moderate increases in operating expenses and headcount in the coming quarters as we build out these two new growth opportunities.

Our business

• Beforepay remains committed to providing an ethical, transparent, customer-friendly product to help working Australians manage temporary and short-term cash-flow challenges.

• In Q3 FY24 Beforepay was awarded Best Ethical-Lending FinTech 2024 and Most Innovative Ethical Lender of the Year 2024 in the APAC Insider Australian Enterprise Awards 2024.

• Our product advances customers small sums of money (Q3 FY24 average of $379) against their future wages over short periods of time, which helps them get through short-term cashflow challenges. Beforepay regularly makes ongoing enhancements to customers’ eligibility criteria and risk assessments to drive improved business and customer outcomes.

• Our fee model for advances is simple, transparent, and affordable, and gives our customers total

6 The cash-on-hand figure of $18.0m excludes $8.7m in cash held by third parties to fund customer advances. This compares to $18.9m cash-on-hand as at Q2 FY24 which excluded $5.2m of cash held by third parties.

7 The weighted average time required across all advances in a period to fully repay the advance. Advances which defaulted and remain unsettled are removed.

8 The total dollar value of advances in a period divided by the number of advances in that period.

ACN 633 925 505 Suite 2, Level 6, 50 Carrington Street, Sydney NSW 2000

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control, charging only a small fixed 5% transaction fee, zero interest, and no late fees (or any other fees).

• If a customer does not pay back within the required time, the only penalty is that the service is suspended.

• Beforepay’s service remains well regarded by customers, with an average 4.7 star rating (out of 5) across the Google Play Store and Apple App Store.

Our customers

• We believe that the total addressable market for the pay advance product in Australia continues to be significant at 6 million people. In market research conducted during November 2023, we found that 49% of a random sample of Australians expressed interest in a product like ours when it was described to them. The same survey found that only 16% of Australians had heard of the Beforepay product and only 7% had tried Beforepay, out of those who reported having taken out a loan previously from another loan provider.

• Between January 2024 and March 2024, 70% of our customers were in full-time employment, 15% were part-time, 12% were in casual employment, and 3% were other[9] .

• The average annual individual customer gross income was $65,783 during March 2024 (counting only the main source of income)[10] . This is compared to the Australian Bureau of Statistic’s (ABS's) national median income of $67,782 (as of August 2023)[11] .

• The four main employment industries for our customers were construction at 12%, healthcare and social services at 11%, retail trade at 11%, and hospitality and restaurant services at 11%.

9 Employment type is derived from customer disclosures only and based on customers who took out an advance in March 2024.

10 The average annual individual customer gross income has been derived from all customers who borrowed in March 2024 and is derived using the annualised net income identified by Beforepay’s pay cycle detection tool, which is then grossed up using the ATO tax tables. Therefore, Beforepay’s average annual individual customer gross income figure may be understated due to ignoring any secondary sources of income.

11 https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/average-weekly-earnings-australia/latest-release

ACN 633 925 505 Suite 2, Level 6, 50 Carrington Street, Sydney NSW 200011

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Appendix 1: Use of Funds

Pursuant to Listing Rule 4.7C.2, the Company confirms that since listing on the ASX it has incurred expenditure as detailed below, with the Use of Proceeds set out in column 2 of the table. The Company is well funded to achieve its strategic objectives and planned activities. As previously announced, the expenditure incurred reflects the company’s shift in focus to a path to profitability and delivering growth in Australia rather than overseas expansion.

Intended	Replacement	Actual Spend	Commentary
Use of Funds	Prospectus	Since IPO
$m	dated 29 Nov	(Jan 2022 –
	2021	Mar 2024)
Funding increase	$5.9m	$9.5m	Funding the growth in our 20%
in loan book			equity funded portion of the gross
			loan book since January 2022 has
			driven this increase in actual spend
Marketing and	$16.9m	$13.7m	Direct digital customer acquisition
customer			and above the line marketing spend
acquisition			have been lower than allocated as a
			result of the Company’s shift to
			digital marketing and move away
			from higher cost advertising (such
			as above the line advertising)
Overseas	$7.6m	$0.3m	Costs in exploring opportunities for
expansion focused			future growth expansion in the US
on the US			have been lower than allocated as a
			result of the company’s shift in
			focus on profitability and delivering
			on growth in its current geographies
			rather than overseas expansion
Costs related to	$4.6m	$4.6m	Advisor fees (legal, compliance, tax
the IPO offer			and accounting advisors) under the
			Underwriting Agreement, ASX
			listing costs and Prospectus
			insurance
Total	$35.0m	$28.1m

In accordance with Listing Rule 4.7C, payments made to related parties and their associates included in item 6.1 of the Appendix 4C was A$189,423 that comprised of payments made to Non-Executive Directors relating to salary and wages (inclusive of superannuation and applicable taxes withheld) and Director fees on standard terms.

ACN 633 925 505 Suite 2, Level 6, 50 Carrington Street, Sydney NSW 2000

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This announcement has been authorised for release to the ASX by the Board. For more information, please contact:

	Investors		Media
	Danny Younis		Noeleene Yap
	Investor Relations, Beforepay		Marketing & Communications Manager, Beforepay
	Ph: 0420 293 042		Ph: 0489 995 082
	investorrelations@beforepay.com.au		mediaenquiries@beforepay.com.au

About Beforepay

Beforepay was founded in 2019 to support working Australians who have not been well-served by the traditional financial-services industry. The product is an ethical, customer-friendly way to help people manage temporary cash-flow challenges. We provide our customers with early access to a portion of their pay, on-demand, in exchange for a single fixed fee, which helps them to get through short-term challenges whilst not living beyond their means. For more information visit www.beforepay.com.au .

Important notice

This announcement contains selected summary information only and is provided for general information purposes only. It should be read in conjunction with Beforepay Group’s continuous disclosure announcements available at www.beforepay.com.au/investor-hub/asx-announcements. Nothing in this announcement constitutes financial product, investment, legal, tax, accounting or other advice and it is not to be relied upon in substitution for the recipient’s own exercise of independent judgment regarding the operations, financial condition and prospects of the Beforepay Group. Before making an investment decision, the recipient should consider its own financial situation, objectives and needs, and conduct its own independent investigation and assessment of the contents of this announcement, including obtaining investment, legal, tax, accounting and such other advice as it considers necessary or appropriate.

This announcement has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. The information in this announcement has been obtained from and based on sources believed by Beforepay Group to be reliable. To the maximum extent permitted by law, no member of the Beforepay Group makes a representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this announcement. To the maximum extent permitted by law, no member of the Beforepay Group accepts any liability (including, without limitation, any liability arising from fault or negligence) for any loss whatsoever arising from the use of this announcement or its contents or otherwise arising in connection with it.

This announcement may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters (‘Forward Statements’). Forward Statements can generally be identified by the use of forward-looking words such as “anticipate”, “estimates”, “will”, “should”, “could”, “may”, “expects”, “plans”, “forecast”, “target” or similar expressions. Forward Statements including indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. No independent third party has reviewed the reasonableness of any such statements or assumptions. No member of the Beforepay Group represents or warrants that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, Beforepay Group assumes no obligation to release updates or revisions to Forward Statements to reflect any changes. This announcement includes information regarding past performance of Beforepay Group and investors should be aware that past performance is not and should not be relied upon as being indicative of future performance.

Investors should note that certain financial data included in this announcement is not recognised under the Australian Accounting Standards and is classified as ‘non-IFRS financial information’ under ASIC Regulatory Guide 230 ‘Disclosing nonIFRS financial information’ (‘RG 230’). Beforepay Group considers that non-IFRS information provides useful information to users in measuring the financial performance and position of the Beforepay Group. The non-IFRS financial measures do not

ACN 633 925 505 Suite 2, Level 6, 50 Carrington Street, Sydney NSW 200011

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have standardized meanings under Australian Accounting Standards and therefore may not be comparable to similarly titled measures determined in accordance with Australian Accounting Standards. Readers are cautioned therefore not to place undue reliance on any non-IFRS financial information and ratios in this announcement. All dollar values are in Australian dollars ($ or A$) unless stated otherwise. All figures are unaudited. Change percentages are calculated using unrounded figures and may differ slightly from a number calculated using rounded figures.

ACN 633 925 505 Suite 2, Level 6, 50 Carrington Street, Sydney NSW 2000

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Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Beforepay Group Limited

ABN 63 633 925 505	Quarter ended (“current quarter”)
63 633 925 505	31 March 2024

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers1 1.2 Payments for (a) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs (f) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid2 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material)3 1.9 Net cash from / (used in) operating activities	173,218 (358) (905) (1,759) (556) 0 (1,141) (172,279)	540,343 (1,162) (2,339) (5,335) (2,686) 22 (3,015) (530,871)
	(3,780)	(5,043)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (g) entities (h) businesses (i) property, plant and equipment	(37)	(45)

1 Receipts from customers comprises repayment of customer advances, inclusive of Beforepay fee income

2 Interest associated with the debt facility which funds customer advances

3 Payments to customers comprises cash outs (advances) to customers

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
(j) investments (k) intellectual property (l) other non-current assets 2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	(437) 1	(437) 1
	(473)	(481)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings4 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material)5 3.10 Net cash from / (used in) financing activities	12 3,462 0 (102)	81 3,084 (1,132) (298)
	3,372	1,735

4 Borrowings from the debt facility to fund customers cash outs (advances)

5 Repayment of lease

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4. 4.1 4.2 4.3 4.4 4.5 4.6	Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period	18,870 (3,780) (473) 3,372	21,778 (5,043) (481) 1,735
		17,989	17,989
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		17,989	18,870
		17,989	18,870
6. Payments to related parties of the entity and their associates			Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 189 6.2 Aggregate amount of payments to related parties and their associates included in item 2 The company made payments to Non-Executive Directors relating to Salaries & Wages (inclusive of superannuation and applicable taxes withheld).			189

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7.	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
7.1 7.2 7.3 7.4 7.5 7.6	Loan facilities 55,000 (36,369) Credit standby arrangements Other (please specify) Total financing facilities 55,000 (36,369) Unused financing facilities available at quarter end 18,631 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. On 18 October 2023, Beforepay Finance Pty Ltd, a subsidiary of Beforepay Group Ltd, signed a new secured debt facility agreement for A$55 million with Australian Commercial Mortgage Corporation Pty Ltd as trustee for the Australian AB Finance Trust (Balmain Group) and AMAL Trustees Pty Ltd as trustee for the Longreach Direct Lending Fund (Longreach Credit Investors). • The new debt facility was used to refinance the existing debt facility with Longreach Credit Investors and to support continued growth in Beforepay’s loan book. • The key terms of the new facility agreement include: o A$55 million facility (A$35 million from Longreach Credit Investors and A$20 million from Balmain Group) for 3 years to 15 October 2026 with the potential to extend the total facility size in a future period. o The maximum commitment increases in non-linear increments over time to $55 million by 14 June 2025. o Borrowing base broadly equal to 80% of the value of eligible receivables. oInterest rate - 12.25% to 13.25%, depending on a fixed charge coverage ratio (FCCR) linked to an EBITDA financial performance measure. o Upfront fees and costs of c.1.7% on the A$55 million balance. • Financing facilities available at quarter end are subject to meeting the borrowing base test under the facility agreement.	55,000	(36,369)
		55,000	(36,369)
8.	Estimated cash available for future operating activities		$A’000
8.1 8.2 8.3 8.4	Net cash from / (used in) operating activities (item 1.9) (3,780) Cash and cash equivalents at quarter end (item 4.6) 17,989 Unused finance facilities available at quarter end (item 7.5) 18,631 Total available funding (item 8.2 + item 8.3) 36,620		(3,780) 17,989 18,631
			36,620
8.5	Estimated quarters of funding available (item 8.4 divided by item 8.1)		9.7
	Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

• 8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions:

• 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: N/A

• 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: N/A

8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: .....................29 April 2024..............................................................

Authorised by: .............................By the Board......................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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