CLUEY LTD — AGM Information 2022

Nov 21, 2022

==> picture [129 x 54] intentionally omitted <==

ASX Announcement

22 November 2022

Chairman’s Address to the Annual General Meeting of Shareholders

Cluey Ltd (ASX: CLU) (“Cluey” or the “Company”) is pleased to release the attached transcript of the Chairman’s address to the Annual General Meeting of Shareholders being held today, 22 November 2022 at 11:00am (AEST).

---

ENDS

Authorised for release to the ASX by the Company Secretary.

For enquiries please contact:

Investors

Mark Rohald Greg Fordred Executive Deputy Chairman CFO & Company Secretary investor.relations@clueylearning.com investor.relations@clueylearning.com

ABOUT CLUEY

Cluey is an innovative, ASX-listed Edtech company that combines education, technology and data to deliver quality education outcomes and an enhanced experience for students. Cluey has a highly experienced management team and Board with a track record of building successful education businesses and is supported by an Independent Education Advisory Board comprising four eminent independent education sector thought leaders.

Cluey key facts:

• Cluey provides curriculum aligned academic support for students in Australia and New Zealand. In addition, Cluey delivers co-curricular online, holiday camps and after school programs in Australia and the United Kingdom through its wholly owned subsidiary, Code Camp.

• Cluey is headquartered in Sydney.

• Cluey has been recognised in the prestigious HolonIQ inaugural list of most innovative Edtech companies in Australia. Cluey was also the winner of the 2022 Australian Growth Company Awards - Technology Growth Company of the Year; 2021 Technology Scale-up Edtech of the Year Award, and recognised as the 5th fastest growing technology company in Australia in the Deloitte Technology Fast 50 2021 Awards.

Cluey Ltd ABN: 65 644 675 909 Suite 2, Level 2, 117 Clarence Street Sydney NSW 2000

Chairman’s address to the Annual General Meeting of Shareholders, Tuesday 22 November 2022

Fellow shareholders, we are pleased to meet today in person, at our second AGM since listing on the ASX in December 2020. Despite the ongoing impact of the pandemic and the challenging macroeconomic environment, Cluey continued its outstanding growth and development.

During my brief remarks, I will reiterate some key financial highlights and initiatives we have undertaken in the past year.

FY22 Highlights

• Revenue of $34.3 million an increase of 116% on FY21 revenue of $15.9 million

• 538,362 student sessions delivered, an increase of 115% on FY21

• Variable customer acquisition cost of $429, a reduction of 24% on FY21

• 2.8 times life-time value to customer acquisition cost ratio

Key Initiatives

• Acquired and integrated Code Camp

• Cluey Learning entered New Zealand market

• Introduced two new Cluey Learning subjects – Biology & Physics

• Commenced Code Camp pilot in UK

I am pleased to advise that on 13 October 2022 Cluey was announced as the winner of the 2022 Australian Growth Awards - Technology Growth Company of the Year. I congratulate the entire Cluey team for this outstanding achievement.

Cluey is Australia’s largest online school tutoring and education support company. It is at the forefront of delivering targeted curriculum-aligned learning support for students in Australia and New Zealand using a combination of live face-to-face online tutoring, learning analytics and insights. Online tutoring is provided in 1:1 and small group formats. In addition, Cluey delivers co/extracurricular, online, holiday camps and after-school programs in Australia and the United Kingdom through its wholly owned subsidiary, Code Camp.

Further developments including the endorsement as an approved provider for the NSW Department of Education’s Covid Intensive Learning Support Program, expansion and refinement of our existing technologies, and Cluey’s continued partnership with several benevolent and charitable foundations in providing educational support to disadvantaged and underrepresented students in Australia.

At Cluey we are acutely aware of the challenges and changing market dynamics brought about by global economic conditions. We are driven by an absolute focus on our core business initiatives and the need to navigate the pathway to cashflow breakeven and profitability as soon as possible.

We have recently made changes to our Executive Management Team. Mark Rohald has been appointed as Executive Deputy Chairman, Matteo Trinca and Trevor McDougall were appointed as Joint Chief Executive Officers. In a separate announcement to the ASX, I advised that we are delighted to welcome Mark to his new role of Executive Deputy Chairman, where Cluey will continue to benefit from his passion, energy and experience. We are confident that, as a Cluey founder, major shareholder and working executive, he will, as always, add significant value to innovating and developing our business. We are also

Cluey Ltd

delighted to promote Matteo and Trevor, two high performing Cluey executives, to the role of joint CEOs. At the start of November, we welcomed Vinne Schifferstein Vidal, a seasoned executive who joins in a new position as General Manager, Cluey Learning.

Their responsibilities have been clearly defined in our organisation structure, and we are confident in their ability and experience to complement one another and lead the company as it implements its planned initiatives. Their positive impact is already being felt throughout Cluey.

During the year, my fellow directors and the Education Advisory Board have provided the company with much valued support. Each member has always been available to give guidance and counsel.

In addition, the Management Team and indeed the entire staff, have given their all and again worked tirelessly under trying circumstances. I thank them all and look forward to working together in the year ahead.

Every period presents its opportunities and challenges. We reiterate our commitment to driving towards cashflow break-even and profitability. Furthermore, I believe that given our plans and the ongoing commitment of our team, we are well placed to deliver on our vision to be a major EdTech provider of high-quality personalised learning that is accessible to as many students as possible.

Finally, I express our gratitude to all our stakeholders for the confidence and trust they have placed in us.

Robert Gavshon AM Chairman

Cluey Ltd