ECHOIQ LIMITED — Capital/Financing Update 2020

Dec 16, 2020

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ASX:HWH RELEASE / 17 December 2020

New Client Engagement and Contract Growth

• First collaboration secured in the funds management industry with a London-based asset management firm

• Growth in existing client contracts yields ~$55,000 in Annualised Recurring Revenue (ARR) since 1 November

• New business pipeline building favourably on top of continued organic growth materialising from existing client engagements

Prescriptive AI Company Houston We Have Limited (ASX: HWH) (‘Houston We Have’ or ‘the Company’) is pleased to update shareholders on a new client engagement in the United Kingdom, growth in annualised recurring revenue (ARR) due to new remits from existing clients, and further investment in significant technical innovation within its patented software, Intelfuze.

The new client engagement is with a well-respected London-based asset management firm where Intelfuze will be used in portfolio management to identify potential risks earlier and automate a previous process that was complex and fragmented, partially manual and dependent on human interpretation. This is the Company’s first engagement with an asset manager and the sector represents a major future opportunity.

In the initial stages, the engagement is an unpaid trial, however, it is a testament to the success of Houston We Have's UK team in developing market visibility of and traction for the Company's offering in this large and important market.

New remits from existing clients have added ~$55,000 of ARR in November alone with ARR steadily tracking up each month. They include:

• An agreement with marketplace lending platform Marketlend where the Company’s prescriptive and augmented intelligence software has been integrated to enhance Marketlend’s credit risk assessment capabilities. This agreement delivers Houston We Have annual recurring revenue plus a fee for every credit assessment;

• Increased project scope for Australian Regional Health Group Ltd (ARHG) where Houston We Have, in a first for the company, is assisting ARHG migrate data to a new environment being hosted on the Amazon Web Services (AWS) platform. Additional solutions in the area of benchmarking alternative therapy provider service delivery and claiming patterns are also being provided. The Company first went live with ARHG in May and it is encouraging to note that the total contract value and scope has already increased;

Houston We Have Ltd. ACN 142 901 353. 3/33 Atchison Street St Leonards NSW Australia +61 2 9159 3719 Sydney>
Canberra> Adelaide> Perth> Edinburgh. Human-Centred AI. Problem solved.

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The Company continues to invest in its technology platforms with a major project now underway to evolve Intelfuze from a standalone desktop application to a cloud-based application. With Intelfuze in the cloud, access to and applications for our patented software are increased. The new User Interface (UI) will address both business users and analysts. The analyst will still retain the flexibility of designing and building models, as they do in the current desktop version; however new business users will be able to run quick assessments in a more easily consumed product. The UI will be simplified for quicker development times.

The cloud version of Intelfuze also enables Houston We Have to offer a subscription-based pricing model. The Company will be able to attract alternative revenue streams by offering third-party developed models to be sold via a marketplace that can be developed in the future. The UI design work is underway and we are expecting to have the design finalized by the end of December. The development effort of the new UI will begin in early 2021 and a minimum viable product is expected to be released before 30 June 2021.

Managing Director Elizabeth Whitelock said : “Houston We Have is making excellent progress with trials in new sectors and markets as well as delivering increased contract scope. This is helping us to incrementally build our stable, annualized recurring revenue base. Our technology is achieving great take up and client buy in, and our new business pipeline continues to strengthen.

“The new trial secured by our UK team helps us create a much stronger foundation in the large and lucrative UK market. We are particularly encouraged by the scope for growth in the funds management sector and we have every confidence of securing a revenue-generating engagement here soon.

“More new contracts and extensions are pending which will grow ARR further. With more revenue streams, a strong cash position and a low-cost base, we are well funded to deliver more value for shareholders.”

-ENDS-

Elizabeth Whitelock Managing Director and CEO Houston We Have Ltd.

Authorised for release by the Board of Directors of Houston We Have Ltd

For more information, please contact: investor@HoustonWeHave.ai

ABOUT US: Houston we have Human-Centred AI. As a team, we set out to enhance decision making: Augmented
Intelligence gives humans the ability to predict the future at speed and without bias.Military
grade, originally designed and built for the intelligence community, our patented software delivers
insights beyond any AI in the universe. Now available for use by all clever humans. HoustonWeHave.ai
problem solved