FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Capital/Financing Update 2020

May 28, 2020

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29 May 2020

ASX Announcement

ASX Company Announcements Platform

NOTIFICATION UNDER SECTION 708A(5)(e) OF THE CORPORATIONS ACT 2001 (Cth)

This notice is given by FirstWave Cloud Technology Limited ACN 144 733 595 ( ASX:FCT ) ( Company ) under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ).

The Company confirms that it has today issued 78,759,156 fully paid ordinary shares in the Company at an issue price of $0.045 per share ( Shares ). The Shares were issued to new and existing institutional and sophisticated investors pursuant to a placement to raise approximately $3.5 million that was first announced on 21 May 2020.

The Company confirms that:

1. the Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;

2. this notice is being given under section 708A(5)(e) of the Corporations Act;

3. as at the date of this notice, the Company has complied with:

   • (a) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

   • (b) section 674 of the Corporations Act; and

4. as at the date of this notice, there is no excluded information of the type referred to in sections 708A(7) and 708A(8) of the Corporations Act which is required to be set out in this notice under section 708A(6)(e) of the Corporations Act.

This announcement has been authorised for release to ASX by the Board of Directors of the Company.

Yours faithfully,

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Gai Stephens

Company Secretary FirstWave Cloud Technology Limited

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FirstWave Cloud Technology Ltd ABN: 35 144 733 595 (ASX: FCT) A Level 10, 132 Arthur St North Sydney, NSW, 2060, Australia. P +61 02 9409 7000 W Firstwavecloud.com