FMR RESOURCES LIMITED — Capital/Financing Update 2021

Oct 27, 2021

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ASX RELEASE

28 October 2021

Hudson to lead roll-out of Applypay Service

Highlights:

• Hudson is a market leader in the Australian and Asia Pacific recruitment market

• First recruitment firm to commit Applypay service offering as its exclusive finance solution for the permanent placement recruitment market, as well as use across contract-labour and talent management revenue streams

• Ongoing strategic partnership to jointly develop and market Applypay solution

Applyflow Ltd (ASX:AFW) ( Applyflow or Company ) is pleased to announce an agreement with Hudson Global Resources (Aust) Pty Ltd ( Hudson ) for the roll-out the Applypay instalment-based finance solution for Hudson’s recruiter invoices, together with joint development and marketing initiatives for Applypay.

Hudson is a market-leader in the Asia-Pacific recruitment market, with revenue in its Australian operations in FY2021 set to exceed A$375 million.

Applyflow is developing the Applypay solution as a digital transactional, recruiter-to-business instalment offering to fund invoiced recruitment fees, as first announced to ASX on 1 July 2021. The solution will provide for upfront payment of recruiter invoices issued to clients in return for clients making four equal monthly instalment payments to Applypay in addition to a service fee.

This agreement establishes a strategic partnership between Applypay and Hudson under which Applypay will be the exclusive finance-solution offered by Hudson to its clients for a minimum two-year period, initially in the permanent placement recruitment market. In addition, Hudson and Applypay have committed to a joint collaboration on the development of the Applypay solution for contract labour recruitment and other use cases, as well as comarketing targeting the Australian customer-base.

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Applyflow Ltd. ABN 29 107 371 497

Level 4 82 Elizabeth Street Sydney NSW 2000

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The collaboration will give Applypay valuable access to Hudson’s experience of the commercial needs of its client-base and the opportunity to expand the Applypay solution with a tailored offering directed to financing contract-labour costs.

Steve Butler, CEO of Applyflow, said “Applyflow could not have hoped for such a dominant force in the Australian recruitment market as the first recruitment firm to commit to the Applypay service. Hudson’s permanent placement business, and the opportunity presented by developing a product to service Hudson’s contract-labour clients, are set to underpin the successful launch of Applypay.”

Mark Steyn, CEO of Hudson, said “Our Hudson businesses are always looking for ways in which we can enhance and enrich the client experience, and our partnership with Applypay allows us to add another great offering in this regard. We are really excited to be able to offer our clients fast and flexible ways to pay through Applypay, as well as the potential for other use cases across our businesses.

Key terms of the agreement

The following is a summary of the key terms of the agreement with Hudson:

• The agreement is subject to the Applypay solution being available for use by the end of January 2022, with the Company anticipating availability later this year.

• • The 2 year exclusivity period commences when the first recruitment fee invoice is financed by the Applypay solution and will apply to the permanent placement recruitment market only.

• The parties will work collaboratively for the development of the solution for the contractlabour market.

• • The agreement does not prevent Applyflow offering the Applypay solution to other recruitment firms or third parties generally.

• The Company will issue to Hudson 21,435,000 options exercisable at A$0.007 each on or before 30 June 2023. The options vest in three separate tranches. 7,145,000 options will vest upon first use of the Applyflow solution by a Hudson client, subject to this occurring before 30 June 2022. The remaining 14,290,000 options will vest in two equal tranches upon an initial A$2,857,000 in Hudson invoices being financed by Applyflow, and a further A$2,857,000 being financed, in each case subject to this occurring by 31 December 2022.

• • No other fees or charges are payable and each party otherwise will bear the own costs of the arrangement.

This announcement was approved for release to ASX by Applyflow’s Board of Directors.

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Applyflow Ltd. ABN 29 107 371 497

Level 4 82 Elizabeth Street Sydney NSW 2000

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Contact

Steve Butler John Winters CEO Non-Executive Director steve@applyflow.com john@applyflow.com

About Applyflow

Applyflow is on a mission to make the recruitment experience better for everyone by giving recruiters an easy to use yet powerful tech solution to manage their entire business flow. A fresh take on what the recruitment process should be and the tools your team needs to make it a reality.

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Applyflow Ltd. ABN 29 107 371 497

Level 4 82 Elizabeth Street Sydney NSW 2000