FREELANCER LIMITED — Annual Report 2017

Feb 26, 2018

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27 February 2018

Freelancer Limited

FY17 Full Year Results Presentation

Video presentation of these results available at http://frln.cr/DdwLJe

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Chief Executive Officer

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investor@freelancer.com

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1 Online Services Marketplace #1 for Secure Online Payments Over US$3 billion in jobs posted Over US$3.5 billion in transactions

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FY17 completed with 27 million users and 13 million jobs

4.3 million registered users and 2.4 million jobs were added to the marketplace in 2017

Total Registered Users

Total Jobs Posted (Filtered)

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1.Number of user accounts, and jobs (projects/contests posted) in the Freelancer marketplace as at 31 December 2017. User, project and contest data includes all users and projects from acquired marketplaces. Prior to 2009, all data is from acquired marketplaces. Jobs Posted (Filtered) is defined as the sum of Total Posted Projects and Total Posted Contests, filtered for spam, advertising, test projects, unawardable or otherwise projects that are deemed bad and unable to be fulfilled. Includes Escrow.com unique users.

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~~Freelancer FY17 Results~~

• ●GPV $588m (down 11.8% on pcp)

• ●Net Revenue $50.3m (down 4.7% on pcp)

• ●Gross Profit $44m (down 4.2% on pcp)

• ●Operating EBITDA ($3.7m)

• ●Operating NPAT ($3.8m)

●Cash & equivalents at 31 December $32m (down 8%)

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Freelancer.com

Freelancer GMV returning to growth over the last 7 months, 1Q18 so far up 14% on pcp and climbing*

Freelancer.com GMV

Milestones released (US$) last 5 years

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• Gross Marketplace Volume (GMV is a measure of total payments out of the system, i.e. to freelancers)

• Comparing between '2018-01-01' to '2018-02-23' and 2017-01-01' to '2017-02-23'

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Freelancer.com

Freelancer volume issues have been constrained to fixed-price desktop web projects which has been resolved

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Recruiter Projects (count)
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Hourly, recruiter and mobile projects continue to grow well

• Hourly projects - paid tracked hours up 26% 4Q17/3Q17 and 54% 4Q17/4Q16

• Recruiter projects - up 19% 4Q17/3Q17 and 30% 4Q17/4Q16

• Mobile projects - up 10% 4Q17/3Q17 and 56% 4Q17/4Q16

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Freelancer.com

Freelancer.com revenue has been impacted by quality initiatives to improve customer feedback and retention

• Membership fees - were lowered as we deliberately tightened up the subscription funnels to ensure that only customers that would achieve tangible value from memberships subscribe.

• Additionally we cut back on the primary plan that we promoted from Professional (~$44 per month) to Plus (~$11 a month plan) to lift bid quality by cutting back on the number of spammy bids from freelancers (particularly through the trial period), and we focused on promoting monthly plans over annual plans to reduce chargeback ratios.

• Upgrades - we cut back on on the promotion for upgrades in certain parts of the funnel to improve the user experience.

• These two items were approximately a 5% drag in in revenue in FY17.

• Refund Policy - we improved the refund policy to increase the ease and scope for refunds to customers with the goal of lifting retention and user experience.

• All up, these changes have dropped the monetisation rate for Freelancer.com from 28.3% in FY16 to 27.5% in FY17 (note we erroneously reported this as 26.3% in 4Q17 4C).

• These quality improvements have seen our Trustpilot score has rise to 8.7 and ticket NPS to 63.

• FX impact was drag of 3% for revenue in FY17

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Escrow.com

Escrow GPV affected by China domain name bubble (now passed) and rollout of enhanced AML program 4Q16

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Enhanced
China
KYC/AML
Bubble
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Escrow.com

While improved KYC/AML churned volume, >70% of Tier 2 KYC submissions approved in 15 minutes, 90% in 1 hour

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Freelancer.com is changing

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~~In a trillion dollar market~~

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~~CAD Design rumored~~ Apple Electric Car

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We help entrepreneurs build the future.

We help small businesses, startups and entrepreneurs turn that spark of an idea into reality.

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We continue to redefine the future of work.

“Coming from a third-world country and the smallest in West Africa where opportunities are very limited, Freelancer.com has helped me expand globally by helping me make a living from something that I really have a passion for, design.”

Sulayman Sanyang

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Your idea brought to life in stunning visuals.

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Architectural Design

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Key financial highlights FY17

GPV $588m (down 12%), Net Revenue $50m (down 5%), Operating Cash Flow breakeven ($0.6m)

A$m, 31 December year end	FY17	FY16	Change
Gross Payment Volume1,2	$587.5m	$666.2m	-11.8%
Net Revenue1	$50.3	$52.7m	-4.6%
Gross Profit	$44.1	$45.6m	-3.3%
_Gross margin (%)_3	87.5%	86%	nm
Operating EBITDA4	$(3.7)m	$0.5m	nm
Operating EBIT4	$(4.4)m	$(1.5)m	nm
Operating NPAT4	$(3.8)m	$0.1m	nm
Operating Cash Flow	$(0.6)m	$4.5m	nm
Cash balance	$31.9m	$34.8m	-8.3%

1. Net Revenue excluding Escrow.com for FY17 was $43.9m (down 3% on pcp). GPV excluding Escrow.com for FY17 was $159.4m (down .5% on pcp).

1. Gross Payment Volume (GPV) is calculated as the total payments to Freelancer and Escrow users for products and services transacted through the Freelancer and Escrow websites plus total Freelancer and Escrow revenue. 3. Gross margin % calculation excludes $0.3m of proceeds from working capital adjustment on acquisition of Escrow.com, which is included in Net Revenue

1. Operating earnings are exclusive of non-cash share based payments expense of $986k in FY17 and $1,252k in FY16.

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Net Revenue

FY17 net revenue of $50.3m (down 5% on pcp)

• Net revenue of $50.3m, down 4.7% on FY16

• Freelancer revenue $43.9m (pcp $45.2m)

• Escrow revenue was $6.1m (pcp $7.6m)

• Includes $0.3m of proceeds from working capital adjustment on acquisition of

  • escrow.com

●

Revenue growth adversely impacted by:

• Drop in core desktop funnel driven by introduction of “1-click” funnel

• Initiatives to improve quality and NPS at expense of short term revenue impacts

• Drop in China volume for domain purchases in escrow

• Introduction of rigorous AML & KYC program in escrow resulted in increased friction and churn in volume

• FX drag of 3.0%

Revenue (A$m)	4.7	6.5	10.6	18.8	26.1	38.6	52.7	50.3
Growth pcp	-	37%	64%	77%	39%	48%	37%	-5%
Gross margin	82.6%	86.7%	87.4%	87.6%	87.1%	86.7%	86.4%	87.5%

• Consistently high gross margins, ~87% since FY11

• Average AUDUSD of 0.7674 (FY16: 0.7434)

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Gross Payment Volume (GPV)

Gross Payment Volume[1] of $587.5m (down 12% on pcp)

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GPV (A$m)	28.0	35.6	50.8	84.4	103.7	229.3	666.2	587.5
Growth pcp	-	27%	43%	66%	23%	120%	290%	-12%
Take rate2	13.0%	13.0%	13.0%	13.0%	13.0%	13.0%	13.0%	13.0%

• GPV of $587.5m in FY17, down 12% on pcp

  • $159.4m from Freelancer.com (27.5% M/R)

  • ○ $428.2m from Escrow.com (1.4% M/R)

• GPV adversely impacted by:

  • Drop in core desktop funnel driven by introduction of “1-click” funnel

  • Initiatives to improve quality and NPS at expense of short term revenue impacts

  • Drop in China volume for domain purchases in Escrow

  • Introduction of rigorous AML & KYC program in Escrow resulted in increased friction and churn in volume

  • FX drag of 3.0%

• Marketplace take rate remains at 13%

  • Commissions (3% for employers and 10% for freelancers) have remained unchanged

• Gross Payment Volume (GPV) is calculated as the total payments to Freelancer or Escrow users for products and services transacted through the Freelancer or Escrow websites plus net Revenue. Based on Freelancer’s unaudited management accounts which have not been subject to an auditors review.

• Take rate for the Marketplace segment is 3% employer commission and 10% freelancer commission, which has not changed since 2010.

• Core Freelancer GPV of A$159.4m. Escrow FY17 GPV of US$329m,, average AUDUSD FX of 0.7674= A$428.2m

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Breakeven operating cashflow of -$0.6m, cash balances at AU$31.9m

Cash flow profile FY17

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• Total cash at period end of $31.9m (down 8% on pcp)

• Operating cash flow includes $1.7m of legal and regulatory outgoings, of which approximately $0.7m are one off

• Other comprises increase in reserves to payment gateways

• -$1.2m downward revaluation in cash balances due to ~8% appreciation in AUD/USD fx rate from Dec 16

• Small contributions arising from repayment of ESP loans

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Summary profit & loss statement FY17

Operating EBITDA and NPAT impacted by one off compliance and legal costs associated with financial licenses

(A$m) 31 Dec y/e	FY17 Actual	FY16 Actual	Change
Net Revenue	50.3	52.7	-5%
Gross Profit	44.1	45.6	-3%
_Gross margin (%)_3	87.5%	86.4%	nm
Employee expenses	(22.0)	(21.8)	1%
Administrative expenses	(12.4)	(10.0)	24%
Marketing related expenses Occupancy costs FX gains / (losses)	(9.8) (2.8) (0.8)	(9.4) (2.9) (0.9)	4% -5% nm
Share based payments expense EBITDA2	(1.0) (4.7)	(1.2) (0.7)	nm nm
EBIT NPAT	(5.4) (4.8)	(1.5) (1.2)	nm nm
Excluding share based payments	expense1
EBITDA2 EBIT	(3.7) (4.4)	0.5 (0.3)	nm nm
NPAT	(3.8)	0.1	nm

• Decline in revenue of 5% on pcp

• Improved gross margins

• Cost control on all major expense lines has kept expenses flat with FY16, will provide operating leverage with rising revenue

• Administrative expenses up 24% on pcp principally due to regulatory, legal and compliance costs associated with money transmission and escrow licence applications, including one -offs

• Regulatory, legal and compliance costs were $2.7 million vs $0.8 million in FY16

• ○ One-off regulatory penalties of $1.1m (inclusive of $0.9m in provisions) cleaning up historical Escrow operations prior to licensing

• 474 FTEs at year end (down 6% on FY16)

• Cost optimisation drove expenses in Q4 for product, advertising

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1. Operating earnings are exclusive of non-cash share based payments expense of $986k in FY17 and $1,252k in FY16. 2. Depreciation and amortisation expense of $701k in FY17 and $769k in FY16. 3. Gross margin % calculation excludes $0.3m of proceeds from working capital adjustment on acquisition of Escrow.com, which is included in Net Revenue

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Summary balance sheet FY17

Strong balance sheet, no net debt

(A$m) 31 Dec y/e	FY17 Actual	FY16 Actual	Change	●	Total cash at period end of $31.9m, no net debt	Total cash at period end of $31.9m, no net debt
Cash and cash equivalents	31.9	34.8	-8%	●	Escrow.com additionally holds approximately $32
Trade and other receivables	3.9	4.4	-10%		million in cash, in trust, off balance sheet
Other assets	1.5	1.6	nm
Plant and equipment	0.9	1.3	nm	●	Trade and other receivables includes receivables f
Intangibles Deferred tax assets	26.4 4.0	25.7 3.3	3% nm		various payment gateways in relation to partially completed transactions
Total assets	68.6	71.1	-3%
Trade and other payables	33.0	32.7	1%	●	Trade and other payables includes user obligatio (user balances and milestone payments held on		ns
Other liabilities	3.7	3.0	nm		balance sheet)
Total liabilities	36.7	35.7	3%
Net assets	31.9	35.4	-10%	●	Increase in intangibles predominantly relates to
Contributed equity	38.0	37.8	nm		domain names acquired
Reserves	3.4	2.4	nm
Retained earnings	(9.5)	(4.8)	nm
Total equity	31.9	35.4	-10%

• Trade and other receivables includes receivables from various payment gateways in relation to partially completed transactions

• Trade and other payables includes user obligations (user balances and milestone payments held on balance sheet)

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Freelancer Limited COMPANY

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Freelancer’s Online Econom in 2017 y

Note: Sample of projects awarded in 2017. The pink lines indicate where projects are being posted by employers, and the blue lines indicate where the projects are being performed by freelancers. Thicker lines indicate a higher volume of work. White dots indicate the location of Freelancer’s users. Edges are sampled data from awarded projects in the period indicated.

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Freelancer’s Online Econom in 2017 – USA y

Note: Sample of projects awarded in 2017. The pink lines indicate where projects are being posted by employers, and the blue lines indicate where the projects are being performed by freelancers. Thicker lines indicate a higher volume of work. White dots indicate the location of Freelancer’s users. Edges are sampled data from awarded projects in the period indicated.

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Freelancer’s Online Economy in 2017 – Europe

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Note: Sample of projects awarded in 2017. The pink lines indicate where projects are being posted by employers, and the blue lines indicate where the projects are being performed by
freelancers. Thicker lines indicate a higher volume of work. White dots indicate the location of Freelancer’s users. Edges are sampled data from awarded projects in the period indicated.
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Freelancer’s Online Econom in 2017 – Australia y

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Note: Sample of projects awarded in 2017. The pink lines indicate where projects are being posted by employers, and the blue lines indicate where the projects are being performed by freelancers. Thicker lines indicate a higher volume of work. White dots indicate the location of Freelancer’s users. Edges are sampled data from awarded projects in the period indicated.

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Freelancer’s Online Econom in 2017 – India y

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Note: Sample of projects awarded in 2017. The pink lines indicate where projects are being posted by employers, and the blue lines indicate where the projects are being performed by
freelancers. Thicker lines indicate a higher volume of work. White dots indicate the location of Freelancer’s users. Edges are sampled data from awarded projects in the period indicated.
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~~53 34 39~~ Regional Websites Supported Languages Supported Currencies

Regional Websites Supported Languages

North America	Europe	Asia Pacific	Languages		Currencies
			Afrikaans Bahasa Indonesia	日本語	USD NZD	CNY DKK
Africa			Bahasa Malaysia বাংলা	한국어 Norsk-Bokmål Nederlands	AUD GBP HKD	VND AED ARS
			Català Čeština Dansk	Polski Português	SGD PHP EUR	BDT COP PKR
			Deutsch	Română	CAD	CHF
			ελληνικά English	русский язы Shqip Slovene	ZAR INR JMD	HUF ILS KRW
			Español	Svenska	CLP	NOK
			Suomi	Kiswahili	MXN	QAR
		Latin America	Filipino Français �ह�द Magyar Italiano	Thai Türkçe Tiếng Việt українська мова 中文(简体)	IDR MYR SEK JPY PLN BRL	RON RUB SAR THB TRY

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Marketplace dynamics FY17

“Every job, every country, every language, every currency, at any time”

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• Over 1,000 job categories as diverse as Aerospace Engineering, Biotechnology, Sales, Manufacturing, Mechanical Engineering

• Complexity & sophistication growing each year

• Average completed project US$193 in FY17[3]

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1. Based on the number of completed projects that were posted in FY17.

2. Based on the value of project payments for projects that were posted in FY17.

3. Average amount paid per awarded project

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Revenue Model

Freelancer’s revenue is driven by users posting jobs – as a project or a contest

• For employers it’s free to post a project, free to review bids, free to talk and review samples

• 3% project commissions paid by employers when a project is awarded and accepted

• For freelancers it’s free to view projects posted, free to bid on projects, free to talk to employers and provide samples of work

• 10% project commissions paid by freelancers when a project is awarded and accepted

• Membership plans range from US$0.99 to US$59.95 a month, and provide additional features and benefits including increased bid limits, eligibility for preferred freelancer and high value project bidding.

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• Other value added services include project upgrades, crowdsourcing contests and upgrades, bid upgrades, transaction fees, certification fees and advertising

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Packaging Design

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Logo Design

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Label Design

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Mobile App Design

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Website Design

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3D Model

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3D Model

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3D Model

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Branding

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Poster Design

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Menu Poster

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Packaging Design

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Architectural Design

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NASA 3D CAD Model

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We push the boundaries of human innovation

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ENTRIES 7666 TO DATE

COUNTRIES 126 PARTICIPATING

FREELANCERS 4487 PARTICIPATING

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Contests

Get the perfect design by crowdsourcing your ideas

90 entries per contest on average 62% of contests receive an entry in an hour

Easily buy all your favorite entries at once

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Mobile

Stay productive on the go with Freelancer in your pocket

119% growth YoY milestones posted from mobile

Android application translated into Chinese and published in the Huawei app store

20% of good projects on average are now from mobile

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Local Jobs Find people in your area to help you

Find a freelancer with a skill and a location, anywhere in the world.

Average time to first bid reduced to 15 minutes. Globally.

Local jobs on average receive 5 bids. Globally.

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Collaboration

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Building better tools for employers and freelancers to work together

We built a more intuitive hourly billing system

Hours paid through automatic billing grew 54% YoY

70% of hourly projects set up automatic billing

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Recruiter

Leave the hard work of finding the perfect freelancer to an expert

Source the top 1% of Freelancers easily

The fastest way to find top talent on Freelancer.com

71% 2H17 growth in Recruiter project volume

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Messaging

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Connecting through the power of rich messaging

New inbox interface makes messaging immersive and easy.

36% of freelancers respond to chat within 5 minutes. 65% <1 hour. Globally.

We process billions of messages per annum between our users.

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Community

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High quality technical content written by our talented community

Articles continuously ranked on the first page of Google, with most of the readership from US

High quality technical content across a range of areas, written by 27m professionals

Over 2,500 articles shared on the platform, with 800 articles published in 2017 alone

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Payments

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Pay in, pay out within the Freelancer.com platform

Increased direct bank payout from Now supports all major payment 7 countries to 20+ methods in China

Local credit / debit card processing in Latin America

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Memberships Designed to increase freelancer success and earnings

Paytm support for Indian users purchasing memberships

100% YoY growth in Professional members earning

Freelancers can now pay for memberships on a discounted lock in annual contract

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Customer Experience

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Increasing user satisfaction on the Freelancer platform

Optimization of the Help Center Improvements are validated by the allowed us to service 30% more 8.7 TrustPilot rating

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users

NPS for support tickets at 63 (“excellent”)

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Freelancer Enterprise

Over 70% of Fortune 500 companies use Freelancer.com to get work done

Fast track workforce automation Private Freelancer Cloud and with a fully featured API Project Success Managers ensure quality work delivery

No fees - employer commissions are waived for volume clients

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Freelancer API

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Make an API call to the cloud workforce from your website, app or software

Built by developers, for developers. Automate your workforce at scale freelancer.com/api across the globe while cutting

A perfect companion to Freelancer Enterprise customers.

costs.

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Charity done right

A perfect companion for Freelancer Enterprise customers, the Freelancer API is perfect for large organisations doing big things.

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Food delivery

Why hire full time staff when you can simply make an API call to the cloud? You’ll never fire freelancers, because you only pay as you task them.

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Button for everything

Using artificial intelligence, Freelancer’s reputation system automatically ranks the best freelancers for the job based upon sophisticated algorithms.

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Services in an app

With existing SDKs for Python & Android, you can get started with the Freelancer API today. More SDKs and expanded support coming soon.

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Freelancer API
You are only limited by
your imagination.
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Over $3.5 billion of transactions protected through Escrow.com The world’s most secure payment method from a counterparty risk perspective

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Escrow.com is used to secure a wide range of transaction types

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Announcing the Escrow.com API

With no minimum fee and priced as low as 0.89%, the Escrow.com Platform API is cheaper than credit cards and other online payment methods.

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Beautiful Docs

Our step-by-step integration guides, code examples and centralized API reference make it simple to understand and easy to integrate so your can spend less time writing code.

Real-time Insights

Stay up to date on the progress of each of your transactions through our portal or use our webhooks to get real time granular updates on the progress of each transaction.

Versioning

Time to take control of your roadmap -- your integration will work the same as it does today as it will tomorrow.

Developers First

With a new developer portal, interactive documentation, and real-time dashboards, we are putting developers first. We can’t wait to see what your build!

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Superphonica - example Escrow.com API integration

Tight integration of Escrow.com is highly promoted as a key feature of Superphonica

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WooCommerce has 39 million downloads and powers 28% of all online stores *

Escrow plugin for WooCommerce

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• According to www.woocommerce.com

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Escrow.com highlights FY17

Significant investments in new acquisition technologies and improvements to website pain points

• Launch of Escrow Platform API - Payments for your website, marketplace, classified site, shopping cart or mobile app with no chargebacks, ever.

• Launch of API based plugin - released a plugin for Woocommerce, the most popular e-commerce platform for Wordpress, with 39 million downloads which powers 28% of all online stores.

• Improved payments and account backend - Rebuilt trust accounting from a legacy technical stack to state of the art payments architecture.

• Introduction of automation in payments processing - payments are now processed automatically through internal systems rather than manual processing.

• Improvements to KYC - introduced more rigorous Anti-money Laundering and KYC process and reduced the friction of verifying personal and company identities, with over 70% processed in less than 15 minutes and 90% in less than one hour.

• Improvements to trust and safety - creation of a new management system for all transaction and user based fraud and anti-money laundering rules.

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The #1 Internet Marketing Forum Since 1997

1,321,355+ USERS

10,292,883+ 1,027,109+ POSTS DISCUSSIONS

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~~Awards in 2017~~

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Technology focused entrepreneurial board with successful exits to major global corporations.

Board of Directors

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Chief Executive Officer & Chairman
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BE (Hons I) BSc (Hons I) GDipAppFin MAppFin MSEE (Stanford) GAICD SEP FIEAust Matt Barrie is an award winning technology entrepreneur. Matt was Adjunct Associate Professor at the Department of Electrical and Information Engineering at the University of Sydney where he taught Cryptography for fifteen years and, later, Technology Venture Creation. He is the co-author of over 20 US patent applications. Previously he founded and was CEO of Sensory Networks Inc., a vendor of high performance network security processors which sold to Intel Corporation (NASDAQ:INTC).

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Non-Executive Director
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BSc (Hons I) PhD (Computer Science) MAICD

Darren transitioned from Executive Director and Chief Technology Officer of Freelancer to Non-Executive Director in late 2015. In his time as an executive he was responsible day-to-day for strategic leadership of the company‘s operating and technical direction. Darren has experience in computer security, protocols, networking and software. Prior to joining Freelancer, Darren was a co-founder of Sensory Networks, where he held the roles of Chief Technology Officer and subsequently Chief Executive Officer. In 2013 Sensory Networks sold to Intel Corporation (NASDAQ:INTC).

Non-Executive Director

Simon is a founding investor of Freelancer. Simon has more than 17 years experience in high growth technology businesses in both Australia and the United States. His technical expertise includes proficiency in multiple software development languages, computer security and vulnerability analysis, and he is co-author and inventor of a number of technology patents. Simon founded and was CEO of PC Tools, which he grew to over $100 million in revenue, more than 250 employees and offices in 7 countries. PC Tools was acquired by Symantec Corporation (NASDAQ:SYMC) in October 2008 in one of Australia‘s largest ever technology acquisitions.

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Senior Management Team

Specialists in growth, finance, operations, infrastructure, international execution, compliance and engineering

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Amir Massoudi Director, Growth S.Eng, MSc (Computer Science)

Greg Robinson Vice President, Compliance ACI, SA Fin

Peter Phillips Vice President, Engineering BSc (Hons I) PhD (Computer Science)

Neil Katz Chief Financial Officer B Com (Hons) ACA EPGC (Stanford)

Neil Katz is the Chief Peter Phillips is Vice Amir Massoudi is a Greg Robinson is the Financial Officer at President of Director of Growth at Vice President of Freelancer and is Engineering at Freelancer. In this role, Compliance at responsible for the Freelancer. In this role, he oversees all Freelancer. Greg finance and he is responsible for revenue, product oversees the overall administration leading the global management, data compliance functions of the engineering teams science and customer environment within Company. and defining and operations. the Company. In this Neil has over 20 years executing the Amir holds a masters role, Greg is experience in finance, company's operating degree (by research) responsible for the accounting and and technical in Computer Science development and general management. direction. Peter has specialising in maintenance of the Neil has held CFO extensive experience Machine Learning and governance and roles at a number of in software Computer Vision from compliance risk technology engineering, scalable University of New programs to support companies, including infrastructure and IT South Wales. the business. Before IPscape, Threatmetrix, management. joining Freelancer, Sensory Networks and Greg worked for Aptrix. PayPal Australia as Head of Compliance.

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Sarah Tang Global Operations MSc (Wien) MA BCom (Queens)

Sarah Tang is in charge of operations at Freelancer, across its global footprint. She leads a diverse range of teams across operations, support, talent and human resources. Sarah is a Millennium and Cansbridge Scholar with a double degree in Strategy & Innovation Management. Her thesis explored how face-reading software can be applied to user-driven product research by training it to measure human cognition, emotions and psychology.

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Adam Byrnes Sebastián Siseles Senior Director, Director, International International JD (University of BE (Electrical) Buenos Aires) / MBA (Hons I) / BSc (University of (Adv) (Physics) Pittsburgh) / Marketing Diploma (FAECC, Argentina)

Adam Byrnes is Sebastián Siseles is responsible for responsible for expanding Freelancer creating, across the world, communicating, particularly into maintaining, and markets that are aligning the dominated by company's non-english native international speakers, such as expansion strategy for Asia and long-term. An Latin-America. He Argentine leads teams in public entrepreneur with an relations, content, MBA from the marketing and University of translation, and has Pittsburgh, Sebastián been responsible for has a background in launching Freelancer‘s law specialising in websites corporate finance and internationally, M&A. including 53 dedicated regional sites and 34 languages.

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Outlook Statement 2018

Freelancer has a firm foundation for revenue growth in FY18 and a clear path to profitability

• FY17 was a challenging year and already FY18 is looking brighter

• For Freelancer.com, marketplace health is improving and growth is returning to trend. We are excited in particular about the build out of collaborative tools, usability improvements, mobile, performance, managed service, API and enterprise offerings.

• For Escrow.com, China volume has returned to trend and while volume has churned due to a more rigorous AML/KYC program, we are highly optimistic about opportunities and growth with the new Escrow.com API and ecosystem we are developing around this API

• We will increase profitability to above breakeven in FY18

• Freelancer’s marketplace business is acyclical. The global financial crisis led to the original emergence of the online crowdsourcing and freelancing industries

• Employers looked online to hire freelancers rather than full time staff

• Workers looked to the Internet to find new sources of employment

• The potential for significant macroeconomic volatility provides further additional upside to Freelancer’s opportunities

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Unique Investment Thematics

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Freelancer Limited (ASX:FLN) is a unique exposure to:

• Massive market: $5 trillion TAM

• The on-demand and crowdsourced economy

• Increasing internet penetration of emerging markets

• Rising sophistication in emerging markets labour

• Software & mobile eating the world

• Structural imbalances in global labour markets

• Thrives in economic crises

• Incredibly deflationary

• Fintech & transition of global commerce to online (Escrow.com)

• Global Income (>95% of revenue is outside Australia: USD, GBP, EUR, CAD, etc.)

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Freelancer Limited INDUSTRY DRIVERS

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The other 50% of the world’s population are about to join the Internet.

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It’s 2018

The other four billion are connecting to the Internet at a tremendous pace

• :

• World population[1] 7,634,757,932

• Number on the Internet: 4,050,247,583 (51.8%)

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North America
Europe
346 million users
700 million users
95% penetration
85% penetration
Asia
2.0 billion users
47% penetration
Africa
412 million users
Latin America
32% penetration
425 million users
65% penetration
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1. Source: Internet World Stats (to 31 December 2017)

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1. International Telecommunications Union (https://www.itu.int/en/ITU-D/Statistics/Documents/facts/ICTFactsFigures2015.pdf)

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Software is eating the world

“We are in the middle of a dramatic and broad technological and economic shift in which software companies are poised to take over large swathes of the economy”[1]

• ●Every industry is being disrupted rapidly, and becoming dominated by software companies

• ●White collar job functions are all headed to software, and moving into the cloud

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Advertising

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Physical

Telecommunications

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Software

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Physical

Software

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1. Marc Andreessen, Wall Street Journal, Why Software is Eating the World, 20 August 2011.

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Developing world self-educating to raise socio-economic status

The wealth of human knowledge is available online

• ●Five billion people live on $10 a day or less

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• ●The first thing they are looking to do online is raise their socio-economic status

• ●But it’s never been easier to learn a trade

• ○The wealth of human knowledge is available online

• ○A revolution is also occurring in online education: Coursera, Udacity, Khan Academy, edX

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• ●The other 4 billion are rapidly self educating

• ●$10 per day to $10 an hour+

• ●86% of users of top 10 US sites are already foreign

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• ●Twice as many Chinese on the Internet as Americans[2]

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1. Source: comScore Global, 8/11.

2. Source: International Telecommunications Union, ICT Facts and Figures 2013; CNNIC, 31 December 2012.

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~~The world is repeating itself 20 years later~~

DEVELOPED DEVELOPING WORLD WORLD PRODUCTS SERVICES

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Freelancer Limited HOW BIG IS THE MARKET?

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“160 million jobs, or about 11% of the

**supply” ***

• McKinsey Global Institute, The Emerging Global Labor Market, Part I: The Demand for Offshore Talent in Services.

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Estimated demand for Web Design services (mid-high OECD)

Freelancer’s global web design revenue opportunity estimated as $2.7 billion per annum ($10.5b GPV)

• ●Freelancer’s estimated global web design revenue opportunity at c.$2.7 billion ($10.5b GPV).

• ●This is as a replacement of existing business only- there is also potential upside from opening up of new demand from lower cost labour services

• ○e.g. for the first time, a café can get a website for c.$100

• ●Indicative calculation:

• ○web design in the US alone is US$20 billion + industry[1]

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• ○wages constitute US$12 billion of this

• ○more than 50% of software engineering jobs can be outsourced at 30% of US wages[2]

Comparison of hourly labour cost , index (US = 100)[2]

• ○US$1.74 billion in wages outsourced @ 26% take rate = c.A$620 million revenue opportunity for Freelancer in the US (Total Available Market)[4]

• ○there are 28 million small businesses in the US, but at least 96 million more in other mid-high income OECD countries[3]

30% of US labour cost

• ○from this we estimate the global opportunity is (96+28)/28 = c.4.4x larger than the US market

• IBISWorld, “Web Design Services in the US” (August, 2013).

• McKinsey Global Institute, “The Emerging Global Labor Market: Part III: How Supply and Demand for Offshore Talent Meet” (June, 2005). 3. Based on 28m SMEs in the US, 96m MSMEs outside the US in mid-high income OECD countries. 4. Based on AUD/USD exchange rate of 0.73.

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Estimated demand from mid-high income OECD SMEs

Global small business revenue opportunity estimated as $38 billion per annum (602 million projects, $135 billion GPV)

• ●There are about 28 million small businesses in the US

• Estimated global TAM from MSME market of c.$38 billion (A$135 billion GPV, 620 million projects)

• ○22 million of these are informal non-employers (yet generate >$1 trillion per annum in revenue)[1]

  • ●This excludes another 100m+ informal (unregistered) MSMEs in high income nations globally including non-employer firms, sole proprietors and partnerships which could add materially to Freelancer’s revenue opportunities

• ●US job posters who posted more than one project posted on average 4.97 projects in 2016[2]

• ●Average project size in FY16 was US$167, generating revenue of $47 to Freelancer (28.3% monetisation rate)[2]

• ○Implies A$8.6 billion TAM (A$30.4 billion GPV, 140 million projects) from US SMEs

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420-510
million
MSMEs
globally [3]
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• ●But there are 420 – 510 million micro, small and medium enterprises (MSMEs) globally[3]

• ●96 million are formal employer MSMEs outside the US in mid-high income nations[4]

• ○Additional A$29 billion TAM (A$104 billion GPV, 480 million projects)

• US Government, Small Business Administration Office of Advocacy.

• Based on Freelancer internal statistics. Average paid value of completed project was US$167 in FY16. Monetisation rate = $45.2m / 160m = 28.25%

• McKinsey Global Institute, “Two trillion and counting: Assessing the credit gap for micro, small, and medium-size enterprises in the developing world” (October, 2010).

• World Bank Statistics, International Finance Corporation. Excludes informal MSMEs including non-employer firms, sole proprietors and unincorporated partnerships.

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Estimated demand from consumers

Product marketplaces as proxy of consumer demand indicates TAM of US$106 billion (2b projects, US$390b GPV)

85 Source: Company reports, Bloomberg, Statistica, Nasdaq. 1 Actual year end 31 December 2017 2 Based on analyst estimates 3 Google Finance 31 December 2017 4 Trailing 12 months as at 30 June 2017, company disclosure ~400 millionactive consumers on average across eBay, Amazon and Alibaba 170 million active consumer buyers on eBay (sellers are SMEs) Taking 170m buyers as consumer proxy 5 projects / user US$193 / project 27.5% take rate GPV of US$390 billion Global Total Available Market (TAM) US$106 billion (2b projects) 2017 Revenue US$9.6 billion1 US$178 billion1 US$158 billion3 2017 GMV/GPV US$88.4 billion US$300+ billion2 US$500+ billion4 2017 Users 170 million active buyers 300+ million active buyers 488 million active buyers Geography Global Global Predominantly China

Estimated supply of professional labour in the developing world

370 million people, or 10% of the 3.7 billion working age population in the developing world have a tertiary qualification

• ●2010 global working age population: 3.7 billion, labour force: 2.9 billion[1]

• ●There are 220 million people with a tertiary degree between India, China, Brazil, Philippines, Malaysia, Indonesia, Egypt, Sri Lanka and Nigeria

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  - ●c.5 billion people to join the Internet over next decade that earn <$10/day

  - ●They have very little assets however are educated and can sell their services

• ●2030 predicted global labour force: 3.5 billion[1]

• ●Of the 3.7 billion working age in the developing world in 2010:

• 1.7 billion (46%) have a secondary education

• 370 million (10%) have a tertiary education

• ●In the Philippines, tertiary education rose from 9% to 22% (13m) 1980-2010

• Brazil, China, India @ 7 to 9%, yet produce c.5m STEM grads per annum[3]

• McKinsey Global Institute: The World at Work: Jobs, Pay and Skills for 3.5 Billion People (June 2012)

• ●Freelancer.com is the first stop on the Internet for these people to raise their wages from $10/day to $10/hour +

Educational attainment (2010)

% working age population; million people[1]

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1. McKinsey Global Institute, The Emerging Global Labor Market 2005, Part I: The Demand for Offshore Talent in Services 3. Accenture Institute for High Performance: Where will all the STEM talent come from? (May 2012)

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Estimated demand from Local Jobs in the US

Freelancer’s expansion into 100 categories of Local Jobs expands the total addressable market by up to $800 billion

• ●Online services is already a huge market, with enormous future potential

• ○McKinsey Global Institute has estimated that “160 million jobs, or about 11% of the projected 1.46 billion services jobs worldwide, could in theory be carried out remotely, barring any constraints in supply”

• ●In the US alone, the temporary labour market is estimated to be in the order of $100 billion[1]

• ○MBO Partners[2] also found that in 2013 in the US there were 17.7 million independent workers

• ○these generated $1.2 trillion in total income per annum

• ○Angie’s List estimates the home services industry, which includes electricians, plumbers, dog walkers and other manual labour, alone is worth $400 billion per annum

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• ○others put it at $800 billion per annum[4,5]

• http://www.theverge.com/2012/7/23/3177860/taskrabbit-13-million-funding-peer-to-peer-labor-market-zaarly-done-exec

• http://info.mbopartners.com/rs/mbo/images/2013-MBO_Partners_State_of_Independence_Report.pdf

• http://www.fool.com/investing/general/2015/04/03/does-a-market-exist-for-amazoncom-incs-home-servic.asp 4. http://www.nytimes.com/2015/04/13/technology/amazon-google-and-more-are-drawn-to-home-services-market.html?_r=0

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~~Important Notice and Disclaimer~~

This presentation has been prepared by Freelancer Limited (ACN 141 959 042) ( Freelancer or the Company ). The information contained in this presentation is current at the date of this presentation. The information is a summary overview of the current activities of the Company and does not purport to be all inclusive or to contain all the information that a prospective investor may require in evaluating a possible investment. This presentation is for general information purposes and is not intended to be and does not constitute a prospectus, product disclosure statement, pathfinder document or other disclosure document for the purposes of the Corporations Act 2001 (Cth) ( Corporations Act ) and has not been, and is not required to be, lodged with the Australian Securities & Investments Commission. The material contained in this presentation is not, and should not be considered as, financial product or investment advice. This presentation is not (and nothing in it should be construed as) an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security in any jurisdiction, and neither this document nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor which need to be considered, with or without professional advice, when deciding whether or not an investment is appropriate.

This presentation contains information as to past performance of the Company. Such information is given for illustrative purposes only, and is not – and should not be relied upon as – an indication of future performance of the Company. The historical information in this presentation is, or is based upon, information contained in previous announcements made by the Company to the market.

distribution of this presentation in jurisdictions outside Australia may be restricted by law. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

Non-IFRS information

This presentation includes certain financial measures that are not recognised under Australian Accounting Standards ( AAS ) or International Financial Reporting Standards ( IFRS ). Such non-IFRS financial measures do not have a standardised meaning prescribed by AAS or IFRS and may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. The information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. Freelancer uses these measures to assess the performance of the business and believes that information is useful to investors. Gross Payment Volume, EBITDA, and EBIT have not been audited or reviewed. Recipients are cautioned not to place undue reliance on any non-IFRS financial measures included in this presentation.

All references to dollars are to Australian currency unless otherwise stated.

To the maximum extent permitted by law, Freelancer makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of any information contained in this document. To the maximum extent permitted by law, Freelancer shall have no liability (including liability to any person by reason of negligence or negligent misrepresentation) for any statements, opinions or information (express or implied), arising out of, contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded.

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