HUMM GROUP LIMITED — Capital/Financing Update 2020

Nov 30, 2020

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1 December 2020

humm announces proposed JV with neobank Douugh to enter U.S.

• Joint venture (“ JV ”) will see neobank Douugh deliver a Douugh “powered by humm branded buy now pay anywhere solution into the U.S. market

• First proposed joint venture generated by humm ventures – an initiative to explore new and innovative ways to rapidly expand the global reach and distribution of humm ’s capabilities and technology

• JV is conditional on a number of customary conditions

• humm is also making a strategic investment of $2.5 million[1] in Douugh to support research and development, marketing and growth

humm group limited (ASX: HUM) (“ humm ”) is pleased to announce it has today entered into a nonbinding Memorandum of Understanding with neobank Douugh (ASX: DOU) to launch a Douughbranded buy now pay anywhere feature into the U.S market in 1H22, through a proposed joint venture (more details are provided below). Douugh will utilise humm ’s technology platform to manage a line of credit up to US$1,000 to eligible customers through a dedicated ‘Credit Jar’ on Douugh’s platform and virtual Mastercard, allowing customers to meet urgent expenses and pay back over six weekly instalments.

Douugh is a purpose-led fintech, taking a proprietary artificial intelligence (AI)-first approach to disrupting the business model of banking, helping customers better manage their money and experience better financial health. It’s developing a subscription-based financial wellness platform, which helps customers spend wisely, save more and build wealth via a smart bank account and Mastercard debit card. On 17 November 2020 Douugh announced the official launch of its financial wellness app in the United States, after a successful 18-month beta trial.

This is the first proposed joint venture generated by humm ventures , an initiative to explore new and innovative ways to rapidly expand the global reach and distribution of humm ’s technology and capabilities. It comes two weeks after humm ventures announced its first strategic partnership with Mastercard to work with Mastercard’s partners to drive adoption of bundll and support development.

humm CEO Rebecca James said:

“Through our proposed joint venture with Douugh, we are taking our first steps into the United States as a company. At the same time, we are demonstrating how humm ventures can create innovative and novel ways to take humm ’s world class technology and capabilities to expand its relevance and distribution. As Australasia’s bigger buy now pay later partners with America’s newest neobank, we are proving that we can take what we have learned locally and apply it on the global stage, disrupting the payments industry and providing

1 All amounts are Australian dollars unless expressed otherwise.

humm group limited ACN 122 574 583 Level 7, 179 Elizabeth St, Sydney NSW 2000 Tel.+61-2-8905-2000

better customer experiences across the world.”

To support the development and execution of this initiative, humm is also making a strategic investment of $2,500,000 as part of Douugh’s capital raise. The investment is at an issue price of $0.22 per share.

The proposed joint venture is subject to:

• completion of due diligence by both parties;

• humm and Douugh entering into a formal binding agreement setting out the full terms of the JV including term, fees, and commencement date

• entering into a licensing agreement with Douugh’s US banking partner; and

• Douugh’s platform being fully operational.

humm will update the market on entering into any formal binding agreement with Douugh.

Authorised for release by the humm Board of Directors.

-ENDS-

Investor Relations Contact

Media Contact

Suk Hee Lee – Head of Investor Relations Roger Newby – Domestique Consulting +61 433 343 888 +61 401 278 906

ABOUT HUMM

humm is a diversified full service payments company with leading offerings in buy now pay later, revolving credit and SME finance. Serving a broad footprint of millennial spenders, through to young families and small and medium businesses, it facilitates purchases for over 2.2 million customers.

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