IODM LIMITED — Capital/Financing Update 2021

Aug 4, 2021

ASX Announcement

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5 August 2021

Further Revenue Opportunity from the WUBS Partnership Agreement

Key highlights

• IODM expands services to a second United Kingdom University through the Western Union Business Solutions “WUBS” contract.

• The university has more than 5,500 International students resulting in an opportunity of $465,000-$780,000 for IODM per annum

IODM Limited (ASX:IOD, “IODM” or “the Company”), a cloud-based software solution that revolutionises business cash flow management is pleased to announce that it will be providing its offering to a further education client of WUBS in the United Kingdom, the revenue from which is expected to be between $465,000-$780,000 per annum. The revenue is dependent on the number of students that pay their tuition fees and accommodation through the payment’s platform.

The expected revenue has been modelled by IODM using WUBS’s historical revenue numbers, which includes historical platform usage numbers, while factoring in risks around Covid 19 and how that may affect international student numbers in the United Kingdom.

IODM’s contract with WUBS (announced 30 June 2021) enables WUBS to engage with its existing and new clients via a service level agreement “SLA”. In this instance, the SLA is for an initial term of twelve (12) months and will take effect upon the completion of integrating the IODM software, which is expected to be 30 September 2021. While the contract is for a rolling twelve (12) month term, either party can terminate with thirty (30) days’ notice after twelve (12) months.

The contract with WUBS results in IODM receiving a percentage of the Foreign Exchange transactional revenue derived by WUBS through the new commercial agreement. This now in conjunction with the last signing announced on 30 June 2021, constitutes an expected increase of approximately $660,000-$1.28m per annum in revenue, with actual revenue dependent on the number of students that pay through the payments platform. IODM has no commercial arrangement with the end user university.

IODM CEO, Mark Reilly said , “This announcement further justifies the time taken to ensure that the target market for our product was defined in a manner in which we could use all available distribution channels to accelerate the business. We are buoyed by the continual support of WUBS and the adoption of our product in the education sector. While we incur no cost on the acquisition of these clients, we will invest further cashflow into the region as it comes to hand.”

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IODM Limited ABN 28 102 747 133 Level 23, 385 Bourke Street, Melbourne, VIC, 3000 www.iodm.com.au

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About IODM

IODM is a leading accounts receivable (AR) solution that utilises digital technology to optimise automation. IODM’s solution provides an end-to-end AR process that supports customers with invoicing, query management, payment reminders, escalation, analytics and more. IODM’s solution drives increased client productivity and timely payments while reducing costs and minimising human error. The solution is a customisable application that seamlessly integrates with any accounting ERP software package. IODM operates globally and is headquartered in Melbourne, Australia. To learn more, please visit www.iodmconnect.com

For more information, please contact:

General enquiries

Corporate Communications Tony Smith Tony.Smith@iodm.com.au

This announcement is authorised by IODM’s Board of Directors

IODM Limited ABN 28 102 747 133 Level 23, 385 Bourke Street, Melbourne, VIC, 3000 www.iodm.com.au