OPENLEARNING LIMITED — AGM Information 2023

May 30, 2023

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ASX Announcement | 31 May 2023

AGM Presentation

Sydney, Australia, 31 May 2023: Global lifelong learning platform OpenLearning Limited (‘the Company’) (ASX: OLL) provides the 2023 AGM Presentation for the Annual General Meeting to be held at 2pm AEST today, as required by ASX Listing Rule 3.13.3.

Ends.

Authorised by:

Adam Brimo Group CEO & Managing Director

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For further information, please contact:

Company

Investor Relations

Nova Taylor Matthew Reede Joint Company Secretary Dominion Partners P: +61 3 8678 4091 P: +61 414 483 054 E: investors@openlearning.com E: matt@dominion.partners

About OpenLearning

OpenLearning Limited is a higher education technology company that provides a scalable online learning platform to education providers and a global marketplace of world-class courses for learners of all levels.

OpenLearning’s platform enables the delivery of project-based, social learning to encourage interaction among users and foster a community of collaborative learners. The Company’s unique service provides a complete learning environment for all types of online education - from short courses through to microcredentials and online degrees.

With more than 3 million learners worldwide across over thousands of courses provided by over 250 education providers, OpenLearning is at the forefront of a new wave of online education delivery.

To learn more, please visit: https://solutions.openlearning.com/

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OpenLearning Limited (ASX: OLL) 1
ACN 635 890 390 • Phone: +61 2 8294 9686 • Web: www.openlearning.com
Address: Level 2, 235 Commonwealth Street, Surry Hills NSW 2010, Australia
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AI-POWERED SAAS PLATFORM FOR LIFELONG LEARNING

OpenLearning Limited (ASX:OLL)

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Annual General Meeting

31[st] May 2023

Your Board of Directors

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Spiro Pappas Non-Executive Chairman

Spiro is the former executive GM of Global Institutional Banking at NAB & CEO of NAB Asia. Spent over 13 years in London and NY, including 11 years with ABN AMRO where he managed a number of global businesses. Spiro is currently the Chairman of Atlas Iron and OpenInvest. He is also a NED of DataMesh Group, Cognian Technologies, BrewAI and Football Australia.

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John Merakovsky Independent Director

John is veteran of the technology industry, served as the former CEO of Flybuys, and the former CEO of ASX-listed Integrated Research Ltd. Prior to that, he was the GM of Seek Learning. John started his career in EdTech sector as the founder and CEO of a leading provider of enterprise learning solutions that was acquired by Talent2.

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Adam Brimo

Managing Director & Group CEO

Adam started his career at Macquarie Group and Westpac Institution Bank before founding OpenLearning with fellow UNSW computer science and engineering graduate David Collien and

renowned Prof. Richard Buckland in 2012. Adam was recognised in Forbes 2017 30 under 30 in Asia Consumer Technology and has been added to the Pearcey Foundation Tech Entrepreneur Hall of Fame.

Rupesh Singh

Non-Executive Director

Rupesh is the founder and CEO of Education Centre of Australia (ECA). ECA is one of Australia’s largest diversified, multiple-sector education groups that partners with universities from Australia, UK and India, offering end-to-end services to 7,000 students per year from academic delivery to employment opportunities.

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Chair’s Address Spiro Pappas

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FY22 Review

Focus on Platform SaaS business

In FY22 we restructured our sales teams and centralised our operations offshore to focus on platform SaaS

Focused on growing annual recurring revenue from major institutions

The profile of the Group’s revenue is now stronger and more reliable

Cost Optimisation Program Completed

FY22 cost optimisation was significant and yielded annualised savings of circa $3.3 million[1] , one third of business expenses

Early signs are that SaaS revenues continue to grow under a lower cost base as we leverage our technology

Capital

Management

Education Centre of Australia (ECA) took a significant stake in the business

This consolidated our share register and will enable us to expand into India with a trusted partner

Note: 1. Based on the annualised difference between Q4 2021 and Q4 2022 actual operating expenses and cost of sales associated with platform subscription. All cost optimisation initiatives completed in Q3 2022, cost saving benefits was only partially reflected in FY22 financials.

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FY23 Recent Developments

Platform SaaS Revenue Significant Customer International Continues to Grow Interest in AI Expansion into India Our platform SaaS revenue Release of the AI Assistant Agreement with ECA to growth rate has pilot generated significant launch OpenLearning India accelerated to 19% in Q1 customer interest with over FY23 while the group’s cost 1,000 registrants at the Sales and marketing efforts base continues to fall as a recent demo webinar are underway and the result of ongoing cost course marketplace is live controls Large universities are already piloting the features Multiple further releases are planned for this year

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CEO’s Address Adam Brimo

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2012
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Founded in Sydney, Australia

AI-Powered SaaS Platform for Lifelong Learning

2019

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2020
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2021
2022
2023
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Listed on Australian Stock Exchange ( ASX:OLL )

Launched OpenCreds Micro-credential Framework in Australia and Malaysia

Launched the UNSW Transition Program Online for students to gain entry into 10 universities

Strategic investment from ECA , completion of cost optimisation and strategic review

Expansion into India in partnership with ECA and the launch of OpenLearning’s AI Assistant

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5+ million 3.4 million 225
10,000+ 165 100+ million
Enrolments Learners Active education
Courses Countries Peer interactions
providers []
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Note: Stats as of March 2023.

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*The number of paying customers who subscribe to the platform

FY22 Financial Highlights

16% $1.72m

Dec FY22 Platform SaaS ARR

10% $3.17m Group Revenue

16% ($5.6m)

FY22 Net Loss

245

20%

FY22 SaaS Customers

16% ($8.5m)

FY22 Total Operating Costs

• Cost optimisation is only partially reflected in FY22. It includes a 37% decrease in cloud hosting costs

• Decrease in group revenue in part as a consequence of focusing on Platform SaaS

• Revenues derived from the UNSW Transition Program Online (TPO) declined 36% due to lower international student numbers

• Restructured TPO, resulting in reduced delivery costs and reduce break-even point by c.40% from FY23 onwards

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Leveraging technology at scale

Key metrics summary

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+19% $1.79m
$1.50m
$1.42m
$1.05m
Q1 2020 Q1 2021 Q1 2022 Q1 2023
SaaS ARR Hosting costs (annualised)
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• SaaS ARR grew strongly at 19% YoY to reach $1.79m in Q1 2023

• CAGR of 19% since Q1 2020

• Average revenue per customer increased strongly to $7,948 in Q1 FY23, 36% growth from Q1 FY22

• Hosting costs reduced 50% since 2021

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Focusing on platform SaaS has led to robust ARR growth even amid cost reductions, demonstrating our ability to leverage technology at scale.

1. ARR (annualised recurring revenue) is calculated based on multiplying the December monthly accrued SaaS revenue by 12. The ARR calculation does not take into account the future expiry of the term of any contract under which SaaS revenue is generated by any customers lost during the relevant month.

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Our flywheel: AI-powered lifelong learning platform that closes the loop between education and employability

Talent Search to connect learners with career opportunities at scale

Skills demand / future of work insights (enable learning, upskilling rediscovery)

Measurable learning outcomes and authentic assessment

Portfolio of skills, evidence, competencies and digital credentials to combat usage of generative AI by learners

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Employment Learning
Superior talent More courses, more
matching engaged learners
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Assessment Discovery
Proof of skills More upskilling
opportunities
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Socially constructive learning experiences, community of practice and project-based activities

AI-powered course authoring environment and delivery tools that improve efficiency and outcomes

A large number of quality courses for learning and upskilling

Learning pathways to enable skills transformation in people at scale

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Delivering through three phases

Value

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3. Talent Search
2. Generative AI-layer for
Education Providers
1. Learning Platform
Current 2023 - 2024 2025
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Grow B2B Platform SaaS business in existing markets and expand to new markets through reseller distribution partnerships

Integrated generative AI-layer within the platform to drastically accelerate content authoring, learning design and facilitation

Enable employers to search for candidates using AI that leverages the platform’s skills data and learner profiles

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AI is a Game Changer for EdTech

We’ve launched AI Powered tools to address one of biggest challenges faced by education providers – content authoring

• Short courses may take 1-2 weeks to develop

• University length course may take up to 2 months to develop

• Course development costs are between $5,000 to $30,000

OpenLearning’s AI-powered course creation tools are a paradigm shift for educators and learning designers, significantly reducing course creation and development times

Strong interest from customers

• Recent webinar demonstration attracted >1,000 registrations with a surge in sales enquiries

• Pilot program now extended to 14 customers due to high demand

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Embedded Generative AI delivers superior results

Consumer Generative AI Tools

Embedded Generative AI in Platforms

Domain/Industry knowledge

• General purpose consumer tools

• Prompt engineering required for quality output

• Domain-specific fine-tuning of prompts and models

• ● Ability to reason about platform features

Data ownership, privacy and security

• Varies, data often used for model training

• Data remains private, audit trail available

• ● Clear policies on data ownership

Limitations on usage

and availability

• Often have low limits for prompts and output

• Relatively higher limits based on underlying generative AI technology

Examples

Foundational Large Language Models

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GPT-4
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API
Powered by GPT-4
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At the forefront of embedding Generative AI; transforming the economics of education

• Launched OpenLearning’s AI Assistant, the first of many AI enhancements to the Platform for education providers

• Humans are always the decision makers, deciding on which actions to take and approving AI suggestions

• Powered by GPT-4 from Microsoft Azure’s OpenAI Service, these tools will generate course content and learning activities in line with OpenLearning’s educational philosophy and best practices

• AI Assistant provides tailored suggestions to educators, helping them to create more engaging and effective learning experiences in a fraction of the time

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We believe that Generative AI can increase the quality of education and improve productivity for education providers

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Generative AI: First to market & moving fast

We are developing a complete suite of embedded Generative AI tools for educators

AI version release pipeline plan FY23-24

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BETA
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Activity creation following best-practices with learning design templates

Course structure, curriculum and learning outcomes ideas

Content generation for Module structure and activity various content types scaffolding suggestions Suggestions for learner Marking rubric design and feedback based on their posts assessment suggestions and context

Marking rubric design and assessment suggestions

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India: A massive market for online education

India has one of the world's largest higher education sectors : 1,043 universities, 42,343 colleges, and 11,779 stand-alone institutions[1]

College-age population, projected to reach 126 million by 2026

The government aims to increase India's higher education enrolment ratio from 27%[2] to 50% by 2030[3]

Capacity constraints mean that online learning will be central to this aim

1. https://www.education.gov.in/sites/upload_files/mhrd/files/statistics-new/aishe_eng.pdf. 2. Enrolment ratio measures total enrolment in HE as a % of the eligible college-age population. 3.

“India Economics Strategy to 2035 – Navigating From Potential to Delivery”, Australia Department of Foreign Affairs

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Entry to the Indian market in progress

Launched OpenLearning India with ECA partnership

OLL’s SaaS Platform and a marketplace of short courses, micro-credentials, and online degrees are now available to the India and sub-continent

ECA drives sales, marketing and distribution of the SaaS Platform and OpenLearning operates and provides technology support

OLL to receive 50% SaaS platform subscription revenues and 5% of gross marketplace enrolment fees

A dedicated salesforce in India is being established by ECA, leveraging existing relationships with Indian institutions. Sales meetings with large Indian institutions have taken place and are in progress

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FY23-24 strategic priorities to accelerate the pace to break-even

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JUN DEC JUN DEC
2023 2023 2024 2024
Continue to grow Platform SaaS business in Australia and Southeast Asia
Core
Enhancement
Control costs and improve gross margins
Launch and grow OpenLearning India with ECA partnership, focusing on:
Geographic • Reseller distribution for SaaS Platform
Expansion • Marketplace for short courses, micro-credentials and degrees
Launch, iterate and enhance AI tools
Generative AI for content authoring
for education
providers
Expand generative AI tools across the platform
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Q & A

Disclaimer

This presentation has been prepared by OpenLearning Limited ( The Company ). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this presentation, or any information provided in connection with it, as financial product advice or advice relating to legal, taxation or investment matters.

This presentation and the information contained herein and all electronic and/or hard copy documentation which comprise it are being provided to you solely for your information and may not be copied, reproduced, distributed, disclosed or published, in whole or in part, to any other person for any purpose whatsoever at any time without the prior written consent of the Company. This presentation is not an offer to any person nor is it a prospectus.

The Company has prepared this document based on information available to it at the time of preparation. No representation or warranty (whether express or implied) is made by the Company or any of their officers, advisers, agents or employees as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or provided in connection with it, or any omission from this presentation, nor as to the attainability of any estimates, forecast or projections set out in this presentation.

This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals.

This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The Company reserves the right to update, amend or supplement the information at any time in their absolute discretion (without incurring any obligation to do so).

The Company, nor their related bodies corporate, officers, their advisers, agents and employees accept any responsibility or liability to you or to any other person or entity arising out of this presentation including pursuant to the general law (whether for negligence, under statute or otherwise), or under the Australian Securities and Investments Commission Act 2001, Corporations Act 2001 (Cth), competition and any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded.

Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in the Company.

This presentation contains reference to certain intentions, expectations, future plans, strategy and prospects of the Company.

Those intentions, expectations, future plans, strategy and prospects may or may not be achieved. They are based on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No representation or warranty, express or implied, is made by the Company, or any of their directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved.

Given the risks and uncertainties that may cause the Company actual future results, performance or achievements to be materially different from those expected, planned or intended, recipient’s should not place undue reliance on these intentions, expectations, future plans, strategy and prospects. The Company does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended.

This document does not constitute any part of any offer to sell, or the solicitation of any offer to buy, any securities in the United States or to, or for the account or benefit of any “US person” as defined in Regulation S under the US Securities Act of 1993 (Securities Act). The Company shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to any US person without being so registered or pursuant to an exemption from registration including any exemption for qualified institutional buyers.

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Authorised by: Adam Brimo Managing Director & CEO

Investor Relations

Matthew Reede Dominion Partners Matt@dominion.partners