SIMBLE SOLUTIONS LIMITED — AGM Information 2022

May 19, 2022

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ASX ANNOUNCEMENT

20 May 2022

ANNUAL GENERAL MEETING PRESENATIONS

In accordance with the ASX Listing Rules, the Executive Chairman’s Address to the Annual General Meeting (“ AGM ”), is appended.

This announcement has been approved for release by the Board of Directors.

Kim Clark Company Secretary Ph: 0448 690 364

Simble Solutions Limited Level 2, 383 George St Sydney 2000 P +61 2 8208 3366 E hello@simble.io

Simble Solutions Limited ABN: 17 608 419 656

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Chairman’s Address to Shareholders 2022 Annual General Meeting

Ladies and gentlemen, my name is Ben Loiterton and I am the Chairman of Simble Solutions Limited, and I will be addressing you today at our 2022 Annual General Meeting.

Last week it was announced that I have been appointed by the board as interim Executive Chairman following the resignation of the Company’s CEO, Ronen Ghosh, which was effective from 10 May 2022.

After two and a half years of determined efforts at Simble, including two years as Chief Executive Officer, Ronen has transitioned to the role of part-time Chief Financial Officer to ensure continuity of this critical function.

The Chief Executive Officer role will not be filled immediately, but in due course, following the company’s ongoing strategic review process. As Executive Chairman I will over-see the Company’s operations and the strategic review process for an interim period.

Year in Review

The Financial Year 2021 (ending 31[st] December 2021) was another very challenging year for the Company. While lockdowns and border closures had a significant impact on business activity, the performance of the business has been nonetheless very disappointing.

Sales targets were not met, new software products cost more, and took longer to develop and deploy, than expected, and our strategic focus has been distracted by managing two business units across both Australia and the United Kingdom. Partly this has been due to a lack of resources to properly invest in the required sales and technical personnel, but also arises from a frustrating lack of customer traction with some of our products.

This performance has followed disappointing outcomes during the previous two years, and as such the board has resolved to implement a strategic review. This program is underway and includes decisions to cut costs further, streamline operations, implement internal efficiencies, ensure a determined focus on revenue traction and customer acquisition, and to consider corporate transactions to maximise shareholder value.

Paradoxically your Company operates in a very relevant and contemporary growth sector. The world is captivated by the need for global climate action. Businesses and organisations everywhere are talking about pathways to carbon-zero. Energy markets and electricity networks are being totally disrupted by increasing renewable energy and the retirement of fossil fuel generation. Rising energy prices are once again front page news, and customers,

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business stakeholders and the political class are demanding proof of energy efficiency and carbon-neutrality.

Simble’s key software offerings directly address this colossal challenge:

CarbonView is a comprehensive SaaS platform to enable our business customers to measure carbon emissions, understand the results, set a strategy and take actions to reduce carbon footprints. This is good for our client’s brands, ensures compliance ahead of expected mandatory carbon reporting, and ultimately good for the planet. See www.carbon-view.com

SimbleSense is a suite of energy analytics solutions which empower our customers to monitor, manage and control electricity usage in buildings and factories. This software is often partnered with solar panel generation or LED lighting installations to prove efficiencies or measure power generated and saved. See www.simbleenergy.com

To some degree our products have been ahead of their time. There are challenges with the cost and customer implementation of the energy products. There are great opportunities for the carbon products, but there have been obstacles to customer acquisition.

The Company is determined to overcome these hurdles and build revenues in the year ahead through more effective sales and pricing processes. The market demand for these systems is obvious and quickly emerging.

Financial Results

During 2020 the Company had achieved considerable annual cost savings. However, from mid-2021 the Company deliberately increased expenses to invest considerable resources in the development of the Carbon View software platform, as well as hiring new sales and salessupport team members.

Notwithstanding, our annual net loss improved slightly compared to FY20. Net Loss for the 12 months to December 2020 was $1.26m, but for the 12 months to December 2021 Net Loss was $1.17 million, an improvement of 7.3%.

Annual Total Cash Operating Expenses for the 12 months to December 2020 was $3.4 million, but for the 12 months to December 2021 these outgoings were $2.9 million, which represents an overall reduction in operating overheads of around 16%.

CarbonView Revenues increased by 38% to $153k in 2021, from $111k in 2020. This was due to new CarbonView customers including David Brown Limited and A2EP. SimbleSense revenues increased by 6% to $824k from $779k in 2020. This was driven by a push into the solar installer sector that has resulted in increased hardware & installation revenues. Other income was down by 50% to $242k from $483k in 2020 due to reduced R&D grant income such that Total Revenues for the year decreased by 14% to $1.706m from $1.975m in 2020.

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The Company’s balance sheet was significantly strengthened during 2021 resulting in positive net assets. This was due to the combination of the improved financial result, the conversion of $1.18 million of convertible note debt to equity in May 2021 and the completion of an oversubscribed $1.63 million Placement to professional and sophisticated investors in July 2021.

Cash held by the Company at the end of the March 2022 Quarter was $1.1 million, including the first tranche of a $1.65 million Placement completed on 18 March 2022. The second tranche of the Placement is subject to shareholder approval at this AGM.

Team

The board welcomed Dr Daniel Tillett as a Non-Executive Director in February 2022 and we are greatly pleased with Daniel’s enthusiasm and intellectual contribution to date and we look forward to drawing on his experience over the months and years ahead.

I would like to thank and acknowledge the efforts of all of my fellow the directors for contributing greatly to the many discussions, strategic contributions and hands-on tasks required to turn around the Company’s fortunes, and in particular undertaking the strategic review process.

I would especially like to thank our executive and operational team for their hard work, dedication and perseverance despite the challenges and frustrations we have had with building the business. We are confident these great efforts will bear fruit in the period ahead.

Finally, we are very thankful for the forbearance of our shareholders during this difficult period as we seek to rebuild shareholder value.

On behalf of the Board I would like to thank you all for your ongoing support.

ENDS