X2M CONNECT LIMITED — Fund Information / Factsheet 2021

Dec 20, 2021

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ASX Announcement | 21 December 2021 X2M Connect Limited (ASX:X2M)

Newsletter to Shareholders

Australian Internet of Things (IoT) technology company X2M Connect Limited (ASX:X2M) (“X2M” or “the Company”) is pleased to provide shareholders with the attached newsletter on its 2021 highlights.

Ends

The Board of X2M has approved this announcement.

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For further information contact:

X2M Connect Limited Media and Investor Enquiries Mohan Jesudason The Capital Network Chief Executive Officer Julia Maguire investor.relations@x2mconnect.com T: +61 2 8999 3699 1 800 926 926 (1 800 X2M X2M) E: julia@thecapitalnetwork.com.au

About X2M Connect Limited

X2M Connect Limited (ASX:X2M) is an Australian technology company that has developed and commercialised a patented proprietary Internet of Things (IoT) solution which delivers productivity improvements, cost savings and improved public safety to enterprise and government clients in the utilities sector.

X2M’s technology connects devices such as water, gas and electricity meters and other utility sensors to the internet, enabling data exchange and the remote control of these devices. The Company generates revenue from the sale of hardware and monthly subscription fees under Software as a Service arrangements.

X2M now has more than 150,000 devices connected to its IoT platform and distributed intelligence solution, providing real-time information and control to a steadily increasing customer base operating over multiple radio technologies.

X2M’s current focus is on servicing the utility sector in the Asia-Pacific region, where it has a number of government and enterprise customer relationships already in place. Going forward, X2M will look to continue its global expansion, with subsidiaries already operating in Japan, South Korea, Taiwan and, most recently, China.

To learn more about X2M click here: www.x2mconnect.com or follow us on LinkedIn.

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X2M Connect Limited (ASX:X2M) ● Suite 1.01b, Building B, 18-24 Ricketts Road, Mount Waverley VIC 3149 ● ABN 48 637 951 154 www.x2mconnect.com

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X2M Connect Limited (ASX: X2M) | 2021 Highlights

X2M Connect Limited (ASX: X2M) is pleased to present you with our highlights for the 2021 calendar year.

Operational highlights

X2M Connect Limited (ASX: X2M) is an Australian technology company that has developed a patented proprietary Internet of Things (IoT) solution which delivers productivity improvements, cost-savings and improved public safety to enterprise and government clients. The Company’s business is currently targeted on utilities throughout APAC.

This past year was a formative one which included X2M’s transition to becoming an ASX-listed public company.

Since our successful listing in September, we have continued to focus on growing our customer base and increasing revenue.

Some of our highlights of the year include:

• FY21 revenues of A$5.7 million up 82% on proforma prior corresponding period ( pcp

• Won South Korea Bucheon tender in April 2021 worth A$2.6 million

• ASX listing on 22 September 2021

• Q1 FY22 revenues of A$1.6 million, up 75% on pcp

• Connected devices at 30 September 2021 were 152,203, up 101% on pcp

• Enterprise/government customers increased by 11 to reach 37 in Q1 FY22, up 42% on pcp and currently number 40

• Won three major tenders in South Korea in Q2 FY22, worth approximately A$4.1 million combined, with Korea Water Resources Corporation (K Water), the Korean government’s principal water corporation. The tenders are for remote water monitoring in Jeonju and Cheonan Cities and Dangjin and Taean counties. The estimated value of potential future tenders for implementation across the remaining households in these municipalities if X2M is the successful bidder is over A$35 million

• Secured an additional approx. A$0.7 million contract with LianQing in China in Q2 FY22 taking our China FY22 revenues to approx. A$1.3 million

Winning the South Korean tenders in quick succession shows our leadership position in this market and aligns with our long term strategy to secure customers with large numbers of households that will drive future subscription revenues. These tenders plus our Q1 and other contracted revenues now total $8.5 million.

Conditions in each of our existing markets are strong and expected to remain so as countries across Asia Pacific upgrade their utilities for the digital era. South Korea has seen an increase in Government spending on water digitisation, Japan has shown robust growth and in Taiwan, there are government initiatives both in water digitisation and energy management.

Looking ahead, the Company is strongly focussed on growth. X2M’s growth strategy over the next couple of years is to further invest in five key areas, namely:

• In existing markets, building on our strong position by winning additional orders from existing customers and by winning new customers in those markets

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X2M Connect Limited (ASX:X2M) ● Suite 1.01b, Building B, 18-24 Ricketts Road, Mount Waverley VIC 3149 ● ABN 48 637 951 154 www.x2mconnect.com

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• Expanding into compatible verticals in existing markets

• Building our Software as a Service (SaaS) business

• Expanding into new geographies; and

• Increasing our margins as our SaaS business grows

With a successful listing on the ASX and the foundations in place with our successful X2M IoT technology and our growing customer base, we are well placed to see continued strong growth going forwards.

Media Highlights

Here’s why utilities are going digital, and the ASX stocks set to benefit – Stockhead 23 September 2021

Market Highlights and 5 ASX Small Caps to watch on Friday - Stockhead 9 November 2021

Market Highlights And 5 ASX Small Caps On Friday At A Glance - Trading U 21 November 2021

Rise and Shine: What you need to know before the ASX opens - Stockhead 22 November 2021

The IoT market is huge, but one segment is racing ahead and this ASX stock is already on it - Stockhead 25 November 2021

X2M cracks Australian market as the IPO bell rings for the tech disruptor – BusyContinent 28 November 2021

Digital Highlights

When will IRIS Metals, Heavy Minerals, X2M Connect list on ASX? – 18 August 2021

X2M Connect's CEO Mohan Jesudason Speaks with OnMarket – 24 August 2021

How X2M keeps an eye on the elderly – Ausbiz 23 September 2021

AUSTRALIA ASX welcomes another digital utilities stock - X2M Connect || Expert Talks with Mr Mohan Jesudason – 13 October 2021

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X2M Connect Limited (ASX:X2M) ● Suite 1.01b, Building B, 18-24 Ricketts Road, Mount Waverley VIC 3149 ● ABN 48 637 951 154 www.x2mconnect.com

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Social Media Highlights

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X2M Connect Limited (ASX:X2M) ● Suite 1.01b, Building B, 18-24 Ricketts Road, Mount Waverley VIC 3149 ● ABN 48 637 951 154 www.x2mconnect.com

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Thank you for your continued support of X2M.

We invite you to keep track of our progress on our website and follow us on YouTube and LinkedIn.

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X2M Connect Limited (ASX:X2M) ● Suite 1.01b, Building B, 18-24 Ricketts Road, Mount Waverley VIC 3149 ● ABN 48 637 951 154 www.x2mconnect.com