X2M CONNECT LIMITED — Investor Presentation 2021

Sep 21, 2021

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Investor Presentation

22 September 2021

Disclaimer

This Presentation (“Presentation”) has been prepared by X2M Connect Limited (Company). You must read and accept the conditions in this notice before considering the information set out in or referred to in this Presentation. If you do not agree, accept or understand the terms on which this Presentation is supplied, or if you are subject to the laws of any jurisdiction in which it would be unlawful to receive this Presentation or which requires compliance with obligations that have not been complied with in respect of it, you must immediately return or destroy this Presentation and any other confidential information supplied to you by the Company. By accepting this document, you acknowledge and agree to the conditions in this notice and agree that you irrevocably release the Company from any claims you may have (presently or in the future) in connection with the provision or content of this Presentation. Statements in this Presentation are made only as at 21 September 2021 and the information in this Presentation remains subject to change without notice. The information in this Presentation is of a general nature and does not purport to be complete, nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act. Certain market and industry data used in connection with this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither the Company nor its representatives have independently verified any such market or industry data provided by third parties or industry or general publications, and they take no responsibility for it.

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This Presentation is for information purposes only and is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission (ASIC)). This Presentation does not constitute investment or financial product advice (nor tax, accounting or legal advice) or any recommendation to acquire shares of the Company and does not and will not form any part of any contract for the acquisition of shares of the Company.

Not financial product advice

This Presentation is for informational purposes only and is not a financial product or investment advice or recommendation to acquire any securities in the Company (or any new holding company of the Company) and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Recipients of this Presentation should make their own assessment of an investment in the Company and should not rely on this Presentation. Recipients should conduct their own research into the financial condition, assets and liabilities, financial position and performance, profits and losses, prospects and business affairs of the Company and its business, and the contents of this Presentation. Recipients should seek legal, financial, tax and other advice appropriate to your jurisdiction. Cooling off rights do not apply to the acquisition of X2M Connect Limited Shares.

Investment risk

An investment in Shares is subject to known and unknown risks, some of which are beyond the control of the Company, including possible loss of income and principal invested. The Company does not guarantee any particular rate of return or the performance of the Company nor does it guarantee the repayment or maintenance of capital or any particular tax treatment.

Past and future performance

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

This Presentation may contain certain forward-looking statements with respect to the financial condition, operations and business of the Company and certain plans and objectives of the Company. Forward-looking statements can be identified by the use of forward-looking terminology, including, without limitation, the terms “believes”, “estimates”, “anticipates”, “expects, “predicts”, “intends”, “plans”, “targets”, “aims”, “outlook”, “guidance”, “forecasts”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Such forward looking statements involve known and unknown risks, uncertainties and other factors that because of their nature may cause the actual results or performance of the Company to be materially different from the results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the political and economic environment in which the Company will operate in the future (including in respect of the COVID-19 pandemic, which makes all forward-looking statements highly uncertain), which may not be reasonable, and are not guarantees or predictions of future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved, or that there is a reasonable basis for any of these statements or forecasts.

Forward-looking statements speak only as at the date of this Presentation and to the full extent permitted by law, the Company, This document should be read in conjunction with other publicly available information such as the prospectus, available on the Company’s website.

This document provides information in summary form only and is not intended to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor.

Disclaimer

To the maximum extent permitted by law, the Company and its respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents exclude and disclaim all liability, including without limitation for negligence or for any expenses, losses, damages or costs incurred by you as a result of your participation in an investment in the Company and the information in this Presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by law, the Company and its respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this Presentation. Statements made in this Presentation are made only as the date of this Presentation. The information in this Presentation remains subject to change without notice.

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FY 2021 Key Highlights

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IPO maximum subscription of $8m oversubscribed with existing shareholders and new investors

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82% growth in revenues to $5.7m from pro-forma FY 2020

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93% Growth in connected devices to 123,256

Enterprise customers increasing from 25 to 34

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In FY 2021 the Company made its first commercial entry into the energy sector in Taiwan and first China orders were secured

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Since 30 June 2021

• Five new enterprise and government contract orders for a total of $0.75m;

• one customer, Okcheon in South Korea, placed follow on orders totalling $350k

• two other existing customers in South Korea placed further orders; and

• one existing and one new customer placed gas monitoring and energy management orders respectively

The above five orders are in addition to other business and X2M will also continue to deploy the $2.3m Bucheon contract secured in April 2021, for which $1.77m revenue will be achieved in FY22 Further details on the first quarter performance will be given in the ASX Appendix 4C in October

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Financial and Operational Overview

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X2M is experiencing strong growth in revenues, connected devices and enterprise and government customers

• FY 2021 was a successful year for X2M with the business performing well across key metrics

• Group revenues of A$5.7m up 82% on pro-forma FY 2020

• Connected devices growing to 123k, up 93% on FY 2020

• Enterprise and government customers grew to 34, up 36% on FY 2020

• Key markets of Korea, Japan and Taiwan have all performed strongly with foundations in China now in place and initial purchase orders received from reselling partners

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Revenue growth ($A ’000’s)
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5,700
82%
3,126
2,230
FY19 FY20 FY21
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Connected devices (‘000’s)
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Enterprise and government customers
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123
93%
64
43
FY19 FY20 FY21
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36% 34
25
15
FY19 FY20 FY21
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1. FY19 and FY20 data is pro-forma data from the Replacement Prospectus. FY21 data is unaudited

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FY2021 Financial Results Profit and Loss Summary

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$000’s	FY 2021	Vs Pro-forma PCP1	Vs Pro-forma PCP1		Vs Statutory PCP	Vs Statutory PCP
		FY20	%		9 DEC 2019 to 30 JUN 2020	%
Revenue	5,700	3,126	82%		1,314	334%
EBITDA	(4,393)	(4,944)	(11)%		(951)	362%
Share based payments	(2,072)	-	-		-	-
IPO expenses	(682)	-	-		-	-
Depreciation and amortisation	(1,246)	(913)	37%		(386)	221%
Finance costs	(161)	(56)	186%		(113)	42%
Income tax benefit	246	-	-		62	292%
Loss after Tax	(8,308)	(5,913)	41%		(1,388)	499%

• Revenue of $5.7 million, an 82% increase on Pro forma PCP, reflecting strong organic growth and pipeline conversion

• Operating costs have been tightly controlled and supports growth in revenues. Further investment planned to grow customer and geographical footprint

• FY 2021 EBITDA excludes the following non-cash and extraordinary items: Share based payments expense, Initial Public Offering (‘IPO’) expenses accrued to 30 June 2021

• Pro-forma data from Replacement Prospectus.

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Company Introduction

X2M Key Points

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X2M is capitalising on current market entry in APAC through the digitization of the utilities market

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Proven, commercialised, Saas based technology platform, ready to handle large scale growth

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Strong year on year growth in revenues and connected devices

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Core operational metrics strong with development costs and cash burn on the decline

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X2M is now entering “acceleration phase” with Enterprise and Government customers on long term contracts and licencing its technology to third party hardware manufacturers

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Strong Board and Management in place with significant experience to support the growth of X2M

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Introduction to X2M Connect

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X2M is a SaaS technology provider, with a core focus on monitoring and controlling smart devices in the gas, water and electricity sectors across APAC

• Works with a variety of devices on many telecommunications networks and radio protocols – future proofed tech

X2M at a glance – 30 June 2021

• Over 123,000 devices connected through the APAC region

• Enables utilities to migrate ‘dumb’ analogue environments into ‘smart’ digital technology without needing to replace infrastructure – lower customer capex

• $3.13 million revenue in FY 2020[1]

• $5.7 million revenue in FY 2021[1]

• Current device types connected include gas, water and electricity meters, pressure sensors and other associated devices

• Business model is long dated contracts with a combination of up front charges and recurring SaaS type subscription fees – predictable annuity style revenues

• Established operations in Australia, Japan, South Korea and Taiwan – known brand

• China market entry commenced. Beijing, Shanghai and Hong Kong entities in place. 1[st] contract secured

• Licencing agreements with manufacturers to drive mass adoption, executed in Korea, Taiwan and Japan – acceleration phase

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1
Japan
 +61,000 households
connected
1
10
South Korea
China  ~50,000 households connected
 1 [st] contracts
secured 7 Taiwan
 ~12,000 households connected
Staff
FTE
16
Australia
 ~1,000 connected
devices
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1. Pro-forma revenue from Replacement Prospectus. FY 2021 results are unaudited

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Asia Pacific Utility Market

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APAC utility market typically uses ageing analogue infrastructure in an environment of increasing population and demand for services

Market Overview

• Utilities and governments in the APAC region are now migrating to sophisticated internet based technology solutions in search of productivity improvements, environmental sustainability, waste reduction and enhanced public safety

• To meet demand, hardware and sensor manufacturers supplying the sector are seeking access to leading edge technology platforms to enhance their product offerings

Key Drivers

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GDP growth

• Growth in Asia is forecast to be solid, both in near term and coming decade and economic activity is expected to grow by 6.9 percent in 2021[(1)]

Population growth

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• APAC Utility market is the largest in the world in terms of population

• As of 2019, Asia had 4.6b people, comprising approx. 60% of world population[(2)]

Urbanisation

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• Rapid urbanisation across the continent especially in India and China[(3)]

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Infrastructure rollout by telco providers

• Telco providers worldwide are rolling out NB IoT and Lora networks to connect sensors and devices over the internet

• Advent of 5G is expected to be a turning point that propels smart city tech. into mainstream and accelerates deployments

• Navigating the Pandemic:A Multispeed Recovery in Asia; Regional Economic Outlook: Asia and Pacific; Oct 2020. 2. United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019, Online Edition. Rev. 1 3. https://www.un.org/development/desa/en/news/population/2018-revision-of-world-urbanization-prospects.html.

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5 Core Pillars of the X2M Strategy

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Consolidate Expand into strong position compatible in existing verticals in markets existing markets

Continue development of SaaS business

• Korea – continue to contract additional municipalities

• Remote battery energy monitoring

• Replicate model implemented in Japan within other markets

• Integrated

• Japan – continue sustainable to aggressively energy grow connected management devices

• Maintain market leading IoT platform offering with high customer focus

• Taiwan – continue to expand into adjacent verticals

• China – establish hardware reselling arrangements

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Expand into Manage new margin and geographies cash burn

• China - POC’s

  • Strong focus on operational and financial controls and efficiency

• completed, initial hardware contracts as reseller executed

• Philippines – leverage POC’s completed

• India – investigate entry for late 2023

• Vietnam – consider in 2024

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Existing markets and key focus markets

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There are more than 90 million households across the existing geographies in which X2M has operations. X2M is well placed to continue to increase penetration in to these markets in conjunction with increasing APAC footprint in recently entered China and other target geographies

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1. Source for population and household data: https://www.euromonitor.com/

X2M Connect’s patented platform

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The X2M platform provides seamless end-to-end digitilisation with the ability to control a variety of connected devices across most telecommunications technologies

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Valves Storage Tanks Pumps Meters
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WiSUN │ NB-IoT │ ZigBee │ LoRa
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Various Interface Cards

X2M Micro Engine

IoT Platform

• Turn ‘dumb device’ into a ‘smart device’

• Enable devices to send data and receive commands over any Network

• Utility companies pay upfront

• Software acts as a logic concentrator to bridge communications between the NIC and the IOT Platform

• Autonomously monitors or controls device/asset on any cloud or edge computer

• SaaS platform that provides visibility, management and control of all connected devices across multiple telecommunications networks

• Aggregation point for all customer data, report generation, and network management

• Operates at Edge or in Cloud

• Enables predictive and pre-emptive customer and machine management

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Strong Patent Protection

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5 core patents | >60 granted | additional pending | 15 countries

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Patent Groups Patent Description

• Alert and Metering Devices that can remotely receive applications and data to adjust and control the application executed by the device

1. Alert Device

2. Meter Device

• Remote application device that can execute multiple applications and remotely update the applications without interrupting their operation while downloading updated files

3. Distributed intelligence client processor

• System for enabling communication between service providers and end devices

4. Enabling communications

• Process and system for monitoring and controlling consumption of a resource including through a grid of metering and concentrator devices

5. Monitoring and controlling

Outcome and Competitive Advantage

• Allows future proofing of end devices through software updates, upgrades to protocols and the addition of control functions

• Allows applications to run at the edge close to end devices providing fast decisions, data reduction, remote management and modification of application behaviour

• Allows application interaction for increased flexibility and advanced edge processing regimes

• Allows applications and architectures to adapt to optimise the operation of the communications between multitudes of devices

• Allows for remote management of a multitude of measurement, control devices and edge management devices across multiple communications technologies and multiple verticals

Competitive Advantage

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X2M is one of very few IoT platforms focused on the utility market in APAC

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Utility
Market
APAC
Distributed Intelligence
Capable to communicate across
any network and any device
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End-to-end IoT Offering from device to hub to platform with two-way communication

• Competitors in APAC utility market generally offer remote reading of devices only

• In addition, X2M’s patented platform is able to communicate and control the end device

  • shutting water meters in the event of a leak

  • shutting gas meters in the event of a fire/earthquake

• Generally, competitive platforms are focused on single purpose applications e.g remote reading of water meters

• X2M’s ability to connect any device through one platform facilitates licensing opportunities both to hardware manufacturers, enterprises and governments

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Customer Benefits

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Customers transform their mode of operation from highly manual to data rich, automated with control capability

Current Industry State

X2M Positioning

• Taiwan - High rise buildings – meter reader travels to each floor and enters each apartment to get to meter on balcony

• Korea – rural areas – meter reader has to remove all the items on top of the meter cover, lift the cover and read the meter and replace all the items

• Very manual, time consuming and many readings are missed requiring estimates

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• The customer has hourly data from the meter, receives alerts for leaks, over usage, non use, reverse flow

• Customer can compare individual users and usage patterns or compare districts and review metering geospatially

• Customer can gain insights into capacity requirements for future upgrades

• Customer provides better service to end customer and does not have to enter their premises regularly

• Customer can provide end customer with mobile app for usage and alerts

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Case study (Managed Service) – Gochang County, Korea

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Enabling the management of safe, reliable and efficient utility services while minimizing wastage

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The problem

• Water meters are underground in pits and difficult to access, particularly in winter when the covers can be frozen over

• Reliance on bill estimation when meters cannot be accessed by meter readers

• Customer dissatisfaction with billing accuracy

• Water leakages with limited detection capabilities

X2M solution

• Meters retrofitted to make them “smart” and communicate with X2M’s IoT platform

• Provides accurate, real time data on usage increasing accuracy of billing

• Data analytics utilised to monitor irregular patterns of usage and leaks

• 19% leak detection improvement[1]

• 200+ non-use / social welfare cases addressed[1]

Commercialisation

• 25,000 sites deployed at Gochang

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• City of Bucheon deployed devices after review of Gochang

• Large number of South Korean municipalities have visited Gochang[1]

• https://www.news1.kr/articles/?3263747

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Case study (Licensing) – Azbil Japan

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Enabling just-in-time bottled gas services for a better customer experience and material cost savings

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The problem

• Residential and commercial bottled gas in Japan is metered. However, without knowledge of how much gas is left in the bottle, customers can run out of gas

• Just-in-case replacement incurs inefficiencies as gas bottles that are partially full are in transit

• Drivers typically don’t use the most efficient route, resulting in larger number of fleet vehicles required and overtime pay

X2M based solution

• Created centralised platform to act as point of coordination to remotely monitor usage and residual levels of gas over LTE-M networks

• This usage and residual gas level information shall be available for use by a predictive algorithm to determine when the gas bottle will run out

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• Dynamic task lists for the drivers are generated that minimise time taken to replace and kilometres travelled without the customer ever having to run out of gas

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Commercialisation

• An initial trial by Azbil at a large Japanese gas company showed up to 20% logistics savings

• X2M won the contract in Dec 2018 to deploy a production meter data management system within Azbil by June 2019 to form the basis of their gas bottle logistics platform

• SaaS license and services contract executed in March 2020

• The rollout under the SaaS licensing contract now exceeds 40,000 devices

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Revenue Model

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Initial focus has been on the APAC region due to management familiarity with the region, market size, concentration and strong GDP Growth

Hardware Sales

Margin on sale of hardware (Network Interface Cards and gateways incorporating Micro Engine). Normally upfront revenue

Connection Fees and Platform Saas

Upfront connection fee per device connected to the platform followed by annual subscription for SaaS operations. Low cost to serve. Target 5-10 year subscription duration contracted

Licensing

The “Intel Inside” model. Fee paid annually for use of the IP and platform software. Low or nil cost to serve. Target 5-10 year license fee commitment

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Key Contracts and Customers

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Long term contracts are supported by other repeat contracts and regular purchases from customers

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1. South Korea TAM - Korea Water Service Statistics 2017; 3. Shin Tao & Hsin Kao TAM - Moeaboe.gov.tw at Dec 2020 5. Azbl TAM - Japanese Gas Association 2. Gochang TAM - Gochang daily report – 28 Feb 2021 4. Taipie Water TAM - water.gov.Taipei at Dec 2019 6. Jemena TAM - Jemena.com.au

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Established Pipeline for Growth

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X2M’s existing footprint represents a significant addressable market (households)

123k households

Connected

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1
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123k connected devices as at 30 June 2021. 18k added in quarter to 30 June 2021

Households available from existing customers 25m households

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2
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Existing contracts with utility and municipality customers provide the opportunity to connect to up to 25 million households if these customers deploy X2M Connect technology to their full customer base, which may require additional contracts

Total potential connections existing markets >87m households (excluding China)

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3
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Total households in the countries in which X2M Connect is active

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Board of Directors and Senior Management

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Hon. Alan Stockdale AO

Non-Executive Chair

• Currently Emeritus Counsel of Medical Research Commercialisation Fund and Chairman Knosys Limited (KNO.ASX)

• Previously treasurer of Victoria, as well as Investment banking at Macquarie

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Jodie Leonard

Non-Executive Director

• Experienced NED with ASX board experience including Flexigroup and BWX

• 30 years of marketing experience with General Electric, British Airways, Nine , Colgate Palmolive and Unilever

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Damien Johnston

Non-Executive Director

• Formerly CFO of Tabcorp

• Held several senior finance roles at BHP

• Fellow of CPA Australia and a Member of the Australian Institute of Company Directors

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John Stewart

Non-Executive Director

• Extensive Investment banking experience at Gresham, Lazard & JP Morgan

• Founder and Managing director at Health&

• Bachelor of Laws (Honors), Bachelor of Commerce from the University of Melbourne

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Mohan Jesudason

CEO

• 8 years leading the X2M business

• Previously Managing Director Gaming at TABCORP, led Telecom NZ mobiles business and grew AXA/AMP to leading positions in the market

Keith Jelley COO

• 7 years in the X2M business

• 35 years of development and operations experience across 9 countries in military, telecommunications and embedded systems industries

Yongsun Kim

MD Korea

• Previously CEO of Kathrein Korea and Country Manager of NextWindow

Steve Fang

MD Greater China

• 20 years of experience with Splunk, VMWare, Huawei, Delta Electronica and Ericsson

Yoshio Matsunaga MD Japan

• Experienced management consultant in IoT, AI and digital marketing

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Conclusion

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X2M is a technology disrupter changing the game for utilities in APAC

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Proven model set for scale - X2M is an operational Company capitalising on current market position in APAC, securing customers, generating revenues and increasing penetration through its highly scalable platform

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Successfully listed on the ASX – now admitted to the ASX with an oversubscribed public offer

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Experienced board & management - Experienced and credentialed management team supported by a proposed independent Board

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Positioned for growth – The Company is entering the acceleration phase of its evolution and is week positioned to expand in its current markets, enter new markets and pursue the licensing of its technology

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X 2 M C O N N E C T

GET IN TOUCH

Shareholder Enquiries Automic Pty Ltd

Email: hello@automic.com.au +61 (2) 9698 5414

Media and Investor Relations Mohan Jesudason, CEO Email: investor.relations@x2mconnect.com 1 800 926 926 (1 800 X2M X2M)

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