XREF LIMITED — AGM Information 2017

Nov 19, 2017

AGM Presentation November 2017

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Xref automates a business critical task, provides meaningful data and protects companies from fraud, discrimination and privacy breaches.

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Total Sales

$4.1 million 137% TOTAL ANNUAL GROWTH Revenue 127% $3.0 million TOTAL ANNUAL GROWTH

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Our Business Model

1. When Xref’s clients purchase credits (Credit Sales) to use the Xref platform, the value of their purchases is recognised as unearned income (Unearned Income) . 2. When they pay for the credits, the cash is recognised as cash receipts . (Cash Receipts) 3. Once the credits are used by the client (Usage) , Xref recognises the value of the credits used as revenue . (Recognised Revenue)

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Unearned Income

Credit Sales during October were up 175% on the corresponding month in FY17, increasing from $0.24m to $0.66m. UK Credit Sales grew to $66k, and the Company recorded its first Credit Sales in Norway, just six weeks after opening its Nordics office. Continued growth in the UK and Nordics regions is expected to have a significant impact on the Company’s sales performance for the year, which currently sits at $1.65m (as at 31 October).

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Recognised Revenue

During October, Credit Usage was up 100% year-on-year, increasing from $192k in October 2016 to $386k this year. Compared to September 2017, Credit Usage during October increased by 25%. Demand for the platform is high with new clients continuing to sign-up at an increasing rate and existing clients steadily increasing their use of the platform over time.

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Strategic Focus Love Simplicity

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Average Sales Price
50
FY18
45
FY17
40
FY16
35
30
25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY2016 FY2016 FY2016 FY2016 FY2017 FY2017 FY2017 FY2017 FY2018 FY2018
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Credit Price No discounts Top-up negotiations Product = Value

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Global Growth

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120m
EMPLOYMENT MARKET
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180m
EMPLOYMENT MARKET
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Used in 153 Countries
6 Languages
Clients in 7 Countries
Offices in 4 Countries
66 Staff
Canada UK Norway
7 Staff 5 Staff 4 Staff
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15m
EMPLOYMENT MARKET
Australia
50 Staff
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Product Development

Candidate App Referee App Employer App Sentiment Engine Additional Checks Co-Branding

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Channel Integrations

Xref integrates with other leading HR technology platforms. This generates strong channel partnerships that create the opportunity to secure 1000s of new clients worldwide.

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Sales Cycle

Demo Proposal Agreement all in one

Combining the demo, proposal and agreement processes to offer a fast and efficient client experience, whilst minimising average sales cycle days. 55days > 35days saving 4000 sales days

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GDPR: Seven Critical

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The Board & Senior Management

CEO and co-founder, Lee-Martin Seymour, has a wealth of recruitment industry experience that he brings to his role at Xref. Lee spent 17 years working in recruitment across various industries and geographies. During this time, he developed a deep understanding of the demands of the employment market and its pain points. A serial entrepreneur with a determination to streamline business practices, Lee has been at the forefront of multiple other technology and recruitment organisations that redefine processes, build brands and bring positive change to a community.

Lee-Martin Seymour CEO / Founder

RECRUITMENT 17+ Years Experience

+

TECHNOLOGY 20+ Years Experience

Tim Griffiths CTO / Founder

Timothy Griffiths is CTO and co-founder of Xref. He is an MBA-qualified technologist with more than 20 years’ experience advising global companies, including Virgin and SkyTV. Tim also previously worked for Benchmark Capital providing technical diligence for high tech start-up investment and was co-founder of media company a2a plc, which floated on the UK stock market. More recently, Tim was CIO for Jcurve Solutions, an Australian cloud NetSuite ERP provider. Tim’s technology start-up knowhow and entrepreneurial background has taken Xref from a smart idea to global success.

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Brad Rosser Non-Executive Chairman

Nigel Heap Non-Executive Director

Timothy Mahony Non-Executive Director

James Solomons CFO

Sharon Blesson COO

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xref.com

Investor and media enquiries: Ashley Rambukwella, FCR Tel: +61 (0)2 8264 1004 / +61 (0)407 231 282 a.rambukwella@fcr.com.au

to our clients, staff and investors

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Disclaimer

This presentation has been prepared by Xref Limited (Xref). The information contained in this presentation is for information purposes only and has been prepared for use in conjunction with a verbal presentation and should be read in that context.

The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, Xref has not considered the objectives, financial position or needs of any particular recipient. Xref strongly suggests that investors consult a financial advisor prior to making an investment decision.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Xref, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this presentation.

This presentation includes “forward looking statements” within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of the words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” “guidance” and other similar expressions. Indications of, and guidance on, future earning or dividends and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Xref and its officers, employees, agents or associates, that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and Xref assumes no obligation to update such information.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment.

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities of Xref have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (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 except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

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Xref 2017 AGM Chairman’s Address

Good afternoon ladies & gentleman, I’m thrilled to report that Xref continued its outstanding progress in financial year 2017.

Unique solution

In a very short time, Xref’s human resources technology platform has established a powerful global position. We have unique, scalable, cloud-based software that is fully API-enabled, saving clients time and cost. APIs allow companies to harness the benefits of technology to leverage data in new and exciting ways. We offer the first automated solution for the candidate referencing process, and it’s incredibly easy to use.

The pace of technological change is transforming recruitment worldwide. As jobs and skills change, human capital processes have never been more important. Xref has a critical role to play by providing usable data, allowing data-driven decisions on talent acquisition and retention.

Our platform represents a quantum leap forward, enabling the industry to transition away from telephone-based referencing and providing candidates, referees and employers with a more satisfying digital experience. Their ‘thumbs up’ to our business provides the opportunity to capture a segment of the growing $14 billion global human resources software market.

Global opportunity

We are investing to build a global company, and our strategy is working. Client growth was more than 50% and we now support more than 600 companies in 46 sectors. They take in enterprises, government organisations, 360-degree recruitment firms, small businesses, not for profit groups and 36% of the ASX top 50 companies.

Through international offices, we now have great sales momentum in Australia and New Zealand, the United Kingdom, Europe and the Middle East, and North America.

In October this year we opened an office in Oslo. We have recruited a highly experienced team and already secured our first new regional client. This

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expansion was driven by demand for human resources governance in the Nordic region, and several trials are underway with business and government clients. The region is also a gateway to adjacent European markets.

Another key achievement was the acquisition of the domain name xref.com, which enables us to market through a single global brand.

Exceeding 100% year-on-year revenue growth

Our business model is based on selling Xref credits for which we receive payment. As these are used, we account for them as revenue.

Xref’s momentum is demonstrated by 137% growth in total sales to $4.1 million in the 2017 financial year, up from $1.7 million in the previous year.

Importantly, clients’ increasing usage of our services helped drive a 127% increase in net revenue to $3.0 million, compared to $1.3 million in the previous year.

Our focus is to establish strong market leadership and capitalise on first mover advantage. We have invested in resources to capture new business opportunities and drive growth, and the loss for the year was in line with management expectations. We are maintaining strong financial discipline and management is working hard to effectively optimise resource allocation and ensure sustainable growth.

Leading innovation

We are leveraging technology leadership to drive adoption and revenue, and focused on relentless improvement. Achievements during the year included a new employee dashboard which positively transformed our users’ experience. The new Sentiment analysis engine took a year of machine learning to develop. Our algorithm offers employers a new perspective, analysing a referee’s ‘tone of voice’ and providing an easy to understand assessment that adds a new way for them to interpret referee feedback.

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Significant investor support

We are grateful for the support of new and existing shareholders who have enabled the acceleration of our strategy.

Considerable strong support from institutional and sophisticated investors included an $8 million share placement in mid-2016 and more recently, $7.5 million before costs was raised in August 2017. Both placements closed substantially oversubscribed. These funds are supporting our growth through international expansion and channel partnerships.

Channel expansion

A key component of our growth strategy is through collaboration with partners that increase our channels to market. Integrations with market share leading applicant tracking systems and marketplaces are progressing well. Our partners support more than 20,000 organisations worldwide and we are working closely with their sales and marketing staff to drive Xref’s client growth.

A passionate team

Xref’s success is attributable to strong leadership and a talented and dedicated team. Our staff grew significantly in 2017 and I would like to thank all of them for their hard work and dedication. Their skills and commitment help make Xref great.

Strengthened Board

I would also like to take this opportunity to thank my board colleagues for their commitment and support over the year. I welcome Nigel Heap who joined the board in August 2016 as a non-executive director. As the UK and Ireland Managing Director of Hays plc, the leading global professional group, he brings significant human resources expertise to our Board.

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Outlook

Xref has a dynamic brand, strong client relationships, revolutionary technology, great people, a growing marketing channel, financial acumen, and the determination to build a global company. At our core is a clear focus that places our clients first.

We are delivering on our global growth strategy, and focused on ensuring Xref maintains its great momentum. Xref has an exciting future ahead and our managing director, Lee-Martin Seymour, will talk about our strong start to the new financial year in more detail. In line with our growth strategy, we continue to expand revenue in all the markets where we currently operate and will expand in new markets as global organisations adopt our systems.

Brad Rosser Chairman

20th November 2017

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