XREF LIMITED — AGM Information 2018

Nov 27, 2018

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AGM Presentation November 2018

(Updated September 2018 Presentation)

The current measure is revenue but the goal is profitability An update on key business metrics that drive our global growth and profitability.

HISTORY SNAPSHOT

KEY METRIC UPDATE

FUTURE OPPORTUNITY

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The traditional task of collecting reference checks on new hires is broken. We re-invented it.

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Xref History Snapshot

Xref History Snapshot	Xref History Snapshot	Xref History Snapshot	Xref History Snapshot	Xref History Snapshot	Xref History Snapshot	Xref History Snapshot
	Private Company			Publicly Listed (8th Feb 2016)
	FY13	FY14	FY15	FY16	FY17 FY18
Total Staff	1	2	4	25	53	65
Overseas Staff	0	0	0	6	10	13
Global Offices	0	1	1	3	3	4
Direct Clients	2	7	49	170	394	780
Sales	0.025m	0.25m	0.67m	1.7m	4.1m	7.1m
International Sales	-	-	-	1%	9%	13%
Countries using Xrefplatform	-	-	85	128	161	192
Languages Offered	1	1	1	1	7	12
Channel Partner Integrations	0	0	0	1	5	13

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As at end of FY18 Key Metrics Update

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Client Acquisition

Client Adoption

Adoption is the percentage of the client's total hiring requirement that is being referenced through Xref. The adoption rate for newly acquired clients is 29% in their first year. For clients in their second, third and fourth years adoption rates have grown to 32%, 58% & 89% respectively. Overall client adoption was 38% at the end of the financial year.

Client acquisition continued to strengthen and at 30 June 2018, more than 750 direct paying clients were using our services globally. Use of integrations to access Xref also more than doubled in the final quarter of FY18 alone and at the end of the financial year 136 clients use our platform through channel partners.

Client Acquired in FY17

Client Acquired in FY15

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ARPA Annual Revenue per Account

New clients acquired during FY18 contributed an ARPA of $8.4k, while for clients in their second, third and fourth year their ARPA has grown to $9.5k, $12.5k and $17.9k respectively.

Measuring our success is simple. Now and into the future.

In February 2018 we released our Key Metrics presentation. Since then every piece of communication to our shareholders has provided an update on our key metrics.

Key Metrics Presentation

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Q: Can revenues continue to grow without increasing costs? Yes. Growing Sales Revenue

Costs Flattening

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Q1 FY 2019 Update

Q1 Acquisition Q1 Adoption Q1 ARPA +100 36% $12k Xref acquired 103 new clients. Numbers of direct clients Xref credits purchased by the 103 newly acquired clients grew to more than 850, while overall retention rates in Q1 were used across 36% of their total hires. remained at 94%. Q1 Sales Q1 Usage +100% +86% Credit sales reached $2.0 million, up 100% from Usage reached $1.7 million, up 86% from $0.9 million in $1.0 million in Q1 FY18. Q1 FY19 sales to clients using Q1 FY18. Credits used via an integration totalled $0.3 Xref via integrations were $0.3 million, 16% of the total. million, a fourfold increase on Q1 FY18. ISO Certification Awards

Clients acquired before FY19 contributed, on average, $12,218 during Q1, an increase of 32% since ARPA was first recorded in January 2018.

Q2 Expense Forecast $3.7m

Expenses for Q1 were $4.3 million. Q2 expenses are estimated at $3.7 million. Xref has a four-week payroll period and four cycles occurred in Q1 FY19.

ISO Certification 27001 A global standard on data security that validates platform security, data privacy and accessibility.

Capital Raising

+$8m

Successful $8 million capital raising, including new cornerstone institution, increases cash on hand to $12 million.

Xref ranked 22nd in Deloitte's list of top 50 fastest growing technology companies in Australia.

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• We are focused on

• opportunities that will

• accelerate profitability.

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Xref heat map - 2015 8

NORTH AMERICA Staff 5 Offices 1 - Toronto Addressable Market 180m Workers Annual Revenue Growth 237% FY17 Revenue Contribution 4% FY18 Revenue Contribution 7%

EUROPE Staff 8

Offices 2 - London & Oslo Addressable Market 120m Workers Annual Revenue Growth 187% FY17 Revenue Contribution 4% FY18 Revenue Contribution 7%

Global means bigger clients in bigger markets.

The average size of an Xref client in Australia is 1600 employees. With average employee attrition rates of 15%, these businesses will hire 240 people a year.

AUSTRALIA & NEW ZEALAND Staff 52 Offices 1 - Sydney Addressable Market 15m Workers Annual Revenue Growth 59% FY17 Revenue Contribution 92% FY18 Revenue Contribution 86%

Enterprise clients in North America and Northern Europe are much larger and Xref now has the opportunity to grow its ARPA and market share faster.

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Map showing platform usage from employers, candidates and referees across the globe.

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Innovative new services increasing ARPA and margins

People Search

Channel Growth

Additional Checks

Xref People Search is a standalone analytics platform that will help users search and filter the referee data that is already held in their Xref account. Xref People Search is the latest in a line of solutions to improve the value Xref offers users and increase Average Revenue Per Account (ARPA).

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One of Xref's key growth strategies is to enter into joint marketing activities with partners. These partner companies currently employ more than 10,000 support staff and support more than 50,000 organisations. Sales from integrated clients represented 24% of revenue in FY18.

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Xref's platform offers additional checking services, including credit, criminal, driver and identity checks through Checkr in the US and Canada, and Equifax/Fit2Work in Australia.

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We land and expand. 78% of our clients were acquired in the last 2 years.

The majority of our clients have joined us within the last 2 years and present one of our largest opportunities for growth.

Our ability to scale provides the opportunity to continually grow clients and revenues time and time again. With increased client acquisition, adoption and ARPA Xref has a clear view of the horizon, and it looks bright.

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Increase in ARPA

Increase in overall client adoption

Increase in client acquisition

Today

+780* direct clients at $10k ARPA and 38% adopted

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*as at 30 June 2018; excludes non direct clients included within RPO and Channel Partners

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Today we acquire new clients in an average of 42 days - from lead to paid. Q: In 2019 can we do it in 1 day?

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Sales Cycle Progress

FY19 1 SALES CYCLE DAY

FY17 FY18 1 97 65 SALES CYCLE DAYS SALES CYCLE DAYS Q4 FY18 Q1 FY19 42 33 SALES CYCLE DAYS SALES CYCLE DAYS

Lead Generated Lead Converted Account Provisioned Requested Xref Xref Reports Delivered Recognised Revenue

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With Xref, clients make smarter, more confident hiring decisions. 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

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The Xref story

Xref brings ease, security and value to the candidate reference checking process. Via an online, automated platform, it delivers the data-driven candidate insights organisations need to make smart, fast and confident hiring decisions.

The customer-centric solution and team enable the flexibility and scalability Xref’s global clients require to hire the best talent, quickly. Xref was the vision of Lee-Martin Seymour, a frustrated recruitment professional, and Tim Griffiths, an MBA-qualified technologist who teamed up to improve an archaic process that had been conducted in the same way for decades but was no longer consistently delivering on its purpose. To validate the suitability of a candidate.

With passion, ambition and drive, the Xref concept was born.

After launching in Sydney in 2011, Lee and Tim spent five years perfecting the solution for the domestic market. The strength of the platform today was formed from that initial development and growth period.

Xref listed on the ASX in early 2016 and has since expanded into three additional offices. These allow the company to support more than 780* organisations across APAC, EMEA and North America, with the flexibility of the product architecture enabling solutions tailored to the needs and demands of each market.

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780+ Direct Clients

4 Global Offices Used in 192 Countries 13 Channel Integrations

• as at 30 June 2018: 780 Organisations include non direct clients included within RPO and Partner clients

Xref customer stories

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The solution

Watch the Xref video

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Xref puts candidates in the driving seat, offering them transparency and the opportunity to manage the progress of their references.

This candidate-driven approach, coupled with the online nature of the solution, delivers improved efficiency, while collecting more data, protecting clients from the threat of fraud and reducing the risk of any data and discrimination breaches.

The Xref process is completed in three simple steps:

One: a recruiter or hiring manager spends 30 seconds requesting a reference and the candidate confirms referee details via the Xref platform.

• Two: the referee provides feedback online via any device at time that suits them, usually within 24-32 hrs.

• Three: the employer has access to a secure, detailed analysis of the reference feedback, which consists of 60% more data than traditional approaches are able to gather.

The result: employers are able to make smarter, faster and more confident hiring decisions, based on a greater volume of more insightful data.

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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)

1. 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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(at 27th November 2018) Capital structure

164m $82m

Quoted Shares

Market Capitalisation at 50c

TOP 5 SHAREHOLDERS

30.9m 30.9m

SQUIRREL HOLDINGS WEST RIDING INVESTMENTS AUSTRALIA PTY LTD PTY LTD Timothy Griffiths Lee-Martin Seymour

29.2m 13.0m 4.6m

HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED

J P MORGAN CS THIRD NOMINEES (AUSTRALIA) NOMINEES PTY LTD LIMITED

Performance Rights of 16.7 million will convert in line with the following milestone:

Milestone : 16.7m Performance Rights will vest once Xref achieves annualised EBITDA of A$5m within 5 years from Listing

13.5 million options, with 2.0m at $0.23 exercise price, 0.9 million at $0.585 exercise price, 0.2m at $0.66 exercise price and 10.4m at $0.70 exercise price, which expire between Feb 2019 and Feb 2023

delivering value to our clients, staff and investors

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Credit sales & usage history

Credit Sold (cash receipts)

Credit Used (recognised revenue)

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Consecutive sales and usage records for three years

Sales of Xref credits increased more than 70% year-on-year to a record $7.1 million in FY18, up from $4.1 million in FY17. Credit usage increased 63%, rising to $4.8 million from $2.9 million. FY 2018 Annual Report

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Disclaimer

This presentation has been prepared by Xref Pty Ltd (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 2016 FY 2017 FY subject to, the registration requirements of the Securities Act and any other applicable securities laws. 2015 FY

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