XREF LIMITED — Capital/Financing Update 2018

Feb 19, 2018

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20th February 2018

Xref Norway Signs Three Flagship Clients

Xref Limited (ASX:XF1), the human resources technology company, today reported the acquisition of three flagship clients in Norway.

Xref’s new clients include Badenoch & Clark Limited (a subsidiary of the Adecco Group, the world’s leading workforce solutions partner) and Loyalty People AS - both of which are part of the recruitment industry in the Nordic region, which supports a 13.5 million labour force. The third new client is Norwegian State Railways (NSB), a government-owned railway network which operates the majority of passenger transport services in Norway.

The adaptability of the Xref platform has been demonstrated through the performance it has already delivered for its newest clients. Results achieved to date resemble best practice outcomes seen by clients in Australia - the Company’s most established market - delivering references five times faster than traditional methods, with 60% more data and a deliverability rate of 98%. This early success strongly endorses the Company’s strategic decision to leverage the market opportunity.

Xref prides itself on the value it provides clients, and has already received early advocacy from the newly introduced organisations.

Client Testimonials[1]

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Lars Petter Skeie, Regional Manager, Badenoch & Clark: “ We are committed to using research-based methods and technology in our recruitment. Xref is a tool we use to streamline processes, while at the same time increasing our credibility in our market. The feedback from our clients and candidates is that referees can now provide references at a time that suits them, on any device.”

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Christian Westermark, CEO, Loyalty People: “We use Xref in our reference process to free up our recruiters’ time for other tasks. We are now able to standardise our reference process, which gives us control and governance. Xref is easy to use and the reports offer transparency.”

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Line Jenssen Forsang, HR Management and Development, NSB Persontog: “The references we now collect via Xref are based on referees’ own words and not an interpretation by the person who traditionally collects the feedback. The questionnaires are fully customisable, are stored in one place and cannot be changed, interpreted or manipulated after responses have been submitted. I have also benefited from obtaining accurate references from English-speaking people. Collecting feedback in a language other than your native language is often a challenge. We are very pleased with Xref, and see that quality, format and easeof-use in all aspects of the reference process are significantly improved.”

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1 These testimonials have been provided by native Norwegian speakers, translated into English

The Nordic region currently relies on phone-based references which present significant language complexities since it is made up of five countries using five different dialects. Xref has been able to replace a traditional, ingrained business critical process, using all the languages required to service the entire region.

Executive Director / CEO Lee-Martin Seymour said: “The introduction of our office in Norway was very much demand-driven, and we welcome these flagship clients to our platform. While we were already servicing the region from our European base in London, the rapid growth of unsolicited requests for our services across the Nordic countries made introducing a dedicated office the next logical step. The success we are already seeing, just five months since launch, assures us that it was very much the right decision.”

Executive Director / CTO Tim Griffiths said: “Uptake in Norway has offered a perfect demonstration of the capabilities of our platform. The use of HR technology is still a relatively new concept in the region and, as such, the benefits of the solution often have to be seen to be believed and tackle skepticism. Our ability to offer multi-language capabilities has been a particular strength in helping us to overcome those objections.”

Chairman / Brad Rosser said: “Xref now has the experience, business intelligence and international network to be able to strategically identify the international markets to expand into. The move into Norway was well-timed and well-informed, and the rapid uptake of the service is a strong indication of the opportunity that lies ahead.”

Xref’s software as a service (SaaS) platform collects 60% more data, five times faster than traditional methods, and, by automating a vital task, protects companies from fraud, discrimination and privacy breaches.

Investor and media enquiries:

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

New Client Details

Badenoch & Clark Limited - Badenoch & Clark is a subsidiary of The Adecco Group, the world-leading workforce solutions partner. It has been in operation since 1978 and specialises in commerce and industry, banking and financial services, and legal recruitment.

Loyalty People AS - Loyalty People was founded in 2015 and is headquartered in Oslo, Norway. It specialises in recruitment within sales, sales management, customer service and marketing, and provides personnel for both temporary and permanent positions across Norway.

Norwegian State Railways - NSB is a Nordic transport group, providing passenger transport, freight by rail, property management and development and train maintenance services. It employs more than 12,500 staff across the Nordic region.

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