XREF LIMITED — Investor Presentation 2021

May 16, 2021

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A global platform for pre-employment verification.

2021 ASX : XF1 SHAREHOLDER PRESENTATION

Welcome to our journey

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Watch the CEO Welcome
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Lee-Martin Seymour, Co Founder and CEO | Watch the CEO Welcome on XF1.com

First to market and best in class 02	First to market and best in class 02
Global human verifcationplatform 03
�eplatform of choiceglobally 04
Client acquisition and retention 05
Organisations thatpeople trust most,trust Xref 06
Globalplatform interactions 07
Highest ratedglobally 08
+38% salesgrowth 09
+50% usagegrowth 10
Targeting proftable scale 11
Global market opportunity 12
FY22dt d 13
prouc roamap
Capital structure 14
Board and management 15
Further resources 16

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

First to market and best in class

$15m+

Founded in 2010, publicly listed in 2016 (ASX:XF1)

Annual revenue run rate (AUD)

60 full-time employees with an average tenure of 3 years

$14m+

Annual cost base

2.4% of all Xref shares owned by Xref employees (excl. founder). 70% of employees own Xref shares.

6,500+

Active users

Led by founder and largest shareholder, Lee-Martin Seymour

2m+

Identity verification platform acquired in 2019 (RapidID)

Reference checks provided

Headcount by department

	Executive 7.0% Operations 15.8% Development 29.8%	Customer Success 10.5% Marketing 8.8% Sales 28.1%

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Xref Team | Sydney 2021

	Headcount by location Canada 8.8% United Kingdom 5.3%	New Zealand 7.0% Australia 78.9%

We are an innovative, online tech solution that exists to empower businesses to make great people decisions during the hiring process. With a passionate team behind everything that we do, our vision is to change the way the world hires and make the process a whole lot easier for everyone involved. We’re commi�ed to building upon the playful, hard-working culture that we’re known for and will continue to celebrate every new success together.

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

Global human verification platform

47%

Revenue Growth from Xref’s native platform.

Automated Reference Checks of total 65% revenue

Xref Enterprise

Xref’s fully automated online reference checking platform allows employers to request one or multiple references in minutes and receive fast, honest feedback within 24 hours.

Xref.com

Instant ID & Security Checking of total 7% revenue With RapidID, employers know who a candidate really is with biometric identity verification. It securely matches ID documentation to real-time data sources, including government, credit bureau, utility databases and more. Xref acquired RapidID in July 2019.

Product map (current) Integrated Additional Checks of total 0.3% revenue

Employers can choose from more than 200 global checks and create packages via Xref's integrations with global checking providers. Popular checks include criminal record, right to work and qualification checks.

Xref Lite

Launched in 2019, Xref Lite has provided prospective clients with the opportunity to create an account, use a free credit and buy credits for future use, all within a ma�er of minutes. It has all the power of Xref and is perfect for single-use users who require low volumes, or enterprise clients exploring the platform before enquiring. Xref Lite also allows the Enterprise sales team to focus on clients requiring high-volume and bespoke solutions.

ATS Integrations 55% of total Revenue growth from 15.4% revenue wholesale and Xref currently has 35 channel partner integrations. An channel partners. integrated user is someone that accesses Xref from within their Applicant Tracking System (ATS). Global ATS partners include Workday, Oracle Taleo, Bullhorn, JobAdder, Pageup and SmartRecruiters amongst others.

Wholesale Partners

of total 1.82% revenue Vendors of other checking services are able to offer the Xref automated referencing product via a wholesale agreement to their customers.

Open HR Standards API

10%

of total revenue

As well as tailored ATS integrations built by Xref, an 'HR Standards' API has been built for clients and partners that wish to build Xref into their own platform or workflow. �e use of a publicly available API minimises the impact on Xref's development resources and enables clients to scale faster.

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

�e platform of choice globally

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Unique platform features

• Xref lite (100% self-service, free to get started) People search (talent pooling from referees) Template builder (multi-language, free access) Instant ID checking (via RapidID)

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Privacy & security

• ISO27001 : Global data security certification Automated fraud checking Multi-region micro services Infrastructure Privacy compliant to GDPR standards

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Advanced analytics

• Automated content & sentiment scoring

• Detailed life cycle analysis

• Competency benchmarking

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Integration services

• Integrated with 35+ global talent management platforms HR standards public API support for bespoke integrations Wholesale integrations with checking providers Integrated additional checks

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Multi-Language & accessibility

100% multi-language platform Free multi-language template builder 24/7 multi-language support Custom translation services WCAG 2.1 compliant

“�e SmartRecruiters and Xref integration allows us to access our entire recruitment process from one place. It’s made our process fast and accurate. �e ease of use combined with the support off ” ered by both companies is fantastic.

• Tailored platform performance reporting

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

Client acquisition and retention

	Lead Generation	Direct Marketing	Direct Marketing	Direct Marketing	Direct Marketing	Direct Marketing
	Increase in marketing qualifed leads compared to FY20 +260%
		Direct marketing	Digital marketing tools, including PPC, SEO and online customer reviews have driven trafc to Xref-owned assets, boosted brand salience and enhanced platform credibility online.�e development and amplifcation of thought leadership content alone has accounted for 60% of leads.	Channel marketing	Direct sales have been driven through leads generated by the Xref sales, account management and customer success teams, as well as joint marketing activities with integrated ATS and background checking partners.
		Referral marketing		Wholesale marketing
		Content marketing		Direct sales
	Increase in total sales compared to FY20 Sales Conversion +62%	Xref Lite	With Xref Lite, a user can create an account and use a free credit, then buy credits for future use and change the way their company references, all within a ma�er of minutes. It has all the power of Xref and is perfect for single-use users who require low volumes, or enterprise prospects exploring the platform before enquiring. Xref sales teams in Australia, New Zealand, the United Kingdom and Canada focus on converting enterprise leads. Once a new client has been onboarded and has started to use the platform, the sales team hands over the management of the client to the account management team.
		Enterprise Sales Team
	User Adoption Increase in revenue as a result of improved platform adoption +36%	Customer Success	Features and benefts Platform optimisation Return on Investment
		Enterprise Account Management	Product marketing Price and quantity growth References and testimonials

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

Organisations that people trust most, trust Xref

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1,200 63% 50%
Active clients globally Joined within the last Revenue contribution from
three years tier #1 clients
Client Size
Tier #1 10.8% Tier #3 18.9%
Tier #2 10.5% Tier #4 59.8%
Client Age
1 Year 15.0% 4 Years 18.3%
2 Years 22.5% 5+ Years 18.1%
3 Years 26.2%
Client Locations
North America 16.0% New Zealand 9.2%
Europe 16.8% Australia 57.9%
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2021 ASX : XF1 SHAREHOLDER PRESENTATION

Global platform interactions

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Europe
Staff 4
Addressable Market (Labour Force) 120M
Annual sales contribution 7%
North America
Staff 5
Addressable Market (Labour Force) 180M
Annual sales contribution 11%
Australia & New Zealand
6.3m 1m+ Staff 51
Addressable Market (Labour Force) 15M
Total user platform interactions Users exchanging data in 2021
Annual sales contribution AU71% NZ11%
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2021 ASX : XF1 SHAREHOLDER PRESENTATION

Highest rated globally

“Xref makes us a well-oiled recruitment machine and allows us to pass benefits on to clients.”

“Xref provides data analytics that ’ wasn t possible with our previous approach.”

“Xref frees up time for more strategic talent acquisition tasks.”

Ratings & Awards Google rating 4.7 Capterra rating 4.7 G2 rating 4.6

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“With Xref we are able to identify potentially fraudulent activity by candidates.”

“A fantastic solution for any busy recruitment team.”

"Xref improves the professional appearance of our organisation to potential recruits.”

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Watch video customer stories
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2021 ASX : XF1 SHAREHOLDER PRESENTATION

+38% sales growth

Sales history

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Expected Actual
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Prepaid Credits

10% Growth

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15 10% Growth
When clients purchase credits (credit sales) to
use the candidate referencing platform, the
value of their purchases is recognised as
unearned income. When they pay for the credits,
COVID-19 Impact
10 the cash is recognised as cash receipts. 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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Postpaid Checks
307% Growth
Post-pay arrangements have been negotiated
0 with legacy clients, high users or tailored
partnership agreements. Payment for postpaid
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 (Actual
checks is on a monthly basis.
& Expected)
s
$ Million
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FY2021 Sales by client cohort
(year joined)
FY 2021 19.3% FY 2018 20.2%
FY 2020 13.8% FY 2017 15.3%
FY 2019 16.0% Pre FY 2017 15.4%
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*Actual: Sales up to April 30th 2021.

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Sales breakdown
Postpaid Checks 24%
Subscriptions 6%
Prepaid Checks 70%
Growth figures: FY2021 compared to FY2020
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Subscription

77% Growth

Platform access subscriptions allow a customer �e to pay monthly on a 12-month agreement. subscription has a capped amount of credits available for use during the subscription term.

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

+50% usage growth

Revenue - Recognised on Usage

Expected

*Actual

Xref.com

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12.5
10
COVID-19 Impact
7.5
5
2.5
0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 (Actual
& Expected)
Usage Breakdown Usage Splits
Wholesale Partners 1.8% Australia 74%
Additional Checks 7.2% New Zealand 11%
Channel Partners 25.4% Europe 6%
Xref.com 65.6% North America 9%
Actual: Sales up to April 30th 2021. Growth figures: FY2021 compared to FY2020
s
$ Million
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38% Growth

Users accessing the native Xref platform via either the Xref Lite or Enterprise version.

Integrated Additional Checks

251% Growth

Fully automated checks, such as ID, criminal record and Working With Children checks, are available via Xref and consumed by both native and integrated users.

Wholesale Partners

15% Growth

Vendors of other checking services are able to offer the Xref automated referencing product via a wholesale agreement to their customers.

Channel Partners

59% Growth

Xref currently has 35 channel partner integrations. An integrated user is someone that accesses Xref from within their Applicant Tracking System (ATS).

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

fitable scale Targeting pro

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20
15
10
5
0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY21 (expected)
20
15
10
5
0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY21 (Expected)
s
$ Million
s
$ Million
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Cash Inflows
R&D grant
COVID-19 subsidy
Cash from sales
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Cash Outflows Corporate Platform costs Leases Marketing COGS Wages

Reduced Cash Outflows

’ Since November 2019, Xref s primary focus has been on preserving cash and reaching cash flow break even. Key initiatives have included:

Redirecting marketing efforts from sales support to online lead generation has led to a 66% reduction in marketing cost

Building efficiencies in the acquisition, onboarding, support and growth of clients has led to a reduction in headcount and in turn a 34% reduction in wages and salaries

Adopting a working from home policy has reduced occupancy costs by 44%.

As the business increases sales at a significantly higher rate than overall expenditure, operating leverage continues to improve.

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

Global market opportunity

Expanding the Xref addressable market

Xref has helped the industry reinvent the way feedback is collected during the recruitment stage.

Now, we are working with some of the largest organisations in the world to develop new, innovative products that offer unique employment insights.

Organisations are exploring ways to continue to request feedback throughout the �er employment and exit stages, to be understand the talent moving through their business.

Assessing organisational performance by consistently collecting employee feedback and bringing back to the organisation is essential to understanding changes over time.

Extending the Xref platform across the full hire to retire journey increases the addressable market exponentially and allows organisations to enjoy the benefits of Xref across their business.

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Exitees
+330m
Exitees in Xref key markets
Employees
+440m
Employees in Xref key markets
Candidates (Xref today)
90m
Candidates in Xref key markets
Expanding addressable market
figures based on the annual labour force across AU, NZ, US, CA, UK and EU as measured by the data.oecd.org and assuming a 15% a�rition rate.
Exitees calculated using the 15% a�rition rate across the last 5years. �is, therefore, represents an organisations alumni community.
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2021 ASX : XF1 SHAREHOLDER PRESENTATION

FY22 product roadmap

Automated Reference Checks

Integrated checks Xref.com

Key Business Model - Prepaid Xref Credits.

Xref ID Additional Integrated Checks (RapidID Rebrand Due FY22)

Employee Exit Surveys Pulse Checks Due for release Q1 FY2022 Due for release Q2 FY22

100% Self Service Platform Extension

Business Model: Subscription Tiers (with the ability to add prepaid Xref credits and postpaid additional checks.)

Channel Partners

Wholesale Partners

HRIS Integrations

Payroll Integrations

Xref currently has 35 channel partner integrations. An integrated user is someone that accesses Xref from within their Applicant Tracking System (ATS).

Vendors of other checking services are able to off er the Xref automated referencing product via a wholesale agreement to their customers.

Many of the ATS platforms that Xref Xref Exit requests could be added to the integrates with, such as Workday and Oracle, traditional termination procedure actioned have HRIS platforms that manage the from within an organisation’s payroll platform, ’ off fi employee s journey through the organisation. ering bene ts to the departing employee Insights collected via Xref could be requested and greater insights to the employer. and reviewed via their platform of choice.

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

Capital structure

(29 April 2021)

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Top 5 Shareholders
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182.3m $48.31m Quoted shares Market capitalisation at 26.5c

21.2m options

Being 12,800,000 options at $0.70 exercise price, 889,394 options at $0.585 exercise price, 448,396 options at $0.66 exercise price, 4,000,000 options at $0.18 exercise price and 3,038,242 options at $0.35 exercise price. �ese options expire on dates between 3 July 2021 and 1 May 2024.

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31.17m
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Lee Seymour, Founder CEO as West Riding Investments PTY LTD & SEYMOUR SUPERANNUATION HOLDINGS

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30.86m 20.96m
Squirrel Holdings Australia PTY LTD Netwealth Investments
Griffiths Family A/C LTD Wrap Services A/C
18.16m 6.59m
National Nominees LIMITED HSBC Custody Nominees
(Australia) LTD
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Substantial Institutional Holder
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14.3m warrants

Issued on 31 July 2020, with an exercise price of $0.35 each (subject to adjustment in accordance with the Warrant Deed) and may be exercised any time up to 24 July 2024, being the date that is seven days before the termination date (31 July 2024) of the related $5 million secured debt facility.

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8.8%

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

Board and management

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Lee-Martin Seymour CEO Co-Founder, Exec Director

A serial entrepreneur with over twenty years of experience building brands, developing technology, developing people and driving sales. Lee is the largest Xref shareholder and is passionate about pioneering positive change within the global employment sector.

BOARD

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Nigel Heap Robert Waring
Non-Exec Director Company Secretary
Sharon Blesson David Haines Karina Guerra
CTO GM RapidID Group Marketing Director
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Brad Rosser
Non-Exec Chairman
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EXECUTIVE
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James Solomons
CFO
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Linkedin

KEY CONTACTS

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Place of business

Xref Ltd (Head and Registered Office), Suite 13, 13 Hickson Rd Dawes Point, NSW 2000 xref.com

Auditors

Crowe Sydney Level 15 1 O’Connell Street Sydney, NSW 2000 crowe.com/au

Share registry Computershare Investor Services Pty Ltd 452 Johnston Street Abbotsford, Victoria 3067 computershare.com/au

Corporate Advisory Investor Relations TMT Partners �e Capital Network Aurora Place, Level 14 Level 27/88 Phillip St, 234 George Street Sydney, NSW 2000 Sydney, Australia, 2000 tmtpartners.com.au thecapitalnetwork.com.au

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2021 ASX : XF1 SHAREHOLDER PRESENTATION

Further resources

Credentials

Products

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G2 ratings Google reviews Capterra

Xref Client Case studies

Getapp

Xref Website h�ps://www.xref.com/ Xref Lite h�ps://pages.xref.com/xref-lite-trial.html

RapidID h�ps://www.rapidid.com/ Xref Template Builder

h�ps://www.xref.com/platform/reference-templates

Reports Interim Report 2021 FY21 Q3 Update Investor Center

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2021 ASX : XF1 SHAREHOLDER PRESENTATION