#1BOMBORA Bombora Investment Management Special Investments Growth Fund Investor Presentation • Confidential • Feb 2022#2Bombora Special Investments Growth Fund Bombora is taking applications for the Bombora Special Investments Growth Fund ("Fund"), to provide investors with actively managed exposure to pre IPO & active managed listed equities and co-investment opportunities. 01 Bombora has returned c.30% per annum over the last eight years* 02 Large investment team with over 200 years experience 03 High quality and unique investment opportunities 04 Differentiated offering with co-investment opportunities *The Fund was launched in June 2018, founded by the Bombora investment team which has a demonstrable 5-year track record delivering c.30% p.a. returns in prior deals and investments 2#3Bombora Performance (Rolling- as at 31 January 2021) 1 Month 3 Months 12 Months 3 Years Compound Annual Return Since Inception* Compound Annual Return Bombora Special Investments Growth Fund -5.7% -4.0% +9.7% +30.4% +24.3% Since Inception* Total Return (not annualised) +122.3% Small Industrials Index 9.8% -10.8% -0.3% +5.8% +3.0% +11.3% Outperformance +4.2% +6.8% +10.0% +24.5% $100,000 invested with the Fund at inception would have grown to $222,228 as at 31 January 2022 (net of fees) The compounded annual return since inception is 24.3%. The total return (not annualised) since inception is 122.3%. +21.4% +111.0% Prior to the incorporation of the Bombora Special Investments Growth Fund in June 2018, the strategy delivered c.30% CAGR over a 5-year period. *Inception date: 1 June 2018 3#4Performance Since Inception 2.60 2.40 2.20 2.00 1.80 1.60 1.40 1.20 1.00 0.80 (To 31 January 2021) 0.60 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 -Unit Price ASX Emerging Companies Normalised -ASX Small Industrials 2.36 1.82 1.23 The Fund has returned 122.3% (net of fees) in the period since inception $100,000 invested with the Fund at inception would have grown to $222,228 as at 31 January 2022 (net of fees) 4#5Bombora Partners Distribution ✓ Research Investment Platforms . In June 2020, Bombora partnered with Seed Partnerships for the sales and distribution function of the Fund The alliance was formed to assist with growing the number of Unitholders and the Funds Under Management in a measured way to Seed's network of clients • This is an important partnership which allows the Bombora team to focus on managing the fund, while achieving the corporate objectives of the group. seed PARTNERSHIPS In December 2021, SQM Research conducted and released a third independent review. The Fund received an upgrade to 4.25 stars and is rated a "Superior, High Grade Investment" In January 2021, Evergreen ratings released an initial review of the Fund, providing a "highly commended" research rating, the highest rating of the research house. A copy of each report is available on request Superior M SQM RESEARCH HIGHLY COMMENDED Devergreenrating: The Fund is approved as an authorised Wholesale Fund on the following Platforms: Macquarie Wrap IDPS Menu and Macquarie Wrap Super Menu when held via a separately managed account BT Panorama IDPS HUB24 IDPS Investment Menu Netwealth Wrap Ausmaq Mason Stevens HUB 24 BT MACQUARIE HUB ausmaq Better results for your business netwealth O MASON STEVENS 5#6Bombora Team Experience The Bombora team is made up of the Investment Team, complemented by Industry Specialists and supported by an Independent Chair as part of the Investment Committee. Investment Team Mike Hill (Managing Director and CIO) David Willington (PM - Equities) Bryan Zekulich (PM - Pre-IPO) Emily Mohan (Associate) Garren Robbins (Associate) Abbie Wang (Analyst) Matthew Hutchinson (Analyst) Investment Committee Brett Chenoweth (Chairman) Mike Hill David Willington Bryan Zekulich Industry Specialists Brett Chenoweth Chris Colfer Julian Knights AO Greg Ruddock 6#7Our Difference Traditional Fund Managers Seek listed equity opportunities Passive Investments Public Liquid Investments J BOMBORA Originate unique opportunities We create, structure & invest in opportunities through their deep transactional and capital markets expertise Active Investments Bombora drives value in our investments via active, collaborative and strategic participation Pre IPO and Equity linked investments Bombora's pre-IPO strategy will take equity positions in private companies where there is an aim to IPO in 3- 24 months and will hold interests in publicly listed companies. Generalist Investor Team Team of proven operators in target sectors Bombora utilises industry specialists to leverage global networks and ensure deep domain knowledge 7#8Bombora Target Portfolio Cash and Liquid Listed Equities 20-40% . 10-20% cash; and - 15 30 liquid listed equity investments, increasing portfolio diversity A concentrated high conviction portfolio of between 25 - 50 holdings • Diversification of investment theme and industry sector Detailed due diligence process with unanimous Investment Committee approval required for each investment Strong selling discipline Actively Managed Listed Equities 20-30% 6-10 actively managed investments, often from pre IPO portfolio Average individual investment size of 4-7% of the portfolio 5-20% issued equity of each company Active positions managed by designated member of the Bombora team Actively Managed Pre IPO 40-50% • . - 10 20 individual investments at any one time Average individual investment size of 3-5% of the portfolio Investments spread across key investment themes and sectors More than 50% actively managed by designated member of the Bombora team Includes convertible note and special situation opportunities 8#9Investment Selection Criteria Investment screening criteria K КУ } High revenue growth rates. Scalable business model with operating leverage and high gross margins Sustainable competitive advantage and barriers to entry Strong balance sheet with sustainable funding model Attractive industry dynamics with large addressable market Experienced management team and strong culture Compelling valuation relative to fundamental analysis and peer trading Relationship between listed equities and pre-IPO positions Listed Equities Deep knowledge of the listed universe / peer set in industries of focus (e.g. software, fintech) ✓ Understanding of what is required to achieve a premium valuation as a listed vehicle Gain real insights as long- term holders into industry trends and themes Pre-IPO Positions Operational experience with a strong understanding of business drivers Investor insights and feedback through the pre- IPO and IPO processes Deep industry knowledge by working alongside founders and management The investment screening criteria is applied consistently when assessing both passive listed and pre-IPO positions "Someone is sitting in the shade today because someone planted a tree a long time ago." Warren Buffet 9#10Bombora Targets Emerging Growth Companies VALUATION / GROWTH RATES Venture Capital BOMBORA Traditional Funds EARLY STAGE EMERGING GROWTH MATURITY REINVENT 10#11Portfolio Activity – - Active Listed Equity Positions B J. design\milk dm ASX • BMT . BEAMTREE HOLDINGS LIMITED BMT (previously PKS Holdings Limited) is a health data analytics and knowledge platform company. • BMT recently acquired Potential(x), a complimentary and market leading specialist health and human services data analytics firm. • The acquisition takes pro forma revenue to more than $20m p.a. • Bombora listed BMT in 2019 at ~$22m market cap and now has a market cap of ~$110m (As at 31 Dec 2021). (Mike Hill, Chairman) ASX • JAN JANISON EDUCATION LIMITED • JAN delivers high-scale, online assessments to millions of students in more than 120 countries • JAN announced the bolt on acquisition of Quality Assessment Tasks in October 2021 which will add to the basket of assessment products and capability • The company continued its strong momentum in PISA with new customer signings and US and UK roll- out wins. (Mike Hill, Chairman and Brett Chenoweth, Non- Executive Director) . ASX - DMC DESIGN MILK CO LIMITED • DMC is a leader in the modern design and digital media and e-commerce. • DMC achieved solid growth in the December quarter off the back of their strong social media presence and 9.5M follower base. • DMC also refreshed their mobile- friendly website with improved SEO, smart search functions and order tracking functionalities for a greater customer experience and transactions. (Mike Hill, Chairman and Chris Colfer, Deputy Chairman sits on the board) 11#12Portfolio Activity - Active Listed Equity Positions MAD: gratifii ASX MPA . MAD PAWS HOLDINGS LIMITED • MPA is an Australian pet services marketplace. • MPA is experiencing a continued rebound post the easing of Covid-19 restrictions across Australia. • 2QFY22 operating revenue was up 199% to $2m and the company ended 1HFY22 with $8.9m cash on hand. The company also launched their "Home" category with the acquisition of Sash Beds and MPA's Dinner Bowl won Australia's Dog Food of the Year Award on ProductReview.com. (Mike Hill, Non-Executive Director) . ASX • BEX BIKEEXCHANGE LIMITED • BEX, the world's largest global cycling marketplace • In December 2021, BEX announced the acquisition of Kitzuma, a US based "ready to ride" bike delivery and logistics company for a total consideration of A$4.75M. • Since the announcement, BEX's share has increased, reflecting the market's confidence in BEX's strategy and its ability to generate growth. (Bryan Zekulich, Non-Executive Director) ASX - GTI GRATIFII LIMITED • GTI is an enterprise loyalty and rewards company that allows brands to track and collect customer interactions across multiple touch points. • GTI continued to announce new partnerships in the December 2021 quarter. • The company revised its Q2 FY22 client revenue guidance up 37% to $2.9m, which is an increase of 5% vs pcp. This brings GTI's client revenue to ~$65m. (Mike Hill and Bryan Zekulich, both Non-Executive Director) 12#13Portfolio Activity - Active Pre-IPO Positions 90 SECONDS ΣΙ LVX GLOBAL 90 SECONDS HOLDINGS LIMITED • 90 Seconds is a global video creation platform for 200 of the world's largest brands. • The company finished CY21 with revenues of greater than US$10m and was EBITDA positive from July - December 2021. • 90 Seconds continues to pursue discussion with potential acquisition targets, ahead of an ASX listing scheduled in CY22. (Mike Hill, Non-Executive Director) MARKETPLACER LIMITED Marketplacer provides a global technology platform which enables enterprise customers to create online marketplaces Marketplacer has successfully built its partner platform working with Salesforce, Adobe, Accenture and others and was named as the leader in the recent Forrester New Wave Report for Marketplace Development Marketplacer delayed IPO plans in FY22, raising $38m in new equity in September 2021. (Bryan Zekulich is an observer to the board) LVX GLOBAL LVX is a global technology company, offering end-to-end solutions for smart cities, smart buildings and Internet of Things. LVX signed its largest contract to in the December 21 quarter. The pipeline continues to expand, particularly the key growth locations including Europe and US. • LVX also successfully raised ~$4m in new equity in Dec 21. Funds raised will be used to boost inventories, fast track the technology roadmap and increase sales teams/partner networks. (Emily Mohan, Non-Executive Director) EZYCOLLECT HOLDINGS LIMITED EzyCollect is an intelligent SaaS accounts receivables & payments platform that helps business to reduce late payments and empower business growth. • The company continued to focus on the development of its product roadmap and payments functionality during the December 2021 quarter. • The US expansion plan is gaining momentum, with marketing to ramp up in Jan 2022 and a soft launch expected in Feb 2022. (David Willington, Chairman) 13#14Recent Portfolio Activity orbx > Pathify FËND foods OLIVEX BVI ORBX INVESTMENTS LIMITED • Orbx develops and provides high quality scenery and flight simulation content • The Company released a number of new products across the flight simulator, Prepar3D and X-Plane 11 platforms during the December 21 quarter. • Orbx is currently exploring number of scaling opportunities where it can utilise creative skill and extensive digital catalogue, ahead of an ASX listing. PATHIFY HOLDINGS INC. Pathify provides a modern, personalised digital campus that replaces outdated student portals. • The business continues to execute on their growth strategy and have added a number of impressive higher education customers in the USA over the quarter (December 21). Pathify experienced strong growth in ARR as well as ARR per customer in CY21. The company remains on track for an ASX listing in 1 HCY22, with majority of preparation for the IPO completed. ZENAQ HOLDINGS LIMITED (Fënn Foods) Zenaq Holdings Limited is the owner and producer of vEEF®, a premium plant-based foods, led by award winning Michelin-star chef Alejandro Cancino. The Manager has been following Fënn Foods for over 6 months. • Bombora added the company to the portfolio in December 21. • It is intended that Zenaq Holdings Limited (to be renamed Fënn Foods) will list on the ASX in CY22. OLIVEX HOLDINGS LIMITED • OliveX is a digital fitness company that provides applications, smart technology and unique fitness. gamification leveraging blockchain technology and play to earn functionality. • The Company created the first ever blockchain audio game and issued the Dose token to enable the monetisation of NFT sales and trading. OliveX was added to the Bombora portfolio in the December 21 quarter through the company's $8M share placement. (Mike Hill, Chairman) (Mike Hill, Non-Executive Director) (Emily Mohan, Non-Executive Director, Mike Hill, Alternate Director) (David Willington to join the Board as a Non- Executive Director) 14#15Other - Investments MOSH AORAKI MARRANG FIN-NOR HAIRMOP PTY LTD DEMYST DATA (Mosh) Hairmop Pty Ltd (Mosh) operates an online men's health platform, which provides affordable and discreet access to treatment for hair loss, sexual health, skin issues and mental health. • The Manager added Mosh to the portfolio through the company's $25m capital raise via convertible note. Funds raised will be used to accelerate growth into new men's health verticals, support product development and prepare the company for an IPO on the ASX within a 12-18 month period. LIMITED Demyst Data Limited is a platform which provides data solutions to large customers via an enterprise SaaS model. The company connects to external data sources, certifies the data, curates the data and then deploys use case scenarios for their clients. • The Manager added Demyst to the portfolio in the quarter to 30 June 2021 through the company's convertible note offer. Funds raised will be used to drive growth and prepare the company for an IPO within a 12-18-month period. AORAKI HOLDCO LIMITED (Aoraki) • Aoraki is a SPAC incorporated alongside Julian Knights and Kerry McIntosh, based in NZ (both ex Ironbridge). Aoraki has been established to acquire a NZ based high growth technology business which will list on the ASX. • This is an exciting evolution of the Bombora process in identifying quality, high- growth companies in specific geographies The Manager is currently in the process of reviewing a number of potential acquisition opportunities for Aoraki. MARRANG HOLDINGS LIMITED (Marrang) Marrang is a SPAC incorporated by the Bomboral team with the purpose of acquiring a healthcare or Health Tech focused business and will subsequently list on the ASX. • The Manager is currently in the process of reviewing a number of potential acquisition opportunities for Marrang. FIN-NOR HOLDINGS LIMITED (Fin-Nor) • Fin-Nor is a SPAC incorporated by the Bombora team, in conjunction with Bombora network partners Craig Hewett and Jonathan Donald. • Fin-Nor seeking to acquire an operating business located in South-East Asia and list on the Australian Securities Exchange (ASX). • The Manager is currently in the process of reviewing a number of potential acquisition opportunities for Fin-Nor 15#16Activity Pipeline and Co-investment Opportunities 5 - 10 New Opportunities Per Week Co-investment Opportunities in Progress Insurance technology Property Management SaaS Services marketplace Latest Investments Healthcare roll-up E-commerce roll-up FËND foods Mental health MOSH platform Battery technology OLIVEX iCandy INTERACTIVE Actively Managed Portfolio Unlisted Portfolio 90 ezy Collect LVX GLOBAL SECONDS ΣΙ B orbx > Pathify Listed Portfolio gratifii) Screen, negotiate & diligence Execute and invest J. design\milk dm MAD: 16#17BOMBORA Fund Details Investor Presentation • Confidential • Jan 2022#18AN OFFERING TO WHOLESALE CLIENTS Special Investments Growth Fund Overview Investment Strategy Investment Manager . • The Bombora Special Investments Growth Fund (Fund) uniquely provides investors with an actively managed portfolio of Pre IPO and Listed Equities in high growth companies The objective of the Fund is to construct a concentrated, high conviction portfolio of unique growth opportunities to deliver strong positive risk adjusted returns for investors over the medium to long term Fundamental bottom up research, screening, diligence and structuring to provide investors with actively managed exposure to: Pre IPO & co-investment opportunities; and Active managed listed equities Team consists of professional executives, each with over 20 years experience in investments over multiple industries and geographic markets Bombora uses Industry Specialists to help drive value in our investments . Experience spans funds management, direct investment, private equity, mergers & acquisitions and equity capital markets . Bombora team are proven operators being Executives, Directors and Advisors to both private & public companies Investment Performance • • • The compound annual return of the Fund since inception is 24.3% and the total return since inception (not annualised) is 122.3%. The Fund performance to date has been achieved with high levels of cash holdings and excludes further upside generated from incentive securities issued The Bombora strategy prior to the Fund launch (2013 - 2018) generated a CAGR of 29.6%. Offer Details Fund Structure Unregistered Managed Investment Scheme structured as an Australian Unit Trust for WHOLESALE CLIENTS • Information Memorandum: November 2021 Fee Structure 1.5% Management Fee & 20% Performance Fee for fund outperformance over hurdle rate of 7% 18#19Key Fund Features Fund Name Investment Manager and Trustee Custodian and Administrator Fund Type Suggested Investment Horizon Investor Eligibility Minimum Investment Minimum Redemption Buy/Sell Spread Fees and Expenses Hurdle Rate Application Frequency Valuations Distributions Bombora Special Investments Growth Fund (Fund) Bombora Investment Management Pty Limited (Bombora) ACN 625 413 390 Mainstream Fund Services (part of the ASX listed entity Mainstream Group Holdings (ASX: MAI) Pre-IPO and Australian listed equity portfolio. 3-5 years Wholesale Clients, as defined in the Corporations Act 2001 $50,000 $50,000 (subject to a minimum balance of $50,000) • 30 basis points Management fee of 1.5% p.a. of the Fund's net asset value calculated and payable monthly in arrears Performance fee of 20% p.a. of the returns in a performance fee period exceeding the higher of the previous high-water mark and the hurdle rate. The performance fee is calculated and payable quarterly in arrears The Trust incurs cost recovery to a maximum of 1% p.a. of the Trust's net asset value 7% p.a. (inclusive of management fee and cost recovery accrued) Monthly Unit price calculated monthly Annually as at June 30. Distributions are automatically reinvested unless instructed otherwise Redemption Frequency Monthly 19#20BOMBORA Appendix 1 Case Studies Investor Presentation • Confidential • Jan 2022#2190 Seconds Holdings Limited - Pre-IPO 90 Seconds is a global video content creation platform connecting 200 of the worlds largest brands with video creators Overview Marketplace platform technology Singapore Sector Information Technology Industry Location Investment Date Oct-21 Current Valuation A$78.0m¹ Entry Valuation A$78.0m Board representative Mike Hill Website https://90seconds.com/ 90 Seconds platform From SGD$8,500 Customer Story Solution Order this solution SAL Creative Crew Creative Commentary 90 seconds • 90 Seconds provides a platform to connect 200 of the worlds largest brands with over 13,700 content creators all across the globe • The company generates revenue from brands via a transactional and subscription based model. 90 Seconds takes a 65% margin . In mid 2019, 90 Seconds narrowed the business focus to leverage its position as the market leader in the global video content creation industry. Over the space of 12 months, gross profit lifted from 28% to 54% and from a high cash burn to near EBITDA breakeven. The Company is now focused on generating profitable and scalable growth, driven by the global video boom and virtually uncapped creative supply. Over the next 12 months, 90 Seconds is looking to drive organic expansion of existing and new customers, as well as target a number of strategic acquisitions over the medium term. A special purpose acquisition company was created by Bombora called Murri Holdings Limited in mid 2021 which then acquired 90 Seconds. Murri Holdings has since been renamed 90 Seconds Holdings Limited and will become the listing entity, ahead of a proposed IPO on the ASX in CY2022. ⚫ Bombora structured and led a $13.0m raising in the form of ordinary equity in Murri Holdings Limited, termed a "Pre IPO capital Raise" in September 2021. • Funds raised in the pre-IPO round will be used largely to provide growth capital including sales and marketing efforts and support continued development in the technology platform. As part of the transaction, Mike Hill has joined the board of 90 Seconds. Solutions 1. As at October 2021. Plan & Manage Shoot Edit 21 21#22Mad Paws Holdings Limited - Pre-IPO / Listed Equity Mad Paws is Australia's leading pet services technology platform with 110k+ paying pet customers, 25k+ pet carers and 3k+ subscribers Overview Thesis Sector Information Technology E-commerce Australia Industry Location Investment Date Dec-20 Current Market Cap A$50m¹ Board representative Mike Hill Share Price Since Listing MAD PAWS 7.7% (4.2%) • Mad Paws is Australia's #1 Pet Services technology platform, which has built a marketplace connecting over 110,000 paying pet customers with 25,000 pet carers, along with ~3,000 active subscribers for its Waggly and Dinner Bowl services • Mad Paws is exposed to the fast growing pet industry in Australia, with an estimated TAM of +$13bn (2). Mad Paws had a GMV of $12.6m in FY21, growing 24% YoY • The Mad Paws founding investors and senior leadership team have a successful track record with online marketplace and ecommerce businesses including Spreets, Airtasker, Marley Spoon, AWS and Vice Golf • Mad Paws successfully acquired the dog treats and toys subscription business Waggly in June. 2021 for $3m, expanding its subscription business and leveraging its existing customer base Timeline to IPO Dec 20 Jan 21 Bombora's seed-funded Special Purpose Acquisition Company (SPAC) Arugam Holdings Limited raised $5.6m through a pre-IPO convertible note • Simultaneously, Arugam completed a scrip-for-scrip acquisition of Mad Paws Pty Ltd (Mad Paws) • The capital raising was well supported by institutional investors and Bombora co- investors, providing a solid day 1 register Bombora led IPO preparations immediately post convertible note raising • Mad Paws completed its IPO book build in Feb 2021 and successfully listed on the ASX in Mar 2021 • Mad Paws listed at a market cap of $42.9m at $0.20 per share, which closed at $0.24 on the first day of trading • Bombora continues to hold ~16% of Mad Paws with Mike Hill on the Board • Mad Paws currently has a market capitalisation of $50.5m at a $0.23 share price 0.28 0.26 0.24 0.22 0.20 0.18 0.16 при m 0.14 0.12 0.10 Mar-21 Apr-21 May-21 -ASX: MPA Jun-21 Jul-21 Aug-21 Sep-21 Today -ASX Small Ind. (rebased) 1. 2. 12 As at 30 September 2021. Animal Medicines Australia, Pets in Australia (2019): A national survey of pets and people. 22#23Beamtree Holdings Limited - Cornerstone Investment Beamtree (formerly PKS) is a leading software technology company in the large and fast-growing global healthcare solution market. Beamtree Overview Sector Industry Location Health Care Equipment & Services Subscription software distribution Australia, New Zealand, Singapore, Malaysia, South Africa, Europe, USA Jun-19 Investment Date Current Market Cap A$145m¹ Acquisition Value A$19.5m Board representative Mike Hill Share price performance (last two years) 0.80 0.60 0.40 0.20 205.1% 16.6% Commentary and acquisition • • Sep-19 Dec-19 Mar-20 Jun-20 -ASX:BMT Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 . -ASX Small Ind. (rebased) Beamtree (formerly PKS) provides a highly scalable, proprietary subscription-based Clinical Decision Support, that enables automation efficiency in pathology and hospitals A special purpose acquisition company was created by Bombora called Qpro Holdings in October 2018 which then acquired PKS Holdings Ltd and became the front door listing vehicle on the ASX in June 2019 In April 2020, Beamtree acquired 100% of Pavilion Health in an all scrip transaction at $8.5m implying a 1.9x FY19 revenue multiple and 5.1x FY19 Operational EBITDA multiple. The acquisition of Pavilion Health is consistent with Beamtree's growth strategy to acquire complimentary healthcare technology companies and expand beyond pathology into the hospital sector In August 2021, Beamtree acquired healthcare analytics firm Ainsoff for $1m through a mix of cash and scrip. Ainsoff is a clinician-led healthcare analytics company with three ready-for- market product applications that reduce the risk of death for seriously ill patients in hospital and automate other key clinic processes. In August 2021, Beamtree acquired Potential (X), for $19.6m (1.8x FY21 revenue and 7.4x FY21 operational EBITDA) through a mix of scrip and cash. Potential () is an Australian pioneer in health data with unrivalled expertise in health data collection, standardisation and benchmarking of clinic and financial outcomes. The acquisition doubled Beamtree's revenue to $20m Mike Hill, MD of Bombora and Chairman of Beamtree, was instrumental in driving the above acquisitions to its success through Bombora's active management philosophy The Bombora Special Investments Growth Fund (BSIGF) remains a substantial shareholder of Beamtree 1. As at 30 September 2021. 23#24Janison Education Group - Pre-Fund Launch / Listed Equities Janison is a global market leader in digital assessments and testing, providing 6.5m+ assessments across 117+ countries. Overview Sector ⚫ Education Industry • Digital assessments and e-learning solutions. • Global provider of innovative online assessment platform, learning management system ("LMS") and online training solutions. • Dec-171 Description Investment Date Current Market Cap Acquisition Value Current Bombora involvement . A$333m² A$26m Mike Hill and Brett Chenoweth currently sit on the Board of Janison The Bombora Special Investments Growth Fund ("BSIGF") continues to be a shareholder in Janison with a ~4% holding Financial Performance Janison. - FY18 21 revenue CAGR: 20% FY18-21 assessment ARR CAGR: 53% 55% 30 46% 22 39% 23 35% 17 5 8 8 FY18 FY19 Revenue (A$m) FY20 Assessment ARR (A$m) FY21 Gross margin 18 Investment Highlights K Global market leader in digital assessments and testing Scalable SaaS business model with strong recurring revenue and margin profile Positive industry dynamics with significant addressable markets in digital assessments and e-learning Multiple levers for growth including new geographies, expansion of product offering, new clients and complementary M&A Experienced management team and strong culture. Share Price Performance Since Listing³ 6.5m+ FY21 digital assessments $1.60 Acquisition of Ascender Learning Business Assets +38% $1.20 FY21 revenue growth $0.80 US$268bn 2021 EdTech market value A$80 - 100m Revenue horizon 50% Female workforce 50.40 миллим $0.00 A$5m capital raise Acquisition of LTC A$7m capital raise Acquisition of Educational Assessments A$15m capital raise +276% +22% Acquisition of Quality Assessment Tasks Dec-17 May-18 Sep-18 Feb-19 Jul-19 -Janison share price (A$) Nov-19 Apr-20 Aug-20 Jan-21 Jun-21 Oct-21 -ASX200 (rebased to Janison) (A$) -23 1. 2. 3. Date of acquisition. As at 17 November 2021. From 21 December 2017 to 17 November 2021. 24#25rhipe - Pre-Fund Launch rhipe has experienced rapid revenue growth and scale, from $40m revenue in FY12 to $377m in FY21 Overview Sector Industry Information Technology Subscription software distribution Australia, New Zealand, Singapore, Malaysia, Philippines, Indonesia, Thailand, South Korea, Sri Lanka, Japan Location Investment Date Apr-141 Current Market Cap A$401m² Acquisition Value A$13.0m Company Milestones rhipe 1. RHP backdoor lists on the ASX with the assistance of Bombora through shell company FRR Corporation. 2. Following due diligence conducted by Bombora Group, rhipe raises capital October 2014 to fund the acquisition of nSynergy and an investment in ASX listed Live Tiles Limited (ASX:LVT). 3. RHP enters the ASX All Ordinaries in March 2015. 4. The Company announces a maiden fully franked dividend of 0.5 cents per share. 5. Mike Hill resigns from the board of RHP after a 5 year tenure, leaving the Company with a strong balance sheet and operations in 8 countries. 6. RHP announces it has received a conditional proposal from Crayon Group Holding ASA (CRAYN.OL) to acquire 100% of the shares in RHP by way of scheme of arrangement for $2.50 per RHP share. In October 2021, the acquisition of RHP was approved. 6 • Commentary and Investment Thesis rhipe Limited (RHP) offers cloud licensing of major software providers (including Microsoft, Citrix and VMware), a subscription management tool, and value-added services to IT services providers who bundle subscription offers to end users. The Company has expanded into high-growth South-East Asian markets since listing, including entering Thailand, the Philippines, Malaysia, Indonesia, South Korea, Sri Lanka and Japan. RHP's subscription based sales model has seen revenue grow from $40.0m in FY12 to $377m in FY21 and EBITDA increasing by more than 6x between the same period. Share Price $3.50 $3.00 $2.50 2 $2.00 1 $1.50 $1.00 1. 2. 12 Announcement of RHP acquisition As at 30 September 2021 $0.50 3 4 5 CO 5 сл 4 3 2 Volume (M's) $- 0 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 25#26BOMBORA Appendix 2 Investment process Investor Presentation •Confidential • Jan 2022 .#27Investment Process 123 45 Opportunity sourcing Initial A key strength of the Bombora team is the capability to source truly unique opportunities ahead of the market opportunity screening Bombora investment experience ensures a reliable and rigorous screening process utilising Industry Specialists Due diligence > High Conviction positions drive detailed due diligence being undertaken following initial opportunity screening Investment Committee Approval Diverse and experienced Investment Committee need to unanimously approve the execution of any transaction Ongoing reporting and monitoring Active investment positions with a view of partnership designed for Bombora to stay on top of performance 27#28BOMBORA Appendix 2 Team Biographies Investor Presentation •Confidential • Jan 2022 .#29Investment Team & Committee Brett Chenoweth Chairman of Investment Committee Mike Hill Managing Director & Chief Investment Officer David Willington Portfolio Manager Bryan Zekulich Portfolio Manager Brett co-founded Bombora Group 2014. He has over 25 years' operating experience in media, technology, telecommunications and digital businesses -- most recently as Managing Director and Chief Executive Officer of APN News and Media Limited. He has held senior executive roles at the New York based investment firm Silverfern Group, Telecom New Zealand, Publishing & Broadcasting Limited, ecorp, ninemsn and Village Roadshow Limited. Brett is currently Chairman of Adairs. Limited (ASX: ADH), Madman Entertainment and Canberra Data Centres (CDC). He serves as the Chairman of the Advisory Board of H.R.L Morrison & Co. and sits on the boards of Janison Education Group Limited (ASX: JAN), NSW Land Registry, Vodafone NZ, Saxtons Speakers Bureau and Surfing Australia. Brett has a Bachelor of Laws and a Bachelor of Economics from the University of Queensland, and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia Mike was an Operational Partner of Ironbridge from 2004 to 2014, a private equity firm with $1.5bn funds under management. He led and was involved in a number of transactions across a variety of different industries. Prior to this, Mike was a Partner of Ernst & Young Co-Founder of Bombora Group in 2014 Current Board positions include Chairman of the Board of Janison Education Group. Limited (ASX: JAN), Beamtree Holdings Limited (ASX:BMT), Design Milk Co Limited (ASX: DMC) and Orbx Investments Limited and Non-Executive Director of Mad Paws Limited (ASX:MPA), Gratifii Limited (ASX:GTI) 90 Seconds Holdings Limited and Pathify Group Inc. Member of the Australian Institute of Chartered Accountants and holds a Bachelor of Arts Degree (Accountancy) from the University of South Australia • David has over 25 years' experience in corporate finance and investment banking and during his career has primarily advised companies in the technology, media and telecommunications industry David is the Chairman of EzyCollect Holdings Limited Previously, David was a Senior Partner at Deloitte Corporate Finance and prior to that was an investment banker with NM Rothschild and Citi David has a Bachelor of Commerce, is a member of the Institute of Chartered Accountants in Australia and is a Fellow of the Financial Services Institute of Australia Bryan was the Managing Partner of EY's Private Equity Sector for over 15 years'. Bryan is also a Board member, Treasurer and Company Secretary of the Australian Investment Council (formerly the Australian Private Equity and Venture Capital Association "AVCAL") Significant experience in mergers & acquisitions, divestments, strategic finance, capital raisings and advising on the Australian stock exchange listing requirements Bryan currently sits on the board of BikeExchange Limited (ASX:BEX) and Gratifii Limited (ASX:GTI) Bryan has a Bachelor of Commerce from The University of Western Australia, Fellow of the Institute of Chartered Accountants of Australia (FCA) and Fellow of the Financial Services Institute of Australia (FINSIA), F. Fin 29#30Investment Team & Industry Specialists Emily Mohan Investment Associate Garren Keane-Robbins Investment Associate Abbie Wang Investment Analyst Matthew Hutchinson Investment Analyst Emily joined Bombora in June 2020 as an Investment Associate Emily has 10 years experience across funds. management, equity capital markets, M&A and equity research. Most recently, Emily was a Corporate Finance Executive at Blue Ocean Equities, with an emphasis on small-micro cap emerging companies. Key responsibilities included structuring and executing capital raisings (both listed and unlisted), initial public offerings, and general corporate advice. Emily currently serves on the board of LVX Global Holdings Limited. Emily holds a Bachelor of Commerce degree from Macquarie University • Garren joined Bombora in July 2021 as an Investment Associate. Previously, Garren was an Associate at Citi in the General Industrials and Financial Sponsors team where he was involved in a range of M&A and financing transactions. Prior to joining Citi, Garren worked at Rothschild in investment banking and Schroders in asset management. Garren holds a Bachelor of Commerce (Co- op, Honours) degree from the University of New South Wales. Abbie joined Bombora in October 2021 as an Investment Analyst. Previously, Abbie was an Investment Banking Analyst at UBS in the Financial Institutions. Group where she covered large cap financial institutions and FinTechs and was involved in a number of M&A and IPO transactions. Prior to joining UBS, Abbie worked in the Macro Research team at Magellan Financial Group. Abbie holds Bachelor of Commerce (Finance) and Bachelor of Economics (Quantitative Methods) degrees from the University of Queensland. • . Matthew joined Bombora in October 2021 as an Investment Analyst. Previously, Matthew was an Associate at Citi in he General Industrials and Financial Sponsors team where he was involved in a range of M&A and capital markets transactions. Matthew holds Bachelor of Laws (Honours) and Bachelor of Commerce (Corporate Finance) degrees from the University of Adelaide. 30#31Investment Team & Industry Specialists Chris Colfer Industry Specialist Julian Knights AO Industry Specialist Greg Ruddock Industry Specialist • Chris has Chairman, Chief Executive and Board Director experience with an exemplary track record in multiple industry sectors. including luxury goods, branded goods and E- Commerce. He is highly skilled in strategy, retail, e-commerce, business development and marketing ⚫ He has deep technology experience having served on the boards of Net A Porter and LYST, in both cases overseeing their growth from start-ups to global businesses. Chris currently sits on a number of technology and consumer goods boards, including Medik8, Woolworths Holdings Limited, Nude by Nature, Mobile Digital, Design Milk Co Limited (ASX: DMC) and SQUIZ. • Julian qualified as a solicitor and holds BComm, LLB and HDip Co Law degrees 17 years investment banking experience in the UK, South Africa and Australia. Founding Partner of Gresham Private Equity (majority owned by Wesfarmers) Founding Partner of Ironbridge Capital in 2001 and Founding Director of Pacific Road Capital Management • 25 years of private equity experience raising approximately $2.5bn across 5 Funds Served on Council of AVCAL (Australian Private Equity and Venture Capital Association) for 8 years and elected Chair in 2008 Awarded AO in 2016 for services to Financial Services Industry and Philanthropy Founder and Joint CEO of Ironbridge successfully raising and investing the 2001 $450m fund and the 2006 $1.05bn fund Prior to forming Ironbridge, Greg joined Gresham Private Equity in 1999 and had 12 years operational experience at Wesfarmers Has represented Ironbridge on the Boards of Stardex, Super A-mart, EnviroWaste, Easternwell, FleetPartners (now Eclipx), ISGM and AOS. Greg is currently a Director of Eclipx Group Limited (ASX: ECX) and Navigator Resources Limited (ASX: NAV) Greg currently serves on the board of Prospa Group Limited (ASX:PGL) Greg qualified as an accountant and holds a Bachelor of Commerce degree from the University of WA 31#32Bombora "An indigenous Australian term for an area of submerged rock shelf, reef or sand bank that is located some distance from the shoreline that causes waves to surge as they pass over it." 32#33Disclaimer This Investor Presentation (Investor Presentation) contains information about Bombora Special Investments Growth Fund (Fund). The Fund is an unregistered managed investment scheme pursuant to section 601ED(2) of the Corporations Act 2001 (Cth) (Corporations Act). This Investor Presentation is issued by Bombora Investment Management Pty Ltd ACN 625 413 390 (Trustee or Bombora). This Investment Presentation is a summary of an information memorandum that has been prepared by Bombora with respect to the Fund (Information Memorandum), the Information Memorandum contains further information regarding the fund including the risks of investing in the Fund. This Investor Presentation is intended solely for the use of the person to whom it has been delivered (Recipient) for the purposes of evaluating a possible investment in the Fund. It is not to be reproduced or distributed to any person (other than professional advisers of the Recipient) without Bombora's prior written consent. This Investor Presentation has been prepared for Wholesale Clients only, is not, and is not required to be a disclosure document or product disclosure statement within the meaning of the Corporations Act. This Investor Presentation may not contain the same level of disclosure as those documents and has not been, and is not required to be, lodged with the Australian Securities & Investments Commission (ASIC). The Trustee is a corporate authorised representative of Ironbridge Capital Management Pty Limited ACN 105 880 108 (AFSL No. 237556) and is authorised to provide advisory, dealing and custodial services in connection with the Fund to Wholesale Clients only. Investment Decision Applicants should read this Investor Presentation and the Information Memorandum in their entirety before deciding to apply for Units. This Investor Presentation does not take into account the individual circumstances of any investor, nor does it give financial product advice. Accordingly, investors should obtain independent legal, financial and taxation advice before making a decision to invest in the Fund. An investment in this Fund carries risks. An outline of some of the risks that apply to an investment in the Fund is set out in Section 6 of the Information Memorandum. Applicants are urged to consider this section of the Information Memorandum carefully before deciding to apply for Units. No person is authorised to give any information or make any representation in connection with the Offer which is not contained in this Investor Presentation or the Information Memorandum. Neither the Fund, The Trustee nor its respective affiliates, related bodies corporate, directors, officers, employees, representatives or advisers accept any liability for any loss or damage suffered or incurred by the investor or any other person or entity however caused (including negligence) relating in any way to this Investor Presentation or the Information Memorandum. Forward Looking Statements This Investor Presentation contains forward looking statements. Forward looking statements are not based on historical facts, but are based on current expectations of future results or events. These forward looking statements are subject to risks, uncertainties and assumptions which could cause actual results or events to differ materially from the expectations described in such forward looking statements. While the Fund believes that the expectations reflected in the forward looking statements in this Investor Presentation are reasonable, no assurance can be given that such expectations will prove to be correct. The risk factors set out in Section 6 of the Information Memorandum, as well as other matters as yet not known to the Fund or not currently considered material by the Fund, may cause actual results or events to be materially different from those expressed, implied or projected in any forward looking statements. Any forward looking statement contained in this Investor Presentation is qualified by this cautionary statement. 33#34BOMBORA . Investor Presentation • Confidential • Jan 2022