ASX:JAN

FY19 Investor Presentation23rd August 2019

Janison is a global education technology pioneer seizing an immense market opportunity

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The industry opportunity is immense

Annual Recurring Revenue (ARR) is increasing

The client base is loyal and expanding

There is a clear plan to drive growth

The business generates healthy profit margins

1 2 3 4 5

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Outlook

Business Update - CEO

Financial Update - CFO

Overview

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The industry opportunity is immense

1

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By 2025 there will be half a billion more school and university students driving a $7.8 trillion market

500mGrowth in Students

$7.8TSize of Education Market

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The education industry is starting to be digitised with the Education Technology market due to exceed $340B by 2025

$342BSize of Education technology market

225%Growth of Education technology market

We are implementing our platforms and generating revenue across all three key market sectors

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Year ending 30 June 2018 2019 ChangeSchools (K-12) $6.5m $9.3m +44%

Higher Education $2.4m $3.5m +45%

Workplace $8.4m $9.7m +15%

Total operating revenue $17.3m $22.5m +30%

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1 The industry opportunity is immense

Annual Recurring Revenue (ARR) is increasing

1 2

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We provide two core platforms on a recurring licencing model

We are increasing Annualised Recurring Revenue(ARR) to $12.0m

Recurring revenue reported on the Statement of Profit or Loss consists of revenue earned during the 12 months to 30 June. Annualised recurring revenue is the forward-looking 12 months of recurring revenue as at 30 June10

$8.1m

$10.3m$10.7m

$12.0m

June 2016 June 2017 June 2018 June 2019

Annualised Recurring Revenue$m

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The industry opportunity is immense

Annual Recurring Revenue (ARR) is increasing

The client base is loyal and expanding

1 2 3

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We have retained and grown our key clients

1 The average revenue per client excludes LTC clients and revenue acquired in Q4 FY19 to allow for a consistent year on year comparison.2 GP% for FY19 is the normalised gross profit. See ASX release “Appendix 4C Q4FY19” table 3 for further details of non-recurring or ‘normalised’ costs in FY19. 3 Customer concentration is a risk measure of the revenue generated from the 10 largest clients as a percentage of total revenue.

FY18 FY19 Change

86 138 +60%

Average Revenue per Client (ARPC) $'000s 1 $201 $247 +23%

99.9% 97.5% (2)pps

39% 40% +5%

74% 61% +13pps

Total Clients

Customer Retention

Gross Margin 2

Customer Concentration (Top 10 clients) 3

We have acquired 57 new clients in FY19 in the Higher Education and Workplace sectors

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The industry opportunity is immense

Annual Recurring Revenue (ARR) is increasing

The client base is loyal and expanding

There is a clear plan to drive growth

1 2 3 4

To transform the way people learn

JANISON VISIONOur Vision

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To power education outcomes for 25 million

learners by 2025

JANISON VISION2025 Goal

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Schools(K-12)

Higher Education Workplace

We currently generate platform income in these sectors

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We are now incubating SaaS based products to serve these markets

Platform+

Content+

Integration+

Analysis=

Product18

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Outlook

Business Update - CEO

Financial Update - CFO

Overview

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The industry opportunity is immense

Annual Recurring Revenue (ARR) is increasing

The client base is loyal and expanding

There is a clear plan to drive growth

The business generates healthy profit margins

1 2 3 4 5

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Year ended 30 June FY18$m

FY19$m

% change

Recurring Revenue 10.6 11.5 +9%Services Revenue 6.7 11.0 +64%Group Revenue 17.3 22.5 +30%Cost of Sales 10.6 13.4 +26%Gross Profit 1 6.7 9.1 +37%GM %

Operating Expenses

39%

3.5

40%

5.9

+1 ppt

+68%EBITDA 3.2 3.3 +2%EBITDA % 18% 14%

1 Normalised Gross Margin includes non-recurring adjustments as detailed in the Appendix.

FY19 Group Result

Normalised Gross Margin1 of 40% and normalised EBITDA of $3.3m 40%

Normalised Gross Margin

$3.3mNormalised EBITDA

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ASX: JAN

Share price at listing $0.30Share price at 21 Aug 2019 $0.30Current market cap $50MEnterprise value $44MFY19 Normalised EBITDA multiple 13.3xFY19 Revenue multiple 2.0x

We are generating profitable growth and our shareholder base is expanding

Year ended 30 June FY16 FY17 FY18 FY19 Change

Learning revenue 5.4 6.6 7.6 8.5 +12%Assessment revenue 5.2 7.8 9.7 14.0 +44%Group revenue 10.6 14.3 17.3 22.5 +30%Normalised EBITDA 1.8 3.0 3.2 3.3 +2%Operating cash flow 2.1 (0.7) 0.8 0.3 (63)%Cash in bank 2.9 1.4 3.6 6.0 +67%

1 Shareholdings exclude any share-based payments which, if vested, will have a dilutive effect on total shareholding. Figures correct as at 20th August 2019.2 Includes private & institutional investors

54%46%

46% Free Float – up 15% from last year 254% Founders & Directors

Ordinary Shareholdings 1 46%Free-float

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Appendix

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Gross Profit Reconciliation to Annual Report

Year ended 30 June FY17 FY18 FY19 Change

Reported Gross Profit 6.3 6.7 7.9 +18%

GP normalisation add-backs:

Non-recurring project build costs1 -- -- 0.7 --

Non-recurring excess hosting costs2 -- -- 0.5 --

Total Normalisations -- -- 1.2 --

Normalised Gross Profit 6.3 6.7 9.1 +36%

Normalised Gross Profit % of Revenue 44% 39% 40% +1 ppt

1 Project build costs relate to ITE, RMS and British Council2 Net of compensation received from hosting provider

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Tom Richardsontrichardson@janison.com+61 421 029 620