Ann: Appendix 4E and Statutory Accounts, page-2

Strong revenue growth as expected, but with a slightly increased loss - mainly due to the much larger credit provisions (see details below) and the large marketing spend for the Olympics.

Again, it now sounds like they are going to moderate the growth a little - to have a big focus on achieving profitability ASAP.

Extract from the annual report below:

EXPENSES

The Group continues to experience improvement in operating leverage driven by revenue growth and expense management, resulting in Wisr’s maiden positive operating cash flow and Cash EBTDA quarter (Q2FY22).

Revenue growth and continued scaling delivered a second consecutive positive operating cash-flow quarter (Q3FY22).

For FY22, the Group had a Cash EBTDA of $(7.2)M, a 30% improvement on FY21 ($(10.2)M) and an increase in accounting loss before tax of 13% to $(19.9)M (FY21 $(17.6)M), predominantly driven by the material non-cash provision for expected credit loss expense of $16.4M (FY21 $7.9M) due to significant growth in loan origination volume and loan book.

Other expense items include:

• An increase in employee benefits and marketing expenses driven by the scaling of the Group, including through growth investment into the Wisr Financial Wellness Platform and Wisr brand including the Tokyo Olympics campaign

• An increase in finance costs due to loan origination and loan book growth along with higher funding costs