Investor Update – 24 November 2022

Investor AGM Update -24 November 2022 Overview 2022 has been another challenging year where retaining staff and growing capability to support an ambitious growth strategy over the coming years continues to be a priority. It has taken longer than anticipated to bring the revenue up to match the increased salary costs. The Kilimanjaro management team took a careful approach with each customer when applying price increases to ensure minimal customer churn and are currently undertaking a new round of increases on the same basis. The management of Kilimanjaro with the support of the Board, continues to negotiate with MYOB on the proposed new Business Partner Agreement and their indicated reduction in the retrospective MYOB Exo margins as announced on 1 August 2022. The fact that we were unable to match the revenue increases simultaneously with the salary increases will negatively impact the profitability in both the half year and end of year results, especially if we fail to get a resolution with MYOB. The board has made appropriate plans to address this situation through price increases and cost reductions where appropriate. The revenue, including annual renewable revenues in all our investee companies has continued to grow well, in particular Datagate which has grown 55%, most of which has occurred in the US market. The rights issue has generated AU$780,370 and NZ$167,620, which given the number of ineligible shareholders met the expectation of the board when the rights issue was proposed. The board is grateful for the continued support of shareholders. The Board will be actively working to place the remainder. At 31 October 2022, Enprise had cash at hand of $1.01 million and $1.74 million in drawn bank facilities. The board appreciated the continued support of our banker, BNZ who provided us with a waiver of the banking covenants until 30 June 2023. The Board remains focused on returning the Group to profitability. We believe that we are well positioned to maintain our position as MYOB's largest partner, and to grow our installed MYOB Exo base of 961 and MYOB Advanced base of over 200. This, in addition to our growth in SaaS based investee companies will enable us to return to profitability by year end. Elliot Cooper CEO 24 November 2022 End CA:00402952 For:ENS Type:GENERAL Time:2022-11-24 10:29:33