Investor Presentation Update

Investor presentation
Financial results for the year ending 31 March 2023

Investor presentation2
This presentation has been prepared by Trade Window Holdings Limited (TradeWindow). All information is current at the date ofthis
presentation, unless stated otherwise. All currency amounts are in NZ dollars unless stated otherwise.
Disclaimer
Information in this presentation:
•is for general information purposes only, and does not constitute, or contain, an offer or invitation for subscription, purchase, or recommendation of securities in
TradeWindow for the purposes of the Financial Markets Conduct Act 2013 or otherwise, or constitute legal, financial, tax, financial product, or investment advice;​
•should be read in conjunction with, and is subject to TradeWindow’s Financial Statements and Annual Reports, market releases andinformation published on
TradeWindow’s website (tradewindow.io);
•includes forward-looking statements about TradeWindow and the environment in which TradeWindow operates, which are subject to uncertainties and contingencies
outside TradeWindow’s control –TradeWindow’s actual results or performance may differ materially from these statements.
•includes statements relating to past performance information for illustrative purposes only and should not be relied upon as (and is not) an indication of future
performance; ​
•may contain information from third-parties believed to be reliable, however, no representations or warranties are made as to theaccuracy or completeness of such
information; and
•non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information
presented by other entities. The non-GAAP financial information included in this document has not been subject to review by auditors. Non-GAAP measures are used by
management to monitor the business and are useful to provide investors to access business performance.

Investor presentation3
Agenda
Financial results overview
Market context & opportunity
Progress against our strategy
Financial overview
Outlook and summary
4
8
13
21
28
AJ Smith
CEO & Director
Deidre Campbell
Chief Financial Officer
Andrew Balgarnie
Chief Strategy Officer

Investor presentation4
•27% increase in trading revenue fromorganic growth and prior
acquisitions.
•Tradingrevenue and total income within revisedguidance ranges
($4.8-$5.1m and $5.5-$5.8m respectively).
•Cube (TradeWindow’s global trade platform) delivereda341%
revenueincrease.
•Increasing demand for solutions as shippers (exporters and
importers) and freight forwardersembrace the benefits ofdigital
trade and seek efficiencies in a challengingeconomicenvironment.
•Cost reductions announced in March 2023will be visible in FY2024.
•Well positionedto maximise opportunities in existing and new
markets.
•FY24 revenue guidance confirmed at $7m-$8m.
FY23: Trading revenue +27%, demand increasing

Investor presentation5
Key performance indicators
Annual
Recurring
Revenue
$5.2m
ARPC (Freight
Forwarders)
Up 9%
$595
Gross Margin
46%
Customer
retention rate
93%
% of expenses
R&D and
Commercialisation
56%
Note, all comparisons are against FY22 unlessotherwise indicated.Annual recurring revenue is calculated using
subscription revenue for March 2023 and the monthly average of transaction revenue for Q4 2023 annualised.
Down 4 ppt
Down 1 pptUp 4 ppt on FY22
Trading revenue
Up 27% (Total Revenue
$5.7m, up 18%)
$4.9m
ARPC (Shippers)
$1,289
Up 22%
475
Customers
Up 21 on FY22 (organic
12, acquired 9)
Up 39% (Cube
revenue up 341%)

Investor presentation6
Trading revenue up 27%, demand increasing
Financial summary FY23
1
Earnings before interest, tax, depreciation & amortisation
FY22FY23FY22FY23FY22FY23
Trading
revenue
Other
income
Total
income
Total expenses
EBITDA
1
Net profit
(loss) after tax
Cash and
cash
equivalents
Average
monthly cash
outflow
% Change% Change% Change% Change
Profit (Loss)Cash positionCostsRevenue
$3.9m
$4.9m
$1.0m$0.8m
$4.9m
$5.7m
($14.4m)($17.4m)
($9.5m)($11.7m)($10.8m)($9.8m)
$5.9m$6.1m
($0.8m)($1.0m)
4%19%22%-10%21%18%27%-18%
FY22FY23FY22FY23FY22FY23FY22FY23
1
EBITDA –Earnings before interest, tax, depreciation & amortisation

Investor presentation7
FY24 funding profile
Completion of capital raising
$5.4 million secured under capital raising
announced in January 2023
Supported by key investors
Sufficient funding for FY24 without additional
capital receipts
Cash balance of $6.1m at 31 March 2023
Cost reductions made
Implemented plans to reduce costs in FY24 to
put the business on a more sustainable footing
This included right-sizing employee numbers
(~27% reduction)
Cost reductions will be visible in FY24
Heads of agreement with nChain
Heads of agreement with nChain announced 31 March
nChain is a world leader in Web3 and enterprise block
chain technology and the developer of the BSV
Protocol
Complementary partnership will support
TradeWindowin the delivery of the global trade
platform andaccess to new markets
nChain would become 19.99% holder in TradeWindow
by way of ordinary shares, at an issue price of $0.3952
per share
Agreement subject to shareholder approval
Parties remain in active discussions on agreeing long-
form documentation
Product and
services to the
value of $8.7
million.
$11.1m strategic
investment by nChain
–combination of:
$2.4m cash

Market context & opportunity

Investor presentation9
Forwarder
Pre-Shipment
Inspector
Export PortCarrierImport Port
CustomsInsurer
Physical
Exporters Bank
Invoicing Platform
Financial
Document Courier
Customs
Information
Importers BankCorrespondent Bank
Document Courier
Current global trade system
Key:
ExporterImporter

10
Global trade is constrained by siloed systems which rely on manual paper-based processes to orchestrate the exchange of data
The trade problem
•Cost–human intervention at each stage of the
supply chain adds cost
•Risk–high volumes of commercially sensitive
data is being exchanged over email and physical
documents leaving businesses exposed to theft
or fraud
•Inconvenience–data entry and associated
errors can lead to shipment delays
•Opaque–lack of transparency hinders the
ability to build trust between parties
Current global trade system
A single transaction often
requires the interaction of more
than 20 entities, and involves
between 10 and 20 paper
documents and 5,000 data field
exchanges.
Boston Consulting Group
1
1. Source: https://www.bcg.com/en-gb/digital-ecosystems-in-trade-finance-seeing-beyond-the-technology
“
”
Investor presentation10

Investor presentation11
Digital trade market is evolving quickly
•Supply chain disruption
•Inflation and margin pressure
•Global skills shortage
Digital Trade
Facilitation
MACROECONOMIC TRENDS
•Affordable prices
•Product availability
•Environment, Sustainability and
Governance (ESG)
CUSTOMER DEMAND TRENDS
•New free trade agreements: CPTPP, UK-
AU FTA, UK-NZ FTA
•Regulatory changes: MLETR, Electronic
Trade Documents Bill (UK)
•Supply chain traceability: US FDA Food
Traceability Rules, EU General Food Law
and CBAM
MARKET ENABLING TRENDS

Investor presentation12
Well positioned as an early mover in the growing global supply chain management IT and food traceability markets
Our opportunity
1. Source: Gartner, Software Market Insights: Logistics and Supply Chain Management, 2022.
2. Source: https://www.marketsandmarkets.com/Market-Reports/food-traceability-market-103288069.html
Global supply chain
management IT market
$32B
1
Market estimated to grow at a CAGR of
14.3% to reach $56B by 2026
Global Food
Traceability Market
$27B
2
Market estimated to grow at a CAGR of
9.1% to reach $41B by 2025
12

Progress against our strategy

Investor presentation14
Our strategy
Trusted digital trade facilitation delivered through a global trade platform
that connects our customers with their supply chain ecosystem
End-to-end connectivity
across global supply
chains
Our vision
To make global supply
chains more productive,
connected and visible
Our mission
Strategic summary
Our strategic priorities
Market penetration
Build on the
foundations of our
acquired customer
base across A/NZ, and
expand into Asia &US
Land
Add customer value
Build trusted
relationships with our
existing customers;
with market leading
brands taking up Cube
Global trade platform
Converge proprietary
and acquired software
solutions into a highly
scalable global trade
platform
Build capability
Create and maintain an
environment focused
on performance,
innovation and
accountability
Grow
PeopleUnify
Accelerate growth
Continue to look for ways to accelerate our strategic priorities and growth through targeted acquisition
Acquire

$13,000
1
$18,000
1
$18,000
1
Investor presentation15
Driving digital transformation
•–start with the most acute pain point
Complete and compliantly formatted trade documents
(data) provides the foundations for digital trade
facilitation
•–immediate opportunity to connect supply chains
Securely share data and collaborate with supply chain
partners. Cross-selling to achieve 100%+ increase in
ARPC
•–deliver value chain visibility
Supply chain traceability provides the opportunity to
differentiate products though data driven story telling
Strong customer relationships provides the opportunity to deliver additional
value through new services starting with Cube and Assure+
•Future solutions –value add solutions
Data can be re-purposed, providing for future expansion
into adjacent markets including but not limited to new
integrations, risk management and finance
Annualised ARPC growth –Shipper illustrative example
1.Annualised ARPC for 12 months ended 31 March 2023 –Shipper customers

$13,000
1
$16,000
1
$16,000
1

Investor presentation16
Lifting existing capability into our global trade platform; building maturity in infrastructure layers
High level product roadmap
TradeWindow has
applications in all key
areas
Global trade
operational workflow
Infrastructure layers
are maturing
Key:
Current functionality
Future functionality

Investor presentation17
Some of the world’s most prolific agriculture exporters rely on our solutions to run business critical operations
475 organisations use our technology
Note, logos don’t necessarily correspond to top customers.
DairyMeat
Seafood
Horticulture
Other

Investor presentation18
We have low customer concentration risk with no single customer contributing more than 5.5%
Diversified customer base
Top 10 Customers % of trading revenue
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
12345678910

Investor Presentation19
Revenue composition
Transactional revenue
•TradeWindow generates transactional revenue each time a
customer either creates or shares a set of trade documents
Subscription revenue
•Customers pay monthly, quarterly, or annual subscription fees
to access solutions
•The amount of fee varies depending on the number of
solutions subscribed for and the number of users
Installation revenue
•TradeWindow earns one-off set up fees that vary depending on
the level of service and complexity of installation
Service revenue
•TradeWindow charges for ad-hoc customisation and
enhancement requests
Customer acquisition and trade volumes drive revenue growth
11%
6%
41%
42%
Transactional
revenue
Subscription
revenue
Installation
revenue
Service
revenue
Revenue
Composition
1
4%
6%
43%
47%
1.Unaudited full year 31 March 2023

Investor presentation20
People & Culture
•Total FTE equivalent atMay2023
is 82, followingcost reductions
announced in March. (At 31
March 2023, FTE was 112)
•Reduction in FTE numbers were
focused mainly on taking a more
conservative approach to R&D
investments and have
notimpactedcustomer delivery
or support
•We have continued building our
Philippines-based team, which is
working well and delivering
significantadvantages both to
our business and customers
0
10
20
30
40
50
60
70
80
90
FTE by Market
New ZealandPhilippinesAustraliaUSAIndiaSingapore
20%
17%
48%
15%
FTE by Function
COGS
S&MR&DG&A
0102030405060708090
Senior Leaders
Employees
Total
FTE by Gender
FemaleMale
FTE numbers at May 2023

Financial overview

Income Statement $000FY23FY22Change $Change %
Trading revenue4,9203,8781,04227%
Other income816999(183)-18%
Total income5,7364,87785918%
Employee benefits expense(13,064)(10,830)(2,234)21%
Other expenses(4,362)(3,594)(768)21%
Total expenses(17,426)(14,424)(3,002)21%
EBITDA
1
(11,690)(9,547)(2,143)22%
Revaluation of contingent consideration3,43803,438100%
Depreciation & amortisation(2,412)
(1,667)
(745)45%
Net finance expenses(106)(170)64-38%
Income tax97756041774%
Net loss after tax(9,793)(10,824)1,031-10%
Investor presentation22
Financial performance
•Trading revenue up 27% to $4.9m,
excludingacquisition up 17%
•Employee costs up 21%, not reflecting cost
reductions initiated in March which will be
visible in FY24
•Other expensesup 21% to $4.4m reflecting
costs variable to revenue and planned
investment
•Contingent considerationmovement reflects
a revaluation of the deferred earnoutrelating
to Rfider
•Depreciationand amortisationup 45%
reflecting acquired intangible assets
•Income tax reflects gain from deferred tax
accounting requirements on acquired
software platforms
1
EBITDA –Earnings before interest, tax, depreciation & amortisation
Trading revenue up 27% driven by organic growth and acquisitions

Revenue by type $000FY23FY22Change %
Transactional2,3321,62244%
Subscription2,0781,59630%
Services202226-11%
Installation308434-29%
Total trading revenue4,9203,87827%
Other income816999-18%
Total income5,7364,87718%
Trading revenue by country $000FY23FY22Change %
New Zealand3,1522,35634%
Australia1,6751,44616%
Asia937623%
Total trading revenue4,9203,87827%
Investor presentation23
Revenue by type and country
•Organic trading revenue growth of 17%
delivered-driven by sales growth, particularly
Cube, to existing customers
•Other income—Comprises NZTE growth grant
and R&D grants
•High recurring, stable revenue with transactional
and subscription revenueforming 90% (FY22
87% of trading revenue
•Continued focusin New Zealand and good
progress in Australia and Asia
Organic growth underpinning revenue increase

FreightFY23FY22Change %
Subscriber
1
customer nos. period end3253202%
Ave Subscriber customer nos.32528912%
Ave monthly revenue per customer$595$48822%
Ave monthly revenue per customer
FY23FY22
Change %
Subscriber customer revenue $000
1
4,6083,56529%
Subscriber customer nos. period end4754545%
Ave Subscriber customer nos.47341813%
Ave monthly revenue per customer$812$71214%
Shippers
FY23FY22
Change %
Subscriber customer nos. period end15013412%
Ave Subscriber customer nos.14813113%
Ave monthly revenue per customer$1,289$1,1839%
Investor presentation24
Average revenue per customer (per month)
•Increased monthly Average Revenue Per
Customer (ARPC) for Freight –up 22%
reflects higher value of new customers.
•Increased monthly ARPCfor Shippers
(exporters & Importers) –up 9%. Reflects
growing Cube adoption.
1
Subscriber customers are those that are licensing TradeWindow’s software and generate monthly subscription revenue.
These customers may also generate transaction, services & installation revenues. It excludes certificate and other revenue.
ARPC up for both customer segments

Staff nos. (FTE)
FY23FY22
ChangeChange %
Cost of goods sold2417738%
Research & Development53
41
1232%
Sales & Marketing21
17
425%
General and Administration1415(1)-10%
Total staff nos. (FTE)112902225%
Other expenses $000
FY23FY22
Change $Change %
Cost of goods sold66045920144%
Research & Development53830123779%
Sales & Marketing79655923742%
General and Administration2,3682,275934%
Total other expenses4,3623,59476821%
Employee benefits expense $000FY23FY22Change $Change %
Cost of goods sold1,9911,48550634%
Research & Development5,5904,59199822%
Sales & Marketing2,8161,97184543%
General and Administration2,6672,783(116)-4%
Total employee benefits expense13,06410,8302,23321%
Investor presentation25
Operating expenses / staff numbers
•Employee costsfor FY23 do not reflect cost
reductions initiated in March 2023. Refer slide
20 for further detail on current FTE at May 2023
•Team in Philippines,providingnew channel of
talent including software development and
customer support
•Other expenses movement reflects costs
variable to revenue growth and planned
investment including ERP system
implementation costs
•No R&D cost capitalisedto balance sheet.
Reflect planned investments for FY23

$000sFY23FY22Change $Change %Movements
Current Assets8,0227,8521702%
Non-Current Assets14,5098,6635,84667%Acquired Software & Goodwill net of amortisation
Total Assets22,53116,5156,01636%
Current Liabilities4,7302,9661,764
59%
Acquisition deferred consideration $1.0m
Non-Current Liabilities1,8282,704(876)-32%
Acquisition deferred consideration $0.2m
Total Liabilities6,5585,67088816%
Net Assets15,97310,8455,12847%
Total Equity15,97310,8455,12847%Capital raised net of costs $14.7m
Investor presentation26
Balance sheet

$000sFY23FY22Change $Change %
Operating Activities
Cash Received from Customers4,8574,04081720%
Cash Paid to Suppliers and Employees(16,949)(13,204)(3,745)28%
Income Tax Received515(8)523-6537%
Grant Income7446766810%
Operating net cash flow(10,833)(8,496)(2,337)
28%
Investing net cash flow(2,509)(1,961)(548)28%
Financing cash flow13,55714,976(1,419)-9%
Net Change in Cash2154,519(4,304)-95%
Opening Cash5,9331,4134,520320%
Closing Cash6,1485,9332154%
Average monthly cash outflow
1
(1,002)(841)(161)19%
Investor presentation27
Cashflow
•Balance date cash and cash equivalents of
$6.1m, anticipated to be sufficient funding for
FY24.
•Key activity during the period:
−Operating activity:
•Cash from customers up 20%
•Income tax –R&D tax loss cash out received
−Investing activity:
•Rfider settlement payment$2.5 m
−Financing activity :
•Capital raising (net of costs) $14.7m (Jul22 $9.6m
and Mar23 $5.1m)
Balance date cash and cash equivalents of $6.1m
1
Average monthly cashflow excludes capital raise and acquisition transactions

Outlook and summary

FY23 outlook
Investor presentation29
•TradeWindow is well positioned to maximise opportunities in digital trade and food
traceability. We anticipate that demand will be driven by exporters, importers, and
freight forwarders seeking cost efficiencies from technology and needing to meet
new regulatory standards, especially in food traceability
•TradeWindow confirms guidance for FY24 trading revenue at $7.0 million to $8.0
million
•TradeWindow continues to focus on cost discipline and anticipates average
monthly cash outflow to reduce from $1.0 million for the second half of FY23 to
$400,000 for the second half of FY24
•TradeWindow anticipates achieving monthly EBITDA breakeven by the end of FY25
and monthly cashflow breakeven in FY26
•Guidance for FY24 is subject to ongoing geopolitical and environmental uncertainty
including the impact of ongoing supply chain challenges, and the timing of
customer decisions and implementation of Cube and other solutions

Investor presentation30
Summary
•Committed to our mission of makingglobal supply chains more productive,
connected and visible and pleased with our strategic progress
•Forecasting strong revenue growth for FY24, supported by high degrees of
recurring revenue
•Sufficient funding in place for FY24, with continued focus on securing
further funding
•Continued cost discipline with targeted investments to achieve our goals

Q&A

Appendix

Investor Presentation33
Glossary
Annualised Recurring Revenue (ARR)
Annual recurring revenue is calculated using
subscription revenue for March 2023 and the monthly
average of transaction revenue for Q4 2023 annualised.
Average Revenue Per Customer (ARPC)
Is subscriber customers’ monthly revenue divided by
number of subscriber customers as at end of the month.
The value provided is the average of the monthly ARPC
for the period.
CAGR
Compound annual growth rate.
Customer retention rate
Customer retention rate is the number of subscriber
customers who leave in a month as a percentage of the
total subscriber customers at the start of that month.
The percentage provided is the average of the monthly
churn for the period. The customer retention rate is the
inverse of customer churn.
CustomsBroker
A Customs Broker is a licenced individual who acts as
an intermediary for Shippers and Freight Forwarders in
handling the sequence of customs formalities involved
in the customs clearance and importing goods.
EBITDA
Earnings before interest, taxation, depreciation and
amortisation.
Freight Forwarder
A Freight Forwarder is an organisation who arranges
and handles the transport of goods between countries
on behalf of their customers. Responsibilities can also
include storing products, negotiating transportation
rates and booking cargo space.
Shipper
A Shipper is an exporter or importer who requires
carriers to transport goods for transport from one
location to another.
Subscriber customers
Subscriber customers are those thatlicense and/or
accessTradeWindow’ssoftware on amonthly basis. It
excludes pay as you go certificaterevenue.
Recurring revenue
Revenues that are predictable, stable and can be
counted on to occur at regular intervals going forward
with a relatively high degree of certainty. For Trade
Window this is subscription and transactional revenue.