TWL Annual General Shareholders' Meeting Presentation 2024

Annual General Shareholders' Meeting
22 August 2024

Welcome
Chair
Alasdair MacLeod
2024 Annual Meeting Presentation

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This presentation has been prepared by Trade Window Holdings Limited (TradeWindow). All information is current at the date of
this 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 and information
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 the accuracy 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.
2024 Annual Meeting Presentation

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How to participate in the virtual meeting – Q&A
Shareholder & Proxyholder Q&A Participation
•Written Questions: Questions may be submitted
ahead of the meeting. If you have a question to
submit during the live meeting, please select the
Q&A tab on the right half of your screen at
anytime. Type your question into the field and
press submit. Your question will be immediately
submitted.
•The Q&A tab can also be used for immediate help.
If you need assistance, please submit your query
in the same manner as typing a question and a
Computershare representative will respond to you
directly.
2024 Annual Meeting Presentation

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How to participate in the virtual meeting - Voting
Shareholder & Proxyholder Q&A Participation
•Once the voting has been opened, the resolutions
and voting options will allow voting.
•To vote, simply click on the Vote tab, and select
your voting direction from the options shown on
the screen. You can vote for all resolutions at
once or by each resolution.
•Your vote has been cast when the tick appears. To
change your vote, select ‘Change Your Vote’.
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Agenda
Directors
2024 Annual Meeting Presentation
A J Smith
Kerry Friend
Phil Norman

Chair address 2
Chief Executive’s address 10
Questions 23
Resolutions 24
Other business and voting 34
Meeting close 35

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•A strong growth in revenue and prudent management of capital against a
backdrop of challenging economic and capital market conditions.
•Trading revenue: $6.2 million, a 26% increase on the $4.9 million in the
prior year.
•EBITDA
1
loss: $6.6 million, down 43% from the prior year’s $11.7 million.
•Net loss after tax: $8.0 million from a $9.8 million loss in the prior year.
•Cash and cash equivalents: Ended the year at $0.2 million, but
substantially improved after year end with an oversubscribed $2.2 million
capital raising.
•Monthly average cash consumption reduced from $1 million in FY23 to
$0.7 million in 1H FY24 and $0.3 million in 2H FY24 and improvements
have continued in the current financial year.
FY24: Growth and resilience
2024 Annual Meeting Presentation
Revenue
Earnings
Funding
1. EBITDA is a non-GAAP measure of financial performance. It is defined and reconciled to the GAAP measure of net profit after tax in the
company’s annual results presentation released to the NZX.
$4,920
$816
$5,736
$6,179
$574
$6,753
$-
$2,000
$4,000
$6,000
$8,000
Trading revenueOther incomeTotal income
NZ$(000)
-$11,690
-$9,793
-$6,626
-$8,014
-$15,000
-$10,000
-$5,000
$-
EBITDANet loss after tax
NZ$(000)
$6,148
-$1,002
$188
-$538
-$1,500
$500
$2,500
$4,500
$6,500
Cash and equivalentsAv. month cashflow
NZ$(000)

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Governance and sustainability
2024 Annual Meeting Presentation
•TradeWindow benefits from a committed and
talented team that has worked hard to deliver
success.
•We reduced the size of the Board following the
resignation of Diana Puketapu.
•TradeWindow conducts its business with sensitivity
to the ESG matters that are material to it.
✓Best practice governance.
✓A culture rewards performance is attractive to talent
and celebrates diversity.
✓We seek to minimise our environmental footprint.
TradeWindow’s values

Outlook: driving towards financial sustainability
9
•TradeWindow is seeing consistent to growing trade volumes and increasing
confidence in the volume outlook for the New Zealand primary sector exporters – the
core of TradeWindow’s customers.
•These trends, coupled a high-quality customer base and industry-leading customer
retention rates, and opportunities to sell new services to them support continued
transaction volume and recurring revenue growth.
•‘On-demand’ business model and partnerships with industry and trade organisations
are supporting new customer recruitment, particularly in Australia.
•TradeWindow is encouraged with the progress we have made in the first quarter of
the new financial year.
•We continue to expect FY25 revenue to range between $7.3 million and $8.3 million
and to achieve monthly EBITDA breakeven by the end of the financial year
1
.
•Our long-term outlook continues to be underpinned by the increasing digitisation of
trade information.
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1
For the assumptions underlying this statement please refer to slide 37 of this presentation

Executive Director and CEO
A J Smith

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Forwarder
Pre-Shipment
Inspector
Export PortCarrierImport Port
CustomsInsurer
Physical
Exporters Bank
Invoicing Platform
Financial
Document Courier
Customs
Information
Importers BankCorrespondent Bank
Document Courier
A significant global opportunity
Key:
ExporterImporter
Movement of goods and financial flows requires the timely movement of accurate information across the supply chain

12
Multiple growth levers
Capital efficient growth focused on acquiring market positions that can help sustain building a competitive advantage in innovation
12
INNOVATION
of the Global Trade Platform
GREATER USAGE
by existing customers
NEW CUSTOMERS
on the platform
ACQUISITION
to accelerate and de-risk growth
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Revenue drivers:
•Solutions used
•Shipments
processed
•Customer numbers
Revenue drivers:
•Modules used
•Seats (customer
licenses)
•Customer numbers
Customers (end of period)
Q1 FY25Q4 FY24
Subscriber customer nos. – Freight272273
Subscriber customer nos. – Shippers145145
Pay As You Go customer nos.9895
Total customers 515513
•Strong revenue growth in FY 24 was sustained by:
•Driving greater use of TradeWindow’s
solutions by existing customers
•Sustained trade volumes driving transactions
(shipments processed)
•Growth in customer numbers limited by:
•New Zealand market penetration - >50% of
primary sector exporters using our solutions
•Industry consolidation
•Australian enterprise sales have a long cycle
•Tactical shift in Australia driving new customer
acquisition in FY25
•On-demand business model leveraging our
unique ‘Origin’ and ‘Tariff’ services to build
subscriber sales pipeline
•Partnerships - new Tariff Service launched
with IFCBAA on 1 August lifts customers
numbers by 26 to 541
SHIPPER
FREIGHT
FORWARDER
PAY AS YOU
GO
Revenue drivers:
•Transactions
•Customer numbers
Revenue growth driven by rising usage of our solutions
TradeWindow customer segments

2024 Annual Meeting Presentation14
Cube provides customers with easy access to a growing list of functionality on-demand
A business model that supports deeper customer engagement
Cube’s global trade platform capabilities currently include:
•Ocean carrier bookings
•Customs clearance
•E-commerce
•Supply chain event tracking and visibility
•Certificates of Origin
•Encrypted data storage
•Secure permissioned collaboration (both with internal and
external parties)
EntryT1T2T3
Revenue
Feature adoption over time
New release 3
New release 2
New release 1
Insurance certificate
Bill of lading
Container tracking
Ocean bookings
Certifcate of origin
Cube contract
Export document
Illustrative only to show revenue growth as a customer adopts Cube features overtime.
It does not represent any one customer.
“ON-DEMAND LICENSING”
ONE TIME USERMODULE USERTRANSACTIONAL
Customers pay an upfront
licence fee + regular (annual)
maintenance fees
Customers pay a per use,
per month basis
Customers pay a fee
per transaction
Key benefits of TradeWindow’s on-demand revenue model
✓Enables customers to expand usage on an as-needed basis
✓Allows customers to explore new functionality, become more
familiar with the product, and over time add more users and grow
usage
✓Drives in-products sales as Cube becomes customers’ default
search for new functionality

2024 Annual Meeting Presentation15
Channel partnerships provide a targeted and cost-effective way to acquire new customers
Partnerships
New Zealand
Australia
Philippines

16
TradeWindow is capturing market share amongst leading export and logistics brands with Origin
Gaining momentum in Australia
“It allows us to finalise
[Certificates of Origin] much
quicker and there’s no waiting
time if an amendment is required”
Mainfreight, Melbourne
“TradeWindow Origin has provided
a more efficient and timely service
which has advanced the export
operational procedure at Tassal”
Tassal Group
“The program [TradeWindow
Origin] has been fantastic to use
so far, very user friendly”
SunPork Australia
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Our solutions are ‘business critical’ for both shippers and freight forwarders
Customers: Australasia’s leading shippers and freight forwarders
Note, logos don’t necessarily correspond to top customers.
DairyMeat
Seafood
HorticultureLogistics & other

99%
1%
Retained customers
Ceased customers
95%
5%
Transactions and subscriptions
Service and installation fees
18
High quality, diverse and predictable recurring revenues
11%
41%
Revenue
Composition
1
1. Three months ended 30 June 2024
2. As at 30 June 2024
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Customer
retention
2
81%
19%
Other customers
Top 10 customers
Customer
diversity
2

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Growing from solid foundations
•TradeWindow has delivered a CAGR in revenue of
104%
1
since the start of commercialisation in
January 2020
•Forecasting continued revenuegrowth in the range
of 20% to 34% year-on-year for FY25 (1 April 2024 to
31 March 2025)
•Trading revenue guidance of $7.3m to $8.3m for
FY25
•Forecast revenue growth underpinned by cross-
selling to existing customers and winning new
customers in Australia
TradeWindow annual revenue
2
1.CAGR period FY20 to FY24
2.Forward-looking financial information should be read in conjunction with key assumptions on Slide 34
2024 Annual Meeting Presentation
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
FY20AFY21AFY22AFY23AFY24FFY25F
NZ$M

20
Driving towards positive earnings and cashflow
Pathway to profitability and continued revenue growth
TradeWindow average half year cash burn
1
•Rationalised cost base through a reduced
headcount, hybrid working.
•Innovation and development now operates on a
‘self-sustaining’ model, and we have moved
more R&D resources offshore.
•Monthly EBITDA breakeven expected March
2025
•Positive monthly cash flow expected
approximately six months later.
1.Forward-looking financial information should be read in conjunction with key assumptions on Slide 37.
2024 Annual Meeting Presentation
-1.0
-0.9
-0.8
-0.7
-0.6
-0.5
-0.4
-0.3
-0.2
-0.1
0.0
1H23A2H23A1H24A2H24A1H25F2H25F
NZ$M

21
Q1 FY25 Key Performance Indicators show good progress
Annual
Recurring
Revenue
$6.8m
ARPC (Freight
Forwarders)
Up 20% on FY23
$729
Gross Margin
61%
Customer
retention rate
99%
% of expenses
R&D and
Commercialisation
36%
Note, all comparisons are against Q1 FY24 unless otherwise stated.
Annual recurring revenue is calculated using subscription revenue for June 2024 and the monthly average of transaction
revenue for Q1 FY24 annualised.
Up 7 ppt
Up 6ppt
Down 11 ppt
Trading revenue
Up 17% (Total Revenue,
up 20%)
$1.8m
ARPC (Shippers)
$2,041
Up 14%
515
Customers
Up 2
Up 15%
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Summary: a pathway to profitability
•Forecast growth and reduced operating costs support monthly EBITDA break-even in
March 2025
1
•Predictable recurring revenues from over 541
2
customers including some of the world’s
most prolific agriculture exporters and freight forwarders
•Strong market position with more than 50% of New Zealand’s primary industry
exporters using TradeWindow software
•Strong potential for growth in Australia. Already more than 50% of our customers are
based in this market, which is seven times the size of New Zealand’s
•Q1 25 trading is consistent with guidance, and we are looking ahead to the remainder
of the year and beyond with confidence.
1.Forward looking financial information should be read in conjunction with key assumptions on Slide 26
2.Customers as at 1 August 2024
2024 Annual Meeting Presentation

Chair
Alasdair MacLeod
Shareholder
questions

Resolutions

2024 Annual Meeting Presentation25
Resolution 1
Auditor’s remuneration:
That, in accordance with section 207S of the Companies Act
1993, the Board be authorised to fix the remuneration of the
Company's auditor, UHY Haines Norton Sydney, for the
ensuing year.

2024 Annual Meeting Presentation26
Resolution 2
Ratification of previous issue of shares pursuant to share
placements with select investors:
That, in accordance with NZX Listing Rule 4.5.1(c),
Shareholders approve and ratify for all purposes, the previous
share issue of 2,057,614 fully paid ordinary shares in Trade
Window Holdings Limited to select investors pursuant to a
private placement at an issue price of NZ$0.243 per share
which was allotted in three stages on 30 November 2023, 1
February 2024 and 15 March 2024.

2024 Annual Meeting Presentation27
Resolution 3
Ratification of previous issue of shares pursuant to share
placement:
That, in accordance with NZX Listing Rule 4.5.1(c),
Shareholders approve and ratify for all purposes, the previous
share issue of 7,677,898 fully paid ordinary shares in Trade
Window Holdings Limited to select investors pursuant to a
share placement at an issue price of NZ$0.175 per share
which was allotted on 24 April 2024.

2024 Annual Meeting Presentation28
Resolution 4
Ratification of previous issue of shares pursuant to share
purchase plan:
That, in accordance with the definition of “Share Purchase
Plan” in the NZX Listing Rules, Shareholders approve and ratify
for all purposes, the previous share issue of 1,262,287 fully
paid ordinary shares in Trade Window Holdings Limited to
Shareholders pursuant to a share purchase plan at an issue
price of NZ$0.175 per share which was allotted on 24 April
2024.

2024 Annual Meeting Presentation29
Resolution 5
Re-election of Alasdair MacLeod:
That, Alasdair MacLeod be re-elected as an independent non-
executive director of Trade Window Holdings Limited.

2024 Annual Meeting Presentation30
Resolution 6
Re-election of Phil Norman:
That, Phil Norman be re-elected as an independent non-
executive director of Trade Window Holdings Limited.

2024 Annual Meeting Presentation31
Resolution 7
Re-election of Albertus Smith:
That, Albertus Smith be re-elected as an executive director of
Trade Window Holdings Limited.

2024 Annual Meeting Presentation32
Resolution 8
Re-election of Kerry Friend:
That, Kerry Friend be re-elected as an executive director of
Trade Window Holdings Limited.

2024 Annual Meeting Presentation33
Votes cast ahead of the meeting
RESOLUTIONFOROPENAGAINSTTOTALABSTAIN
1. Auditors remuneration 25,275,6331,769,7413,07427,048,44825,389
2. Ratification of previous
issue of shares pursuant
to private placement with
select investors
21,011,7761,769,4714,20322,785,4504,288,117
3. Ratification of previous
issue of shares pursuant
to share placement
17,514,3941,769,4711,17819,285,0437,788,524
4. Ratification of previous
issue of shares pursuant
to share purchase plan
24,723,8001,493,5546,45426,223,808849,759
5. Re-election of Alasdair
MacLeod as Director
25,272,7661,769,4712,80127,045,03828,529
6. Re-election of Phil
Norman as Director
25,272,7661,769,4712,80127,045,03828,529
7. Re-election of Albertus
Smith as Director
25,308,5681,733,7572,80127,045,12628,441
8. Re-election of Kerry
Friend as Director 25,272,8541,769,4712,23027,044,55529,012

Other business
and voting

Meeting
close

Appendix

2024 Annual Meeting Presentation37
Projected financials – key assumptions
Forward-looking financial information is inherently subject to uncertainty and judgement.
Key assumptions which may have a material risk to ourprojections include:
SPECIFIC
•The rate and timing of new customer traction
•Successful retention of people with the required skills cost effectively
•No research and development costs have been capitalisedto the
balance sheet
GENERAL
•No materialchange in the current economic conditions locally
and globally
•No changes in accounting standards or other mandatory
professional reporting requirements

2024 Annual Meeting Presentation38
Our board of directors
Alasdair MacLeod
Independent Chair
Phil Norman
Independent Director
AJ Smith
Executive Director
and Chief Executive
Officer
Kerry Friend
Executive Director
Alasdair joined the board in October
2021 and was appointed Chair at
that time.
Alasdair has broad governance
experience across the software,
technology and not for profit sectors
and has worked extensively with
primary industry exporters. He is a
former Partner of Deloitte NZ and
until December 2022 was Chair of
NZX-listed Napier Port Holdings
Limited. He is currently Chair of
Silverstripe Limited, a Wellington-
based digital experience company.
He was Chair of the Hawke’s Bay
chapter of Export NZ for seven
years.
Phil joined the board in October
2021.
Phil is a professional director and
business advisor for growth
companies. His career has included
management, ownership and
governance roles in many local and
international businesses. He was
founding chairman of Xero Limited
and formerly director of ASX listed
TASK Group Holdings Limited. Phil
is a current director of Loyalty New
Zealand Limited (Fly Buys).
AJ joined the board in October 2021.
AJ is a founding shareholder of
TradeWindow and has been the CEO
from the company’s inception in
2018 building on a track record of
innovation and investment in
successful rapid-growth companies
including MediFin, GreenFin and
Bonds Africa (South Africa) and
Commonwealth Finance Group
(Switzerland). With a strong belief in
building high-performance teams,
AJ is an active executive member of
the Young Presidents Organisation.
Kerry joined the board in September
2021.
Kerry has three decades of financial
management experience. He started
his career with EY Wellington before
following a career across Asia
primarily in the media and
entertainment sector. Kerry has
previously held senior finance
positions with Take-Two Interactive
Software (Singapore), Jupiter TV
(Japan), Bloomberg (Japan) and
News Corporation (Japan). He is a
current director of Northpower
Limited and Northpower Fibre
Limited.

2024 Annual Meeting Presentation39
Highly experienced team with the domain expertise needed to scale globally
Our senior leadership team
AJ Smith
Founder & CEO
Entrepreneur with track record for creating
high growth companies including MediFin,
GreenFin and Bonds (Africa) and
Commonwealth Finance Group (Switzerland).
Kerry Friend
Executive Director
Chartered Accountant with three decades
working in senior finance roles with Take-
Two Interactive Software (Singapore), Jupiter
TV (Japan), Bloomberg (Japan) and News
Corporation (Japan).
Deidre Campbell
Chief Financial Officer
Chartered Accountant with extensive
financial management and leadership
experience within a public company having
been the Group CFO for Methven Limited, a
formerly NZX listed manufacturing business.
Andrew Balgarnie
Chief Strategy Officer
Business strategist, deal maker and problem
solver with a background in the TMT sector
having previously worked for NBN Co
(Australia) on high profile projects including
the procurement of the satellite network.
Dewald van Rensberg
Chief Operating Officer
Operations leader with more than 20 years’
experience in corporate and commercial law
with a background working as the registrar at
University of Zululand and private practice for
Du Toit Attorneys (South Africa).

2024 Annual Meeting Presentation40
Glossary
Annualised Recurring Revenue (ARR)
The recurring revenue for a specified month 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.
Customs Broker
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
Customers that license and/or access Trade Window’s
software on a monthly basis. These customers may also
generate transaction, services and installation revenues.
It excludes customers of Trade Window’s pay as you go
platforms.
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.

TradeWindow
Investor Contact
Andrew Balgarnie
Chief Strategy Officer
TradeWindow
+64 275 594 133
andrew@tradewindow.io