Quarterly activity report

N1 Holdings Limited (ASX: N1H or the “Company”) is pleased to announce the December 2020 quarter cashflow, which recorded notable growth in Small and Medium Enterprises (SME) lending throughout the first half year of the financial year ending 30 June 2021 (H1FY21), being the period from 1 July 2020 to 31 December 2020. N1H has grown to transition its core business into being an SME lender, while growing its new revenue stream in funds management, trustee services and mortgage management. A highlight of the quarter and financial year’s cash flow performance: · H1FY21 Revenue $2.55mil (unaudited) with growth 44%. · H1FY21 Profit $59,847 (unaudited) and EBITDA $540,605 (unaudited). · H1FY21 cash receipt from customers was $2,428,000, representing a 14.15% growth of same period last financial year ($2,127,000 for H1FY20). · The Company’s SME lending business (including management fees derived from One Lending Fund through N1 Asset Management) continued to be the major revenue generator of the Company, accounting for 70.67% of the total cash receipts from customers in the quarter. Total Cash Receipts from Customers via the SME Lending business was $701,294 for the December 2020 quarter. H1FY21 total Cash Receipts from Customers via the SME Lending business was $1,729,573, an increase of 31.75% from the same period in the previous financial year ($1,312,738 for H1FY20). · Operating Expense (OPEX) was $1,967,000 in H1FY21 which recorded a 20.78% reduction from the same period in the last financial year ($2,838,000 for H1FY20). · H1FY21 achieved positive cashflow with balance sheet commercial lending capital movement adjusted, i.e. net cashflow from operating activities less net cash from commercial lending. · The Company’s cash balance as at 31 December 2020 was $1,852,000. Company Business activities The Company recorded revenue of $1.17m (unaudited) for the quarter. This is an improvement of 20% from the same quarter in the last financial year which was $977,645. The Company’s SME lending business contributed $782,601 in the quarter, representing 67% of the total revenue in the quarter. The balance of other revenue composed of broking, fund management, realty and others. One Lending Fund revenue was $589,714 (unaudited) for the quarter, which is not to be consolidated into the Company balance sheet (as this is a separate SME lending fund managed by N1 Asset Management, a wholly owned subsidiary of N1H). The Company currently has committed SME lending capital in excess of $26m, comprised of $16.97m of capital committed to the One Lending Fund and $9.6m of capital from the Company’s balance sheet. The Company continues to raise funds for SME lending purposes, including One Lending Fund. There are no other substantive business activities during the quarter other than all previously announced. Payments to related parties of the entity and their associates • Salary and super to executive directors of $158,173; and • Services provided by director related entities of $29,682. Costs are determined on an arm’s length basis. Authorised for release by the Chairman. For more information, please contact:

Ren Hor Wong

Chairman & Chief Executive Officer

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