Aeroberm Update — May 2026 It has been a big few months and I wanted to take a moment to update you on where things are at, as the industry moves to commercial air taxi flights this year. The launch of our secret sauce: On 5 May 2026, we officially unveiled our vertipad panel patent, Aeroberm™ — simultaneously on two continents. At the Vertical Fight Society Forum 82 in West Palm Beach, Florida, I presented alongside Swinburne University researcher Andrew Che to an audience of the world's leading rotorcraft engineers and aviation innovators. At exactly the same time on the Gold Coast, Professor Justin Leontini of Swinburne University presented at Rotortech 2026 — Australia's premier rotorcraft industry event. The centrepiece of the launch was the Aeroberm fractal panel — the patented surface technology at the heart of our vertipad system. The fractal panel uses self-similar geometry to simultaneously absorb rotor vortices across all scales, breaking up the coherent vortex cores that produce dangerous outwash at pad edges. The result is a dramatic reduction in the safety footprint required for urban vertipad deployment — directly addressing the FAA's Engineering Brief 105A threshold of 34.5 mph for the safety zone. This is not just a concept. It is backed by peer-reviewed computational fluid dynamics research conducted by Swinburne University — the first CFD modelling of fractal surface geometry ever applied to eVTOL ground operations. The fractal panel is one part of a system designed to solve the four showstoppers that are currently preventing vertiports from being built at scale: downwash and outwash, noise, lithium-ion battery fire risk, and cost. No other vertipad product on the market addresses all four. Note that Aeroberm is 100% owned by Skyportz Australia Pty Ltd so if you are a shareholder you are also a part owner of this exciting innovation that we hope will become the standard for vertiports. Australian Government Backing: The Australian Government has awarded Skyportz a $250,000 grant under the Industry Growth Program to develop a modular prototype product — matched by Skyportz to create a $500,000 research and development pool. This funding will engage researchers, patent specialists, and industrial designers to take Aeroberm from validated concept to physical prototype. Building the first prototype is now our primary focus. It is the step that transforms Aeroberm from a patent and University led research study into a scalable product. What's Happening Internationally: The launch has opened doors. We have active commercial conversations underway in Japan, Oman, China, UAE and the United States. We have offered our IP at no charge to participants in the US Department of Transportation's Enhanced Industry Partnership Program — positioning Aeroberm inside the US regulatory trial framework from the ground up. We are also in early discussions with several significant infrastructure and property partners who understand that owning the backbone of a vertipad network — before the aircraft arrive — is the strategic play. The industry will soon have electric air taxis. But where can they land? Tens of billions of dollars have been invested in eVTOL aircraft. Very little has been invested to date in where they will land. Yet without an extensive network of landing infrastructure at places people want to go, none of that investment can deliver on its promise. Limiting deployment to existing airports and heliports produces nothing more than an expensive evolution of helicopter services. The transformative vision — aviation on demand, at the density of ride-sharing — requires vertipads where people actually are: on buildings, in suburbs, at regional hubs. That infrastructure does not exist. Four critical barriers are preventing it from being built. The Four Showstoppers — And How Aeroberm™ Solves Each: Cost. Bespoke vertiport construction costs are prohibitive for most developers. Aeroberm's off the shelf, modular, deployable design brings vertipad infrastructure within reach for property owners, developers, and regional operators. Downwash and outwash. The FAA's Engineering Brief 105A sets a 34.5 mph outwash boundary threshold. Meeting that standard on conventional tarmac demands vast buffer zones — land that doesn't exist in mature cities or exists only at prohibitive cost. Aeroberm's fractal panels redirect and dissipate outwash, dramatically shrinking the required safety footprint. Noise. eVTOL aircraft are quiet at altitude. They are not quiet at take-off and landing. Aeroberm's fractal panel technology reduces acoustic impact at the vertipad — a prerequisite for community acceptance in dense urban environments. Fire safety. Lithium-ion thermal runaway is a dealbreaker for building owners being asked to host vertiports. Aeroberm's integrated immersion-based "dunk tank" system contains and neutralises battery fires — protecting surrounding tenants and eliminating the extended evacuations that would make vertipad hosting commercially and reputationally untenable. Investment opportunities; We are not currently raising funds but stay tuned for our next Birchal raise.

Our latest EOI is live! For those of you who have been with us for a while, or for those considering backing Birchal for the first time - we're excited for this campaign and to have you with us on the journey. We have an investor Q&A happening next week and planning an in person event - we'll share the information here and over email in the coming days. If you have any questions in the interim, please post them to the page or email through to investors@birchal.com

Got questions about our CSF investment offer? We’re hosting a live Q&A with the Ulleo team and would love for you to join us. 📅 Thursday 30 April 🕛 12:00 PM AEST 💻 Join online 🎟️ Free to attend Reserve your spot today: https://us02web.zoom.us/webinar/register/6517761512071/WN_upTzK5dgQyu-pImE6KKMLQ

I'm proud to announce we've hit our minimum target, raising $279K in six days. If you've been waiting for certainty before committing, you have it now. We're proceeding with the raise, we have 10 days left in the campaign, and now is the time to get involved. There are two ways to take the next step: 📥 Invest now Head to our Birchal profile and commit your investment before the campaign closes on 7 May - or sooner if we hit our maximum raise target. https://www.birchal.com/company/ulleo 🎙️ Join our second investor webinar - this Thursday at 12 noon Birchal CEO Kirstin Hunter will be hosting me (Dave Duncan, CEO) and Brett Woolford (Head of Product) for a live Q&A. It's a great opportunity to hear directly from us about our plans and ask anything you want answered before you invest. Register here: https://us02web.zoom.us/webinar/register/6517761512071/WN_upTzK5dgQyu-pImE6KKMLQ#/registration Thank you to everyone who has already backed us. The momentum has been genuinely energising - and we're just getting started. Always consider the general CSF risk warning and Offer Document before investing.

We've Hit A$111K — And We're Just Getting Started The campaign is now open to the public on Birchal, the momentum is real, and the ocean restoration movement is growing. 🎉 A$111,000 Raised in the first few days of going public • 2 weeks still to go Campaign Update We are thrilled to share that our crowdfunding campaign on Birchal has officially gone public — and the response has been extraordinary. In just the first few days, we reached A$111,000, a testament to the strength of our community, our vision, and the growing appetite for products that do more than just look good. With 2 weeks still remaining and strong support behind us, the sky truly is the limit. Every day brings new co-owners, new momentum, and a louder signal to the market that conscious consumers are ready to put their money where their values are. Welcoming Our New Co-Owners To our early co-owners — thank you. Your decision to come onboard at this stage means the world to us. You believed in our mission before the crowds did, and your support is the foundation everything else is built on. We are genuinely grateful to have you on this journey with us. We look forward to welcoming more co-owners over the next two weeks as our Birchal campaign continues to grow. This community is what makes our mission possible. Our mission is simple but powerful: help consumers align their purchasing decisions with their sustainability values by creating products that actively contribute to marine restoration. Not in a vague, offset-in-the-future way — but tangibly, measurably, now. Impact That Happens Now. The defining feature of what we are building is immediacy. When a customer buys our product, marine restoration doesn't happen at some distant, unverifiable future point. It happens with that purchase. That transaction is the impact. This is what sets us apart, and it's what has resonated so strongly with our co-owners from day one. People are tired of vague sustainability promises. We give them something real. Looking Ahead We have 2 weeks to go and a community of believers growing by the day. The campaign has proven the market demand is real, the model resonates, and the timing is right. We will continue to share updates as we push toward our next milestones — and we are grateful to every person who has joined this journey. Thank you for believing in what we are building. Onwards, The Team

We’re now live to the public! Earlier this week, we opened the Ulleo raise to early supporters through a private round. Thanks to that early backing, we’ve now reached over $142,000. Today, we’re excited to share that the campaign is now open to the public on Birchal. The campaign closes on 7 May or when we achieve our maximum fundraising target. Ulleo is an industry-led learning platform helping people build practical, real-world skills through flexible online courses designed with industry experts. The goal is simple: make high-quality, career-relevant education more accessible and outcome-driven. We’re incredibly grateful to the early supporters who have helped build this momentum, and we’re looking forward to welcoming more investors as the campaign continues. If you’d like to learn more, you can view the full offer and investment details via our Birchal profile: https://www.birchal.com/company/ulleo

We've hit $100K in 24 hours! 🚀 We're just 24 hours into our private period and have already raised over $100,000 - and momentum is still building. To everyone who has invested already, thank you. Your belief in what we're building means everything. If you've been sitting on the fence, here's what you need to know: ⏰ 48-Hour Bonus Invest within the first 48 hours and receive a complimentary UlleoX course - for yourself or to gift to someone in your life. You get to select from our whole catalogue - that means you could finally become a better pet parent, style your home or garden the way you've always imagined, or kickstart your health through our nutrition program. 💸 Delayed Payment Terms As a private phase investor, you're eligible for Birchal's delayed payment terms - commit to your investment now and pay later when the offer closes. This is exclusive to the private period, which will close soon at this pace. 🎁 Investor Rewards Worth Knowing $500+ - Complimentary access to our brand new "AI Unlocked" workshop series $30,000+ - We establish a scholarship in your name, giving someone in need access to an Ulleo education Review the full rewards and invest today. 👉

Thank you to everyone who joined our Investor Q&A Webinar on Monday 13 April — the quality of questions was genuinely impressive, and we loved the level of engagement from the community. Below you'll find our responses to questions raised during the session, compiled for general reference. Ulleo Investor FAQ Birchal Crowdfunding Campaign · April 2026 ──────────────────────────────────────── COURSE QUALITY ──────────────────────────────────────── Q: What are the completion numbers for Ulleo courses? Our direct enrolment completion rate is 69%, compared to a VET industry benchmark of 45.8% (NCVER, 2024) — more than 50% above the closest comparable reference point. This reflects the systems we have built around onboarding, 1:1 mentor support, and ongoing student engagement. Please note this figure relates to direct enrolments only. ──────────────────────────────────────── Q: What is the method used for measurement and evaluation? We evaluate student learning through knowledge checks, activities, assignments, and projects embedded in each course, designed in collaboration with and reviewed by industry mentors to reflect real-world application. Student satisfaction is measured through multiple channels, including Google reviews, CSAT surveys via our helpdesk, and post-course feedback surveys, with course mentors providing qualitative input on student progress and engagement. We regularly invite students to participate in video testimonial reviews, which we also use for marketing. We analyse data from our AI support agents to identify friction points and common themes, and we track completion rates as an ongoing indicator of course effectiveness. ──────────────────────────────────────── Q: What hard evidence do you have that employers value Ulleo certificates in hiring decisions compared to TAFE or university credentials? To be direct: Ulleo short courses are not positioned as equivalent to TAFE or university qualifications - and that's intentional. Formal education remains essential for many professions, and we're actively building RTO partnerships to create those pathways. Where Ulleo delivers clear, evidenced value is as a practical entry point: ● Student outcomes - photography, beauty, and design students regularly launch businesses or generate side income from their course. In fields where portfolios and demonstrated skills matter, this is employer-relevant evidence. ● Industry endorsement - selected courses carry formal recognition from bodies like the Interior Design Association, IICT, and the Landscape Design Institute - the same organisations employers look to when assessing candidates ● Job-ready curriculum - courses are built with industry mentors specifically around entry-level capabilities employers look for ● Work placements - expanding program bridging learning to employment, with conversion-to-employment data building as more students complete We're transparent about the fact that our formal employer evidence base is still maturing. What we'd argue is that Ulleo is best understood as a low-risk entry point - helping students validate career intent, build practical skills, and develop a portfolio before committing to higher-cost, longer-term education. That's a genuinely different proposition, not a lesser one. ──────────────────────────────────────── Q: What independent validation of quality do you have beyond student star ratings — e.g. external reviews, audits, or renewals from industry partners? Our quality assurance operates at three levels: ● Industry Advisory Panel - Industry associations and subject-matter experts formally review and sign off every course before launch, with the ability to withdraw endorsement if standards slip / aren't met ● Course Mentors - Qualified, practising professionals operating under a formal code of conduct and SLA, with a contractual obligation to flag curriculum deficiencies ● Independent Body Recognition - Formal endorsement from IICT (beauty and wellness), the Interior Design Association, the Landscape Design Institute, and RSPCA Qld. Taken together, Ulleo courses are reviewed, endorsed, and held accountable by the same industry bodies and practitioners that employers rely on when assessing candidate credentials. ──────────────────────────────────────── Q: How do you measure quality for your courses? Course quality is embedded at every stage of development and delivery through two formal structures and is independently validated through industry recognition. ● Industry Advisory Panel (IAP): Every Ulleo course is developed in consultation with an IAP comprising Ulleo representatives, industry associations, and subject-matter experts. The IAP is involved across three phases — course design consultation, interim progress review, and a final course review before the course goes live. At the end of each development process, IAP members formally sign off, confirming the course has been developed in consultation with industry and conforms to appropriate standards. ● Course Mentors: Each course is supported by a qualified industry practitioner who actively mentors students throughout their learning journey. Mentors review and provide feedback on student work using standardised marking guides, host live Q&A sessions, and are required to report any curriculum deficiencies or systemic issues to Ulleo's team for resolution. Mentors operate under a formal code of conduct and service-level agreement, ensuring consistent, high-quality student support across all courses. ● Industry Recognition: Several of our courses carry formal recognition from respected independent industry bodies: IICT for our beauty and wellness courses (Makeup, Nail Technology, Skin & Facials, Lash & Brow, and Nutrition), the Interior Design Association for our interior design program, and the Landscape Design Institute for our landscape design course. RSPCA Queensland has formally endorsed our Dog Care and Training course and worked closely with us in the development of our Animal Health and Veterinary Care program. RSPCA Queensland has adapted a version of our program to support their internal dog care training delivered through community outreach programs. This breadth of third-party endorsement across multiple verticals reflects Ulleo's commitment to delivering education that industry trusts. This breadth of third-party endorsement across multiple verticals reflects Ulleo's commitment to delivering education that industry trusts. ════════════════════════════════════════ STUDENT EXPERIENCE & BEHAVIOUR ════════════════════════════════════════ Q: Where does one begin their on-the-job training experience? Students with a guaranteed work placement commence once they have completed their studies and paid all fees in full. We partner with a specialist industry placement agency who source placement opportunities. Students go through a brief interview process before the placement begins, and are typically offered several placement options before selecting one. ──────────────────────────────────────── Q: What percentage of students are repeat customers who buy a second course? To date <5% of students have purchased more than once - low, but we see this as a significant untapped opportunity rather than a ceiling, for a few reasons: ● Diverse catalogue by design - many students enrol with a single specific goal (a side hustle, a career pivot, a personal interest) and are satisfied by one course. That's a feature, not a bug - but it does compress the repeat rate ● Data gaps understate the true rate - completion tracking in our CRM is incomplete, meaning post-completion outreach has been limited. As this improves, so will cross-sells ● Cross-sell potential is real - high-applicability topics like AI create strong cross-sell opportunities across all study verticals. We are excited by this opportunity. Of students who do return, 39% do so within the first month of completing, pointing to strong post-completion intent that we're actively working to capture through targeted follow-up. ════════════════════════════════════════ FINANCIALS ════════════════════════════════════════ Q: Do you have a view on the average cost to produce each course? This is commercially sensitive information that we are not prepared to disclose publicly. Please feel free to contact David Duncan directly to discuss. Some other relevant points we are prepared to mention: ● Course development costs are decreasing over time through the use of AI-powered tools and in the production workflow. ● Once developed, each course represents a long-term asset that can be monetised over many years, requiring only minor updates, which is funded and implemented from existing BAU resources (not incremental). ● We note that courses are kept up to date through regular live workshops and webinars hosted by the Course Mentors; these sessions are recorded and embedded in the relevant sections of the course. Example: If, in Garden Design, a new software package is proving to become the industry standard but is not covered in the original course design, we will hold live workshop(s) on this program and then build those sessions into the course, keeping it up to date and relevant for all students. ● This creates strong operating leverage, as the upfront investment is fixed while revenue scales with enrolments over time. ● The one alternative to this is AI courses, which we strongly believe need to be in workshop format and operate on a regular, rotating basis. This way, the learning materials and tools included in the workshops can be updated to reflect the latest industry trends. ──────────────────────────────────────── Q: How much money is being raised, what is the price per share, current market cap, and what is the exit strategy? In accordance with the CSF framework and Birchal rules, the majority of these details will be addressed in the offer document that will be publicly released on Tuesday 21 April. In that document, you can find: ● Raise targets (Min & Max) ● Price per share ● Pre-money valuation Unfortunately, due to ASIC regulations, forward-looking statements cannot be included in the offer document. Should you wish to speak with our CEO, David Duncan, on these matters, please book a time with him here: https://calendly.com/dave-ulleo2/30min ──────────────────────────────────────── Q: How much of the company is up for sale? See above. This information will be included in the Offer Document when it is released on 21 April. ──────────────────────────────────────── Q: Is the top line revenue figure cash collected, or inclusive of cash not yet collected? The figures - $2.6m (LTM to 31 Jan 2026) and $2.7m (LTM to 28 Feb 2026) - represent net revenue: full course price, excluding GST, recognised only after the 10-day cooling-off period in line with consumer law. Payment plan mix: ● 42% of enrolments and 46% of revenue in the Feb LTM period were via payment plans ● Typical structure: $200 deposit on enrolment, then $50/week until paid in full (~46 weeks) ● This means a portion of recognised revenue is still being collected Worth noting: ● Ulleo runs one of the lowest payment plan ratios in the sector - we've deliberately engineered the business toward upfront payments for a stronger cashflow profile ● Payment plans do provide a useful offset during seasonally slow periods (December, April), with weekly instalments continuing to flow regardless of new enrolment volumes ──────────────────────────────────────── Q: Of the reported $2.6M revenue, how much is from one-off course purchases vs ongoing or repeat relationships? See above ──────────────────────────────────────── Q: Are the revenue figures quoted in USD or AUD? All figures are in Australian Dollars (AUD). ════════════════════════════════════════ GROWTH & EXPANSION ════════════════════════════════════════ Q: Apart from AI, what other industries do you want to expand into? Our course expansion strategy is deliberately data-centric - we assess market demand signals, gaps in existing education offerings, mentor availability, significant or future industry trends, accreditation requirements within the industry and associated student outcome potential. Increasingly, our course resell distribution partners are playing a meaningful role in shaping that pipeline. As they represent a growing share of our enrolment volume, their input on which programs they're willing to actively resell carries real weight in our prioritisation process - and we see that as a healthy market signal. That said, two programs currently in the production pipeline reflect exactly this approach: ● AI - broad cross-vertical applicability and strong market demand signals across our existing student base and partner channels ● Coaching - we're particularly excited about this one. We're seeing strong market activity driven by professionals with deep technical expertise who are seeking specific coaching capabilities to complement it. We also see significant content synergies with existing Ulleo programs across nutrition, mental health, psychology, and counselling - meaning we're not starting from scratch This disciplined approach is what has allowed us to build a catalogue where every course has clear market fit, and it's the same lens we'll apply as we scale. ──────────────────────────────────────── Q: How do you determine which courses to produce? Can this be scaled? We cover our course selection methodology in detail in the question above- worth a read for the full picture. On scalability specifically: yes. Our production framework - IAP consultation, mentor recruitment, curriculum development, and platform build - is repeatable and efficient by design, allowing us to grow the catalogue without a proportional increase in overhead. Whilst historically we built most of our programs with FTE production staff, our approach in the future will be to leverage our build frameworks with specialised contractors and consultants to reduce fixed-cost exposure and maximise flexibility. ──────────────────────────────────────── Q: Is Ulleo's expansion predominantly focused on increasing student numbers, going deeper on existing subjects, or adding new subject areas? All three, but the growth strategy is deliberately multi-dimensional. As outlined in our "5 Growth Channels" slide, expansion operates across: ● More students through existing subjects - AI-centric sales tooling (augmenting our human sales team with AI agents for speed and coverage) and a major push into Meta advertising to activate our 26,000-strong email database beyond traditional education marketplaces ● New subject areas - expanding into AI literacy, professional upskilling, and coaching, with more courses planned across other high-growth categories ● New distribution channels - B2B2C reseller network growth across new verticals, new geographies, and institutional partners (RTOs, TAFEs, universities), plus content licensing ● New market segments - UlleoX introduces a self-paced, AI-powered product tier at $195-$795, opening a high-volume, cost-conscious learner segment that our current model doesn't serve So while new student acquisition is the headline growth driver, the strategy is designed so that each channel reinforces the others: more courses drive more distribution partners, which drive more students, which improve unit economics across the whole model. ──────────────────────────────────────── Q: Do you see your courses as a pathway into formal qualifications that might lead to skills assessment and PR? Our courses are open to learners worldwide and can be studied from anywhere, so a student could absolutely complete an Ulleo course before enrolling in a formal Australian qualification. That said, we want to be transparent: our courses currently don't generate a Confirmation of Enrolment, are not recognised for skills assessments, and don't support Student Visa applications directly. Where we see genuine potential is through our RTO partnership strategy. We are in active discussions with several RTOs — including some CRICOS-registered providers — and if those partnerships formalise, there is real scope for our courses to articulate into formal qualifications that could support skills-assessment pathways. We're not there yet, but it's a direction we're actively building toward. ════════════════════════════════════════ COMPETITION ════════════════════════════════════════ Q: Which competitors worry you the most, and what are you doing over the next 2–3 years to stay clearly differentiated? Our competitive landscape varies by subject area - but the more meaningful frame is where Ulleo sits relative to the two ends of the market, as illustrated in our Competitive Landscape slide. ● Formal education (TAFE, RTOs, degrees) - strong credentials and structured curriculum, but courses take 1-5 years, cost thousands, and update slowly. Industry has often moved on before students graduate ● Self-paced online platforms (Udemy, YouTube and many others) - cheap and flexible, but no personalised support, no accountability, and no recognised credentials Ulleo was designed to sit deliberately in the middle - affordable and flexible like online platforms, but with the expert support, localised content, and industry credibility that formal education offers. Our 69% completion rate, compared with the industry average of 46%, is the clearest evidence that this model works. Staying differentiated over the next 2-3 years comes down to executing on the 5 growth levers outlined in our investment case: ● Deepening industry partnerships and endorsements - compounding our content moat ● Expanding our B2B2C reseller network - near-zero incremental cost growth through trusted institutional channels ● Continuing to evolve courses rapidly in response to industry change ● Leveraging AI (via AURA) to improve student experience while keeping costs competitive - we're already seeing 3.4x efficiency gains The model is difficult to replicate quickly - it requires real industry relationships, quality content production, and a student support infrastructure that takes years to build ════════════════════════════════════════ For further information or to speak with our CEO David Duncan, please book a time at: https://calendly.com/dave-ulleo2/30min or call him on 0402 927 177.

One of the metrics we track most closely at Ulleo is student completion - because it's one of the clearest signals that what we're building is actually working. Our direct enrolment completion rate is now 69% — compared to an industry benchmark of approximately 46% for domestic fee-for-service VET programs (NCVER, 2024). * That's more than 50% above the closest available reference point. This result doesn't happen by accident. It comes down to the systems we've built around onboarding, mentor support, and ongoing student engagement - and the team that runs them. As we scale, maintaining strong completion rates remains a core focus. Students finishing what they start is the foundation everything else is built on.

🌊 Want to talk directly with the founder changing how we think about ocean pests? Join us for a live Investor Q&A with Henry Cole, Founder & CEO of ROPA™ (Regenerative Ocean Products) — hosted on Birchal. 📅 7 April 2026 🕛 12:00 PM AEDT Henry will be walking through how ROPA is transforming marine pest species into powerful functional bioactive ingredients — and what that means for investors. This is your chance to ask Henry directly about: → The science behind the bioactives → Commercial opportunities → How you can be part of the journey Don't miss it. Register now on Birchal. 👇 #ROPA #Birchal #Investing #BlueEconomy #MarineInnovation #Biotech #RegenerativeOcean