CORRECTING and REPLACING Arowana International Reports Financial Results For the Six Months Ended December 31, 2019

Last bullet of the bulleted list in the release should read: "Statutory group EBITDA of A$0.1m; underlying EBITDA improved to A$3.6m from A$(2.5m) in PoP." instead of "Statutory group EBITDA of A$0.1m; underlying EBITDA improved to A$3.6m from A$2.5m in PoP."

The corrected release reads:

AROWANA INTERNATIONAL REPORTS FINANCIAL RESULTS FOR THE SIX MONTHS ENDED DECEMBER 31, 2019

Record Half Year Group Revenues Up  42% to $68.6M

Hyperturnaround for Vivopower  With Revenue Up  78% to $47.0M

Group EBITDA up Materially to $3.6M for the Period

Arowana International Limited (ASX: AWN) ("Arowana" or the "Company"), a B Corp certified operator of small and medium-sized enterprises today announced its results for the six months ended December 31, 2019.

Highlights for the six months ended December 31, 2019:

• Consolidated group revenues of A$68.6m, up 42% period on period (PoP);
• Results primarily reflect very strong growth for VivoPower, which grew statutory revenues by 78% versus PoP to A$47.0m, driven by record results for the Aevitas businesses in Australia;
• EdventureCo statutory revenues of A$21.1m in line with the previous corresponding period; solid revenue growth in Everthought offset by marginally lower revenue in DDLS reflecting commencement of the strategic transformation of its sales architecture as well as the launch of Philippines JV and the Australian Institute of ICT;
• Arowana Funds Management (AFM) revenues of A$0.5m, reflecting aggregate AUM (Assets Under Management) being relatively stable at A$147m as at 31 December 2019 (30 June 2019: A$150m); Arowana Impact Capital established in Singapore; and

• Statutory group EBITDA of A$0.1m; underlying EBITDA improved to A$3.6m from A$(2.5m) in PoP.

Kevin Chin, Arowana's CEO, commented, "The results evidence the transformation of VivoPower into a growth business, primarily due to the strong performance and outlook of the Aevitas business unit in Australia. We have also commenced our strategic transformation of EdventureCo, with a focus on transitioning the business to higher quality and higher margin revenue streams. To this extent, significant investment has been made to open the first DDLS campus in the Philippines which has started generating above budget revenues. In addition, the Australian Institute of ICT has been launched to prepare students to meet the growing and unmet demand for talent in cybersecurity, development and IT."

Disclosure

NOTE: References to "underlying" information is to non-IFRS financial information prepared in accordance with ASIC Regulatory Guide 230 (disclosing non-IFRS financial information) issued in December 2011. Non-IFRS financial information has not been subject to audit or review.

About Arowana

Arowana is an ASX-listed operator of small and medium-sized enterprises and a B-Corp certified company. As operators and investors with a contrarian, long term mindset focussed on scaling up sustainable enterprises, Arowana's purpose is to grow people, companies and value.