ADHERIUM LIMITED — Investor Presentation 2021

Mar 17, 2021

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Establishing leadership in the rapidly accelerating respiratory remote digital monitoring environment MARCH 2021

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CONFIDENTIAL

adherium

Establishing leadership in the rapidly accelerating respiratory remote digital monitoring environment

Rapid evolution of telehealth & remote digital monitoring, accelerated by COVID and new reimbursement programs

Well placed with strategy development beyond adherence alone, toward multi-sensor respiratory management ecosystem

Potential for software platform leverage with established data portal capability

Good progress made with core data portal refresh & development of physiologically enabled adherence monitoring devices

Progress being made with existing commercial partners & >10 ongoing new partner discussions advancing

Fundraise initiated to progress business toward breakeven target

$15m fundraise to progress beyond 2021 commercial evaluations

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opportunity

Unmet needs of respiratory patients presents huge opportunity Adherium

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US$34b Annual preventable US healthcare costfor uncontrolled Asthma & COPD patients

ER visits Hospitalisations Severe Uncontrolled Patients

~1.6m ~0.2m ~1.0m Asthma pts[1] Asthma pts[1] Asthma pts[2] ~1.8m ~0.7m ~0.6m COPD pts[3] COPD pts[3] COPD pts[2] Cost range Cost range RMP CPT code Billable per visit[5,6] per hospitalisation[6,7] amount per Patient[4] Excludes 30-day readmission penalties and ITU cost Coded 99453, 4, 7 ~$390-$2,200 ~$5,000-$21,000 ~$1,350 pa ~$4.4b ~$11.7b ~$2.2b

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US Asthma US COPD
population [2] population [2]
SEVERE
1.0m UNCONTROLLED 0.6m
DIFFICULT TO TREAT
4.3m GOLD C+D 2.6m
9.5m MAINTENANCE 6.2m
13.8m TREATED 8.8m
15.8m DIAGNOSED 12.2m
25.4m PREVALENCE 25.8m
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Est. Avg. Cost for 3.4m Est. Avg. Cost for 0.9m Est. Total Billable amount patients ER visits patients hospitalisations for 1.6m patients

• 1 https://www.cdc.gov/asthma/most_recent_national_asthma_data.htm, Asthma Attacks

Focus on US market with initial TAM[2,8] of US$268m & supported by our investment program expands to the larger US$1.5b opportunity[2,9]

• 2 Patient Epidemiology sources; AstraZeneca Epidemiology data

• 3 ES Ford Hospital discharges, readmissions, and ED visits for COPD or bronchiectasis among US adults: findings from the Nationwide Inpatient Sample 2001-2012 and Nationwide Emergency Department Sample 2006-2011 Chest, 147 (2015), pp. 989-998

• 4 https://www.cms.gov/apps/physician-fee-schedule/search/search-criteria.aspx

• 5 American Health & Drugs Benefits “Inpatient Treatment of Asthma Is Costly: $5000 per Hospitalization Calls for Proper Office Management”, 14/02/2019

• 6 Wang T, Srebotnjak T, Brownwell J, Hsia RY. Emergency Department Charges for Asthma-related Outpatient Visits by Insurance Status. J Health Care Poor Underserved. 2014 February ; 25(1): 396–405

• 7 Dalal AA, Shah M, D’Souza AO, Rane P. Costs of COPD exacerbations in the emergency department and inpatient setting. Respir Med. 2011;105(3):454–460

• 8 Current Target Accessible Market (TAM) based on current coverage of 56% of inhaler types sold & 8 drug presentations. TAM represents both device & expected annual data charges

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Significant emerging opportunity in diagnosis, assessment & management of chronic respiratory impact of post-COVID-19 syndrome, or “long COVID”, relevant for remote digital sensor management

• 9 Future TAM based on current coverage of 80% of inhaler types sold & 18 drug presentations. TAM represents both device & expected annual data charges

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opportunity

Telehealth & remote digital management of patients transformed in last 24 months due to introduction of reimbursement codes & impact of COVID pandemic

COVID has changed expectations on care delivery

• Estimates of pre-pandemic awareness of telehealth benefits has risen from 24% to 80%[3]

• Estimates over 1/3 of ambulatory visits could be done remotely[3]

• Telehealth[3] offers possibility for over 50 million Americans in remote areas access to routine healthcare

Reimbursement availability now a catalyst for adoption

• Introduction of Medicare reimbursement for Remote Patient Monitoring opened the professional market by creating clear financial incentives & a path to payment for physicians

• This was a ‘watershed’ moment; Medicare & Medicaid cover 1/3 of the patient universe with insurers covering remaining 2/3 typically following Medicare / Medicaid lead in coverage & payment

• 11% consumers using telehealth in 2019[2]

• 76% consumers indicated they were highly or moderately likely to use telehealth going forwards[2]

• 50-175x reported increase in health systems & practices reported use of telehealth[2]

• Estimated $250b market size[2]

• “...in April 2020, nearly half (43.5%) of Medicare primary care visits were provided through telehealth compared with less than one percent (0.1%) in February before the public health emergency [Covid-19]” [1]

• https://www.hhs.gov/about/news/2020/07/28/hhs-issues-new-report-highlighting-dramatic-trends-in-medicare-beneficiary-telehealth-utilization-amid-covid-19.html

• https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/telehealth-a-quarter-trillion-dollar-post-covid-19-reality#

• Lisa Gill JPM insights commentary https://www.jpmorgan.com/solutions/cib/insights/health-care-conference#insights

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opportunity Telehealth & remote digital management of patients transformed in last 24 months due to introduction of reimbursement codes & the impact of COVID-19 pandemic

2021 Payment Rates

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Provider sets patient up Physiological data Clinical staff review on a remote monitoring is captured/recorded RPM data & interact 1 2 3 platform/system over at least 16 days with the patient Provider bills Provider bills Provider bills once monthly monthly

Physician’s billable amount per patient per year ~US$1,350+

Reimbursement shows 2021 National Rate for non-facility sites. Actual rates vary by Provider & depend on site-of-care. Physician specific time can also billed instead of 99457, for up to 30 mins of time using 99091. Separate codes exist for remote monitoring of blood pressure & for mental health services. SOURCE: CMS Physician Fee Schedule, https://www.cms.gov/apps/physician-fee-schedule/search/search-criteria.aspx (accessed Jan 5 2021); CMS Final Rule CY21 (Federal Register)

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CPT Value US$
Descriptor
Code (non-facility)
Patient set up
99453 $18.77
(once per episode of care)
Device delivery/supply
99454 (every 30 days, min.16 days $62.44
of data collection)
Patient Monitoring &
interactive communication
99457 $51.61
First 20 mins
(every 30 days)
Patient Monitoring &
Communication.
99458 $42.22
Each additional 20 mins
(every 30 days)
Collection & Review of
99091 Physiological Data (every $59.19
30 days)
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strategy

Opportunity NOW to transform Adherium to lead commercially valuable integrated management solutions

respiratory digital management ecosystem

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Adherence & Technique
Integrated respiratory
digital eco-system
Remote monitoring, real
time data capture
Cloud Platform collects
Data Reporting data across the patient Disruptive Technologies
population & identifies
patients requiring
intervention (by exception)
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Wheeze Physiological Measures
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evolution

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Adherence & Technique Data Reporting
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Adherium

Now

Adherium Hailie® Sensors Peak Flow Meter

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Sensors
Portal
Adherence
Revenue generation
Healthcare providers & payers
Partner Summatix / Planet Innovation
for data aggregation / analysis
Population risk assessment
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Phase 2

Phase 1

Assets from current and future discussions

Assets from current Assets from current relationships relationships Adherium Hailie® Sensors Adherium Hailie® Sensors Peak Flow Meter Peak Flow Meter

Business with range of digital inhaler sensors & portal platform for adherence monitoring

Business based on a respiratory ecosystem providing a portal & software platform with architecture for the integration of proprietary & 3rd party digital sensors, connected devices & data management systems

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strategy

Positive progression with existing partners & product portfolio

Existing Partners

Current Portfolio

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Phase 1 training completed

• Pilot Program of evaluations in specialist Asthma centers initiated

Pilot read outs expected Q2 CY2021

Sensors

• Physiologically enabled sensor development progressing well (plan increases asthma/COPD device market coverage from 56% to 80% by US medication volume by H1 CY2022)

• Physiological measure proof of concept transferred to commercial product design

• Submission of first 510(k) of physiological enabled sensor expected Q1 CY 2021

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• Finalist in “Australia by Design” Innovation Award TV series

Initial workflow assessment complete

Modifications made to patient materials & app in response to feedback Rescue inhaler patient population data collection ongoing

Software

• Migration of platform to Microsoft Azure[®] completed to deliver capacity & capability for scale-up

• Peak Flow meter integration expected early Q2 CY2021 as first step in ecosystem build

• Primary activity from clinical trials & development contracts

Four clinical studies underway using Adherium sensors

Development projects upgrading patient user experience initiated

• App & portal upgrades enhanced user experience & data presentation for patients & physicians

• System architecture design allows integration of third party devices into the platform

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strategy

HGE Health & Monaghan Medical Corporation open up the professional market via immediate distribution capabilities into hospitals, specialist clinics & disease management providers

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Right time Channel Partner Existing Revenue Models Planned Future Revenue Model with Physiological Sensors
Specialist Sensor sales at unit transfer price
Distribution Sensor sales at unit transfer price Software license for platform access
(Hospitals & Clinics) Data licence fee
Per patient per sensor per month fee
Disease Management
Per patient per sensor per month fee Share of remote patient monitoring service fee to providers
Providers
Share of incremental savings from Risk Share contracts
Sensor sales
Sensor sales
Direct Sales Clinical trial supplies & support
Clinical trial supplies & support
Software licence for platform access
Sensor sales at unit price
Sensor sales at unit transfer price
Development contracts
Pharma Development contracts
Clinical trial supplies & support
Clinical trial supplies & support
Data licence fee
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strategy

Rapid acceleration in telehealth & digital monitoring reflected in increased partnering opportunities strengthening revenue stream potential with >10 ongoing commercial partnering engagements currently progressing at C suite level

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Partner Type Disease/Population Management Partners CDMO’s Pharmaceutical Companies
Connected Health Solution PERS & RPM
Employer / Commercial Payers Plans Pharma / Biotech
Rationale Integrated Managed Care Consortia Medical Devices Inhaled Pharmaceuticals
Telemedicine / Virtual Care Providers Inhaled Pharmaceuticals
On-Line Pharmacies
Series of ongoing discussions in North
Potential to integrate Hailie [®] digital sensor Potential to provide complementary digital
Product America to provide Hailie [®] digital sensors
technology into CDMO products & leverage sensors alongside sponsor products &
Range & portal reporting to enhance existing care
Adherium portal with CDMO customers leverage Adherium portal
provision & remote patient monitoring
Adherium Sensor sales
Revenue Model Software licence fee (SaaS & PaaS)
Data licence fee
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strategy

Ecosystem evolution enhances overall product proposition to end clinical providers & payors with multiple longitudinal data points, leverages portal platform, & extends revenue stream potential for individual & combination of assets beyond adherence alone

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Ecosystem
Initial ecosystem of Adherium sensors plus 3rd Party Devices & Apps Second Phase under investigation
Build
COPD
Capnography
Product Adherium Sensors Peak Flow Meter Spirometer Wheeze Analysis exacerbations
COPD
predicator
Measures maximum
Measures lung function.
speed of expiration, Measures wheeze a
Volume of air inspired Extends offering in
assesses ability to breath symptom of airway
Monitors patient adherence (frequency, air out as an assessment of airway obstruction. & expired. Primarily for COPD patients obstruction in asthma. COPD & supports predictive analysis Extends offering in
Rationale date & time);inhaler Complementary Complementary of exacerbations. COPD & supports
Primarily used in asthma. diagnostic in conjunction predictive analysis
technique; physiological measures Complementary diagnostic assessment of disease control with with other parameters Application in asthma under of exacerbations
diagnostic assessment of adherence such as adherence, peak
investigation
control with adherence. flow & lung function
Portal platform leverage
Portal platform leverage
Digital device integration
6 sensors available today Peak flow sensor
assessment progressing. Initial pharmacy pilot & Point of care App with
with 56% coverage, build integration progressing.
Product Target commercially clinical trial evaluation device with integration to
to 9 with physiological Commercially available
Range available with portal being initiated in physician data peak flow data &
data capture giving 80% with portal integration integration from H2 Australia reporting biomarker data
coverage in H1 CY2022 from H1 CY2021
CY2021
Adherium Sensor sales
Revenue
Software licence fee (SaaS & PaaS)
Model
Data licence fee
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Significant potential for further ecosystem sensor device integration including digitised spacers, nebulizers, OPEP mucus secretion devices

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*Physiological Measures available on second generation devices Q3/4 CY 2021

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strategy

Opportunity NOW to transform Adherium to lead commercially valuable integrated management solutions in rapidly accelerating respiratory remote digital monitoring environment

Current Sensor & Software Development

56% 65% 49%

OVERALL ASTHMA COPD COVERAGE

6 sensors compatible with 8 drugs, cover 56% of inhaler Sensors volume by unit sales

Captures inhaler usage data; dosing time & frequency; adherence to prescription

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Focus on adherence & compliance primarily in clinical trial setting.

Software

Ecosystem Development

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Planned CY H2 2020 Enhance capability to interface with third party devices Enhance capability to interface with external PMC & EMR systems Delivering Respiratory Ecosystem with Physiological measurements

Add physiological data Payer/Provider focused capture capability data reporting Data reporting to support Enhance synchronisation reimbursement reliability Increase database Enhance Portal UX/UI capability & capacity

Planned CY H2 2020

SOFTWARE WITH PHYSIOLOGICAL DATA CAPTURE

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CY H1 2021 CY H2 2021 - CY H1 2022 80% First next Gen sensors for Expand sensor portfolio in COVERAGEOVERALL 9 sensors compatible with COPD sensors launched Asthma & COPD 78% 18 drugs, cover Next Gen sensors with physiological measures launch providing ASTHMA 80% of inhaler volume by unit path to payment for Remote Patient Monitoring 84% sales[1] COPD

Enhance capability to interface with third party devices Enhance capability to interface with external PMC & EMR systems Delivering Respiratory Ecosystem with Physiological measurements

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Software

CY H1 2021

CY H2 2021 - CY H1 2022

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Peak Flow Meter

Spirometer*

Wheeze Symptoms Analysis Management

*Illustration 2021. Healthup Copyrights Reserved ©

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1. Based on US unit volume sales 2019 IQVIA

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strategy

Business Evolution Road Map

CY Q3 2020 – Q2 2021 CY Q2 2021 – Q4 2021 CY 2022 Initial partner model Partner scale-up in US with Full expansion & platform 1 2 3 establishment/proof of concept revenue traction leverage in US & ex-US Validate channel partners Scale-up of HGE & Monaghan; initiate Accelerated US commercialisation industry partner activity with full portfolio Test operational model Progressive revenue growth Potential expanded scale-up ex-US Validate business model Increase penetration in COPD Assess next wave device development Limited initial sensor volumes & orders e.g. nebulisers/integrated sensors First wave sensors with physiological Appointment of key leadership roles in measures Potential multi-provider data US & CTO in Australia integration leverage & monetisation Complete market launch of full range of Contracting new industry partners physiological enabled sensor Scale ecosystem with further new sensors with progressive revenue Establish ecosystem framework & Limited highly selective ex-US activity growth initial sensor integration assessment Pilot ecosystem build with early roll out of 3 new integrated sensors

$15m fundraise to progress beyond 2021 commercial evaluations

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use of funds

Structure

Shares on issue: 679,596,011

Available capacity:

• LR 7.1 15% 101,939,401

• LR 7.1A 10% 67,959,601

Commitments from existing shareholders

• Agreement in principle for conversion of Secured Convertible Notes

Use of Funds

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Research & Development $9.1m
Sales & Marketing $4.0m
General & Administration $1.2m
Offer expenses $0.7m
Total $15.0m
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Pricing – to be confirmed

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team

New highly qualified management in place

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James Ward-Lilley

Mike Motion

Anne Bell

Chief Financial Officer

Executive Director & CEO

Chairman

  - Qualified as a Chartered Accountant in 1984 with **Arthur Young** before joining **Arthur Andersen** & becoming a partner in the Business Consulting practice

• 35 years experience in medical devices & pharmaceuticals

• Extensive experience in operational & executive leadership roles in pharmaceutical & medical devices industry

• 15 years Baxter Healthcare in international commercial leadership roles

  • Joined Colonial (subsequently acquired by Commonwealth Bank of Australia) in 1996

• Joined Biocompatible ’s, 2005, led commercialisation of its interventional oncology portfolio, setting up a direct US sales force & global distributor network

• 28 years in global roles at AstraZeneca , successfully leading their Respiratory & AutoImmune Global Franchise

• Global roles with AstraZeneca 2003-2008

• Then joined Vectura PLC , the inhaled respiratory formulation & device specialists, as Chief Executive

• Grew business to ~US$40m; acquired by BTG , 2011 for US$283m

  • CFO for Invida , which was bought by Menarini in 2011 – remained at Menarini until 2018

• Led BTG Oncology, Digital & Vein franchises until acquired by Boston Scientific 2019

• During time at both AstraZeneca & at Vectura , worked closely with both Adherium & Propeller Health

• Joined Adherium , November 2019: key activities re-financing, refresh strategy, new business model, technology development plan

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Geoff Feakes

Chief Technical Officer

• 25 years of information technology governance & leadership, solution innovation & realisation across Australia & Internationally including Europe, USA & Asia

• Executive positions in the Acute healthcare sector in Australia & 10 years with Tunstall Healthcare , both globally & Australasia

• Extensive experience with Remote Patient & Chronic Disease management platforms & solutions, including development & market release across multiple geographies

• Medical Technology Association of Australia (MTAA) Industry and Connected Healthcare Advisory Group member

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Jane Lapon

Head of Pricing & Reimbursement

• 25 years international experience in pricing & reimbursement in medical devices

• Held executive positions with BristolMyers Squibb, BTG & Boston Scientific

• Exemplary track record ensuring physicians get paid by public & private payers for company products globally

• Achievements include securing reimbursement for:

• Failing pulmonology device in Germany, reversing business trajectory

• Flagship device in France, securing ~¤60m/year in public funding, resulting in exponential sales in a previously untapped market

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Disclaimer and forward looking statement

The material contained herein is of a general nature & has only been prepared as a presentation aid. This presentation does NOT contain all of the information that may be required for evaluating Adherium Limited ACN 605 352 510 (Adherium or the Company), its assets, prospects or potential opportunities.

This presentation may contain budget information, forecasts & forward-looking statements in respect of which there is NO guarantee of future performance & which of themselves involve significant risks (both known & unknown). Actual results & future outcomes will in all likelihood differ from those outlined herein.

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” & similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding market size, future results, regulatory approvals, production targets, sales, staffing levels etc. All of such statements are subject to risks & uncertainties, many of which are difficult to predict & generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information & statements. These risks & uncertainties include, but are not limited to: (i) the possible delays in & the outcome of product development, (ii) risks relating to possible partnering or other like arrangements, (iii) the potential for delays in regulatory approvals, (iv) the unknown uptake & market penetration of any potential

commercial products & (vi) other risks & uncertainties related to the Company’s prospects, assets / products & business strategy. This is particularly the case with companies such as Adherium which operate in the field of developing & commercialising medical devices & related services. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, & we do not undertake any obligation to revise & disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Additionally there are a number of factors, both specific to Adherium & of a general nature, which may affect the future performance of Adherium. There is no guarantee that Adherium will achieve its stated objectives/milestones, that any of its forecasts will be met or that forward-looking statements will be realised.

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appendices

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CONFIDENTIAL

product

Robust and Secure Microsoft Azure Cloud ecosystem enabling end-to-end management of Respiratory Care. From Sensors on Inhaled devices through to a Digital Connected Dashboard. Delivering Physiological measures and medication usage.

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Adherium Sensors
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Sensors attach to inhaled Connect via Bluetooth medication device Provide missed-dose Captures medication use & audio-visual medication physiologic data reminders

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Hailie[®] App Monitors device activation, adherence & timing Data management & analytics, Microsoft Azure Physiologic measures in development Regulatory, HIPAA & GDPR Reimbursement-compliant data compliant cloud infrastructure Patient feedback via app as appropriate Enable in-app and/or onsensor missed-dose medication reminders Manually log peak flow readings

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3rd Party App
with Hailie [®] SDK
3rd party
cloud
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Payor / Provider Online Interfaces

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Reimbursement-compliant reports Billing support & audit trail

Health Care Professional

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Tailored clinical reports Clinical dashboard connected to cloud Clinical Triage and Alert Management Integration with 3rd party or EMR solutions Integration via Rest API Integration with 3rd party PMS and EMR solutions

3rd Party Integration

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product

The Hailie[®] Solution: Sensors

Hailie[®] Sensor features*

• Audio / visual reminders on sensor or app

• Compatible with spacers

• Inhaler presence detection and identification

• Cap on, cap off

• Shake detector / duration / orientation sensor

• Pill crushing rotation detection, number & direction

• Activation coordination timing **

• Physiological measures, inspired air flow, duration ** Battery status

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Rechargeable:

Lasts a minimum of 3 months between recharging 2-year shelf life, 2-year service life

Non-Rechargeable:

• Lasts a minimum of 12 months between recharging 3-year shelf life, 1-year service life

• ** Physiological Measures available on second generation devices Q3/4 CY 2021

• Not all features every sensor

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product

The Hailie[®] Solution Sensor Range

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for Ventolin™ HFA pMDI for Advair™ HFA pMDI for Flovent™ HFA pMDI
for ProAir™ HFA pMDI for Symbicort™ HFA pMDI for Bevespi Aerosphere [®]
for Symbicort™ Turbuhaler™ for Advair™ Diskus™ / for Spiriva [®] HandiHaler [®]
Flovent™ Diskus™
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product

The Hailie[®] Solution: Software

Hailie[®] App features

The Hailie[®] App for patients to track their adherence & medication use & capture clinical data which is sent in real time via our secure cloud to the physician portal

Hailie[®] App is available in 2 formats:

• the Hailie[®] Lite App for “diagnostics”; passive monitoring to establish baseline adherence; data download at clinic visits or monitoring during clinical trials

• the Hailie[®] Full App provides full visibility of medication usage plus supporting features to help them manage their asthma/ COPD. i.e. alarms, alerts, peak flow capture

• Our development roadmap allows integration with other 3rd party devices e.g. spirometry, Apple Health Kit.

Hailie App is available for iOS & Android.

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product

The Hailie[®] Solution: Software

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Hailie[®] Portal features

The Hailie[®] Portal - a secure Cloud-based remote patient monitoring platform enabling remote care and management of Respiratory patients.

Architected to enable Health Care Professionals to monitor & manage patient adherence & medication compliance, whilst utilizing real-time physiological data & supporting remote patient monitoring reimbursement practices in the US aligned with the Medicare Physician Fee (MPS) Schedule.

Hailie[®] Portal key features include:

• Secure Cloud platform

• Integration with Adherium’s Rescue & Preventor Asthma & COPD Sensors Physiological data & Medication compliance reporting

• Real-time Adherence reporting

• Patient management

• Integration with Adherium SDK & Rest API

• Framework for future Data Management & Analytical services.

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MARCH 2021

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