AROA BIOSURGERY LIMITED — Investor Presentation 2021

Nov 8, 2021

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AROA BIOSURGERY (ARX)
BELL POTTER HEALTHCARE CONFERENCE NOV’21
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Unlocking regenerative healing for every body

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Important Notice and Disclaimer

This presentation ( Presentation ) is dated 9 November 2021 and has been prepared by Aroa Biosurgery Ltd, New Zealand company number 1980577, ARBN 638 867 473 ( AROA or the Company).

Information in this Presentation

The information in this Presentation is of a general background nature, is in summary form and does not purport to be complete. It does not contain all information relevant or necessary for an investment decision or that would be required to be included in a prospectus or other disclosure document under the Corporations Act for an offer of securities in Australia or in any other jurisdiction. The content of this Presentation is provided as at the date of this Presentation (unless otherwise stated). Except as required by applicable law, AROA does not plan to publicly update or revise any information contained in, or provided with, this Presentation whether as a result of any new information, future events, changed circumstances or otherwise.

Not a prospectus or an offer of securities

This Presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities Investments Commission or with ASX Limited (ASX) as such) or under the law of any other jurisdiction in which an offer of securities may be received. Nothing in this Presentation should be construed as an invitation, offer or recommendation of securities in AROA (or any of its subsidiaries) for subscription, purchase or sale in any jurisdiction.

Future performance

The Presentation contains certain “forward-looking statements”. The words “forecast”, "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. These statements are based on current expectations and assumptions regarding AROA’s business and performance, the economy and other circumstances. As with any projection or forecast, forward-looking statements in this Presentation are inherently uncertain and susceptible to changes in circumstances. Opinions may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Actual results, performance or achievements may differ materially from those expressed or implied in forward looking statements and statements of opinion. In particular, while the Company has no reason to believe that the markets to which the data relates will not return to the operating levels experienced before COVID-19, the impact of COVID-19 (if any) on the market data that is referenced is not possible to currently predict with any certainty and investors are cautioned against placing undue reliance on such data.

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AROA at a Glance

Well established high-growth soft tissue regeneration company

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NZ$34-37m[1] Forecasted FY22 product sales 58-71% higher than FY21

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Gross Margin Forecasted FY22 73-75% c.f. FY21 68%

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4.5 million+ Procedures with AROA’s products

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6 patented Regulatory product families Approvals selling in United States in 49 countries

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AROA ECM™platform for new products, line extensions & enables AROA’s “dead-space” NPWT platform

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>32 >US$2.5b[2] TAM Peer Reviewed Publications for existing products

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> 170 personnel[3]

1. Given the dynamic and evolving impact of COVID-19, guidance is subject to there being no material decline in US medical procedure numbers. It assumes an average NZD/USD exchange rate of 0.72.

2. SmartTRAK BiomedGPS data 2020; DRG Millennium Research data; Hernia Repair Devices, 2020, AROA management estimates; DRG Millennium Research, Breast Implants & Reconstructive devices, 2018. Market data was prepared before the onset of COVID-19, the economic effect of which is currently not possible to predict with any certainty. Consequently, while the Company has no reason to believe that the market data does not remain accurate based on the relevant markets operating normally, the impact of COVID-19 on the market data that is referenced is not possible to currently predict with any certainty and investors are cautioned against placing undue reliance on such data.

3. AROA NZ & US employees.

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Unlocking Regenerative Healing for Every body

AROA ECM™ technology offers leading regenerative performance at a significantly lower cost than other biologics enabling more patients to have access to the benefits of regenerative healing

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Price
Biologics
‘Regenerative but weak’
AROA
Synthetics Products
‘Durable & Strong’ Regenerative, cost
effective, +/- strength as
required
Healing impairment
& complexity
Note: AROA Management compilation based on peer reviewed publications.
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AROA ECM - An Ideal Foundation for Regenerative Healing Unique Extracellular Matrix (ECM) platform technology derived from ovine forestomach

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Laminin
Collagen IV
Elastin
Vascular channels
Collagen I & III
GAG’s, hyaluronic acid,
heparin sulphate
Fibronectin
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Source

AROA ECM Technology (Structural and Biological Building Block)

Products

• Ovine Forestomach has natural characteristics that are desirable in a regenerative soft tissue technology

• Thick porous ECM with basement membrane

• Highly vascular

• Constantly renewing & growing

• AROA ECM (gently processed Ovine Forestomach Matrix) contains: o Native porous structure o Residual vascular channels

• 150+ signalling molecules and substrates known to be important in healing

• Clinically this translates to ready to use scaffold and biology which the body uses to direct healing

• All products that utilise the AROA ECM provide a short-cut to growing new tissue and an associated blood supply

• Each product is engineered for the challenges of a specific use case

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Substantial Growth Opportunities > $2.5B[1] TAM

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Wound Care Soft Tissue Reconstruction
Total Addressable Market Total Addressable Market
> $1.4B [2] USD > $1.3B [3] USD
e.g. Diabetic Foot Ulcers, e.g. Trauma, tumour removal, e.g. Hernia repair, abdominal
Venous Ulcers, Pressure Ulcers, general surgery, inflammatory dehiscence, breast surgery
chronic wounds skin disease
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1. SmartTRAK BiomedGPS data 2020; DRG Millennium Research data; Hernia Repair Devices, 2020, AROA management estimates; DRG Millennium Research, Breast Implants & Reconstructive devices, 2018. 2. SmartTRAK BiomedGPS data 2020. Aroa management estimates.

2. DRG Millennium Research data; Hernia Repair Devices, 2020. DRG Millennium Research, Breast Implants & Reconstructive devices, 2018.

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OviTex and TELA Bio are trademarks of TELA Bio, Inc.

AROA ECM Evidence To Date

78 PRESENTATIONS/ PUBLICATIONS

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18
PRESENTATIONS/
PUBLICATIONS
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• Advanced ECM technology for acute and chronic wound healing

• Complex non-healingwounds

• Exposedbone and tendon

• Wounds shown to close up to ~20% faster vs traditional collagen dressings[1]

• Surgical matrix for dermal and soft tissuereconstruction

• Low complicationrates[2-6]

• Facilitatesrapid tissue integration[2-6]

• Tolerates contaminatedtissue[2-6]

• Reinforced bioscaffoldfor abdominalwall repair

• Ventral, inguinal and hiatal hernia

• Low hernia recurrence[7-9]

• Low SSI/SSO rates in contaminatedsites[7-9]

Tolerated a No negative Rapid formation of well Reduced surgical contaminated field and inflammatory response vascularized tissue complexity resisted infection reported

1. Reduction in time to wound closure of of 11.3% to 21.4%. Don't touch my face touching your face Bosque B, Frampton C et al. Retrospective real-world comparative effectiveness of ovine forestomach matrix and collagen/ORC in the treatment of diabetic foot ulcers (2021). Int Wound J. Available online at: https://onlinelibrary.wiley.com/doi/10.1111/iwj.13670 2. Desvigne, M. N., K. Bauer, K. Holifield, K. Day, D. Gilmore and A. L. Wardman (2020). “Case Report: Surgical Closure of Chronic Soft Tissue Defects Using Extracellular Matrix Graft Augmented Tissue Flaps.” Frontiers in Surgery 7(173). https://www.frontiersin.org/articles/10.3389/fsurg.2020.559450/full 3. Chaffin A et al. Surgical reconstruction of pilonidal sinus disease with concomitant extracellular matrix graft placement: a case series. Journal of Wound Care; Vol 30, No. 7, July 2021. https://www.magonlinelibrary.com/doi/full/10.12968/jowc.2021.30.Sup7.S28 4. Chaffin, A. E. and M. C. Buckley (2020). “Extracellular matrix graft for the surgical management of Hurley stage III hidradenitis suppurativa: a pilot case series.” J Wound Care 29(11): 624-630. https:/ ~~/www.magonlinelibrary.com/doi/full/10.12968/jowc.2020.29.11.624 5. Bohn, G. A. (2020).~~ “ ~~Using Ovine Extracellular Matrix in Difficult to Close Excisions of Common Skin Cancer: an Evolving New Technique.~~ ” ~~Surg Technol Int 37: 49-53. https://pubmed.ncbi.nlm.nih.gov/33276415/ 6. Bohn, G. A. and~~ A. E. Chaffin (2020). “Extracellular matrix graft for reconstruction over exposed structures: a pilot case series.” J Wound Care 29(12): 742-749. https://www.magonlinelibrary.com/doi/full/10.12968/jowc.2020.29.12.74217. 7. Parker, M. J. et al. A novel biosynthetic scaffold mesh reinforcement affords the lowest hernia recurrence in the highest-risk patients. Surg Endosc. 2020. https://doi.org/10.1007/s00464-020-08009-11 8. Sawyer, M. A. J. New Ovine Polymer-Reinforced Bioscaffold in Hiatal Hernia Repair. JSLS.2018; Oct-Dec; 22(4): e2018.00057. 9. Ferzoco, F. J. Early experience outcome of a reinforced Bioscaffold in inguinal hernia repair: A case series. International Journal of Surgery Open. 2018; 12: 9-11

Myriad Matrix - Key Learnings

• Suitable for a wide range of reconstructive procedures requiring implant or dermal regeneration

• Especially suited to inflammatory soft tissue disorders (e.g. anal fistula, pilonidal sinus, complex chronic wounds, surgical dehiscence, NSTI)[1,2,3,4]

• Low rates of surgical complications reported (e.g. infection, dehiscence, seroma)[1,2,3,4]

• Rapid tissue regeneration[1,2,3,4]

• Well vascularized tissue[1,2,3,4]

• No infections reported[1,2,3,4]

• Compatible with contaminated surgical fields[1,2,3,4]

• ~1000 procedures completed to date across a range of complex reconstructions and implants

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1. Chaffin, A. E. and M. C. Buckley (2020). "Extracellular matrix graft for the surgical management of Hurley stage III hidradenitis suppurativa: a pilot case series." J Wound Care 29(11): 624-630. 2. Bohn, G. A. and A. E. Chaffin (2020). "Extracellular matrix graft for reconstruction over exposed structures: a pilot case series." J Wound Care 29(12): 742-749. 3. Desvigne, M. N., K. Bauer, K. Holifield, K. Day, D. Gilmore and A. L. Wardman (2020). "Case Report: Surgical Closure of Chronic Soft Tissue Defects Using Extracellular Matrix Graft Augmented Tissue Flaps." Frontiers in Surgery 7(173). 4. Chaffin, A. E., S. G. Dowling, M. S. Kosyk and B. A. Bosque (2021). "Surgical reconstruction of pilonidal sinus disease with concomitant extracellular matrix graft placement: a case series." J Wound Care 30(Sup7): S28-S34.

Reinforced Biologic – OviTex/Myriad Ultra™

• Thoughtfully engineered reinforced biologic for abdominal wall repair

• Low hernia recurrence reported[1,2,3,4]

• Low rate of complications, infections reported[1,2,3,4]

• Moderate-to-complex ventral hernia patients[1,2,3,4]

• Compatible with minimal invasive procedures[2]

• Tolerates a contaminated site[1,2,3,4]

~10,000 hernia procedures across multiple hernia types

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1. Ferzoco, F. J. (2018). "Early experience outcome of a reinforced Bioscaffold in inguinal hernia repair: A case series." International Journal of Surgery Open 12: 9-11. 2. Sawyer, M. A. J. (2018). "New Ovine Polymer-Reinforced Bioscaffold in Hiatal Hernia Repair." JSLS 22(4). 3. Parker, M. J., R. C. Kim, M. Barrio, J. Socas, L. R. Reed, A. Nakeeb, M. G. House and E. P. Ceppa (2020). "A novel biosynthetic scaffold mesh reinforcement affords the lowest hernia recurrence in the highest-risk patients." Surg Endosc. 2020 Sep 24. doi: 10.1007/s00464-020-08009-1. 4. DeNoto, G., E. P. Ceppa, S. J. Pacella, M. Sawyer, G. Slayden, M. Takata, G. Tuma and J. Yunis (2021). "A Prospective, Single Arm, Multi-Center Study Evaluating the Clinical Outcomes of Ventral Hernias Treated with OviTex® 1S Permanent Reinforced Tissue Matrix: The BRAVO Study 12-Month Analysis." J. Clin. Med. 10(21): 4998

Catalysts

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Post-COVID

Vaccinations expected to improve throughout FY22

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Clinical Data

Endoform, Myriad, OviTex & Symphony™

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AROA Direct Sales

Fully dedicated field sales team. Myriad expected to drive growth. H1’22 39% growth on H2’21

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HealthTrust

Myriad Matrix and Myriad Morcells added to HealthTrust GPO contract

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TELA Bio[®] Momentum

Clinical outcomes & cost savings driving increasing adoption, Guidance 54-65% growth CY21 vs CY20[1]

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Pipeline Products

From AROA ECM platform & new single-use dead space management platform

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Product Synergies

Complementary products for every phase of healing & continuum of care

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Global Expansion

Regulatory approval in 49 countries, 21 distributors appointed

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1. TELA Bio, Inc. press release, published 11 August 2021.

? Q&A

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Unlocking regenerative healing for every body

CONTACTS

Simon Hinsley Investor Relations m +61 401 809 653 shinsley@aroabio.com

Matt Wright Media m +61 451 896 420 matt@nwrcommunications.com.au

Visit our website www.aroabio.com and find us on LinkedIn at www.linkedin.com/company/aroa-biosurgery-limited/

• 64 Richard Pearse Drive, Auckland 2022, New Zealand

PO Box 107111, Auckland Airport, Auckland 2150, New Zealand

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Unlocking regenerative healing for every body