CRYOSITE LIMITED — AGM Information 2019

Oct 31, 2019

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ASX RELEASE

1st November 2019

Chairman’s Address to Shareholders at the Annual Meeting of Members held on 9.00am Friday 1[st] November 2019

Good morning ladies and gentlemen and welcome to the 2019 Annual General Meeting of shareholders of Cryosite Limited. My name is Bryan Dulhunty, the Chairman of Cryosite.

I would like to welcome you to the 2019 Annual General Meeting of Cryosite and introduce you to my fellow directors, Andrew Kroger and Nicola Swift.

It has been a positive start to the financial year.

We received $1m in a legal settlement, revenue from the Clinical Trials and Biological Services Logistics segment has increased quarter on quarter and excluding the $1m cash settlement, cash has increased driven by positive cash flows from operating activities.

Legal Settlement : As we announced to the market on the 27th August 2019, the Company reached a Deed of Settlement in which the company would be paid $1m for loss and damages relating to legal services, received by Cryosite in connection with the proposed 2017 sale of its cord blood assets. These funds were received on the 27th September 2019.

I would like to personally thank fellow director Nicola Swift for her time and effort in the negotiation of this settlement.

Sales Revenue : In the Company’s trading update of 15 June 2019, we announced a change in business development strategy by the elimination of the formal role of Business Development Manager with our Operational Managers taking on a more customer focused role. This has proven to be a very effective process in improving relationship with existing customers and establishing relationships with new customers. This strategy has also resulted in significant cost savings to the company.

This is shown by revenue for the Clinical Trials and Biological Services Logistics segment for the quarter ended 30 September 2019 being up 5% on the previous corresponding period and 13% on the previous quarter.

Cord Blood, which is primarily deferred revenue, as anticipated was static.

Operating Cash Flow : Cash on hand as at 31 October has increased by $1.037m from 30 June 2019 to $4.957m. This represents a cash backing of 10.6 cents per share.

Excluding the $1m legal settlement, cash inflow for the 4 months ended 31 October was $37k.This includes costs associated with the legal settlement of approximately $60k and capital expenditure of approximately $30k. This is a significant improvement on the prior year. It should be noted that cash payments are skewed to the second half of the year due to a number of large annual payments occurring in that time period.

Cryosite Ltd | 13a Ferndell Street, South Granville NSW 2142| t: +61 (2) 8865 2000 | e: corporate@cryosite.com | www.cryosite.com

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So while the year to date has commenced on a positive note, as stated in the Review of Operations in the June 2019 Annual Report, returning Cryosite to a company generating an appropriate return on capital will not be a quick process but as can be seen we are taking positive initial steps. The Company continues to review all aspects of its business to find more cost effective methods of operations.

The Board and Management are grateful for the continuing support and interest in the company by the shareholders.

Bryan Dulhunty Executive Chairman

Cryosite Ltd | 13a Ferndell Street, South Granville NSW 2142| t: +61 (2) 8865 2000 | e: corporate@cryosite.com | www.cryosite.com