CYCLOPHARM LIMITED — AGM Information 2021

May 3, 2021

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CYCLOPHARM

2021 Annual General Meeting

4 May 2021

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SAFE HARBOUR STATEMENT

Certain views expressed here contain information derived from publicly available sources that have not been independently verified.

The presentation includes certain statements, estimates and projections with respect to the anticipated future financial performance of Cyclopharm Limited and as to the markets for the company's products. Such statements, estimates and projections reflect various assumptions made by the directors concerning anticipated results, which assumptions may or may not prove to be correct. Cyclopharm Limited has not sought independent verification of information in this presentation.

While the directors believe they have reasonable grounds for each of the statements, estimates and projections and all care has been taken in the preparation, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of statements, estimates and projections contained in this presentation. Such statements, estimates and projections are by their nature subject to significant uncertainties, contingencies and assumptions.

To the maximum extent permitted by law, none of the Cyclopharm Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this presentation.

All references to dollars unless otherwise specified are to Australian dollars.

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Welcome

Mr David Heaney

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CHAIRMAN’S ADDRESS

Mr David Heaney

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TECHNEGAS[®] AROUND THE WORLD

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Technegas[®] was introduced to the medical community in 1986

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Technegas[®] revenues are generated in over 60 countries via a combination of direct and distributor sales models

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Over 4.3 million patient procedures to date

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HQ
Available Seeking Approval CYC subsidiaries
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MANAGING DIRECTOR’S ADDRESS

Mr James McBrayer

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2020 Financial Highlights

Sales Revenue Record Group Sales revenue of $14.7m, up 4.2% Third Party Distribution $2.2 million of new third‐party distribution revenue Net Loss Before Tax $5.8 million loss (includes $3.9m from USFDA expenses + Forex on refunded FDA fees) R&D Tax Incentive $3.0 million received in Feb 2021 USFDA Expenses $3.3 million in 2020 vs $3.8 million in 2019 Dividends FY20 total dividends maintained at 1.0 cps Feb 2021 Capital Raising Placement & SPP oversubscribed, raising $33m

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2020 Operating Highlights	Covid Recovery Technegas™sales rebound by 51.4% in 2H after pandemic impacted first half USFDA Phase 3 trials confirmed to meet Primary and Secondary Efficacy Endpoints in Sept 2020 US Commercialisation Investing to build inventory reserves; distribution, service and installation outsourcing providers identified and administrative support inplace Market Expansion Technegas now supplied to 60 countries. New offices established in Belgium and the UK Beyond PE Progressed trials for new clinical applications providing long term growth opportunities

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BUILDING FOR GROWTH

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Technegas[®] is a substantially de-risked commercial proposition with significant upside in the USA market

• Total global sales of over $80m AUD from 2015 to 2020

• Technegas[®] currently available in over 60 countries

• Over 4,300,000 patient procedures performed since first approved

• 1,600 Technegas[®] generators sold globally since first approved

• Europe represents 57% of global revenue in 2020

• Canada was the largest single country market by volume followed closely by France

• CYC’s underlying business is profitable, and the company has a history of paying dividends .

• Stable gross margins of greater than 75% - (76% in 2020)

• Over 70% of historical revenue is recurring consumable sales - (73% in 2020) ROW Revenues (ex USA) are expected to gradually return to pre-COVID19 levels in the second half of 2021

• Significant COVID-19 tailwind resulting from safety concerns that exist with competitive nuclear medicine products

• Generator placement rollout strategy to be deployed for rapid USA market penetration and USFDA compliance

• Significant USA immediate demand

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COMING TO AMERICA IN 2021

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15% /600k
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600K Nuclear Medicine Ventilation Procedures p.a.

• 4,000,000 patient procedures conducted in the USA per annum to diagnose pulmonary embolism (15% Nuclear Medicine – 85% CTPA)

• 600,000 Nuclear Medicine Ventilation procedures equals $90m USD

$90m USD IMMEDIATE MARKET OPPORTUNITY

Nuclear Medicine CTPA

85% /3.4M

• Target market for Technegas[®] in the USA equates to ~480,000 patien t procedures of the total 600,000 procedures.

• The USA represents the single largest market for Technegas[®] with half of the world’s nuclear medicine departments

• Subject to a successful FDA approval, the Company is targeting US commercialisation in 2021

• First priority following USFDA approval is to repeat our Canadian experience by first displacing Xe133 followed by DTPA as the standard of care diagnostic product

• 3D SPECT imaging using Technegas[®] is proven to be clinically superior and safer than CTPA . Once commercialised Cyclopharm will target to double the existing nuclear medicine PE market dominated by CTPA from 15% to 30%.

• Once established in the USA market, the company will seek to expand the use of Technegas[®] into disease states exponentially larger than the existing markets Beyond PE

• COVID-19 tailwind

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Clinical Regulatory ➢ Key Opinion Leaders engaged ➢ Pre-approval audit complete ➢ Recruit Chief Medical Officer. ➢ Labelling requirements - May 2021 ➢ R&D Programs Beyond PE Underway ➢ Completion Goal Date - 26 June 2021 Commercial 3PL ➢ Recruit BDM ➢ Short-list distribution providers identified USA COMMERICIALISATION PATHWAY Operations Inventory Build ➢ Outsourced back office provider ➢ Inventory build underway under negotiations to subassembly level . . Education Service

➢ Application Specialists Interviews underway ➢ National network service provider identified ➢ Suite of educational materials under . development

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USA Pricing & Business Model

Generators are to be placed at no cost removing potential CAPEX roadblocks

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2 Once off installation and training fee charged

• Ongoing annual fee attributed to preventative maintenance, training and product support

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• Business model expected to result in accelerated Consumable revenue

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USA Demand Established

No requirement for large sales team due to pre-approval demand

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9 sites in the US already have generators installed from clinical trials

™ . Multiple letters from leading clinicians and front-line workers petitioning the USFDA to expedite approval of Technegas

The most recent correspondence sent to the USFDA on 21 January 2021 from the 16,000-member SNMMI requesting ‘Fast Track ™ . Approval’ for Technegas

Demand already established in the US from:

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• ✓ Extensive body of clinical evidence underscoring clinical superiority

• ✓ ROW evidence in 60 countries

• ✓ Well known technology globally with the support of KOL’s

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• ✓ COVID-19 safe as compared to competing nuclear medicine products

US based sales, technical training and accounts team <10 FTE’s in the first year

Unlike most newly approved medical devices, our focus will be on installation and training staff, as opposed to a large sales team due to inbound demand

Distribution, Installation and service to predominantly to be outsourced – keep fixed cost base low, can scale up or down easily

Reimbursement is already established – reimbursement is based on procedure codes as opposed to product codes

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TECHNEGAS[®]

The Canadian Case Study

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The Generator and Consumable Relationship
Technegas [®] Growth - Canada
50 160
45
140
40
120
35
100
30
25 80
20
60
15
40
10
20
5
0 0
Active Generators Patients Per Annum
Active Generators
Patients per Annum (thousands)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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Canada is Cyclopharm’s largest single country market

• 1 Market leader for diagnosing PE

• 2 14 consecutive years of pre-Covid19 procedure growth

Represents a strong indicator of USA acceptance

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• Xe-133 rapidly displaced by early adopters

Direct correlation with the number of active generators and annual consumable sales

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6 Market driven by public healthcare sector

Market launch initiated province by province, 7 leveraging off pilot sites

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EXPANDING INDICATIONS

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Building from Strong Foundations!

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“ Using 99m-Tc-Technegas is according to clinical experience better than the best aerosols ”

“ Technegas[®] facilitates interpretation , particularly in COPD ”

• “ For ventilation, 99m-Tc Technegas[®] is the best-aerosol particularly in patients with COPD ”

• “ Liquid aerosols are inferior for SPECT and should not be used unless Technegas[®] is not available ”

What The Guidelines Say About TECHNEGAS[® ] :

• “ The best widely available agent for ventilation is 99m-TcTechnegas ”

• “ Because of the very small particle size, this agent is distributed in the lungs almost like a gas and deposited in alveoli by diffusion, where they remain stable, thus providing the best possible images for ventilation SPECT ”

Endorsed by the guidelines from the European1-2 and the Canadian3 Associations of Nuclear Medicine (EANM & CANM)

• “ Another advantage is that only a few breaths are sufficient to achieve an adequate amount of activity in the lungs, reducing time and personnel exposure to radiation ”

• Bajc M, et al. Eur J Nucl Med Mol Imaging 2019; [Epub ahead of print]: https://link.springer.com/content/pdf/10.1007%2Fs00259-019-04450-0.pdf

• Bajc M, et al. Eur J Nucl Med Mol Imaging 2009; 36(8): 1356-70; https://eanm.org/publications/guidelines/gl_pulm_embolism_part1.pdf

• Leblanc M, et al. CANM 2018; https://canmacmn.ca/resources/Documents/Guidelines_Resources/MasterDocument_Final_Nov_21_inclExec-Sum_ver3_Dec.%2012_.pdf 2.a

“ Technegas[®] is considered the agent of choice in the COPD population as there is less central airway deposition, better peripheral penetration, and it does not wash out as quickly as traditional aerosols ”

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Technegas® is a registered product of Cyclomedica Australia Pty Ltd Technegas® is not clinically available in the USA

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Beyond PE applications of V/Q SPECT(/CT)

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Diagnosis and Preoperative Preoperative Planning radiation Advanced approach to Diagnosis and follow-up of assessment of assessment of therapy to target phenotyping chronic monitoring of COVIDPulmonary homogeneous lung resection tumors while airways diseases such 19 patients[11] Embolism[1] Endoscopic Lung candidates with borderline preserving functional as asthma and COPD and Volume Reduction pulmonary reserve[4-6] lung zones[6-7] and identifying patient Pulmonary (ELVR) likely to respond to Hypertension[2] candidates[3] treatment[8-10]

1. Roach PJ, et al. J Nucl Med 2013; 54: 1588-1596

2. Ohira H, et al. J Nucl Cardiol 2015;22(1): 141-157

3. Hsu K, et al. J Bronchology Interv Pulmonol 2018; 25(1): 48-53 4. Mortensen J, Berg RMG. Semin Nucl Med 2019; 49(1): 16-21

4. Wechalekar K, et al. Semin Nucl Med 2019; 49(1): 22-30 6. Elojeimy S, et al. AJR Am J Roentgenol 2016; 207(6): 1307-1315 7. Eslick EM, et al. Semin Nucl Med 2019; 49(1): 31-36

5. Farrow C, King GG. Semin Nucl Med 2019; 49(1): 11-15

9. Jögi J, et al. Int J Chron Obstruct Pulmon Dis 2014; 10: 25-30 Bajc M, et al.. Int J Chron Obstruct Pulm Dis 2017; 12: 1579-1587 Verger A, et al. Eur J Nucl Med Mol Imaging 2020; 47(11): 2709-2710

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Technegas® is a registered product of Cyclomedica Australia Pty Ltd Technegas® is not clinically available in the USA

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TECHNEGAS[®]

In recent literature

66% of references citing Technegas[®] in the past 24 months are for indications Beyond PE

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1. King GG, et al. Dismantling the pathophysiology of asthma using imaging. Eur Respir Rev 2019; 28(152): pii: 1801111

2. Yang L, et al. Changes in ventilation and perfusion following lower lobe endoscopic lung volume reduction (ELVR) with endobronchial valves in severe COPD. Clin Respir J 2019; [Epub ahead of print].

3. Kjellberg M, et al. Ten-year-old children with a history of bronchopulmonary dysplasia have regional abnormalities in ventilation perfusion matching. Pediatr Pulmonol 2019; 54(5): 602-609

4. Paludan JPD, et al. Improvement in image quality of Tc-99m-based ventilation/perfusion single-photon emission computed tomography in patients with chronic obstructive pulmonary disease through pretest continuous positive airway pressure treatment. World J Nucl Med 2019; 18(2): 185–186

5. Myc LA, et al. Role of medical and molecular imaging in COPD. Clin Transl Med 2019; 8(1): 12

6. Ling T, et al. Ventilation/perfusion SPECT/CT in patients with severe and rigid scoliosis : An evaluation by relationship to spinal deformity and lung function. Clin Neurol Neurosurg 2019; 176: 97-102

7. Farrow CE, et al. SPECT Ventilation imaging in asthma . Semin Nucl Med 2019; 49(1): 11-15

8. Mortensen J, et al. Lung scintigraphy in COPD . Semin Nucl Med 2019; 49(1): 16-21

9. Dimastromatteo J, et al. Molecular imaging of pulmonary diseases. Respir Res 2018; 19(1): 17 17.Jögi J, et al. Diagnosing and grading heart failure with tomographic perfusion lung scintigraphy: validation with right heart catheterization. ESC Heart Fail 2018; 5(5): 902-910

   • 18.Waxman AD, et al. Appropriate use Criteria for Ventilation-Perfusion imaging in Pulmonary embolism : Summary and Excerpts. J Nucl Med 2017; 58(5): 13N-15N

10. 19.Isidoro J, et al. Radiation dose comparison between V/P SPECT and CT-angiography in the diagnosis of pulmonary embolism. Phys Med 2017; 41: 93-96

11. 20.Righini M, et al. Diagnosis of acute pulmonary embolism. J Thromb Haemost. 2017; 15: 1251-1261

12. 21.Le Roux PY, et al. New developments and future challenges of nuclear medicine and molecular imaging for pulmonary embolism. Thromb Res 2018; 163: 236-241

13. 22.Farrow CE, et al. Peripheral ventilation heterogeneity determines the extent of bronchoconstriction in asthma . J Appl Physiol (1985). 2017; 123(5): 1188-1194

14. 23.Tulchinsky M, et al. Applications of Ventilation-Perfusion Scintigraphy in Surgical Management of Chronic Obstructive Lung Disease and Cancer . Semin Nucl Med. 2017; 47(6): 671-679

15. Sanchez-Crespo A, et al. Lung VQ SPECT in infants and children with nonembolic chronic pulmonary 24.Cheimariotis GA, et al. Automatic lung segmentation in functional SPECT images using active shape disorders. Semin Nucl Med 2019; 49(1): 37-46 models trained on reference lung shapes from CT. Ann Nucl Med. 2017; 10: 25-30

10.Bajc M, et al. Ventilation/Perfusion SPECT Imaging - Diagnosing other cardiopulmonary diseases beyond 25.Bajc M et al. Identifying the heterogeneity of COPD by V/P SPECT: a new tool for improving the diagnosis PE. Semin Nucl Med 2019; 49(1): 4-10 of parenchymal defects and grading the severity of small airways disease. Int J Chron Obstruct Pulmon

11.Sanchez-Crespo A, et al. Lung scintigraphy in the assessment of aerosol deposition and clearance . Semin Dis 2017; 12: 1579-1587 Nucl Med 2019; 49(1): 47-57 26.Nasr A, et al. Ventilation defect typical for COPD is frequent among patients suspected for pulmonary

12.Bailey DL, et al. V/Q SPECT - Normal Values for Lobar Function and Comparison With CT Volumes. Semin embolism but does not prevent the diagnosis of PE by V/P SPECT. EC Pulmonology and Respiratory Nucl Med 2019; 49(1): 58-61 Medicine. 2017; 4(3): 85-91

13.Lawrence NC, et al. Ventilation perfusion single photon emission computed tomography: Referral 27.Provost K, et al. Reproducibility of lobar perfusion and ventilation quantification using SPECT/CT practices and diagnosis of acute pulmonary embolism in the quaternary clinical setting. J Med Imaging segmentation software in lung cancer patients. J Nucl Med Technol 2017; 45(3): 185-192 Radiat Oncol 2018; 62(6): 777-780. 28.Metter DF, et al. Current status of ventilation-perfusion scintigraphy for suspected pulmonary embolism.

14.Leblanc M, et al. CANM Guidelines for Ventilation/Perfusion (V/P SPECT) in pulmonary AJR Am J Roentgenol 2017; 208(3): 489-494 embolism.www.canm-acnm.ca/guidelines 29.Stubbs M, et al. Incidence of a single subsegmental mismatched perfusion defect in SPECT and planar

15.Hsu K, et al. Endoscopic Lung Volume Reduction in COPD : Improvements in Gas Transfer Capacity Are ventilation/perfusion scans. Nucl Med Commun 2017; 38(2): 135-140 Associated With Improvements in Ventilation and Perfusion Matching. J Bronchology Interv 30.El-Barhoun EN, et al. Reproducibility of a semi-quantitative lobar pulmonary ventilation and perfusion Pulmonol. 2018; 25(1): 48-53 technique using SPET and CT. Hell J Nucl Med 2017; 20(1): 71-75

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Technegas® is a registered product of Cyclomedica Australia Pty Ltd Technegas® is not clinically available in the USA

BEYOND PE : Clinical Initiatives

Clinical Trials Sponsored by Cyclomedica

• Hunter Medical Research Institute (Newcastle, AU):

Diagnosis and response to therapy in severe asthma and COPD[1]

• Woolcock Institute (Sydney, AU):

Diagnosis and response therapy in mild to moderate COPD[3]

• CHUM (Montreal, CA):

Early detection of COPD in asymptomatic smokers[4]

• Dalhousie (Halifax, CA): Post-lung transplant patients

• McMaster University Firestone Institute (Hamilton, CA):

Prevalence and clinical relevance of ventilation heterogeneity and luminal cellular inflammation in lung cancer patients pre and post lung resection[2]

• McMaster University Firestone Institute (Hamilton, CA):

COVID-19 Related Lung Ventilation and Perfusion Injury[5]

Other Non-Sponsored Clinical Initiatives

• Macquarie University (Sydney, AU): ELVR with endobronchial valves in severe COPD patients

• Macquarie University (Sydney, AU): Bronchial Thermoplasty procedure in asthma patients

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PATIENT MANAGEMENT
& SCREENING
Response to Therapy
and Personalized Medicine
INTERVENTIONAL THERAPIES
LVRS, ELVR, Transplant, Lung Cancer
CHRONIC AIRWAY DISEASES
COPD – Asthma
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PULMONARY EMBOLISM (PE)
VTE – CTEPH - PH
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1. ACTRN12617001275358 - Can functional lung ventilation imaging identify treatable traits in obstructive airway disease?

2. https://clinicaltrials.gov/ct2/show/NCT04191174?term=technegas&draw=2&rank=3

3. http://investor.cyclopharm.com/site/PDF/1561_0/BetterDefiningAirwaysDiseasewithTechnegas

4. https://ichgcp.net/clinical-trials-registry/NCT03728712

5. https://clinicaltrials.gov/ct2/show/NCT04549636

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THREE REVENUE HORIZONS

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Horizon 2
Horizon 3
3 to 8 Years
>8 Years
Convert CTPA
Horizon 1
Double existing Nuc Med
Innovate Beyond PE
0 to 5 Years Procedures for PE
HALF BILLION
Establish USA
combined sufferers of Asthma
80% Conversion of Nuc Med
and Chronic Obstructive
Procedures for PE
Pulmonary Disease globally
Trials Underway!
$90m
$72m $900m USD
USD
USD
USA Revenue Estimates
$10m
USD
$USD POTENTIAL
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KEY Catalysts for the Next 2 Years

FDA approval for Technegas expected mid 2021

First sales in US announce (shortly after approval)

Ongoing updates on No. Generators placed in US

Additional guidelines and clinical papers to come out on the use of Technegas in both pulmonary embolism and additional indications

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CYCLOPHARM INVESTMENT CASE

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Profitable and Growing MedTech

Underlying business is cash positive and issuing dividends

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First in Class

Established Gold Standard

Proprietary product sales to 60 countries with over 4.3 million studies to date

Clinical Agent of Choice referenced by name in multiple clinical guidelines

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Recurring Revenue

From single patient consumables

Similar to an annuity model

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USFDA Approval

Set to quadruple the size of the existing PE business, based on significant existing demand with a COVID-19 as an accelerator.

Further leverage penetration into the CTPA market

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Optionality

Into indications beyond PE into chronic respiratory disease management could deliver exponential growth

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Business Q&A

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FORMAL BUSINESS

Mr David Heaney

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2021 AGM – Formal Business

	!1	!1	(a) Financial Statements (b) Remuneration Report
	!2		Re-election of Director – Mr Tom McDonald
	!3		Ratification of the Prior Issue of Placement Shares
	!4		Approval of Loan Share Plan
	!5		Amendment of Constitution
	!6		Approval of Non-executive Director Remuneration
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Online Attendees – Registration Process & Voting

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1 2 3 Go to Once logged in you will see that Click on “register” to register https://investor.automic.com.au/ the meeting is open for your attendance for the meeting #/home registration. Click on “view”

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Online Attendees – Question Process & VotingRegi ration Process & Voting

TBC 4 5 6 Once the Chair of the Meeting To vote simply select the Once voting is declared closed declares voting open, you direction in which you would like you must select “next” and then should select “refresh” to cast your vote, the selected “confirm” to submit your vote. option will change colour.

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CYC AGM 2021 Resolutions

1 That the Remuneration Report as set out in the Annual Report of the Company for the financial year ended 31 December 2020 be adopted.

Resolution For Against Discretionary Abstain 1(b) Remuneration Report 27,808,324 67,474 29,050,049 261,846 Questions?

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CYC AGM 2021 Resolutions

• 2 That, for the purposes of ASX Listing Rule 14.5 and for all other purposes, Mr Tom McDonald, who retires at the close of this Annual General Meeting and, being eligible, and having consented to act, be re-elected as a Director of the Company.

Resolution For Against Discretionary Abstain 2 Re-election of Director 30,435,886 35,099 29,062,537 14,833 Questions?

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CYC AGM 2021 Resolutions

• 3 That for the purposes of ASX Listing Rule 7.4 and for all other purposes, shareholders ratify the issue of 11,538,462 fully paid ordinary shares at an issue price of $2.60 per share, issued by way of a placement to sophisticated and institutional investors on 27 January 2021.

Resolution For Against Discretionary Abstain 3 Ratification of the Prior Issue 16,431,535 35,099 29,050,049 14,089,264 of Placement Shares Questions?

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CYC AGM 2021 Resolutions

• 4 That the Cyclopharm Loan Share Plan, a summary of which is set out in the Explanatory Statement, be approved for the purposes of ASX Listing Rule 7.2 (Exception 13), sections 200E, 259B(2) and 260C(4) of the Corporations Act and for all other purposes.

Resolution For 27,770,786

4 Approval of Loan Share Plan

Against Discretionary Abstain 76,451 29,050,049 18,691

Questions?

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CYC AGM 2021 Resolutions

• 5 That the current constitution of the Company be amended, effective from the close of the AGM, as set out in the document tabled at the 2021 Annual General Meeting and signed by the chairperson for the purposes of identification.

Resolution For Against Discretionary Abstain 5 Amendment of Constitution 30,490,338 45,099 29,050,049 20,461

Questions?

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CYC AGM 2021 Resolutions

• 6 That for the purposes of Listing Rule 10.17 and for all other purposes, the shareholders of the Company approve the increase of the maximum aggregate amount payable to non-executive directors by way of directors' fees from $250,000 to $350,000.

Resolution For Against Discretionary Abstain 6 Approval of Non-executive 27,780,660 93,793 29,050,049 263,191 Director Remuneration

Questions?

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2021 AGM – Proxy Summary

Resolution	For	Against	Discretionary	Abstain
1(b) Remuneration Report	27,808,324	67,474	29,050,049	261,846
2 Re-election of Director	30,435,886	35,099	29,062,537	14,833
3 Ratification of the Prior Issue of Placement Shares	16,431,535	35,099	29,050,049	14,089,264
4 Approval of Loan Share Plan	27,770,786	76,451	29,050,049	18,691
5 Amendment of Constitution	30,490,338	45,099	29,050,049	20,461
6 Approval of Non-executive Director Remuneration	27,780,660	93,793	29,050,049	263,191

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Technegas: World’s Best Functional Lung Ventilation Imaging Agent

Votes are Being Tabulated

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THANK YOU

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