MICRO-X LIMITED — AGM Information 2021

Nov 18, 2021

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A C N 1 5 3 2 7 3 7 3 5 / A S X : M X 1

C E O P R E S E N T A T I O N CLEAR VISION FOCUSED EXECUTION

AGM - 19 November 2021

Peter Rowland Managing Director & CEO

2021 AGM – CEO Presentation

T h e v i d e o p l a y e d a t t h e m e e t i n g c a n b e v i e w e d o n t h e C o m p a n y ’ s w e b s i t e

2021 AGM – CEO Presentation 1

K E Y A C H I E V E M E N T S F O R F Y 2 0 2 1 Micro-X laid out the infrastructure for future growth across all four products

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$3.6m of sales + establishment of multiple distributorships , nonexclusive paths to market - Mobile DR range

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Veterinary market launch and first sale into Australia - Mobile DR range

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‘Argus’ bomb detection on time and budget - strong police and military interest for 2022 launch - X-ray camera

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Rover Mark II high power generator & tube tested with 4 times the output and same size - Mobile DR range

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$8m non-dilutive funding with ASA
under MRFF programme
-
Stroke CT scanner
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Up to US$4.0m non-dilutive funding from US Department of Homeland Security – Airport Security Checkpoints

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Micro-X Rover – US 510(k) and on Australian ARTG - higher margin and Micro-X branded - Mobile DR range

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Bolstered US sales, marketing and engineering activities with Seattle office

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Successful $34m capital raising – now debt free

2021 AGM – CEO Presentation 2

O U R S T R A T E G Y How we Plan to Monetise Our ‘First Mover’ Advantage

OUR GOAL

Four production lines

• common technology platforms

• global sales volumes

• no competitive alternative

• high-margin

• operating within five years

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Successful first movers in breakthrough
Early technology move quickly
commercial Commercial success becomes a barrier
to entry for others
leadsrship
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Create required paths to market at scale

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Platform
Expand channel
partners &
technology in
collaborations
cold cathode x-ray
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Look for low
hanging fruit
products
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Commercialise high in the value chain to maximise revenue

• avoid commoditisation as long as possible

• • keep innovating to stay in front of

• competitors

Commercialise high in the value chain

Our technology delivers a customer benefit and the best product margins

2021 AGM – CEO Presentation 3

O N E C O M PA N Y – F O U R B U S I N E S S E S Each unique product drives a new market-focused Business Unit

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Mobile DR

First Sales 2018 Addressable Market US$500m pa[*]

• Pre COVID-19 levels , Omdia Market Report

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Cameras

First Sales 2022

Addressable Market US$1.8b[*]

• Estimate based on published numbers of EOD Teams world-wide, potential volume & price

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Checkpoints

First Sales 2024

Addressable Market

USA: US$8b[] RoW: US$16b[]

• Estimate based on published TSA data, potential volume & price

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CT

First Sales 2026

Addressable Market US$5b[*]

• Estimate based on published numbers of Ambulances in USA & EUR, potential volume & price

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2021 AGM – CEO Presentation

Note: Dates are estimates and may vary

M O B I L E D R B U S I N E S S U N I T - - D r i v i n g P o i n t o f C a r e I m a g i n g F u r t h e r

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M O B I L E D R – C O N T R O L L I N G O U R D E S T I N Y Building Commercial Capability – New Markets and Sales Channels

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Strategy – lead by Charlie Hicks (30yr Radiology Industry expert)

• Direct Sales executives – deep relationships in radiology and equipment sales

• Independent Distributors and Dealerships - in all key markets – non-exclusive

• Major OEM Partners – global radiology companies - non-exclusive

Installed Base – over 250 units in service in 30 countries

Sales - $3.6m for FY21 plus $1.3m ADF contract

Customer Demand growing across all key markets

• USA – Seattle office building and supporting opportunities

• EMEA – Arab Health 2021 with new Distributor - UK support base

• Australia / Oceania - ARTG listed in 2021 - direct sales growing

November 29 - MAJOR COMMERCIAL LAUNCH at RSNA Conference

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2021 AGM – CEO Presentation 6

M O B I L E D R - M A J O R L A U N C H & R E B R A N D I N G RSNA – Largest Global Radiology Conference – 29 November 2021

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Showcasing Micro-X branding, Gen 2 product range & Tubes for Life warranty

2021 AGM – CEO Presentation 7

M O B I L E D R – E X T E N D E D P O R T F O L I O Point-of-Care Imaging - light weight and ultra-mobile for all applications

New Go to Market Strategy with updated branding & materials - greater customer focus and higher product margins

Micro-X|Pico - Acute hospitals & temporary facilities

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Micro-X|Neo - Specialist paediatric & neo-natal ICU x-ray

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Micro-X|Rover – Rugged version for range of non-hospital applications

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o Military deployed hospitals and humanitarian aid

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• In-home for Door-to-door service

o Veterinary for Small-animal hospitals

OEM – Carestream DRX-Revolution Nano

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2021 AGM – CEO Presentation 8

M O B I L E D R – F E A T U R E S D R I V I N G S A L E S Product features underpin strong differentiation over competition

Key selling features today

Small size and weight gives ultra-mobility

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Extreme Reliability – ‘Tubes for Life’

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Workflow deigned by Radiographers

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COVID – Rapid IC procedure, high intensity workflow

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Premium tier performance at mid-tier pricing

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Future applications delivering greater customer value

Fluoroscopy

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Dual Energy imaging

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Bone Mineral Density Measurement

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25kg
NEX Technology Comparison
Conventional x-ray tube and Micro-X
x-ray tube
1.5kg
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2021 AGM – CEO Presentation

- X R A Y C A M E R A B U S I N E S S U N I T S a v i n L i v e s b g y S e e i n g D i f f e r e n t l y

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X - R A Y C A M E R A - R E V O L U T I O N I S I N G B O M B D I S P O S A L Saving lives in the world’s most dangerous workplace

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Global Problem – all IED Assessment with conventional x-ray requires placing a separate imaging detector Need to be ‘Over the Target’ with huge risk to human life

2021 AGM – CEO Presentation 11

X - R A Y C A M E R A – ‘ A R G U S ’

Demonstrated capability driving strong customer interest

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Key features are unparalleled

World’s only bomb detector without a separate imaging detector Self-contained ‘camera’ carried by EOD robot for remote viewing High resolution image allows diagnosis to component level

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Small size – 15kg - integrates with all common robots

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Suits military and counter terrorism / police market

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2021 AGM – CEO Presentation 12

X - R A Y C A M E R A – C O M M E R C I A L E X E C U T I O N 2022 will be a pivotal year with planned first sales

Q2 2022

Q3-Q4 2021 Q2 2022 Global Product Launch Trade shows – UK and USA – US IABTI Conference, June 2022 Engagement on Military RFIs Argus Pre-production commences Argus prototype available Start customer demonstrations Q1 2022

First Commercial Sales Commence commercial Production Q3 2022

• Dates are estimates

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2021 AGM – CEO Presentation

X - R A Y C A M E R A – P R E P A R I N G F O R 2 0 2 2 L A U N C H Pre-launch marketing to building awareness and sales pipeline

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Target addressable market is $1.8B

• Police (urban counter-terrorism), Military (counter-IED), Border Forces (contraband)

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• Globally there are 5,500 counter-IED units*

• 698 Police bomb squads in North America*

• US Defense has 6,200 EOD personnel and operates over 2,000 EOD robots*

Micro-X Dedicated sales team engaging with customers

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Ex–military EOD sales staff leading marketing in USA & Australia Exhibited in major Defence/Security expositions

• London

• Washington DC

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Formal responses provided to RFIs in UK and Australia

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2021 AGM – CEO Presentation

*Source: Published CBRN Industry Data

X - R A Y C A M E R A - F U T U R E D E V E L O P M E N T Mine clearance and disposal for the ADF

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Concept of Argus performing Route Clearance activities

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Argus detecting a buried mine

2021 AGM – CEO Presentation 15

C H E C K P O I N T S B U S I N E S S U N I T A B e t t e r E x p e r i e n c e f o r T r a v e l l e r s

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C H E C K P O I N T S – T R A N S F O R M I N G T R A V E L Self service checkpoints – Speed and safety for future travellers

Customer driven concept to improve travel experience

• Passenger self-directed screening – integrates with passport scanning, photometric ID, body scan, baggage CT

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• Automation will improve experience - faster

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• Automated and enhanced threat detection - safer

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• Individual screening portals – privacy

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• Less interaction with security staff – efficient & COVID safe

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Market opportunity is US$24B in airports alone

• US$8B in US airports

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TSA annual Manpower cost of checkpoints is $4B

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• Scalable for all transport , government building , stadiums

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2021 AGM – CEO Presentation

C H E C K P O I N T – C O R E T E C H N O L O G Y A D V A N T A G E S Enabled by Cold Cathode X-ray – proven by UK Future Aviation Security contract

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Technology enabler

Micro-X CNT technology enables miniaturised highresolution dual-energy CT scanners – size and speed Successful UK concept demonstration – Heathrow Airport, 2018

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US government contracts funding development

DHS fully funding development – prototype scanner for testing by late 2022

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Future applications using AI and machine learning

Develop machine learning capability in-house as a part of the DHS funded development

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Source: Micro-X

2021 AGM – CEO Presentation 18

C H E C K P O I N T S – C O M M E R C I A L B Y 2 0 2 3 Funded by the only two Contracts with US Dept. of Homeland Security

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Miniaturised CT – Baggage scanner

• Miniturised x-ray computed tomography

• three -dimensional imaging of carry on luggage – enables implementation of automated detection of threats.

Modular baggage scanner fits into both current checkpoint and future self-service checkpoint

Compelling value proposition for DHS

TSA operates 2,200 x-ray lanes across 440 airports in the United States*

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TSA manpower cost is $4B annually*

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Each current x-ray lane can be replaced by 5 Portals > 300 passengers an hour

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Each current x-ray lane has the same footprint as 8 Portals

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Full Self-Service Portal

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Portal integrates document scanning, photometric ID, body scan, baggage CT

Passenger self-directed screening to increase throughput, improve security, provide greater privacy, and enhance total experience.

*Source: TSA Annual Report

2021 AGM – CEO Presentation 19

C H E C K P O I N T – S T R A T E G Y Micro-X is taking Leadership Role, Prime Contracting with our Collaborators

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Developing Transformative Leading a Global Core Technology Team of Innovators

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Real-time MmAutomation & ID wave on-person Verification Monash University Human Factors System Integration Video Analytics

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Engaging with Regulators and Customers

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Actively Participating Industry Work Shops:

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2021 AGM – CEO Presentation 20

C T B U S I N E S S U N I T C T s o S m a l l i t c a n F l y

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C T - A N E W S T A N D A R D O F C A R E F O R S T R O K E Taking stroke diagnosis from the hospital to the ambulance

Saving lives for millions of stroke victims – the Golden Hour

• Nearly 2 million brain cells die per minute during an ischemic stroke

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• Three out of four strokes are clots – diagnostic standard is using CT to rule out any bleeding - clot-busting drugs can then be administered

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• Early diagnosis to commence treatment in the ambulance – saves lives

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• Growing mobile stroke units hampered by limits of current technology

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• conventional CT is too bulky, too heavy, too expensive, too unreliable

Market opportunity for mobile stroke diagnosis is US$5B

• 48,000 Road Ambulances in North America and 60,000 in Europe

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• Air ambulances and other mobile healthcare applications

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• Goal to provide in-ambulance stroke diagnosis & treatment – before hospital

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Source: Melbourne Brain Centre & published data

2021 AGM – CEO Presentation 22

C T – S T R O K E D I A G N O S I S U S I N G M I C R O - X C N T Enabling highly mobile and miniature X-Ray imaging for stroke diagnosis

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Current technology – large and heavy

CNT delivers perfect solution – small and mobile

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• A conventional CT gantry spins at 200rpm

• Major size, weight and cost challenges

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• Mobile CT with 29 mini X-ray tubes and no moving parts Multiple cone-beam x-rays in sequence

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• Appropriate for hospital use but not an ambulance

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• Dual energy key to achieving blood/brain contrast

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• Curved imaging detector - the first of its kind - Fujifilm

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2021 AGM – CEO Presentation

C T – C O M M E R C I A L P R O D U C T I N 4 Y E A R S A$8m Australian Government MRFF programme – Stroke Golden Hour

$8m funding from Australian Stroke Alliance

Robust CT imager with no moving parts

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• small enough and affordable to be fitted to every ambulance (land & air)

• Micro-X CT Scanner expects to image smaller than 1mm bleeds ‘Standard of Care’ CT for MSU diagnosis can see 2mm bleeds

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• Micro-X CT is not changing current mobile diagnostic criteria – proven in existing mobile units

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• Micro-X CT enables widespread proliferation of stroke care in every ambulance – being smaller and cheaper – access for rural and remote locations

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Pathway to Regulatory Approval in 4 years

• First cadaver and human imaging trials in 2023 / 2024 Regulatory submissions in 2024 / 2025

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Leveraging Partners for Excellence

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2021 AGM – CEO Presentation

Above: Illustration of curved CT scanner in ambulance setting

S U M M A R Y - F O U R D E D I C A T E D B U S I N E S S E S Focused resourcing and accountability to maximise growth

Mobile DR - Healthcare

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• Medical , Military and Veterinary

• Customers – hospitals, military, vets

• US FDA, CE mark and ARTG listed

• $3.6M of Mobile DR sales in FY2021 with growing sales capabilities

>$30B total addressable markets

Checkpoints - Security

• Total addressable market of $24.0B

• Customers – Airports, transport, governments

• US DHS funding development of commercial prototypes for up to US$4m

X-Ray Camera - Security

• Total addressable market of $1.8B

• Customers - defence and civilian bomb disposal teams

• Live demonstrations and first sales commencing in 2022

CT - Healthcare

• Total addressable market of US$5.0B

• Customers – ambulance, hospitals and radiology networks

• MRFF funding development of commercial protype for $8m

2021 AGM – CEO Presentation 25

I M P O R T A N T N O T I C E

S C O P E & L I M I T A T I O N S

This Presentation has been prepared by Micro-X Limited ( Micro-X or the Company ) (ASX.MX1). The Presentation is a summary only and does not contain all the information about the Company’s assets and liabilities, financial position and performance, profits and losses and prospects. This material in this Presentation may be supplemented with an oral presentation and/or other more detailed documents and should not be taken out of context. Although the information contained herein is based upon generally available information and has been obtained from third-party sources believed to be reliable, the Company does not guarantee its accuracy, and such information may be incomplete or condensed. The Company also refers to its filings made with the ASX Limited and the Australian Securities & Investments Commission.

F O R W A R D L O O K I N G I N F O R M A T I O N

This Presentation contains forward looking and other subjective information. Such expectations, estimates, projections and in formation are not a guarantee of future performance and involve unknown risks and uncertainties. Actual results and developments will almost certainly differ from those expressed or implied and recipients of this Presentation should make their own assessment of the expectations, estimates, projections and the relevant assumptions and calculations upon which the opinions, estimates and projections are based. No representation or warranty, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this Presentation and no liability whatsoever is accepted by the Company, or its directors, members, officers, employees, agents or advisers for any use or, or reliance placed upon, such information or opinions.

N O T A N O F F E R F O R S E C U R I T I E S

This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. This Presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any shares nor does it constitute financial product or investment advice nor take into account your investment objectives, taxation situation, financial situation or needs. An investor must not act on the basis of any matter contained in this Presentation but must make its own assessment of the Company and conduct its own investigations and analysis. Before making an investment in the Company, a prospective investor should consider whether such an investment is appropriate to their particular investment objectives and financial situation and seek appropriate advice, including legal, taxation and financial advice appropriate to their jurisdiction and circumstances.

U N I T E D S T A T E S

The Company’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act ), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the Company’s securities may not be offered or sold, directly or indirectly, within the United States or to, or for the account of benefit of, U.S. Persons (as defined in Regulation S under the Securities Act as amended). This Presentation may not be distributed within the United States or to any person in the United States

O T H E R J U R I S D I C T I O N S

This Presentation may only be accessed in other jurisdictions where it is legal to do so.

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A C N 1 5 3 2 7 3 7 3 5 / A S X : M X 1

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T H A N K Y O U

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