MICRO-X LIMITED — Investor Presentation 2020

Apr 29, 2020

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PRESENTING AT NWR VIRTUAL SMALL CAP HEALTH CONFERENCE

Friday 1 May 2020, 10.45 AEST

Adelaide, Australia, 30 April 2020: Australian hi-tech company Micro-X Ltd (ASX:MX1) ( Micro-X or the Company ), a leader in cold cathode x-ray technology for health and security markets globally, is pleased to advise that Peter Rowland, Managing Director will be presenting at the NWR Virtual Small Cap Health Conference to be held on Friday 1 May 2020.

The conference will feature presentations from a number of ASX listed healthcare companies and provide the opportunity to present to potential investors in a virtual environment. The Company’s presentation for the conference is attached.

Event: NWR Communications Virtual Small Cap Health Conference Presenting: Mr Peter Rowland, Micro-X Limited Time/date: 10.45am AEST, Friday 1 May Registration: Free registration to view the presentation https://us02web.zoom.us/webinar/register/WN_gKMmfjOSSEGTU0O1AV1Y_Q

This ASX Announcement is authorised by the Board of Micro-X.

– ENDS –

About Micro-X

Micro-X Limited (the Company ) is an ASX listed hi-tech company developing and commercialising a range of innovative products for global health and security markets, based on proprietary cold cathode, carbon nanotube emitter technology. The electronic control of emitters with this technology enables X-ray products with significant reduction in size, weight and power requirements, enabling greater mobility and ease of use in existing x-ray markets and a range of new and unique security and defence applications. The Company has its core R&D, engineering and production capability at its facility in Adelaide, Australia.

The Company’s first product, marketed as the Carestream DRX Revolution Nano , is an ultra-lightweight digital medical X-ray system for the rapidly expanding mobile X-ray market in hospitals and healthcare. The Nano holds 510(k) and CE Mark certifications and is sold commercially in a number of global markets by the Company’s exclusive distributor. The Company has a portfolio of innovative products in development, aimed at customer solutions where there is little or no competition. This includes the Mobile Backscatter Imager or MBI which will image Improvised Explosive Devices for airport security, defence and counter-terrorism applications. The MBI is being jointly developed in partnership with Thales, a global supplier of defence and security technology systems, who are providing technical support and $10 million of funding.

CONTACTS

Micro-X Limited	Investor Enquiries
Peter Rowland Managing Director Tel: +61 8 7099 3966 E:admin@micro-x.com	David Allen / John Granger Hawkesbury Partners Tel: +61 2 9103 9494 E:dallen@hawkesburypartners.com jgranger@hawkesburypartners.com

Micro-X Limited, ABN 21 153 273 735, 1284 South Road, Tonsley, South Australia, 5042, AUSTRALIA

www.micro-x.com

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ACN 153 273 735 ASX: MX1

Ltd Ltd ACN 153 273 735 ~~ASX: MX1~~ ACN 153 273 735 ASX: MX1 NWR Virtual Health Conference Company PresentationCompany Presentation Funding strategic growth initiatives to drive salesFunding s rategic growth initiatives to drive sales Micro-X responding to significant market demand from COVID-19 pandemic 15[th] 15 April 2020[th] April 2020

Peter Rowland Peter Rowland 1 May 2020 Managing Director & CEO Ma aging Director & CEO

Peter Rowland, Managing Director & CEO

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30/04/2020

Disclaimer

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SCOPE & LIMITATIONS

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.

FORWARD LOOKING INFORMATION

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.

NOT AN OFFER FOR SECURITIES

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.

UNITED STATES

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

OTHER JURISDICTIONS

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

© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

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Overview of Micro-X

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Next generation X-ray for global health and security markets

• Next generation, cold cathode, Carbon Nano Tube technology

• X-ray products with significant reduction in size, weight and power

• Platform technology – health and new security applications

• –

• First product Carestream DRX Revolution Nano

• Mobile ultra-lightweight digital x-ray system for hospitals

• Sold in United States, Asia, Europe and Australia – highly portable and easy to disinfect

• –

• COVID-19 driving unprecedented market changes surge in Nano orders

• $3.6m of Nano orders since January 2020

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• Major expansion of Nano production to meet increasing sales demand

Carestream DRX Revolution Nano

• Accelerating second product the Rover for military market – plan for sales later this year

• U.S. FDA 510(k) filing 2Q 2020

• Support of strategic partnerships

• Distribution of Nano - Carestream (ex Kodak Medical, US$2.5b sales)

• Security collaboration - Thales (technology giant, €16b sales)

• $15m capital raising - $8.75m Placement (completed) + $6.25m underwritten Entitlement Offer

• Extends funding runway into 2022 plus funds key growth initiatives

© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

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Product roadmap

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Planned product evolution – from current X-ray uses to solving unmet needs

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Mobile medical X-ray
Nano
Launched 2019
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Healthcare applications
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Military & Counter terror applications

Security applications

• Additional healthcare opportunities

• e.g. Mobile 3D CT imager for stroke diagnosis

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© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

First product – Nano mobile X-ray for healthcare

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Approved for sale in most global markets – significant COVID-19 related sales demand

Bedside imaging – hospitals & temporary facilities

Small & portable – 90kg compared to 350 to 600kg

Product Details

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• Class II Medical device

• Optimised for high workflow chest imaging

• 10 images per hour due to ease of use

• Battery operation – 12 hour endurance

Approvals – FDA, CE Mark and TGA

• Unique “tusks” for alignment with controls

• Bar code reader for patient-image association

Sold into global markets ~ 12 countries already

• Exceptional visibility for operator & patient safety

• Sold as the Carestream DRX Revolution Nano

Proven reliability + Strong customer feedback

Addressable market ~ $500 million

Orders growing - $3.0m in March 2020 Quarter and $0.6m in April 2020 already

© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

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Fundamental shift in market – COVID-19 pandemic

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Massive increase in demand for X-ray imaging of COVID-19 infected patients

COVID-19 pandemic has had global impact with potential future waves of the disease

COVID-19 symptoms often progress to fluid on lungs similar to pneumonia

• Chest X-ray enables immediate diagnosis of fluid on lungs and progression of infiltration

• American College of Radiology recommends portable x-rays for COVID-19 patients*

• Limits the movement of patients in hospitals - minimise transmission risk and equipment sterilisation time

Government health agencies using emergency procurement processes – urgent delivery < 4 weeks

• Different from normal purchasing and 8 – 12 week delivery

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Image Source: Coronavirus COVID-19 Global Cases by the Center for Systems Science and Engineering, at Johns Hopkins University, 10 April 2020

*American College of Radiology – ACR Position Statement : ACR Recommendations for the use of Chest Radiography and Computed Tomography (CT) for Suspected COVID-19 Infection published on 11 March 2020

© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

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Nano - Growing orders and adoption

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Purchase orders flowing and revenues building

• Shipments to 12 countries globally – growing adoption

• $3.0m of Purchase Orders in March 2020 Qtr + $0.6m in April 2020

• $1.3m Nano units shipped and invoiced by 31 March 2020

• Includes United States, Europe, Asia and Australia

• First major Australian orders of $1.0m build local awareness

• NSW health and other agencies

• The Alfred Hospital, Melbourne - two Nano units + reference site

• U.S. reference Hospitals also provide strong customer endorsement

• Reference sites can facilitate urgent sales without demonstrations

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Manufacturing Nano units to meet demand - Tonsley, Adelaide

© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

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Rover - Second Product in final test phase

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Mobile X-Ray for NATO Role 3 Deployed Military Medical Facilities

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Rover is an adapted version of the Nano for the military

• Deployed medical facilities treat injured military personnel

• Higher power for trauma use with enhanced ground clearance

Unmet need – military currently using small-animal vet X-ray

Limited competition - means higher potential gross margins Requires regulatory approvals (FDA, CE mark and TGA)

Direct sales model – initial focus on NATO countries

• Dedicated sales executive actively working with US, UK and AU

Addressable market in NATO countries ~$170M

Product Overview

• Based on key elements of Nano

• Class II Medical device

• Higher energy X-ray exams used in trauma

• Light & manoeuvrable 90kg

• Rugged packaging for military transport

• Easy battery change

• Operates on uneven surfaces

• Full performance digital imager in deployed medical facilities – Combat support, Disaster Relief

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Top – ADF deployed medical facility at Shoalwater Bay

Bottom: ADF demonstration at Enoggera on exercise Giant Viper

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© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

Rover – First generation model on sale mid-2020

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Responding to strong US military interest

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Objective: to be selling to two major defence customers by the end of 2020 - building customer interest for larger follow-on orders

Final stages of development – first generation model completed

• ISO 60601 safety test underway

Regulatory filing in Q2 2020 - US FDA 510(k) filing

• US military may seek to fast track approval due to COVID-19

First sale contract expected Q3 2020 – U.S. Army Medical Materiel Agency

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• Completed demonstrations at Fort Detrick, Maryland - interest from U.S. Army and Navy

• FDA filing enables military clinical test and assessment

• FDA approval enables a Low Rate Initial Production order – small order without tender

• Potential for Multi-Year procurements - following successful operational assessment

Australian Defence Force sub-contract during 2020

• Part of successful tender for JP2060 project – completing final pricing

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© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

Recent Capital Raising - Accelerates strategic growth

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$15 million of funding secured on 17 April 2020 with $8.75m Placement (completed) + $6.25m underwritten Entitlement Offer (Morgans + Bells)

Funding accelerates key growth strategies

Ramp up of Nano production in response to COVID-19 driven demand - Produce 2 units/day < 4 week delivery. Position Micro-X to capture as many Nano sales as possible

Accelerates commercialisation of the Rover product for the military market - FDA filing in 2Q 2020. First Rover sale contract targeted in 2020.

Fast-tracks planned high-power generator project by early 2021. Reduce manufacturing costs and enable highpower Rover product for sale

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© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

Experienced leadership

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Technical and commercial expertise to support our goals and objectives

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Peter Rowland

Managing Director & CEO

• Over 30 years’ engineering and management in medical device & and aerospace industries

• Previously BAE Systems, Ellex Medical and Biolase Technology (NASDAQ)

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Patrick O’Brien

Non-Executive Chairman

• Over 25 years’ business and finance experience in UK, Asia and Australia

• Former Executive Director at Macquarie Group; McKinsey; and Minter Ellison

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David Knox

Non-Executive Director

• Extensive international business experience delivering large energy projects

• Formerly CEO of Santos and Australian Naval Infrastructure

• Chair of Snowy Hydro,

• Director of CSIRO

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Yasmin King

Non-Executive Director

• Highly experienced in business, vocation and government

• Currently CEO of Skills IQ, formerly Associate Commissioner of ACCC

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Dr Alexander Gosling, AM

Non-Executive Director

• Over 40 years’ business, technology and R&D experience

• A founding Director at Invetech (Vision Systems); strategy for Capstone

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Kingsley Hall Chief Financial Officer

25 years experience in senior finance and operations across private and public companies

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Anthony Skeats Engineering Manager

20 years hi-tech engineering & medical product design. Consulting experience with Lucent, Invetech, Hydrix

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Alexander Blackburn

Programs Manager

Highly experienced in quality, supply chain and programme management in auto and medical industry in Australia & China.

Daniel Pini

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•
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Manufacturing Manager

• 13 years production scheduling & management experience in auto industry Diploma in Competitive Manufacturing

© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

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Corporate Snapshot

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Growth stage company with institutional and strategic investor support

MX1 - Three month Share trading (to 28 April 2020)

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$0.25 25.0
$0.20 20.0
$0.15 15.0
$0.10 10.0
$0.05 5.0
$0.00 0.0
29 Jan 05 Feb 12 Feb 19 Feb 26 Feb 04 Mar 11 Mar 18 Mar 25 Mar 01 Apr 08 Apr 15 Apr 22 Apr
Volume Price
Millions
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Share & Trading Statistics(Closing Price on 28 April 2020)	Share & Trading Statistics(Closing Price on 28 April 2020)
Share Price	$0.140 per share
Total Shares On Issue	312.5 million
Options Issued	6.5 million
Market Cap	~$43.8 million

	Key Financials &	Shareholders
	Current Cash	$16.90 million(31 March 2020 + $8.75m Placement)
	Loan Facilities	SAFA $3 million facility + Thales $5m Con Notes
	Strategic Investors	Carestream (3.0%), Thales ($5m Con Notes)
	Institutional Investors	~25.0 % including Thorney (6.3%) and Regal (6.0%)
	Board & Related Parties	~ 6.2%

Realigned financial resources to commercial outcomes

© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

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Milestones and Newsflow

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Accelerating key initiatives to deliver commercial outcomes for all stakeholders

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Q1 – Nano sales due to COVID-19
Q1 – Major Australian Nano orders
Q2 – Ramp up Nano production
Q2 – Accelerate generator project
Q2 – File 510(k) for Rover 1st gen
Ongoing Nano sales
2H – Further Nano orders & sales
High power generator complete
2H – FDA Rover 510(k) approval Ongoing Nano and Rover sales
2H – Rover 1 [st] gen U.S. Army contract Mark 2 High power Rover MBI customer demo / testing
Growth in Rover orders – US & AU
2H – MBI first imaging demo MBI launch in ~ 2022
2H – Rover ADF contract Airport security prototype Breakeven & profitability
CY 2020 CY 2021 Beyond
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The above forecast dates are estimated and indicative and may change and may require access to capital

© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

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Micro-X well positioned post Capital Raise

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Funding will accelerate Nano commercialisation and Rover launch

• COVID-19 has significantly changed mobile X-ray market – large immediate opportunity

• Opportunity to showcase Nano’s capability in multiple markets

• Capital Raise will support strategies to invest more in Nano production + Generator project

• Ability to capture as many Nano sales as possible

• Accelerate Rover commercialisation – FDA filing and first sale this year

• Enables high power Rover product from 2021 which is the future growth market

• Current cash + Placement + underwritten Entitlement Offer = $22.1m cash (after costs)

• Extends funding runway into 2022

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© Micro-X Ltd – NWR Virtual Health Conference Presentation 1 May 2020

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Ltd

ACN 153 273 735

Peter Rowland Managing Director 1284 South Road Tonsley SA 5042 +61 8 7099 3966 or +61 418 844 981 admin@micro-x.com micro-x.com