PAINCHEK LTD — Interim / Quarterly Report 2021

Jul 28, 2021

ASX ANNOUNCEMENT 29 July 2021

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June 2021 Quarterly Update

PainChek Adult App achieves 60% share of Australian Residential Aged Care market, new Infant App receives regulatory clearance for commercialisation in multiple markets

HIGHLIGHTS

Increases in all sales and project related KPI’s across the business for the quarter:

• Residential Aged Care growth: 1,569 Residential Aged Care (RAC) facilities and 129,189 approved beds are now under annual PainChek® licence as at 30 June 2021, representing 117% and 110% growth respectively over the previous year and 60% domestic market share.

• Annualised Recurring Revenue (ARR): Australian clients will be transitioning from government funding agreement to PainChek standard contracts after their first 12 months. Projected ARR from current customers (normalised post government trial) increases 109% for the year and 60% for the quarter to $5.57M.

• PainChek utility: More than 479,000 PainChek clinical assessments have been conducted in aged care as of 30 June 2021, an increase of 253% over the previous year reflecting strong clinical utility and continued implementation progress within Australian RAC Facilities.

• PainChek Universal Solution: Product received CE Mark and TGA clearance during Q1 2021 and has commenced roll out as a system upgrade to all existing clients. The Universal App has been shown to broaden existing market potential, accelerate new take up and support ongoing retention.

• PainChek Infants: PainChek Infant received multiple market regulatory clearances including Australian TGA and CE Mark (Europe) during Q2 2021. Clinical trial data was peer reviewed and accepted for publication in the Lancet Digital Health journal. Company now well positioned to commercialize the first sector of the large Children’s markets in Australia and overseas.

• Overseas: UK market continues to expand with new clients and implementations as market re-opens in line with COVID-19 vaccinations. First RAC sale and integration partner completed in New Zealand.

• US FDA: The Company remains on target to commence clinical trials by Q4 2021 for FDA clearance.

• Cash balance: PainChek’s consolidated cash balance at 30 June 2021 was $11.411M

PainChek Ltd (ASX: PCK) (“PainChek” or “the Company”), developer of the world’s first smart phone-based pain assessment and monitoring application, is pleased to report continued growth in the quarter ended 30 June 2021

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

Core Aged Care market:

PainChek delivered significant sales growth within Australian residential aged care in the past quarter, as the offer to participate in the Department of Health funded trial ended on 31 May 2021. Sales growth in the quarter resulted in total global licences covering 129,189 beds, which is 61% growth compared to the prior quarter and 110% growth year on year. These domestic sales represent some 60% of the Australian Residential Aged Care (RAC) market. PainChek now has 398 Aged Care providers as clients, managing more than 1,500 aged care facilities, which is 118% growth year on year. This equates to contracted forward-looking annualized global recurring revenue of $5.57M (normalised post the government grant and assuming full implementation and contract renewal).

In the last quarter PainChek continued its growth contracting a net additional 36,682 (45,512 in the last 12 months) Residential Aged Care beds; together with an increase of 122 (203 over 12 months) different Aged Care providers who operate 576 (847 over 12 months) Residential Aged Care facilities. This included many of the largest providers in Australia.

During COVID-19 restrictions, the PainChek clinical team has successfully delivered training remotely, having conducted more than 500 virtual workshops to Aged Care providers across Australia. Combined with the PainChek online learning curriculum, more than 4,000 aged care clinicians have been trained and conducted a PainChek assessment in the field. In addition, more than 479,000 PainChek clinical assessments have now been conducted in aged care, reflecting 253% growth year on year and the growing client acceptance and clinical utility.

The following is a graphical representation of the number and geographic spread of the 398 Aged Care Providers (managing 1500 facilities and 126,000 beds) with PainChek annual licences. PainChek is present in each state and is licensed to more than 60% of Australian aged care facilities.

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ABN 21 146 035 127 P: +61 8 9388 8290 401, 35 Lime Street, E: info@painchek.com Sydney, NSW, 2000 W: painchek.com

New Market Expansion Developments:

PainChek has also taken the opportunity to work with existing clients in the development of new PainChek initiatives including entering new larger healthcare market segments and the development of new PainChek products. These are core to the Company’s business growth over the next 12 months. These new initiatives include:

1. PainChek Universal Pain Assessment Solution:

PainChek Universal App, combining the PainChek App with the Numeric Rating Scale (NRS), is now CE mark and TGA cleared for commercial use and has commenced roll out to existing clients in Australia.

The combination of PainChek and the NRS in one point-of-care PainChek application allows carers to assess pain for those who cannot verbalise their pain, and to also document the pain score of those who can self-report their pain. PainChek is rapidly evolving to become the Universal Pain Assessment Solution for all people in all environments.

This means PainChek can now become the sole solution for multiple healthcare professionals in assessing and documenting pain across all their patients, making PainChek even stickier with existing clients and having far greater potential to attract new clients and retain existing.

More information can be found in the attachment and at https://painchek.com/latest-publications/.

2. Home Care and Disabilities market – market entry:

PainChek has continued to develop our product and market strategy as we enter the Home Care space. With the support of a number of our Residential Aged Care clients who have Home Care packages, PainChek's development of a bespoke 'PainChek for Home Care' application continues apace. With 70% of people living with Dementia living in the community, this will ensure that no matter where the PainChek app is used, it is tailored to the clinical workflows and needs of our customers.

PainChek is currently in active negotiations to make the PainChek app available with several existing RAC clients who are also Home Care Providers.

In the Disability (NDIS) sector there is a clear need for structured and objective pain assessment. PainChek's 6- month agreement with the Nulsen Group in WA is now in its fourth month, with the PainChek tool in use across Nulsen's Supported Shared Accommodation Homes. All milestones associated with the clinical study being conducted by Curtin University entitled “Implementation and user acceptance of PainChek® Pain Management Tool with people living in supported accommodation who have complex needs” have been met to date. As the final stage of the agreement and clinical trial approach, PainChek looks forward to the publishing of clinical data that validates the utility of PainChek for this vulnerable group of people and provides a platform for broader use of PainChek within the NDIS sector – both in Australia and overseas.

3. Hospital Market Development – Ramsay Hospital Frailty Study

The Nurse-led Volunteer Support and PainChek Frailty Study funded through the Ramsay Hospital Research Foundation (RHRF) commenced at the Hollywood Hospital in WA during March in four wards and is projected to be completed in CY 2022. In this project elderly patients are assessed for frailty and pain at the time of admission. The study aims to assess whether the interventions provided lead to better outcomes with regards progression of patients’ frailty during admission. Pain has been shown to be positively associated with frailty, and it is

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

hypothesised that improving pain management through better pain assessment and monitoring can have a positive outcome on patients’ frailty status. Positive results from the research are expected to see the program be rolled out to other Ramsay Hospitals.

A second study at Ramsay’s Joondalup Health Campus, also funded through the RHRF, is planned to evaluate the use of PainChek® Universal again combined with a nurse-led volunteer program across two wards which have high occupancy by patients with cognitive impairment. Here PainChek® Universal will be used as the standard of care. The study is planned to commence Q3, 2021 and will run for 6 months.

We continue to negotiate other potential partnerships for hospital access and distribution and remain in contact with Philips Healthcare in reference to the Hospital based delirium study in Europe.

4. PainChek Infant:

The PainChek Infant App received regulatory clearances during May 2021 in Australia (TGA), New Zealand, UK, European Union (CE Mark), Singapore and Canada. The PainChek Infant Face-Only pain assessment study was peerreviewed and accepted for publication in the Lancet Digital Scientific journal in July 2021. The findings support the use of PainChek Infant for procedural pain assessment with infants aged 1 month to 12 months of age.

PainChek has identified a number of indications and market sectors to launch the PainChek Infant App during FY 22. Key focus is procedural pain indications during early life stage vaccinations, post-operative care and accessing the global markets through partnerships with medical device and therapeutic companies that provide pain treatment solutions.

PainChek plans to expand the clinical indications and applications for children to up to 3 years of age through additional clinical studies being conducted at the Royal Children’s Hospital (RCH) in Melbourne.

A more detailed overview of the PainChek Infant market opportunity and progress is included later within this update.

PainChek CEO Philip Daffas commented:

“We continue to deliver on our key goals for the business during the most difficult of times. Achieving 60 % market share of Residential Aged care beds is an enormous achievement – supported by the federal government funding initiative. Our clients have demonstrated how they value PainChek through their ongoing feedback and the fact that close to 500,000 cumulative PainChek pain assessments were conducted up to 30 June 2021.

Our goal now is to fully implement these clients and transition them onto standard PainChek agreements over the next 12 months and currently this has the potential to translate into up to $5.57m of annual recurring revenue, a number we expect to continue to grow as we broaden our reach overseas and continue to extend into new hospital, home care and disabilities markets though the next 12 months.

We continue to listen to our clients as we build a best-in-class pain assessment model that has already extended with commercial sales in international markets such as UK, Singapore, and New Zealand. The launch of PainChek Universal – a pain assessment system for all people – adults and kids – supports this goal and is useable by healthcare professional in all locations. We are on our way to achieving our ultimate goal – making pain a new healthcare vital sign.

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

The regulatory clearance of the PainChek Infants App in Q2 2021 is another world first. Now a clinically validated pain assessment can be conducted on an infant (aged from 1 month to 12 months) in just three seconds using a smart phone. This opens up significantly large global markets, that can exceed the adult App potential, both in the healthcare professional and consumer sectors. We have identified the initial target applications for the Infant App and will continue to work with key clinical collaborators to build the global acceptance and utility of the Infant App in the same manner as the Adult (Universal) App.

When we started the PainChek journey in 2016 we set out a core goal of being first to market with a clinically validated and regulatory cleared Adult and Infant pain assessment App. Today we have achieved those core goals and have a clear path and strategy to become the global market leader in both sectors.”

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

Below is a summary of key measures for the past year on a quarterly basis.

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Table 1 above reflects PainChek’s total contracted Residential Aged Care (RAC) clients and RAC facilities globally as at the end of each quarter. Contracted clients at 30 June 2021 have grown to 410, an increase of 122 (or 42%) over the previous quarter and 203 (or 98%) over the prior year.

Contracted RAC facilities have also grown to 1,569, an increase of 576 (or 58%) over the previous quarter and 847 (117%) over prior year.

In the last quarter PainChek continued its growth, contracting a net additional 49,152 RAC beds and 67,618 beds over the prior year.

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

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Table 2 above reflects the total approved beds contracted in all markets at the end of each quarter, including the dementia specific beds signed and funded under the government initiative which ended on 31 May 2021.

• Total approved beds contracted have increased from 80,037 at 31 May 2021 to 129,189 at 30 June 2021, a 61% increase for the quarter and an increase over prior year of 110%.

• Under the government funded initiative, the Federal Government is funding a subset of the total approved contracted beds, in that the grant is funding the use of PainChek for those people living with dementia or cognitive impairment. PainChek had achieved a total of 82,982 dementia specific beds reported to the government under the funded initiative as at 30 June 2021, representing a 79% increase for the quarter and 121% over the prior year

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

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Table 3 above reflects total contracted and implemented beds at each quarter end across all markets. 13,690 beds were implemented during the quarter ended 30 June 2021, an increase of 526% on beds implemented during the prior quarter and resulting in an increase in total implemented beds of 61% compared to the prior quarter. Implemented beds were 36.3% of total contracted beds at 30 June 2021 compared to 41.4% in the prior quarter, reflecting the large number of customers contracted in the current quarter. There is a lag in implementing the bed licences for the following reasons:

• There is a time differential between signing up the client and scheduling implementation of PainChek® across a client’s multiple aged care facilities, which has been exacerbated by the pandemic and the issues it created in aged care.

• Large clients can take a number of months to implement due to the large number of facilities to be covered in the roll out.

• The continuing impact of COVID-19 in terms of staff availability to attend training and implement change in clinical practices.

To improve customer implementations the Company has increased the resources delivering training both on site and virtually, continued to improve the quality and quantity of the on-line training tools and successfully transitioned to provide this service to clients through the remote digital delivery platform. Our clients are currently scheduling their implementation dates over the remainder of CY2021.

• Normalised ARR is post completion of the government grant reflecting contracted or standard pricing on completion of the trial. It assumes all clients fully implement the PainChek App and enter a standard PainChek contract after the initial 12-month grant period. So far clients representing 75% of contracted beds have entered into agreements that have second year commercial terms post completion of the government grant period.

ABN 21 146 035 127 P: +61 8 9388 8290 401, 35 Lime Street, E: info@painchek.com Sydney, NSW, 2000 W: painchek.com

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Table 4 above reflects the increase in projected Annualized Recurring Revenue (ARR) for the quarters to 30 June 2021.

• ARR measured on this basis provides an indication of the Company’s future revenue, as PainChek’s normal commercial pricing will apply to total approved beds across all existing RAC’s in year two of the contract, on the assumption that the clients do not terminate their contracts after the initial 12-month grant period.

• For the 129,189 approved beds contracted as at 30 June 2021, the projected Annualized Recurring Revenue on a normalized basis in year 2 of the contract is as $5.57M, a 60% increase for the quarter and 121% over prior year.

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

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Table 5 above reflects the number and value of implemented beds which have transitioned from the government grant to commercial terms after 1 year, implemented beds which are still in the government trial, and beds yet to be implemented:

	% of Total Contracted Beds in Current Quarter	% Change in Contracted Beds from Prior Quarter
Beds implemented on commercial terms	11%	171%
Beds implemented and in government trial	25%	24%
Beds not yet implemented	64%	69%

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

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Table 6 above reflects the quarterly number of PainChek assessments up to 30 June 2021. There have now been more than 479,000 clinical pain assessments conducted by clients, demonstrating the App’s strong clinical utility and uptake in the residential aged care market.

As a consequence, PainChek now has a comprehensive and growing database of pain assessments for people living with dementia. This database represents a significant asset to the company, PainChek users at an organisational, facility and patient level, and for researchers. The data collected is being used to:

• Develop business intelligence tools

• Promote and monitor best practice

• Facilitate future App and web admin portal development

• Further the understanding of how pain is manifested in those living with dementia

Australian Government funded sales activity this quarter

In the quarter ended 30 June 2021, the Company signed 120 new clients to the government trial, representing an additional 574 RAC facilities and 49,117 approved beds. These figures represent the gross number of new contracts and exclude net non-renewals or adjustments during the quarter.

Early adopters of the national trial continue to transition off the 12-month trial and continue as contracted PainChek customers after successfully embedding PainChek as their pain assessment practice

As of 30 June 2021, the Company has delivered and fully implemented PainChek into 214 of the clients signed or who opted into the government trial, covering 563 residential aged care facilities and 45,173 beds.

ABN 21 146 035 127 P: +61 8 9388 8290 401, 35 Lime Street, E: info@painchek.com Sydney, NSW, 2000 W: painchek.com

Federal Government / Department of Health Grant milestones

The Department of Health Grant ended on 31 May 2021, the following payments have been paid, there are no further payments to be made:

Milestone	Payment Amount (excl. GST)
Received prior to 30 June 2020	$3,000,000
Provision of 75,000 cumulative licences during FY2021 (Milestone 3: end date 31st May 2021) Paid June 2021	$950,000
Provision of 82,982 of the target 100,000 cumulative licences during FY2021 (Milestone 4: end date 31st May 2021), pro rata payment paid in June 2021	$303,316
Provision of evaluation report during FY2021, paid June 2021	$100,000
Total funding received (out of $5,000,000 grant available)	$4,353,316

The final achievement of providing 82,982 dementia licences represents approximately 60% of the total Australian Residential Aged Care beds market.

PainChek infant’s App market introduction

There are 400 Million pre-verbal children ¹ in the world of which it is estimated 100 million are born to first time parents each year. This is a significantly large new market opportunity.

PainChek is pleased to report that the PainChek Infant Face-Only clinical study has been successfully completed and the manuscript outlining the findings has been accepted for publication by Lancet Digital Health[2] . Further, human factor validation testing has been completed on the App, which demonstrated good useability.

PainChek received regulatory clearance including the Australian (TGA) and European (CE Mark) in Q2 CY21, and is engaging with clinical partners to establish strategies for the implementation of PainChek® infant in a range of clinical settings, involving both healthcare professionals and parents.

The PainChek Infant Face-Only study was developed to test the feasibility of using PainChek® Infant’s face domain alone as an indicator of pain, and to evaluate it using video recordings of infants undergoing painful procedures.

Whilst facial expressions are commonly used by healthcare professionals and laypersons alike, to assess pain in nonverbal children, accurate assessments can be difficult to achieve. This is highlighted by the findings of a recent study where 143 adults (59% healthcare professionals) were asked to evaluate 20 pictures of 10 newborns which had been taken at rest and during a painful procedure, and rate whether the child was in pain or not.[2] Eye tracking showed that whilst the adults commonly looked at the eyes, mouth and forehead of the children, changes in which are known

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

to be associated with pain, only 80 of the 143 adults (67.5% healthcare professionals) were able to accurately identify which pictures showed newborns in pain and no pain.[ 3]

PainChek® Infant provides an automated means of translating infant’s facial expressions into a meaningful and reliable way of assessing procedural pain in just 3 seconds. Procedural pain is very common in this cohort of children, and whilst considered short-lived, poorly managed, it can have significant long-term consequences including needle aversion and chronic pain.[4]

Under-treatment of childhood pain is a significant issue, and a Lancet Child and Adolescent Health study[4] recommended four strategies to address this, namely 1) make pain matter, 2) make pain understood, 3) make pain visible, and 4) make pain better. PainChek® Infant addresses Strategy 3 by providing a rapid and reliable means of assessing pain.

PainChek continues with next steps to broaden the clinical applications of PainChek Infant, including research at the Royal Children’s Hospital (RCH) in Melbourne which has now recommenced.

UK market progress

The UK market has around 450,000 aged care beds with a broad range of large, mid-sized and small care homes.

Q2 2021 saw market confidence return following the second COVID-19 wave of Q1, and the high rates of vaccination in the UK combined with planned easing of lockdown restrictions in July 2021. Rollout of Erskine Hospitals Care Group (Scotland) was completed on time and Orchard Care continue to rollout across their estate with 750 of 1,350 licences deployed. Furthermore, we saw Handsale Care agree to rollout PainChek across its full estate. They are a medium size care home operator, trading across the three main UK domiciles – this gives PainChek an entry into Wales.

Marketing activity was ramped up via social media and other channels through Q2. Various citations of the merits of PainChek were released including a CNN article and a White Paper available to download from the PainChek UK website. Subscribers continue to grow. Our largest client, Orchard Care, has provided excellent feedback on the benefits seen since launching PainChek.

Q2 saw PainChek UK achieve a milestone of 1,000 beds live with a further 1,500 planned for deployment. The pipeline into Q3 is healthy with a number of major UK care home groups engaged in dialogue. There is a clear appetite to ensure PainChek is integrated with leading care management software (CMS) and to this end a further CMS partner integration agreement was secured, giving access to c15% of the UK market. Q3 will see active rollout and marketing of the additional CMS integration(s). The appetite has been driven to some extent by the challenges faced during the pandemic. The Numeric Rating Scale and PainChek Universal has been deployed to existing UK customers and will be the standard offering for new customers. Client management reporting was also launched at the end of Q2. Additional functionality launched through Q2 has made scaling much easier. Partner channel growth will be a key area of focus into Q3 and Q4.

FDA regulatory clearance progress

PainChek has received the reviewers’ feedback on its pre-submission Supplement application and met with FDA to discuss this. The Company has now amended the protocol for its pivotal trial, which will be submitted to FDA in Q3 CY21 and looking to commence clinical trials in Q4 C2021.

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

In the meantime, PainChek already has TGA, CE mark, HSA Singapore and Health Canada clearances that covers approximately 40% of the global market. With FDA clearance the Company will effectively have access to more than 70% of the global medical device market.

In accordance with ASX Listing Rule 4.7C.3, the amount of $106,000 stated in section 6.1 of the Appendix 4C paid to related parties and their associates related to director fees and salaries for the quarter.

This release has been authorized for release by the Company’s board.

Philip Daffas CEO – PainChek Limited

29 July 2021

References

1. See PainChek ASX release Company presentation 28[th] November 2019

2. Hoti K, Chiivers PT, Hughes JD. Assessing procedural pain in infants: A rapid point-of-care solution using automated facial analysis. Lancet Digital Health 2021 (In Press)

3. Barros MCdM, Thomaz CE, da Silva GVT, et al. Identification of pain in neonates: the adults’ visual perception of neonatal facial features. J Perinatol (2021). https://doi.org/10.1038/s41372-021-01143-1

4. Eccleston C, Fisher E, F Howard RF, et al. Delivering transformative action in paediatric pain: a Lancet Child & Adolescent Health Commission. Lancet Child & Adolescent Health 2021; 5: 47-87.

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

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Quarterly Update July 2021

PHILIP DAFFAS, CEO & MD

PAINCHEK LTD | ASX:PCK

CORPORATE OVERVIEW

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• PainChekprovides Software -As-A-Service that uses AI for the detection of patient pain via video analysis • Targeting enterprise customers who have patients with an inability to communicate pain levels (e.g. dementia)

• Technology is clinically & commercially validated, has key regulatory approvals & is unique

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• Multiple peer reviewed publications & clinical trials – 90% + concordance to existing methods

• • Adult and Infant Apps regulatory cleared for sale in Australia, Europe, NZ, Singapore and Canada – FDA in progress

• • Patent granted in US, Japan, Australia and China – awaiting grants in Europe – protection until 2037

• Large global markets - now in global commercialization phase based on strong Australia take up

• 1,569 aged care facilities & 129,189 beds already signed up to SaaS contracts in Australia – 60% market share

• • UK, NZ and Singapore sales commenced

• 80-85% long term gross margins & recurring revenue each month

• Multiple new products scheduled for launch over next 2 years to drive further growth (B2C dementia, infant/toddler)

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• Better outcomes for patients & enterprise customers

• Improved patient care – more targeted treatments & better outcomes

• Improves efficiency – saves customers money – less data entry/ labour , less adverse patient events

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PainChek® g ive s a voice to people w h o cannot reliably verbalise th e ir p ain

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THE INITIAL SIZE OF THE PROBLEM

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400M

pre -verbal children

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50M people living with dementia

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25-42% of hospital beds occupied by people with dementia

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1. Ecology Communications Group. www.ecology.com/birth-death-rates

2. World Alzheimer Report 2016

3. Germossa et al. BMC Nursing (2019) 18:40

4. Tsai, I. P., Jeong, S. Y. S., & Hunter, S. (2018). Pain assessment and management for older patients with dementia in hospitals: an integrative literature review. Pain Management Nursing , 19 (1), 54-71.

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PAIN ASSESSMENT IS READY FOR DISRUPTION

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PainChek® builds on the benefits of the Abbey Pain Scale[1] , maintaining clinical practice while improving clinical process & brings it into the digital age by:

Using video/AI to automate the facial expression assessment – eliminating subjectivity & improving accuracy

Eliminating paperwork – all digital

42 data points with prompts = faster assessments

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Automatic logging of pain scores over time – monitor trends

Integrates into medical records

Helps care homes meet accreditation standards & protect income & revenues

PainChek®

Abbey Pain Scale

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Abbey Pain Scale & similar manual systems are the current standard of care in developed countries for assessment of pain in dementia patients. It relies on a significant amount of subjective measures that can vary greatly between practitioners/ carers .

1 Dr. Jennifer Abbey AM (of the Abbey Pain Scale) is on the PCK advisory board & supports the transition from APS to PCK

WHERE PAINCHEK STARTED

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CARERS OF THOSE WHO CAN’T Australian SELF-REPORT Residential THEIR PAIN Aged Care

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PAINCHEK® PROVEN PRODUCT AND BUSINESS MODEL

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• 1,569 Aged Care facilities contracted across four continents – up 117% year on year

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129,189beds under contract in Aged Care – up 110% year on year

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Figures based on June 2021 ASX releases 7 |
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JUNE 2021 QUARTERLY UPDATE

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	Mar 2021 Quarter	June 2021 Quarter	% Change
Contracted Clients 288 410 ↑4 2%
Con tracte d Facilitie s (RACs) 993 1,569 ↑ 58%
Ap p rove d P lace s Con tracte d Be d s 80 ,0 37 129,189 ↑ 61%
An n u alise d Re cu rrin g Re ve n u e 1 $3.5m $5.57m ↑ 59%
Ne t Op e ratin g Cash flow For Qu arte r -$0 .50 m -$0 .4 8m ↑ N/A

1Assu m e s n orm a l com m e rcia l p ricin g te rm s on th e a ssu m p tion th a t n o con tra cts a re te rm in a te d a fte r th e first ye a r of g ove rn m e n t su b sid y

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8

PAINCHEK ®’S GROWING PRESENCE IN RAC’S ACROSS AUSTRALIA

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PROJECTED ARR* COVERS CORE PCK AUSTRALIAN BUSINESS COSTS

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Contracted ARR PainChek market
6 penetration of 129,189 beds — projecting
$5.57m ARR — post govt trial
5
•
Provides a validated platform for global
4 expansion
•
Projected ARR would result in PCK
3
covering the current Australian
operational cost base
2
•
Outstanding opportunity for a highly
1 profitable global business in aged care,
with significant upside from home care &
0 hospital settings and large children’s
Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 market
($Am)
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• Normalised ARR is post completion of the government grant reflecting contracted or standard pricing on completion of the trial . It assumes all clients implement the PainChek App and enter a standard PainChek contract after the initial 12-month grant period . So far clients representing 75% of contracted beds have entered into agreements that have second year commercial terms post completion of the government grant period .

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TRANSITIONING GOVT FUNDED BEDS TO STANDARD PCK LICENSES

RAC Beds by commercial, active and yet to go live

Number of Beds

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140,000
120,000
100,000
82,346
80,000
60,000
48,599
40,000
32,349
20,000 26,082
14,494
- 5,356
Mar-21 Jun-21
Beds not yet active in the Government trial - number
Beds active in the Government trial - number
Beds paying commercial fees - number
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RAC Beds by commercial, active and yet to go live ARR ($m)

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$6.00
$5.00
$4.00
$3.30
$3.00
$2.03
$2.00
$1.60
$1.00
$1.24
$0.67
$0.21
$-
Mar-21 Jun-21
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Beds not yet active in the Government trial - ARR Beds active in the Government trial - ARR Beds paying commercial fees - ARR

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PAINCHEK® PROVEN PRODUCT AND BUSINESS MODEL

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More than 479,000 documented clinical – assessments up more than 250% year on year

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Figures based on June 2021 ASX releases 12 |
2
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INTEGRATION PARTNERS

– EXPANDING LOCALLY & INTERNATIONALLY

PainChek is integrated with aged care management systems covering more than 180,000 aged care beds in Australia, 25,00 beds in New Zealand, and 40,000 beds in the UK

Point of care PainChek assessments on a resident is automatically transmitted to the care management system in the aged care center driving better care and reducing duplication of data entry.

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AUSTRALIA
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UNITED KINGDOM
CANADA
NEW ZEALAND
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GLOBAL MARKET ACCESS INCREASING

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Regulatory clearance received Regulatory in progress Partnerships Sales presence / sales in progress Australian CMS partners

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PAINCHEK UK PROGRESS GAINING MOMENTUM

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Market confidence high following easing of restrictions post UK’s second COVID -19 wave

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More than 1,000 total beds now live in UK with a further 1,500 planned for deployment

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Rollout completed with Erskine Hospitals Care Group (Scotland)

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Orchard Care rollout continues with 750 of – 1,350 licences deployed with excellent feedback

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Mid -sized home care player Handsale Care agrees to rollout across its full estate

Negotiations ongoing with major UK home care groups

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Focus on delivering further CMS partner integrations due to appetite for this

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Ramp up of marketing activity/social media through the quarter

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— PAINCHEK® DEMENTIA IS A LARGE GLOBAL MARKET OPPORTUNITY

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 PCK now penetrated 60% of Au stra lia n Ag e d Ca re m a rke t a in itia l sa le s in UK, Sin g a p ore a Ne w Ze a la n d  Hom e ca re op p ortu n itie s b e in e xp lore d in sa m e m a rke ts a n d Ca n a d a /Eu rop e in FY 22 ENTERPRISE DEMENTIA MARKET VALUE Aus UK US ROW est TOTAL No. Ag e d Ca re Be d s 0 .22m 0 .54 m 1.7m 4 .5m 6.96m An n u a l Ma rke t Va lu e @ A$4 p e r b e d p e r m on th A$11m A$26m A$81m A$216m A$334m CONSUMER DEMENTIA MARKET VALUE Aus EU US ROW est TOTAL No. of P e op le livin g W ith De m e n tia a t h om e 0 .3m 5.6m 5.1m 32.4 m 4 3.5m An n u a l Ma rke t Va lu e @ $7 m on th ly su b scrip tion A$25m A$475m A$432m A$2,720m A$3,655m	 PCK now penetrated 60% of Au stra lia n Ag e d Ca re m a rke t a in itia l sa le s in UK, Sin g a p ore a Ne w Ze a la n d  Hom e ca re op p ortu n itie s b e in e xp lore d in sa m e m a rke ts a n d Ca n a d a /Eu rop e in FY 22 ENTERPRISE DEMENTIA MARKET VALUE Aus UK US ROW est TOTAL No. Ag e d Ca re Be d s 0 .22m 0 .54 m 1.7m 4 .5m 6.96m An n u a l Ma rke t Va lu e @ A$4 p e r b e d p e r m on th A$11m A$26m A$81m A$216m A$334m CONSUMER DEMENTIA MARKET VALUE Aus EU US ROW est TOTAL No. of P e op le livin g W ith De m e n tia a t h om e 0 .3m 5.6m 5.1m 32.4 m 4 3.5m An n u a l Ma rke t Va lu e @ $7 m on th ly su b scrip tion A$25m A$475m A$432m A$2,720m A$3,655m	 PCK now penetrated 60% of Au stra lia n Ag e d Ca re m a rke t a in itia l sa le s in UK, Sin g a p ore a Ne w Ze a la n d  Hom e ca re op p ortu n itie s b e in e xp lore d in sa m e m a rke ts a n d Ca n a d a /Eu rop e in FY 22 ENTERPRISE DEMENTIA MARKET VALUE Aus UK US ROW est TOTAL No. Ag e d Ca re Be d s 0 .22m 0 .54 m 1.7m 4 .5m 6.96m An n u a l Ma rke t Va lu e @ A$4 p e r b e d p e r m on th A$11m A$26m A$81m A$216m A$334m CONSUMER DEMENTIA MARKET VALUE Aus EU US ROW est TOTAL No. of P e op le livin g W ith De m e n tia a t h om e 0 .3m 5.6m 5.1m 32.4 m 4 3.5m An n u a l Ma rke t Va lu e @ $7 m on th ly su b scrip tion A$25m A$475m A$432m A$2,720m A$3,655m	 PCK now penetrated 60% of Au stra lia n Ag e d Ca re m a rke t a in itia l sa le s in UK, Sin g a p ore a Ne w Ze a la n d  Hom e ca re op p ortu n itie s b e in e xp lore d in sa m e m a rke ts a n d Ca n a d a /Eu rop e in FY 22 ENTERPRISE DEMENTIA MARKET VALUE Aus UK US ROW est TOTAL No. Ag e d Ca re Be d s 0 .22m 0 .54 m 1.7m 4 .5m 6.96m An n u a l Ma rke t Va lu e @ A$4 p e r b e d p e r m on th A$11m A$26m A$81m A$216m A$334m CONSUMER DEMENTIA MARKET VALUE Aus EU US ROW est TOTAL No. of P e op le livin g W ith De m e n tia a t h om e 0 .3m 5.6m 5.1m 32.4 m 4 3.5m An n u a l Ma rke t Va lu e @ $7 m on th ly su b scrip tion A$25m A$475m A$432m A$2,720m A$3,655m	n d n d g
	Aus	EU	US
No. of P e op le livin g W ith De m e n tia a t h om e	0 .3m	5.6m	5.1m
An n u a l Ma rke t Va lu e @ $7 m on th ly su b scrip tion	A$25m	A$475m	A$432m

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 PCK now penetrated 60% of Au stra lia n Ag e d Ca re m a rke t a n d in itia l sa le s in UK, Sin g a p ore a n d Ne w Ze a la n d

 Hom e ca re op p ortu n itie s b e in g e xp lore d in sa m e m a rke ts a n d Ca n a d a /Eu rop e in FY 22

• 1 W orld Alzh e im e r Re p ort 20 16

• 2 Alzh e im e r’s Au stralia ke y facts an d statistics 20 17

• 3 ,4 Au stralian h e alth care statistics

• 5 Estim ate d b ase d on Au stralian d e m e n tia d ata ratios

• 6 Estim ate d b ase d on Au stralian p op u lation ratios

• 7 Man ag e m e n t Estim ate s

• US FDA cle a ra n ce p roje cte d in C23

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KPMG EARLY EXAMPLE CASE STUDIES

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Case studies are showing early impacts of PainChek in residential aged care facilities

Reduction in psychotropic behaviour by identifying pain as a cause of challenging behaviour

Renewed focus on pain assessment within facilities

Non -medication interventions being initiated to manage pain

• Male resident with fractured shoulder referred to dementia unit due to aggressive behaviour

• Upon arrival, PainChek assessment undertaken which highlighted severe pain

• Allowed patient’s GP to remove psychotropic medicated & manage pain more appropriately, significantly improving behaviour of the patient

• Female resident complained of chest pain, couple with challenging behaviour

• Staff concluded the pain was psychosomatic, no treatment provided

• PainChek assessment showed moderate pain levels, leading to PRN analgesia

• Patient became far less stressed & agitated

• Severe dementia patient has PainChek assessment, indicating low pain level

• Allowed pain to be treated with a heat pack rather than PRN medications which can cause drowsiness

• Beneficial outcome for patient which led to a revised treatment pathway

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PAINCHEK UNIVERSAL SOLUTION NOW CE & TGA CLEARED

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Accelerates adoption by new clients and supports retention of existing clients

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Broadens PainChek global market opportunity in aged care, home care and hospitals segments

Provides greater insights for medical decision making on pain management & new product development and collaborative opportunities with therapeutics industry

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INFANT APP REGULATORY CLEARED FOR SALE IN MULTIPLE MARKETS*

World first facial recognition - technology to assess pre verbal infant pain through a 3 second AI based video analysis of the face – CE & TGA clearance for Infant version achieved Q2 CY21

PCK infant clinical study accepted for publication in Lancet Digital Health July 2021

Separate independent clinical study confirms parents/practitioners have difficulty discerning whether pre -verbal children are in genuine pain or just crying from discomfort, hungry, wanting attention etc.

Global market

opportunity very large with low customer acquisition cost

APP SCREENSHOT

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1 http://www.ecology.com/birth -death-rates

CONSUMER PRE -VERBAL CHILDREN MARKET VALUE Indicative App Price A$10/month Net Revenue after app store A$7/month commissions No. 0 -3 year old Worldwide 400m No of Infants (1 month to 1 year) 140m MARKET SHARE EXAMPLES 400k subscribers = 0.1% Global Market Share A$33.6m Annualised Revenue 4m subscribers = 1% Global Market Share A$336m Annualised Revenue 2 ABS 2016 3 Management Estimates

TARGET MARKETS

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Children’s Hospitals
Post Natal Wards
Post surgical units
Health care professionals
General Practitioners
Parents
Day care workers
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• Regulatory clearances received in UK, Europe, Canada, Singapore and New Zealand

PAINCHEK INFANT ACCEPTED FOR PUBLICATION BY LANCET DIGITAL HEALTH

• Renowned journal Lancet Digital to publish – Assessing procedural pain in infants: A rapid point -of-care solution using automated facial analysis

• PainChek Infant’s validity and reliability was assessed against the paper based Neonatal Facial Coding System Revised (NFCS -R), and the observer administered Visual Analogue Scale ( ObsVAS )

• Study used video recordings of 40 infants aged 2 to 7 months of age, with more than 4,300 pain assessments completed in two separate evaluation sessions, four weeks apart

• PainChek Infant pain scores demonstrated excellent correlation with NFCS-R and ObsVAS scores, moderate to excellent inter -rater reliability and high levels of internal consistency

• The findings provide evidence that PainChek Infant offers valid and

• reliable means of assessing and monitoring procedural pain in infants

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-VERBAL PATIENTS ¹

NEW STUDY CONFIRMS DIFFICULTY IN ASSESSING PAIN IN PRE

• Facial expressions noted as one of the most important cues to assess pain in infants ²

• Re cog n isin g p a in b y ob se rvin g th e fa ce is ch a lle n g in g

• Ba rros e t a l¹ re ce n t stu d y fou n d :

• On ly 80 ou t of 14 3 a d u lts corre ctly id e n tifie d p a in /n o p a in in n e w b orn s

• He a lth p rofe ssion a ls w e re a b le to m ore a ccu ra te ly id e n tify p a in /n o p a in

• Fin d in g s p rovid e fu rth e r e vid e n ce of n e e d for a u tom a te d fa cia l a sse ssm e n t of p a in in in fa n ts

• PainChek ® Infant automatically identifies facial features indicative of pain irrespective of who assesses it ( ICC=0·81-0·97, p<0·001).

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1. de Moraes Barros MC, Thomaz CE, da Silva GV, Soares JD, Carlini LP, Heiderich TM, Orsi RN, Balda RD, Silva PA, Sanudo A, Andreoni S. Identification of pain in neonates: the adults’ visual perception of neonatal facial features. Journal of Perinatology. 2021 12:1-5.

2. Pillai Riddell RR, Horton RE, Hillgrove J, Craig KD. Understanding caregiver judgments of infant pain: contrasts of parents, nurses and pediatricians. Pain Research Management 2008;13:489–96.

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PAINCHEK INFANT INITIAL TARGET MARKETS

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1. Post vaccination

2. Post procedural pain

3. Partnerships & licensing

Approx 140 million children born globally each year inc 300,000 in Australia –- 95% fully immunised at 12 months after five immunization appointments

Post operative procedures including Cochlear implantation where children are implanted at 3 months of age

Targeting global therapeutic players providing pain medication and management for health care professional and families

PainChek Infant is intended for use to assess procedural pain / medical investigations or treatments e.g. immunisations, suturing & dressing changes, invasive procedures such as fracture reductions or bone marrow biopsies

Users of PainChek Infant can include healthcare professionals or laypersons, in settings including hospitals, day surgery centres, GP clinics or the home

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- POST COCHLEAR IMPLANTATION EXAMPLE

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Children born Infants deaf are experience pain implanted as intra and post early as 3 the implant months of age surgical to maximise procedure outcomes

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Pain
assessment
post surgery
and switch on is
complex and
challenging for
clinicians and
families
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UNIVERSAL PAIN ASSESSMENT FOR MULTIPLE GLOBAL MARKETS

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DISABILITIES
GPs,
&
OUTPATIENT HOSPITALS
ALLIED
& FIRST AID
HEALTH
CLINICS
PainChek
Infants
HOSPITALS
HOME CARE
HOME GPs,
CARE PainChek &
Adult PAEDIATRIC
SPECIALIST
DAY CARE
S
CENTRES
AGED
CARE
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THE TEAM

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Philip Daffas CEO & Managing Director, MBA, BSc

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Prof. Jeff Hughes Chief Scientific Officer PhD, MPS

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Andrew Hoggan Head of Operations

Iain McAdam CFO

Philip is a highly accomplished global business leader & people manager. Philip has held senior global leadership positions with Cochlear & Roche in Europe, US & Australia.

Jeff is a professor in the School of Pharmacy, Curtin University in Western Australia. Jeff is one of the team who developed the PainChek® concept.

Andy is a Psychologist, management consultant, business leader & executive coach. Andrew has worked in both Australia & the UK across aged care & home care services.

Iain has over 20 years finance & transformational change experience within listed high growth multinational software & services companies, including iSoft & eServGlobal.

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Scott Robertson Chief Technology Officer, MBA, B.Eng.(Comp. Systems)

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David Allsopp Head of Business Development ANZ

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Pete Shergill Business Development Director, UK

Scott has over 25 years’ experience designing, deploying & managing enterprise software systems, adapting to changing client needs.

David has extensive account management, relationship management. He is renowned for establishing trusting, transparent & long-standing relationships in the healthcare space.

Pete is a UK Healthcare business leader &

pharmacist with over 15 years of experience across Health & Social Care. Previous senior commercial roles with Lloyds Pharmacy UK & I-Care UK – a major residential aged care software provider.

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THE BOARD

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John Murray
Chairman
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John Murray Non -Exec Chair

Philip Daffas CEO & Managing Director

Ross Harricks Non -Exec Director

Adam Davey Non -Exec Director

25 years in tech & Venture Capital. Founder of Technology Venture Partners, ex Chair of Residential Aged Care provider. Multiple non-exec board roles.

Philip is a highly accomplished

global business leader & people manager. Philip has held senior global leadership positions with Cochlear & Roche in Europe, US & Australia.

Senior global medical device executive with Nucleus & experienced healthcare NED.

Corporate finance executive with extensive capital markets experience.

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PAINCHEK FOCUSES FOR FY22

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CONTINUE TO MAINTAIN & GROW POSITION IN ANZ MARKETS

• Home care

• Develop pipeline to enable PainChek to maintain/top -up ~120k total beds in ANZ RAC

• Leverage RAC partners with home care offerings Commercial partnerships with targeted CMS home care groups

• Transition clients to commercial agreements

• Hospitals Leverage existing studies with Ramsey & Hollywood in WA Partner with medical device suppliers Bundle Infant and Adult app

• Maintain/grow integration partnerships with CMS partners & medication management providers

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DEVELOP INTERNATIONAL MARKETS

PAINCHEK INFANTS

• UK

• Build market acceptance & early -stage revenues in ANZ & UK

• Rapidly expand RAC beds penetration Expand integration partners Quickly develop home, hospital & infant markets following ANZ

  • Studies to support entry into procedural pain indication – focus on vaccinations & post -op care within clinics/hospitals

• Other geographies

• Development of Canada, Asia & mainland Europe opportunities

• Extend product portfolio inc greater age range & validating multidimensional versions

Target US, Japan & China in 2023 – post regulatory approvals

• Identify & build global go -to -market partnerships

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CORPORATE SUMMARY

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	Share price (28 July 2021) A$0.055 Shares on issue 1,126.8m Market capitalisation A$62.0m Cash (30th June 2021) A$11.4m Unlisted options/performance rights 34.7m Debt Nil Financial information Top shareholders % Peters Investments Proprietary Ltd 9.7% Board & key staff 11.6%

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Q&A

PHILIP DAFFAS, CEO & MD

PAINCHEK LTD | ASX:PCK