Investor Presentaiton

Use of Funds and Balance Sheet Remaining Hollister debt of NZ$11m to be repaid from existing cash reserves - company will be debt free AROA will have pro-forma net cash of NZ$65m¹ post offer (net of debt repayment) Use of Funds • Fully funded through to profitability • Investment in US commercial operations to take advantage of the market opportunity for AROA's portfolio of products Additional funds deployed to accelerate and broaden R&D pipeline to bring more products to market 1. Assumes fully subscribed Placement. Does not include proceeds from SPP. Amount Investment in US commercial operations A$15m R&D and product pipeline A$5m Cash on Balance Sheet A$25m Costs of the Offer A$2m Total A$47m¹ AROA™ 9

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