Investor Presentaiton

Not financial or product advice This Presentation does not constitute financial product or investment advice or a recommendation to acquire securities in AROA. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Each recipient is solely responsible for forming its own opinions and conclusions on such matters and the market and for making its own independent assessment of the information provided. To the extent permitted by law, no reliance may be placed for any purpose whatsoever on the information included in this Presentation or on its accuracy or completeness. An investment in securities is subject to known and unknown risks, some of which are beyond the control of AROA and its directors, including, possible loss of income and principal invested. AROA does not guarantee any particular rate of return or the performance of AROA, nor does it guarantee any particular tax treatment. Prospective investors should have regard to the "Key Risks" section in this Presentation when making their investment decision. Cooling off rights do not apply to the acquisition of the New Shares. Financial data The historical and pro forma financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of AROA's views on its future financial condition and / or performance. Investors should also be aware that certain financial data included in this Presentation are "non-GAAP financial measures" under Regulation G of the U.S. Securities Exchange Act of 1934, as amended. The disclosure of such non-GAAP financial measures in the manner included in this Presentation may not be permissible in a registration statement under the Securities Act. These non-GAAP financial measures do not have a standardized meaning prescribed by New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and therefore may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with NZ IFRS. Although the Company believes these non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-GAAP financial measures included in the Presentation. All references starting with "FY" refer to the financial year for AROA ended 31 March in each year. For example, "FY2021" refers to the financial year ending 31 March 2021. Certain figures, amounts, percentages, estimates, calculations of value and fractions provided in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. Past performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Future performance The Presentation contains certain "forward-looking statements". The words "forecast", "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice and involve known and unknown risks and certainties and other factors which are beyond the control of AROA and its respective directors and management and the Joint Lead Manager Parties (defined below), and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. This includes statements about market and industry trends, which are based on interpretations of current market conditions. None of the Joint Lead Manager Parties have authorised, approved or verified any forward- looking statements. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumption on which these statements are based. These statements may assume the success of AROA's business strategy. The success of any of those strategies will be realised in the period for which the forward looking statement may have been prepared or otherwise. Prospective investors are cautioned not to place undue reliance on forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward looking statements are based on information available to AROA as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of AROA, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. TM AROA 3

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