Updated Investor Presentation

INVESTOR PRESENTATION
May 2020(NZX: TRU)

A world without cervical cancerCervical Cancer can and should be prevented. Truscreen provides an accurate, re
al time screening solution.
Our screening solution is idea
l for communities that can’t
access conventional laboratory-enabled screening methods. It is affordable and easy to learn.Our purpose is to ensure that all women of screening age – no matter who they are – can have access to quality screening
.
2

Cervical cancer is a major public health issue
Fourth most common cancer, affecting women►
570,000 new cases each year
►
311,000 deaths p.a.
Young women in low and middle incomecountries (LMIC) are most at risk►
Most diagnoses occur at age 35-44
►
85% of cases and 87% of deaths occur in LMICs
1BN+ women of screening age
in LMICs – this is our focus
3

90%
coverage of HPV
Vaccination of girls (by 15 years of age);
WHO has set a target to eliminate cervical cancer by the end of the century
WHO GLOBAL TARGETS FOR 2030
70%
coverage of screening
(70% of women are screened with high-performance tests by the ages of 35 and 45 years) and 90% treatment of precancerous lesions;
Management of 90%
of invasive
cancer cases
4

►
LMICs – lowest screening rates, highest incidence and mortality rates
►
Innovative service delivery models are required, if LMICs are to meet screening targets
►
TruScreen’s disruptive model offers this•
No reliance on lab infrastructure
•
Accurate real time screening
•
Easy to learn
•
Affordable
►
TruScreen already has a presence in many of these markets – and the support of Key Opinion Leaders, NGOs and government organisations
The opportunity for TruScreen
5

Access to screening programs has been limited due to:
TruScreen’ssolution is ideal for LMICs
Access to ‘’no lab’’, accurate, simple to use and affordable screening essential
TRUSCREEN HAS CLOSE TO 1bln WOMEN ELIGIBLE FOR
SCREENING IN KEY MARKETS
Russia (44m)
China (401M)
Middle East (70M)
Vietnam (30M)
Zimbabwe (4M)
TruScreen’s current markets
Targeting commercial roll-out
►
Lack of laboratory infrastructure
►
No HPV vaccination programs
►
Shortage of diagnostictechnicians
Mexico (31m)
India (302M)
6

Investment highlights
The only real-time cervical screening method available in LMICs
Disruptive technology, high potential
Clinical and commercial validation
Attractive commercial model
Poised for growth
►
Real-time, single visit, mobile screening technology
►
No lab infrastructure required, nurse administered
►
Recognised by WHO, UNITAID and the Clinton Health Access Initiative
►
Sensitivity and specificity equal to, or better, than alternative screening tools
►
Clinically tested on over 40,000 women in 25 studies across 20 countries
►
Established user base / KOL support in key markets
►
Targeting large markets
►
Lean distributor-based model
►
Annuity revenue stream
►
Ramping up in existing markets to deliver sales growth amid COVID impact
►
New markets (India, Viet
nam) coming on board
►
Manufacturing process enhancements to deliver double-digit margin improvement
7

17.4%
8.8%7. 3 %5.3%
$0.071 (as at 15 May 2020)$1M (as at 31 March 2020)Consolidated NomineesBrowns Island Holdings LtdWaitara Trustees LimitedNZ Central Securities
Market cap
Share price
Cash position
NZ$16.2M (as at 15 May 2020)
Significant shareholders
Financial overview ($NZD)
8
0.0 m0.1 m0.2 m0.3 m0.4 m0.5 m0.6 m0.7 m0.8 m0.9 m1.0 m
0.040.060.08
0.1
0.120.140.160.18
0.2
Apr‐19 Jun‐19 Aug‐19 Oct‐19 Dec‐19 Feb‐20 Apr‐20
Volume (m)
Share price ($)
Volume
A capital raising closed on 15 May 2020, which raised NZ$3.743 million.

Charging station
TruScreen
Device
Single Use Sensor
(SUS)
How it works►
Low electrical charge and light examines the cervix’s surface
►
Uses algorithm to determine if cervix tissue is normal or abnormal
9

Competitive advantagePatients►
Real-time results
►
Painless
►
Non-Invasive
TRUSCREEN
Clinics►
Objective readings
►
Minimal training
►
Cost effective
►
Single visit
►
Portable
Technology►
No requirement for lab
►
User-friendly
►
Accurate readings
PAPPatients►
Repeat visit
►
Scraping of cervix
Clinics►
Widely varying accuracy
►
Human error
►
Labour intensive
►
Long wait times
(days/weeks/months)
►
Vaccines don’t cover all
►
HPV types
Technology
10

Compelling market opportunity
End customers
►
NZD $166M addressable market p.a.*
►
SUS creates annuity revenue
►
Co-investment model with distributors, lean organizational structure
TruScreen’s local distributors target:
►
Public hospitals
►
Private hospitals
►
Public health initiatives
►
Governments
►
Non-Government Organisations
TruScreen device
Single Use Sensors
(SUS)
*
Based on TruScreen achieving 5 per cent market share of developi
ng markets’ cervical cancer screening age population screened on
ce every three years
11
Sustainable ‘razor-blade’ revenue model

12
Video: Acceptance in one of our core markets (Russia)
Please click on the following link to upload the vi
deo, or copy and paste the link to your browser
https://truscreen.com/news/truscreen-market-acceptance-russia/

Listing on
NZAX
2014 Nov
2017 Dec
CFDA approval for
second generation
device
Listing on
NZAX
2018 Jul
2018 Jul
Commence large
scale pilot with China
CDC and COGA
523% sales
growth in H1
2018 Oct
2018 Dec
Migration to NZX
Recognition
by World
Health
Organization
2019 May
2019 Sep
China COGA study
first screening results
exceed expectations
•
Strengthen / growing team
•
Recovery COVID-19
•
Margin improvement
•
Further roll-out in China & Russia
•
Setting commercial roll-out in Vietnam and India
2020 - 2022
2022 & onwards
•
Rollout Gen 3 device
•
Rapid non-linear sales growth
•
Company growth to support the sales
•
Strategic partnerships
Setting the fundamentals
Transformation
Rapid growth
2014 - 2019
13
Our commercialization journey

Drive adoption in established markets and new markets►
Continue roll-out in more established markets (China, Russia, Zimbabwe)
►
Drive adoption and prepare roll-out in India and Vietnam based on successful clinical trials finalized recently
►
Seed in promising LMIC markets (Eastern Europe, Asia Pacific)
Relentless focus on product quality and innovation ►
New Quality Assurance (QA) systems implementation
►
Ongoing improvement of device in line with feedback from markets
►
Generation 3 product development and launch
Expanding clinical support►
New clinical publications under MAC supervision
►
Continue local trials to ensure local KOL support
►
Launch online education module with certification to prepare the company for rapid expansion
Enhance team capabilities ►
Hiring of high profile executives with expertise in medical devices / LMIC markets (CEO, CTO)
►
Leverage digital solutions for QA, training & education, sales support
►
Grow the team in line with sales progress/business needs
►
Establish on-going team upskilling
14
Growth Strategy

China – Most Advanced Market & Largest Opportunity
►
Truscreen’s largest market (57% of sales)
►
World’s largest cervical cancer market
►
First distribution agreements signed in 2014
►
Pilot program of 20,000 women with Centre for Disease Control (CDC)
►
Clinical study with Chinese Obstetricians & Gynaecologists Association (COGA) of 20,000 women in public hospitals – results from Hunan province released and exceeded expectations
►
Hospital usage of SUS: Up to 1,000 per month
Market
Screening population
NGO/KOLengagement
Pilotprogram
Distribution/sales commenced
Number of devices installed
China
401M
Yes
Yes
Yes
58
Mexico
31M
Yes
Yes
Yes
10
Russia
44M
Yes
Yes
Yes
29
India
300M
Yes
Yes
No
0
Zimbabwe
30M
Yes
Yes
No
0
Vietnam
26M
Yes
Yes
No
0
Key Markets
15
Key markets

Key variances
RevenueGross ProfitResearch and DevelopmentMarketing
►
Initiated major initiative for SUS cost reduction, signing long-term contract with SUS supplier
►
Optimising total overheads via revisiting the external suppliers network and ruthless prioritization of activities
►
R&D costs reducing as product matures
►
Investment in business capability and people
►
Negatively impacted by COVID-19
►
Chinese business gradually recovering after COVID-19 outbreak, expect improvement from Q2 2020
►
R&D 2020 includes positive adjustment from 2019
Operating EBITA
►
Improved in 2020 with lower R&D spend and benefit of
positive adjustment on 2019 R&D receipt
KEY FINANCIALS NZD (m)
FY17Actual
FY18Actual
FY19Actual
FY20Estimate
% Change
FY20/FY19
Sales
0.6
0.8
1.9
1.3
- 40%
Total Revenue
1.4
2.2
3.1
2.5
- 19%
COGS
.47
.74
1.4
0.9
-
R&D
1.2
1.9
1.7
0.9
-
Marketing
.56
.39
.29
.47
-
G&a
2.1
2.7
2.5
2.8
-
EBITDA
(3.0)
(3.6)
(2.8)
(1.7)
+40%
Net Assets
14.3
11.6
11.3
9.8
Cash and CashEquivalents
3.7
1.2
1.7
1.0
-60%
Net Assets
►
Net assets subject to audit review of carrying value of intangibles given uncertainty of COVID-19
16
Financials

$0
$500,000
$1,000,000$1,500,000$2,000,000$2,500,000$3,000,000$3,500,000
2019
2020
Total revenue
$1,200,000$1,230,000$1,260,000
2019
2020
R&D Income
$0
$200,000$400,000$600,000$800,000
$1,000,000
2019
2020
Device revenue
$0
$200,000$400,000$600,000$800,000
$1,000,000$1,200,000
2019
2020
Consumables (SUS)
Full-Service Distribution Chanel•
SUS revenue will grow at a higher rate than Device revenue
•
SUS revenue will become a sustainable recurring revenue stream
•
The device has an expected lifetime of 5-7 years and the SUS is used once per test per patient
0 yrs.
5 yrs.
Device
SUS
Device and SUS Revenue
Revenue, $NZ

18
►
“Return to normal” in China – supporting business as China recovers from COVID-19
►
Implementation of improved electronic quality assurance system
►
Hire Chief Technology Officer
►
Overhead reduction program via review of all external suppliers and revisit priority activities
►
SUS cost reduction program initiated > new contract terms with SUS supplier, long-term agreement
►
Continue to prepare for dual ASX listing
Milestones: Near-term
Business transformation underway

19
►
Targeting double-digit percentage revenue growth despite COVID-19 impact
►
Further roll-out in China to reach installed devices base of min 70 hospitals (+43% vs 2020)
►
Continue with the roll-out in Russia and initiate the roll-out in Vietnam and India
►
Implementation of a comprehensive device traceability QA system
►
Achieve double digit percentage reduction of SUS cost to boost GP
►
Commence local device assembly in China
►
Generation 3 development > improved product design in line with customers’ feedback
Milestones: Next 12 months
Focus on rapid non-linear sales growth once COVID-19 restrictions are lifted

CEOVictoria Potarina
►
More than 20 years commercial experience
►
Previously worked at Johnson and Johnson across UK and Europe
►
Held positions at multiple multinational companies in the FMCG, over-the-counter, medical devices and healthcare sectors
CFOGuy Robertson
►
Chartered accountant with 30 years financial management and leadership experience
►
CFO & Company Secretary for TruScreen
GM International BDDr Jerry Tan
►
Qualified gynaecologist
►
Extensive experience in China, and East Asia
►
Oversees distributors, market evaluation and clinical trials
Chief Technology Officer
►
Expert in Healthcare Compliance including medical device licensing and quality assurance
►
Responsible for manufacturing, research and development, registrations and quality assurance
GM Quality & Regulatory Compliance
Paul Curran
►
Key role to be hired
20
Invigorated and experienced executive team

ChairmanTony Ho►
Non-executive chairman of Greenland Minerals (ASX: GGG) and Bioxyne(ASX:BXN)
►
Chairmen of CannasouthLimited (NZX: CBD)
►
Past NED of Hastings Technology Metals (ASX:HAS) and Brazin (ASX:BRZ)
Non Executive Director Christopher Horn
►
Chair of Audit, Finance and Risk Committee
►
20 years as a partner of KPMG and its predecessor firms.
Non Executive DirectorChris Lawrence
►
Experienced life science and biotech investor
►
Strong experience in high growth companies, particularly in biotech sector
►
Member of Audit, Finance and Risk Committee
►
Senior healthcare executive with 30+ years experience in international and medical device businesses
Non Executive DirectorCon Hickey
21
Board of directors with extensive experience

Contacts Tony Ho, ChairmanVictoria Potarina, CEOGuy Robertson, CFO
www.truscreen.comE: victoriapotarina@truscreen.com
22

APPENDIX
23

Market entry and development
Build awareness•
Key opinion leader (KOL) engagement and endorsement
•
Medical conferences

•
Clinical trials/studies
Expand global footprint•
Local distributor strategy
•
Public health initiatives
•
Partnerships with Non-Government Organisations and Government agencies
Technology transfer to key markets
SS1

Doctor acceptance
(1)
•
152 women surveyed at the Whittington Hospital, London82% preferred TruScreen
•
2% preferred the Pap smear
•
Main factors cited for TruScreen preference were immediate results, less pain or discomfort
•
> 60% of doctors rated TruScreen at 4 – 5 out of 5
•
The two main advantages cited were TruScreen’sreal time results and the absence of a need for laboratory facilities and personnel
Patient acceptance
(2)
201612
840
a.. Real-time results-
Patients are not lost to
follow-up
b. No laboratory
facilities or trained
cytologists needed
c. Objective, self-
checking procedures
ensure consistent and
reproducible results
d. High accuracy
and earlier
detection of
precancerous
lesions
e. Non-
invasive, less
discomfort to
women
25
Acceptance of TruScreen

TruScreen1 at Guadalajara (2016)
Sens
itivity to CIN2+ 78%
Specificity 64%
TruScreen1 at Li Xia et al in China (2011)
Se
nsitivity to CIN2+ 81.7%
Specificity 79.6%
TruScreen1 at Guangdong China (2010)
Sensit
ivity to CIN2+ 78.8%
Specificity 74.4%
TruScreen1 in Shandong China (2010)
Se
nsitivity to CIN2+ 75%
Specificity 85%
TruScreen’s performance
Interim results RHW (2017): Excellent. 93% Negative Predictive ValueInterim results Hunan China (2019): Se
nsitivity: 89.29%; Specificity: 87.17%
PAP and HPV in TruScreen’s markets – Sensitivity to CIN2+
Guadalajara (2016)
HPV DNA 56%
PAP 36%
TruScreen in Hunan China (2019)
HPV DNA 92.86%
PAP 67.87%
TruScreen1 at Guangdong China (2010)
PAP 42.2%
TruScreen1 in Shandong China (2010)
PAP 43%
26
Clinical Data

Professor Neville Hacker AM
•
Professor Neville Hacker is conjoint Professor of GynaecologicalOncology at the University of New South Wales and recently retired from clinical practice after 32 years as the director of the Gynaecological Cancer Centre, Royal Hospital for Women in Sydney, where he continues to serve as an Emeritus Consultant.
•
He is a past President of the Society of Pelvic Surgeons. He is a pastPresident of the International Gynae
cological Cancer Society, former
Chairman of the Oncology Committee of the RANZCOG, and a formerChairman of Examiners for Gynaecologic Oncology, RANZCOG.
Clinical Advisory - Professor of GynaecologicalOncology
Colonel (Dr.) Michael J. Campion –Chairman
•
Colonel (Dr.) Michael J. Campion is a Senior Staff Specialist and Head ofthe Pre Invasive Clinic at the Gynaecological Cancer Centre of the RoyalHospital for Women in Sydney and is a Conjoint Associate Professor,School of Women’s and Children’s Health, at the University of New SouthWales.
He has over 30 years’ experience as a qualified medical
practitioner and over 20 years of experience as an expert colposcopist.
•
In addition, Dr. Campion is the Director, Health Services Army Reserve –
Eastern Region for the Royal Australian Army Medical Corps and is both
a Board member and National Hospitaller, St John Ambulance,Australia. Dr. Campion has written numerous peer reviewed papers andchapters on cervical cancer, including papers on TruScreen.
RAAMC, CStJ, KM, KCHS, KLJ
27
Experienced medical advisory board

Intellectual property
•
TruScreen uses trade secrets to
ensure protection against IP
infringement
•
Enumerated in the appendices to the Marrakesh Agreement which established the World Trade Organisation
•
Electro Optical Assembly
•
Firmware
•
Circuit Design and Printed Wire Assemblies (electronics)
•
Single Use Sensor
•
Algorithm
•
Trademarks
•
All testing protocol and manufacturing specifications
•
China:
•
Patent - Apparatus for Tissue Recogn
ition Using Multiple Measurement
(ZL201210439914.9)
•
Trademarks for “TruScreen” and “SUS” (English and Chinese equivalent)
IP coverage:
28

DisclaimersThis presentation has been prepared by TruScreen Limited (the “
Company”) and is dated 18 May 2020.
 This presentation contains s
ummary information about the Co
mpany and its activities which i
s current as at the date of this presentation. 
The information in this presenta
tion is of a general nature and
 does not purport to be complete nor does it contain all the in
formation which a prospective investor may require in evaluatin
g a possible investment in the Company. This 
presentation should be read in conjunction with the Company’s a
nnual report, market releases and other periodic and continuous
 disclosure announcements, which are available at 
www.nzx.com
. This presentation does not constitute an 
offer, advertisement or invitation in any place in which, or to
 any person to whom, it would not be lawful to make such an off
er, advertisement or invitation. 
Not financial product adviceThis presentation is for information purposes only and is not f
inancial or investment advice or a recommendation to acquire th
e Company’s securities, and has been prepared without taking in
to account the objectives, financial situation or 
needs of prospective investors. 
Before making an investment dec
ision, prospective investors should consider the appropriatenes
s of the information having regard to their own objectives, fin
ancial situation and needs and consult a financial 
adviser, solicitor, accountant or other professional adviser if
 necessary.
Past performanceAny past performance information given in this presentation is 
given for illustrative purposes 
only and should not be relied u
pon as (and is not) an indication of future performance. No rep
resentations or warranties are made as to the 
accuracy or completeness of such information.Future performanceThis presentation includes certain “forward‐looking statements”
 about the Company and the environment in which the Company ope
rates. Forward‐looking information is inherently uncertain and 
subject to contingencies, known and 
unknown risks and uncertainties and other factors, many of whic
h are outside of the Company’s control, and may involve signifi
cant elements of subjective judgement and assumptions as to fut
ure events which may or may not be correct. A 
number of important factors could cause actual results or perfo
rmance to differ materially from any forward‐looking statements
. No assurance can be given that actual outcomes or performance
 will not materially differ from the forward‐
looking statements. The forward‐
looking statements are based on
 information available to the Company as at the date of this pr
esentation. Except as required by law or regulation (including 
the Listing Rules), the Company undertakes no 
obligation to provide any additional or updated information whe
ther as a result of new information, future events or results o
r otherwise.
29