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ASM Presentation/Q1 FY22 Growth Metrics

Quarterly Update29 July 2021PEBHealthcare

29 July 2021
Page 1 of 13

PACIFIC EDGE 2021 ANNUAL SHAREHOLDERS MEETING

CHAIR AND CEO SPEECHES


CHAIRMAN’S PRESENTATION : CHRIS GALLAHER

BOARD OF DIRECTORS

I’m pleased to welcome the majority of our directors to Dunedin today, after we gathered online only last

year, with Bryan Williams and I joining you from Melbourne.

Over the last 12 months, we have continued a rejuvenation of the Board, and have been pleased to

welcome two new directors in recent months – Anna Stove and Mark Green. Both have skills, experience

and capabilities which bring strength to our Board and they have already provided valuable insights in the

short time they have been a part of our company. Anna and Mark will be standing for election by

shareholders today and you will have an opportunity to hear from them later in the meeting.

We also farewelled David Levison from the Board in November 2020 when he agreed to move into the

role of Executive Chairman, PEDUSA. I would like to take this opportunity to thank David for his valued

contribution to our company over his five years as a director.

Other directors in Dunedin today are Sarah Park, chair of our Audit and Risk Committee; Anatole Masfen,

chair of our Capital Committee; and David Darling, our CEO. Anatole retires by rotation today and is

standing for re-election and you will have an opportunity to hear from him later as well.

I would like to thank all our Board members who have served during the year for their counsel and

support.

Also in attendance in Dunedin are, our legal advisers, Anderson Lloyd, and Pacific Edge’s auditors,

PricewaterhouseCoopers.

We also welcome other members of our senior leadership team and other staff members who are joining

us.

BOARD SKILLS MATRIX

The Board has a skills matrix which identifies the competencies and skills which we believe will add value

to the governance of Pacific Edge. Directors’ capabilities are considered against this skills matrix and it is

an important tool in our Board succession planning and appointment of new directors.

We believe that the current directors have the appropriate balance of independence, skills, knowledge,

experience and perspectives necessary to provide the governance for Pacific Edge as the company grows.

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We have identified several areas where we feel we can add further depth and any new appointments to

the board will take these into consideration.

OUR CONSISTENT LONG TERM GROWTH STRATEGY

Our strategy remains consistent – to attain global reach with our comprehensive suite of Cxbladder

products and to maximise the value of our technology for the benefit of our shareholders.

We will do this by:

• Commercialising all four of our Cxbladder tests with our focus on urothelial cancer in our targeted

markets around the world;

• Sustaining our first mover advantage and positioning Cxbladder as the preferred detection and

management test for urothelial cancer; and

• Growing the adoption of multiple Cxbladder products by large scale institutional healthcare

customers, for multiple clinical needs.

Underpinning all this is the commitment to building a profitable business and delivering superior value to

patients, physicians and our shareholders.

FY21 WAS A YEAR OF ACHIEVEMENT

FY21 was a year of positive progress against our strategy, despite the challenges of Covid-19. The major

highlights of the year were:

• The coverage from the Centres for Medicare and Medicaid services for Cxbladder Detect and

Cxbladder Monitor at the national CMS price of US$760 per test.

• Commercial agreement for all our Cxbladder tests nationally, with Kaiser Permanente, one of the

largest integrated healthcare organisations in the US; and

• The publication of additional clinical evidence highlighting the clinical utility of Cxbladder.

The market’s response to these events was very encouraging and pleasingly, Pacific Edge was included in

the NZX 50 index, which resulted in a re-rating of shares. I’m sure many of our long standing shareholders

will have been pleased with the significant uplift in share price in the last 12 months.

To leverage these major commercial milestones, we progressively scaled up our US operations in the

second half of the year, adding more resources to maximise the opportunities ahead of us. A $22m

placement to ANZ NZ Investments last year has provided the capital to fund this growth.

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This was a real financial vote of confidence in the company and its prospects by a substantial and reputable

NZ Institution and enabled us to broaden our institutional shareholding base and raise growth capital for

the company in a very cost effective manner.

STRONG IMPROVEMENT IN YEAR ON YEAR RESULTS

It was particularly pleasing in the pandemic environment to be able to report a stronger financial result,

with strong growth in operating revenue and operating cashflow, a 25% reduction in our net loss and a

significantly strengthened balance sheet.

The result included a nine month contribution from the CMS and also reflected the impact of Covid-19 on

our business, with our momentum at a slower pace than could have otherwise been expected in a ‘normal’

operating environment.

WE ARE POSITIONED FOR GROWTH

Our vision remains for Cxbladder to become the most trusted and preferred diagnostic test for the

detection and management of urothelial cancer.

We have a very strong competitive advantage in our validated suite of Cxbladder products – the time and

resources it would take to develop a better test than Cxbladder gives Pacific Edge its key competitive

advantage.

Peer reviewed and published clinical evidence continues to support the outperformance of our Cxbladder

tests and a growing number of urologists and healthcare organisations are adopting and using our tests,

particularly in the USA and in New Zealand.

We now have the reimbursement milestones, the clinical evidence, the infrastructure and the resources

to build on our achievements.

We have a strong outlook for FY22 and beyond and are well positioned to capitalise on the opportunities

available to the company. Growth initiatives are being deployed in all Pacific Edge’s target markets, with

the US remaining the primary focus.

This is an exciting time in Pacific Edge’s journey. Momentum is building and we now have the catalysts in

place to advance our positioning as the preferred diagnostic test for detecting and managing bladder

cancer globally.

We are focused on building scale as quickly as possible to deliver revenue growth and value for

shareholders.

The progress and achievements gained in the last year are a reflection of the hard work, passion and

efforts of our experienced team, who stepped up to the plate during a very difficult year and in a testing

operating environment.

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On behalf of the Board, my thanks go to the Pacific Edge team for their contributions over the last year. I

would also like to acknowledge and thank our shareholders who have supported us as we have rolled out

our strategy.


CEO’S PRESENTATION: DAVE DARLING

OUR CHANGING WORLD

The Covid-19 pandemic has had a transformational effect on traditional healthcare and presented

challenges and opportunities for Pacific Edge.

One of the key themes to emerge over the last year has been the value of a robust and enduring

healthcare system. The pandemic has accelerated the use of novel technologies and platforms, and in

particular telemedicine. This has been further aided by the lifting of barriers to telehealth and, in the US,

the raising of the CMS reimbursement rate for medical consultations. For some existing and new US

customers, Cxbladder played an important, enabling role in the new telehealth environment, allowing

patient evaluation and assessment to be managed remotely.

OUR PRODUCTS ARE CENTRAL TO THE TELEHEALTH MODEL

We were at the perfect stage in our commercial evolution when Covid-19 took hold, with reimbursement

milestones in place, an existing system that allowed for patient in-home sampling and a commercial

agreement with the largest single validation customer in the US, Kaiser Permanente. Serendipitously,

Kaiser had recently completed their study of Cxbladder, using the Cxbladder urine sampling system as the

mechanism to collect samples from patients in their own home and therefore were well positioned to

capitalise on its performance and benefits.

As they have done for a number of years, New Zealand urologists have led the way in the adoption of

Cxbladder and integration into the standard of care. So too they led the way with the use of in-home

sampling and for some, the addition of a second product to their mainstream use. During the Covid lock-

down, three of New Zealand’s large public healthcare providers were actively using Cxbladder for in-home

sample collection and two public healthcare providers moved to add another Cxbladder product to their

mainstream commercial use. This has obvious benefits for patients and frees up essential healthcare

capacity.

Over the last year, some organisations have reported up to 90% of their consultations being tele-

consultations due to Covid-19 restricting access to clinics. While this percentage is expected to level out,

it is also expected to remain significantly higher than pre-pandemic. The global precedent has now been

locked in place and telehealth is expected to become an accepted and more usual channel for the delivery

of healthcare in the future.

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PROGRESS AGAINST STRATEGIC GOALS

As Chris has outlined, we have made good progress against our strategic goals in FY21 and are now

building on our achievements with growth firmly in our sights.

OUR COMMERCIAL FOCUS REMAINS TO...

Our primary focus going forward is to firstly encourage commercial use of Cxbladder by large scale

institutional healthcare organisations in each market; and secondly, to encourage our customers to

include multiple products from the Cxbladder suite of tests in their standard of care and mainstream

commercial use.

LAUNCH AND COMMERCIALISE ALL FOUR CXBLADDER PRODUCTS

Our first strategic goal is to launch and commercialise all four Cxbladder products in our targeted markets

around the world.

CXBLADDER A GLOBAL FIRST

We know of no other company which has created a suite of commercial molecular diagnostic products

that positively impact clinical decision making across the entire pathway in a single cancer.

Cxbladder remains the only suite of products which can be used across the full clinical pathway, from

evaluation through to ongoing monitoring for recurrence of cancer, to address the many clinical

challenges that physicians have identified for us.

All four of our products are commercially available in New Zealand and three are currently available in the

US; and we are planning to initiate the launch our fourth product, Cxbladder Resolve, in the US in this

financial year following the successful publication of its performance in the tier one journal, The Journal

of Urology.

PRIMARY FOCUS REMAINS THE US

We are commercialising our suite of tests in four targeted markets – the US, New Zealand, Australia and

South East Asia. These are markets of scale and markets that have a clear path to reimbursement with a

high propensity to pay strong reimbursement rates for our tests.

Adoption of Cxbladder is growing in NZ; with escalating momentum in US; and progression of User

Programmes in Singapore and Australia.

The market that offers us the largest and most accessible opportunity right now is the USA and it remains

our primary commercial focus. The annual addressable market size in the US for bladder cancer is

estimated to be more than 5 million test opportunities for all products, across all identified needs with an

estimated annual addressable revenue opportunity of approximately US$3.5b

1

.

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SUSTAIN THE GLOBAL FIRST MOVER ADVANTAGE

Our second pathway to achieve commercial success is through the leverage of our first mover advantage

and positioning Cxbladder as the preferred detection and management tests for urothelial cancer.

Pacific Edge owns world leading technology and intellectual property and we have a significant time based

competitive advantage. The ability for our tests to be used across the entire clinical pathway, the multiple

tests, the consistent performance and the ease of transfer of urine samples from the patient to the lab,

all enhance our competitive advantage.

Commercially, we are well ahead of any molecular diagnostic competitors, with a clinical evidence

portfolio of peer-reviewed published papers supporting the repeated outperformance of Cxbladder,

increasing coverage by insurers and achievement of major US reimbursement milestones. As we now

know well, these milestones take a long time and substantial investment to achieve.

ADOPTION OF MULTIPLE CXBLADDER PRODUCTS

As we have said, our primary focus is not just to move urologists to using Cxbladder but to encourage use

of multiple Cxbladder products from our suite and gain inclusion in the standards of care.

Urologists and healthcare providers are becoming increasingly aware of the benefits Cxbladder offers –

timely non-invasive detection, rule-out of patients who don’t have disease, better management of patient

and reduction in the number of patients coming into clinics.

New Zealand has been leading the way with many public healthcare providers now having more than one

Cxbladder product in their standards of care. Kaiser Permanente has also recently announced it will

commence commercial use of a second product, Cxbladder Triage.

The products used by physicians depends on their specific risk perspective, their specific clinical issues

and the length of time that a product has been in their market. In the US, the market uses Cxbladder

Detect and Cxbladder Monitor. In New Zealand, the predominant use is Cxbladder Triage and Cxbladder

Monitor.

NEW PAPER HIGHLIGHTS SIGNIFICANT BENEFIT FROM COMBINED USE OF CXBLADDER PRODUCTS

In the last few weeks, a new Cxbladder paper has been accepted for publication in the high profile urology

journal, The Journal of Urology. The paper is a world first and shows how the use of three Cxbladder

products can increase significantly the clinical resolution of a patient’s disease state.

The study evaluated the use of Cxbladder Resolve, alone and in combination with other products, to

correctly identify those with cancer and then to segregate those with high impact tumours for priority

investigation.

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The paper shows that the combined use of three of our Cxbladder tests, using a single patients urine

sample, can firstly rule out those who do not have cancer, then accurately identify those with cancer and

finally, segregate out those with high-impact tumours for priority investigation.

This provides significant benefit to both physicians and patients, significantly reducing the number of

patients requiring further work up while prioritising those patients with these high impact tumours.

This is a pivotal paper for urologists, outlining the significant increase in clinical resolution that can be

achieved from using the multiple Cxbladder products in this fashion. This is the first time the clinical

benefits of this novel approach have been demonstrated.

A significant outcome portrayed by this paper was the outperformance of our Cxbladder products used in

this fashion where combined use of the Cxbladder products provided a 4.8 times more effective outcome

than the new AUA (2020) guidelines. This is expected to be a big help in gaining recognition of the

Cxbladder products for inclusion in the AUA guidelines.

To get a paper published, the journal submits the paper to independent Key Opinion Leader (KOL)

urologists, who review the clinical science and the data and who provide their feedback to the Journal

editor. The reviewer feedback on the TxDxR paper was very positive with one reviewer highlighting the

potential for the study to “change the diagnostic paradigm for patients presenting with haematuria, better

identifying high-risk patients and decreasing the time to tumour diagnosis.”

Another reviewer commented: “This series of urine based tests appears to represent an exciting pathway

for hematuria workups, better stratifying risk of malignancy, and perhaps obviating the need for

cystoscopy in workup of many patients with haematuria”.

INCLUSION IN NATIONAL GUIDELINES

Inclusion in medical guidelines is a progressive process, it takes time, requires compelling clinical evidence

and always follows significant adoption by healthcare providers. Inclusion in guidelines empowers

urologists and organisations to adopt and use our products by providing them with a clear medically

recognised mandate. Guidelines also help payers recognise their obligation to reimburse medical products

once incorporated into guidelines.

In the US, Cxbladder is specifically included in the NCCN guidelines for patients being monitored for

recurrence of urothelial cancer. These guidelines are widely recognised and used as the standard for

clinical policy and practice in oncology by clinicians and payers in the USA.

Several of New Zealand’s public healthcare providers have also integrated Cxbladder into clinical

guidelines, replacing the gold standard cystoscopy in both the evaluation of haematuria and in the

monitoring for recurrence of urothelial cancer.

We are seeing growing recognition of Cxbladder and reference to high performing biomarker technology

for inclusion in urology clinical guidelines and our focus is on gaining stronger inclusion language for

Cxbladder in the near future.

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Last year, we saw guideline language and process changes in both in the American Urology Association

guidelines and EAU guidelines for hematuria and for Non-Muscle Invasive Bladder Cancer including

specific references to Cxbladder studies and performance.

GROW THE ADOPTION OF CXBLADDER BY LARGE SCALE HEALTHCARE ORGANISATIONS

Our third strategic objective is to gain scale adoption by large healthcare institutions in all our targeted

markets, particularly the US.

While these large scale customers can take longer to bring to completion, once commercial agreement is

reached, they can provide significant volume, require lower sales maintenance and deliver more

sustainable, longer term growth opportunities.

Two big commercial achievements occurred over the last year which are important for us. Firstly,

reimbursement coverage by the Centres for Medicare and Medicaid Services or CMS as they are known

and secondly, the completion of four years of due diligence and the conclusion of the commercial

agreement with Kaiser Permanente.

The CMS coverage inclusion also supports our negotiations with the many private insurance payers in the

US who provide cover for approximately 60% of our current commercial tests performed in the US. The

impact of these payer negotiations will be to increase our coverage and therefore reimbursement, as well

as shortening the cycle time for claims payment, our receipt of the cash.

COMMERCIAL AGREEMENT WITH KAISER PERMANENTE

The commercial agreement with Kaiser Permanente was concluded in early June 2020 following

approximately four years of due diligence by Kaiser. The agreement covers all four Cxbladder products for

use in the Kaiser Permanente federation nationwide. Kaiser is one of the largest healthcare providers in

the US with over 12 million members. They chose to commence with Cxbladder Monitor and just recently,

have announced that they will also be starting commercial use of Cxbladder Triage. This is a great

endorsement of our products and services from a leading healthcare provider.

Our first priority last year was putting the systems, processes and training in place to ensure our gold-

standard service levels. The pandemic pushed out our anticipated timeline, as did the level of work

required to integrate our ordering and reporting systems into Kaiser’s IT infrastructure.

Despite the challenges that Kaiser has been enduring over the Covid19 pandemic, Cxbladder Monitor

launched and we are seeing test volumes starting to build. We expect to see volumes grow further,

following the start of the use of Cxbladder Triage in the second quarter of FY22 and as Covid-19

restrictions ease.

GROWING USE/EVALUATION OF CXBLADDER BY LARGE SCALE HEALTHCARE ORGANISATIONS

We have a long list of large scale customers that we like to call Institutional Customers in both the USA

and our other markets, who are currently starting their commercial use or evaluating Cxbladder products,

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including some of the most highly recognised healthcare organisations in the world, such as Johns Hopkins

Medicine and the Cleveland Clinic, to name a couple on our list.

Momentum is growing progressively and the new commercial relationships and agreements that will

result from these will have a significant positive impact on our financial position when concluded.

RECENT COMMERCIAL ACHIEVEMENTS IN THE US

Being covered for reimbursement by the CMS and having reached commercial agreement with Kaiser

Permanente is definitely assisting in our negotiations with other targeted large scale customers and

payers. Both of these commercial outcomes are seen by other healthcare providers and urologists in

general as being large validation ticks. In the last few months, we have announced coverage of Cxbladder

by United Healthcare for their Medicare Advantage policy holders. United Healthcare is the largest private

healthcare provider and insurer in the US. We have also announced a commercial agreement with Facey

Medical Group for the use of Cxbladder Detect and Monitor.

FY21 AND FY22 YTD PERFORMANCE

We have already provided a lot of detail on our FY21 performance, in our recent full year results

announcement, presentation and our annual report. The focus today is on our trajectory into this financial

year.

FY21 PERFORMANCE SNAPSHOT

Covid-19 had a significant impact on our performance in FY21, particularly in Q1 during the initial

lockdowns and then throughout the year, particularly in the US as infection rates continued to fluctuate

and states went in and out of covid restrictions.

Despite the challenges of operating in this environment, we were pleased to deliver a strong recovery to

our business and a strong financial result. It is opportune to recognise the great effort of the Pacific Edge

team for standing up, finding creative solutions and in making it happen.....Thank you!

For many of you, you will not know that our New Zealand scientists and front line team were set up to

provide Covid-19 testing services for New Zealand although we were not called upon by the Ministry of

Health to provide any test services. Thank you to the team.

Q1 FY22 PERFORMANCE

Our strong recovery from Covid-19 has continued into the first quarter of FY22 with test volumes ramping

up as the benefits start to be realised from our investment into growing the number of our US sales team

adding additional sales territories and as covid restrictions ease.

We’ve had a record quarter in both test throughput and cash receipts. Lab throughput has risen

consistently over the last five quarters and was 179% on the same time last year.

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Cash Receipts from Customers also continue to grow as reimbursement success and volumes grow, these

are 242% on the same time last year.

GROWTH CATALYSTS AND OUTLOOK

Our recent progress and commercial achievements in FY21 underpin our future growth and we are now

seeing the commercial benefits of our efforts and resources that have gone into the development and

commercialisation of our Cxbladder technology. Our people, products, business model and strategy are

well proven and adoption of Cxbladder and commercial sales are increasing.

We have identified scale opportunities for growth in each of our targeted markets and have deployed

resources to capitalise on them.

STRONG PLATFORM TO DRIVE GROWTH

We have a strong platform to grow our business with two certified labs; four class leading products

addressing a large unmet global need; key reimbursement milestones in place in the US; a commercial

agreement with the largest single validation customer in the US; and a proven model with healthcare

providers in New Zealand.

STRONG LEADERSHIP TEAM

Our growth will be driven and supported by our leadership team, all of whom are senior executives with

extensive experience in their areas of expertise. In the last year we have expanded the team, with the

appointment of a number of new roles that have become a necessity as we have accelerated our

commercial strategy. In particular, in this calendar year, we have added the new roles Chief Technical

Officer, Chief Information Officer and Chief Operational Officer and we are pleased to have Justin, Andy

and Demi here with us today, as well as other members of our leadership team.

SCALE UP OF US COMMERCIAL OPERATIONS

We also progressively scaled up our US commercial operations during the last quarter of FY21. Right now

we have a sales team of 24 specialised account managers, up from 16 last year and are looking to grow

this number out to 28 to 30 over this financial year. We also have a dedicated team of reimbursement

specialists to carry out negotiations with the targeted private payers to gain coverage and reimbursement

where needed; and have also bolstered our clinical and customer liaison resources.

An important driver for us is the ongoing education of urologists, to build awareness of Cxbladder and the

benefits it can provide in their particular clinical setting. This is a key role for all of our people and in

particular our specialised sales people, who are able to demonstrate the financial and clinical benefits that

existing customers are already receiving.

For many customers, the reduction in the number of patients requiring cystoscopes and full workups has

been more than offset by freeing up time to focus on higher value clinical care and delivering a better

patient experience.

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Our US laboratory has the capacity to process 260,000 tests per annum, which is sufficient to support the

expected increase in test demand for some time yet.

GROWING COMMERCIAL ADOPTION IN NZ LEADS THE WORLD

The New Zealand market remains the global leader for the adoption and use of our Cxbladder technology

and acts as a model for other regions and healthcare providers.

New Zealand Urology Directors have added Cxbladder to national guidelines and in Canterbury they have

implemented new guidelines for all patients who present to the clinic with blood in their urine

(haematuria). The new guidelines consist of only Cxbladder Triage plus imaging and they replace the

previous gold standard cystoscopy and other tests and procedures used in this setting.

POSITIVE GROWTH OUTLOOK

We have a positive growth outlook for the company with opportunities being addressed in each of our

key markets.

GROWTH OUTLOOK: THE UNITED STATES

The US market for Cxbladder products offers us an annual addressable market size of more than US$3.5

billion and accordingly remains our primary focus.

Key initiatives for in this market for FY22 are:

• growing the commercial adoption of Cxbladder by Kaiser Permanente and other large healthcare

organisations;

• shifting existing customers to use more than one Cxbladder product;

• further increasing reimbursement coverage from private payers, like United Healthcare; and

• increased US guideline inclusion following the publication of new clinical evidence further

supporting the clinical utility of Cxbladder.

An increasing number of commercial tests from the CMS, Kaiser Permanente and other scale payers such

as United Healthcare are expected to underpin our revenue and operating cashflow growth in FY22 and

beyond.

GROWTH CATALYSTS: US MARKET

There are a number of catalysts that we believe will drive our growth in the US, particularly in the next

few years, including:

• Our scaled up US sales team and back-office support resources;

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• A ramp up in demand from Kaiser Permanente and the adoption of more than one Cxbladder

product by new and existing customers of scale;

• Concluding commercial agreements with other healthcare institutions of scale such as the

recently announced coverage by United Healthcare for their Medicare advantage plans; and

• Expansion of reimbursement coverage with other payers in the U.S.

The development and peer reviewed publication of further clinical evidence will remain a cornerstone to

commercial adoption, as will additional US guideline inclusion, better inclusion language for the NCCN

guideline and the US commercial launch of Cxbladder Resolve, our fourth test in the suite of products.

NEW ZEALAND

New Zealand is our home market and is leading the way with the adoption of Cxbladder into mainstream

commercial use. There have been significant changes in the way New Zealand urologists practice urology,

with Cxbladder added into the standard of care for the majority of public healthcare providers – and we

are now seeing an increasing number of these providers adopting more than one of our products.

Currently more than two thirds of New Zealand’s population are covered through contracts with the public

healthcare providers and we are working hard to get the remaining DHBs under contract; as well as

continuing the evolution towards mainstream commercial use of more than one Cxbladder product.

AUSTRALIA AND SOUTH EAST ASIA

Australia and South East Asia also offer exciting opportunities for us. Both are at an earlier stage in their

commercial journey, with our goal being to transition the large scale public healthcare providers from

clinical trials to a commercial customer model. We have had some early success in contracting with private

healthcare providers such as the Raffles Medical Group in Singapore and we will be moving to consolidate

this early start and grow the opportunity to other private healthcare providers of scale, many of whom

have commercial businesses across SEA.

The published results from the clinical trials in Singapore will form the basis of our commercial rollout in

Southeast Asia. This region is expected to become a market of significant scale for Cxbladder over time

with an accessible commercial population of equivalence to the U.S.

AN EXCITING FUTURE

We all remain excited about the future for our company. After many years, we are now on the cusp of

realising the some of the rewards of our efforts. When we started this journey 19 years ago, our vision

was to create a better, easier and more effective way of diagnosing cancer to ensure that people could

be diagnosed and treated with the best possible care, as quickly as possible.

Our suite of Cxbladder products comprehensively addresses the many short-comings of existing

technology for patients, urologists and healthcare providers alike. Cxbladder’s outperformance has been

validated and proven in multiple clinical studies and published in peer reviewed journals around the world.

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All of the foundations are now in place and we have a great team of people with proven performance

delivering these outcomes. We have huge market opportunities for our Cxbladder products.... and we are

just starting to scratch the surface. We are now well positioned to accelerate our momentum and grow

adoption of our novel and world leading products.

Given that this will be my last Annual Shareholder Meeting as CEO, there are many that I would like to

thank. However, most of all, I would like to thank the people at Pacific Edge for their undying faith that

we would prevail. Secondly; our shareholders who have been with us through thick and thin. It’s been a

long but ultimately rewarding journey.

Thank you.


ENDS

---

PACIFIC EDGE
ANNUAL MEETING

29 July 2021

1

2
MEETING AGENDA

•Presentations:

•Address from the Chairman, Chris Gallaher

•Address from the CEO, Dave Darling

•Shareholder Discussion

•Resolutions as per Notice of Meeting

•General Business

•Close of Annual Meeting

CHAIRMAN’S
ADDRESS

CHRIS GALLAHER

3

BOARD OF DIRECTORS
Chris Gallaher

4

Anna Stove

David Darling

Mark Green

Sarah Park

Anatole Masfen

•David Levison stepped down in

November 2020 to take up position as

Executive Chair PEDUSA

•Anna Stove appointed 15 March 2021

•Mark Green appointed 10 May 2021

Bryan Williams

Chris Gallaher

01234567
Medicine/Science

Financial Acumen/risk

Sales/Marketing/Distribution

Legal/Regulatory

Corporate Governance

New Market Development

Capital & Financial Markets

Health, Safety, Sustainability

High CapabilityMedium Capability

BOARD SKILLS MATRIX

(Internal Assessment)

5

OUR GROWTH STRATEGY
6

Commercial Milestones
FY21 WAS A YEAR OF ACHIEVEMENT

IN A DIFFICULT GLOBAL ENVIRONMENT

üCMS coverage for Cxbladder Detect and

Cxbladder Monitor

üCommercial agreement with Kaiser Permanente

for all four Cxbladdertests

üPublication of additional clinical evidence

highlighting the clinical utility of Cxbladder

üScale up of U.S. operations to accelerate

revenue growth

üCommercial agreements with NZ public

healthcare providers for more than two thirds

of NZ’s population

üInclusion in S&P/NZX 50 Index

7

0
5

10

15

20

25

Total RevenueOperating

Revenue

Cash ReceiptsCash &

equivalents

$Millions

FY20FY21

FY21 DELIVERED STRONG IMPROVEMENT

ACROSS OUR KEY FINANCIAL METRICS

Financial Milestones

ü76% increase in operating revenue

ü52% increase in cash reimbursement

ü25% decrease in net loss after tax

ü56% increase in net cash, cash

equivalents and short term deposits

8

WE ARE WELL POSITIONED FOR GROWTH
•Experienced management team and in-country specialist sales representatives

calling on urologists

•A well recognised and validated suite of accurate non-invasive Cxbladdertests

•Key reimbursement and commercial milestones completed to largely de-risk

our commercial model

•Strong traction being achieved in our key markets, growing our revenue

•Strong intellectual property portfolio supporting our Cxbladderproducts

•Two dedicated laboratories with international regulatory compliance and

proven performance with headroom for growth

9

CHIEF EXECUTIVE
OFFICER’S

ADDRESS

Dave Darling

10

OUR CHANGING WORLD:
COVID HAS PRESENTED CHALLENGES AND OPPORTUNITIES FOR PACIFIC EDGE

•The value of a robust healthcare system and enduring infrastructure has become

evident

•The pandemic accelerated the deployment of innovative technologies and

platforms, in particular telemedicine

•Adoption accelerated from the lifting of barriers, increase in CMS reimbursement

rate

•Telemedicine is expected to become a sustained channel in the healthcare sector,

post-Covid

•Drivers to changing established physician and healthcare provider behaviour –

education and publication of peer reviewed evidence

11

•Pacific Edge’s U.S. reimbursement
milestones in place

•Commercial agreement with largest single

validation customer in U.S. –Kaiser

Permanente

•Existing system in place for in-home

sampling; tested and proven by Kaiser

Permanente study

•Simple and effective solution for urologists

•New Zealand urologists led the way

Pacific Edge, our Cxbladder products and urine sampling system were identified by

many customers and urologists as being central to enabling telemedicine, in the

urology space, when the Covid-19 pandemic took hold:

12

OUR STRATEGIC
GOALS REMAIN

CONSISTENT

1.Launch and commercialise all four

Cxbladder products in our targeted

markets around the world

2.Sustain the global first mover

advantage; make Cxbladder the

preferred go-to detection and

management tests for urothelial

cancer

3.Grow the adoption of multiple

Cxbladderproducts by large scale

institutional healthcare customers,

providing accurate, non-invasive

solutions for their identified clinical

needs

OUR COMMERCIAL
FOCUS REMAINS TO...

•Encourage commercial use with

large scale institutional accounts

in each targeted market; and

•Encourage our commercial

customers to progress to include

multipleCxbladder products in

their standard of care and

mainstream commercial use

1.
LAUNCH AND

COMMERCIALISE ALL

FOUR CXBLADDER

PRODUCTS IN OUR

TARGETED MARKETS

GLOBALLY

üCxbladder remains the only suite of products

which cover the clinical pathway for urothelial

cancer

üSuite of four Cxbladder products -three

products commercially available in the U.S.

•Fourth product –Cxbladder Resolve -to start

commercial launch in U.S. in FY22

•Strong adoption of Cxbladder is underway in NZ;

escalating momentum in U.S. and progression of

User Programmes in Singapore and Australia

•Gain greater recognition in national guidelines

to deepen and accelerate commercial use of

Cxbladder

Achieved

Forward focus

15

CXBLADDER MULTIPLE PRODUCTS CREATE GLOBAL FIRST
MULTIPLE PRODUCTS COVER THE CLINICAL PATHWAY FOR UROTHELIAL CANCER

U.S. ANNUAL

ADDRESSABLE

MARKET

MORE THAN 5 MILLION

CXBLADDER TEST

OPPORTUNITIES PER YEAR

WITH AN ESTIMATED ANNUAL

REVENUE POTENTIAL OF

MORE THAN

US$ 3.5 BILLION*

16

* PEB company estimate

17
TriageDetectMonitor

TLT by Test Type

(as at 31 March 2021)

PRIMARY FOCUS REMAINS UNITED STATES

USRest of World

Total Laboratory Throughput

(TLT) by Region

(as at 31 March 2021)

UNITED STATES

75% FY21 Total Laboratory Throughput

SOUTH EAST ASIA

AUSTRALIA

NEW ZEALAND

Pacific Edge’s perspective on the relative size of the market opportunity

2.
SUSTAIN THE GLOBAL FIRST

MOVER ADVANTAGE;

MAKE CXBLADDER THE

PREFERRED GO-TO

DETECTION AND

MANAGEMENT TESTS FOR

UROTHELIAL CANCER

üStrong competitive advantages –first mover

position, leader in the field, years of

investment into development and validation,

IP protection

üIncreasing coverage by U.S. payers (insurers)

üSignificant portfolio of peer-reviewed

published papers supporting superior

performance of Cxbladder products

üConcluded major U.S. reimbursement and

commercial milestones

Achieved

18

ADOPTION OF MULTIPLE CXBLADDER PRODUCTS
§Increasing awareness of Cxbladder as a

proposition to better manage urology patients in

the global Covid pandemic

§Allows urologists and healthcare providers to

manage patient care from home and reduce

number of patients coming into clinics

§New Zealand leading the world in adoption and

commercial use of multiple Cxbladder products,

and inclusion in standards of care

§Kaiser Permanente moving to commercial use of

second Cxbladder product, Cxbladder Triage

§Pivotal Cxbladder clinical performance paper

published in high profile urology journal;

highlighting benefits and clinical utility from

multiple product use

19

NEW PAPER HIGHLIGHTS SIGNIFICANT
BENEFIT FROM COMBINED USE OF

CXBLADDER PRODUCTS

Study evaluated the use of Cxbladder Resolve, alone and in

combination with other Cxbladder tests, to identify and

prioritise patients at high risk for urothelial

carcinoma/cancer (UC).

Conclusion:

§For each patient, significant benefits accrue from the use

of a combination of Cxbladder tests to correctly identify

those patients with urothelial carcinoma/cancer (UC) and

further segregate those with high-impact tumours

requiring priority investigation.

§Cxbladder Resolve correctly identified all patients with

high-impact tumours, allowing those patients to be

prioritised for further investigation.

§Of significant importance, the study showed that the

sequential use of the Cxbladder products achieved 4.8

times greater efficiency than the new American Urology

Association 2020 guidelines (AUA) in correctly assigning

patients to the physician’s prioritisation for investigation.

20

INCLUSION IN NATIONAL GUIDELINES WILL ACCELERATE OUR
COMMERCIAL GROWTH

Inclusion in guidelines is a progressive process

requiring substantive clinical evidence and

following mainstream adoption by healthcare

providers.

Cxbladder has been included in:

•New Zealand’s national standard of care and

many of the local guidelines, replacing the

gold standard cystoscopy

•The U.S.’s NCCN Guidelines with a 2b

recommendation for patients being

monitored for recurrence of urothelial

cancer

•The publication of additional

peer reviewed evidence

highlighting the validation

and clinical utility of the

Cxbladder products in our

target markets

•Changes are now being seen

in both AUA and EAU 2020

guidelines wording that could

help facilitate our inclusion

Our focus will continue on:

21

3.
GROW THE ADOPTION

OF CXBLADDER BY

LARGE SCALE

INSTITUTIONAL

HEALTHCARE

CUSTOMERS, FOR

MULTIPLE TARGETED

CLINICAL NEEDS

üInclusion in LCD for CMS reimbursement

üCommercial agreement with Kaiser

Permanente

üGrowing adoption and use by large

scale, highly reputable healthcare

organisations

üMore than two thirds of NZ’s population

under coverage by public healthcare

providers

Our focus on obtaining agreements for

commercial use of Cxbladder by large

institutional accounts has been shown to be

successful in NZ and now the U.S.

Achieved

22

KAISER PERMANENTE COMMERCIAL USE OF
CXBLADDER PRODUCTS

•Anticipated timeline for uptake pushed out due to Covid-19 restrictions in the U.S.

•Commercial use of Cxbladder Monitor progresses, however, pace of roll-out still hampered by Covid-19

•Commitment to start commercial use of Cxbladder Triage will add volume to the use of Cxbladder

Monitor

•Growth expected in Kaiser Permanente’s commercial use of Cxbladder over FY22 as Covid restrictions

ease and electronic management of processes are concluded

23

CONTINUING EVALUATION AND USE OF CXBLADDER
BY LARGE HEALTHCARE INSTITUTIONS

USAUSASOUTH EAST ASIA

•Kaiser Permanente (Completed)

•Carolina Urologic Research

Center

•City of Hope

•Cleveland Clinic

•Cornell

•Fox Chase CC

•Johns Hopkins CC

•MD Anderson

•Moffitt CC

•Ohio State University CC

•Penn State Milton S. Hershey

Medical Center

•Rush University

•Thomas Jefferson University

•TriStar Medical Center

•UCLA

•University of California-San

Diego

•University of California-San

Francisco

•University of Chicago

•University of Colorado

•University of Michigan

•University of Minnesota

•University of Oklahoma

•University of Pennsylvania

•University of Southern

California

•UT Southwestern

•VA Accounts

•Wellstar

•Singapore General Hospital

•Tan Tock Seng

•Khoo Tech PuatHospital

•KK Women’s and Children’s

Hospital

•National University Hospital

•Raffles Medical Group

•Gleneagles Private Hospital

AUSTRALIA/NEW ZEALAND

•AUS: Multiple large public

hospitals across Australia

•NZ: Majority of public

healthcare providers

24

MOST RECENT US COMMERCIAL ACHIEVEMENTS IN 2021
COMMERCIAL AGREEMENT

WITH FACEY MEDICAL GROUP

•Covers theuse of Cxbladder

Detect and Cxbladder Monitor for

Facey Medical Group patients.

•Multi-specialty medical group

with over 180 physicians

providing care to more than

170,000 patients in California

•Affiliated with, or owned by

Providence Health & Services, one

of the largest health systems in

the Western United States.

UNITED HEALTHCARE COVERAGE

A SIGNIFICANT REIMBURSEMENT

MILESTONE

•Coverage has facilitated reimbursement

for Cxbladder Detect and Cxbladder

Monitor tests performed on United

Healthcare patients (Medicare

Advantage policy holders) at US$760 per

test

•The largest private health insurer in the

U.S.

•Has over 50 million members with more

than 5.7 million Medicare Advantage

members

25

FY21 AND FY22 YTD
PERFORMANCE

26

FY21 PERFORMANCE SNAPSHOT
•Significant impact from Covid-19 in early Q1 FY21

•Strong growth in operating revenue and cash reimbursement from July 2020

driven by CMS coverage and growing commercial adoption of Cxbladder. Nine

month contribution from the CMS reflected in full year result

•Strengthened balance sheet following $22m placement to ANZ NZ Investments in

July 2020

•Kaiser Permanente commercial relationship concluded, commercial uptake of

Cxbladder started in late Q3 –uptake growing however anticipated timeline for

uptake pushed out due to Covid-19 restrictions in the U.S.

•Positive results from the scale-up of U.S. commercial operations now starting to

be seen

27

STRONG RECOVERY CONTINUES IN Q1 FY22
Q1 FY22 has seen a record quarter for TLT and cash receipts

•To t a l L a b o ra t o r y T h r o u g h p u t i n Q 1 F Y 2 2 i s :

•Up 79% on Q1 FY21

•Up 9% on Q4 FY21

•Up 35% on quarterly average from FY21

•Cash Receipts from Customers continue to

grow as reimbursement success and volumes

grow:

•Up 142% on Q1 FY21

•Up 21% on Q4 FY21

•Up 50% on quarterly average from FY21

5356

2,000

3,000

4,000

5,000

6,000

Q1 21Q2 21Q3 21Q4 21Q1 22

Test Numbers

Total Laboratory Throughput

28

GROWTH CATALYSTS
29

30
STRONG PLATFORM TO DRIVE GROWTH

•Four class leading products for the detection and management of Urothelial

Cancer (UC), addressing a large, under-served global market opportunity -AAM

for Cxbladder in the U.S. estimated to be more than US$3.5b

•Reimbursement milestones achieved in U.S. –CMS coverage and United

Healthcare coverage for CxbladderDetect and CxbladderMonitor

•Commercial agreement with largest single validation customer in U.S. –Kaiser

Permanente with 12.8 million people covered

•The majority of the public healthcare providers signed up in New Zealand

covering more than two thirds of the population

•Two proprietary CAP-accredited, CLIA certified laboratories (one in Dunedin, New

Zealand and one in Hershey, Pennsylvania) with a combined design capacity for

approximately 300k tests per annum

31
STRENGTHENED SENIOR MANAGEMENT TEAM

PE Global Executive Team

Chief Executive OfficerDavid Darling

Chief Financial OfficerGrant Gibson

Chief Operational OfficerDemi Stefanova

Chief Information Systems &

Decision Support

Andy McIntosh

Chief Technical OfficerJustin Harvey

VP Commercial & FranchiseBrent Pownall

VP Clinical Science & Product

Performance

Tony Lough

PEDUSA Executive Team

Executive Chairman PEDUSADavid Levison

CEO PEDUSAJackie Walker

VP Sales & Customer Service PEDUSAJack Atchason

Chief Medical Officer and Laboratory

Director PEDUSA

Thomas Nifong

VP Marketing PEDUSAGerhard Schultz

New appointments in this calendar year add expertise and experience to the senior

leadership team as Pacific Edge accelerates its global growth strategy

Appointed in 2021 calendar year

•Continued focus by specialist sales
executives to focus on converting other

large healthcare institutions into

customers

•Dedicated team of reimbursement

specialists to carry out negotiations

with the top private payers to gain

coverage and reimbursement

•Expansion of customer services liaison

team to support Kaiser Permanente and

others who are using the Cxbladder

patient in-home sampling program

SCALE-UP OF U.S. COMMERCIAL OPERATIONS TO DRIVE

CXBLADDER COMMERCIAL ACCELERATION

LABORATORY

CAPACITY:

260,000 TESTS P.A

EXPANDED U.S. SALES

TEAM:

CURRENTLY

24 SPECALISED

ACCOUNT MANAGERS

32

COMMERCIAL ADOPTION IN NZ LEADS THE WORLD
•New Zealand’s public healthcare providers (DHBs) are

leading the global adoption of Cxbladder

•Majority (12/20) have now added Cxbladderto their

commercial mainstream use and their standard of care

•NZ urology Directors have added Cxbladder to national

guidelines

•New guideline of Cxbladder Triage and imaging for all

haematuria patients, replacing previous gold standard

cystoscopy and other tests and procedures

More than two thirdsof New Zealand’s population now have access to

Cxbladderthrough contract coverage by their public healthcare providers

33

POSITIVE GROWTH
OUTLOOK

34

UNITED
STATES

•U.S. remains our primary focus

•A focusing of our capital to growth and

specifically the scale-up of the U.S. business

•Increasing number of commercial tests from

CMS and Kaiser Permanente expected to

underpin strong revenue and operating

cashflow growth in FY22 and beyond

•Positive coverage decision from United

Healthcare provides opportunity to grow

adoption of Cxbladder with United Healthcare

and other private payers in U.S.

•Continued leverage of positive

reimbursement across to other targeted

institutional customers of scale

•Development of specific evidence for Key

Opinion Leader’s, Veteran’s Administration

clinics as part of our U.S. growth

35

CATALYSTS TO DRIVE GROWTH IN U.S.
IN FY22 AND BEYOND

•Scaled up U.S. commercial operations providing capacity and resource to drive

revenue growth

•Ramp up in demand from Kaiser Permanente

•Commercial agreements with other healthcare institutions of scale

•Expansion of reimbursement coverage with other private payers

•Publication of new clinical evidence supporting additional U.S. guideline inclusion

•Publication supporting use of multiple Cxbladder products

•Commercial launch of CxbladderResolve

•Gaining recognition and stronger inclusion language for Cxbladderproducts in the

national guidelines ( NCCN, AUA)

36

NEW
ZEALAND

•Increase number of Cxbladder tests used by

each public healthcare provider customer and

expand coverage

•Position Cxbladder for use as preferred bladder

cancer diagnostic tool in proposed new single

nationwide health service (Health NZ)

•Publication of additional clinical evidence

supporting the clinical utility of Cxbladder to

drive further reimbursement

•Increase the number of urologist providers to

use multiple Cxbladder products

GROWTH FOCUS:

Strong growth continues in NZ with customers

moving to multiple Cxbladderproducts in

mainstream use.

Adoption by large public

healthcare providers has been

successful and our focus is now

to conclude the remaining DHBs

and transition to the new

National Healthcare Model

37

SOUTH EAST ASIA AND
AUSTRALIA

Southeast Asia expected to become

a market of scale over time with an

accessible population base

equivalent to the U.S.

Australia expected to start

significant positive commercial use

of Cxbladder

Growth into these markets

continues despite Covid-19 limiting

ability to complete clinical trials and

user testing, but progress is now

continuing

38

DEVELOP OUR COMMERCIAL BASE:

•Transition targeted public healthcare

providers who are currently engaged in

CxbladderUser Programmes in Australia

and Singapore, to becoming commercial

customers of scale

•Build-out our Singapore beachhead and

facilitate commercial discussions with pan

SEA, large healthcare providers to grow

Pacific Edge’s SEA business

•Publication of a paper detailing the

performance of the recently completed

user programs from five public hospitals in

Singapore

“Pacific Edge has an exciting and profitable future ahead. We
have a proven team delivering on a huge market opportunity

for our Cxbladder products and we are just starting to

scratch the surface. We are now well positioned to accelerate

our momentum and grow adoption of our novel and world

leading products.”

39

SHAREHOLDER
DISCUSSION

40

BUSINESS OF THE MEETING
41

RESOLUTIONS
Resolution 1: That Anatole Masfen, who retires by rotation and is eligible for re-

election, be re-elected as a Director of the Company

Resolution 2: That Anna Stove, who was appointed as a Director by the Board

during the year, be elected as a Director of the Company

Resolution 3: That Mark Green, who was appointed as a Director by the Board

during the year, be elected as a Director of the Company

Resolution 4: That pursuant to NZX Main Board Listing Rule 2.11, the maximum

aggregate amount payable to non-executive Directors be increased to $465,000 per

annum

Resolution 5:To record the re-appointment of PricewaterhouseCoopers as auditor

of the Company and to authorise the Directors to fix the auditors’ remuneration for

the ensuing year

42

PROXIES
43

Resolution

FORAGAINSTOPEN

1Re-election of Anatole Masfen299,664,817

96.73%

3,257,209

1.05%

6,862,204

2.22%

2Election of Anna Stove302,890,845

97.77%

25,100

0.01%

6,868,285

2.22%

3Election of Mark Green302,735,711

97.73%

160,769

0.05%

6,868,285

2.22%

4Increase in total Directors’

remuneration

279,558,078

97.07%

2,048,667

0.71%

6,384,410

2.22%

5Authorisationto fix the auditors’

remuneration

302,760,988

97.76%

82,888

0.03%

6,866,204

2.22%

Voting instructions for voting online are available at:

https://bcast.linkinvestorservices.co.nz/generic/docs/OnlinePortalGuide.pdf

OTHER BUSINESS
44

CLOSE OF THE
MEETING

Presentations are available at

www.pacificedgedx.com

www.pacificedge.co.nz

www.cxbladder.com

www.pacificedgedx.com

45

GLOSSARY
•Commercial Tests arethose tests for which the Company is actively seeking reimbursement and cash

receipts, and tests performed at no charge in order to gain new customers.

•Total laboratory throughput (TLT) includes commercial tests and non-commercial tests related to customer’s

start-up User.

•CMS-Centersfor Medicare and Medicaid Services.

•Medicare–the federal health insurance programme for people who are 65 or older administered by the

CMS or CMS’s contractors

•Medicare Advantage –part of the Medicare programme. A type of Medicare health plan offered by

Medicare-approved private insurance companies, rather than the federal government. Often includes policy

advantages over the standard Medicare policy

•Changes to CMS test revenue recognition: LCD inclusion has allowed Pacific Edge to start accruing revenue

(under NZ IFRS 15) for tests that are performed on CMS patients (Medicare and Medicare Advantage) in the

U.S. CMS tests performed after 1 July 2020 have been recognised on an accrual basis based on expected

future cash receipts (previously cash basis). Tests for other non-CMS payers continue to be accounted for on

a cash basis. The accrual included in the FY21 result was $0.973m.

46

DISCLAIMER
Important Notice

This presentation has been prepared by Pacific Edge Limited (PEL) solely to provide interested parties with

further information about PEL and its activities at the date of this presentation.

Information of a general nature

The information in this presentation is of a general nature and does not purport to be complete nor does it

contain all the information which a prospective investor may require in evaluating a possible investment in

PEL or that would be required in a product disclosure statement for the purposes of the New Zealand

Financial Markets Conduct Act 2013 (FMCA). PEL is subject to a disclosure obligation that requires it to

notify certain material information to NZX Limited (NZX) for the purpose of that information being made

available to participants in the market and that information can be found by visiting

www.nzx.com/companies/PEB. This presentation should be read in conjunction with PEL’s other periodic

and continuous disclosure announcements released to NZX.

Not an offer

This presentation is for information purposes only and is not an invitation or offer of securities for

subscription, purchase or sale in any jurisdictionwhere such offer purchase or sale would not be

permitted.

Not financial product advice

This presentation does not constitute legal, financial, tax, financial product advice or investment advice or

a recommendation to acquire PEL securities, and has been prepared without taking into account the

objectives, financial situation or needs of investors. Before making an investment decision, prospective

investors should consider the appropriateness of the information having regard to their own objectives,

financial situation and needs and consult an NZX Firm, solicitor, accountant or other professional advisor if

necessary.

Forward-looking statements

This presentation contains forward-looking statements that reflect PEL’s current views with respect to

future events. Forward-looking statements, by their very nature, involve inherent risks and uncertainties.

Many of those risks and uncertainties are matters which are beyond PEL’s control and could cause actual

results to differ from those predicted. Variations could either be materially positive or materially negative.

The information is stated only as at the date of this presentation. Except as required by law or regulation

(including the NZX Listing Rules), PEL undertakes no obligation to update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise. To the maximum extent

permitted by law, the directors of PEL, PEL and any of its related bodies corporate and affiliates, and their

respective officers, partners, employees, agents, associates and advisers do not make any representation

or warranty, express or implied, as to the accuracy, reliability or completeness of such information, or the

likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in

any forward-looking statement, and disclaim all responsibility and liability for these forward-looking

statements (including, without limitation, liability for negligence).

Financial data

All dollar values are in New Zealand dollars unless otherwise stated.

This presentation should be read in conjunction with, and subject to, the explanations and views of future

outlook on market conditions, earnings and activities given in the announcements relating to the results, and

annual report, for the year ended 31 March 2021.

Effect of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions 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

Investors should note that past performance, including past share price performance, cannot be relied upon as

an indicator of (and provides no guidance as to) future PEL performance, including future financial position or

share price performance.

Investment risk

An investment in securities of PEL is subject to investment risk and other known and unknown risks, some of

which are beyond the control of PEL. PEL does not guarantee any particular return or the performance of PEL.

Disclaimer

None of PEL or PEL’s advisers or any of their respective affiliates, related bodies corporate, directors, officers,

partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or

provision of this presentation and, except to the extent referred to in this presentation, none of them makes or

purports to make any statement in this presentation and there is no statement in this presentation which is

based on any statement by any of them.

To the maximum extent permitted by law, none of PEL and its advisers, affiliates, related bodies corporate, nor

their respective directors, officers, partners, employees and agents makes any representation or warranty,

express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation;

and none of them shall have any liability (including for negligence) for:

•any errors or omissions in this presentation; or

•any failure to correct or update this presentation, or any other written or oral communications

provided in relation to this presentation; or

•any claim, loss or damage (whether foreseeable or not) arising from the use of any information in this

presentation or otherwise arising in connection with this presentation or the information contained

in it.

By receiving this presentation, you agree to the above terms and conditions.

47

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