Rua Bioscience ASM presentation and Speeches

FOR PUBLIC RELEASE
NZX Limited Wellington

Wednesday 11 October, 2023

Presentation Slides and Commentary Available for Rua Bioscience Ltd Annual Shareholder Meeting

The attached Presentation Slides and Chairman’s and Chief Executive’s Commentary will be presented at the Rua
Bioscience Annual Shareholders’ Meeting. The meeting will be a virtual meeting held at 10:00am (New Zealand
time) on 11 October 2023 via Computershare’s meeting platform https://meetnow.global/nz.

ENDS

For more information please visit ruabio.com or contact:

Paul Naske
Chief Executive Officer
+64(21) 445 154




PO Box 1387, Gisborne 4040, Aotearoa New Zealand | 0800 RUABIO | www.ruabio.com



ASM MATERIALS

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Rua annual shareholders meeting
11 October 2023
Address by Anna Stove, Chair
Tena koutou tena koutou, tena koutou katoa.
Ko Anna Stove ahau, Chair of Rua Bioscience.
Welcome to our Annual Shareholders Meeting. Thank you for joining us online from across Aotearoa, NZ. It’s a
pleasure to be able to deliver an update on our operations over FY 2023, in what has been a pivotal year for
the company.
Supporting Rua is a very capable Board of Directors who possess a wealth of domestic and international
business, pharmaceutical and strategic expertise.
I joined Rua as Director in 2019 and was appointed Chair in May 2023. I am also retiring by rotation and seek
reappointment today.
Rua co-founder Panapa Ehau was appointed to the Board in October 2017. Panapa also retires by rotation and
seeks reappointment today.
Teresa Ciprian joined the Board last year in August 2022 and has a wealth of experience in international
marketing and business development.
Tony Barclay was appointed as a Director in May this year, and seeks election today. He has a wealth of
healthcare and publicly listed company experience, and holds a number of Directorships, all in MedTech.
Bronson Marshall, who was raised in Gisborne and has whakapapa to Ruatorea, brings both personal and
professional purpose to his Board Observer role. This is part of a programme for aspiring Directors. We have
taken the opportunity to use it to help develop the skills of individuals with links to Te Tairawhiti.
The Board’s succession plan is designed to align with Rua’s commercial pathway. We ensure that Directors
collectively have the appropriate skills required to oversee the company through key phases of business
growth. The Board also reflects Rua’s principles of diversity and inclusion.
We follow Maramataka, the Maori lunar calendar, and we set our Board meeting dates accordingly. The lunar
calendar highlights the connection between the phases of the moon and our wellbeing, and gives us the best
days to ensure high energy and decision making.
On behalf of the Board and the whole Rua team I’d like to thank and acknowledge Chair Trevor Burt and
Directors Brett Gamble and Martin Smith, who retired in FY23. Trevor, Brett and Martin guided this company
with vision and integrity. They were instrumental in Rua’s listing on the NZX, and overseeing its development
into a company with global ambitions.
On a personal note, it was a privilege for me to sit alongside them on the Board.

While we were right sizing the business over the last 12 months, we also made the decision to reduce the
number of Board Directors and now just have four. Due to the reduced number of Directors (to help carry the
workload) we had also decided to include everyone on the Board in both Audit and Risk & Remuneration sub-
committees, which included Co-Founder and Executive Director Panapa Ehau.
The decision to include Executive Director Panapa Ehau on these sub-committees has now been reversed, as
I realised that it may compromise the independent oversight these committees should have.
The year has also seen core changes to Rua’s Management, as the company moves into the next stage of its
expansion.
In July 2022 Chief Executive Officer Rob Mitchell announced his retirement, after building a world-class team.
I had previously led a pharmaceutical company, so had the right leadership experience to step in and be
Managing Director for seven months. My remit was to right size the business, deliver a new capital light
strategy that had genetics and export as the focus, and recruit a new Chief Executive Officer.
Following a thorough recruitment process, Paul Naske - who was recruited by Rua’s co-founders in 2019 - was
promoted to CEO in February 2023. Paul has hit the ground running and is doing an exceptional job of taking
Rua into new global markets.
We have also appointed a new Virtual Chief Financial Officer, Liam Walker from BDO Auckland, to provide
independent oversight and advice.
On behalf of the Board I would like to thank past CEO Rob Mitchell and CFO Hamish White.
FY23 was a year of pivotal change for Rua. Together with the Board and the rest of the Rua team, we have
been identifying where true value lies in the medicinal cannabis industry.
We have honed our strategic direction, prepared for our next stage of growth and achieved long-held
ambitions to sell products internationally. At the same time we have held fast to our roots, our connections to
the whenua and the whanau of Te Tairawhiti.
We have a fundamental belief in making our unique cultivars and medicinal cannabis products available across
the world to change people's lives. To accelerate growth and deliver a positive return to shareholders, over
FY23 we have refined and crystallised our export-led strategy.
Today, we are a nimble operator focused at both ends of the value chain, with a capital-light approach. We are
continuing R&D and genetic discovery in Ruatorea while developing distribution channels in export markets
around the world.
A key challenge has been our share price.
The New Zealand economy has been sluggish as businesses have grappled with the challenges of a
tight labour market, high labour costs, inflationary pressures and, of course, destructive weather.
Legally, we cannot give you any guidance. But what I can tell you is our trajectory compared to that of others
in the industry reflects the wider market sentiment to medicinal cannabis companies, with ourselves and
others down similar percentages. However, I am confident that, with our unique strategy that sets us apart
and is enabling us to deliver scalable value, we will establish ourselves as a sustainable global company.

Notable successes in FY23 include launching Rua’s first GMP-quality medicines in Germany, with distribution
partner Nimbus Health. We are one of the first medicinal cannabis companies in New Zealand to introduce a
branded product in this market.
Generating our first international sales was a critical commercial milestone and a highlight of the year for us
all.
We see significant value in other European markets, and have signed a five-year supply agreement
with Motagon, targeting Poland and Czechia.
We’re also focusing on the growth market of Australia. In FY23 we exported our first cannabis genetics, and
signed supply and distribution agreements. In August of this year we made our first products available for sale
in Australia – another momentous step forward in progressing our export-led strategy.
In closing, I’d like to recognise what a challenging year it has been and how extremely hard the Rua team have
worked to achieve some significant commercial milestones.
On behalf of the Board, thank you to our staff, shareholders and partners for all your support throughout
FY23.
While the year was, overall, a very positive one for Rua, there have been many challenges for the communities
of Tairawhiti. The team at Rua wish to acknowledge the people of the East Coast, who have shown such
resilience and fortitude in the face of multiple severe weather events.
I would like to end by saying that, three years post IPO, Rua has the strategy, the people and the product
pathways firmly in place for this exciting new phase of the company’s development. We look forward to
another year of meeting positive milestones and driving revenue growth.

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Hui a Tau
Annual Shareholders Meeting
October 2023

Rua Bioscience Limited (Rua) is a New Zealand pharmaceutical company aiming to be
a leading distributor of cannabinoid derived medicines. This presentation and the
information contained in or accompanying this presentation are not, and are under no
circumstances to be construed as, an invitation to subscribe for, or an offer of, shares,
securities or financial products to any person, in any country or the basis for a
contract, financial advice, other advice or recommendation to conclude any
transaction for the purchase or sale of any security, loan or other instrument. This
presentation has not been independently verified.Neither Rua nor any of its directors,
officers, shareholders, advisors, agents or employees make any representation or
warranty as to the accuracy or completeness of the information contained in this
presentation and those parties shall have no liability for any statement, opinion,
information or matters arising out of, contained in, or for any omissions from, or failure
to correct or update any information in, this presentation or any other
communications transmitted to you in relation to this presentation.

Board of Directors Te Poari Ringatohu
Anna StovePanapa EhauTeresa CiprianTony BarclayBronson Marshall
Chair
A 25+ years track record
leading transformational
change within the
pharmaceutical sector, having
held senior executive roles in
NZ, Asia Pacific and Europe.
Executive Director,
Co-Founder
Co-founder of a number of
social enterprises. Holds
governance roles across
numerous for-profit and
charitable organisations.
Non-Executive Director
Over 30 years’ experience in
business, with 22 years of
healthcare expertise. Holds
Directorships in private
MedTech companies.
Board Observer
Raised in Gisborne, Bronson is
an Investment Manager in
Te Tira Haumi, the Maori
investment team at NZTE, and
is the national renewable
energy sector lead for Maori.
Non-Executive Director
Global expertise in innovation,
commercialisation, marketing
and business development in the
primary sector.

Trevor BurtBrett GambleMartin Smith

Paul Naske
Chief Executive Officer
Kaiwhakahaere Matua
•Paul has held a range of leadership positions
in business strategy and development.
•He has been overseeing Rua’stopline
business operations since the beginning of
2019 and has been vital to the design and
efficient execution of Rua’sglobal strategy.
•His knowledge of the commercial
environment ensures Rua’salignment with
the business needs of our global clients.
•Paul was promoted to the role of Chief
Executive Officer in February 2023.

Agenda
Rarangitake
1.Company overview and Chair’s address
2.Chief Executive Officer’s presentation
3.Annual results presentation
4.Shareholder questions
5.Ordinary resolutions
1.Auditor’s remuneration
2.Re-election of Anna Stove
3.Re-election of PanapaEhau
4.Election of Tony Barclay
6.General business

Company overview
and Chair’s address
Te tirohangawhanuio te
kamupeneme tekorero a te
Heamana

Rua’s unique growth strategy
Te rautaki whakatupu ahurea o Rua
•Capital-light approach
•R&D and genetic discovery in Ruatorea
•Outsource cultivation and manufacturing
•Establishing distribution channels in export
markets
Unique genetics selected
at Ruatorea
Partner with best in class
for low cost, scalable
delivery.
We work with cultivation
and manufacturing
companies closer to our
key markets. This allows
Rua to grow our revenues
in a capital-light manner.
Germany | Australia |
Aotearoa New Zealand
|Poland | Czechia | UK

Achievements at a glance
Mawhiti mai ki nga whakatutukitanga
Launched first Rua-
branded products in
Germany.
First international
revenue from sales in
Germany.
New capital-light
business model,
focused on
developing unique
genetics and
executing export-led
strategy.
Signed supply and
distribution
agreements for
growth market
of Australia.
Signed five-year
supply agreement
with Motagon
targeting Poland
and Czechia.
Exported first
cannabis genetics
to Australia.
In August 2023 Rua
made its first product
available for sale in
Australia.
Subsequent activity

Chief Executive Officer’s
presentation
Te whakatakotorangao te
KaiwhakahaereMatua

In past year:
•Begun to deliver against our
export-led strategy.
•We have refined our operational
structure.
FY23: An overview
Tirohangawhanui
Unique genetics selected
at Ruatorea.
Partner with best in class
for low cost, scalable
delivery.
We work with cultivation
and manufacturing
companies closer to our
key markets. This allows
Rua to grow our revenues
in a capital-light manner.
Germany | Australia
Aotearoa New Zealand |
Poland | Czechia | UK

Focus on genetic discovery and development
at Ruatorea
•Export and licence our genetics.
•Work with our supply partners around the
world to build out our portfolio and create
products using our unique varieties.
•FY23 exported our first genetics
to Australia.
Growth strategy step by step
Nga ahuatangao terautaki
tipuranga

Cultivation and manufacturing = outsourced
•In FY23 we closed our local GMP
manufacturing facility.
•Cultivation and manufacturing is
outsourced to partners located closer to
our key international markets.
•This allows Rua to grow our revenues in a
capital-light way.
Growth strategy step by step
Nga ahuatangao terautaki
tipuranga

Distribution = work with distribution
partners
•First Rua-branded medicinal cannabis
products launched in Germany with
distribution partner Nimbus Health.
•In FY23 we signed a five-year supply
agreement with Motagon, targeting
Poland and Czechia.
Growth strategy step by step
Nga ahuatangao terautaki
tipuranga

Globalprogress
Kokiri ki te ao
United Kingdom
Australia
Aotearoa
New Zealand
Germany
Poland
Czechia
Aotearoa New ZealandRua’s home.
AustraliaFirst sales in FY24.
GermanyFirst sales in FY23, in partnership with Nimbus Health.
PolandFive-year supply agreement with Motagon.
CzechiaFive-year supply agreement with Motagon.
United KingdomSigned term sheets with distributor.

21
Germany
•Largest and most developed medicinal
cannabis market in Europe.
•Projected to be worth around $700m by the
end of this calendar year.
•In April 2023, launched Rua’s first GMP-
quality medicines in Germany, alongside
distribution partner Nimbus Health.
•In June 2023, we generated our first
international revenue from the sale of
products in Germany.

22
Australia
•A long-time focus of Rua’s export
strategy, for both growing and
distributing product.
•Over the second half of FY23, we
established the pipeline for Rua-branded
product to be sold in Australia.
•In August 2023 we took delivery of our
first product and made it available for
sale.
•This begins to establish a strong sales
presence in Australia.

23
Poland, Czechia and the UK
Poland and Czechia
•In FY23 Rua signed a five-year supply agreement
with Motagon.
•We aim to be early movers in the emerging
markets of Poland and Czechia.
•Poland is one of the faster growing medicinal
cannabis markets in Europe.
•A product dossier was submitted in March 2023,
with the product approval process expected to
take approx. 12 months.
•We are also advancing plans for Czechia.
UK
•We are working on establishing a pipeline into the
smaller, but promising, UK market.

Impact Programme
Nga hotaka whakaawe
Compassionate
Access Programme
•Shares the benefits of medicinal
cannabis with those in TeTairawhiti
who are most in need.
•Provides fully subsidised medicinal
cannabis products to up to 30 local
patients per month, who have genuine
barriers to access and a clinical need.
•In FY23 we expanded the Programme
to include all approved medicinal
cannabis products in New Zealand.
Scholarship Programme
Focusing on inspiring the next generation
of scientists and entrepreneurs.
IN FY23:
•11 scholarships awarded
•Four student visits to Rua Bioscience
•One industry exposure visit

Rua’s FY23 GHG report
Te ripoata GHG o Rua moFY23
•Scope 1 and 2 emissions reduced by 40%
•Scope 3 emissions a challenge

Our plans for FY24
Te mahereo Rua FY24
Focused on driving revenue growth
•Grow sales and expand our product offering in Germany.
•Establish a strong sales presence in Australia.
•Secure our entry into Poland, Czechia and the UK.
•Fast track R&D and genetic discovery at our Ruatoreafacility.
•Further progress pathways to grow our East Coast genetics overseas.

FY23 financial
commentary
Nga korero monga putea

Revenue from customers
$358k
Total revenue and other income
$6.53m
Loss before tax
-$5.96m
Rua delivers first
international sales
Financial commentary
Profit & loss
Ngakoreromongaputea
Rua’s annual financial results for the
year ended 30 June 2023.

Financialcommentary
Balance sheet
Ngakoreromongaputea
Rua’s annual financial results for the
year ended 30 June 2023.
Rua remains well
capitalised
Cash and investments
$4.56m
Total assets
$20.95m
Total liabilities
$0.83m
Net assets
$20.12m

Financialcommentary
Cashflow
Ngakoreromongaputea
Rua’s annual financial results for the
year ended 30 June 2023.
Investing in the future
Net cash outflow from operating activities
$5.92m
Net cash inflow from investing activities
$6.67m
Net cash outflow from financing activities
$120k

Financial commentary
Oversight
Ngakoreromongaputea
•Rua monitors cashflow to ensure it has
the appropriate resources to meet key
milestones.
•It takes a prudent,considered approach
to financial management.
•In FY23 Rua engaged BDO to provide
independent oversight,financial
monitoringand advice.
•FY23 saw new appointments to the
Board, ensuring theoptimum balance of
experience and skills.
Rua’s annual financial results for the
year ended 30 June 2023.
Prudent, considered
financial oversight

Shareholder questions
Nga pataia nga kaipupurihea

Ordinary resolutions
Whakataunganoa

That the Board be authorised to fix the
auditor’s remuneration.
Resolution One

That Anna Stove be re-elected as a Director of Rua.
That Anna Stove be re-elected as a Director of
Rua.
Anna has been a Director of Ruasince May 2019,
and was elected Board Chair with effect from 1 May
2023. She also served as the company’s Managing
Director from August 2022 - March 2023. Anna has
a successful 25+ year track record leading and
driving transformational change within the
healthcare sector. She has held various senior
executive roles within NZ, Asia Pacific and Europe,
most recently as NZ General Manager for
GlaxoSmithKline. Anna has a strong passion for
improving the quality of life for all through driving
business’ strategic growth. Anna is also a Director of
Pacific Edge Ltd and Chair of TAB NZ.
Resolution Two

That PanapaEhau be re-elected as a Director
of Rua
.
Co-founder of Rua Bioscience, Panapaestablished
New Zealand’s first tertiary training course for
cannabis cultivation via the Eastern Institute of
Technology. From Ruatorea, with a degree in
management, Panapais a co-founder of numerous
social enterprises and holds governance roles
across a wide range of for-profit and charitable
organisations. Panapalives in TeTairawhiti and
focuses on developing economic opportunities
alongside his people. He has been a Director of
Rua since its inception in October 2017.
Resolution Three

That Tony Barclay be elected as a Director of
Rua.
Tony brings over 30 years’ experience in business
and 22 years of healthcare experience. Tony was
CFO at medical device company Fisher & Paykel
Healthcare from the time of separation from Fisher
& Paykel Appliances in 2001 until retiring from full-
time employment in 2018. Prior to this, Tony
worked for Price Waterhouse and Arnott & Biscuits
in finance roles. Tony holds a number of
Directorships in private companies, all in MedTech.
Tony holds a BCom from the University of Otago
and is a Chartered Accountant and a member of
the New Zealand Institute of Directors and INFINZ.
He was appointed to the Board on 1 May 2023.
Resolution Four

General business
Nga take hakirikiri