AMENDED ASM presentation

Hui a Tau
Annual Shareholders Meeting
4th November 2024

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.

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Board of Directors Te Poari Ringatohu
Anna StovePanapa EhauTeresa CiprianTony BarclayKale Panoho
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
An entrepreneur at heart having
started multiple successful
technology businesses out of the US
and NZ.
Non-Executive Director
Global expertise in innovation,
commercialisation, marketing and
business development in the primary
sector.

Agenda
Rarangi take
1.Company overview and Chair’s address
2.Chief Executive Officer’s presentation
3.Annual results presentation
4.Shareholder questions
5.Ordinary resolutions
a)Auditor’s remuneration
b)Issue of New Ordinary Shares
6.General business

Company overview
and Chair’s address
Te tirohanga whanui o te
kamupene me te korero 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 | UK
Aotearoa New Zealand Poland
| Czechia

Achievements at a glance
Mawhiti mai ki nga whakatutukitanga
Established short-term revenue
pipelines to fill with unique
legacy genetics.
Extended the distribution
contract with Nimbus Health in
Germany for an additional three
years and to include many other
European countries.
Achieved first revenues
in Australia, and developed solid
sales
and distribution channels for a
comprehensive product range.
Signed a distribution agreement
with Target Healthcare in the
United Kingdom.
Received approval from
Ministry of Health NZ for two
new products for the New
Zealand market.
Secured agreements
to undertake cultivation trials
in Portugal, to supply the
European market.
Subsequent
activity
Signed an offtake agreement with a
New Zealand cultivator
to export Rua’s legacy genetics to
Australia.
In July 2024, Rua launched new dried
flower products for the German and New
Zealand markets.

Rua requires additional capital to fund growth
opportunities
11
Rua is seeking to raise ~NZ$3,1m of new equity
–Working capital funding for growth
–The cash raised, both from the facility sale and capital raise, is intended (if fully
subscribed) to fund the business to a self-sustaining position.

Chief Executive
Officer’s presentation
Te whakatakotoranga o te
Kaiwhakahaere Matua

•Established sales footprint in Australian market
•Established supply lines into four key markets
FY24: An overview
Tirohanga whanui
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 | UK | Poland |
Czechia

Globalprogress
Kokiriki te ao
United Kingdom
Australia
Aotearoa
New Zealand
Germany
Poland
Czechia
Aotearoa New ZealandTwo new products approved.
AustraliaFirst sales in FY24, established new distribution
channels.
United KingdomSigned distribution agreement with Target
Healthcare.
GermanyExtended contract with Nimbus Health and
established supply.
PolandFive-year supply agreement with Motagon.
CzechiaFive-year supply agreement with Motagon.

Germany
•Largest and most developed medicinal cannabis
market in Europe, if not the world.
•Changes in regulations in April 2024 saw considerable
growth in the market.
•Extended agreement with Nimbus Healthcare for an
additional three year term.
•July 24 we launched a new dried flower product which
is driving an increase in sales.

16
Australia
•One of the larger medicinal cannabis markets in the
world at approx. $450m.
•In August 2023 we took delivery of our first product
and made it available for sale.
•We employed our first Australian based employee,
John Sanders as the Chief of Sales and Marketing to
drive sales and reinforce relationships.
•Expanded the portfolio during the year to include
new product formats and legacy genetic from
Aotearoa.

17
United Kingdom
•Signed distribution agreement with Target Healthcare
•Have subsequently established a supply pipeline
meeting the necessary regulatory requirements.
•Products expected in the market in November 24

18
Aotearoa New Zealand
•We received approval for two dried flower products from
the Ministry of Health
•First sales in July 24.
•New product expected in November 24
•Two further product applications have
been initiated.

Impact Programme
Nga hotaka whakaawe
Compassionate Access
Programme
•In FY24 we expanded the programme through the support of
our supply network and partners to 52 patients per month.

Impact Programme
Nga hotaka whakaawe
Scholarship Programme
Focusing on inspiring the next generation of scientists and
entrepreneurs.
•12 scholarships awarded
•2 Industry trips to Auckland and Wellington
•1 Internship
•3 Kura visits to Mangaoporo

Rua’s FY24 GHG report
Te ripoata GHG o Rua mo FY24
•Scope 1 and 2 emissions reduced by 20%
•Scope 3 emissions a challenge

Our plans for FY25
Te mahere o Rua FY25
Revenue from customers
$3–5 mill
New products
Legacy genetics to Germany and Australia
Two new products in New Zealand and Germany
New markets
United Kingdom

FY24 financial
commentary
Ngakoreromonga putea

Revenue from customers
$86k
Total revenue and other income
$322k
Loss before tax
-$13.7m
Rua establishes in
all markets
Financial commentary
Profit & loss
Ngakoreromongaputea
Rua’s annual financial results for the
year ended 30 June 2024.

Financial commentary
Balance sheet
Ngakoreromongaputea
Rua’s annual financial results for the
year ended 30 June 2023.
Rua requires
further capital
Cash and investments
$0.90m
Total assets
$7.74m
Total liabilities
$0.97m
Net assets
$6.77m

Financial commentary
Cashflow
Ngakoreromongaputea
Rua’s annual financial results for the
year ended 30 June 2024.
Investing in the future
Netcashoutflowfromoperatingactivities
$3.74m
Netcashinflowfrominvestingactivities
$2.21m
Netcashoutflowfromfinancingactivities
$95k

Financial commentary
Operational expenditure
Ngakoreromongaputea
$608
$509
$334
Jun-22Jun-23Jun-24
Rolling 12month average monthly expenditure
($000)

Quarterly sales revenue, all markets
($000)
Financial commentary
Sales Revenue
Ngakoreromongaputea
$3
$15
$23
$45
$225
Q1Q2Q3Q4Q1
FY24FY25

Shareholder questions
Nga patai a nga kaipupuri hea

Ordinary resolutions
Whakataunga noa

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 the Board are authorised to issue New Shares
•Up to 37,311,522 shares
•At a price of not less than 3c per share
•At any time during the next 12 months
Resolution Two

General business
Nga take hakirikiri

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Rua Annual Shareholders Meeting
04 November 2024
Address by Paul Naske, Chief Executive Officer

Tena koutou katoa.
Ko Paul Naske toku ingoa.
FY24 was about continuing our strategy and beginning to deliver on a very focused strategy, of setting up sales
channels in key markets, that we can fill with our unique genetics from Te Tairawhiti, New Zealand.


As we now know, the medicinal cannabis industry in New Zealand, and all of our key markets, require focus,
dedication and precision to be able to deliver and create a profitable business. We established the sales
pipelines into the Australian market to create a new revenue stream and we continued to develop sales
channels into the remaining three key markets. All this mahi is just now coming to fruition as you can see in
the first quarter sales revenue of FY25.


FY24 saw Rua continue with its strategy to establish distribution channels into key markets around the world.

Rua took this outward looking approach from the outset as we realised the importance of these large markets
where we can achieve scale. Importantly also a breadth of revenue streams in different markets spreads the
risk for the company going forward. In the last financial year period, we have been laser focused on each of
these key markets.

Germany

Germany remains the largest and most developed medicinal cannabis market in Europe worth approximately
$800 million in 2023. In the last year, the market has undergone significant growth following changes to
regulations in April this year. This change has removed cannabis medicines from the narcotic schedule which
means doctors can more easily prescribe the medicine. This has increased demand considerably.

Rua brought new products to the market in July this year following a period of supplier and product
qualifications. The product is now being very well received and we are looking to launch an additional product
in November this year.

In March this year we extended our distribution agreement with Nimbus Health for a further three years and
took the opportunity to extend the arrangement to other EU countries. This is a move that future proofs our
European strategy as it allows Rua the opportunity to expand the footprint of its brand and distribution with a
valued, competent partner.


Australia

During FY24 we established and consolidated our operations in Australia. In August 2023 the company took
delivery of our very first product and made it available for sale throughout pharmacies in Australia.

During the financial year we increased our portfolio, and we introduced these products to an increasing
number of distributors to expand the exposure of these products to doctors, clinics and pharmacies.


In December 2023 we appointed John Sanders to the role of Chief of Sales and Marketing based in Australia
which was a commitment to ensuring we had a deeper understanding of the local dynamics. Over the period
John reinforced relationships and helped establish the brand in Australia. This culminated with the launch, just

two months ago, of our first product using unique legacy genetics sourced from New Zealand. Sales of this
product in Australia is a proof-point of our strategy.


It is fair to say that Australia is one of the larger medicinal cannabis markets in the world at approximately
$400 millions in value and it is growing. However, it is one of the easier countries in the world to export to and
consequently there are many competing suppliers in this market. Rua is working to differentiate itself as being
one of a few New Zealand brands and one of the only brands focusing on social impact as a point of difference.


Aotearoa New Zealand

In parallel with the export strategy, Rua is also of course seeking to bring products to the New Zealand market.
This market is obviously a much smaller market but extremely important to show case our products to New
Zealand doctors and patients.

During FY24 we received approval for two new dried flower products, and it is these products which are being
introduced to the NZ market in July and December of this year. We have another two products being assessed
by the Ministry of Health currently. We expect these could be available for sale in FY25 although this is reliant
on the Ministry of Health and their timeframe for approval.


United Kingdom

The UK is a market which holds a lot of promise for medicinal cannabis. Currently the market is a similar size or
slightly larger than the total New Zealand market, but with a population of 63 million we expect further
substantial growth in this market as awareness amongst doctors and patients alike increases.

In FY24 Rua signed a distribution agreement with a company called Target Healthcare for the distribution of
products in the UK market. Target are a specialist importer and distributor of non-registered medicines which
is the category that medicinal cannabis falls under. Plans are well progressed to introduce products into the
UK market, and we expect product to be available for sale before the end of this calendar year. Product has
been manufactured and is now awaiting final export permits before shipping to the UK.

Impact Programme

Medicinal cannabis in Aotearoa is a private payer medicine meaning it is out of reach for many and not an
option. Many patients with a genuine clinical need can simply not afford it.

Our Compassionate Access Programme shares the benefits of medicinal cannabis with those in Te Tairawhiti
who are most in need. This is a programme that is fully managed by Rua and funded by ourselves and others.
This year, through the support of suppliers and partners in our international network, we have been able to
help up to 52 patients every month in the region. Special thanks to Schroll Medical of Denmark, Alphafarma of
Malta and Trust Tairawhiti in our region, for their support and funding to allow us to make this happen.


Rua’s student scholarships are designed to celebrate the aspirations of local rangatahi, and help them to drive
meaningful, sustainable social and economic impact in the communities of Te Tairawhiti. In the last year we
awarded 12 scholarships – congratulations to all the recipients. Since the inception of the programme, we
have supported 39 students from the region with the support of Trust Tairawhiti.


We continue to arrange industry exposure trips to Auckland and Wellington as well as our own facility. The
purpose of these trips is to provide thought-provoking and challenging experiences to showcase potential
career pathways for rangatahi. The visits involve our R&D partners at universities, Crown Research Institutes
and other government agencies, and specialist businesses across New Zealand.

With the support of Trust Tairawhiti and even local businesses such as Blackbee Contracting, we plan to
continue working and supporting our rangatahi.



Greenhouse Gas (GHG) Emissions Report

Measurement of our greenhouse gas emissions is part of our Sustainability Framework, and it is being used to
drive decision making.

In FY24, external auditor MyImprint completed a full greenhouse gas emissions report. This is now the third
year that Rua has been measuring greenhouse gas emissions and we continue to make improvements; both in
our emissions, but also in our accuracy of reporting.

Our Scope 1 and 2 emissions – our more direct emissions from our company, have reduced 20% year on year.
Challenges remain with our Scope 3 emissions which are emissions that we indirectly contribute to through
the purchasing of goods and services. On a comparable like for like comparison, Scope 3 emissions did reduce,
however this is the first year that we measured the contribution of our purchased products which contribute
significantly to Scope 3 emissions. Further measuring and monitoring will ensure Rua works to reduce overall
emissions over time.



Plans for FY25

As we look forward to the remainder of FY25 we have solid plans in place and we are confident of revenue
growth and expect to be upwards of $3 million in customer revenue.


Our legacy genetics in Australia recently launched and we expect to have these in Germany in Q4. In addition,
we also have a new product to be launched in Germany at the end of this month which we believe will be well
accepted along with our current product. In New Zealand we will be launching a new product at the end of
this month which we are expecting to be well received. Finally, as mentioned, we will be bringing products to
the new market of the UK. We expect to have our first sales in this market before Christmas and this marks the
beginning of what we think will be strong growth over time.


By the end of this calendar year we will have revenue streams in four key markets. This is significant and
rewarding as these pipelines allow the platform to market Rua’s unique brand proposition consistently into
these markets and spreading risk for the investor.

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Rua Annual Shareholders Meeting
04 November 2024
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 FY24.
Supporting Rua is a very capable Board of Directors who possess a wealth of domestic and international
business, pharmaceutical and strategic expertise. I would like to thank them all for their steadfast mahi during
the year. I feel very grateful to be part of this incredible group of people who this year have all shown
enormous strength & no matter what has been thrown at them, have steadfastly focused on the best interests
of the company.
Rua’s co-founder Panapa Ehau was appointed to the Board in October 2017 and is pivotal to our important
links with the Tairāwhiti community.
Teresa Ciprian joined the Board August 2022 and has a wealth of experience in international marketing and
business development.

Tony Barclay was appointed as a Director in May 2023. Tony brings significant financial acumen having been
the previous CFO for Fisher & Paykel Healthcare and now holds a number of Med Tech Directorships.

Kale Panoho joined Rua at the beginning of this year as a Board Observer. This is part of a programme for
aspiring Māori Directors. Kale is an entrepreneur at heart having started successful multiple technology
businesses out of the US and NZ. It’s a win: win. Kale’s learning all about governance and we are getting
amazing input for our international marketing strategies.

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 Māori 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 & decision making.

Our journey has not been easy due to the NZ medicinal cannabis regulatory environment preventing us
exporting from New Zealand. We knew as a company that our goal of being export led was critical to our
success, we just needed to find a different way to deliver it. Last year I spoke about refocusing our strategic
direction and identifying where the true value was in the medicinal cannabis industry. Now with our strategy
solely focused on genetics and distribution, we have made great progress in key markets over the past 12
months.

FY24 was a year of delivering on the new strategic direction and building upon the experience we have in
international markets. The year was dedicated to establishing international supply channels and ensuring a

strong platform for sales growth. This has been achieved (it’s no longer proof of concept) and we have
delivered more sales revenue in the first quarter of FY25 than in the whole of last year.

We need to remind ourselves that this company is still a’ start up’ - we are only 6 years old in a sunrise
industry. While the trajectory has been slower than expected and somewhat outside of our control, we are
delivering on revenue growth. By the end of 2025 Rua will have revenue in 4 markets: Australia, Germany, UK
and NZ.

Achievements at a glance
• Established short-term revenue channels, which now proven we will ultimately fill with our unique
legacy genetics.
• Extended the distribution contract with Nimbus Health in Germany for an additional three years-
expanding to include other European countries.
• Achieved first revenues in Australia and developed strong sales and distribution channels for a
comprehensive product range.
• Signed a distribution agreement with Target Healthcare in the United Kingdom.
• Received approval from the Ministry of Health NZ for two new products for the New Zealand market.
• Secured agreements to undertake cultivation trials in Portugal to supply the European market.
• Signed an offtake agreement with a New Zealand cultivator to export Rua's legacy genetics to
Australia.
• In July 2024, Rua launched new dried flower products for the German and New Zealand markets.

It’s incredibly encouraging to see we are no longer at proof of concept and just filling the pipeline. We are
delivering significant revenue growth – The first quarter of FY25 sales are double that of 2024.

A key challenge has been our share price. The New Zealand economy has been slow, narrowly escaping a
technical recession with higher interest rates weighing on cost of living and undermining purchasing power
and consumption.

Legally, we cannot give you any guidance. In general, strong earnings result in stock price moving up. This is
obviously challenging for a start-up company. But what I can tell you is that I am confident that with our
unique strategy already delivering significant revenue growth, that we will establish ourselves as a sustainable
global company. This will hopefully be reflected in investor expectations that the company is heading towards
profitability.
As outlined in the 2024 Annual Report, Rua’s net liquidity position and ongoing cash operating losses are
challenging if we are to meet the company’s ongoing liabilities and fund anticipated growth opportunities.
I am announcing today that we will imminently be going out to the market – seeking to raise $3.1m of new
equity.
Rua has taken critical actions to support its immediate cash flow needs.
• We have been laser focused on conserving cash.
• We raised a small equity placement of $150k to existing shareholders in September 2024.
• We have an unconditional offer from Awa Ora Genesis Kaitiaki Harakeke Trust of Te Araroa of $1.3
million on the Gisborne manufacturing facility which was due to settle last week (30th October).

The Board have received assurances from the Trust that they intend to complete the purchase of the property
and have requested further time before settlement. The Board is now considering our legal options in this
situation.

We are also in parallel working with other credible parties on an alternate purchase plan in case it is needed.

Managing cash flow this year has been an extraordinary journey. Because of the challenging financial climate
in the last 12 months, we haven’t been able to go out to the market any earlier to raise cash.

Due to the delay in settlement of the manufacturing facility last week, we have agreed a term sheet for
bridging finance to support critical business commitments.

I want to thank all our creditors for working with us and also our Director’s for deferring their fees. Everyone
has done their bit to get us through this challenging time.

Rua intends to use the cash raised through the Offer to meet its ongoing cash flow requirements as well as
funding working capital and marketing activities to support our growth opportunities. This includes introducing
new products into Germany and Australia and launching into the United Kingdom.

The cash raised, both from the facility sale and capital raise, is intended (if fully subscribed) to fund the
business to a self-sustaining position.

There will be a resolution later in the meeting on the issue of new ordinary shares that will allow Director’s
flexibility should it be needed.
On behalf of the Board, thank you to our shareholders and partners for all your support throughout FY24.
I’d especially like to recognize how extremely hard the Rua team have worked, led by our very capable &
resilient CEO Paul Naske. You have all delivered significant commercial milestones.
It’s incredibly encouraging to see we are no longer at proof of concept and just filling the pipeline. We are
delivering significant revenue growth. Our focus is now to accelerate our sales growth and increase our
market share as fast as possible.