Competitor - JenaValve, page-19

Hi Investek,

I believe there are some general misconceptions regarding the AHZ TAVR program and how the SAVR trial relates to the progression of that.

The following are some points that may not be very clear with the market.

1) SAVR is a 2+ billion dollar $$ market and is not in decline despite the rise of TAVR (TAVR will be a 10 billion dollar market by 2025).

2) Edwards and Medtronic are key players in the SAVR and TAVR markets.

3) Admedus is very unique in that its SAVR and TAVR valve are essentially the same valve (delivered in different ways, TAVR by catheter and SAVR surgically).

All other companies have very different designs for their TAVR and SAVR valves.

4) Therefore : Once the Admedus valve is in place (either by catheter or surgery) the data will be the same, meaningful and valuable.

5) By doing the first in man as a SAVR operation Admedus have likely accelerated their ability to collect data in humans by several years. That is why I believe this is a very smart move by the company.

6) Any potential partnership deal will likely be driven by initial results / feedback from the in human data from the Admedus SAVR implants / trial.

This is just my opinion and I hope it helps.

DYOR and Not advice.