Ann: Underwriting Agreement - AVRO Listed Options, page-16

Right, what Anteris have at this time; (although with further SOI) fresh influx of funding that should give the company a modest runway to continue its quest. Biggest plus is that in lieu of a fresh placement/CR this conversion of options does not have a overhang of a further batch of options in the wings at current levels, ….. that is normally associated with a placement/CR.

I am thinking that this influx of funding will be a prelude to a announcement, after the TAVR update announced, of the decision to go it alone.

My feelings on that event is a little mixed. Concerns would be nicely negated if the company could raise funds at way higher levels to go forward. Would be a huge undertaking, the ‘ace in the hole’ is the current IP Anteris own and are R&D ing.

That progression would create a huge premium to a future acquisition.

Hurdle; future funding sourced at far higher levels, creating enough positive sentiment that will hinder third parties trying to keep the sp down for their own agendas. Fresh buyers would be a huge plus.

Imho, not advice.