Ann: AGM Chairman Address and CEO Presentation, page-3

As always, Wayne is a great presenter and I appreciated the short interviews he had with Dr Poon and Dr Hahn, both of whom have had experience implanting the devices.

I always try to read between the lines a little and my biggest takeaways are first that a buyout seems unlikely unless it's an absolute blockbuster price. Wayne seems committed to taking the DurAVR all the way to commercialization although a partnership deal could be in the offing at some point. I think that might be a good idea with up to 1000 patients needing to be enrolled for the pivotal trial. Patient recruitment for large trial populations tends to be something smaller companies struggle with.

Secondly, he didn't mention anything about revenue before approval other than the reimbursement of the price of the valves during the trials ($25,000 - $30,000 USD). I think it's important for investors to realize that the DurAVR very likely won't be approved before 2027. Wayne said multiple times that "this is something that won't take 25 years" and the 2nd from last slide in the presentation says that if Anteris goes it alone, "the company is therefore a credible threat to established players in a USD $10bn market by 2028". I don't think 2028 was chosen randomly. Commercialization should start in 2027 if all things go well and the company projects greater than 5% market share in the first 12 months so I think that fits into ramping up the market share grab in 2028.

Also, very nice to hear that the company is working diligently to automate production through an injection molding technique. It's obviously in the experimental stage as Wayne said that may not be the final technique but the company is not standing still with the hand sewn method.

Finally, thanks so much to Eire for submitting our questions as they were the only questions answered, although Wayne misunderstood the gist of a couple of them.