Rhinomed : Trading update, BTNX Agreement and Rights issue

RHINOMED

MELBOURNE, Australia, 7 April 2022:

Rhinomed Limited (ASX:RNO, OTCQB:RHNMF), a leader in wearable nasal and respiratory technology invites shareholders to attend its investor webinar held today at 12pm (AEST) 7 April 2022.

Interested parties can register for the webinar using this link:https://us06web.zoom.us/webinar/register/WN_vjTjr2XrRjenEquUpxgvsA

Participants may submit questions during registration or during the session.

The presentation slides are included at the end of this announcement.

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TRADING UPDATE, RHINOSWAB/BTNX AGREEMENT. SCALING FOR THE GLOBAL MARKET CAPITAL RAISE

APRIL 2022

Not for release to US wire services or distribution in the United States

Important notice

The information contained in this presentation (Presentation) has been prepared by Rhinomed Limited ACN 107 903 159 (Rhinomed).

This Presentation has been prepared in relation to:

• ● Rhinomed's entry into a supply agreement with BTNX, Inc, for the exclusive supply of Rhinoswab and Rhinoswab Jr products in Canada for a 24 month period; and

• ● An accelerated non-renounceable entitlement offer of Rhinomed fully paid ordinary shares (New Shares) to be made to eligible institutional shareholders of Rhinomed (Institutional Entitlement Offer) and eligible retail shareholders of Rhinomed (Retail Entitlement Offer) under section 708AA of the Corporations Act 2001 (Cth) (Corporations Act) as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84 (Offer).

By receiving this Presentation, you are agreeing to the following restrictions and limitations.

This Presentation provides general background information about Rhinomed which is current at the date this Presentation is made. This Presentation is not a prospectus, product disclosure statement or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission (ASIC)) or any other law and does not require all material information which a prospective investor may require in evaluating a possible investment in Rhinomed. This Presentation is for information purposes only and is not an invitation to acquire or offer of securities for subscription, purchase or sale in any jurisdiction.

The information contained in this Presentation does not constitute financial advice and is not intended to be relied upon as advice to investors or potential investors. The information contained in this Presentation has been prepared without taking into account any person's individual investment objectives, financial situation or particular needs. Information in this Presentation remains subject to change without notice.

While the information contained herein has been prepared in good faith, neither Rhinomed nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as Information) and liability therefore is expressly disclaimed. Accordingly, neither Rhinomed nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

This Presentation may contain forward-looking statements about Rhinomed's financial results, guidance and/or business prospects that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate. Such items include Government policy changes, changes in the competitive environment, loss of contracts and unexpected changes to business costs or expenses. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. No representation or warranty is given as to the accuracy or likelihood of achievement of any forward-looking statement in this Presentation, or any events or results expressed or implied in any forward-looking statement.

This Presentation should not be considered as the giving of investment advice by Rhinomed or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of Rhinomed after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

This Presentation has not been filed, lodged, registered, reviewed or approved by any regulatory authority in any jurisdiction and recipients of this Presentation should keep themselves informed of, and comply with and observe, all applicable legal and regulatory requirements. This Presentation does not constitute an offer (or the solicitation thereof) in any jurisdiction in which such an offer (or the solicitation thereof) is not permitted under applicable law.

This presentation may not be released to US wire services or distributed in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws. Please refer to the section of this document headed "International Offer Restrictions" for more information.

Neither the information contained in this Presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed, in whole or in part, in any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the applicable securities laws. The recipient in any jurisdiction where distribution of this Presentation is prohibited or restricted must inform itself of, and comply with, any such prohibitions or restrictions. If the recipient is in any doubt about any of the contents of this Presentation, it should obtain independent professional advice. The recipient represents that it is able to receive this Presentation without contravention of any unfulfilled registration requirements or other legal restrictions in the jurisdiction in which it resides or conducts its business. By receiving and retaining the Presentation, the recipient acknowledges that it will be solely responsible for its own assessment of the market and the market position of Rhinomed and is subsidiaries (the Group) and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the business of the Group.

All references to currency are to Australian currency, unless otherwise indicated.

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RHINOMED

EXECUTIVE SUMMARY

RHINOMED OVERVIEW	• Rhinomed are a Melbourne based medical device company specialising in novel wearable nasal and respiratory technology • Platform technology with applications in consumer health, diagnostics and nasal drug delivery • All products on market have regulatory clearance in Europe, USA, Australia and Canada • Extensive IP portfolio - including over 60 patents and over 50 design patents
RHINOSWAB UPDATE - BTNX	• Rhinomed have entered into a supply agreement with BTNX Inc. - one of Canada's largest manufacturers of rapid antigen test kits • Rhinoswab and Rhinoswab Junior will be included in BTNX's range of COVID-19 Rapid Response antigen test kits • Minimum commitment of 22.5 million swabs over a 24-month term - commencing in July 2022 • The agreement is on an exclusive basis in the Canadian market and non-exclusive in all other markets
BUSINESS UPDATE	• Experiencing rapid growth across the consumer health and point of care diagnostics/specimen collection segments • Record Q3FY22(f) revenue of A$3.0 million represents a 198% increase on Q3FY21 • Q4FY22(f) revenue of A$2.2 million represents 143% increase on Q4FY21 • FY22(f) revenue of A$8.9 million represents a 129% increase on FY21 - with no impact from BTNX deal, commencing in FY23 • 4-year revenue CAGR of 42.9%1 • Sales pipeline of over US$120 million in potential revenue
CAPITAL RAISE	• 1 for 9.87 Accelerated Non-Renounceable Entitlement Offer to eligible shareholders to raise approximately A$5.0 million • The Offer will comprise an Underwritten Institutional Entitlement Offer and a Retail Entitlement Offer • Offer price of A$0.19 per share, which represents: a discount of 7.3% to the last close on 6 April 2022 • Offer proceeds will fund an expansion of manufacturing capacity to meet BTNX demand and provide additional working capital • Substantial shareholders, Whitney George, John McBain, Chairman, Ronald Dewhurst and all directors have committed to take up their full entitlements under the Offer

1 Assumes FY22(f) revenue of 8.9m

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RHINOMED - PARTNERING WITH INDUSTRY LEADERS

SUPPLY AGREEMENT FOR RHINOSWAB WITH BTNX

BTNX, Inc

• • BTNX Inc. is a Canadian biotechnology company and leader in rapid, point-of-care diagnostics with a global presence

• • Largest supplier of RAT kits to the Canadian government where it has supplied over 315 million kits to date

Key Terms of the Rhinomed Agreement with BTNX

• • 24 months term

• • Minimum commitment of 22.5 million swabs over the term of the Agreement

• • Initial commitment of 500,000 swabs in each of the first three months, scaling up to at least 1 million swabs per month for the remainder of the term

• • Orders to commence in July 2022

• • Exclusivity in the Canadian market and non-exclusivity in other markets

• • Supply of Rhinoswab and Rhinoswab Junior for inclusion in BTNX's range of COVID-19 Rapid Response antigen test kits

• • Includes the new Rapid Response COVID-19 Antigen Rapid Test Cassette - Junior Home Test featuring Rhinoswab Junior - one of the world's first rapid antigen test kits designed for children.

• • The total minimum revenue across the term of the agreement represents approximately 465% to 475%1 of Rhinomed's H1FY22 revenues of A$3.75m.

1Pricing and exchange rate assumptions

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