Cirdan Overview June 2015

Agenda

• Overview• People• Global Operation• Markets• Products• Financials

2

Cirdan

• Cirdan Imaging Ltd was founded on the 25th May 2010 • Cirdan develops innovative medical devices for the acceleration and

enhancement of diagnosis.• Particularly interested in Pathology Imaging• Imaging in Start up costs for medical device businesses are high• Founders had resources but not enough• Not feasible with out the support of the Co-investment fund.

Regulatory Strategy

4

General Laboratory ImagingVividPath

Class I ULTRA LIS

Class IIb Biopsy Imaging System

Class IIITissue Diagnosis

More Innovative more demanding is Regulatory Approval

5

The People

• Principal founders of the company previously helped found and develop Andor Technology plc (LSE:AND) - a university spin-out & VC backed).

• Management Team• Hugh Cormican - CEO & Managing Director

• Stephen Dunniece - CTO & Senior Design Specialist

• Kevin Cowan - Software Engineering Manager

• Dave Crockett - VP Sales and Marketing

• Lynne Cross - Financial Controller

• Jenna McGarry - Quality and Regulatory Affairs Manager

• Our Chairman, Dr Doherty was CEO of a University spin-out company with image processing IP• VC backed and subsequently sold to Conexant Inc.

• The team have key skills in delivering well-designed multi- disciplinary projects and introducing them to the market.

6

Global Operation

Biopsy Imaging$100M

5% CAGR

Target Markets

7

Pathology Imaging$250M

12% CAGR

Laboratory Information Systems$650M

9% CAGR

Instrument Middleware

$100M 7% CAGR

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Pathology Imaging

• Strengths • Fully featured software offering Vividpath• Compatible hardware - Pathlite • Works with existing slide Imaging solutions• Cost effective solution

• Outlook• Strong interest from LIS customer base• Exploring new imaging opportunities • Seeking medical device listing

• Competitors – Milestone, Spot, TribVN

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ULTRA LIS

• Strengths• Robust Laboratory product

• Ease of use & Highly configurable

• Scalable for multi-site multi-discipline

• Comprehensive instrument interfacing

• Most used LIS in Australia

• Outlook • New version planned with improved database

• Integration with Pathology Imaging

• Better Molecular Diagnostics handling

• Cloud Enabled

• Competitors - Clinisys, Sunquest and Isoft

Equity Investment

FY2011 FY2012 FY2013 FY2014 FY2015£0

£100,000

£200,000

£300,000

£400,000

£500,000

£600,000

£299,000£230,850

£270,625

£186,265

£149,625 £50,000

£40,524

£500,000

£163,875

£178,125

£157,961

Founders & Staff Equity Co-investment

Historic & Projected Financials

FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

-£1,000,000

£0

£1,000,000

£2,000,000

£3,000,000

£4,000,000

£5,000,000Turnover Legacy Support EBITDA