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1 Proposed Microba Merger Presentation 22 September 2026
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2 Proposed Microba MergerA Transformative Merger Combining two complementary Australian diagnostics businesses to create a scaled, cash-backed ASX-listed group serving an expanded gastrointestinal testing pathway ✓ Creates a scaled ASX-listed diagnostics group • Approximately $30 million of combined FY26 revenue, around 149 employees, and products reaching more than 30 countries ✓ Complementary rather than overlapping • GSS sells syndromic PCR to hospital and reference laboratories while Microba sells metagenomic testing to clinicians and pharma partners ✓ A stronger balance sheet with the transaction funded entirely in scrip • Approximately A$30 million of combined cash and term deposits ✓ Recommended by both the Genetic Signatures and Microba Boards • Unanimously recommended, subject to a superior proposal, the Independent Expert's conclusion and finalisation and execution of the Scheme Implementation Deed (which will contain customary fiduciary carve outs and conditions precedent) Vision for the merged group • To be the ASX-listed leader in gastrointestinal and infectious disease diagnostics • To serve a broader customer base, from rapid first-line pathogen detection to metagenomic profiling • To take cleared, differentiated Australian products to a materially wider route to market • To reach profitability on a single cost base Note: Cash balances as at 30 June 2026
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3 Proposed Microba MergerTransaction Summary GSS to acquire 100% of Microba Life Sciences by scheme of arrangement, funded entirely in GSS scrip Structure • GSS acquires 100% of the issued shares in Microba Life Sciences (ASX: MAP) by scheme of arrangement under Part 5.1 of the Corporations Act. The merged group remains listed as ASX:GSS Consideration • 0.654 new GSS shares for each Microba share. No cash consideration, no new debt and no financing condition Implied value • Merger exchange ratio determined by the prior one month VWAP of 5.48 cents per Microba share and prior one- month VWAP of 8.38 cents per Genetic Signatures share as at 18 September 2026 Ownership • Approximately 469 million new GSS shares issued. Microba shareholders will hold approximately 67% and GSS shareholders will hold approximately 33% of the merged group, undiluted. Pro forma • FY26 revenue of approximately $30 million and combined cash and term deposits of approximately $30 million at 30 June 2026. Board • Six directors, three nominated by GSS and three by Microba. Approvals • Microba scheme and Court approval; GSS shareholder approval under ASX Listing Rule 7.1 and all for all other purposes; Independent Expert; regulatory and customary approvals
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4 Proposed Microba MergerStrategic Rationale & Financial Benefits Four key reasons the Board considers the merger to be in the interests of GSS shareholders Materially Wider Route to Market • Microba's Sonic Healthcare and SYNLAB relationships alongside GSS' hospital and reference laboratory customers • Each product range gains access to a customer base it does not currently serve • A combined UK platform in the group's fastest-growing market Significantly Enhanced Scale • Approximately $30 million of combined FY26 revenue, against $14.8 million for each company in isolation • Around 149 employees, manufacturing in Sydney and Brisbane, and distribution in more than 30 countries • A larger, more liquid listed vehicle with the potential to re-rate as revenue and earnings scale Financially Attractive Combination • Approximately $30 million of combined cash and term deposits, funded entirely in scrip • A minimum of $2.5-3.0 million of annualised gross cost synergies have been identified • A single listed cost base: one board, one audit, one listing and one corporate overhead Well Positioned for Future Growth • A differentiated end-to-end gastrointestinal offering that neither company can deliver alone • A balance sheet that is anticipated to provide a runway through to cash flow breakeven • GSS shareholders retain their holding, their listing and three of six board seats Note: Cash balances as at 30 June 2026
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5 Proposed Microba MergerOverview of Microba Life Sciences Microba is an ASX-listed precision microbiome company with clinical testing in Australia and the UK, a supplements business and a live biotherapeutics pipeline Metagenomic Diagnostics • Microbiome Explorer and MetaPanel clinical testing, with GI Navigator released in Q2 FY27 • FY26 group core testing volume up 78% and group core testing revenue up 92% year on year Channels & Partners • Distribution relationships with Sonic Healthcare, SYNLAB and Genova Diagnostics • 43 enterprise clinic accounts signed in Australia since November 2025, with more than 175 further targets in the pipeline • FY26 group revenues of $14.8m Established UK Platform • Invivo Clinical customer base and clinician network • UK core test sales up 92% on the prior corresponding period in Q4 FY26 • Sits alongside GSS' NHS customers in the group's fastest-growing market Therapeutics Optionality • MAP 315, a Phase 2-ready live biotherapeutic for ulcerative colitis • Active partnering process; internal research and development investment remains paused Source: Microba Life Sciences Q4 FY26 investor presentation, 16 July 2026. 1 2 3 4
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6 Proposed Microba MergerComplementary Footprints & Customer Base A single group spanning hospital laboratories, clinician networks and distribution in more than 30 countries Australia • GSS manufacturing in Sydney; Microba head office and laboratory in Brisbane • Hospital and reference laboratory customers alongside 43 signed enterprise clinic accounts United Kingdom • GSS NHS and hospital customers; Microba's Invivo Clinical base and clinician network • The group's fastest-growing market Europe • GSS ten-year supply agreement with Hvidovre Hospital, Denmark; GSS distribution partners across Europe • Microba SYNLAB partner- lab reach; USA and rest of world • GSS direct representation and FDA 510(k) clearance for the GI parasite kit • Microba partner-lab reach via Genova Neither company duplicates the other's channel with each product range gaining access to a customer base it does not currently serve.
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7 Proposed Microba MergerMinimum Cost Synergies Expected from Merger Duplicated listed-company and corporate costs provide a minimum level of synergies from the deal ~$0.9m Listed-entity and public-company costs Board and non-executive fees, D&O insurance, group audit, share registry, investor relations, ASX and ASIC fees ~$1.9m Duplicated corporate and G&A functions Rationalisation of duplicated executive leadership and support, finance and company secretarial, people and culture, and project management functions across the two groups ~$0.2m Infrastructure and professional services Consolidated software licences, corporate office space outside the manufacturing site, and corporate advisory and consulting spend $2.5 - 3.0m Minimum gross annualised cash synergies 4 months payback One-off costs recovered from annualised savings Additional synergy opportunities remain available Beyond the duplicated corporate functions quantified above, further opportunities may exist across laboratory and manufacturing footprint, procurement and consumables, combined sales and distribution channels, and shared quality, regulatory and R&D capability. Note: Financial figures in A$ million. Realised synergies remains subject to detailed integration planning.
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8 Proposed Microba MergerCombined Company Contribution Analysis Genetic Signatures contributes the majority of the cash and net assets while Microba contributes the majority of near-term growth Contribution Microba Genetic Signatures Total MAP % GSS % Shares on Issue / Ownership merged group ~469m ~227m ~696m 67% 33% Board seats 3 3 6 50% 50% Gross Cash, FY26A 7.9 22.1 30.0 26% 74% Borrowing, FY26A 2.7 0 2.7 100% 0% Net assets (ex. cash), FY26A 16.5 13.6 30.1 55% 45% Revenue, FY26A 14.8 14.8 29.6 50% 50% Continuing Product Growth (%), FY26A 53% -7% 46% 100% n/a Employees c. 97 c. 52 c. 149 65% 35% Countries served AU, UK, EU, US 30+ 30+ n/a n/a Considerations for the merger Genetic Signatures contributes roughly three quarters of the combined cash and the larger share of net assets. Microba contributes the larger share of near-term revenue growth and is expected to reach cash-flow breakeven before Genetic Signatures.The ownership split reflects a combination of the current balance sheets and the expected forward contribution of both businesses with governance balanced equally at Board level. Note: Financial figures in A$ million. Market data displayed per trading data as at close of 18th September, 2026. Combined group information indicative only. Shares on Issue and Ownership demonstrated for Microba under current offer terms.
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9 Proposed Microba MergerRecap: Key Benefits of Merger Creates a scaled ASX-listed leader in gastrointestinal and infectious disease diagnostics, for the benefit of patients, laboratories, clinicians and shareholders 1 2 3 4 Significantly enhanced scale A materially wider route to market A more financially attractive combination that is funded through to expected cash-flow breakeven Well positioned for future growth
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10 Proposed Microba MergerIndicative Timetable Event Indicative date Despatch of the GSS Notice of Meeting late September 2026 Convene GSS shareholder meeting to approve Proposed Merger October 2026 Execution of the Scheme Implementation Deed (subject to receiving GSS shareholder approval) October 2026 Lodgement of the Scheme Booklet with ASIC mid November 2026 First Court hearing December 2026 Despatch of the Scheme Booklet to Microba shareholders December 2026 Microba Scheme Meeting January 2027 Second Court hearing January 2027 Effective Date January 2027 Scheme record date February 2027 Implementation Date and issue of new GSS shares February 2027 All dates are indicative and subject to change, including as a result of ASX, ASIC and Court processes.
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11 Proposed Microba MergerConditions & Approvals Conditions to implementation • Receipt of any required ASX confirmations or approvals. • GSS shareholder approval to proceed with the Proposed Merger and issue the relevant consideration securities. • Finalisation and execution of a definitive Scheme Implementation Deed appending the form of Scheme of Arrangement and Option Scheme(s). • Completion of the applicable independent expert process for the schemes of arrangement. • Preparation and ASIC approval of a scheme booklet and court approval for the convening of scheme meetings of both Microba shareholders and option holders by Microba. • Convening of the scheme meetings and approval of the proposed schemes of arrangement by the requisite majorities of both Microba shareholders and option holders. • Court approval of the proposed scheme of arrangement. • Satisfaction or waiver of all other required regulatory confirmations or approvals and the conditions contained in the Scheme Implementation Deed.
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12 Proposed Microba MergerKey Risks Integration and synergy realisation Estimated synergies may not be achieved in full or on the timetable assumed, and one-off costs to achieve them may exceed estimates. Forecast risk The combined forecasts rest on management projections for both businesses. Residual risk remains in achieving what are, in places, ambitious financial targets. Customer and channel concentration A substantial share of GSS revenue is driven by a small number of laboratory customers. Microba's largest shareholder, Sonic Healthcare, competes with some of those customers. Funding and balance sheet The merged group remains loss-making and carries Microba's existing debt. Further funding may be required if the combined cash burn does not reduce as assumed. Regulatory approvals The Proposed Merger will be subject to obtaining all necessary regulatory and shareholder approvals that may be required, including approvals from the shareholders of both GSS and Microba Completion risk The transaction is subject to several conditions. A prolonged process consumes cash and management attention whether or not it completes. Therapeutics funding Microba's therapeutics pipeline, including MAP 315, is currently paused for internal research and development. Advancing it would require partnering or further funding. Key person reliance Both companies rely on specialist scientific and commercial leaders to deliver their respective products. Uncertainty through integration could see some of them leave, taking capability and customer relationships with them. Note: For further risks and information, respective shareholders should read each Company’s risks as noted in their respective Annual Reports.
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13 Proposed Microba MergerImportant Notice Important Notice This presentation has been prepared by Adelaide Equity Partners Limited t/a AE Advisors on behalf of Genetic Signatures Limited (GSS). Summary information This presentation contains summary information about GSS and its activities current as at the date of this presentation together with information regarding the proposed acquisition of all the issued share capital in Microba Life Sciences Limited (ASX: MAP) (Microba) (Proposed Merger). The information contained in this presentation is for information purposes only. Certain information in this presentation has been sourced from Microba, its representatives or associates, including from Microba’s market announcements. Although steps have been taken to confirm the information, GSS has not been able to verify the accuracy, reliability or completeness of all such information and no representation or warranty, express or implied, is made by GSS as to its accuracy, reliability or completeness. If any such information is or proves to be inaccurate, incomplete or misleading, there is a risk that the actual financial position and performance of Microba following implementation of the Proposed Merger may be materially different to the financial position and performance expected by GSS and reflected in this presentation. There is also no assurance that the due diligence to be conducted will be conclusive and that all material issues and risks in respect of the Proposed Merger will be identified or managed appropriately. The information in this presentation is supplied in summary form, is of a general background nature and does not purport to be complete or to provide all information that an investor should consider when making an investment decision. It should be read in conjunction with GSS’s periodic and continuous disclosure announcements filed with the ASX. This presentation is not and should not be taken to be, a prospectus, product disclosure statement or any other offering document under Australian law or any other law, and does not contain all of the information which would be required to be disclosed in such a document (and will not be lodged with ASIC or any foreign regulator). Neither AE Advisors, any director, partner or employee of AE Advisors (AE Persons), nor GSS and its related bodies corporate, officers, employees, representatives, advisers and consultants (GSS Persons), are liable for any error or inaccuracy contained herein, whether negligently caused or otherwise, or for loss or damage suffered by a recipient of this presentation or any other person due to such error, omission or inaccuracy. In particular, any numbers, valuations and schedules contained in this presentation are preliminary and may not be relied upon. Financial data All amounts are in Australian Dollars ($ or AUD) unless otherwise indicated. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. All references starting with “FY” refer to the financial year ending 30 June. For example, “FY26” refers to the financial year ending 30 June 2026. Investors should note that this presentation includes both audited and unaudited financial information for various periods. With the exception of the audited financial information, investors should note that this information has not been audited and is based on management estimates and not on financial statements prepared in accordance with applicable statutory requirements. Accordingly, investors should treat this information with appropriate caution. Investors should also be aware that certain financial data included in this presentation including measures described as “pro forma”, are "non-IFRS financial information” under ASIC Regulatory Guide 230 (Disclosing non-IFRS financial information). The non-IFRS financial measures do not have a standardised meaning prescribed by Australian International Financial Reporting Standards (AIFRS) and, therefore, may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with AIFRS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial measures included in this presentation.
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14 Proposed Microba MergerImportant Notice Future performance Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding GSS’s intent, belief or current expectations with respect to its business and operations, market conditions, results of operations and financial conditions, including, without limitation, forecasted economic indicators and performance metric outcomes. This presentation contains words such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. These forward- looking statements reflect GSS’s current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond the control of GSS, and have been made based upon GSS’s expectations and beliefs concerning future developments and their potential effect on GSS. There can be no assurance that future developments will be in accordance with GSS’s expectations. A number of important factors could cause GSS’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including but not limited to, general economic conditions in Australia and other jurisdictions in which GSS or its related bodies corporate operate; exchange rates; competition in the markets in which GSS will operate and the inherent regulatory risks in the business of GSS. Assumptions on which forward-looking statements in this presentation are based may or may not prove to be correct and there can be no assurance that actual outcomes will not differ materially from these statements. None of the AE Persons or GSS Persons, nor any other person referred to in this presentation makes any representation as to the accuracy or likelihood of fulfilment of the forward- looking statements or any of the assumptions upon which they are based. When relying on forward-looking statements to make decisions with respect to GSS, investors and others should carefully consider such factors and other uncertainties and events. GSS is under no obligation to update any forward-looking statements contained in this presentation as a result of new information, future events or otherwise, after the date of this presentation. As such, undue reliance should not be placed on any forward-looking statement. To the maximum extent permitted by law, GSS and its related bodies corporate, officers, employees, agents and advisers and any other person referred to in this presentation: disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions or as a result of new information, future events or otherwise; do not make any representation or warranty, express or implied, as to the accuracy, reliability, fairness or completeness of such information, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). Past performance information given in this presentation is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood or achievement or reasonableness of any forward-looking statements, forecast financial information or future share price performance. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty, or guarantee as to the past, present or the future performance of GSS. Not financial product advice This presentation is for information purposes only and it is neither financial product nor investment advice (nor tax, accounting or legal advice) nor a recommendation to acquire GSS shares and has been prepared without taking into account the objectives, financial situation or needs of recipients of this presentation. It is not intended that it be relied upon as advice to investors or potential investors, who should make their own enquiries and investigations regarding an investment in GSS and in relation to all information in this presentation (including but not limited to the assumptions, uncertainties and contingencies which may affect the future operations of GSS and the value and the impact that different future outcomes may have on GSS) and before making any investment decisions, should consider the appropriateness of the information having regard to their specific investment objectives, financial situation or particular needs and should seek independent professional advice appropriate to their jurisdiction before making an investment decision. GSS is not licensed to provide, and this presentation does not constitute the provision of, investment or financial product advice in respect of GSS’s shares.
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