Acrux Limited Investor Presentation — February 2018

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Forward looking statements

This presentation includes forward -looking statements that aresubject torisks and uncertainties .Such statements involve

known and unknown risks and important factors that may cause theactual results, performance orachievements ofAcrux

tobematerially different from thestatements inthis presentation .

Actual results could differ materially depending onfactors such asthe availability ofresources, the results ofclinical

studies, thetiming and effects ofregulatory actions, thestrength ofcompetition, theoutcome oflegal proceedings and

theeffectiveness ofpatent protection .

Cash reserves 31 December 2017: $32.36m

30 June 2017: $33.97m

After Tax1H 2018: $(8.69)m includes a non -cash impairment loss of $(5.65)m

Royalty revenue 1H FY18: $2.42m

Pipeline progress At end December 2017, Acrux had 10 products in active development all of

which are targeting the topical generic market in the United States

3Half year profit and loss

•Royalty revenue from Axiron® decreased 84.3% to $2.2m reflecting a

decline in global sales by our partner Eli Lilly and Company due to

generic competition and the termination of the licensing agreement

•R&D investment was $5.30m, up 49.3% on prior half year due to the

increase in expenditure on our generic pipeline

•Other operating costs were $1.68m, up 79.7% on prior half year

materially due to non -recurring legal fees of $0.70 million associated

with the Axiron® patent appeal litigation

•Non operating costs are comprised of depreciation and amortisation

•Impairment loss is a result of a reassessment of the estimated future

discounted cashflows from Axiron®. The assessment included

consideration of termination of Axiron® licensing agreement and U.S.

Court of Appeals for the Federal Circuit decision.

•Income tax benefit of $1.64m is attributable to the lower operating

profit (excluding the impairment loss) and the reversal of the deferred

tax liability associated with the impaired portion of Axiron® capitalised

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