Artrya : Quarterly Activity Report and Appendix 4C for Q3 FY22

Coronary Artery Disease. We see you.

ASX ANNOUNCEMENT MARKET RELEASE

19 April 2022

Quarterly Activity Report and Appendix 4C for Q3 FY22

Highlights:

•  Incorporated United States subsidiary Artrya USA Inc.

•  Appointed Dr Jacque J. Sokolov Chairman & President Artrya USA Inc.

•  Established international Clinical Advisory Board

•  Progressed validation study negotiations with US hospital research institute

•  Passed CE Mark/UKCA surveillance audit

•  Continued testing with Australian pilots

•  Strong cash position with $39.9 million held as of 31 March 2022

Artrya Limited (ASX: AYA), "Artrya" or the "Company"), a medical technology company focused on commercialising its patented Artificial Intelligence platform, is pleased to release its Quarterly Activity Report and Appendix 4C Cash Flow Report for the quarter ended 31 March 2022.

Market Entry & Development

United States Market

Artrya incorporated the US subsidiary Artrya USA Inc. and appointed Dr Jacque J. Sokolov Chairman and President. Dr Sokolov was appointed US Advisor to Artrya in January 2022. He is a cardiologist and brings to the company significant experience in healthcare delivery and biotechnology.

Artrya also established an international Clinical Advisory Board during the quarter. Chaired by Dr Sokolov, the Board will guide Artrya's clinical program including product design and regulatory approval, research partnerships and the development of new clinical models. In addition to Dr Sokolov, the Clinical Advisory Board comprises:

•  Prof Girish Dwivedi, cardiologist and Wesfarmers Chair of Cardiology, Harry Perkins Institute of Medical Research

•  Prof Benjamin Chow, cardiologist and Director of Cardiac Imaging, University of Ottawa Heart Institute

•  Dr Jack Lewin, cardiologist and previous CEO of American College of Cardiology

•  Dr Tom Cheek, internal medicine physician and executive with extensive experience in medical management, Medicare Advantage risk, Medicaid, clinical medicine, medical quality and outcome measurement

•  Dr Jim Bonnette, who has more than 40 years of health care experience in the strategic transformation of health care delivery systems, including value-based care and the federal mandate for health reform

•  Dr Nicolas Chronos, managing partner of Lake Country Medical Group and interventional cardiologist who is internationally recognised for his pioneering heart disease research.

Also appointed by Artrya USA Inc. during the quarter were Co-CEOs Jory Tremblay, with 30 years of market assessment and scalability expertise, and Ted Schwab who brings 35 years of health care industry experience.

The lifting of Western Australian COVID-19 travel restrictions allowed international travel for the first time in more than two years and also facilitated previously-restricted interstate travel.

In-person meetings have now been held in the United States with prospective hospital research partners, progressing negotiations to commence clinical research studies. It is anticipated that a contract with the first of these will be signed in Q4FY22.

While in the US, Artrya senior leaders attended the American College of Cardiology ACC22 conference. A major topic at ACC22 was plaque characterisation using CCTA, reinforcing the positioning of Salix as a leading solution assisting in the diagnosis of coronary artery disease. In October 2022, the ACC defined

Coronary Computed Tomographic Angiography, used by the Artrya Salix product, as the only Class I test with Level A evidence for use as a first-line tool to evaluate patients exhibiting symptoms of coronary artery disease.

Dialogue continued during the quarter with the Food & Drug Administration in progressing Artrya's FDA regulatory application.

Australia

Testing at three Australian pilot sites continued during the quarter. This testing is providing clinical and technical feedback to the Artrya development team and informing ongoing product development.

Further pilots are planned to commence during Q4FY22.

United Kingdom

In March 2022, Artrya successfully completed the second Notified Body BSI audit for the company's UK Conformity Assessment and European CE Mark regulatory processes. This is a further step towards regulatory approvals in these jurisdictions.

Preparations ahead of regulatory approval and subsequent market entry, including economic modelling demonstrating the value of Artrya Salix within the NHS hospital system, were also completed during the quarter.

Product Development

Pilot testing results continued to be incorporated in ongoing product development of Salix Coronary Anatomy.

Calibration and validation of the Salix Coronary Flow (SCF) product, completed in December 2021, will continue in Q4FY22.

Clinical Research & Publication

Research and publication of product performance results provides evidence of the clinical accuracy with which SCA detects and reports coronary artery disease biomarkers.

Research publication abstracts were submitted during Q3FY22 to the US Society of Cardiovascular Computed Tomography, European Society of Cardiology, the Cardiac Society of Australia & New Zealand and The Royal Australian & New Zealand College of Radiologists. Artrya will also be presenting at the Association for Medical Imaging Management conference in Las Vegas in July 2022.

COVID-19

While border closures eased during Q3FY22, enabling travel to re-commence, COVID-19 quarantine and close-contact restrictions hampered sales activity during the quarter.

The evolving COVID environment continues to create uncertainties in the future. However, in the short term we expect the imaging backlog of patients arising from earlier COVID restrictions and potential health complications arising from the coronavirus disease may increase demand for diagnostic support solutions such as Artrya Salix.

Financials

The company's total cash at call and on deposit was $39.9 million as of 31 March 2022. Net operating cash outflow for the quarter was $3.82 million, relating to continued Salix product development, clinical and regulatory expenses, commercialisation, and administration expenses. During the quarter Artrya received cash of $836k from R&D tax credits relating to the 2021 financial year and continued to benefit from the

Federal Government's BMTH 3.0 grant program.

Cash outflows from financing activities include the final transaction costs of the Company's successful capital raising and listing on the ASX in November 2021.

Use of Funds (Listing Rule 4.7C.2)

The expenditure for the quarter ended 31 March 2022 set out in the table above is in accordance with the

Use of Funds outlined in the Company's prospectus dated 15 October 2021. There are no material variances against the estimated use of funds.

Related Party Transactions (Listing Rule 4.7C.3)

Payments to related parties included in Item 6 of the attached Appendix 4C Cash Flow Report for the quarter comprised of $251,125 in salaries and superannuation guarantee payments for executive and non-executive directors.

This announcement was approved by the Artrya Board.

For further information please contact

Based in Perth, Australia, Artrya was founded in 2018 and commenced operations in early 2019. Artrya Ltd is listed on the Australian Securities Exchange (ASX: AYA).

Artrya is an applied artificial intelligence healthcare company that works alongside clinicians to improve the diagnosis of coronary heart disease and develop a holistic overview of a patient at risk. The company has developed deep learning algorithms that will allow for the prediction and prevention of acute coronary events.

For more information, seewww.artrya.com

Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Artrya Limited

ACN

624 005 741

Quarter ended ("current quarter")

31 March 2022

• (a) entities

• (b) businesses

• (c) property, plant and equipment

• (d) investments **

• (e) intellectual property

(f)other non-current assets

+ See chapter 19 of the ASX Listing Rules for defined terms.

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