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#Management
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27 November 2019

BOARD AND SENIOR MANAGEMENT CHANGES

The Board of Paragon Care today announces important changes to its Board and Executive team as part of the recent strategic restructuring of the business.

Andrew Just has resigned today as Chief Executive Officer and Managing Director. Andrew joined Paragon Care Limited (ASX:PGC) in January 2018 and has been instrumental in working closely with the Board to transition the business from a very cyclical and sometimes commoditised business into a business that is significantly less seasonal and now comprises many high quality and higher margin products and services. The Board would liketo express its thanks to Andrew for his services over the past two years and he leaves with the Company’s best wishes for the future.

Following on from Andrew’s resignation, the Board is pleased to announce the appointment of Phil Nicholl as the new Chief Executive Officer with effect from 2nd December 2019. Mr Nicholl is currently the CEO of one of Paragon’s largest businesses, SurgicalSpecialties, which is a highly regarded player in the orthopaedics market in Australia and New Zealand and has enjoyed a strong track record of growth and profitability under his leadership. Mr Nicholl has extensive experience in the medical devices industry having occupied senior executive roles for industry leaders including Stryker and Cochlear. Phil has worked very closely over recent months with a large number of Paragon’s other businesses in both Australia and New Zealand and the Board seesgreater ‘cross selling’ opportunities emanating from Phil’s appointment.

The Company is delighted to announce that the former Chief Executive Officer and Managing Director and Co-Founder of PGC, Mark Simari will re-jointhe Company as a Non-Executive Director. During his initial tenure (2008-2017), Mark was instrumental in Paragon becoming one of the largest independent healthcare suppliers in the Australian/New Zealand market, creating a healthcare platform spanningacross capital equipment,consumables, devices and service & maintenance. We look forward to Mark playing a pivotal role with the Company’s future growth strategy whilst providing valuable support to both the Board and Executive Team. Mark is also a Non-Executive Director of listed ASX MedTech company Novita Healthcare (ASX: NHL). Mark’s appointment is with immediate effect.

#ASX Announcements
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AGM Presentation

26 November 2019 ASX | PGC

Executive Summary

Executing on vision and strategy: Strategic initiatives progressing well in each business vertical, focused on delivering strong organic growth and achieving category leadership

Transformation back on track: ERP implementation initially had challenges which have now been resolved, business anticipates significant benefits to be realised over FY20/21

Solid start to FY20: 6% revenue growth YTD pcp (excluding Western Biomedical where litigation is in process); with momentum building in key businesses

Positive outlook: Strategy delivery, benefits from transformation and removal of low margin products leading to continued growth and improved profitability going forward