Announcement PDF ASX Announcement 26 Feb 2025 Appendix 4D & FY25 Interim Report Microba Life Sciences Limited (ASX: MAP) (“Microba” or the “Company), a company at the forefront of microbiome diagnostics & therapeutics, is pleased to announce its results for the six-month period ending 31 December 2024 (“H1 FY25”). Key Highlights Testing Australia - Continued strong growth for MetaXplore™ o o o 4,400 tests sold in H1 FY25, up 146% vs pcp 735 ordering clinician accounts, up 92% vs PCP H1 growth is underpinned by growth in both ordering clinicians and orders per clinician Australia - MetaPanel™ clinical adoption continues to build o o o o Clinical adoption continuing to grow following launch with Sonic Healthcare (ASX: SHL) 420 tests sold in H1 FY25, up 171% vs H2 FY24 Total sales of 575 tests since launch as at December 31, 2024 December was a record sales month for MetaPanel™ United Kingdom - Invivo Clinical o o o o UK Supplements business remains robust, delivering growth during the period UK Testing business transitioning to new growth phase, following the first access to MetaXplore™ in the UK in October 2024 The initial UK clinician test referral rates are similar to Australia, demonstrating healthy initial traction and market acceptance, providing confidence to accelerate towards full market access in H2 FY25 Pleasingly, revenue has remained steady despite this transition phase in the Testing business Therapeutics Program advancement o o o o Inflammatory Bowel Disease Program focused on advancing MAP 315 to Phase 2 Immuno-Oncology Program Clinical data and sample set grown to over 5,500 patients supporting this program Autoimmune Program leads further advanced through pre-clinical development and securing IP filings International Flavors & Fragrances (IFF) continued to advance multistage research program to develop novel treatments for allergies To realise the value of the Company’s therapeutic assets, and progress MAP 315 to a Phase 2 clinical trial in IBD, the Company is continuing to be active in a range of non-dilutive strategic opportunities Additional achievements o Agreement signed for the Strategic Transfer of the Research Testing Services business unit to Clinical Microbiomics A/S JOIN MICROBA’S INTERACTIVE INVESTOR HUB For more Company information and to engage with management by asking questions about Microba’s latest announcements and updates, visit ir.microba.com/welcome Microba Life Sciences Ltd | ABN 82 617 096 652 | L10, 324 Queen Street, Brisbane QLD 4000 Australia | 1300 974 621 ASX Announcement 26 Feb 2025 o o A number of key hires during the period including:  Eric Davis, Ex Abbott and Cochlear appointed as Chief Growth Officer  Chris Saad, Ex Uber appointed as Chief Product Officer  Alaster Stockwell-Jones, Ex Stryker and GE appointed as UK Commercial Director Positive progress on the pathway to securing US reimbursement for MetaPanel Financial metrics o o o H1 revenue of $8.08 million, up 147% vs PCP H1 cash receipts of $8.98 million, up 144% vs PCP $17.3 million in cash and equivalents at 31 December 2024 Commenting on the Interim Report, Microba CEO Dr Luke Reid said: “We continue to see strong sales momentum for our testing business led by MetaXplore test sales in Australia. MetaPanel clinical adoption continues to grow, setting a sales record in December. We have commenced the process of activating this growth in the United Kingdom, with early access to MetaXplore demonstrating market acceptance data that has enabled acceleration to full market access in Q4 FY25”. “In parallel, to realise the value of our therapeutic assets and advance MAP 315 into a Phase 2 clinical trial, we have been active in a range of non-dilutive strategic opportunities.” “We remain intensively focused on executing our testing and therapeutic business strategies. We are gaining strong clinical adoption of our diagnostic tests, exemplified by the break-out growth of MetaXplore sales in Australia, giving us conviction in the opportunity and growth profile ahead including plans for expansive UK growth and US entry with public reimbursement” View this announcement on our Investor Hub: https://ir.microba.com/link/qy1XaP This announcement has been authorised for release by the Board of Directors. For further information, please contact: Dr Luke Reid Chief Executive Officer luke.reid@microba.com Investor / Media Relations investor@microba.com https://ir.microba.com/welcome About Microba Life Sciences Limited Microba Life Sciences is a company at the forefront of microbiome diagnostics & therapeutics and are on a mission to improve human health. With world-leading technology for measuring the human gut microbiome, Microba is driving the discovery and development of novel therapeutics for major chronic diseases and delivering gut microbiome testing services globally to researchers, clinicians, and consumers. Through partnerships with leading organisations, Microba is powering the discovery of new relationships between the microbiome, health and disease for the development of new health solutions. For more information visit www.microba.com JOIN MICROBA’S INTERACTIVE INVESTOR HUB For more Company information and to engage with management by asking questions about Microba’s latest announcements and updates, visit ir.microba.com/welcome Microba Life Sciences Ltd | ABN 82 617 096 652 | L10, 324 Queen Street, Brisbane QLD 4000 Australia | 1300 974 621 Microba Life Sciences Limited and controlled entities Appendix 4D Half-year report 1. Company details Name of entity: ABN: Reporting period: Previous period: Microba Life Sciences Limited 82 617 096 652 For the half-year ended 31 December 2024 For the half-year ended 31 December 2023 2. Results for announcement to the market $ Revenues from ordinary activities up 147.0% to 8,084,136 Loss from ordinary activities after tax attributable to the owners of Microba down Life Sciences Limited 50.0% to (5,741,685) Loss for the half-year attributable to the owners of Microba Life Sciences Limited 50.0% to (5,741,685) down Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the Group after providing for income tax amounted to $5,741,685 (31 December 2023: $11,488,179). 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security Previous period Cents 2.70 4.21 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. FY25 Interim Report 1 Microba Life Sciences Limited and controlled entities Appendix 4D Half-year report 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements were subject to a review by the auditors and the review report is attached as part of the Financial Report. 11. Attachments Details of attachments (if any): The Financial Report of Microba Life Sciences Limited for the half-year ended 31 December 2024 is attached. 12. Signed Signed ___________________________ Date: 26 February 2025 Pasquale Rombola Director Brisbane Authorised for release by the Board. FY25 Interim Report 2 Interim Financial Report For the six months ended 31 December 2024 Microba Life Sciences Limited and controlled entities Microba Life Sciences Limited | ABN 82 617 096 652 Performance Highlights Testing Australia - Continued strong growth for MetaXplore™ • 4,400 tests sold in H1 FY25, up 146% vs PCP • Over 735 ordering clinician accounts, up 92% vs PCP • H1 growth is underpinned by growth in both ordering clinicians and orders per clinician Australia - MetaPanel™ clinical adoption continues to build • Clinical adoption continuing to grow following launch with Sonic Healthcare (ASX: SHL) • 420 tests sold in H1 FY25, up 171% vs H2 FY24 • • Total sales of 575 tests since launch as at December 31, 2024 December was a record sales month for MetaPanel United Kingdom - Invivo Clinical • UK Supplements business remains robust, delivering growth during the period • UK Testing business transitioning to new growth phase, following the first access to MetaXplore in the UK in October 2024 • • The initial UK clinician test referral rates are similar to Australia, demonstrating healthy initial traction and market acceptance, providing confidence to accelerate towards full market access in H2 FY25 Pleasingly, revenue has remained steady despite this transition phase in the Testing business Therapeutics Program advancement • Inflammatory Bowel Disease Program focused on advancing MAP 315 to Phase 2 • Immuno-Oncology Program Clinical data and sample set grown to over 5,500 patients supporting this program • Autoimmune Program leads further advanced through pre-clinical development and securing IP filings • International Flavors & Fragrances (IFF) continued to advance multistage research program to develop novel treatments for allergies • To realise the value of the Company’s therapeutic assets, and progress MAP 315 to a Phase 2 clinical trial in IBD, the Company is continuing to be active in a range of non-dilutive strategic opportunities Additional achievements • Agreement signed for the Strategic Transfer of the Research Testing Services business unit to Clinical Microbiomics A/S • A number of key hires during the period including: • $8.08m H1 FY25 Revenue FY25 Interim Report • Eric Davis, Ex Abbott and Cochlear appointed as Chief Growth Officer • Chris Saad, Ex Uber appointed as Chief Product Officer • Alaster Stockwell-Jones, Ex Stryker and GE appointed as UK Commercial Director Positive progress on the pathway to securing US reimbursement for MetaPanel Financial metrics • H1 revenue of $8.08 million, up 147% vs PCP • H1 cash receipts from customers of $8.98 million, up 144% vs PCP • $17.3 million in cash and equivalents at 31 December 2024 4 Corporate Directory Directors Pasquale Rombola Ian Frazer Gene Tyson Richard Bund Hyungtae Kim Jacqueline Fernley Key management Luke Reid (Chief Executive Officer) personnel James Heath (Chief Financial Officer) Company Secretary James Heath Registered office and Microba Life Sciences Limited principal place of business Level 10 324 Queen Street Brisbane QLD Australia Share register Automic Pty Ltd Level 35 477 Collins Street Melbourne VIC Australia Auditor Pitcher Partners Level 38 345 Queen Street Brisbane QLD Australia Solicitors Thomson Geer Level 28 1 Eagle Street Brisbane QLD Australia Stock exchange listing Microba Life Sciences Limited shares are listed on the Australian Securities Exchange (ASX code: MAP) Website www.microba.com Corporate The Company’s corporate governance statement is located at the Governance Statement Company’s website: https://ir.microba.com/corporate-governance FY25 Interim Report 5 01 Review of Operations FY25 Interim Report 6 Review of Operations The Directors of Microba Life Sciences Limited To realise the value of the Company’s therapeutic (ASX: MAP) (“Microba” or the “Company”) are assets, and progress MAP 315 to a Phase 2 clinical pleased to present their Review of Operations for trial in IBD, the Company is continuing to be active the half-year ended 31 December 2024 (“H1 FY25”) in a range of non-dilutive strategic opportunities. in conjunction with the financial statements of Microba Life Sciences Limited and its subsidiaries (together referred to as the “Group”), and the auditor’s report thereon. The financial statements have been reviewed by the Company’s auditor and approved by the Directors. The net loss before income tax for the Group in H1 FY25 was $5.74m, a 50% decrease on the prior period of $11.49m. This result was driven by the Company’s increased scale, with revenue rising from $3.27 million in H1 FY24 to $8.08 million in H1 FY25, and gross profit Over the past seven years, Microba has strategically increasing from $1.38 million to $3.83 million invested to unlock the human gut microbiome, over the same period, positioning Microba well leveraging its world leading technology to as revenue continues to scale. The Company pioneer the development of clinical microbiome reduced its expenditure during the period, with diagnostics and novel biotherapeutics. This Total Operating Expenses decreasing from investment is now yielding results with accelerating $16.75 million to $13.84 million. This reduction adoption of the company’s clinical testing was primarily driven by lower spending on products, exemplified by increasing MetaXplore Therapeutics research and development test sales in Australia, increasing clinical adoption programs following the completion of large- of MetaPanel in Australia in partnership with Sonic scale discovery, validation and clinical de-risking Healthcare, and MetaXplore’s strong Australian initiatives, including the first in human MAP 315 performance is now being initiated into the UK with Phase 1 Clinical Trial in IBD and the large-scale early sales data providing confidence to accelerate Autoimmune Discovery program with Ginkgo to full market access. Bioworks (NYSE: DNA). Microba’s progress in the first half of FY25 As at 31 December 2024, Microba had $17.3m delivered a H1 revenue result of $8.08m, up 147% in cash and equivalents. on the prior corresponding period. This was underpinned by growth in MetaXplore sales in Testing Business Advancement Australia and maintaining consistent revenues in Australia - MetaXplore™ Gastrointestinal the Invivo Clinical business in the United Kingdom Disorder Test as we transition to growth in that region. The MetaXplore™ test provides the most The Company continued to mature its drug comprehensive gastrointestinal testing solution discovery business, focused on advancing available to Healthcare Professionals combining MAP 315 to a Phase 2 trial for the Inflammatory diagnostic gastrointestinal health tests with Bowel Disease (IBD) program, and preclinical metagenomic-driven gut microbiome analysis. advancement for the Immuno-Oncology (IO) and The MetaXplore™ test range developed by Autoimmune Disease (AI) programs. This saw the Microba together with leading healthcare data and sample set grown to >5,500 patients professionals, addresses a large addressable supporting the IO program, and the AI program market of patients suffering from a functional leads advanced through multiple pre-clinical gastrointestinal disorder which impacts more than validation models confirming their disease relevant 30% of the population. activity and to securing IP filings. FY25 Interim Report 7 Review of Operations Following the Australian launch of Microba’s next As at the end of H1 FY25, 575 MetaPanel tests had generation microbiome test, MetaXplore™ in been sold since launch, with December delivering H2 FY23, the Company continues to see strong a record sales month. growth in test sales with: • 4,400 tests sold in H1 FY25, up 146% vs PCP • 735 ordering clinician accounts, up 92% vs PCP United Kingdom - Invivo Clinical A fundamental investment thesis of the Invivo Clinical acquisition was the ability to accelerate Strategic clinician education, targeted sales Microba’s entry of its world leading MetaXplore™ activities and product enhancements (such as test into the United Kingdom through an Expert Summary and Report Sharing) delivered established team and customer base. strong growth momentum in H1 FY25 for MetaXplore in Australia. This growth was driven by an increase in both the number of ordering clinicians and the volume of orders per clinician. During H1 FY25 we were pleased to commence early access for MetaXplore in the UK, setting up for full market access by the end of FY25. Clinician accounts participating in the Early Access Program Sales momentum exceed the anticipated seasonal delivered test referral rates similar to Australia, decline typically seen in December, which is demonstrating healthy initial traction and market traditionally the slowest month for the industry acceptance, providing confidence to accelerate due to seasonality and reduced trading days, towards full market access by the end of FY25. further highlighting the success of the quarter. The transition to a new growth testing phase Australia - MetaPanel™ - Gastrointestinal has transiently impacted sales for existing testing Pathogen Test products, however the considered focus on MetaXplore is expected to translate into growth In H1 FY25, we made positive progress in in H2 FY25 as adoption gains momentum. driving adoption with general practitioners and gastroenterologists across Australia together with The supplements business remains robust our partners at Sonic Healthcare (ASX: SHL), and delivering growth during the period. Pleasingly passed a first milestone of 500 MetaPanel™ tests Invivo revenue remained steady despite this sold since launch. transition phase in the testing business. MetaPanel™ is a world-first NATA accredited test Strategic transfer of Research Testing Services for diagnosing gastrointestinal pathogens. It is the Business Unit most comprehensive gastrointestinal pathogen test available, detecting both common and difficult-toidentify pathogens capable of causing infection. During the period, Microba announced it had entered into an agreement for the strategic transfer of its non-core Research Testing Services Active field sales efforts are gaining traction business unit to Clinical Microbiomics A/S (CMC), with lunch and dinner event series with strong a Denmark headquartered, global contract clinician attendance, engagement and conversion research organisation (CRO) specialising in to ordering clinicians. In collaboration with Sonic microbiome genetic and metabolic analysis to Healthcare, the team are continuing to drive industry and academic institutions. active KOL engagement, evidence generation activities and utility publications to support clinician adoption. FY25 Interim Report The transfer of Microba’s Research Testing Services business unit will allow Microba to allocate 100% 8 Review of Operations of its testing operations and business development than 50% of patients unable to achieve sustained resources to the growth of its core diagnostic remission with current standard of care. The market microbiome testing business. This reinforces for UC treatment was valued at US$7.5b in 2020 Microba’s commitment to growth through intensive and is forecast to grow to US$10.8b by 20301. focus and operational excellence. Under the terms of the Transfer Agreement, Microba will receive: • • • sample set grown to over 5,500 patients During the half Microba’s clinical data and Retained revenue payable to Microba from sample set grew to over 5,500 patients. These existing contracts assigned to CMC additional clinical insights provide a powerful Commission payments for existing contracts data package in support of potential future assigned to CMC to the extent performed by CMC clinical development. for up to a four-year period after completion. • Immuno-Oncology Program – Clinical data and Through the national Precision Oncology Commission payments for new contracts with Screening Platform Enabling Clinical Trials existing customers transitioned to CMC to the (PrOSPeCT) study. Microba is capturing a extent performed by CMC for up to a four-year large and diverse bank of patient specimens period after completion, and new customers for cancer patients receiving treatment and referred by Microba to CMC; and enrolled in clinical trials. This has quickly grown Potential milestone payments across the next to over 5,500 patient samples and is expected four financial years. to be one of the largest clinical specimen As a result of the above, the potential revenue resources with respect to the microbiome to be received by Microba under the Transfer and cancer treatment. This resource adds to Agreement is up to $3,000,000 across the next more than 1,000 patient samples Microba has four financial years. previously analysed from internally recruited Therapeutic Business Advancement and published studies. Microba’s Immuno-Oncology program is Inflammatory Bowel Disease Program – targeting the development of a therapeutic Advancing MAP 315 for Phase 2 to improve response rates in cancer patients Further progress was made during the half to prepare for a Phase 2 clinical trial with regulatory and manufacturing (CMC) activities towards an Investigational New Drug (IND) submission to the FDA. On the back of recent progress across the Company’s therapeutic programs, and as we progress MAP 315 to receiving Immune Checkpoint Inhibitor therapy. Global ICI sales continue to grow, with Merck announcing sales of the market-leading drug Keytruda of US$29.5b for calendar year 20242. Autoimmune Disease Program – Successful completion of discovery program a Phase 2 clinical trial in IBD, the Company is active in During the period, the six leads from the discovery a range of partnering activities evaluating various non- program completed with Ginkgo Bioworks (NYSE: dilutive strategic opportunities. DNA) were further advanced through pre-clinical MAP 315 is being developed for the treatment of Ulcerative Colitis (UC), a debilitating form of Inflammatory Bowel Disease (IBD) with more FY25 Interim Report development activities and validation models towards securing the IP filings for these assets ahead of clinical development. 9 Review of Operations The six lead strains from the discovery H1 FY25 Strategic Appointments program were advanced through studies to examine impact on gut barrier integrity and JAK/STAT pathway inhibition, confirming their disease relevant activity. In addition, the strains were further characterised for manufacturability and safety. Microba’s Autoimmune Disease program was established in partnership with Ginkgo Bioworks (NYSE: DNA) in FY22 following their strategic investment into Microba’s IPO, and embodies a 2-year discovery program principally targeting three autoimmune disorders (lupus, psoriatic arthritis and autoimmune liver diseases). The global market for autoimmune disease treatments was estimated to be US$198b in 2023 and forecast to grow to US$288b by 20283. International Flavors & Fragrances (NYSE:IFF) Microba continued to advance its multistage research program with IFF to develop novel microbiome-based treatments for multiple forms of allergy. The isolation campaign completed in H1 FY25 with six of the target lead species successfully isolated. The scheduled safety and manufacturability assessments of the lead A number of key hires during the period including: Eric Davis, Ex Abbott and Cochlear appointed as Chief Growth Officer Eric brings 35 years of experience in global commercial leadership roles across strategic planning, new product innovation, marketing and sales. Eric has led highperformance teams at Cochlear and Abbott, driving numerous global product launches and significant revenue growth. Notably he played an instrumental role in the world’s most successful medical device, the continuous glucose monitor, Freestyle Libre, now generating over $5B in annual sales for Abbott. Eric is leading the next phase of Microba’s global medical diagnostics go-to-market strategy and growth. Chris Saad, Ex Uber appointed as Chief Product Officer Chris is a renowned product leader with 25 years’ experience building high-growth companies in Australia and Silicon Valley. A sought-after advisor globally in product leadership and organisation design, product strategy and product management. Notably, Chris was a product leader at Uber during its critical growth years. strains has now been completed. Custom assays Alaster Stockwell-Jones, Ex Stryker and GE relevant to allergic responses were established appointed as UK Commercial Director at Microba and the ability of the lead species to modulate these responses is currently underway. These experiments are expected to be completed in H2 FY25. Alaster comes to Microba as an experienced MedTech leader with 26 years’ experience serving in leadership roles across the UK, US, EMEA, LATAM, ASEAN & APAC. He has commercialised To realise the value of the Company’s some of the most recognised MedTech brands therapeutic assets, and progress MAP 315 to and most talked about new product launches in a Phase 2 clinical trial in IBD, the Company the Medical Device, therapeutic and diagnostic is continuing to be active in a range of non- sectors from Eli Lilly to GE Healthcare to Styker dilutive strategic opportunities. and beyond. Alaster is leading the commercial “Go-to-market” execution in the United Kingdom. References https://www.nature.com/articles/d41573-021-00194-5, https://www.alliedmarketresearch.com/ulcerative-colitis-market https://www.merck.com/news/merck-announces-fourth-quarter-and-full-year-2024-financial-results/ 3 https://www.prnewswire.com/news-releases/global-autoimmune-treatment-market-soars-to-288-32-billion-by2028--driven-by-a-7-72-cagr-from-2023--301909189.html 1 2 FY25 Interim Report 10 02 Directors’ Report FY25 Interim Report 11 Microba Life Sciences Limited and controlled entities Directors' report For the half-year ended 31 December 2024 The Directors present their report, together with the condensed financial statements, on the consolidated entity (referred to hereafter as the 'Group' or 'Microba') consisting of Microba Life Sciences Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2024. Directors and Company Secretaries The following persons were Directors of Microba Life Sciences Limited during the half-year period and up to the date of this report, unless otherwise stated: Pasquale Rombola Ian Frazer Gene Tyson Richard Bund Hyungate Kim Jacqueline Fernley Independent Non-Executive Director Independent Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Independent Non-Executive Director The names of the Company Secretaries in office at any time during or since the end of the half-year are: James Heath Peter Webse (resigned 31 August 2024) The Company Secretaries have been in office since the start of the period to the date of this report unless otherwise stated. Results The loss for the Group after providing for income tax amounted to $5,741,685 (31 December 2023: $11,488,179). Review of operations Information on the operations and financial position of the Group is set out in the Review of Operations and Activities on pages 7 to 10 of this condensed financial report. Significant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the financial half-year, other than those referred to elsewhere in this report. Principal activities The principal activity of the Group during the year was providing world class microbiome testing and analysis services as well as developing new pathology services, therapeutics and diagnostics based on the human gut microbiome. No significant change in the nature of these activities occurred during the half-year period. After balance date events On 10 February 2025, subsequent to the balance date, the Board granted share options to key and senior management personnel entitling them to acquire a total of 13,438,078 ordinary shares at an exercise price of $0.379 cents per share. No other matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Dividends There were no dividends paid, recommended or declared during the current or previous financial half-year. Auditor's independence declaration A copy of the auditor's independence declaration is set out immediately after this Directors' report. FY25 Interim Report 1 12 Microba Life Sciences Limited and controlled entities Directors' report For the half-year ended 31 December 2024 This report is made in accordance with a resolution of Directors. On behalf of the Directors: ___________________________ Pasquale Rombola Chair 26 February 2025 Brisbane, Queensland FY25 Interim Report 2 13 Level 38, 345 Queen Street Brisbane, QLD 4000 Postal address Level 38, 345 Queen Street GPO Box QLD 1144 4000 Brisbane, Brisbane, QLD 4001 Postal address +61 3222 8444 GPO7Box 1144 Brisbane, QLD 4001 pitcher.com.au +61 7 3222 8444 The Directors Microba Life Sciences Limited Level 10, 324 Queen Street The Directors Brisbane QLD 4000 Microba Life Sciences Limited Level 10, 324 Queen Street Auditor’s Independence Declaration Brisbane QLD 4000 pitcher.com.au Auditor’s Independence Declaration In relation to the independent auditor’s review for the half-year ended 31 December 2024, to the best of my knowledge and belief there have been: (i) of the auditor requirements of the Corporations Act best 2001; In relation tono thecontraventions independent auditor’s reviewindependence for the half-year ended 31 December 2024, to the ofand my knowledge and belief there have been: (ii) no contraventions of APES 110 Code of Ethics for Professional Accountants (including (i) no contraventions of the auditor independence requirements of the Corporatio