Conversion of redeemable preference shares

Capital Change Notice 7 August 2020 Conversion of redeemable preference shares This notice is given under NZX Listing Rules 3.13.1 and 3.15.2 and relates to the conversion of redeemable preference shares in AFT Pharmaceuticals Limited. Section 1: Issuer information Name of issuer AFT Pharmaceuticals Limited NZX ticker code AFT Class of financial product Ordinary shares ISIN (If unknown, check on NZX website) NZAFTE0001S4 Currency NZD Section 2: Capital change details Number issued 867,826 ordinary shares, comprising: (a) 730,000 ordinary shares created upon the conversion of 730,000 redeemable preference shares; and (b) 137,826 ordinary shares issued in respect of accumulated dividends on the redeemable preference shares in (a). Nominal value (if any) Not applicable Issue price per security The issue price of the ordinary shares issued in respect of accumulated dividends on the redeemable preference shares converted, was $2.74 per share. Nature of the payment Not applicable Amount paid up (if not in full) In full Percentage of total class of Financial Products issued (calculated on the number of Financial Products of the Class, excluding any Treasury Stock, in existence) 0.837% For an issue of Convertible Financial Products or Options, the principal terms of Conversion Not applicable Reason for issue and specific authority for issue Issue upon conversion of redeemable preference shares Total number of Financial Products of the Class after the issue (excluding Treasury Stock) and the total 104,568,875 ordinary shares number of Financial Products of the Class held as Treasury Stock after the issue. Specific authority for the issue, including a reference to the rule pursuant to which the issue is made Directors' resolution, Listing Rule 4.9.1 Terms or details of the issue (for example: restrictions, escrow arrangements) The ordinary shares issued rank pari passu with the existing ordinary shares. In accordance with the terms of the redeemable preference shares, the 137,826 ordinary shares that are issued in respect of accumulated dividends on the redeemable preference shares may not be sold or transferred within the 12 month period after the issue of those ordinary shares, unless off-market to certain qualified investors and the buyer provides an equivalent covenant to AFT. Date of issue 07/08/2020 Section 3: Authority for this announcement and contact person Name of person authorised to make this announcement Malcolm Tubby Contact person for this announcement Malcolm Tubby Contact phone number +64 9 488 0232 Contact email address malcolm@aftpharm.com Date of release through MAP 07/08/2020 The following information is given under NZX Listing Rule 3.15.2 in respect of the conversion of redeemable preference shares in AFT Pharmaceuticals described in the above sections of this notice: Redeemable preference shares Number of redeemable preference shares converted 730,000 redeemable preference shares Number of ordinary shares into which the redeemable preference shares have converted 867,826 ordinary shares, comprising: (a) 730,000 ordinary shares created upon the conversion of 730,000 redeemable preference shares; and (b) 137,826 ordinary shares issued in respect of accumulated dividends on the redeemable preference shares in (a). Details of interest or dividend conditions attaching to ordinary shares into which the redeemable preference shares have converted Nil Number of redeemable preference shares remaining on issue after the conversion Nil End CA:00357632 For:AFT Type:SECISSUE Time:2020-08-07 16:51:11