ADALTA LIMITED — Capital/Financing Update 2019

May 28, 2019

29 May 2019

Mr James Gerraty ASX Compliance Pty Ltd Level 4, North Tower 525 Collins Street Melbourne VIC 3000

Dear James

AdAlta Limited (ASX: 1AD) - Cleansing Notice under section 708A(5)(e) of the Corporations Act 2001 (Cth)

This notice is given by AdAlta Limited (ASX: 1AD) under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Act ).

AdAlta Limited has completed the first tranche placement of shares in accordance with its announcement to the ASX dated 23 May 2019.

AdAlta Limited confirms that:

1. it has issued 19,600,753 fully paid ordinary shares at an issue price of 15 cents per share to institutional and sophisticated investors without disclosure to investors under part 6D.2 of the Act;

2. this notice is being given under paragraph 5(e) of section 708A of the Act;

3. as at the date of this notice, AdAlta Limited has complied with: a. the provisions of Chapter 2M of the Act; and b. section 674 of the Act; and

4. as at the date of this notice, there is no ‘excluded information’ of the type referred to in sections 708A(7) and 708A(8) of the Act.

Yours sincerely

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Cameron Jones Company Secretary AdAlta Limited