ADALTA LIMITED — Capital/Financing Update 2023

Apr 27, 2023

28 April 2023

Dear shareholder

Notice about non-renounceable rights offer

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Adalta Ltd ( AdAlta ) today announced to ASX Limited ( ASX ) a non-renounceable pro rata rights offer ( Offer ) to AdAlta shareholders in Australia and New Zealand ( Eligible Shareholders ) to acquire two (2) new ordinary shares ( New Shares ) at an issue price of 2.5 cents ($0.025) per New Share for every five (5) shares held by Eligible Shareholders at 7:00 pm (Melbourne time) on Wednesday 3 May 2023 together with one (1) option for every two (2) New Shares subscribed, each to subscribe for one (1) additional ordinary share at an exercise price of 3 cents ($0.03) with an expiry date of 29 May 2024. Shareholder approval of the Offer is not required.

A prospectus in relation to the Offer has been given to ASX and is available to view on the ASX website and AdAlta’s website at https://adalta.com.au/documents/. Further details regarding the Offer have also been announced to the ASX and are available on ASX’s website.

Details of how to obtain a copy of the prospectus, together with a personalised entitlement and acceptance form, will be dispatched to all Eligible Shareholders by 8 May 2023. Shareholders with registered addresses outside Australia and New Zealand are not eligible to participate in the Offer.

AdAlta will not be printing / dispatching hard copies of the prospectus or entitlement and acceptance forms, except in response to a specific request by a shareholder (please refer below). Instead, an electronic copy of the prospectus and your entitlement and acceptance form is accessible by you (using your Securityholder Reference Number (SRN) or Holder Identification Number (HIN) from your latest Holding Statement, and your postcode) at the following link: https://investor.automic.com.au

Shareholders should read the prospectus in full prior to making an application under the Offer. Your application under the Offer must be made by making payment in accordance with the personalised payment instructions on your entitlement and acceptance form. Your acceptance of the Offer should be made using this online service.

To download your entitlement and acceptance form you have the following 3 choices:

I already have anonline accountwith the AutomicShare registry

https://investor.automic.com.au Select: “Existing Users Sign In”.Once you have successfully signed in, click on “Documents andStatements”.Download the prospectus and entitlement and acceptance form.

I don’t have anonline accountwith Automic –but wish toregister for one

https://investor.automic.com.au/#/signupSelect: Adalta Limited from the dropdown list in the ISSUER field.Enter you holder number SRN / HIN (from your latest Holding Statement).Enter Postcode (Aust only) or Country of Residence (if not Australia).Tick box “I am not a robot”, then Next Complete prompts.Once you have successfully signed in, click on “Documents andStatements”.Download the prospectus and entitlement and acceptance form.

I don’t have an https://investor.automic.com.au/#/loginsah online account with Automic – Select: Adalta Limited from the dropdown list in the ISSUER field. but want to use Enter you holder number SRN / HIN (from your latest Holding Statement). Automic for this Enter Postcode (Aust only) or Country of Residence (if not Australia). Offer only Tick box “I am not a robot”, then Access. Once you have successfully signed in, click on “Documents and Statements”. Download the prospectus and entitlement and acceptance form. If you are unable to access https://investor.automic.com.au online, you can obtain a copy of the prospectus and your entitlement and acceptance form – initially by calling Automic Group on 1300 288 664 or emailing hello@automicgroup.com.au and asking them to mail a paper copy of the prospectus and your entitlement and acceptance form to you free of charge. After your request has been acknowledged by Automic you will need to provide your SRN or HIN and postcode to complete this request. To accept an Offer using these paper copy documents, you will still need to make payment via BPay® or via Electronic Funds Transfer (EFT). For New Zealand shareholders please follow the instructions on the entitlement and acceptance form to make payment via Electronic Funds Transfer (EFT).

The Offer closes at 5:00 pm (Melbourne time) on Monday 22 May 2023.

The current timetable for the Offer is as follows:

The current timetable for the Offer	The current timetable for the Offer	is as follows:
Event			Date
	Event		Date
	At f Off		Fid 28 Ail 2023 i t
	nnouncemen o er		ray pr (pror o10:00am)
	Shares commence uotation on	an ‘ex’ basis (‘ex’ date)	Tuesda 2 Ma 2023
	qy y
	Record date to determine entitlements under OfferWednesday 3 May 2023 at7:00 pm (Melbourne time)
	Prospectus and entitlement and acceptance forms despatched toEligible Shareholders and foreign shareholders informed of OfferMonday, 8 May 2023
	Offer opensMonday, 8 May 2023
	Offer closesMonday 22 May 2023 at5:00 m (Melbourne time)
			p
	ASX notified of any change to exto proposed issue of new shares	ercise price of existing options dueunder Offer	Monday 22 May 2023
	Shares commence quotation on	a deferred settlement basis	Tuesday 23 May 2023
	ASX notified of results of Offer a	d of any under-subscriptions (ie	Before noon Monday 29 May
	shortfall)	..	2023
		er	Monday 29 May 2023
	New shares issued for under Off
	Deferred settlement trading ends		Monday 29 May 2023
		rts	Tuesday 30 May 2023
	Normal trading of new shares sta

These dates are indicative only and subject to change. AdAlta reserves the right, subject to the Corporations Act and the ASX Listing Rules, to change any date including to extend the closing date of the Offer, to close the Offer early, to accept late acceptances either generally or in particular cases, or to withdraw or reduce the size of the Offer without notice. Any extension of the closing date will have a consequential effect on the issue date of new shares.

The funds raised under the Offer (after payment of expenses in connection with the Offer) will be used in order to:

• commence a multidose Phase I extension clinical study of the AD-214 product;

• continue partnering discussions for the AD-214 product;

• continue evaluation of synergistic external technology and product collaboration and transaction opportunities to expand and accelerate the Company’s product pipeline; and

• • fund general working capital.

If you have any query or question about the Offer, please contact Cameron Jones, AdAlta’s company secretary at cameron.jones@bio101.com or ir@adalta.com.au for any other registry related matters contact AdAlta’s share registrar as follows:

Automic Registry Services

Email: hello@automicgroup.com.au Address: Level 5/126 Phillip St, Sydney NSW 2000 Phone: 1300 288 664 (within Australia), or +61 2 9698 5414 (international) between 8:30 am and 5:00 pm (Melbourne time) Monday to Friday.

Yours faithfully

Cameron Jones

Company Secretary