ADHERIUM LIMITED — Director's Dealing 2026

Jan 7, 2026

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity Adherium Limited ABN 24 605 352 510

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	George Baran
Date of last notice	11 November 2025

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstancesgiving rise to the relevant interest.	Trudell Medical Limited - Mr Baran has a 33.33% beneficial interest inTrudell Medical Limited
Date of change	1. 30 December 20252. 29 December 20253. 5 December 2025

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held priorto change	Direct-7,500,000 Fully paid ordinary sharesIndirect-474,848,040 Fully paid ordinary shares-699,064 Options over fully paid ordinary shares, exercisable at$0.3285 each and expiring on 29 January 2027-984,650 Convertible Notes-33,928,845 Unlisted Options exercisable at half a cent, expiringon 31 July 2026-22,119,100 Unlisted Options exercisable at 2 cents expiring on 28February 2028-131,071,155 Unlisted Options exercisable at half a cent, expiringon 15 November 2026
Class	1. Fully Paid Ordinary Shares2. Fully Paid Ordinary Shares and Options3. Convertible Notes
Number acquired	Indirect1. 80,000,000 Fully Paid Ordinary Shares2. 287,154,655 Fully paid ordinary shares; and 143,577,327Unlisted Options1, expiring on 28 February 20263. 450,000 Convertible Notes
Number disposed	1,434,650 Convertible Notes as the result of conversion into Shares on29 December 2025.80,000,000 Unlisted Options as the result of exercise of options.
Value/ConsiderationNote: If consideration is non-cash, providedetails and estimated valuation	$0.005 for fully paid ordinary shares and convertible notesOptions are free attaching options to shares (the result of conversion ofconvertible notes).
No. of securities held afterchange	Direct−7,500,000 Fully paid ordinary sharesIndirect−842,002,695 Fully paid ordinary shares−699,064 Options over fully paid ordinary shares, exercisable at$0.3285 each and expiring on 29 January 2027−Nil Convertible Notes−165,696,427 Unlisted Options exercisable at 2 cents expiring on28 February 2028−85,000,000 Unlisted Options exercisable at half a cent, expiringon 15 November 2026
Nature of changeExample:on-markettrade,off-markettrade, exercise of options, issue of securitiesunderdividendreinvestmentplan,participation in buy-backex	Issue of Shares as the result of exercise of Options.Issue of Convertible Notes upon shareholders approval on 18November 2025.Issue of Shares and attaching options as the result of conversion ofconvertible notes into fully paid ordinary shares.

1 exercise price is lower of (a) $0.02; and (b) if there occurs a Placement prior to the Notice of Exercise the lower of – (i) a 100% premium to the issue price at which Shares are issued under a Placement; and (ii) the exercise price under any options issued as part of the Placement, but with a floor of 1 cent. For the purposes of these Option Terms and Conditions, a Placement means a capital raising by the Company of at least $5 million

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

	Detail of contract	Detail of contract	N/A	N/A	N/A	N/A
	Nature of interest		N/A
	Name of registered holder(if issued securities)		N/A
	Date of change		N/A
	No. and class of securities to whichinterest related prior to changeNote: Details are only required for acontract in relation to which the interesthas changed		N/A
	Interest acquir	ed	N/A
	Interest dispos	ed	N/A
	Value/Conside	ration	N/A
	Note: If consprovide detaivaluation	ideration is non-cash,ls and an estimated
	Interest after c	hange	N/A
Part 3 –+Close		d period
W th it
	W th it	t i th iti	tt dtild b		N
	ere e netraded during	ess n e secures ora+closed period where	onracs eae aoprior written clearanc	ee	o.
	was required?
	If so, was prio	r written clearance pro	vided to allow the trad	e	N/A
	to proceed during this period?
	If prior written clearance was provided, on what date was thisprovided?				N/A

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above	No.
traded during a+closed period where prior written clearance
was required?
If so, was prior written clearance provided to allow the trade	N/A
to proceed during this period?
If prior written clearance was provided, on what date was this	N/A
provided?

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3