ENTROPY NEURODYNAMICS LIMITED — Board/Management Information 2023

Nov 27, 2023

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ASX Announcement

Melbourne, Australia, 28 November 2023

Further management changes and cost-reductions

Genetic medicine and exosome-based drug-delivery company Exopharm Limited (ASX: EX1) announces further management changes and cost-reductions.

The company has undergone some essential changes over the past 12 months – most notably building up our cash reserves whilst reducing operating costs significantly.

Over the past months the board of Exopharm ( Board ) have been investigating ways to increase shareholder value. Whilst seeking to realise the potential financial value of the company’s exosome technology intellectual property, the Board is also seeking a transaction that could result in a material change in the company’s activities.

Founding CEO Dr Ian Dixon and Business Services Manager Dr Gregor Lichtfuss have worked with directors Mr Mark Davies and Mr Clarke Barlow to implement the strategy of the Board, successfully reducing operating costs, selling surplus equipment and finalising recent patent activities.

Dr Dixon is also seeking to realise the potential value of the company’s exosome technology intellectual property, including the patented LEAP technology, through ongoing discussions with other parties.

With most of the planned outcomes fully achieved and reduced day-to-day executive demands, Dr Lichtfuss has completed his employment with the Company and Dr Dixon’s employment as CEO is expected to end in early CY 24.

Dr Dixon and the Company have determined to make the following changes:

• The Company has given Dr Dixon the required 6-months’ notice of termination of his role as CEO

• Dr Dixon will continue as CEO until the end of his notice period, or such other earlier date as may be mutually agreed

• Dr Dixon remains a Director of the company

• Dr Dixon will continue to seek to realise the potential value of the company’s exosome technology intellectual property, including the patented LEAP technology, after the end of his employment as CEO

The Board is working hard to bring the potential transaction to shareholders and have the company’s shares recommence trading. Meanwhile, the Company is minimising nonessential costs.

EXOPHARM LIMITED ACN: 163 765 991 ASX:EX1 Address: Level 17, 31 Queen Street Melbourne 3000 Telephone: 03 9111 0026 Email: info@exopharm.com Web: www.exopharm.com

Chairman Mr Mark Davies said “We thank Gregor for his contribution and achievements during this difficult time. We have also determined that a full-time CEO role will not be required going forward given the reshaping of day-to-day operations and reduced spend. Ian will continue to help the Board as CEO in the short-term and then will shift to a nonexecutive director role.”

By the Managing Director – this release has been authorised by the Managing Director.

Company and Media Enquiries:

Join our mailing list to receive updates: http://exo.ph/ExoMails www.exopharm.com P: +61 (0)3 9111 0026

Ian Dixon Tel: +61 418 561 907 Managing Director ian.dixon@exopharm.com

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ABOUT EXOPHARM

Exopharm (ASX:EX1) is a leader in advanced manufacturing technologies for exosome-based medicines.

Exosomes can be loaded with a variety of active pharmaceutical ingredients (APIs) and can be targeted to selected cell-types and tissue types, improving the safety-profile of the APIs and providing better treatments. Exosomes can be used to deliver small molecule drugs, mRNA, DNA and other types of APIs.

Exosomes are an alternative means of drug-delivery inside the body, alongside technologies such as lipid nanoparticles (LNP), cell-penetrating peptides, viral vectors and liposomes.

Exopharm’s exosome technologies solve important needs for the success of exosome medicines – LEAP manufacturing technology, LOAD API loading technologies and EVPS tropism technologies.

Exosome-based medicines could improve the treatment of many chronic or inherited medical conditions.

Exopharm is making its proprietary technologies available to pharmaceutical and biotechnology companies that want to harness exosome-delivery for their own products.

FORWARD LOOKING STATEMENTS

This announcement contains forward-looking statements which incorporate an element of uncertainty or risk, such as ‘intends’, ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘aims’, ‘plans’ or ‘expects’. These statements are based on an evaluation of current corporate estimates, economic and operating conditions, as well as assumptions regarding future events. These events are, as at the date of this announcement, expected to take place, but there cannot be any guarantee that such events will occur as anticipated or at all given that many of the events are outside of Exopharm’s control or subject to the success of the Development Program. Furthermore, the Company is subject to several risks as disclosed in the Prospectus dated 23 March 2023.

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