ENTROPY NEURODYNAMICS LIMITED — Capital/Financing Update 2023

May 11, 2023

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

EXOPHARM LIMITED

Date of this announcement

Friday May 12, 2023

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	OPTION EXPIRING 12-MAY-2026 EX $0.01	3,000,000	12/05/2023
to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

EXOPHARM LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

78163765991

1.3 ASX issuer code

EX1

1.4 The announcement is

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New announcement

1.5 Date of this announcement

12/5/2023

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Securities issued as per App 3B dated 1/5/23.

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed OPTION EXPIRING 12-MAY-2026 EX $0.01 +Security type ISIN code Options Date the +securities the subject of this notification were issued 12/5/2023 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Part of the Joint Lead Manager fees, further to Rights Issue Prospectus released to the ASX on 23 March 2023. The Broker Options are to the JLMs and/or their nominee(s).

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.01000000 12/5/2026 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description EX1 : ORDINARY FULLY PAID 1 fully paid share for each option, being 3,000,000 shares in total.

Any other information the entity wishes to provide about the +securities the subject of this notification

The Broker Option terms are disclosed in Rights Issue Prospectus as released to the ASX on 23 March 2023.

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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the market in an Appendix 3B

Securities issued as per App 3B dated 1/5/23.

Issue details

Number of +securities

3,000,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Part of the Joint Lead Manager fees, further to Rights Issue Prospectus released to the ASX on 23 March 2023. The Broker Options are to the JLMs and/or their nominee(s).

Purpose of the issue

Other

Additional Details

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
EX1 : ORDINARY FULLY PAID	237,455,581
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not	quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
EX1AJ : CONVERTIBLE NOTES	1,000,000
EX1AE : OPTION EXPIRING 09-NOV-2025 EX $0.40	1,500,000
EX1AF : OPTION EXPIRING 09-NOV-2025 EX $0.60	1,500,000
EX1AG : OPTION EXPIRING 09-NOV-2025 EX $0.90	1,500,000
New class - code to be confirmed : OPTION EXPIRING 12-MAY-2026 EX $0.01	3,000,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

28/4/2023

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