ENTROPY NEURODYNAMICS LIMITED — Capital/Financing Update 2023

Apr 30, 2023

Proposed issue of securities

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Update Summary

Entity name EXOPHARM LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

1/5/2023 Reason for update to a previous announcement Updating proposed allotment date from 1 May 2023 to 15 May 2023.

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

EXOPHARM LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type Registration Number ABN 78163765991

1.3 ASX issuer code

EX1

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Updating proposed allotment date from 1 May 2023 to 15 May 2023.

1.4b Date of previous announcement to this update

23/3/2023

1.5 Date of this announcement

1/5/2023

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? No

Part 7B - Issue details

Is the proposed security a 'New	Will the proposed issue of this
class' (+securities in a class that is	+security include an offer of
not yet quoted or recorded by ASX)	attaching +securities?
or an 'Existing class' (additional	No
securities in a class that is already
quoted or recorded by ASX)?
New class
Details of +securities proposed to be issued
ISIN Code (if Issuer is a foreign company and +securities are non CDIs)
Have you received confirmation from	Will the entity be seeking quotation
ASX that the terms of the proposed	of the 'new' class of +securities on
+securities are appropriate and	ASX?
equitable under listing rule 6.1?	No
No
ASX +security code	+Security description
New class-code to be confirmed	OPTION EXPIRING 01-MAY-2026 EX $0.01
+Security type
Options
Number of +securities proposed to be	issued
3,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

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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 proposed to be issued to the JLMs and/or their nominee(s). The offer and issue of the Broker Options are conditional upon the full subscription amount under the Rights Issue being received, including following the allocation of any New Shares under the Shortfall Offer. Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 39,758.000000 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Options details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.0100 1/5/2026 Details of the type of +security that will be issued if the option is exercised EX1 : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised 1 fully paid share for each option, being 3,000,000 shares in total. Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

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

Part 7C - Timetable

7C.1 Proposed +issue date

15/5/2023

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15%

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placement capacity under listing rule 7.1? Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1? 3,000,000 7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No 7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No 7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No 7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No Part 7E - Fees and expenses 7E.1 Will there be a lead manager or broker to the proposed issue? No 7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information 7F.01 The purpose(s) for which the entity is issuing the securities Part of the Joint Lead Manager fees, refer ASX Releases dated 23 March 2023. The Broker Options are proposed to be issued to the JLMs and/or their nominee(s) in respect of the Convertible Note and Right Issue (incl shortfall) raisings. 7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No 7F.2 Any other information the entity wishes to provide about the proposed issue The offer and issue of the Broker Options are conditional upon the full subscription amount under the Rights Issue being received, including following the allocation of any New Shares under the Shortfall Offer.

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