ENTROPY NEURODYNAMICS LIMITED — Capital/Financing Update 2023

Mar 8, 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

Thursday March 09, 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 C NOTE No Coupon Convert $0.008 1,000,000 09/03/2023 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

9/3/2023

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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

Convertible Notes, with conversion subject to shareholder approval. ASX Releases 13/2/23 and 9/3/23.

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 C NOTE No Coupon Convert $0.008 +Security type ISIN code +Convertible debt securities Date the +securities the subject of this notification were issued 9/3/2023 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. Copy of Convertible Note Agreement attached to ASX Release dated 9 March 2023.

+Convertible debt securities Details

Type of +security Convertible note or bond +Security currency Face value Interest rate type AUD - Australian Dollar AUD 1.00000000 Zero coupon/no interest Frequency of coupon/interest payments per year No coupon/interest payments

s128F of the Income Tax Assessment Act status applicable to the +security Not applicable Is the +security perpetual (i.e. no maturity)? Maturity date No 9/3/2024

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

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Select other feature(s) applicable to the +security

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Convertible

Is there a first trigger date on which a right of conversion, redemption, call If yes, what is the first trigger date? or put can be exercised (whichever is first)? 1/5/2023 Yes

Details of the existing class of +security that will be issued if the securities are converted, transformed or exchanged

Other

Description

EX1: Fully Paid Ordinary Shares

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

1) Any conversion to shares is subject to shareholder approval having been obtained and being current; and

2) The estimated date of proposed meeting is 28 April 2023. Upon approval by shareholders, the issue will occur under the exemption outlined in Section 5.1 of this form.

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 the market in an Appendix 3B

The agreement and issue of the securities is occurring concurrently.

Issue details

Number of +securities

1,000,000

Were the +securities issued for a cash consideration?

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Yes

In what currency was the cash consideration being What was the issue price per +security? paid? AUD - Australian Dollar AUD 1.00000000

Purpose of the issue

To raise additional working capital

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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	157,211,533

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
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 : C NOTE No Coupon Convert $0.008	1,000,000

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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? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

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