POLARX LIMITED — Capital/Financing Update 2019

Jun 10, 2019

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11 June 2019

Dear Shareholder,

NON‐RENOUNCEABLE ENTITLEMENT OFFER – NOTIFICATION TO INELIGIBLE SHAREHOLDERS

On 4 June and 7 June 2019, PolarX Limited ( Company ) announced a capital raising of approximately $4.26 million (before costs) through a non‐renounceable entitlement offer of one (1) fully paid ordinary share ( New Shares ) for every seven (7) existing shares to eligible shareholders held as at 5.00pm (WST) on Thursday, 13 June 2019 ( Record Date ) ( Offer ).

The Offer will be made by the Company pursuant to an offer document in accordance with section 708AA of the Corporations Act 2001 (Cth) ( Offer Document ) to be sent to shareholders on or about Tuesday, 18 June 2019.

The Company has decided that it is unreasonable to extend the Offer to shareholders with a registered address outside Australia, New Zealand, Singapore, Canada, Hong Kong and the United Kingdom ( Ineligible Shareholders ), having regard to the number of such shareholders, their holdings and the compliance costs required to offer the shares under the Offer to those shareholders.

Unfortunately, since you are an Ineligible Shareholder, no offer is being made to you and the Offer Document prepared by the Company in relation to the Offer will be sent to you for information purposes only.

The Company proposes to undertake a nominee sale process for Ineligible Shareholders to arrange the sale of the entitlements which would have been offered to the Ineligible Shareholders. The Offer Document will contain further details of this process.

This letter is not an offer to issue New Shares to you, nor an invitation for you to apply for New Shares. You do not have to take any further action in relation to the Offer.

If you have any questions in relation to any of the above matters, please contact the Company Secretary on +61 8 9226 1356 at any time between 8.30am to 5.30pm (WST), Monday to Friday.

Yours sincerely,

Mark Bojanjac Executive Chairman

PolarX Limited | +61 8 6465 5500 | +61 8 6465 5599 | www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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