RECCE PHARMACEUTICALS LTD — Share Issue/Capital Change 2017

Sep 24, 2017

25 September 2017

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The Companies Officer Australian Securities Exchange Ltd Level 40, Central Park 152-158 St Georges Terrace PERTH WA 6000

Dear Sir or Madam

Notice under Section 708A(5)(e) of the Corporations Act 2001 (Cth)

On 22 September 2017 Recce Limited ("the Company ") issued 730,460 fully paid ordinary shares in accordance with the terms of its Share Purchase and Convertible Security Agreement with The Australian Special Opportunity Fund, LP, which was announced to the market on 16 June 2017.

Accordingly the Company gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (the " Corporations Act ") that:

1. the abovementioned ordinary shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;

2. as at the date of this notice the Company has complied with:

   • (a) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

   • (b) section 674 of the Corporations Act; and

3. as at the date of this notice there is no "excluded information" (as defined in subsection 708A(7) of the Corporations Act) which is required to be disclosed by the Company.

Yours faithfully Recce Limited

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Peter Williams CFO & Company Secretary

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