issue of unlisted Options

Template
Capital Change Notice

Updated as at February 2025


Section 1: Issuer information
Name of issuer
AFT Pharmaceuticals Limited
NZX ticker code
AFT
Class of financial product
Unlisted options to acquire ordinary shares
in the Company (“Options”) issued under
the AFT Pharmaceuticals Limited Long
Term Incentive Plan (“LTI Plan”)
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 495,000
Nominal value (if any)
There is no nominal value for the Options
Issue/acquisition/redemption price per security
No amount is payable for the grant of
Options
The Options have an exercise price being of
$3.49
Nature of the payment (for example, cash or other
consideration)
N/A
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the
number of Financial Products of the Class,
excluding any Treasury Stock, in existence)
1

The Company has 104,866,260 ordinary
shares on issue. 495,000 Options to
subscribe for a potential maximum 485,000
ordinary shares represent approximately
0.46 % of the ordinary shares on issue.
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for
example the Conversion price and Conversion date
and the ranking of the Financial Product in relation
to other Classes of Financial Product) or the Option
(for example, the exercise price and exercise date)
The Options vest (and therefore become
available for exercise) in three tranches
subject (in respect of each tranche) to the
Company meeting a performance hurdle of
achieving budgeted EBITDA for the financial
year to which the tranche relates, and the
relevant Option holder remaining an
employee of the Company as at the date of
release to NZX/ASX of the annual results for
the financial year to which the tranche
relates.
Each vested Option may be exercised at the
exercise price of $3.49, at any time in the
two year period following notification of
vesting to the Option holder.

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Issue of Options under the LTI Plan to
incentivise employees to grow the share
price of the Company and to attract,
motivate and retain employees.
Total number of Financial Products of the Class
after the issue/acquisition/redemption/Conversion
(excluding Treasury Stock) and the total number of
Financial Products of the Class held as Treasury
Stock after the issue/acquisition/redemption.
659,400 Options
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
AFT Directors resolution authorising the
issue of the Options pursuant to NZX Listing
Rule 4.6.
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
Any ordinary shares issued on vesting of
the Options will rank equally with existing
ordinary shares.
Date of issue/acquisition/redemption
2
21 May 2026
Section 3: Disclosure required for Placements made under Rule 4.5.1
[Issuers may opt to release Section 3 information (if not already done so) in a separate announcement within five Business Days of
the issuance. Delete this Section 3 if capital change is not the result of a Placement under Rule 4.5.1]

Details of the approach in identifying investors who
were able to participate in the offer and how their
respective allocations in the offer were determined.

The explanation must set out the key objectives
and criteria the Issuer adopted in the allocation
process, whether one of those objectives was a
best effort to allocate on a pro rata basis to existing
holders of the Issuer’s Equity Securities, and any
significant exceptions or deviations from those
objectives and criteria.
N/A
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Malcolm Tubby
Contact person for this announcement Malcolm Tubby
Contact phone number
09 488 0232

Contact email address
09 488 0232

Date of release through MAP

22 May 2026




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).